10-Q

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 March 31, 2022

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 May 13, 2022, the Company had outstanding 18,177,797 Class A units, 7,854,830 Class C units, 10,528,111 Class I units, 24,555 Class W units, 2,706,503 Class Y units, and 8,423,851 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 March 31, 2022 (unaudited) and December 31, 2021	1
Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 (unaudited)	2
Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2022 and 2021 (unaudited)	3
Consolidated Statements of Cash Flows for the three months ended March 31, 2022 and 2021 (unaudited)	4
Consolidated Schedules of Investments as of March 31, 2022 (unaudited) and December 31, 2021	5-8
Notes to Consolidated Financial Statements (unaudited)	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3. Quantitative and Qualitative Disclosures About Market Risk	42
Item 4. Controls and Procedures	42
Part II. Other Information	44
Item 1. Legal Proceedings	44
Item 1A. Risk Factors	44
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3. Defaults Upon Senior Securities	45
Item 4. Mine Safety Disclosures	45
Item 5. Other Information	45
Item 6. Exhibits	46

Part I. Financial Information

Item 1. Consolidated Financial Statements.

TriLinc Global Impact Fund, LLC

Consolidated Statements of Assets and Liabilities

	As of
	March 31,			December 31,
	2022			2021
ASSETS	(Unaudited)
Investments owned, at fair value (amortized cost of $346,014,813 and    $343,249,977, respectively)	$	301,722,364		$	301,603,725
Cash		7,526,796			16,795,342
Interest receivable		28,126,236			26,523,185
Due from affiliates (see Note 5)		4,240,231			4,240,231
Other assets		1,173,721			1,048,606
Total assets		342,789,348			350,211,089
LIABILITIES
Due to unitholders		1,407,426			1,399,510
Management fee payable		1,694,619			1,727,974
Incentive fee payable		895,878			141,685
Notes payable		—			5,000,000
Unit repurchases payable		1,757,873			1,712,444
Accrued distribution and other fees		439,000			446,000
Other payables		1,188,438			1,058,419
Total liabilities		7,383,234			11,486,032
Commitments and Contingencies (see Note 5)
NET ASSETS	$	335,406,114		$	338,725,057
ANALYSIS OF NET ASSETS:
Net capital paid in on Class A units	$	135,886,395		$	137,132,359
Net capital paid in on Class C units		58,307,312			58,788,598
Net capital paid in on Class I units		78,695,944			79,540,368
Net capital paid in on Class W units		182,933			184,742
Net capital paid in on Class Y units		20,270,138			20,397,391
Net capital paid in on Class Z units		59,381,100			59,999,307
Offering costs		(17,317,708	)		(17,317,708	)
Net assets (equivalent to $7.049 and $7.123, respectively per unit based    on total units outstanding of 47,643,263 and 47,619,327, respectively)	$	335,406,114		$	338,725,057
Net assets, Class A (units outstanding of 18,140,627 and 18,128,699, respectively)	$	127,876,227		$	129,122,569
Net assets, Class C (units outstanding of 7,839,872 and 7,827,952, respectively)		54,845,541			55,329,980
Net assets, Class I (units outstanding of 10,508,324 and 10,517,764, respectively)		74,055,892			74,893,312
Net assets, Class W (units outstanding of 24,555 and 24,555, respectively)		172,091			173,893
Net assets, Class Y (units outstanding of 2,706,033 and 2,696,506, respectively)		19,075,263			19,205,996
Net assets, Class Z (units outstanding of 8,423,851 and 8,423,851, respectively)		59,381,100			59,999,307
NET ASSETS	$	335,406,114		$	338,725,057

See accompanying notes to the consolidated financial statements.

1

TriLinc Global Impact Fund, LLC

Consolidated Statements of Operations

(Unaudited)

	For the Three Months Ended
	March 31,			March 31,
	2022			2021
INVESTMENT INCOME
Interest income	$	8,584,968		$	9,150,446
Interest from cash		3,481			27,429
Total investment income		8,588,449			9,177,875
EXPENSES
Asset management fees		1,689,960			1,809,230
Incentive fees		895,878			781,456
Professional fees		615,740			861,955
General and administrative expenses		230,452			284,487
Interest expense		11,169			47,268
Board of managers fees		64,375			64,375
Total expenses		3,507,574			3,848,771
NET INVESTMENT INCOME		5,080,875			5,329,104
Net change in unrealized depreciation on investments		(2,646,200	)		(975,327	)
Foreign exchange gain (loss)		—			(5,700	)
NET CHANGE IN NET ASSETS RESULTING FROM    OPERATIONS	$	2,434,675		$	4,348,077
NET INVESTMENT INCOME PER UNIT - BASIC AND    DILUTED	$	0.11		$	0.11
EARNINGS PER UNIT - BASIC AND DILUTED	$	0.05		$	0.09
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC    AND DILUTED		47,720,815			47,002,965

See accompanying notes to the consolidated financial statements.

2

TriLinc Global Impact Fund, LLC

Consolidated Statements of Changes in Net Assets

(Unaudited)

	For the Three Months Ended
	March 31,			March 31,
	2022			2021
INCREASE FROM OPERATIONS
Net investment income	$	5,080,875		$	5,329,104
Foreign exchange gain (loss)		—			(5,700	)
Net change in unrealized depreciation on investments		(2,646,200	)		(975,327	)
Net increase from operations		2,434,675			4,348,077
DECREASE FROM DISTRIBUTIONS
Distributions to Class A unitholders		(2,273,986	)		(2,739,296	)
Distributions to Class C unitholders		(965,579	)		(1,196,990	)
Distributions to Class I unitholders		(1,319,743	)		(1,591,386	)
Distributions to Class W unitholders		(2,768	)		(3,405	)
Distributions to Class Y unitholders		(340,019	)		(314,430	)
Distributions to Class Z unitholders		(1,054,279	)		(1,278,804	)
Net decrease from distributions		(5,956,374	)		(7,124,311	)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of Class A units		837,113			1,053,700
Issuance of Class C units		381,305			526,839
Issuance of Class I units		557,028			634,678
Issuance of Class Y units		182,997			1,823,896
Repurchase of units		(1,762,687	)		(2,205,383	)
Offering costs		—			(79,901	)
Distribution and other fees		7,000			4,000
Net increase from capital transactions		202,756			1,757,829
NET CHANGE IN NET ASSETS		(3,318,943	)		(1,018,405	)
Net assets at beginning of period		338,725,057			355,273,630
Net assets at end of period	$	335,406,114		$	354,255,225

See accompanying notes to the consolidated financial statements.

3

TriLinc Global Impact Fund, LLC

Consolidated Statements of Cash Flows

(Unaudited)

	For the Three Months Ended
	March 31,			March 31,
	2022			2021
Cash flows from operating activities
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,434,675		$	4,348,077
ADJUSTMENT TO RECONCILE NET CHANGE IN NET ASSETS RESULTING    FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING    ACTIVITIES
Purchase of investments		—			(18,919,036	)
Maturity of investments		2,230,553			6,461,904
Payment-in-kind interest		(4,360,469	)		(5,500,696	)
Net change in unrealized depreciation on investments		2,646,200			975,327
Foreign exchange loss		—			5,700
Accretion of discounts on investments		(634,922	)		(726,221	)
Changes in assets and liabilities:
Increase in interest receivable		(1,603,051	)		(1,339,042	)
Increase in other assets		(125,115	)		(393,354	)
Decrease in due to unitholders		7,916			32,437
Decrease in management and incentive fees payable		720,838			(509,314	)
Decrease in other payables		130,019			13,231
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES		1,446,644			(15,550,987	)
Cash flows from financing activities
Net proceeds from issuance of units		175,002			1,821,625
Distributions paid to unitholders		(4,172,933	)		(4,906,823	)
Decrease in notes payable		(5,000,000	)		—
Payments of offering costs		—			(79,901	)
Repurchase of units		(1,717,259	)		(2,351,598	)
NET CASH USED IN FINANCING ACTIVITIES		(10,715,190	)		(5,516,697	)
TOTAL DECREASE IN CASH		(9,268,546	)		(21,067,684	)
Cash at beginning of period		16,795,342			55,002,776
Cash at end of period	$	7,526,796		$	33,935,092
Supplemental information
Cash paid for interest during the period	$	11,169		$	48,319
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	$	1,783,441		$	2,217,488
Change in accrual of distribution and other fees	$	(7,000	)	$	(4,000	)

See accompanying notes to the consolidated financial statements.

4

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

As of March 31, 2022

(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), (18)	Sugarcane and Sugar Beets	Sugar Producer	12.43%		0.0	%	12/15/2020	$	2,851,296	N/A	$	2,851,296	$	877,326		0.3	%
Chile	Itelecom Holding Chile SPA (5), (17)	Electric Services	LED Lighting Service Provider	11.00%		0.0	%	6/6/2021		1,456,162	N/A		1,456,162		1,456,162		0.4	%
Ecuador	Other Investments	Corrugated and solid fiber boxes	Sustainable Packaging Manufacturer	9.16% Cash/2.20% PIK		0.0	%	6/18/2025		12,387,189	N/A		12,387,189		12,387,189		3.7	%
Hong Kong	Limas Commodities House Limited (11)	Coal and Other Minerals and Ores	Resource Trader	11.50% PIK		0.0	%	6/30/2023		20,975,455	N/A		20,975,455		20,975,455		6.3	%
Indonesia	Other Investments	Chocolate and Cocoa Products	Cocoa Processor	13.00%		0.0	%	3/4/2024		10,000,000	N/A		10,000,000		10,000,000		3.0	%
Malaysia	Vikudha Malaysia Sdn Bhd (7)	Chemicals and Allied Products	Wholesale Distributor	12.00%		0.0	%	6/30/2023		17,844,102	N/A		17,844,102		17,844,102		5.3	%
Mexico	Blue Arrow Biojet Holdings, LLC (9)	Refuse Systems	Waste to Fuels Processor	14.50% PIK		1.3	%	1/27/2023		34,611,271	N/A		34,290,796		34,290,796		10.2	%
Peru	Kinder Investments, Ltd. (16)	Sanitary Paper Products	Diaper Manufacturer II	8.00% Cash/3.00% PIK		0.0	%	12/31/2024		4,916,465	N/A		4,916,465		4,916,465		1.5	%
Singapore	Triton Metallics Pte Ltd. (17)	Coal and Other Minerals and Ores	Non-Ferrous Metal Trader	6.00% PIK		0.0	%	8/18/2025		20,408,828	N/A		20,408,828		18,266,468		5.4	%
Total Senior Secured Term Loans													125,130,293		121,013,963		36.1	%
Senior Secured Term Loan Participations (1)
Botswana	Other Investments	Short-Term Business Credit	SME Financier	9.63%		0.0	%	8/18/2023		4,740,000	47%		4,740,000		4,740,000		1.4	%
Brazil	Qintess Tecnologia e Participacoes Ltda (13)	Computer Related Services, NEC	IT Service Provider	10.75% Cash/3.25% PIK		0.0	%	11/23/2023		18,809,701	27%		19,089,806		19,089,806		5.7	%
Brazil	Other Investments	Boatbuilding and Repairing	Ship Maintenance & Repair Service Provider	8.00% Cash/8.00% PIK		0.0	%	12/7/2023		6,663,699	42%		6,633,143		6,633,143		2.0	%
Cabo Verde	TRG Cape Verde Holdings Ltd (6), (16), (17)	Hotels and Motels	Hospitality Service Provider	10.00% Cash/4.75% PIK		0.0	%	1/31/2022		14,312,720	88%		14,312,720		12,002,520		3.6	%
Colombia	Other Investments	Personal Credit Institutions	Consumer Lender II	11.90%		0.0	%	9/1/2025		4,596,613	7%		4,596,613		4,596,613		1.4	%
Ghana	Other Investments (6)	Petroleum and Petroleum Products	Tank Farm Operator	12.00%		0.0	%	2/10/2023		6,972,901	76%		6,972,901		6,972,901		2.1	%
Jersey	Africell Holding Limited (10)	Telephone Communications	Mobile Network Operator	9.70%		3.0	%	9/30/2026		15,000,000	16%		15,000,000		15,000,000		4.5	%
Kenya	Multiple ICD (Kenya) Limited (17)	Freight Transportation Arrangement	Freight and Cargo Transporter	7.75% Cash/4.00% PIK		0.0	%	3/31/2023		14,758,950	42%		14,758,950		13,204,359		3.9	%
Namibia	Trustco Group Holdings Ltd. (14), (17)	Land Subdividers and Developers	Property Developer	8.50% Cash/4.00% PIK		0.0	%	8/15/2021		18,440,097	100%		18,440,097		15,069,506		4.5	%
Netherlands	Other Investments (9)	Motor Vehicle Parts and Accessories	Wheel Manufacturer	14.23%		0.0	%	2/7/2024		8,275,000	44%		9,779,546		9,779,546		2.9	%
Nigeria	Helios Maritime I (15), (17)	Towing and Tugboat Service	Marine Logistics Provider	10.60%		0.8	%	1/31/2022		17,007,004	100%		17,007,004		8,442,990		2.5	%
Romania	Other Investments (8)	Retail Bakeries	Frozen Bakery Products Manufacturer	7.00% Cash/7.00% PIK		2.5	%	5/20/2024		3,969,407	27%		3,984,401		3,984,401		1.2	%
Uganda	Agilis Partners Holding LLC (17)	Corn	Grain Processor G	12.80% PIK		0.0	%	7/8/2024		533,527	100%		533,527		533,527		0.2	%
Uganda	Agilis Partners (17)	Corn	Grain Processor F	3.50% Cash/8.00% PIK		0.0	%	6/30/2025		11,628,566	100%		11,628,566		10,599,028		3.2	%
Total Senior Secured Term Loan Participations													147,477,274		130,648,340		39.1	%
Senior Secured Trade Finance Participations (1)
Argentina	Compania Argentina de Granos S.A. (17), (18)	Soybeans	Agriculture Distributor	10.45%		0.0	%	6/30/2018		12,500,000	83%		12,500,000		5,772,744		1.7	%
Argentina	Sancor Cooperativas Unidas Ltda (17)	Dairy Farms	Dairy Co-Operative	10.67%		0.0	%	7/29/2019		5,802,296	22%		5,802,296		4,393,274		1.3	%
Argentina	Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (17), (18)	Beef Cattle, Except Feedlots	Beef Exporter	11.50%		0.0	%	8/31/2017		9,000,000	28%		9,000,000		6,361,679		1.9	%
Argentina	Algodonera Avellaneda S.A. (17), (18)	Cotton Ginning	Cotton Producer	9.00%		0.0	%	8/31/2017		6,000,000	27%		6,000,000		3,398,558		1.0	%
Cameroon	Producam SA (17)	Chocolate and Cocoa Products	Cocoa & Coffee Exporter	9.50%, 6.00%		0.0	%	6/30/2022		15,319,644	72%		15,319,644		14,599,214		4.4	%
Hong Kong	Conplex International Ltd. (17), (18)	Telephone and Telegraph Apparatus	Mobile Phone Distributor	12.00%		0.0	%	5/31/2020		9,433,430	26%		9,433,430		2,429,024		0.7	%
Indonesia	Other Investments	Chocolate and Cocoa Products	Cocoa Processor	11.00%		0.0	%	5/26/2022		5,000,000	24%		5,000,000		5,000,000		1.5	%
Morocco	Mac Z Group SARL (17)	Secondary Nonferrous Metals	Scrap Metal Recycler	11.00%		0.0	%	7/31/2018		1,433,058	73%		1,433,058		628,862		0.2	%
Nigeria	Other Investments (9)	Farm Products	Cocoa Trader III	8.50%		0.0	%	12/31/2022		664,101	25%		664,101		664,101		0.2	%
Nigeria	Other Investments (9)	Farm Products	Cocoa Trader II	8.50%		0.0	%	12/31/2022		820,482	14%		820,482		820,482		0.2	%
South Africa	Applewood Trading 199 Pty, Ltd.(17), (18)	Salted and Roasted Nuts and Seeds	Fruit & Nut Distributor	17.50%		0.0	%	5/22/2015		785,806	19%		785,806		497,462		0.1	%
United Arab Emirates	Global Pharma Intelligence Sarl (17), (18)	Drugs, Proprietaries, and Sundries	Pharmaceuticals Distributor	14.60%		0.0	%	6/30/2018		648,430	60%		648,430		648,430		0.2	%
Total Senior Secured Trade Finance Participations													67,407,247		45,213,830		13.4	%
Other Investments (1)
N/A	IIG TOF B.V. (17), (18), (19)	Miscellaneous Business Credit	Receivable from IIG TOF B.V.	8.75%		0.0	%	N/A		6,000,000	N/A		6,000,000		3,758,063		1.1	%
Equity Warrants
Mexico	Blue Arrow Biojet Holdings, LLC	Refuse Systems	Waste to Fuels Processor	N/A	N/A			N/A	N/A		N/A		—		1,088,168		0.3	%
Total Investments												$	346,014,813	$	301,722,364

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.

5

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. The maturity date is expected to be extended in connection with a restructure of the loan.

⁶  Principal and interest paid quarterly.

⁷  Interest paid quarterly. Principal to be repaid in quarterly installments starting in September 2020.

⁸  Quarterly interest only payment. Principal due at maturity.

⁹  Principal and interest to be paid at maturity.  

₁₀ Quarterly interest payments. Principal to start amortizing 15 months from 03/26/18, the 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.   

₁₁ Interest paid quarterly. Principal to be repaid in full in June 2023.

₁₂ Principal and interest paid annually. The maturity date is expected to be extended in connection with a restructure of the loan.  

₁₃ Interest includes a stated coupon rate plus additional contingent interest payments based on a percentage of earnings before interest, taxes, depreciation and amortization (“EBITDA”) after a minimum threshold has been achieved by the borrower.  

₁₄ Quarterly interest payments. Refer to Note 3 for additional information.

₁₅ Interest accrues at a variable rate of one-month London Interbank Offered Rate (“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 12/31/2024.

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 fund advised by 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.

6

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

December 31, 2021

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), (18)	Sugarcane and Sugar Beets	Sugar Producer	12.43%		0.0	%	12/15/2020	$	2,851,296	N/A	$	2,851,296	$	1,832,492		0.5	%
Chile	Itelecom Holding Chile SPA (5), (17)	Electric Services	LED Lighting Service Provider	11.00%		0.0	%	6/6/2021		1,456,162	N/A		1,456,162		1,456,162		0.4	%
Colombia	Other Investments (20)	Personal Credit Institutions	Consumer Lender	11.25%		0.0	%	1/15/2022		293,920	N/A		293,920		293,920		0.1	%
Ecuador	Other Investments	Corrugated and solid fiber boxes	Sustainable Packaging Manufacturer	9.16% Cash/2.20% PIK		0.0	%	6/18/2025		12,387,189	N/A		12,387,189		12,387,189		3.7	%
Hong Kong	Limas Commodities House Limited (11)	Coal and Other Minerals and Ores	Resource Trader	11.50% PIK		0.0	%	6/30/2023		20,389,264	N/A		20,389,264		20,389,264		6.0	%
Indonesia	Other Investments	Chocolate and Cocoa Products	Cocoa Processor	13.00%		0.0	%	3/4/2024		10,000,000	N/A		10,000,000		10,000,000		3.0	%
Malaysia	Vikudha Malaysia Sdn Bhd (7)	Chemicals and Allied Products	Wholesale Distributor	12.00%		0.0	%	6/30/2023		17,537,201	N/A		17,537,201		17,537,201		5.2	%
Mexico	Blue Arrow Biojet Holdings, LLC (9)	Refuse Systems	Waste to Fuels Processor	14.50% PIK		1.3	%	1/27/2023		32,962,527	N/A		32,962,527		32,962,527		9.7	%
Peru	Kinder Investments, Ltd. (16)	Sanitary Paper Products	Diaper Manufacturer II	8.00% Cash/3.00% PIK		0.0	%	12/31/2024		4,880,364	N/A		4,880,364		4,880,364		1.4	%
Singapore	Triton Metallics Pte Ltd. (17)	Coal and Other Minerals and Ores	Non-Ferrous Metal Trader	6.00% PIK		0.0	%	8/18/2025		19,777,304	N/A		19,777,304		17,634,943		5.2	%
Total Senior Secured Term Loans													122,535,227		119,374,062		35.2	%
Senior Secured Term Loan Participations (1)
Botswana	Other Investments	Short-Term Business Credit	SME Financier	9.63%		0.0	%	8/18/2023		4,740,000	47%		4,740,000		4,740,000		1.4	%
Brazil	Qintess Tecnologia e Participacoes Ltda (13)	Computer Related Services, NEC	IT Service Provider	10.00% Cash/3.00% PIK		0.0	%	11/23/2023		18,774,784	27%		19,032,888		19,032,888		5.6	%
Brazil	Other Investments	Boatbuilding and Repairing	Ship Maintenance & Repair Service Provider	8.00% Cash/8.00% PIK		0.0	%	12/7/2023		6,501,170	42%		6,466,030		6,466,030		1.9	%
Cabo Verde	TRG Cape Verde Holdings Ltd (6), (17)	Hotels and Motels	Hospitality Service Provider	10.00% Cash/4.75% PIK		0.0	%	12/31/2021		14,141,063	88%		14,141,063		11,830,862		3.5	%
Colombia	Other Investments	Personal Credit Institutions	Consumer Lender II	11.90%		0.0	%	9/1/2025		5,048,473	7%		5,048,473		5,048,473		1.5	%
Ghana	Other Investments (6)	Petroleum and Petroleum Products	Tank Farm Operator	12.00%		0.0	%	2/10/2023		8,367,480	76%		8,367,480		8,367,480		2.5	%
Jersey	Africell Holding Limited (10)	Telephone Communications	Mobile Network Operator	9.70%		3.0	%	9/30/2026		15,000,000	16%		15,000,000		15,000,000		4.4	%
Kenya	Multiple ICD (Kenya) Limited (17)	Freight Transportation Arrangement	Freight and Cargo Transporter	7.75% Cash/4.00% PIK		0.0	%	3/31/2023		14,612,822	42%		14,612,822		13,058,231		3.9	%
Namibia	Trustco Group Holdings Ltd. (14), (17)	Land Subdividers and Developers	Property Developer	8.50% Cash/4.00% PIK		0.0	%	8/15/2021		18,253,506	100%		18,253,506		15,184,914		4.5	%
Netherlands	Other Investments (9)	Motor Vehicle Parts and Accessories	Wheel Manufacturer	14.23%		0.0	%	2/7/2024		8,275,000	44%		9,278,031		9,278,031		2.7	%
Nigeria	Helios Maritime I (15), (17)	Towing and Tugboat Service	Marine Logistics Provider	10.60%		0.8	%	1/31/2022		17,007,004	100%		17,007,004		8,673,930		2.6	%
Romania	Other Investments (8)	Retail Bakeries	Frozen Bakery Products Manufacturer	7.00% Cash/7.00% PIK		2.5	%	5/20/2024		3,900,880	27%		3,915,874		3,915,874		1.2	%
Uganda	Other Investments	Corn	Grain Processor G	12.80% PIK		0.0	%	7/8/2024		517,493	100%		517,493		517,493		0.2	%
Uganda	Other Investments	Corn	Grain Processor F	3.50% Cash/8.00% PIK		0.0	%	6/30/2025		11,176,537	100%		11,176,537		11,176,537		3.3	%
Total Senior Secured Term Loan Participations													147,557,201		132,290,743		39.2	%
Senior Secured Trade Finance Participations (1)
Argentina	Compania Argentina de Granos S.A. (17), (18)	Soybeans	Agriculture Distributor	10.45%		0.0	%	6/30/2018		12,500,000	83%		12,500,000		5,772,744		1.7	%
Argentina	Sancor Cooperativas Unidas Ltda (17)	Dairy Farms	Dairy Co-Operative	10.67%		0.0	%	7/29/2019		5,802,296	22%		5,802,296		4,393,274		1.3	%
Argentina	Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (17), (18)	Beef Cattle, Except Feedlots	Beef Exporter	11.50%		0.0	%	8/31/2017		9,000,000	28%		9,000,000		6,361,679		1.9	%
Argentina	Algodonera Avellaneda S.A. (17), (18)	Cotton Ginning	Cotton Producer	9.00%		0.0	%	8/31/2017		6,000,000	27%		6,000,000		3,398,558		1.0	%
Cameroon	Producam SA (17)	Chocolate and Cocoa Products	Cocoa & Coffee Exporter	9.5%, 6.0%		0.0	%	6/30/2022		14,979,753	72%		14,979,751		14,387,877		4.2	%
Hong Kong	Conplex International Ltd. (17), (18)	Telephone and Telegraph Apparatus	Mobile Phone Distributor	12.00%		0.0	%	5/31/2020		9,500,000	26%		9,500,000		2,495,595		0.7	%
Indonesia	Other Investments	Chocolate and Cocoa Products	Cocoa Processor	11.00%		0.0	%	5/26/2022		5,000,000	24%		5,000,000		5,000,000		1.5	%
Morocco	Mac Z Group SARL (17)	Secondary Nonferrous Metals	Scrap Metal Recycler	11.00%		0.0	%	7/31/2018		1,433,058	73%		1,433,058		628,862		0.2	%
Nigeria	Other Investments (9)	Farm Products	Cocoa Trader III	8.50%		0.0	%	3/31/2022		675,256	25%		675,256		675,256		0.2	%
Nigeria	Other Investments (9)	Farm Products	Cocoa Trader II	8.50%		0.0	%	3/31/2022		832,952	14%		832,952		832,952		0.2	%
South Africa	Applewood Trading 199 Pty, Ltd.(17), (18)	Salted and Roasted Nuts and Seeds	Fruit & Nut Distributor	17.50%		0.0	%	5/22/2015		785,806	19%		785,806		497,462		0.1	%
United Arab Emirates	Global Pharma Intelligence Sarl (17), (18)	Drugs, Proprietaries, and Sundries	Pharmaceuticals Distributor	14.60%		0.0	%	6/30/2018		648,430	60%		648,430		648,430		0.2	%
Total Senior Secured Trade Finance Participations													67,157,549		45,092,689		13.2	%
Other Investments (1)
N/A	IIG TOF B.V. (17), (18), (19)	Miscellaneous Business Credit	Receivable from IIG TOF B.V.	8.75%		0.0	%	N/A		6,000,000	N/A		6,000,000		3,758,063		1.1	%
Equity Warrants
Mexico	Blue Arrow Biojet Holdings, LLC	Refuse Systems	Waste to Fuels Processor	N/A	N/A			N/A	N/A		N/A		—		1,088,168		0.3	%
Total Investments												$	343,249,977	$	301,603,725

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. The maturity date is expected to be extended in connection with a restructure of the loan.

⁶  Principal and interest paid quarterly.

⁷  Interest paid quarterly. Principal to be repaid in quarterly installments starting in September 2020.

7

⁸  Quarterly interest only payment. Principal due at maturity.

⁹  Principal and interest paid at maturity.  

₁₀ Quarterly interest payments. Principal to start amortizing 15 months from 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. 

₁₁ Interest paid quarterly. Principal to be repaid in full in June 2023.

₁₂ Principal and interest paid annually. The maturity date is expected to be extended in connection with a restructure of the loan.  

₁₃ Interest includes a stated coupon rate plus additional contingent interest payments based on a percentage of earnings before interest, taxes, depreciation and amortization (“EBITDA”) after a minimum threshold has been achieved by the borrower.

₁₄ Quarterly interest payments. Refer to Note 3 for additional information.

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. The maturity date is expected to be extended in connection with a restructure of the loan.

₁₆ In connection with a restructure of the underlying facilities, all maturity dates were extended to 12/31/2024.

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 TOF B.V., a fund advised by 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 Principal and interest were paid in full during the first quarter of 2022.

8

TRILINC GLOBAL IMPACT FUND, LLC

Notes to Consolidated Financial Statements

March 31, 2022

(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. In addition, the Company may also make investments in developed economies, including the United States. 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”) is the sponsor of the Company and employs staff who operate both the Advisor and the Company.  The Sponsor owns 100% of the Advisor.

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 public 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 March 31, 2022, the Company raised an additional $99,973,000 pursuant to a private placement and $47,354,000 pursuant to the DRP, for total gross proceeds of approximately $509,103,000 as of March 31, 2022.

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.  The Subsidiaries own all of the Company’s investments. As of March 31, 2022, 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 – Asia IV, Ltd.

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

• TriLinc Global Impact Fund – Europe, Ltd.

• TriLinc Global Impact Fund – North America, Ltd.

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

• TriLinc Global Impact Fund – Cayman, Ltd.

9

Through March 31, 2022, the Company has made, through its Subsidiaries, loans in a number of countries located in South America, Asia, Africa, North America, and Europe.

COVID-19

The ongoing COVID-19 pandemic (more commonly referred to as the Coronavirus), including the emergence of the Omicron and other variants, continues to adversely impact many industries and businesses directly or indirectly. Adverse impacts include disrupted global travel and supply chains, which adversely impact global commercial activity. Many businesses across the globe have seen a downturn in production and productivity due to the suspension of business and temporary closure of offices and factories that was prevalent during most of 2020 and continued into the first quarter of 2022 in certain areas, including particularly in developing markets, in an attempt to curb the spread of the Coronavirus. Although economic contractions associated with such suspensions and closures have subsided either in whole for most advanced economies or in part for most developing economies, the economic recovery has been significantly affected by supply chain disruptions and higher input costs. These issues have more acutely affected developing economies. The Company believes that most regions in which it invests are poised to achieve economic normalization once the supply chain disruptions and input cost increases dissipate.  However, the Company expects economic recovery to be slower in Sub-Saharan Africa, where vaccination rates have been lower than in the rest of the world and the impact of COVID-19 is likely to impede economic recovery more so than in other regions. Any of these adverse developments could have a material adverse effect on our business, financial condition and results of operations. In addition, if COVID-19 cases began to spike again globally, as we saw with recent variants, it could further adversely impact the Company’s borrowers’ businesses, financial condition and results of operations, which could result in their inability to make required payments in the near term and impact the fair value of the Company’s investments. Although multiple vaccines have been approved for use in certain countries and the vaccination rates in the United States and most advanced economies have been encouraging, there is still uncertainty as to when a sufficient portion of the population will be vaccinated such that restrictions and safety protocols can be fully relaxed in certain of the regions in which the Company invests. During the three months ended March 31, 2022 and the year ended December 31, 2021, the Company made material adjustments to the fair value of certain of its investments, in part due to the impact of COVID-19. These adjustments, which amounted to approximately $231,000 and $6,368,000, respectively, in the aggregate during the three months ended March 31, 2022 and the year ended December 31, 2021, were made with respect to 18.7% and 18.5%, respectively, of the Company’s investments (calculated based on the aggregate fair value of the Company’s total investments).

Although the Coronavirus has created material uncertainty and economic disruption, due to the rapidly evolving nature of the situation, the Company cannot predict the ultimate impact it will have on us. The Company is managing the situation through active engagement with its borrowers and is analyzing the potential effects COVID-19 may have on the portfolio or any potential capital deployments. Additionally, our Advisor has implemented its business continuity plan and additional procedures designed to protect against the introduction of the Coronavirus to the workforce, including permitting employees to work remotely and significantly enhanced office sterilization procedures to minimize the probability of contagion.

While many of the Company’s borrowers' businesses have experienced some disruption related to COVID-19, degrees of effect have varied.  For example, as indicated under "Watch List Investments" below, the borrowers with respect to the investment added to the Watch List for the three months ended March 31, 2022 and for the year ended December 31, 2021 have not made required payments in part due to adverse impacts they have experienced related to the COVID-19 pandemic, as well as due to the adverse impacts of supply chain disruptions and higher input costs associated with shortages of goods and labor. Where appropriate, the Company and/or the Company’s sub-advisors are working with borrowers to restructure facilities and may restructure additional facilities to provide relief needed by certain borrowers, without necessarily providing concessions that are out of market. Due in part to the disruptions associated with COVID-19 as well as due to the supply chain disruptions and increased input costs, the Company can provide no assurances that it will be able to continue to collect interest and principal payments at levels comparable to those prior to the pandemic. Further, the Company can provide no assurances that it will be able to recover all past due amounts from delinquent borrowers. The economic uncertainty and disruption described above is expected to continue and the Company may see further defaults and additional investments may be added to the Watch List in subsequent quarters. The adverse impact of COVID-19 was one of the material contributors to the approximate $0.07 decline in the Company's NAV per unit as of March 31, 2022, as compared to the Company’s NAV per unit as of December 31, 2021.

In addition, the Company saw a slowdown in transaction volume due to the impact of the pandemic in the first quarter of 2022 and through most of 2021, as smaller SMEs and those in industries most affected by COVID-19 (travel and hospitality, retail sales, etc.) were no longer in a position to appropriately add debt capital. While transaction volume has increased in recent months, it has not yet recovered to pre-pandemic levels and may continue to be affected by restrictions on travel and other shelter in place orders, making it more difficult to conduct in-person visits with potential borrowers. Additionally, in future periods the Company may hold higher levels of cash than before the pandemic to ensure it has sufficient cash available to meet its cash obligations. Uncertain or inconsistent deployment of capital or higher cash balances each have the potential to further reduce cash flow generated to cover the Company’s distributions to its unitholders and/or cause the Company to further reduce its NAV in future periods.

10

Inflation and Conflict in Ukraine

Input costs remain high and the conflict between Russia and Ukraine has increased the disruption, instability and volatility in global markets and industries. The Company does not have any investments in, and none of its borrowers receive supplies directly from, Russia, Belarus or Ukraine. Therefore, to date, the Company has not been materially impacted by the actions of the Russian government. Market disruptions in a single country could cause a worsening of conditions on a regional and even global level, as economic problems in a single country can significantly impact other markets and economies. While the direct impact on the Company of Russia's invasion of Ukraine is limited, the Company is being affected by increases in the price of oil as a result of sanctions on Russia, which contributes to overall inflation and increased costs. The ongoing conflict could cause increased volatility in the economies and financial markets of countries throughout the region, or even globally. The Company continues to monitor the uncertainty surrounding the extent and duration of this ongoing conflict and the impact that it may have on the global economy and on the Company's business.

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.  Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates. In particular, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company's business, the businesses of the Company's borrowers and the global markets generally. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including fair value measurements, and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or address its impact, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume.

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, 2021, which was filed with the SEC on March 30, 2022.

The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2022.

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. 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.

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. The Company limits its credit risk by selecting financial institutions considered to be highly creditworthy.

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.

11

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 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. 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.

Valuation of Investments

The Company carries all of its investments at fair value with changes in fair value recognized in the consolidated statement of operations. 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.

The fair value measurement guidance 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. In addition, the Company engaged an 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 material investments on the Watch List. 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. 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

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Company and its management are solely and ultimately responsible for determining the fair value of the Company’s investments in good faith;

3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any 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.

Any potential valuation adjustments are subject to a materiality threshold as determined by the Advisor. Due to the fact that all non-Watch List investments are performing loans, with no macroeconomic indicator or other event observed that would reasonably be expected to have a material impact on the underlying performance or collateral value of the investment, most of these investments generally do not deviate materially from the amortized cost. If, pursuant to the Company's quarterly review, the Company determines that one or more material valuation adjustments are appropriate, then the Company adjusts the fair value. Historically, in most cases these adjustments that have resulted in a fair value that is materially different from the investment’s amortized cost, the Company has determined to place it on the Watch List. 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 predominantly uses the income approach, but may also use a collateral based approach (also known as a liquidation or net recovery approach), or a hybrid approach consisting of the income approach and the collateral based 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

• Applicable global interest rates

• Impact of investments placed on non-accrual status

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.

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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 as of March 31, 2022. For the three months ended March 31, 2022, the Company earned and capitalized PIK interest of $4,360,469  and $5,500,696, respectively.

Distribution and Ongoing Dealer Manager and Service 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 March 31, 2022, the estimated unpaid distribution fees for Class C units amounted to $419,000, the unpaid dealer manager fees for Class I units amounted to $19,000 and the unpaid dealer manager and service fees for Class W units amounted to $1,000.

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 March 31, 2022, 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, 2016.

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 March 31, 2022, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y units 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 March 31, 2022, under GAAP, the Company has recorded a liability in the amount of $439,000 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.

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The Company is not required to determine its net asset value per unit under GAAP and therefore, 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 March 31, 2022, 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 approximately $7.05, which is different than the net asset value per unit of approximately $7.51 (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 approximately $0.07 per unit from the net asset value per unit of approximately $7.12 as of December 31, 2021. The decrease in net asset value per unit was due to a combination of factors, including the adverse impact of COVID-19 and the Company having recorded $2,646,200 in unrealized depreciation on its investments during the three months ended March 31, 2022.

See Note 3 “Investments — Watch List Investments” for additional information.

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 March 31, 2022 and 2021.

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 were reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs did not exceed 15.0% of the gross offering proceeds raised from the Offering (the “O&O Reimbursement Limit”) and were accrued and payable by the Company only to the extent that such costs did not exceed the O&O Reimbursement Limit. Reimbursements to the Sponsor of organization and offering costs 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 as of the end of the Offering, the organization and offering costs have not exceeded the O&O Reimbursement Limit. The Company continues to incur certain offering costs associated with the DRP as well as the ongoing fees described above in “Distribution and Ongoing Dealer Manager and Service Fees.” The Company may incur these costs directly, or may reimburse the Sponsor for paying these offering costs on behalf of the Company.           

Operating Expense Responsibility Agreement

On May 12, 2021, the Company entered into the Second Amended and Restated Operating Expense Responsibility Agreement with the Advisor and the Sponsor (the “Responsibility Agreement”).  The Responsibility Agreement amends and replaces the prior agreement and amended the manner in which reimbursements to the Sponsor under the agreement will be allocated.  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 $4,240,231 of operating expenses, which had been paid by the Company as of December 31, 2017.

Pursuant to the Responsibility Agreement, 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 50% of the excess amount (the “Reimbursement Amount”) for such quarter as follows: (i) first, the Company will apply the Reimbursement Amount to 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 have been reimbursed; and (ii) second, the Company will apply the Reimbursement 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.

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The Company did not meet the Reimbursement Hurdle for the three months ended March 31, 2022 and 2021. Therefore, none of the expenses of the Company covered by the Responsibility Agreement have been recorded as expenses of the Company for the three months ended March 31, 2022 and 2021. As of March 31, 2022, there is a remaining aggregate balance of approximately $16,274,000 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.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update (“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 for financial instruments measured at amortized cost. 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 beginning after December 15, 2022. 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 believes that the adoption of ASU 2016-13 will not have a material impact 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 has been dependent on the Sponsor for financial support in prior periods.

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

The Company is subject to financial market risks, including changes in interest rates. Global economies and capital markets can and have experienced significant volatility, which has increased the risks associated with investments in collateralized private debt instruments. Investment in the Company carries risk and there are no guarantees that the Company’s investment objectives will be achieved. The Company 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 was the sub-advisor with respect to five of the 19 investments that the Company has deemed Watch List investments, which are investments with respect to which the Company has determined there have been significant changes in the credit and collection risk of the investment.  As described in Note 3, IIG failed to provide the Company with complete and accurate information with respect to the Company’s investments for which IIG was the sub-advisor, and sold the Company a $6 million participation in a loan that did not exist.  In November 2019, the SEC charged IIG with fraud and revoked IIG's registration as an investment adviser. On March 30, 2020, the SEC obtained a final judgment on consent that enjoins IIG from violating the antifraud provisions of the federal securities laws. IIG has ceased operations and the Company does not expect to receive any further reporting from IIG with respect to its outstanding investments. IIG’s acts and omissions have negatively affected and are likely to continue to negatively affect the value of certain of the Company’s investments, which could adversely affect returns to the Company’s 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

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for which market yields are observable increase materially. The majority of the Company’s investments are in the form of participation interests, 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. These risks may be further exacerbated by the adverse impact the COVID-19 pandemic has had and is expected to continue to have on the business of our borrowers. In addition, as of March 31, 2022 and December 31, 2021, all 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 March 31, 2022, the Company’s largest loan by value was $34,290,796 or 11.4% of total investments and provides for PIK interest, with principal and interest due at maturity. The Company’s five largest loans by value comprised 36.6% of the Company’s portfolio at March 31, 2022. Participation in loans amounted to 58.3% of the Company’s total portfolio at March 31, 2022.

Note 3. Investments

As of March 31, 2022, the Company’s investments consisted of the following: 

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	125,130,293	$	121,013,963		40.1	%
Senior secured term loan participations		147,477,274		130,648,340		43.3	%
Senior secured trade finance participations		67,407,247		45,213,830		15.0	%
Other investments		6,000,000		3,758,063		1.2	%
Equity warrants		—		1,088,168		0.4	%
Total investments	$	346,014,813	$	301,722,364		100.0	%

As of December 31, 2021, the Company’s investments consisted of the following:

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	122,535,227	$	119,374,062		39.5	%
Senior secured term loan participations		147,557,201		132,290,743		43.9	%
Senior secured trade finance participations		67,157,549		45,092,689		15.0	%
Other investments		6,000,000		3,758,063		1.2	%
Equity warrants		—		1,088,168		0.4	%
Total investments	$	343,249,977	$	301,603,725		100.0	%

Participations

The majority of the Company’s investments are in the form of participation interests (“Participations”). Participations are interests 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.

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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 March 31, 2022.  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 March 31, 2022 and December 31, 2021 amounted to approximately $3,707,000 and $3,487,000, respectively. The Company’s interest receivable balances at March 31, 2022 and December 31, 2021 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.

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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 and potential or ongoing litigation). At March 31, 2022, nine portfolio companies were on non-accrual status with an aggregate fair value of approximately $24,372,000 or 8.1% of the fair value of the Company’s total investments. At December 31, 2021, nine portfolio companies were on non-accrual status with an aggregate fair value of approximately $25,393,000 or 8.4% 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 $147,000 for the three months ended March 31, 2022. As of March 31, 2022 and December 31, 2021, respectively, the Company had 19 and 17 Watch List investments.

As of March 31, 2022, the Company’s Watch List investments consisted of the following:

									Interest not accrued on Investments on Watch List status
									Three Months Ended
									March 31,		March 31,
Portfolio Company	Principal Balance		Fair Value		Accrued Interest		Sub-advisor	Valuation Approach	2022		2021
Trustco Group Holdings Ltd.	$	18,440,097	$	15,069,506	$	4,055,451	Helios	Collateral based approach	$	—	$	—
TRG Cape Verde Holdings Ltd.		14,312,720		12,002,520		3,308,154	Helios	Hybrid income/collateral based approach		—		—
Helios Maritime		17,007,004		8,442,990		2,784,470	Helios	Hybrid income/collateral based approach		—		—
Compania Argentina de Granos    S.A. (2), (3)		12,500,000		5,772,744		664,010	IIG	Income approach		—		326,563
Frigorifico Regional Industrias    Alimentarias, S.A.,    Sucursal Uruguay (2), (3)		9,000,000		6,361,679		264,500	IIG	Collateral based approach		—		—
Sancor Cooperativas Unidas Ltda		5,802,296		4,393,274		1,032,336	IIG	Collateral based approach		—		—
IIG TOF B.V. (2), (3)		6,000,000		3,758,063		572,000	IIG	Collateral based approach		—		—
Algodonera Avellaneda S.A. (2), (3)		6,000,000		3,398,558		778,500	IIG	Collateral based approach		—		—
Triton Metallics Pte Ltd.		20,408,828		18,266,468		720,096	TransAsia	Income approach		—		—
Conplex International Ltd. (2), (3)		9,433,430		2,429,024		—	TransAsia	Collateral based approach		—		—
Producam S.A.		15,319,644		14,599,214		—	Scipion	Hybrid income/collateral based approach		—		—
Global Pharma Intelligence    Sarl (1), (3)		648,430		648,430		134,215	Scipion	Collateral based approach		23,668		23,668
Mac Z Group SARL (3)		1,433,058		628,862		183,152	Scipion	Collateral based approach		—		—
Applewood Trading 199 Pty,    Ltd. (1), (3)		785,806		497,462		—	Barak	Hybrid income/collateral based approach		34,379		34,379
Multiple ICD (Kenya) Limited		14,758,950		13,204,359		3,973,890	Barak	Income approach		—		—
Agilis Partners Holding LLC		533,527		533,527		—	Origin	Income approach		—		—
Agilis Partners		11,628,566		10,599,028		197,763	Origin	Income approach		—		—
Usivale Industria E Commercio    Ltda (3)		2,851,296		877,326		645,932	N/A	Hybrid income/collateral based approach		88,604		88,604
Itelecom Holding Chile SPA (1)		1,456,162		1,456,162		322,032	Alsis	Income approach		—		—
Total Watchlist	$	168,319,814	$	122,939,196	$	19,636,501			$	146,651	$	473,214

¹ Investments with a fair value equal to less than 1.0% of the aggregate fair value of the Company's net assets as of March 31, 2022. Additional information regarding Watch List investments with a fair value equal to or greater than 1.0% of the aggregate fair value of the Company's net assets as of March 31, 2022 are presented below.

² Excludes interest not accrued with respect to investments which the Company may not legally accrue interest, such as those that are the subject of bankruptcy proceedings.

³ Investments were on non-accrual status.

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As of December 31, 2021, the Company’s Watch List investments consisted of the following:

Portfolio Company	Principal Balance		Fair Value		Accrued Interest		Sub-advisor	Valuation Approach
Trustco Group Holdings Ltd.	$	18,253,506	$	15,184,914	$	3,668,770	Helios	Collateral based approach
TRG Cape Verde Holdings Ltd.		14,141,063		11,830,862		3,316,102	Helios	Hybrid income/collateral based approach
Helios Maritime		17,007,004		8,673,930		2,770,970	Helios	Hybrid income/collateral based approach
Compania Argentina de Granos    S.A. (2), (3)		12,500,000		5,772,744		664,010	IIG	Income approach
Frigorifico Regional Industrias    Alimentarias, S.A.,    Sucursal Uruguay (2), (3)		9,000,000		6,361,679		264,500	IIG	Collateral based approach
Sancor Cooperativas Unidas Ltda		5,802,296		4,393,274		877,559	IIG	Collateral based approach
IIG TOF B.V. (2), (3)		6,000,000		3,758,063		572,000	IIG	Collateral based approach
Algodonera Avellaneda S.A. (2), (3)		6,000,000		3,398,558		778,500	IIG	Collateral based approach
Triton Metallics Pte Ltd.		19,777,304		17,634,943		833,343	TransAsia	Income approach
Conplex International Ltd. (2), (3)		9,500,000		2,495,595		716,452	TransAsia	Collateral based approach
Producam S.A.		14,979,753		14,387,877		—	Scipion	Hybrid income/collateral based approach
Global Pharma Intelligence    Sarl (1), (3)		648,430		648,430		134,215	Scipion	Collateral based approach
Mac Z Group SARL (3)		1,433,058		628,862		210,568	Scipion	Collateral based approach
Applewood Trading 199 Pty,    Ltd. (1), (3)		785,806		497,462		-	Barak	Hybrid income/collateral based approach
Multiple ICD (Kenya) Limited		14,612,822		13,058,231		3,689,897	Barak	Income approach
Usivale Industria E Commercio    Ltda (3)		2,851,296		1,832,492		645,932	N/A	Hybrid income/collateral based approach
Itelecom Holding Chile SPA (1)		1,456,162		1,456,162		281,987	Alsis	Income approach
Total Watchlist	$	154,748,500	$	112,014,078	$	19,424,805

¹  Investments with a fair value equal to less than 1.0% of the aggregate fair value of the Company's net assets as of December 31, 2021. Additional information regarding Watch List investments with a fair value equal to or greater than 1.0% of the aggregate fair value of the Company's net assets as of December 31, 2021 are presented below.

² Excludes interest not accrued with respect to investments which the Company may not legally accrue interest, such as those that are the subject of bankruptcy proceedings.

³    Investments were on non-accrual status.

Investments through Helios Investment Partners, LLP (“Helios”) as the Sub-Advisor

Trustco Group Holdings Ltd

In January 2017, the Company purchased a $15,000,000 Participation in a term loan facility with Trustco Group Holdings Ltd (“Trustco”), a Namibia based group operating a diversified set of business lines including property development, financial services (insurance, retail banking), education, and diamond mining. Repayment on this position has been slower than originally anticipated, largely due to a slowdown in the local real estate market. Helios has been actively working with the borrower to restructure the facility. As this has proved challenging, Helios issued a notice of default and acceleration notice to Trustco along with launching initial legal proceedings on April 15, 2020. A demand has also been made against Elisenheim as guarantor in respect of Trustco’s obligations to Helios. In addition to recourse against Trustco, Helios has the benefit of a security interest in property owned by the guarantor. The estimated proceeds from the property collateral are enough to cover the principal and the interest for the Trustco facility During the fourth quarter of 2021, an initial judgment was issued in Helios’ favor in the UK and Trustco appealed the court’s decision and the requirements to deposit the full outstanding balance into an escrow account. This appeal was dismissed in February 2022 and we are now seeking enforcement of the UK judgment in Namibia. Trustco is likely to pursue an appeal of the lower court's decision to the UK's Supreme Court; however, it is expected that any such appeal would be dismissed. The fair value declined  by approximately $302,000 during the period ended March 31, 2022, due to the increased likelihood that the amount of collateral will not support the full collection of the position.

TRG Cape Verde Holdings Ltd

In May 2016, the Company purchased a $17,000,000 Participation in a term loan facility with TRG Cape Verde Holdings Ltd (“TRG Cape Verde”), an owner and developer of resorts based in Cabo Verde. Repayment on this position has been slower than originally anticipated due to regulatory changes in TRG Cape Verde’s fundraising model, along with further challenges associated with little to no occupancy at its resort properties due to the ongoing COVID-19 pandemic. Helios is actively working with the borrower to restructure the facility, which is expected to be finalized in the coming quarters. In addition to the restructuring being conducted, the borrower has pledged certain of its real properties as collateral in support of its repayment obligations under this facility. The Company reopened its resort in the fourth quarter of 2021 with occupancy beginning to increase. In addition to reopening, the borrower paid $361,000 of interest in the first quarter of 2022.

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Helios Maritime I

Between July 2015 and December 2017, the Company purchased six Participations totaling $15,300,000 in a term loan facility with Helios Maritime I (“Helios Maritime”), a company setup for the purposes of on-lending to Starz Investment Company, Ltd., a Nigerian shipping and logistics company for the purpose of acquiring a handling tug vessel. Repayment on this position has been slower than originally anticipated due to delays in acquiring a long-term contract, which was further prolonged based on challenges presented by the COVID-19 pandemic and the volatility in oil prices. The borrower has pledged a marine vessel as collateral in support of its repayment obligations under this facility.

The borrower received a term sheet subsequent to the fourth quarter of 2021 to support its performance against its obligations, which requires an $8 million payment in exchange for a partial forgiveness of debt and restructured amortization profile. An extension was granted to the borrower to meet this requirement and is expected to be finalized in June 2022. As this restructure requires a partial forgiveness of debt and the likelihood of successful repayment continues to decrease, this had a negative impact on the valuation of this investment, resulting in a reduction of approximately $231,000 during the period ended March 31, 2022.

Investments through IIG as the Sub-Advisor

IIG was the sub-advisor with respect to certain investments that the Company made in South America, including five of the 19 Watch List investments as of March 31, 2022.  Since June 30, 2018, the Company has discovered, among other things, that IIG failed to provide the Company with complete and accurate information with respect to the investments for which IIG was the sub-advisor and, in 2017, sold the Company a $6 million participation in a loan to Nacadie (defined below) that did not exist. The Company has not received any material updated information from IIG concerning the investments for which IIG was the sub-advisor since the first quarter of 2019, despite IIG being contractually obligated to provide the Company with updated information.  

The SEC previously charged IIG with fraud on November 21, 2019 and revoked IIG's registration as an investment adviser on November 26, 2019. On March 30, 2020, the SEC obtained a final judgment on consent that enjoins IIG from violating the antifraud provisions of the federal securities laws. On July 17, 2020, the SEC filed fraud charges against David Hu, one of IIG's co-founders, who was also charged by the U.S. Attorney's Office for the Southern District of New York in a parallel criminal action. In January 2021, David Hu pled guilty to one count of securities fraud, one count of wire fraud, and one count of conspiracy to commit securities fraud and wire fraud and was sentenced to 12 years' imprisonment in April 2022. On April 13, 2021, the U.S. Attorney's Office for the Southern District of New York announced that Martin Silver, IIG's other co-founder, pled guilty to one count of conspiracy to commit investment adviser fraud, securities fraud, and wire fraud, one count of securities fraud, and one count of wire fraud for his role in overvaluing and selling fake loans to investors so IIG could collect management and performance fees. Also on April 13, 2021, the SEC filed a civil complaint against Martin Silver, asserting several claims that involve allegations of a string of frauds perpetrated by Mr. Silver and others at IIG in order to keep IIG afloat. IIG has ceased operations and the Company does not expect to receive any further reporting from IIG with respect to its outstanding investments. The Company is taking necessary steps, including legal action in some cases, in order to ascertain as much information as possible regarding these investments.

Most of the outstanding investments for which IIG was the sub-advisor were purchased from IIG TOF B.V., a Dutch Limited Liability Company advised by IIG.  On December 11, 2019, a subsidiary of the Company filed an application in Amsterdam District Court to declare IIG TOF B.V. bankrupt. As set forth in the application for the Declaration of Bankruptcy, the Company and other creditors believe they have multiple due and payable claims against IIG TOF B.V. which IIG TOF B.V. has acknowledged it is unable to pay. On January 21, 2020, the Amsterdam District Court declared IIG TOF B.V. bankrupt and appointed a Dutch law firm as liquidator. The Company is seeking recovery of amounts due and payable to the Company with respect to the Participations it acquired from IIG TOF B.V. There can be no assurances as to when or if the Company will recover the amounts to which the Company believes it is entitled. Additional information regarding Watch List investments for which IIG was the sub-advisor with a fair value equal to or greater than 1.0% of the Company's net assets as of March 31, 2022 is presented below.

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 initial Participation in October 2016 for $10,000,000 and subsequently increased the Participation by another $2,500,000 in February 2017. This facility was 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 due on June 30, 2018.

IIG previously informed the Company that it had been in active discussions with CAGSA and other CAGSA lenders to protect its rights under the credit facility. Additionally, IIG had 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.  Recently, the administrator of IIG TOF B.V.’s bankruptcy proceedings in the Netherlands notified the Company that the settlement discussions with CAGSA’s creditors had resumed and are close to being finalized. The administrator indicated that the terms of the settlement being discussed are different from the terms that had been part of the preliminary settlement that had been reached in

21

February 2019. The settlement is expected to result in the assumption of the entirety of CAGSA’s debt by its parent company, Molinos Cañuelas (“MolCa”), with a portion to be repaid over a ten-year period and the remaining portion to be repaid over a period of up to ten years from the proceeds of the sale of 62.5% of the outstanding interests in MolCa, which are expected to be pledged to the unsecured creditors of CAGSA and MolCa as part of the proposed settlement . The proposed changes to the settlement terms were less favorable to the Company with respect to its Participations than the terms of the preliminary settlement that had been reached in February 2019 (but was never finalized) and therefore, had a negative impact on the valuation of this investment. On September 27, 2021, MolCa and CAGSA filed for debt restructuring in the Argentinian bankruptcy court. On March 11, 2022, IIG TOF BV filed claims on behalf of the Company for the court to recognize the amounts due. The terms of the restructuring had been widely pre-approved by the creditors group prior to the filing. Therefore, the Company does not expect significant changes to the restructuring plan other than it will delay its implementation by an estimated 12 months.

Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay and Algodonera Avellaneda S.A.

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. 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.

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG TOF B.V., with Algodonera Avellaneda S.A. (“Algodonera”) as the borrower 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. 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.

In August 2019, the Company was informed by IIG’s legal counsel that the commercial court proceedings with FRIAR and Algonodera had been terminated due to the parties having reached a settlement. The Company obtained evidence that the settlement proceeds for all participant holders had been placed in an escrow account with a New York law firm. In January 2022, the largest participant holder with respect to claims against the escrow account filed an action in New York district court to release these funds to all the participant holders. The Company expects a final decision by the relevant bankruptcy courts and a final settlement agreement amongst all the creditors regarding the distribution of funds within the second quarter of 2022.

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. IIG had worked with Sancor to restructure the existing loan and extended the maturity to July 29, 2019, with an annual renewal option. Since February 2019, Sancor has announced the sale of certain of its assets, which allowed it to make some payments to creditors and maintain operations, but the Company has not received any payment as a result of those asset sales. As noted above, IIG has ceased operations and the Company has taken legal action in an attempt to recover amounts due. During the quarter ended December 31, 2020, the Company learned, in connection with certain court proceedings in the United States Bankruptcy Court for the Southern District of New York regarding a fund advised by IIG, that funds had been received in a New York bank account controlled by an affiliate of IIG and that such funds may include prior debt service payments by Sancor related to the Company’s interests in the Sancor trade finance facility. During the year ended December 31, 2021, the Company was able to obtain control of the assets in the bank account and determined that they should primarily be allocated to outstanding interest. The Company is monitoring the proceedings and expects to take steps, which may include legal action, to obtain control over any funds in such account to which the Company is entitled. Sancor is engaged in ongoing negotiations with its lenders regarding a debt restructuring, including discussions with the administrator of IIG TOF B.V.’s bankruptcy proceedings in the Netherlands. The Company is continuing to actively monitor this process. During the year ended December 31, 2021, the Company received interest payments of approximately $700,000 and principal payments of approximately $198,000 from the borrower.

IIG Trade Opportunities Fund B.V. Receivable

In March 2017, the Company purchased a Participation from IIG TOF B.V. in what the Company at that time believed to be 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. In connection with the Company’s 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. However, IIG did not repay the Company for this Participation. As noted above, the Company knows that the Nacadie facility in which it purchased this Participation did not exist and the Company considers this asset to be a receivable from IIG TOF B.V. rather than a Participation in a trade finance facility.

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As noted above, IIG TOF B.V. has been declared bankrupt in the Netherlands, and the Company is seeking to recover amounts to which it is entitled through the bankruptcy proceedings. The Company has applied a discount to the fair value based on the risk created by the uncertainty of the ultimate resolution of the Company’s attempt to recover amounts to which it is entitled through the bankruptcy proceedings in the Netherlands.

Investments through TransAsia Private Capital Ltd. (“TransAsia”) as the Sub-Advisor

Triton Metallics Pte. Ltd.

In November 2019, the Company made an investment in Triton Metallics Pte. Ltd. (“Triton”) totaling $16,456,270 in a trade finance facility. Triton is a Singapore based diversified commodities trading company. TransAsia informed the Company in early 2020 that due to the COVID-19 pandemic there have been constrained trading volumes. As a result, TransAsia then began working with the borrower to restructure the facility and a restructuring agreement was executed on August 17, 2020. We further amended the facility in June 2021, which reduced the interest rate from 11.5% to 6% PIK-only for a period of two years, in order to give Triton additional flexibility as it manages its business amidst the resurgence of the pandemic in Asia. The unpaid interest of $1,503,463 under the old trade finance facility has been capitalized and added to the outstanding principal balance as of the date of the new agreement.  During the period of July 1, 2020 through August 16, 2020, $241,816 of interest income was recognized prior to the date the loan was restructured.

Conplex International Ltd.

Between November 2018 and May 2019, the Company purchased three Participations totaling $9,500,000 in a trade finance facility with Conplex International Ltd. (“Conplex”), a Hong Kong-based international open market distributor and wholesaler of electronics products. TransAsia had informed the Company that the borrower had a large portion of receivables overdue from a large off-taker. Subsequently, TransAsia began to actively work with the borrower to restructure the facility. While the restructuring was still progressing, TransAsia, after its regular search and review process, found that a winding-up petition was filed and approved on October 7, 2020. TransAsia immediately notified the Company while a court-appointed provisional liquidator took control of Conplex.  On October 14, 2020, TransAsia appointed a receiver to enforce its rights under the secured facility. The facility is secured by a lien on four properties, accounts receivable and two personal guarantees. Deloitte was subsequently appointed as liquidator and has transferred the keys to the mortgaged properties to the receiver. One property was sold in the fourth quarter of 2021, with approximately $596,000 of interest payments received by the Company. Two other properties were subsequently sold in January 2022, with approximately $716,000 of interest payments and approximately $67,000 of principal payments received by the Company. A sale and purchase agreement was executed for the remaining property in March 2022 and subsequently closed in April 2022, with approximately $361,000 received by the Company. Given that this is a secured facility with the Company in liquidation, it has been valued using the collateral based approach to arrive at the estimated fair value. One of the two guarantors was forced into bankruptcy during the three months ended June 30, 2021 and our ability to collect under the guarantee is in question based on the statement of affairs filed with the bankruptcy trustee.

Investments through Scipion Capital, Ltd. (“Scipion”) as the Sub-Advisor

Producam SA

Between March 2018 and June 2018, the Company purchased three Participations totaling $15,986,369 in a trade finance facility with Producam SA (“Producam”), a Cameroon based cocoa and coffee exporter, as the borrower. Repayment on these Participations has been slower than originally anticipated due to short run cash flow pressure on Producam. The original sub-advisor for this facility was Africa Merchant Capital Group (“AMC”). In the third quarter of 2018, AMC informed the Company that the borrower misapplied the proceeds from the sale of certain of its inventory to finance its own cash flow needs rather than repay the facility. AMC then began working with the borrower to restructure the facility to recover amounts due. In April 2021, Scipion replaced AMC as the sub-advisor with respect to Producam and has agreed to undertake efforts to liquidate the collateral underlying the facility in order to recover amounts due to the Company and the restructuring process is finalized. Under the new agreement, the loan was restructured with the interest rate reduced from 17.5% to 9.5% for the cocoa facility and 6.0% for the coffee facility retro-actively to January 1, 2019. As part of the restructure, the Company included a PIK component which increased the principal amount. The fair value as a percentage of face value decreased during the year due to collections from completed cocoa and coffee shipments being slower than anticipated resulting in further decline in fair value amounting to approximately $129,000 during the period ended March 31, 2022. As all interest was capitalized as part of the amendment, no interest remains outstanding as of the date of the new agreement.  During the period from April 1, 2021 through April 14, 2021 (the date the loan was restructured), $49,014 of interest income was recognized.

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Mac Z Group SARL

Between July 2016 and April 2017, the Company purchased nine Participations totaling $9,000,000 in a trade finance facility with Mac Z Group SARL (“Mac Z”), a scrap metal recycler, as the borrower. Mac Z is located in Morocco. 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 has requested a freeze order from the Moroccan local courts on the physical assets of the company. Since the initial discovery and actions, Mac Z sold remaining inventory and the Company was paid interest of approximately $330,000 in January 2018 and $292,000 during the first week April 2018.

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 received a judgment in its favor with respect to its claim against the collateral manager under its professional indemnity insurance policy, which covers up to $40 million in losses. During the fourth quarter of 2020, $9,377,199 from a settlement under this insurance policy was received by the Company. The policy covered the copper scrap that was lost. The remaining copper scrap is being stripped and processed and currently expected to cover its principal value. The Company received approximately $27,000 proceeds from the sales of the copper scrap during the first quarter of 2022.

Investments through Barak Fund Management Ltd. (“Barak”) as the Sub-Advisor

Multiple ICD (Kenya) Limited

In July 2017, the Company purchased a $15,000,000 Participation in a term loan facility with Multiple ICD (Kenya) Ltd ("MICD"), an inland container depot storage and warehousing company. Repayment on this position has been slower than originally anticipated due initially to unfavorable local industry dynamics at the Port of Mombasa, which were further complicated by the COVID-19 pandemic. Barak is in the midst of actively restructuring the loan facility with MICD and its other lenders. The loan is currently on standstill as the lenders’ discussions progress. Agreement on the final terms of the restructure is expected by June 2022.

Investments through Origin Capital Ltd. (“Origin”) as the Sub-Advisor

Agilis Partners

In 2018, the Company originally provided financing totaling approximately $10,968,000 to Agilis Partners ("Agilis"), a Ugandan company engaged in the farming, storage, processing, and trading of maize, soybean, and sunflower seeds through Scipion. This financing was refinanced into a new loan through Origin, in July 2021 as part of a broader financial restructuring. Repayment on the facility has been slower than originally anticipated due to ongoing liquidity challenges of the borrower, as well as record drought conditions in Uganda, which resulted in a decline in fair value of $1,030,000 to account for increased credit risk associated with the position during the period ended March 31, 2022. The Company and Origin agreed to a deferral of Agilis’ March 2022 interest payment, and are actively working with the borrower on solutions to increase working capital and manage other creditor relationships.

Other Investments

Usivale Industria E Commercio Ltda

In December 2013, the Company made an investment in Usivale Industria E Comercio, Ltda. (“Usivale”), a sugar processing company located in Brazil, comprised of two senior secured term loans for an aggregate loan amount of $2,500,000. During 2016, Usivale entered into a judicial recovery process that resulted in an approved repayment plan on October 7, 2016. The Company received regular annual interest payments for 2017 and 2018. Unfortunately, Usivale continued to have challenges and was not able to make any payments thereafter. Usivale is currently not complying with the payment obligations under the above mentioned judicial recovery process. The Company has been negotiating a potential restructuring of the loan to support the sustainability of Usivale, including engaging industry and financial consultants to that effect. The judge responsible for the bankruptcy proceedings of Usivale has asked the Company and Usivale to seek an agreement on a potential restructuring to be submitted to a creditors meeting to be held in June 2022. While the outcome is uncertain, the judge may accept a new bankruptcy restructuring plan or may force the company into orderly liquidation. Increased likelihood that a settlement with Usivale may return materially less than the current amount outstanding resulted in further decline in fair value amounting to approximately $955,000 during the period ended March 31, 2022.

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The industry composition of the Company’s portfolio, at fair value as of March 31, 2022 and December 31, 2021, was as follows:

	As of  March 31, 2022					As of December 31, 2021
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Beef Cattle, Except Feedlots	$	6,361,679		2.1	%	$	6,361,679		2.1	%
Boatbuilding and Repairing		6,633,143		2.2	%		6,466,030		2.1	%
Chemicals and Allied Products		17,844,102		5.9	%		17,537,201		5.8	%
Chocolate and Cocoa Products		29,599,214		9.8	%		29,387,877		9.7	%
Coal and Other Minerals and Ores		39,241,923		13.0	%		38,024,207		12.6	%
Computer Related Services, NEC		19,089,806		6.3	%		19,032,888		6.3	%
Corn		11,132,555		3.7	%		11,694,030		3.9	%
Corrugated and solid fiber boxes		12,387,189		4.1	%		12,387,189		4.1	%
Cotton Ginning		3,398,558		1.1	%		3,398,558		1.1	%
Dairy Farms		4,393,274		1.5	%		4,393,274		1.5	%
Drugs, Proprietaries, and Sundries		648,430		0.2	%		648,430		0.2	%
Electric Services		1,456,162		0.5	%		1,456,162		0.5	%
Farm Products		1,484,583		0.5	%		1,508,208		0.5	%
Freight Transportation Arrangement		13,204,359		4.4	%		13,058,231		4.3	%
Hotels and Motels		12,002,520		4.0	%		11,830,862		3.9	%
Land Subdividers and Developers		15,069,506		5.0	%		15,184,914		5.0	%
Miscellaneous Business Credit		3,758,063		1.2	%		3,758,063		1.2	%
Motor Vehicle Parts and Accessories		9,779,546		3.2	%		9,278,031		3.1	%
Personal Credit Institutions		4,596,613		1.5	%		5,342,393		1.8	%
Petroleum and Petroleum Products		6,972,901		2.3	%		8,367,480		2.8	%
Refuse Systems		35,378,964		11.7	%		34,050,695		11.3	%
Retail Bakeries		3,984,401		1.3	%		3,915,874		1.3	%
Salted and Roasted Nuts and Seeds		497,462		0.2	%		497,462		0.2	%
Sanitary Paper Products		4,916,465		1.7	%		4,880,364		1.6	%
Secondary Nonferrous Metals		628,862		0.2	%		628,862		0.2	%
Short-Term Business Credit		4,740,000		1.6	%		4,740,000		1.6	%
Soybeans		5,772,744		1.9	%		5,772,744		1.9	%
Sugarcane and Sugar Beets		877,326		0.3	%		1,832,492		0.6	%
Telephone and Telegraph Apparatus		2,429,024		0.8	%		2,495,595		0.8	%
Telephone Communications		15,000,000		5.0	%		15,000,000		5.0	%
Towing and Tugboat Service		8,442,990		2.8	%		8,673,930		3.0	%
Total	$	301,722,364		100.0	%	$	301,603,725		100.0	%

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The table below shows the portfolio composition by geographic classification at fair value as of March 31, 2022 and December 31, 2021:

	As of  March 31, 2022					As of December 31, 2021
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina (1)	$	19,926,255		6.6	%	$	19,926,255		6.6	%
Botswana		4,740,000		1.6	%		4,740,000		1.6	%
Brazil		26,600,275		8.8	%		27,331,410		9.1	%
Cabo Verde		12,002,520		4.0	%		11,830,862		3.9	%
Cameroon		14,599,214		4.8	%		14,387,877		4.8	%
Chile		1,456,162		0.5	%		1,456,162		0.5	%
Colombia		4,596,613		1.5	%		5,342,393		1.8	%
Ecuador		12,387,189		4.1	%		12,387,189		4.1	%
Ghana		6,972,901		2.3	%		8,367,480		2.8	%
Hong Kong		23,404,479		7.8	%		22,884,859		7.6	%
Indonesia		15,000,000		5.0	%		15,000,000		5.0	%
Jersey		15,000,000		5.0	%		15,000,000		5.0	%
Kenya		13,204,359		4.4	%		13,058,231		4.3	%
Malaysia		17,844,102		5.9	%		17,537,201		5.8	%
Mexico		35,378,964		11.7	%		34,050,695		11.3	%
Morocco		628,862		0.2	%		628,862		0.2	%
Namibia		15,069,506		5.0	%		15,184,914		5.0	%
Netherlands		9,779,546		3.2	%		9,278,031		3.1	%
Nigeria		9,927,573		3.3	%		10,182,138		3.4	%
Peru		4,916,465		1.6	%		4,880,364		1.6	%
Romania		3,984,401		1.3	%		3,915,874		1.3	%
Singapore		18,266,468		6.1	%		17,634,943		5.8	%
South Africa		497,462		0.2	%		497,462		0.2	%
United Arab Emirates		648,430		0.2	%		648,430		0.2	%
Uganda		11,132,555		3.7	%		11,694,030		3.9	%
N/A		3,758,063		1.2	%		3,758,063		1.1	%
Total	$	301,722,364		100.0	%	$	301,603,725		100.0	%

(1) All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V. 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 March 31, 2022:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	121,013,963	$	—	$	—	$	121,013,963
Senior secured term loan participations		130,648,340		—		—		130,648,340
Senior secured trade finance participations		45,213,830		—		—		45,213,830
Other investments		3,758,063		—		—		3,758,063
Equity warrants		1,088,168		—		—		1,088,168
Total	$	301,722,364	$	—	$	—	$	301,722,364

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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, 2021:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	119,374,062	$	—	$	—	$	119,374,062
Senior secured term loan participations		132,290,743						132,290,743
Senior secured trade finance participations		45,092,689		—		—		45,092,689
Other investments		3,758,063						3,758,063
Equity warrants		1,088,168						1,088,168
Total	$	301,603,725	$	—	$	—	$	301,603,725

The following is a reconciliation of activity for the three months ended March 31, 2022, of investments classified as Level 3: 

	Fair Value at December 31, 2021		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in appreciation (depreciation)			Fair Value at March 31, 2022
Senior secured term loans	$	119,374,062	$	—	$	(293,920	)	$	2,888,987	$	(955,166	)	$	121,013,963
Senior secured term loan participations		132,290,743		—		(1,846,439	)		1,766,513		(1,562,477	)		130,648,340
Senior secured trade finance participations		45,092,689		—		(90,193	)		339,891		(128,557	)		45,213,830
Short term and other investments		3,758,063		—		—			—		—			3,758,063
Equity warrants		1,088,168		—		—			—		—			1,088,168
Total	$	301,603,725	$	-	$	(2,230,552	)	$	4,995,391	$	(2,646,200	)	$	301,722,364

There were no transfers into and out of Level 3 investments and no recorded realized losses for the Company’s investments classified as Level 3 during the three months ended March 31, 2022 and 2021. Net unrealized depreciation for the three months ended March 31, 2022 and 2021 reported in the Company’s consolidated statements of operations attributable to the Company’s Level 3 assets still held at period end were $2,646,200 and $975,327, respectively. These unrealized losses were primarily driven by macro events including the uncertainty created by the COVID-19 pandemic and its impact on the future cash flows generated by our investments as well as the ultimate realization of the underlying collateral.

As of March 31, 2022, 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 March 31, 2022:

	Fair value		Valuation technique	Unobservable input	Range (weighted average) (4)
Senior secured trade finance    participations (2)	$	27,354,003	Income approach (DCF)	Discount rate	12% - 15.75% (13.06%)
Senior secured trade finance    participations (1)	$	17,859,827	Collateral based approach	Value of collateral (collateral coverage ratio)	0.04x - 1.67x
Senior secured term loans (2)	$	120,136,637	Income approach (DCF)	Discount rate	11.75% - 16.5% (14.6%)
Senior secured term loans (2)	$	877,326	Collateral based approach	Value of collateral (collateral coverage ratio)	0.65x
Senior secured term loan participations (2)	$	115,578,834	Income approach  (DCF)	Discount rate	11.25% - 20.0% (15.8%)
Senior secured term loan participations (1)	$	15,069,506	Collateral based approach	Value of collateral (collateral coverage ratio)	1.07x
Other investments (3)	$	3,758,063	Collateral based approach	Value of collateral (collateral coverage ratio)	1.0x
Equity warrants	$	1,088,168	Option Pricing Method	Equity value, volatility, time to exit	N/A, 71%, 5 years

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

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(2) The Company used the income approach for the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Martime, Producam, Applewood and Usivale, using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years. See Note 3 “Watch List Investments” for further information.

(3) This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V. Due to the fact that IIG TOF B.V. has been placed into bankruptcy, this investment utilizes the collateral based approach.

(4) The inputs were weighted based on the fair value of the investments included in the range.

As of December 31, 2021, 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, 2021:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance    participations (2)	$	27,166,291	Income approach (DCF)	Discount rate	11.0% - 15.75% (12.4%)
Senior secured trade finance    participations (1)	$	17,926,398	Collateral based approach	Value of collateral (collateral coverage ratio)	0.43x - 1.67x
Senior secured term loans (2)	$	119,374,062	Income approach (DCF)	Discount rate	11.25% - 18.0% (14.3%)
Senior secured term loan participations (2)	$	117,105,829	Income approach  (DCF)	Discount rate	11.0% - 20.0% (15.5%)
Senior secured term loan participations (1)	$	15,184,914	Collateral based approach	Value of collateral (collateral coverage ratio)	0.99x
Other investments (3)	$	3,758,063	Collateral based approach	Value of collateral (collateral coverage ratio)	1.0x
Equity warrants	$	1,088,168	Option Pricing Method	Equity value, volatility, time to exit	N/A, 71%, 5 years

(1) Collateral based approach used for the following Watch List investments: Trustco, Sancor, FRIAR, Algonodera, MacZ, GPI and Conplex. See Note 3 “Watch List Investments” for further information.

(2) The Company used the income approach for the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Maritime, Producam, Applewood and Usivale, using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years. See Note 3 “Watch List Investments” for further information.

(3) This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V. Due to the fact that IIG TOF B.V. has been placed into bankruptcy, this investment utilizes the collateral based approach.

(4) The inputs were weighted based on the fair value of the investments included in the range.

The significant unobservable Level 3 inputs used in the fair value measurement of the Company’s investments are market yields used to discount the estimated future cash flows expected to be received from the underlying investments, which include both future principal and interest payments. Significant increases in market yields would result in significantly lower fair value measurements. In addition, a significant decrease in future cash flows is expected to be received from the underlying investments due to a projected decrease in results of operations and cash flows from the underlying investments, 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

Agreements

Advisory Agreement

The current term of the Advisory Agreement between the Company and the Advisor, (the “Advisory Agreement”) ends on February 25, 2023, subject to an unlimited number of one-year renewals upon mutual consent of the Company and the Advisor.

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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 months ended March 31, 2022 and 2021.

Operating Expense Responsibility Agreement

On May 12, 2021, the Company entered into the Second Amended and Restated Operating Expense Responsibility Agreement with the Advisor and the Sponsor (the “Responsibility Agreement”).  The Responsibility Agreement amends and replaces the prior agreement and amended the manner in which reimbursements to the Sponsor under the agreement will be allocated.  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 $4,240,231 of operating expenses, which had been paid by the Company as of December 31, 2017.

Pursuant to the Responsibility Agreement, 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 50% of the excess amount (the “Reimbursement Amount”) for such quarter as follows: (i) first, the Company will apply the Reimbursement Amount to 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 have been reimbursed; and (ii) second, the Company will apply the Reimbursement Amount remaining after the payment of all 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.

Transactions

For the three months ended March 31, 2022 and 2021, the Advisor earned $1,689,960 and $1,809,230, respectively, in asset management fees and $895,878 and $781,456, respectively, in incentive fees.

As of March 31, 2022 and December 31, 2021, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amount of $4,240,231 and $4,240,231, respectively 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.

Note 6. Organization and Offering Costs

The Sponsor previously paid approximately $17,617,000 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. Such amounts include approximately $11,000 and $12,000 of offering costs incurred by the Sponsor during the three months ended March 31, 2022 and 2021, respectively. During the three months ended March 31, 2022 and 2021, the Company paid approximately $0 and $80,000 in reimbursement of offering costs to the Sponsor, respectively. Such offering costs reimbursed by the Company have been recognized against the proceeds from the issuance of units.

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Since the commencement of the Company’s operations, the Company has reimbursed the Sponsor a total of approximately $17,318,000 of offering and organization costs as of March 31, 2022.

For the three months ended March 31, 2022 and 2021, the Company paid SC Distributors, the dealer manager for certain of our prior offerings, approximately $101,000 and $111,000, respectively in ongoing distribution fees, dealer manager fees and service fees.

Note 7. Notes Payable

The Company notes payable consist of the following:

	March 31, 2022		December 31, 2021
	Outstanding Balance		Outstanding Balance
Christian Super promissory note	$	—	$	5,000,000
Total notes payable	$	-	$	5,000,000

Christian Super Promissory Notes

On December 18, 2018, Trilinc Global Impact Fund Cayman, Ltd. (“TGIFC”) issued $5 million of Series 2 Senior Secured Promissory Notes (“CS Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”) pursuant to the CS Notes private offering. The CS Note had an interest rate of 3.5% per annum plus one-year LIBOR (4.3% as of March 31, 2022) and interest is payable quarterly in arrears within 15 days after the end of each calendar quarter. The entire principal balance under the CS Note (and any unpaid interest) was due in one balloon payment on December 18, 2021, which was the fourth anniversary of the issuance date. The due date was extended and the CS Note was repaid in full on January 18, 2022.  

For the three months ended March 31, 2022 and 2021, the Company recognized $11,169 and $47,268, respectively, in interest expense. Due to the variable rate structure of this borrowing, the carrying basis of this debt obligation is considered to approximate their fair value.

Note 8. Unit Capital

As of March 31, 2022, 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 March 31, 2022, the Company recorded a liability in the aggregate amount of $439,000 for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability as of March 31, 2022 is calculated based on a net asset value per Class C, Class I and Class W units of $7.123 with a distribution fee of 0.80% for Class C units, an ongoing dealer manager fee of 0.50% 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 three months ended March 31, 2022:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			March 31,
	2021		the Period		the Period			2022
Class A units		18,128,699		116,034		(104,106	)		18,140,627
Class C units		7,827,952		52,970		(41,049	)		7,839,872
Class I units		10,517,764		77,226		(86,666	)		10,508,324
Class W units		24,555		-		-			24,555
Class Y units		2,696,506		25,159		(15,632	)		2,706,033
Class Z units		8,423,851		-		-			8,423,851
Total		47,619,327		271,389		(247,453	)		47,643,263

The total of 271,389 units issued during the three months ended March 31, 2022 included 247,432 units issued under the DRP at a value of approximately $1,783,000 and 25,159 units sold pursuant to our private placement for aggregate gross proceeds of $183,000.

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

30

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 first quarter of 2022 have been made at a price equal to $7.123 per units, which was the net asset value per unit of each class as of December 31, 2021, 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 three months ended March 31, 2022, the Company fulfilled repurchase requests for a total of 247,453 units at a weighted average repurchase price per unit of $7.12 for an aggregate repurchase price of $1,762,687. As of March 31, 2022, $1,757,873 of these repurchase requests were pending processing and were completed by the Company in April 2022. For the quarter ended March 31, 2022, eligible repurchase requests exceeded the limitations of the Company’s unit repurchase program described above and the requests were fulfilled on a pro rata basis, such that the Company repurchased approximately 247,000 units or 6.68% of eligible repurchase requests (based on the number of units submitted for repurchase), and approximately 2,714,000, or 93.32% of eligible repurchase requests (based on the number of units submitted for repurchase) were not redeemed. Pursuant to the terms of the Company’s unit repurchase program, the unsatisfied portion of repurchase requests that were not fulfilled at quarter-end will be carried over to the next quarter and treated as a request for repurchase at the next quarter-end repurchase date, unless the repurchase request is withdrawn.

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 three months ended March 31, 2022:

		Daily Rate		Cash		Distributions		Total
Month ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2022	November 12, 2021	$	0.00139060	$	1,431,973	$	616,109	$	2,048,082
February 28, 2022	November 12, 2021	$	0.00139060		1,298,531		554,580		1,853,111
March 31, 2022	February 17, 2022	$	0.00139060		1,442,429		612,752		2,055,181
Total for 2022				$	4,172,933	$	1,783,441	$	5,956,374

On March 26, 2021, the Company’s board of managers determined that it is in the Company’s best interests, that, for periods on and after May 1, 2021, the Company’s daily distribution rate will be more closely tied to the most recently determined NAV per unit that the Company has disclosed in a public filing with the SEC at the time the distribution is declared. Accordingly, with the authorization of the Company’s board of managers, on March 31, 2021, the Company declared a daily distribution rate of $0.00145753 per unit (less the ongoing fees applicable to certain classes of units which reduce the amount of distributions paid to the applicable unitholders) for the month of May 2021, which is equal to an annualized rate of approximately 7.0% of the NAV of $7.600 per unit, determined as of December 31, 2020. This daily distribution rate is lower than the daily distribution rate of $0.00168675 per unit, per day that had been declared by the Company with respect to distributions from March 2018 through April 2021. The board of managers expects to maintain the declaration and payment of distributions at an annualized rate equal to approximately 7.0% of the most recently determined NAV per unit that the Company has disclosed in a public filing with the SEC at the time the distribution is declared, which means the distribution rate is expected to remain relatively constant as a percentage of the Company’s NAV per unit.  However, the board of managers may determine, in its discretion at any time, to change the rate at which distributions are paid or to not pay distributions at all. Given that the Company’s NAV per unit varies from quarter to quarter, it is expected that, even if the approximate annualized rate at which distributions are declared remains constant, the actual per unit dollar amount of distributions paid to unitholders may vary from time to time in concert with variations in the Company’s NAV. The payment of distributions is uncertain and cannot be guaranteed.

The Company’s board of managers also authorized the declaration of distributions for April and May of 2022. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00136605 per unit per day (less the distribution fee with respect to Class C units, the ongoing dealer manager fee with respect to certain Class I units and Class W units and the ongoing service fee with respect to Class W units). On an annualized basis, these distributions are equal to approximately 7.0% of the NAV per unit of $7.123, determined as of December 31, 2021. These distributions have been or will be paid in cash or reinvested in units, for those unitholders participating in the DRP, on or about the first day of the month following the month to which the distributions relate. There can be no assurances that distributions will continue to be paid at this rate in subsequent periods or at all.

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Note 10. Financial Highlights

The following is a schedule of financial highlights of the Company for the three months ended March 31, 2022 and 2021:

	Three months ended
	March 31,			March 31,
	2022			2021
Per unit data (1):
Net asset value at beginning of period	$	7.58		$	7.58
Net investment income		0.11			0.11
Net change in unrealized depreciation on investments		(0.06	)		(0.02	)
Net increase in net assets resulting from operations		0.05			0.09
Distributions		(0.13	)		(0.15	)
Net change in accrued distribution and other fees		-			-
Net decrease in net assets		(0.07	)		(0.06	)
Net asset value at end of period (2)	$	7.51		$	7.52
Total return based on net asset value (3)		0.67	%		1.22	%
Net assets at end of period	$	335,406,114		$	354,255,225
Units Outstanding at end of period		47,643,263			47,044,755
Ratio/Supplemental data (annualized) (3):
Ratio of net investment income to average net assets		6.60	%		6.27	%
Ratio of net operating expenses to average net assets		5.30	%		5.04	%

1 The per unit data was derived by using the weighted average units outstanding during the three months ended March 31, 2022 and 2021, which were 47,720,815 and 47,002,965, respectively.

2 For financial statement reporting purposes under GAAP, as of March 31, 2022 and 2021, the Company recorded a liability in the amount of $439,000 and $476,000, 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. Except as discussed below, 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 months ended March 31, 2022.

Distributions

The cash distributions for April totaled $1,347,683. With respect to unitholders participating in the Distribution Reinvestment Plan, $566,058 of the distributions for April were reinvested in units.

The Company’s board of managers authorized the declaration of distributions for June, July and August of 2022. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00135186 per unit per day (less the distribution fee with respect to Class C units, the ongoing dealer manager fee with respect to certain Class I units and Class W units and the ongoing service fee with respect to Class W units). On an annualized basis, these distributions are equal to approximately 7.0% of the NAV per unit of $7.049, determined as of March 31, 2022. These distributions will be paid in cash or reinvested in units, for those unitholders participating in the DRP, on or about the first day of the month following the month to which the distributions relate. There can be no assurances that distributions will continue to be paid at this rate in subsequent periods or at all.

Investments

Subsequent to March 31, 2022 through May 13, 2022, the Company did not fund any new investments and received proceeds from repayment of investments of approximately $1.5 million.

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

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

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

Forward Looking Statements

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

• our future operating results;

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

• our business prospects and the prospects of our borrowers;

• the impact of the COVID-19 pandemic and actions taken to prevent its spread on our business, results of operations, financial condition, liquidity and net asset value per unit;

• 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.

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.

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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.  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. Our Distribution Reinvestment Plan was amended, effective May 25, 2020, to allow holders of all classes of units other than Class Z units to participate, including holders who purchased units in our private placements. 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.

From time to time we opportunistically seek to raise capital through sales of our common units in private placements that are exempt from registration under the Securities Act, as amended (the “Securities Act”). For example, we currently are seeking to raise up to $500,000,000 in a continuous private offering of our Class Y and Class Z units that will expire on August 25, 2022, unless extended or terminated earlier by us.

For the three months ended March 31, 2022, we issued 247,432 of our units pursuant to our Distribution Reinvestment Plan for gross proceeds of approximately $1,783,000. In addition, for the three months ended March 31, 2022, we issued 25,159 of our units for gross proceeds of approximately $183,000 pursuant to our ongoing private placement described above. As of March 31, 2022, $27,646,000 in units remained available for sale pursuant to the Distribution Reinvestment Plan.

From our inception to March 31, 2022, we have issued an aggregate of 55,489,971 of our units, including 7,284,548 units issued under our Distribution Reinvestment Plan, for gross proceeds of approximately $509,103,000 including approximately $60,692,000 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 $487,441,000.

Impact of COVID-19

The ongoing COVID-19 pandemic (more commonly referred to as the Coronavirus), including the emergence of the Omicron and other variants, continues to adversely impact many industries and businesses directly or indirectly. Adverse impacts include disrupted global travel and supply chains, which adversely impact global commercial activity. Many businesses across the globe have seen a downturn in production and productivity due to the suspension of business and temporary closure of offices and factories that was prevalent during most of 2020, and continued into the first quarter of 2022 in certain areas, including particularly in developing markets, in an attempt to curb the spread of the Coronavirus. Although economic contractions associated with such suspensions and closures have subsided either in whole for most advanced economies or in part for most developing economies, the economic recovery has been significantly affected by supply chain disruptions and higher input costs. These issues have more acutely affected developing economies. The Company believes that most regions in which it invests are poised to achieve economic normalization once the supply chain disruptions and input cost increases dissipate.  However, the Company expects economic recovery to be slower in Sub-Saharan Africa, where vaccination rates have been lower than in the rest of the world and the impact of COVID-19 is likely to impede economic recovery more so than in other regions. Any of these adverse developments could have a material adverse effect on our business, financial condition and results of operations. In addition, if COVID-19 cases began to spike again globally, as we saw with recent variants, it could further adversely impact the Company’s borrowers’ businesses, financial condition and results of operations, which could result in their inability to make required payments in the near term and impact the fair value of the Company’s investments. Although multiple vaccines have been approved for use in certain countries and the vaccination rates in the United States and most advanced economies have been encouraging, there is still uncertainty as to when a sufficient portion of the population will

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be vaccinated such that restrictions and safety protocols can be fully relaxed in certain of the regions in which the Company invests. During the three months ended March 31, 2022 and the year ended December 31, 2021, the Company made material adjustments to the fair value of certain of its investments, in part due to the impact of COVID-19. These adjustments, which amounted to approximately $231,000 and $6,368,000, respectively, in the aggregate during the three months ended March 31, 2022 and the year ended December 31, 2021, were made with respect to 18.7% and 18.5%, respectively, of the Company’s investments (calculated based on the aggregate fair value of the Company’s total investments).

Although the Coronavirus has created material uncertainty and economic disruption, due to the rapidly evolving nature of the situation, the Company cannot predict the ultimate impact it will have on us. The Company is managing the situation through active engagement with its borrowers and is analyzing the potential effects COVID-19 may have on the portfolio or any potential capital deployments. Additionally, our Advisor has implemented its business continuity plan and additional procedures designed to protect against the introduction of the Coronavirus to the workforce, including permitting employees to work remotely and significantly enhanced office sterilization procedures to minimize the probability of contagion.

While many of the Company’s borrowers' businesses have experienced some disruption related to COVID-19, degrees of effect have varied. For example, as indicated under “-Watch List Investments” below, the borrowers with respect to the investment added to the Watch List for the three months ended March 31, 2022 and for the year ended December 31, 2021 have not made required payments in part due to adverse impacts they have experienced related to the COVID-19 pandemic, as well as due to the adverse impacts of supply chain disruptions and higher input costs associated with shortages of goods and labor. Where appropriate, the Company and/or the Company’s sub-advisors are working with borrowers to restructure facilities and may restructure additional facilities to provide relief needed by certain borrowers, without necessarily providing concessions that are out of market. Due in part to the disruptions associated with COVID-19 as well as due to the supply chain disruptions and increased input costs, the Company can provide no assurances that it will be able to continue to collect interest and principal payments at levels comparable to those prior to the pandemic. Further, the Company can provide no assurances that it will be able to recover all past due amounts from delinquent borrowers. The economic uncertainty and disruption described above is expected to continue and the Company may see further defaults and additional investments may be added to the Watch List in subsequent quarters. The adverse impact of COVID-19 was one of the material contributors to the approximate $0.07 decline in the Company’s NAV per unit as of March 31, 2022, as compared to the Company’s NAV per unit as of December 31, 2021.

In addition, the Company saw a slowdown in transaction volume due to the impact of the pandemic in the first quarter of 2022 and through most of 2021, as smaller SMEs and those in industries most affected by COVID-19 (travel and hospitality, retail sales, etc.) were no longer in a position to appropriately add debt capital.  While transaction volume has increased in recent months, it has not yet recovered to pre-pandemic levels and may continue to be affected by restrictions on travel and other shelter in place orders, making it more difficult to conduct in-person visits with potential borrowers. Additionally, in future periods, the Company may hold higher levels of cash than before the pandemic to ensure it has sufficient cash available to meet its cash obligations. Uncertain or inconsistent deployment of capital or higher cash balances each have the potential to further reduce cash flow generated to cover the Company’s distributions to its unitholders and/or cause the Company to further reduce its NAV in future periods.

Outlook

As noted above, the pandemic has had an adverse impact on many of our borrowers. The adverse impact on the global supply chain has been one of the largest challenges for our borrowers, as most of them are exporters directly tied to global trade. Some of these challenges include: demand from suppliers to be paid in cash rather than supplier credit, significant increases in shipping costs (when and if shipping is reliably available), and delays in the payment of receivables, all of which put pressure on borrowers’ working capital needs. Similarly, our borrowers experienced challenges related to the decrease in global demand during 2021, which resulted in declines in revenue for many of them. While many of our borrowers have been able to manage these declines by proactively reducing their operating expenses, a return to pre-pandemic global demand levels will be critical to our borrowers seeing a sustainable recovery with respect to revenue. As conditions continue to improve, due to the easing of restrictions and lockdowns that were put in place to curb the spread of COVID-19, global demand has recovered. However, in order to see a full normalization of economic conditions, supply chain challenges must be eased. As noted above, we have seen improvement in conditions as vaccinations are deployed globally in greater numbers, but we believe the effective distribution of vaccines to the populations of emerging market countries will remain critical to a full economic recovery for our affected borrowers. The delay of vaccination distribution in emerging market countries, where many of our borrowers are located caused a lag in their economic recovery in 2021, which the Company expects to improve in coming quarters, particularly if supply chain disruptions and input costs normalize.

Additionally, input costs remain high and the conflict between Russia and Ukraine has increased the disruption, instability and volatility in global markets and industries. We do not have any investments in, and none of our borrowers receive supplies directly from, Russia, Belarus or Ukraine. Therefore, to date, we have not been materially impacted by the actions of the Russian government. Market disruptions in a single country could cause a worsening of conditions on a regional and even global level, as economic problems in a single country can significantly impact other markets and economies. While the direct impact on the Company of Russia's invasion of Ukraine is limited, we are being affected by increases in the price of oil as a result of sanctions on Russia, which contributes to overall inflation and increased costs. The ongoing conflict could cause increased volatility in the economies and

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financial markets of countries throughout the region, or even globally. We continue to monitor the uncertainty surrounding the extent and duration of this ongoing conflict and the impact that it may have on the global economy and on our business.

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. To a lesser extent, we may also make investments in financing to companies that may not meet our technical definition of SMEs due, for example, to the companies having a larger number of employees, but that also provide the opportunity to achieve both competitive financial returns and positive measurable impact. Furthermore, we may also make investments in developed economies, including the United States. 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 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 and participations in 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 March 31, 2022, 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.

LIBOR

In July 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) announced it intends to stop compelling banks to submit rates for the calculation of LIBOR. As a result, the U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative rate for USD LIBOR in derivatives and other financial contracts. Similarly, the Bank of England and the FCA formed the Working Group on Sterling Risk-Free Reference Rates, which identified the Sterling Overnight Index Average (“SONIA”) as its preferred reference rate for GBP LIBOR. The transition away from LIBOR could cause interest rates on our debt to decrease, which could adversely affect our operating results. In addition, uncertainty about the extent and manner of future changes may result in interest rates that are higher or lower than if LIBOR were to remain available in the current form.

LIBOR is expected to be phased out completely by June 2023, and new contracts ceased to be written using USD LIBOR at the beginning of 2022. As of March 31, 2022, 18% of the fair value of the Company’s total investments bore interest at floating rates based on LIBOR, with an alternative rate to be designated by the Company in the event that LIBOR is unavailable. There can be no assurances as to whether such replacement or alternative rate will be more or less favorable than LIBOR. We intend to monitor the developments with respect to the phasing out of LIBOR and work with our sub-advisors to seek to ensure any transition away from LIBOR will have minimal impact on our investments, but we can provide no assurances regarding the impact of the discontinuation of LIBOR.

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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 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 approximately $16.3 million have not been reimbursed to the Sponsor as of March 31, 2022.

Portfolio and Investment Activity

During the three months ended March 31, 2022, the Company did not fund any new investments. Our investments consisted of senior secured trade finance participations, senior secured term loan participations, senior secured term loans, other investments, and equity warrants. Additionally, we received proceeds from repayments of investment principal of approximately $2.2 million.

At March 31, 2022 and December 31, 2021, the Company’s investment portfolio included 35 and 36 companies, respectively, and the fair value of our portfolio was comprised of the following:

	As of March 31, 2022					As of December 31, 2021
	Investments		Percentage of			Investments		Percentage of
	at Fair Value		Total Investments			at Fair Value		Total Investments
Senior secured term loans	$	121,013,963		40.1	%	$	119,374,062		39.6	%
Senior secured term loan participations		130,648,340		43.3	%		132,290,743		43.9	%
Senior secured trade finance participations		45,213,830		15.0	%		45,092,689		15.0	%
Other investments *		3,758,063		1.2	%		3,758,063		1.2	%
Equity warrants		1,088,168		0.4	%		1,088,168		0.4	%
Total investments	$	301,722,364		100.0	%	$	301,603,725		100.0	%

* This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V.

As of March 31, 2022, the weighted average yields, based upon the cost of our portfolio, on trade finance participations, term loan participations, senior secured term loans, and other investments were 10.5%, 12.4%, 11.6%, and 8.8%, respectively, for a weighted average yield on investments of approximately 11.7% on our total portfolio.  

As of March 31, 2021, the weighted average yields, based upon the cost of our portfolio, on trade finance participations, term loan participations, senior secured term loans, and other investments were 10.6%, 12.8%, 11.6%, and 8.8%, respectively, for a weighted average yield on investments of approximately 11.8% on our total portfolio.

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As of March 31, 2022, we had the following investments, listed by description of the underlying borrower (if applicable):

Description	Sector	Industry Classification	Country	Interest	Maturity (1)		Principal Amount		Fair Value
Sugar Producer	Sugarcane and Sugar Beets	Sustainable Agriculture & Agroprocessing	Brazil	12.43%	12/15/2020	(2)	$	2,851,296	$	877,326
LED Lighting Service Provider	Electric Services	Technological Innovation	Chile	11.00%	6/6/2021	(2)		1,456,162		1,456,162
Sustainable Packaging Manufacturer	Corrugated and solid fiber boxes	Recycling	Ecuador	9.16% Cash/2.20% PIK	6/18/2025			12,387,189		12,387,189
Resource Trader	Coal and Other Minerals and Ores	Responsible Natural Resources Distribution	Hong Kong	11.50% PIK	6/30/2023			20,975,455		20,975,455
Wholesale Distributor	Chemicals and Allied Products	Responsible Industrial Goods Distribution	Malaysia	12.00%	6/30/2023			17,844,102		17,844,102
Waste to Fuels Processor	Refuse Systems	Recycling	Mexico	14.50% PIK	1/27/2023	(3)		34,611,271		35,378,964
Cocoa Processor	Chocolate and Cocoa Products	Sustainable Agriculture & Agroprocessing	Indonesia	13.00%	3/4/2024			10,000,000		10,000,000
Cocoa Processor	Chocolate and Cocoa Products	Sustainable Agriculture & Agroprocessing	Indonesia	11.00%	5/26/2022			5,000,000		5,000,000
Diaper Manufacturer II	Sanitary Paper Products	Responsible Consumer Goods Production	Peru	8.00% Cash/3.00% PIK	12/31/2024			4,916,465		4,916,465
SME Financier	Short-Term Business Credit	Inclusive Finance	Botswana	9.63%	8/18/2023			4,740,000		4,740,000
IT Service Provider	Computer Related Services, NEC	Access to Technology	Brazil	10.75% Cash/3.25% PIK	11/23/2023			18,809,701		19,089,806
Ship Maintenance & Repair Service Provider	Boatbuilding and Repairing	Infrastructure Development	Brazil	8.00% Cash/8.00% PIK	12/7/2023			6,663,699		6,633,143
Hospitality Service Provider	Hotels and Motels	Infrastructure Development	Cabo Verde	10.00% Cash/4.75% PIK	12/31/2021	(2)		14,312,720		12,002,520
Consumer Lender II	Personal Credit Institutions	Inclusive Finance	Colombia	11.90%	9/1/2025			4,596,613		4,596,613
Tank Farm Operator	Petroleum and Petroleum Products	Responsible Fuel Storage	Ghana	12.00%	2/10/2023			6,972,901		6,972,901
Mobile Network Operator	Telephone Communications	Access to Technology	Jersey	9.70%	9/30/2026			15,000,000		15,000,000
Freight and Cargo Transporter	Freight Transportation Arrangement	Responsible Logistics Management	Kenya	7.75% Cash/4.00% PIK	3/31/2023	(2)		14,758,950		13,204,359
Property Developer	Land Subdividers and Developers	Infrastructure Development	Namibia	8.50% Cash/4.00% PIK	8/15/2021	(2)		18,440,097		15,069,506
Wheel Manufacturer	Motor Vehicle Parts and Accessories	Responsible Consumer Goods Production	Netherlands	14.23%	2/7/2024			8,275,000		9,779,546
Marine Logistics Provider	Towing and Tugboat Service	Responsible Logistics Management	Nigeria	10.60%	1/31/2022	(2)		17,007,004		8,442,990
Frozen Bakery Products Manufacturer	Retail Bakeries	Responsible Consumer Goods Production	Romania	7.00% Cash/7.00% PIK	5/20/2024			3,969,407		3,984,401
Grain Processor G	Corn	Sustainable Agriculture & Agroprocessing	Uganda	12.80% PIK	7/8/2024			533,527		533,527
Grain Processor F	Corn	Sustainable Agriculture & Agroprocessing	Uganda	3.50% Cash/8.00% PIK	6/30/2025			11,628,566		10,599,028
Agriculture Distributor	Soybeans	Sustainable Agriculture & Agroprocessing	Argentina	10.45%	6/30/2018	(2)		12,500,000		5,772,744
Dairy Co-Operative	Dairy Farms	Sustainable Dairy Production	Argentina	10.67%	7/29/2019	(2)		5,802,296		4,393,274
Beef Exporter	Beef Cattle, Except Feedlots	Sustainable Agriculture & Agroprocessing	Argentina	11.50%	8/31/2017	(2)		9,000,000		6,361,679
Cotton Producer	Cotton Ginning	Sustainable Agriculture & Agroprocessing	Argentina	9.00%	8/31/2017	(2)		6,000,000		3,398,558
Cocoa & Coffee Exporter	Chocolate and Cocoa Products	Sustainable Agriculture & Agroprocessing	Cameroon	9.50%, 6.00%	6/30/2022	(2)		15,319,644		14,599,214
Non-Ferrous Metal Trader	Coal and Other Minerals and Ores	Responsible Metals Distribution	Singapore	6.00% PIK	8/18/2025	(2)		20,408,828		18,266,468
Mobile Phone Distributor	Telephone and Telegraph Apparatus	Access to Technology	Hong Kong	12.00%	5/31/2020	(2)		9,433,430		2,429,024
Scrap Metal Recycler	Secondary Nonferrous Metals	Recycling	Morocco	11.00%	7/31/2018	(2)		1,433,058		628,862
Cocoa Trader III	Farm Products	Sustainable Agriculture & Agroprocessing	Nigeria	8.50%	12/31/2022	(4)		664,101		664,101
Cocoa Trader II	Farm Products	Sustainable Agriculture & Agroprocessing	Nigeria	8.50%	12/31/2022	(4)		820,482		820,482
Fruit & Nut Distributor	Salted and Roasted Nuts and Seeds	Sustainable Agriculture & Agroprocessing	South Africa	17.50%	5/22/2015	(2)		785,806		497,462
Pharmaceuticals Distributor	Drugs, Proprietaries, and Sundries	Access to Healthcare and Pharmaceuticals	United Arab Emirates	14.60%	6/30/2018	(2)		648,430		648,430
Receivable from IIG TOF B.V.	Miscellaneous Business Credit	Other	N/A	8.75%	N/A	(2)		6,000,000		3,758,063
Total Investments									$	301,722,364

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.

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As of March 31, 2022, the composition our investments based on the Company created industry classification was as follows:

Industry Classification	Value		of Total
Access to Healthcare and Pharmaceuticals	$	648,430		0.2	%
Access to Technology		36,518,830		12.1	%
Inclusive Finance		9,336,613		3.1	%
Infrastructure Development		33,705,169		11.2	%
Recycling		48,395,015		16.0	%
Responsible Consumer Goods Production		18,680,412		6.2	%
Responsible Fuel Storage		6,972,901		2.3	%
Responsible Industrial Goods Distribution		17,844,102		5.9	%
Responsible Logistics Management		21,647,349		7.2	%
Responsible Metals Distribution		18,266,468		6.1	%
Responsible Natural Resources Distribution		20,975,455		7.0	%
Sustainable Agriculture & Agroprocessing		59,124,121		19.6	%
Sustainable Dairy Production		4,393,274		1.5	%
Technological Innovation		1,456,162		0.5	%
Other		3,758,063		1.1	%
Total	$	301,722,364		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

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 March 31, 2022, the Company was in compliance with all of the above concentration limits.

Watch List Investments

Please see “Notes to Consolidated Financial Statements—Note 3. Investments—Watch List Investments.”

Results of Operations

Consolidated operating results for the three months ended March 31, 2022 and 2021 are as follows:

	Three Months Ended
	March 31, 2022		March 31, 2021
Investment income
Interest income	$	8,584,968	$	9,150,446
Interest from cash		3,481		27,429
Total investment income		8,588,449		9,177,875
Expenses
Asset management fees		1,689,960		1,809,230
Incentive fees		895,878		781,456
Professional fees		615,740		861,955
General and administrative expenses		230,452		284,487
Interest expense		11,169		47,268
Board of managers fees		64,375		64,375
Total expenses		3,507,574		3,848,771
Net investment income	$	5,080,875	$	5,329,104

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Revenues

Three months ended March 31, 2022 and 2021

For the three months ended March 31, 2022 and 2021, total investment income amounted to $8,588,449 and $9,177,875, respectively. Interest income decreased by $565,478 during the three months ended March 31, 2022 compared to the same period in 2021 as a result of a decrease in the weighted average yield of approximately 0.1% from a weighted average yield of 11.8% for the three months ended March 31, 2021 to approximately 11.7% for the three months ended March 31, 2022. The decrease in yield was primarily due to a change in the mix of investments.

During the three months ended March 31, 2022, $4,773,202 or 55.6% of the interest income was earned from loan and trade finance participations and $3,811,766 or 44.4% from direct loans. In addition, we earned $3,481 in interest income on our cash balances.

During the three months ended March 31, 2021, $5,761,294 or 63.0% of the interest income was earned from loan and trade finance participations and $3,389,152 or 37.0% from direct loans. In addition, we earned $27,429 in interest income on our cash balances.

Expenses

Three months ended March 31, 2022 and 2021

Total operating expenses, excluding the asset management and incentive fees, incurred for the three months ended March 31, 2022 decreased by $336,349 to $921,736 from $1,258,085 for the three months ended March 31, 2021. The decrease was primarily due to the following: 1) a decrease in interest expense of $36,099, which was attributable to a decrease in outstanding indebtedness and 2) a decrease in professional fees of $246,215 which was primarily due to less fees incurred for legal, valuation and accounting services in connection with the valuation of our portfolio and our ongoing efforts to recover amounts outstanding with respect to investments for which IIG was the sub-advisor.

For the three months ended March 31, 2022 and 2021, the asset management fees amounted to $1,689,960 and $1,809,230, respectively. The incentive fees for the three months ended March 31, 2022 and 2021 amounted to $895,878 and $781,456, respectively.  The decrease in incentive fees is due to the decrease in revenue during the first quarter of 2022.

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 recorded realized losses of for the three months ended March 31, 2022 and 2021, respectively. We recorded unrealized losses of $2,646,200 and $975,327 for the three months ended March 31, 2022 and 2021, respectively. These unrealized losses were primarily driven by macro events, including the uncertainty created by the recent COVID-19 pandemic and its impact on the future cash flows generated by our investments as well as the ultimate realization of the underlying collateral.

Financial Condition, Liquidity and Capital Resources

As of March 31, 2022, we had approximately $7.5 million in cash. We generate cash primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, proceeds from sales of our investments and from sales of promissory notes and proceeds from private placements of our units. 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. As noted above, the combination of a slower pace of deployment of capital with higher cash balances may further reduce cash flows generated to cover our distributions to our unitholders and/or cause us to further reduce our NAV in future periods. 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 March 31, 2022. 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 March 31, 2022. As of March 31, 2022, there is a remaining aggregate balance of approximately $16.3 million in operating

40

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.

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 us to fully achieve our 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 August 7, 2017, TGIFC issued $5.0 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 $5.0 million of Series 2 Senior Secured Promissory Notes to Christian Super. The Company extended and repaid the CS Note in full in January 2022.

Company Strategy

Although the Company has a perpetual duration, we disclosed previously that if we do not consummate a liquidity event by August 25, 2021, we would commence an orderly liquidation of our assets unless a majority of the board of managers, including a majority of the independent managers, determines that liquidation is not in the best interests of our unitholders. In light of this previous disclosure, beginning in late 2020, the board of managers, together with our management, conducted a review of the risks and benefits of various potential strategic alternatives, with the goal of determining what is in the best interests of the Company and our unitholders.  The board of managers engaged a nationally recognized investment bank to evaluate possible strategic alternatives, including: liquidation; continuing as an operating company; listing the Company’s units on a national securities exchange; and merger with another company.  After review and discussion of the strategic alternatives and market conditions, the board of managers, including all of the independent managers, determined in May 2021 that the commencement of a liquidation of our assets in August 2021 was not in the best interests of the unitholders and approved the continuation of operations for at least an additional 12 months thereafter, until August 26, 2022. This decision was consistent with the recommendation of management and the investment bank. The board of managers and management believe that this will provide the Company with time to stabilize its portfolio and NAV as the world begins to emerge from the adverse impact of the pandemic. In addition, the Company will continue to pursue leverage, which, if obtained, is expected to be accretive as the portfolio stabilizes. The board of managers will revisit this analysis no later than August 26, 2022 and then may continue to reassess strategic alternatives annually, or may determine to extend the period between its considerations of alternatives for a longer period. 

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 three months ended March 31, 2022, we paid a total of $5,956,374 in distributions, comprised of $4,172,933 paid in cash and $1,783,441 reinvested under our DRP.

Related Party Transactions

For the three months ended March 31, 2022 and 2021, the Advisor earned $1,689,960, and $1,809,230, respectively, in asset management fees and $895,878 and $781,456, respectively, in incentive fees.

From our inception through September 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,421,000 of operating expenses, asset management fees, and incentive fees on our behalf and will reimburse us an additional $4,240,231 of expenses, which we had paid as of September 30, 2017. Such expenses, in the aggregate of approximately $16,274,000 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 March 31, 2022. 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 March 31, 2022.

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As of March 31, 2022 and December 31, 2021, due from affiliates on the Consolidated Statements of Assets and Liabilities in the amount of $4,240,231 and $4,240,231, respectively 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 March 31, 2022 and 2021, we paid SC Distributors, the dealer manager for certain of our offerings, approximately $101,000 and $111,000, respectively in ongoing distributions fees, dealer manager fees and service fees.

Legal Proceedings

As of March 31, 2022, the Company was not a party to any material legal proceedings other than as set forth in “Notes to Consolidated Financial Statements—Note 3. Investments—Watch List Investments.”

Critical Accounting Policies and Use of Estimates

In preparing our Consolidated Financial Statements in accordance with GAAP and pursuant to the rules and regulations promulgated by the SEC, we make assumptions, judgments and estimates that can have a significant impact on our net income/loss and affect the reported amounts of certain assets, liabilities, revenue and expenses, and related disclosures. On an ongoing basis, we evaluate our estimates and discuss our critical accounting policies and estimates with the audit committee of our board of managers. We base our estimates on historical experience and various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates under different assumptions or conditions.

There have been no significant changes to our critical accounting policies, estimates and judgments during three months ended March 31, 2022, compared to the critical accounting policies, estimates and judgments disclosed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2021.

The preparation of financial statements in conformity with GAAP requires the Company's management to make estimates and assumptions that affect the amounts reported in the financial statements. Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates. In particular, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company's business, the businesses of the Company's borrowers and the global markets generally. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including fair value measurements, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or address its impact, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume.

Recent Accounting Pronouncements

See Note 2 to the Company’s accompanying Consolidated Financial Statements for a description of recent accounting pronouncements and its expectation of their impact on the Company’s results of operations and financial condition.

Subsequent Events

Please see “Notes to Consolidated Financial Statements—Note 11. Subsequent Events.”

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

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 March 31, 2022.

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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.

As a result of COVID-19, starting in March 2020, our Advisor implemented its business continuity plan and additional procedures designed to protect against the introduction of COVID-19 amongst its personnel, including permitting and encouraging employees to work remotely and temporarily ceasing travel and significantly enhanced office sterilization procedures to minimize the probability of contagion. The cessation of travel caused us to adapt the methods we use to review our sub-advisors and investments.  While our pre-existing controls were not specifically designed to operate in a predominantly remote work operating environment with no international travel, we have re-evaluated and adapted our review and reporting processes for this environment and we believe that our disclosure controls and procedures and internal controls over financial reporting continue to be effective. We are monitoring and assessing our internal control environment to ensure that our controls continue to be designed effectively and continue to operate effectively throughout the duration of the pandemic.

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Part II. Other Information

Item 1. Legal Proceedings.

As of March 31, 2022, the Company was not a party to any material legal proceedings other than the legal proceedings described in “Notes to Consolidated Financial Statements—Note 3. Investments—Watch List Investments."

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 our Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 30, 2022 (“2021 Form 10-K”) which could materially affect our business, financial condition, and/or future results. The risks described in our 2021 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.

There have been no material changes to the risk factors disclosed in our 2021 Form 10-K.

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

During the three months ended March 31, 2022, we sold an aggregate of 25,159 Class Y units to accredited investors for an aggregate amount of $183,000. The units were issued pursuant to an exemption from registration provided under Rule 506 of Regulation D promulgated under the Securities Act, for transactions not involving a public offering. 

Unit Repurchase Program

Beginning June 11, 2014, we commenced a unit repurchase program pursuant to which we conduct quarterly unit repurchases of up to 5% of our weighted average number of outstanding units in any 12-month period to allow our unitholders, who have held our units for a minimum of one year, to sell their units back to us. Our unit repurchase program includes numerous restrictions, including a one-year holding period, that limit our unitholders’ ability to sell their units. Additionally, we have no obligation to repurchase units if the repurchase would violate the restrictions on distributions under federal law or Delaware law, and 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. 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.

On August 9, 2019, our board of managers amended and restated 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. The amended and restated unit repurchase program took effect on September 30, 2019. Under the amended and restated unit repurchase program, if we cannot repurchase all units presented for repurchase in any quarter because of the limitations on repurchases set forth in the program, 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.

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 first quarter of 2022 were redeemed at a price equal to $7.123 per unit, which was the net asset value per unit of each class as of December 31, 2021.

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.

44

During the three months ended March 31, 2022, 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
01/01/2022 - 03/31/2022		236,612	$	7.250		236,612		892,446
02/01/2022 - 02/28/2022		267	$	7.251		267		892,446
03/01/2022 - 03/31/2022		—	$	—		—		892,446
Total		236,879	$	7.250		236,879

During the three months ended March 31, 2022, we repurchased 236,879 units for a total of $1,717,258. In addition, as of March 31, 2022, there were repurchase requests for a total of 246,789 units that were pending which were processed by the Company during April 2022 at a price of $7.123 per unit. For the quarter ended March 31, 2022, eligible repurchase requests exceeded the limitations of our unit repurchase program described above and the requests were fulfilled on a pro rata basis, such that the Company repurchased approximately 247,000 units or 6.68% of eligible repurchase requests (based on the number of units submitted for repurchase), and approximately 2,714,000 units or 93.32% of eligible repurchase requests (based on the number of units submitted for repurchase) were not redeemed. Pursuant to the terms of our unit repurchase program, the unsatisfied portion of repurchase requests that were not fulfilled at quarter-end will be carried over to the next quarter and treated as a request for repurchase at the next quarter-end repurchase date, unless the repurchase request is withdrawn.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

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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 Current Report on Form 8-K filed with the SEC on January 25, 2018.
4.1	Fourth Amended and Restated Distribution Reinvestment Plan. Incorporated by reference to the Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed with the SEC on August 14, 2020.
4.2	Fourth Amended and Restated Unit Repurchase Program. Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K filed with the SEC on August 13, 2019.
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.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted in Inline XBRL and included in Exhibit 101)

* Filed herewith

46

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.
May 13, 2022	By:	/s/ Gloria S. Nelund
		Gloria S. Nelund
		Chief Executive Officer
May 13, 2022	By:	/s/ Mark A. Tipton
		Mark A. Tipton
		Chief Financial Officer

47

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: May 13, 2022

/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: May 13, 2022

/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 March 31, 2022, 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: May 13, 2022	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 March 31, 2022, 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: May 13, 2022	By	/s/ Mark A. Tipton
		Mark A. Tipton
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 13, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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	36-4732802
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
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Class A Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,177,797
Class C Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,854,830
Class I Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,528,111
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		2,706,503
Class Z Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,423,851

XML

Consolidated Statements of Assets and Liabilities - USD ($)	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Investments owned, at fair value (amortized cost of $346,014,813 and $343,249,977, respectively)	$ 301,722,364	$ 301,603,725	[1]
Cash	7,526,796	16,795,342
Interest receivable	28,126,236	26,523,185
Due from affiliates (see Note 5)	4,240,231	4,240,231
Other assets	1,173,721	1,048,606
Total assets	342,789,348	350,211,089
LIABILITIES
Due to unitholders	1,407,426	1,399,510
Management fee payable	1,694,619	1,727,974
Incentive fee payable	895,878	141,685
Notes payable		5,000,000
Unit repurchases payable	1,757,873	1,712,444
Accrued distribution and other fees	439,000	446,000
Other payables	1,188,438	1,058,419
Total liabilities	7,383,234	11,486,032
Commitments and Contingencies (see Note 5)
NET ASSETS	335,406,114	338,725,057
ANALYSIS OF NET ASSETS:
Offering costs	(17,317,708)	(17,317,708)
Class A Units [Member]
LIABILITIES
NET ASSETS	127,876,227	129,122,569
ANALYSIS OF NET ASSETS:
Net capital paid	135,886,395	137,132,359
Class C Units [Member]
LIABILITIES
NET ASSETS	54,845,541	55,329,980
ANALYSIS OF NET ASSETS:
Net capital paid	58,307,312	58,788,598
Class I Units [Member]
LIABILITIES
NET ASSETS	74,055,892	74,893,312
ANALYSIS OF NET ASSETS:
Net capital paid	78,695,944	79,540,368
Class W Units [Member]
LIABILITIES
NET ASSETS	172,091	173,893
ANALYSIS OF NET ASSETS:
Net capital paid	182,933	184,742
Class Y Units [Member]
LIABILITIES
NET ASSETS	19,075,263	19,205,996
ANALYSIS OF NET ASSETS:
Net capital paid	20,270,138	20,397,391
Class Z Units [Member]
LIABILITIES
NET ASSETS	59,381,100	59,999,307
ANALYSIS OF NET ASSETS:
Net capital paid	$ 59,381,100	$ 59,999,307

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

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)	Mar. 31, 2022	Dec. 31, 2021		Mar. 31, 2021	Dec. 31, 2020
Investments owned, amortized cost	$ 346,014,813	$ 343,249,977	[1]
Net assets, per unit	$ 7.049	$ 7.123			$ 7.600
Net assets, units outstanding	47,643,263	47,619,327		47,044,755
Class A Units [Member]
Net assets, units outstanding	18,140,627	18,128,699
Class C Units [Member]
Net assets, units outstanding	7,839,872	7,827,952
Class W Units [Member]
Net assets, units outstanding	24,555	24,555
Class Y Units [Member]
Net assets, units outstanding	2,706,033	2,696,506
Class I Units [Member]
Net assets, units outstanding	10,508,324	10,517,764
Class Z Units [Member]
Net assets, units outstanding	8,423,851	8,423,851

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

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
INVESTMENT INCOME
Interest income	$ 8,584,968	$ 9,150,446
Interest from cash	3,481	27,429
Total investment income	8,588,449	9,177,875
EXPENSES
Asset management fees	1,689,960	1,809,230
Incentive fees	895,878	781,456
Professional fees	615,740	861,955
General and administrative expenses	230,452	284,487
Interest expense	11,169	47,268
Board of managers fees	64,375	64,375
Total expenses	3,507,574	3,848,771
NET INVESTMENT INCOME	5,080,875	5,329,104
Net change in unrealized depreciation on investments	(2,646,200)	(975,327)
Foreign exchange gain (loss)		(5,700)
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$ 2,434,675	$ 4,348,077
NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED	$ 0.11	$ 0.11
EARNINGS PER UNIT - BASIC AND DILUTED	$ 0.05	$ 0.09
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED	47,720,815	47,002,965

XML

Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
INCREASE FROM OPERATIONS
Net investment income	$ 5,080,875	$ 5,329,104
Foreign exchange gain (loss)		(5,700)
Net change in unrealized depreciation on investments	(2,646,200)	(975,327)
Net increase from operations	2,434,675	4,348,077
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(5,956,374)	(7,124,311)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units	183,000
Repurchase of units	(1,762,687)	(2,205,383)
Offering costs		(79,901)
Distribution and other fees	7,000	4,000
Net increase from capital transactions	202,756	1,757,829
NET CHANGE IN NET ASSETS	(3,318,943)	(1,018,405)
Net assets at beginning of period	338,725,057	355,273,630
Net assets at end of period	335,406,114	354,255,225
Class A Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(2,273,986)	(2,739,296)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units	837,113	1,053,700
Class C Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(965,579)	(1,196,990)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units	381,305	526,839
Class I Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(1,319,743)	(1,591,386)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units	557,028	634,678
Class W Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(2,768)	(3,405)
Class Y Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(340,019)	(314,430)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units	182,997	1,823,896
Class Z Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	$ (1,054,279)	$ (1,278,804)

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$ 2,434,675	$ 4,348,077
ADJUSTMENT TO RECONCILE NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
Purchase of investments		(18,919,036)
Maturity of investments	2,230,553	6,461,904
Payment-in-kind interest	(4,360,469)	(5,500,696)	$ (5,500,696)
Net change in unrealized depreciation on investments	2,646,200	975,327
Foreign exchange loss		5,700
Accretion of discounts on investments	(634,922)	(726,221)
INCREASE FROM CAPITAL TRANSACTIONS
Increase in interest receivable	(1,603,051)	(1,339,042)
Increase in other assets	(125,115)	(393,354)
Decrease in due to unitholders	7,916	32,437
Decrease in management and incentive fees payable	720,838	(509,314)
Decrease in other payables	130,019	13,231
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	1,446,644	(15,550,987)
Cash flows from financing activities
Net proceeds from issuance of units	175,002	1,821,625
Distributions paid to unitholders	(4,172,933)	(4,906,823)
Decrease in notes payable	(5,000,000)
Payments of offering costs		(79,901)
Repurchase of units	(1,717,259)	(2,351,598)
NET CASH USED IN FINANCING ACTIVITIES	(10,715,190)	(5,516,697)
TOTAL DECREASE IN CASH	(9,268,546)	(21,067,684)
Cash at beginning of period	16,795,342	55,002,776	55,002,776
Cash at end of period	7,526,796	33,935,092	$ 16,795,342
Supplemental information
Cash paid for interest during the period	11,169	48,319
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	1,783,441	2,217,488
Change in accrual of distribution and other fees	$ (7,000)	$ (4,000)

XML

Consolidated Schedule of Investments (Unaudited) - USD ($)		3 Months Ended		12 Months Ended
		Mar. 31, 2022		Dec. 31, 2021
Amortized Cost		$ 346,014,813		$ 343,249,977	[1]
Fair Value		301,722,364		301,603,725	[1]
Sugarcane and Sugar Beets [Member]
Fair Value		877,326		1,832,492
Electric Services [Member]
Fair Value		1,456,162		1,456,162
Corrugated And Solid Fiber Boxes [Member]
Fair Value		12,387,189		12,387,189
Secondary Nonferrous Metals [Member]
Fair Value		628,862		628,862
Chemicals and Allied Products [Member]
Fair Value		17,844,102		17,537,201
Chocolate and Cocoa Products [Member]
Fair Value		29,599,214		29,387,877
Refuse Systems [Member]
Fair Value		35,378,964		34,050,695
Coal and Other Minerals and Ores [Member]
Fair Value		39,241,923		38,024,207
Sanitary Paper Products [Member]
Fair Value		4,916,465		4,880,364
Short-Term Business Credit [Member]
Fair Value		4,740,000		4,740,000
Computer Related Services, NEC [Member]
Fair Value		19,089,806		19,032,888
Boatbuilding and Repairing [Member]
Fair Value		6,633,143		6,466,030
Hotels and Motels [Member]
Fair Value		12,002,520		11,830,862
Telephone Communications [Member]
Fair Value		4,596,613		5,342,393
Petroleum and Petroleum Products [Member]
Fair Value		6,972,901		8,367,480
Telephone Communications [Member]
Fair Value		15,000,000		15,000,000
Freight Transportation Arrangement [Member]
Fair Value		13,204,359		13,058,231
Land Subdividers and Developers [Member]
Fair Value		15,069,506		15,184,914
Motor Vehicle Parts and Accessories [Member]
Fair Value		9,779,546		9,278,031
Towing and Tugboat Service [Member]
Fair Value		8,442,990		8,673,930
Retail Bakeries [Member]
Fair Value		3,984,401		3,915,874
Farm Products [Member]
Fair Value		11,132,555		11,694,030
Soybeans [Member]
Fair Value		5,772,744		5,772,744
Dairy Farms [Member]
Fair Value		4,393,274		4,393,274
Beef Cattle, Except Feedlots [Member]
Fair Value		6,361,679		6,361,679
Cotton Ginning [Member]
Fair Value		3,398,558		3,398,558
Telephone and Telegraph Apparatus [Member]
Fair Value		2,429,024		2,495,595
Farm Products [Member]
Fair Value		1,484,583		1,508,208
Salted and Roasted Nuts and Seeds [Member]
Fair Value		497,462		497,462
Drugs, Proprietaries, and Sundries [Member]
Fair Value		648,430		648,430
Financial Services [Member]
Fair Value		3,758,063		3,758,063
Brazil [Member]
Fair Value		26,600,275		27,331,410
Chile [Member]
Fair Value		1,456,162		1,456,162
Ecuador [Member]
Fair Value		12,387,189		12,387,189
Hong Kong [Member]
Fair Value		23,404,479		22,884,859
Malaysia [Member]
Fair Value		17,844,102		17,537,201
Indonesia [Member]
Fair Value		15,000,000		15,000,000
Mexico [Member]
Fair Value		35,378,964		34,050,695
Singapore [Member]
Fair Value		18,266,468		17,634,943
Peru [Member]
Fair Value		4,916,465		4,880,364
Botswana [Member]
Fair Value		4,740,000		4,740,000
Cabo Verde [Member]
Fair Value		12,002,520		11,830,862
Columbia [Member]
Fair Value		4,596,613		5,342,393
Ghana [Member]
Fair Value		6,972,901		8,367,480
Jersey [Member]
Fair Value		15,000,000		15,000,000
Kenya [Member]
Fair Value		13,204,359		13,058,231
Namibia [Member]
Fair Value		15,069,506		15,184,914
Netherlands [Member]
Fair Value		9,779,546		9,278,031
Nigeria [Member]
Fair Value		9,927,573		10,182,138
Romania [Member]
Fair Value		3,984,401		3,915,874
Uganda [Member]
Fair Value		11,132,555		11,694,030
Argentina [Member]
Fair Value		19,926,255		19,926,255
Cameroon [Member]
Fair Value		14,599,214		14,387,877
Morocco [Member]
Fair Value		628,862		628,862
South Africa [Member]
Fair Value		497,462		497,462
United Arab Emirates [Member]
Fair Value		648,430		648,430
Senior Secured Term Loans [Member]
Amortized Cost		125,130,293		122,535,227	[1]
Fair Value		$ 121,013,963		$ 119,374,062	[1]
% of Net Assets		36.10%		35.20%	[1]
Senior Secured Term Loans [Member] | Brazil [Member] | Usivale Industria E Commercio Ltda [Member] | Sugarcane and Sugar Beets [Member] | Sugar Producer [Member]
Interest	[1],[2],[3],[4]	12.43%		12.43%
Fees	[1],[2],[3],[4],[5]	0.00%		0.00%
Maturity	[1],[2],[3],[4],[6]	Dec. 15, 2020		Dec. 15, 2020
Principal Amount	[1],[2],[3],[4]	$ 2,851,296		$ 2,851,296
Amortized Cost	[1],[2],[3],[4]	2,851,296		2,851,296
Fair Value	[1],[2],[3],[4]	$ 877,326		$ 1,832,492
% of Net Assets	[1],[2],[3],[4]	0.30%		0.50%
Senior Secured Term Loans [Member] | Chile [Member] | Itelecom Holding Chile SPA [Member] | Electric Services [Member] | LED Lighting Service Provider [Member]
Interest	[1],[4]	11.00%	[7]	11.00%	[8]
Fees	[1],[4],[5]	0.00%	[7]	0.00%	[8]
Maturity	[1],[4],[6]	Jun. 06, 2021	[7]	Jun. 06, 2021	[8]
Principal Amount	[1],[4]	$ 1,456,162	[7]	$ 1,456,162	[8]
Amortized Cost	[1],[4]	1,456,162	[7]	1,456,162	[8]
Fair Value	[1],[4]	$ 1,456,162	[7]	$ 1,456,162	[8]
% of Net Assets	[1],[4]	0.40%	[7]	0.40%	[8]
Senior Secured Term Loans [Member] | Ecuador [Member] | Other Investments [Member] | Corrugated And Solid Fiber Boxes [Member] | Sustainable Packaging Manufacturer [Member]
Fees	[1],[5]	0.00%		0.00%
Maturity	[1],[6]	Jun. 18, 2025		Jun. 18, 2025
Principal Amount	[1]	$ 12,387,189		$ 12,387,189
Amortized Cost	[1]	12,387,189		12,387,189
Fair Value	[1]	$ 12,387,189		$ 12,387,189
% of Net Assets	[1]	3.70%		3.70%
Senior Secured Term Loans [Member] | Ecuador [Member] | Other Investments [Member] | Cash [Member] | Corrugated And Solid Fiber Boxes [Member] | Sustainable Packaging Manufacturer [Member]
Interest	[1]	9.16%		9.16%
Senior Secured Term Loans [Member] | Ecuador [Member] | Other Investments [Member] | PIK [Member] | Corrugated And Solid Fiber Boxes [Member] | Sustainable Packaging Manufacturer [Member]
Interest	[1]	2.20%		2.20%
Senior Secured Term Loans [Member] | Hong Kong [Member] | Limas Commodities House Limited [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member]
Interest	[1],[9]	11.50%
Fees	[1],[5],[9]	0.00%		0.00%
Maturity	[1],[6],[9]	Jun. 30, 2023		Jun. 30, 2023
Principal Amount	[1],[9]	$ 20,975,455		$ 20,389,264
Amortized Cost	[1],[9]	20,975,455		20,389,264
Fair Value	[1],[9]	$ 20,975,455		$ 20,389,264
% of Net Assets	[1],[9]	6.30%		6.00%
Senior Secured Term Loans [Member] | Hong Kong [Member] | Limas Commodities House Limited [Member] | PIK [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member]
Interest	[1],[9]			11.50%
Senior Secured Term Loans [Member] | Malaysia [Member] | Vikudha Malaysia Sdn Bhd [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member]
Interest	[1],[10]	12.00%		12.00%
Fees	[1],[5],[10]	0.00%		0.00%
Maturity	[1],[6],[10]	Jun. 30, 2023		Jun. 30, 2023
Principal Amount	[1],[10]	$ 17,844,102		$ 17,537,201
Amortized Cost	[1],[10]	17,844,102		17,537,201
Fair Value	[1],[10]	$ 17,844,102		$ 17,537,201
% of Net Assets	[1],[10]	5.30%		5.20%
Senior Secured Term Loans [Member] | Indonesia [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa Processor [Member]
Interest	[1]	13.00%		13.00%
Fees	[1],[5]	0.00%		0.00%
Maturity	[1],[6]	Mar. 04, 2024		Mar. 04, 2024
Principal Amount	[1]	$ 10,000,000		$ 10,000,000
Amortized Cost	[1]	10,000,000		10,000,000
Fair Value	[1]	$ 10,000,000		$ 10,000,000
% of Net Assets	[1]	3.00%		3.00%
Senior Secured Term Loans [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member]
Fees	[1],[5]	1.30%	[11]	1.30%	[12]
Maturity	[1],[6]	Jan. 27, 2023	[11]	Jan. 27, 2023	[12]
Principal Amount	[1]	$ 34,611,271	[11]	$ 32,962,527	[12]
Amortized Cost	[1]	34,290,796	[11]	32,962,527	[12]
Fair Value	[1]	$ 34,290,796	[11]	$ 32,962,527	[12]
% of Net Assets	[1]	10.20%	[11]	9.70%	[12]
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]	14.50%	[11]	14.50%	[12]
Senior Secured Term Loans [Member] | Singapore [Member] | Triton Metallics Pte Ltd | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member]
Fees	[1],[4],[5]	0.00%		0.00%
Maturity	[1],[4],[6]	Aug. 18, 2025		Aug. 18, 2025
Principal Amount	[1],[4]	$ 20,408,828		$ 19,777,304
Amortized Cost	[1],[4]	20,408,828		19,777,304
Fair Value	[1],[4]	$ 18,266,468		$ 17,634,943
% of Net Assets	[1],[4]	5.40%		5.20%
Senior Secured Term Loans [Member] | Singapore [Member] | Triton Metallics Pte Ltd | PIK [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member]
Interest	[1],[4]	6.00%		6.00%
Senior Secured Term Loans [Member] | Peru [Member] | Kinder Investments, Ltd. [Member] | Sanitary Paper Products [Member] | Diaper Manufacturer II [Member]
Fees	[1],[5],[13]	0.00%		0.00%
Maturity	[1],[6],[13]	Dec. 31, 2024		Dec. 31, 2024
Principal Amount	[1],[13]	$ 4,916,465		$ 4,880,364
Amortized Cost	[1],[13]	4,916,465		4,880,364
Fair Value	[1],[13]	$ 4,916,465		$ 4,880,364
% of Net Assets	[1],[13]	1.50%		1.40%
Senior Secured Term Loans [Member] | Peru [Member] | Kinder Investments, Ltd. [Member] | Cash [Member] | Sanitary Paper Products [Member] | Diaper Manufacturer II [Member]
Interest	[1],[13]	8.00%		8.00%
Senior Secured Term Loans [Member] | Peru [Member] | Kinder Investments, Ltd. [Member] | PIK [Member] | Sanitary Paper Products [Member] | Diaper Manufacturer II [Member]
Interest	[1],[13]	3.00%		3.00%
Senior Secured Term Loans [Member] | Columbia [Member] | Other Investments [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member]
Interest	[1],[14]			11.25%
Fees	[1],[5],[14]			0.00%
Maturity	[1],[6],[14]			Jan. 15, 2022
Principal Amount	[1],[14]			$ 293,920
Amortized Cost	[1],[14]			293,920
Fair Value	[1],[14]			$ 293,920
% of Net Assets	[1],[14]			0.10%
Senior Secured Term Loan Participations [Member]
Amortized Cost	[1]	$ 147,477,274		$ 147,557,201
Fair Value	[1]	$ 130,648,340		$ 132,290,743
% of Net Assets	[1]	39.10%		39.20%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member]
Fees	[1],[5]	0.00%		0.00%
Maturity	[1],[6]	Dec. 07, 2023		Dec. 07, 2023
Principal Amount	[1]	$ 6,663,699		$ 6,501,170
Participation %	[1],[15]	42.00%		42.00%
Amortized Cost	[1]	$ 6,633,143		$ 6,466,030
Fair Value	[1]	$ 6,633,143		$ 6,466,030
% of Net Assets	[1]	2.00%		1.90%
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]	8.00%		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]	8.00%		8.00%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Qintess Tecnologia e Participacoes Ltda [Member] | Computer Related Services, NEC [Member] | IT Service Provider [Member]
Fees	[1],[5]	0.00%	[16]	0.00%
Maturity	[1],[6]	Nov. 23, 2023	[16]	Nov. 23, 2023
Principal Amount	[1]	$ 18,809,701	[16]	$ 18,774,784
Participation %	[1],[15]	27.00%	[16]	27.00%
Amortized Cost	[1]	$ 19,089,806	[16]	$ 19,032,888
Fair Value	[1]	$ 19,089,806	[16]	$ 19,032,888
% of Net Assets	[1]	5.70%	[16]	5.60%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Qintess Tecnologia e Participacoes Ltda [Member] | Cash [Member] | Computer Related Services, NEC [Member] | IT Service Provider [Member]
Interest	[1]	10.75%	[16]	10.00%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Qintess Tecnologia e Participacoes Ltda [Member] | PIK [Member] | Computer Related Services, NEC [Member] | IT Service Provider [Member]
Interest	[1]	3.25%	[16]	3.00%
Senior Secured Term Loan Participations [Member] | Botswana [Member] | Other Investments [Member] | Short-Term Business Credit [Member] | SME Financier [Member]
Interest	[1]	9.63%		9.63%
Fees	[1],[5]	0.00%		0.00%
Maturity	[1],[6]	Aug. 18, 2023		Aug. 18, 2023
Principal Amount	[1]	$ 4,740,000		$ 4,740,000
Participation %	[1],[15]	47.00%		47.00%
Amortized Cost	[1]	$ 4,740,000		$ 4,740,000
Fair Value	[1]	$ 4,740,000		$ 4,740,000
% of Net Assets	[1]	1.40%		1.40%
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | TRG Cape Verde Holdings Ltd [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member]
Fees	[1],[4],[5],[17]	0.00%	[13]	0.00%
Maturity	[1],[4],[6],[17]	Jan. 31, 2022	[13]	Dec. 31, 2021
Principal Amount	[1],[4],[17]	$ 14,312,720	[13]	$ 14,141,063
Participation %	[1],[4],[15],[17]	88.00%	[13]	88.00%
Amortized Cost	[1],[4],[17]	$ 14,312,720	[13]	$ 14,141,063
Fair Value	[1],[4],[17]	$ 12,002,520	[13]	$ 11,830,862
% of Net Assets	[1],[4],[17]	3.60%	[13]	3.50%
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | TRG Cape Verde Holdings Ltd [Member] | Cash [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member]
Interest	[1],[4],[17]	10.00%	[13]	10.00%
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | TRG Cape Verde Holdings Ltd [Member] | PIK [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member]
Interest	[1],[4],[17]	4.75%	[13]	4.75%
Senior Secured Term Loan Participations [Member] | Columbia [Member] | Other Investments [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member]
Interest	[1]	11.90%
Fees	[1],[5]	0.00%
Maturity	[1],[6]	Sep. 01, 2025
Principal Amount	[1]	$ 4,596,613
Participation %	[1],[15]	7.00%
Amortized Cost	[1]	$ 4,596,613
Fair Value	[1]	$ 4,596,613
% of Net Assets	[1]	1.40%
Senior Secured Term Loan Participations [Member] | Columbia [Member] | Other Investments [Member] | Telephone Communications [Member] | Consumer Lender II [Member]
Interest	[1]			11.90%
Fees	[1],[5]			0.00%
Maturity	[1],[6]			Sep. 01, 2025
Principal Amount	[1]			$ 5,048,473
Participation %	[1],[15]			7.00%
Amortized Cost	[1]			$ 5,048,473
Fair Value	[1]			$ 5,048,473
% of Net Assets	[1]			1.50%
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],[5],[17]	0.00%		0.00%
Maturity	[1],[6],[17]	Feb. 10, 2023		Feb. 10, 2023
Principal Amount	[1],[17]	$ 6,972,901		$ 8,367,480
Participation %	[1],[15],[17]	76.00%		76.00%
Amortized Cost	[1],[17]	$ 6,972,901		$ 8,367,480
Fair Value	[1],[17]	$ 6,972,901		$ 8,367,480
% of Net Assets	[1],[17]	2.10%		2.50%
Senior Secured Term Loan Participations [Member] | Jersey [Member] | Africell Holding Limited [Member] | Telephone Communications [Member] | Mobile Network Operator [Member]
Interest	[1]	9.70%	[18]	9.70%	[19]
Fees	[1],[5]	3.00%	[18]	3.00%	[19]
Maturity	[1],[6]	Sep. 30, 2026	[18]	Sep. 30, 2026	[19]
Principal Amount	[1]	$ 15,000,000	[18]	$ 15,000,000	[19]
Participation %	[1],[15]	16.00%	[18]	16.00%	[19]
Amortized Cost	[1]	$ 15,000,000	[18]	$ 15,000,000	[19]
Fair Value	[1]	$ 15,000,000	[18]	$ 15,000,000	[19]
% of Net Assets	[1]	4.50%	[18]	4.40%	[19]
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Multiple ICD Limited [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member]
Fees	[1],[4],[5]	0.00%		0.00%
Maturity	[1],[4],[6]	Mar. 31, 2023		Mar. 31, 2023
Principal Amount	[1],[4]	$ 14,758,950		$ 14,612,822
Participation %	[1],[4],[15]	42.00%		42.00%
Amortized Cost	[1],[4]	$ 14,758,950		$ 14,612,822
Fair Value	[1],[4]	$ 13,204,359		$ 13,058,231
% of Net Assets	[1],[4]	3.90%		3.90%
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Multiple ICD Limited [Member] | Cash [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member]
Interest	[1],[4]	7.75%		7.75%
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Multiple ICD Limited [Member] | PIK [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member]
Interest	[1],[4]	4.00%		4.00%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Trustco Group Holdings Ltd [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Fees	[1],[4],[5],[20]	0.00%		0.00%
Maturity	[1],[4],[6],[20]	Aug. 15, 2021		Aug. 15, 2021
Principal Amount	[1],[4],[20]	$ 18,440,097		$ 18,253,506
Participation %	[1],[4],[15],[20]	100.00%		100.00%
Amortized Cost	[1],[4],[20]	$ 18,440,097		$ 18,253,506
Fair Value	[1],[4],[20]	$ 15,069,506		$ 15,184,914
% of Net Assets	[1],[4],[20]	4.50%		4.50%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Trustco Group Holdings Ltd [Member] | Cash [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Interest	[1],[4],[20]	8.50%		8.50%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Trustco Group Holdings Ltd [Member] | PIK [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Interest	[1],[4],[20]	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]	14.23%	[11]	14.23%	[12]
Fees	[1],[5]	0.00%	[11]	0.00%	[12]
Maturity	[1],[6]	Feb. 07, 2024	[11]	Feb. 07, 2024	[12]
Principal Amount	[1]	$ 8,275,000	[11]	$ 8,275,000	[12]
Participation %	[1],[15]	44.00%	[11]	44.00%	[12]
Amortized Cost	[1]	$ 9,779,546	[11]	$ 9,278,031	[12]
Fair Value	[1]	$ 9,779,546	[11]	$ 9,278,031	[12]
% of Net Assets	[1]	2.90%	[11]	2.70%	[12]
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Helios Maritime I [Member] | Towing and Tugboat Service [Member] | Marine Logistics Provider [Member]
Interest	[1],[4]	10.60%	[21]	10.60%	[22]
Fees	[1],[4],[5]	0.80%	[21]	0.80%	[22]
Maturity	[1],[4],[6]	Jan. 31, 2022	[21]	Jan. 31, 2022	[22]
Principal Amount	[1],[4]	$ 17,007,004	[21]	$ 17,007,004	[22]
Participation %	[1],[4],[15]	100.00%	[21]	100.00%	[22]
Amortized Cost	[1],[4]	$ 17,007,004	[21]	$ 17,007,004	[22]
Fair Value	[1],[4]	$ 8,442,990	[21]	$ 8,673,930	[22]
% of Net Assets	[1],[4]	2.50%	[21]	2.60%	[22]
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Retail Bakeries [Member] | Frozen Bakery Products Manufacturer [Member]
Fees	[1],[5],[23]	2.50%		2.50%
Maturity	[1],[6],[23]	May 20, 2024		May 20, 2024
Principal Amount	[1],[23]	$ 3,969,407		$ 3,900,880
Participation %	[1],[15],[23]	27.00%		27.00%
Amortized Cost	[1],[23]	$ 3,984,401		$ 3,915,874
Fair Value	[1],[23]	$ 3,984,401		$ 3,915,874
% of Net Assets	[1],[23]	1.20%		1.20%
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Cash [Member] | Retail Bakeries [Member] | Frozen Bakery Products Manufacturer [Member]
Interest	[1],[23]	7.00%		7.00%
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | PIK [Member] | Retail Bakeries [Member] | Frozen Bakery Products Manufacturer [Member]
Interest	[1],[23]	7.00%		7.00%
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor G [Member]
Interest	[1]			12.80%
Fees	[1],[5]			0.00%
Maturity	[1],[6]			Jul. 08, 2024
Principal Amount	[1]			$ 517,493
Participation %	[1],[15]			100.00%
Amortized Cost	[1]			$ 517,493
Fair Value	[1]			$ 517,493
% of Net Assets	[1]			0.20%
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor F [Member]
Fees	[1],[5]			0.00%
Maturity	[1],[6]			Jun. 30, 2025
Principal Amount	[1]			$ 11,176,537
Participation %	[1],[15]			100.00%
Amortized Cost	[1]			$ 11,176,537
Fair Value	[1]			$ 11,176,537
% of Net Assets	[1]			3.30%
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | Cash [Member] | Farm Products [Member] | Grain Processor F [Member]
Interest	[1]			3.50%
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | PIK [Member] | Farm Products [Member] | Grain Processor F [Member]
Interest	[1]			8.00%
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Agilis Partners Holding LLC [Member] | Farm Products [Member] | Grain Processor G [Member]
Interest	[1]	12.80%
Fees	[1],[5]	0.00%
Maturity	[1],[6]	Jul. 08, 2024
Principal Amount	[1]	$ 533,527
Participation %	[1],[15]	100.00%
Amortized Cost	[1]	$ 533,527
Fair Value	[1]	$ 533,527
% of Net Assets	[1]	0.20%
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Agilis Partners [Member] | Farm Products [Member] | Grain Processor F [Member]
Fees	[1],[5]	0.00%
Maturity	[1],[6]	Jun. 30, 2025
Principal Amount	[1]	$ 11,628,566
Participation %	[1],[15]	100.00%
Amortized Cost	[1]	$ 11,628,566
Fair Value	[1]	$ 10,599,028
% of Net Assets	[1]	3.20%
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Agilis Partners [Member] | Cash [Member] | Farm Products [Member] | Grain Processor F [Member]
Interest	[1]	3.50%
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Agilis Partners [Member] | PIK [Member] | Farm Products [Member] | Grain Processor F [Member]
Interest	[1]	8.00%
Senior Secured Trade Finance Participations [Member]
Amortized Cost	[1]	$ 67,407,247		$ 67,157,549
Fair Value	[1]	$ 45,213,830		$ 45,092,689
% of Net Assets	[1]	13.40%		13.20%
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Conplex International Limited [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member]
Interest	[1],[2],[4]	12.00%		12.00%
Fees	[1],[2],[4],[5]	0.00%		0.00%
Maturity	[1],[2],[4],[6]	May 31, 2020		May 31, 2020
Principal Amount	[1],[2],[4]	$ 9,433,430		$ 9,500,000
Participation %	[1],[2],[4],[15]	26.00%		26.00%
Amortized Cost	[1],[2],[4]	$ 9,433,430		$ 9,500,000
Fair Value	[1],[2],[4]	$ 2,429,024		$ 2,495,595
% of Net Assets	[1],[2],[4]	0.70%		0.70%
Senior Secured Trade Finance Participations [Member] | Indonesia [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa Processor [Member]
Interest	[1]	11.00%		11.00%
Fees	[1],[5]	0.00%		0.00%
Maturity	[1],[6]	May 26, 2022		May 26, 2022
Principal Amount	[1]	$ 5,000,000		$ 5,000,000
Participation %	[1],[15]	24.00%		24.00%
Amortized Cost	[1]	$ 5,000,000		$ 5,000,000
Fair Value	[1]	$ 5,000,000		$ 5,000,000
% of Net Assets	[1]	1.50%		1.50%
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader III [Member]
Interest	[1]	8.50%	[11]	8.50%	[12]
Fees	[1],[5]	0.00%	[11]	0.00%	[12]
Maturity	[1],[6]	Dec. 31, 2022	[11]	Mar. 31, 2022	[12]
Principal Amount	[1]	$ 664,101	[11]	$ 675,256	[12]
Participation %	[1],[15]	25.00%	[11]	25.00%	[12]
Amortized Cost	[1]	$ 664,101	[11]	$ 675,256	[12]
Fair Value	[1]	$ 664,101	[11]	$ 675,256	[12]
% of Net Assets	[1]	0.20%	[11]	0.20%	[12]
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader II [Member]
Interest	[1]	8.50%	[11]	8.50%	[12]
Fees	[1],[5]	0.00%	[11]	0.00%	[12]
Maturity	[1],[6]	Dec. 31, 2022	[11]	Mar. 31, 2022	[12]
Principal Amount	[1]	$ 820,482	[11]	$ 832,952	[12]
Participation %	[1],[15]	14.00%	[11]	14.00%	[12]
Amortized Cost	[1]	$ 820,482	[11]	$ 832,952	[12]
Fair Value	[1]	$ 820,482	[11]	$ 832,952	[12]
% of Net Assets	[1]	0.20%	[11]	0.20%	[12]
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Compania Argentina de Granos S.A. [Member] | Soybeans [Member] | Agriculture Distributor [Member]
Interest	[1],[2],[4]	10.45%		10.45%
Fees	[1],[2],[4],[5]	0.00%		0.00%
Maturity	[1],[2],[4],[6]	Jun. 30, 2018		Jun. 30, 2018
Principal Amount	[1],[2],[4]	$ 12,500,000		$ 12,500,000
Participation %	[1],[2],[4],[15]	83.00%		83.00%
Amortized Cost	[1],[2],[4]	$ 12,500,000		$ 12,500,000
Fair Value	[1],[2],[4]	$ 5,772,744		$ 5,772,744
% of Net Assets	[1],[2],[4]	1.70%		1.70%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Sancor Cooperativas Unidas Ltda [Member] | Dairy Farms [Member] | Dairy Co-Operative [Member]
Interest	[1],[4]	10.67%		10.67%
Fees	[1],[4],[5]	0.00%		0.00%
Maturity	[1],[4],[6]	Jul. 29, 2019		Jul. 29, 2019
Principal Amount	[1],[4]	$ 5,802,296		$ 5,802,296
Participation %	[1],[4],[15]	22.00%		22.00%
Amortized Cost	[1],[4]	$ 5,802,296		$ 5,802,296
Fair Value	[1],[4]	$ 4,393,274		$ 4,393,274
% of Net Assets	[1],[4]	1.30%		1.30%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Beef Cattle, Except Feedlots [Member] | Beef Exporter [Member]
Interest	[1],[2],[4]	11.50%		11.50%
Fees	[1],[2],[4],[5]	0.00%		0.00%
Maturity	[1],[2],[4],[6]	Aug. 31, 2017		Aug. 31, 2017
Principal Amount	[1],[2],[4]	$ 9,000,000		$ 9,000,000
Participation %	[1],[2],[4],[15]	28.00%		28.00%
Amortized Cost	[1],[2],[4]	$ 9,000,000		$ 9,000,000
Fair Value	[1],[2],[4]	$ 6,361,679		$ 6,361,679
% of Net Assets	[1],[2],[4]	1.90%		1.90%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Algodonera Avellaneda S.A [Member] | Cotton Ginning [Member] | Cotton Producer [Member]
Interest	[1],[2],[4]	9.00%		9.00%
Fees	[1],[2],[4],[5]	0.00%		0.00%
Maturity	[1],[2],[4],[6]	Aug. 31, 2017		Aug. 31, 2017
Principal Amount	[1],[2],[4]	$ 6,000,000		$ 6,000,000
Participation %	[1],[2],[4],[15]	27.00%		27.00%
Amortized Cost	[1],[2],[4]	$ 6,000,000		$ 6,000,000
Fair Value	[1],[2],[4]	$ 3,398,558		$ 3,398,558
% of Net Assets	[1],[2],[4]	1.00%		1.00%
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Producam SA [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member]
Fees	[1],[4],[5]	0.00%		0.00%
Maturity	[1],[4],[6]	Jun. 30, 2022		Jun. 30, 2022
Principal Amount	[1],[4]	$ 15,319,644		$ 14,979,753
Participation %	[1],[4],[15]	72.00%		72.00%
Amortized Cost	[1],[4]	$ 15,319,644		$ 14,979,751
Fair Value	[1],[4]	$ 14,599,214		$ 14,387,877
% of Net Assets	[1],[4]	4.40%		4.20%
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Minimum [Member] | Producam SA [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member]
Interest	[1],[4]	6.00%		9.50%
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Maximum [Member] | Producam SA [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member]
Interest	[1],[4]	9.50%		6.00%
Senior Secured Trade Finance Participations [Member] | Morocco [Member] | Mac Z Group SARL [Member] | Secondary Nonferrous Metals [Member] | Scrap Metal Recycler [Member]
Interest	[1],[4]	11.00%		11.00%
Fees	[1],[4],[5]	0.00%		0.00%
Maturity	[1],[4],[6]	Jul. 31, 2018		Jul. 31, 2018
Principal Amount	[1],[4]	$ 1,433,058		$ 1,433,058
Participation %	[1],[4],[15]	73.00%		73.00%
Amortized Cost	[1],[4]	$ 1,433,058		$ 1,433,058
Fair Value	[1],[4]	$ 628,862		$ 628,862
% of Net Assets	[1],[4]	0.20%		0.20%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Applewood Trading 199 Pty, Ltd [Member] | Salted and Roasted Nuts and Seeds [Member] | Fruit & Nut Distributor [Member]
Interest	[1],[2],[4]	17.50%		17.50%
Fees	[1],[2],[4],[5]	0.00%		0.00%
Maturity	[1],[2],[4],[6]	May 22, 2015		May 22, 2015
Principal Amount	[1],[2],[4]	$ 785,806		$ 785,806
Participation %	[1],[2],[4],[15]	19.00%		19.00%
Amortized Cost	[1],[2],[4]	$ 785,806		$ 785,806
Fair Value	[1],[2],[4]	$ 497,462		$ 497,462
% of Net Assets	[1],[2],[4]	0.10%		0.10%
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],[2],[4]	14.60%		14.60%
Fees	[1],[2],[4],[5]	0.00%		0.00%
Maturity	[1],[2],[4],[6]	Jun. 30, 2018		Jun. 30, 2018
Principal Amount	[1],[2],[4]	$ 648,430		$ 648,430
Participation %	[1],[2],[4],[15]	60.00%		60.00%
Amortized Cost	[1],[2],[4]	$ 648,430		$ 648,430
Fair Value	[1],[2],[4]	$ 648,430		$ 648,430
% of Net Assets	[1],[2],[4]	0.20%		0.20%
Other Investments [Member]
Fair Value		$ 3,758,063		$ 3,758,063
Other Investments [Member] | IIG TOF B.V. [Member] | Financial Services [Member] | Receivable from IIG TOF B.V. [Member]
Interest	[1],[2],[4],[24]	8.75%
Fees	[1],[2],[4],[5],[24]	0.00%
Principal Amount	[1],[2],[4],[24]	$ 6,000,000
Amortized Cost	[1],[2],[4],[24]	6,000,000
Fair Value	[1],[2],[4],[24]	$ 3,758,063
% of Net Assets	[1],[2],[4],[24]	1.10%
Equity Warrants [Member]
Fair Value		$ 1,088,168		1,088,168
Equity Warrants [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Waste to Fuels Processor [Member]
Fair Value		$ 1,088,168		$ 1,088,168	[1]
% of Net Assets		0.30%		0.30%	[1]
Short-term Investments | IIG TOF B.V. [Member] | Financial Services [Member] | Receivable from IIG TOF B.V. [Member]
Interest	[1],[2],[4],[25]			8.75%
Fees	[1],[2],[4],[5],[25]			0.00%
Principal Amount	[1],[2],[4],[25]			$ 6,000,000
Amortized Cost	[1],[2],[4],[25]			6,000,000
Fair Value	[1],[2],[4],[25]			$ 3,758,063
% of Net Assets	[1],[2],[4],[25]			1.10%

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

[2] Investment on non-accrual status.

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

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

[5] 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.

[6] 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.

[7] Principal and interest paid monthly.

[8] Principal and interest paid monthly. The maturity date is expected to be extended in connection with a restructure of the loan.

[9] Interest paid quarterly. Principal to be repaid in full in June 2023.

[10] Interest paid quarterly. Principal to be repaid in quarterly installments starting in September 2020.

[11] Principal and interest to be paid at maturity.

[12] Principal and interest paid at maturity.

[13] In connection with a restructure of the underlying facilities, all maturity dates were extended to 12/31/2024.

[14] Principal and interest were paid in full during the first quarter of 2022.

[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 earnings before interest, taxes, depreciation and amortization (“EBITDA”) after a minimum threshold has been achieved by the borrower.

[17] Principal and interest paid quarterly.

[18] Quarterly interest payments. Principal to start amortizing 15 months from 03/26/18, the 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.

[19] Quarterly interest payments. Principal to start amortizing 15 months from 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. 

[20] Quarterly interest payments. Refer to Note 3 for additional information.

[21] Interest accrues at a variable rate of one-month London Interbank Offered Rate (“LIBOR”) + 10.5%, which is paid currently, and also includes 4.68% of deferred interest due at maturity.

[22] 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. The maturity date is expected to be extended in connection with a restructure of the loan.

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

[24] 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 fund advised by 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.

[25] This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V., a fund advised by 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.

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Consolidated Schedule of Investments (Unaudited) (Parenthetical)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Peru [Member] | Kinder Investments, Ltd. [Member] | Sanitary Paper Products [Member] | Diaper Manufacturer [Member] | Inventory Facility [Member]
Extended maturity date	Dec. 31, 2024
Peru [Member] | Kinder Investments, Ltd. [Member] | Consumer Products | Diaper Manufacturer [Member] | Inventory Facility [Member]
Extended maturity date		Dec. 31, 2024
Nigeria [Member] | Other Investments [Member] | Towing and Tugboat Service [Member] | Marine Logistics Provider [Member]
Deferred interest rate included in investment interest accruing	4.68%
Nigeria [Member] | Other Investments [Member] | Towing and Tugboat Service [Member] | Marine Logistics Provider [Member] | One-Month Libor [Member]
Variable interest rate	10.50%
Nigeria [Member] | Other Investments [Member] | Water Transportation | Marine Logistics Provider [Member]
Deferred interest rate included in investment interest accruing		4.68%
Nigeria [Member] | Other Investments [Member] | Water Transportation | Marine Logistics Provider [Member] | One-Month Libor [Member]
Variable interest rate		10.50%
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	15 months
Quarterly amortization percentage, until IUD + 27 Months	4.50%	4.50%
Quarterly amortization percentage, until IUD + 48 Months	6.50%	6.50%
Quarterly amortization percentage, thereafter	7.50%	7.50%
Brazil [Member] | Usivale Industria E Commercio Ltda [Member] | Sugarcane and Sugar Beets [Member] | Sugar Producer [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.
NEW ZEALAND | Other Investments [Member] | Logging | Sustainable Timber Exporter | 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.

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Organization and Operations of the Company

3 Months Ended

Mar. 31, 2022

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. In addition, the Company may also make investments in developed economies, including the United States. 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”) is the sponsor of the Company and employs staff who operate both the Advisor and the Company.  The Sponsor owns 100% of the Advisor.

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 public 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 March 31, 2022, the Company raised an additional $99,973,000 pursuant to a private placement and $47,354,000 pursuant to the DRP, for total gross proceeds of approximately $509,103,000 as of March 31, 2022.

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.  The Subsidiaries own all of the Company’s investments. As of March 31, 2022, 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 – Asia IV, Ltd.

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

• TriLinc Global Impact Fund – Europe, Ltd.

• TriLinc Global Impact Fund – North America, Ltd.

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

• TriLinc Global Impact Fund – Cayman, Ltd.

Through March 31, 2022, the Company has made, through its Subsidiaries, loans in a number of countries located in South America, Asia, Africa, North America, and Europe.

COVID-19

The ongoing COVID-19 pandemic (more commonly referred to as the Coronavirus), including the emergence of the Omicron and other variants, continues to adversely impact many industries and businesses directly or indirectly. Adverse impacts include disrupted global travel and supply chains, which adversely impact global commercial activity. Many businesses across the globe have seen a downturn in production and productivity due to the suspension of business and temporary closure of offices and factories that was prevalent during most of 2020 and continued into the first quarter of 2022 in certain areas, including particularly in developing markets, in an attempt to curb the spread of the Coronavirus. Although economic contractions associated with such suspensions and closures have subsided either in whole for most advanced economies or in part for most developing economies, the economic recovery has been significantly affected by supply chain disruptions and higher input costs. These issues have more acutely affected developing economies. The Company believes that most regions in which it invests are poised to achieve economic normalization once the supply chain disruptions and input cost increases dissipate.  However, the Company expects economic recovery to be slower in Sub-Saharan Africa, where vaccination rates have been lower than in the rest of the world and the impact of COVID-19 is likely to impede economic recovery more so than in other regions. Any of these adverse developments could have a material adverse effect on our business, financial condition and results of operations. In addition, if COVID-19 cases began to spike again globally, as we saw with recent variants, it could further adversely impact the Company’s borrowers’ businesses, financial condition and results of operations, which could result in their inability to make required payments in the near term and impact the fair value of the Company’s investments. Although multiple vaccines have been approved for use in certain countries and the vaccination rates in the United States and most advanced economies have been encouraging, there is still uncertainty as to when a sufficient portion of the population will be vaccinated such that restrictions and safety protocols can be fully relaxed in certain of the regions in which the Company invests. During the three months ended March 31, 2022 and the year ended December 31, 2021, the Company made material adjustments to the fair value of certain of its investments, in part due to the impact of COVID-19. These adjustments, which amounted to approximately $231,000 and $6,368,000, respectively, in the aggregate during the three months ended March 31, 2022 and the year ended December 31, 2021, were made with respect to 18.7% and 18.5%, respectively, of the Company’s investments (calculated based on the aggregate fair value of the Company’s total investments).

Although the Coronavirus has created material uncertainty and economic disruption, due to the rapidly evolving nature of the situation, the Company cannot predict the ultimate impact it will have on us. The Company is managing the situation through active engagement with its borrowers and is analyzing the potential effects COVID-19 may have on the portfolio or any potential capital deployments. Additionally, our Advisor has implemented its business continuity plan and additional procedures designed to protect against the introduction of the Coronavirus to the workforce, including permitting employees to work remotely and significantly enhanced office sterilization procedures to minimize the probability of contagion.

While many of the Company’s borrowers' businesses have experienced some disruption related to COVID-19, degrees of effect have varied.  For example, as indicated under "Watch List Investments" below, the borrowers with respect to the investment added to the Watch List for the three months ended March 31, 2022 and for the year ended December 31, 2021 have not made required payments in part due to adverse impacts they have experienced related to the COVID-19 pandemic, as well as due to the adverse impacts of supply chain disruptions and higher input costs associated with shortages of goods and labor. Where appropriate, the Company and/or the Company’s sub-advisors are working with borrowers to restructure facilities and may restructure additional facilities to provide relief needed by certain borrowers, without necessarily providing concessions that are out of market. Due in part to the disruptions associated with COVID-19 as well as due to the supply chain disruptions and increased input costs, the Company can provide no assurances that it will be able to continue to collect interest and principal payments at levels comparable to those prior to the pandemic. Further, the Company can provide no assurances that it will be able to recover all past due amounts from delinquent borrowers. The economic uncertainty and disruption described above is expected to continue and the Company may see further defaults and additional investments may be added to the Watch List in subsequent quarters. The adverse impact of COVID-19 was one of the material contributors to the approximate $0.07 decline in the Company's NAV per unit as of March 31, 2022, as compared to the Company’s NAV per unit as of December 31, 2021.

In addition, the Company saw a slowdown in transaction volume due to the impact of the pandemic in the first quarter of 2022 and through most of 2021, as smaller SMEs and those in industries most affected by COVID-19 (travel and hospitality, retail sales, etc.) were no longer in a position to appropriately add debt capital. While transaction volume has increased in recent months, it has not yet recovered to pre-pandemic levels and may continue to be affected by restrictions on travel and other shelter in place orders, making it more difficult to conduct in-person visits with potential borrowers. Additionally, in future periods the Company may hold higher levels of cash than before the pandemic to ensure it has sufficient cash available to meet its cash obligations. Uncertain or inconsistent deployment of capital or higher cash balances each have the potential to further reduce cash flow generated to cover the Company’s distributions to its unitholders and/or cause the Company to further reduce its NAV in future periods.

Inflation and Conflict in Ukraine

Input costs remain high and the conflict between Russia and Ukraine has increased the disruption, instability and volatility in global markets and industries. The Company does not have any investments in, and none of its borrowers receive supplies directly from, Russia, Belarus or Ukraine. Therefore, to date, the Company has not been materially impacted by the actions of the Russian government. Market disruptions in a single country could cause a worsening of conditions on a regional and even global level, as economic problems in a single country can significantly impact other markets and economies. While the direct impact on the Company of Russia's invasion of Ukraine is limited, the Company is being affected by increases in the price of oil as a result of sanctions on Russia, which contributes to overall inflation and increased costs. The ongoing conflict could cause increased volatility in the economies and financial markets of countries throughout the region, or even globally. The Company continues to monitor the uncertainty surrounding the extent and duration of this ongoing conflict and the impact that it may have on the global economy and on the Company's business.

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Significant Accounting Policies

3 Months Ended

Mar. 31, 2022

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.  Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates. In particular, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company's business, the businesses of the Company's borrowers and the global markets generally. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including fair value measurements, and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or address its impact, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume.

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, 2021, which was filed with the SEC on March 30, 2022.

The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2022.

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. 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.

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. The Company limits its credit risk by selecting financial institutions considered to be highly creditworthy.

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 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. 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.

Valuation of Investments

The Company carries all of its investments at fair value with changes in fair value recognized in the consolidated statement of operations. 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.

The fair value measurement guidance 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. In addition, the Company engaged an 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 material investments on the Watch List. 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. 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;

3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any 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.

Any potential valuation adjustments are subject to a materiality threshold as determined by the Advisor. Due to the fact that all non-Watch List investments are performing loans, with no macroeconomic indicator or other event observed that would reasonably be expected to have a material impact on the underlying performance or collateral value of the investment, most of these investments generally do not deviate materially from the amortized cost. If, pursuant to the Company's quarterly review, the Company determines that one or more material valuation adjustments are appropriate, then the Company adjusts the fair value. Historically, in most cases these adjustments that have resulted in a fair value that is materially different from the investment’s amortized cost, the Company has determined to place it on the Watch List. 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 predominantly uses the income approach, but may also use a collateral based approach (also known as a liquidation or net recovery approach), or a hybrid approach consisting of the income approach and the collateral based 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

• Applicable global interest rates

• Impact of investments placed on non-accrual status

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 as of March 31, 2022. For the three months ended March 31, 2022, the Company earned and capitalized PIK interest of $4,360,469  and $5,500,696, respectively.

Distribution and Ongoing Dealer Manager and Service 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 March 31, 2022, the estimated unpaid distribution fees for Class C units amounted to $419,000, the unpaid dealer manager fees for Class I units amounted to $19,000 and the unpaid dealer manager and service fees for Class W units amounted to $1,000.

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 March 31, 2022, 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, 2016.

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 March 31, 2022, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y units 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 March 31, 2022, under GAAP, the Company has recorded a liability in the amount of $439,000 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 per unit under GAAP and therefore, 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 March 31, 2022, 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 approximately $7.05, which is different than the net asset value per unit of approximately $7.51 (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 approximately $0.07 per unit from the net asset value per unit of approximately $7.12 as of December 31, 2021. The decrease in net asset value per unit was due to a combination of factors, including the adverse impact of COVID-19 and the Company having recorded $2,646,200 in unrealized depreciation on its investments during the three months ended March 31, 2022.

See Note 3 “Investments — Watch List Investments” for additional information.

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 March 31, 2022 and 2021.

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 were reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs did not exceed 15.0% of the gross offering proceeds raised from the Offering (the “O&O Reimbursement Limit”) and were accrued and payable by the Company only to the extent that such costs did not exceed the O&O Reimbursement Limit. Reimbursements to the Sponsor of organization and offering costs 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 as of the end of the Offering, the organization and offering costs have not exceeded the O&O Reimbursement Limit. The Company continues to incur certain offering costs associated with the DRP as well as the ongoing fees described above in “Distribution and Ongoing Dealer Manager and Service Fees.” The Company may incur these costs directly, or may reimburse the Sponsor for paying these offering costs on behalf of the Company.           

Operating Expense Responsibility Agreement

On May 12, 2021, the Company entered into the Second Amended and Restated Operating Expense Responsibility Agreement with the Advisor and the Sponsor (the “Responsibility Agreement”).  The Responsibility Agreement amends and replaces the prior agreement and amended the manner in which reimbursements to the Sponsor under the agreement will be allocated.  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 $4,240,231 of operating expenses, which had been paid by the Company as of December 31, 2017.

Pursuant to the Responsibility Agreement, 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 50% of the excess amount (the “Reimbursement Amount”) for such quarter as follows: (i) first, the Company will apply the Reimbursement Amount to 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 have been reimbursed; and (ii) second, the Company will apply the Reimbursement 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 three months ended March 31, 2022 and 2021. Therefore, none of the expenses of the Company covered by the Responsibility Agreement have been recorded as expenses of the Company for the three months ended March 31, 2022 and 2021. As of March 31, 2022, there is a remaining aggregate balance of approximately $16,274,000 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.

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update (“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 for financial instruments measured at amortized cost. 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 beginning after December 15, 2022. 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 believes that the adoption of ASU 2016-13 will not have a material impact 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 has been dependent on the Sponsor for financial support in prior periods.

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

The Company is subject to financial market risks, including changes in interest rates. Global economies and capital markets can and have experienced significant volatility, which has increased the risks associated with investments in collateralized private debt instruments. Investment in the Company carries risk and there are no guarantees that the Company’s investment objectives will be achieved. The Company 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 was the sub-advisor with respect to five of the 19 investments that the Company has deemed Watch List investments, which are investments with respect to which the Company has determined there have been significant changes in the credit and collection risk of the investment.  As described in Note 3, IIG failed to provide the Company with complete and accurate information with respect to the Company’s investments for which IIG was the sub-advisor, and sold the Company a $6 million participation in a loan that did not exist.  In November 2019, the SEC charged IIG with fraud and revoked IIG's registration as an investment adviser. On March 30, 2020, the SEC obtained a final judgment on consent that enjoins IIG from violating the antifraud provisions of the federal securities laws. IIG has ceased operations and the Company does not expect to receive any further reporting from IIG with respect to its outstanding investments. IIG’s acts and omissions have negatively affected and are likely to continue to negatively affect the value of certain of the Company’s investments, which could adversely affect returns to the Company’s 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, 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. These risks may be further exacerbated by the adverse impact the COVID-19 pandemic has had and is expected to continue to have on the business of our borrowers. In addition, as of March 31, 2022 and December 31, 2021, all 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 March 31, 2022, the Company’s largest loan by value was $34,290,796 or 11.4% of total investments and provides for PIK interest, with principal and interest due at maturity. The Company’s five largest loans by value comprised 36.6% of the Company’s portfolio at March 31, 2022. Participation in loans amounted to 58.3% of the Company’s total portfolio at March 31, 2022.

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Investments

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

Investments

Note 3. Investments

As of March 31, 2022, the Company’s investments consisted of the following: 

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	125,130,293	$	121,013,963		40.1	%
Senior secured term loan participations		147,477,274		130,648,340		43.3	%
Senior secured trade finance participations		67,407,247		45,213,830		15.0	%
Other investments		6,000,000		3,758,063		1.2	%
Equity warrants		—		1,088,168		0.4	%
Total investments	$	346,014,813	$	301,722,364		100.0	%

As of December 31, 2021, the Company’s investments consisted of the following:

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	122,535,227	$	119,374,062		39.5	%
Senior secured term loan participations		147,557,201		132,290,743		43.9	%
Senior secured trade finance participations		67,157,549		45,092,689		15.0	%
Other investments		6,000,000		3,758,063		1.2	%
Equity warrants		—		1,088,168		0.4	%
Total investments	$	343,249,977	$	301,603,725		100.0	%

Participations

The majority of the Company’s investments are in the form of participation interests (“Participations”). Participations are interests 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 March 31, 2022.  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 March 31, 2022 and December 31, 2021 amounted to approximately $3,707,000 and $3,487,000, respectively. The Company’s interest receivable balances at March 31, 2022 and December 31, 2021 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 and potential or ongoing litigation). At March 31, 2022, nine portfolio companies were on non-accrual status with an aggregate fair value of approximately $24,372,000 or 8.1% of the fair value of the Company’s total investments. At December 31, 2021, nine portfolio companies were on non-accrual status with an aggregate fair value of approximately $25,393,000 or 8.4% 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 $147,000 for the three months ended March 31, 2022. As of March 31, 2022 and December 31, 2021, respectively, the Company had 19 and 17 Watch List investments.

As of March 31, 2022, the Company’s Watch List investments consisted of the following:

									Interest not accrued on Investments on Watch List status
									Three Months Ended
									March 31,		March 31,
Portfolio Company	Principal Balance		Fair Value		Accrued Interest		Sub-advisor	Valuation Approach	2022		2021
Trustco Group Holdings Ltd.	$	18,440,097	$	15,069,506	$	4,055,451	Helios	Collateral based approach	$	—	$	—
TRG Cape Verde Holdings Ltd.		14,312,720		12,002,520		3,308,154	Helios	Hybrid income/collateral based approach		—		—
Helios Maritime		17,007,004		8,442,990		2,784,470	Helios	Hybrid income/collateral based approach		—		—
Compania Argentina de Granos    S.A. (2), (3)		12,500,000		5,772,744		664,010	IIG	Income approach		—		326,563
Frigorifico Regional Industrias    Alimentarias, S.A.,    Sucursal Uruguay (2), (3)		9,000,000		6,361,679		264,500	IIG	Collateral based approach		—		—
Sancor Cooperativas Unidas Ltda		5,802,296		4,393,274		1,032,336	IIG	Collateral based approach		—		—
IIG TOF B.V. (2), (3)		6,000,000		3,758,063		572,000	IIG	Collateral based approach		—		—
Algodonera Avellaneda S.A. (2), (3)		6,000,000		3,398,558		778,500	IIG	Collateral based approach		—		—
Triton Metallics Pte Ltd.		20,408,828		18,266,468		720,096	TransAsia	Income approach		—		—
Conplex International Ltd. (2), (3)		9,433,430		2,429,024		—	TransAsia	Collateral based approach		—		—
Producam S.A.		15,319,644		14,599,214		—	Scipion	Hybrid income/collateral based approach		—		—
Global Pharma Intelligence    Sarl (1), (3)		648,430		648,430		134,215	Scipion	Collateral based approach		23,668		23,668
Mac Z Group SARL (3)		1,433,058		628,862		183,152	Scipion	Collateral based approach		—		—
Applewood Trading 199 Pty,    Ltd. (1), (3)		785,806		497,462		—	Barak	Hybrid income/collateral based approach		34,379		34,379
Multiple ICD (Kenya) Limited		14,758,950		13,204,359		3,973,890	Barak	Income approach		—		—
Agilis Partners Holding LLC		533,527		533,527		—	Origin	Income approach		—		—
Agilis Partners		11,628,566		10,599,028		197,763	Origin	Income approach		—		—
Usivale Industria E Commercio    Ltda (3)		2,851,296		877,326		645,932	N/A	Hybrid income/collateral based approach		88,604		88,604
Itelecom Holding Chile SPA (1)		1,456,162		1,456,162		322,032	Alsis	Income approach		—		—
Total Watchlist	$	168,319,814	$	122,939,196	$	19,636,501			$	146,651	$	473,214

¹ Investments with a fair value equal to less than 1.0% of the aggregate fair value of the Company's net assets as of March 31, 2022. Additional information regarding Watch List investments with a fair value equal to or greater than 1.0% of the aggregate fair value of the Company's net assets as of March 31, 2022 are presented below.

² Excludes interest not accrued with respect to investments which the Company may not legally accrue interest, such as those that are the subject of bankruptcy proceedings.

³ Investments were on non-accrual status.

As of December 31, 2021, the Company’s Watch List investments consisted of the following:

Portfolio Company	Principal Balance		Fair Value		Accrued Interest		Sub-advisor	Valuation Approach
Trustco Group Holdings Ltd.	$	18,253,506	$	15,184,914	$	3,668,770	Helios	Collateral based approach
TRG Cape Verde Holdings Ltd.		14,141,063		11,830,862		3,316,102	Helios	Hybrid income/collateral based approach
Helios Maritime		17,007,004		8,673,930		2,770,970	Helios	Hybrid income/collateral based approach
Compania Argentina de Granos    S.A. (2), (3)		12,500,000		5,772,744		664,010	IIG	Income approach
Frigorifico Regional Industrias    Alimentarias, S.A.,    Sucursal Uruguay (2), (3)		9,000,000		6,361,679		264,500	IIG	Collateral based approach
Sancor Cooperativas Unidas Ltda		5,802,296		4,393,274		877,559	IIG	Collateral based approach
IIG TOF B.V. (2), (3)		6,000,000		3,758,063		572,000	IIG	Collateral based approach
Algodonera Avellaneda S.A. (2), (3)		6,000,000		3,398,558		778,500	IIG	Collateral based approach
Triton Metallics Pte Ltd.		19,777,304		17,634,943		833,343	TransAsia	Income approach
Conplex International Ltd. (2), (3)		9,500,000		2,495,595		716,452	TransAsia	Collateral based approach
Producam S.A.		14,979,753		14,387,877		—	Scipion	Hybrid income/collateral based approach
Global Pharma Intelligence    Sarl (1), (3)		648,430		648,430		134,215	Scipion	Collateral based approach
Mac Z Group SARL (3)		1,433,058		628,862		210,568	Scipion	Collateral based approach
Applewood Trading 199 Pty,    Ltd. (1), (3)		785,806		497,462		-	Barak	Hybrid income/collateral based approach
Multiple ICD (Kenya) Limited		14,612,822		13,058,231		3,689,897	Barak	Income approach
Usivale Industria E Commercio    Ltda (3)		2,851,296		1,832,492		645,932	N/A	Hybrid income/collateral based approach
Itelecom Holding Chile SPA (1)		1,456,162		1,456,162		281,987	Alsis	Income approach
Total Watchlist	$	154,748,500	$	112,014,078	$	19,424,805

¹  Investments with a fair value equal to less than 1.0% of the aggregate fair value of the Company's net assets as of December 31, 2021. Additional information regarding Watch List investments with a fair value equal to or greater than 1.0% of the aggregate fair value of the Company's net assets as of December 31, 2021 are presented below.

^{2 Excludes interest not accrued with respect to investments which the Company may not legally accrue interest, such as those that are the subject of bankruptcy proceedings.}

³    Investments were on non-accrual status.

Investments through Helios Investment Partners, LLP (“Helios”) as the Sub-Advisor

Trustco Group Holdings Ltd

In January 2017, the Company purchased a $15,000,000 Participation in a term loan facility with Trustco Group Holdings Ltd (“Trustco”), a Namibia based group operating a diversified set of business lines including property development, financial services (insurance, retail banking), education, and diamond mining. Repayment on this position has been slower than originally anticipated, largely due to a slowdown in the local real estate market. Helios has been actively working with the borrower to restructure the facility. As this has proved challenging, Helios issued a notice of default and acceleration notice to Trustco along with launching initial legal proceedings on April 15, 2020. A demand has also been made against Elisenheim as guarantor in respect of Trustco’s obligations to Helios. In addition to recourse against Trustco, Helios has the benefit of a security interest in property owned by the guarantor. The estimated proceeds from the property collateral are enough to cover the principal and the interest for the Trustco facility During the fourth quarter of 2021, an initial judgment was issued in Helios’ favor in the UK and Trustco appealed the court’s decision and the requirements to deposit the full outstanding balance into an escrow account. This appeal was dismissed in February 2022 and we are now seeking enforcement of the UK judgment in Namibia. Trustco is likely to pursue an appeal of the lower court's decision to the UK's Supreme Court; however, it is expected that any such appeal would be dismissed. The fair value declined  by approximately $302,000 during the period ended March 31, 2022, due to the increased likelihood that the amount of collateral will not support the full collection of the position.

TRG Cape Verde Holdings Ltd

In May 2016, the Company purchased a $17,000,000 Participation in a term loan facility with TRG Cape Verde Holdings Ltd (“TRG Cape Verde”), an owner and developer of resorts based in Cabo Verde. Repayment on this position has been slower than originally anticipated due to regulatory changes in TRG Cape Verde’s fundraising model, along with further challenges associated with little to no occupancy at its resort properties due to the ongoing COVID-19 pandemic. Helios is actively working with the borrower to restructure the facility, which is expected to be finalized in the coming quarters. In addition to the restructuring being conducted, the borrower has pledged certain of its real properties as collateral in support of its repayment obligations under this facility. The Company reopened its resort in the fourth quarter of 2021 with occupancy beginning to increase. In addition to reopening, the borrower paid $361,000 of interest in the first quarter of 2022.

Helios Maritime I

Between July 2015 and December 2017, the Company purchased six Participations totaling $15,300,000 in a term loan facility with Helios Maritime I (“Helios Maritime”), a company setup for the purposes of on-lending to Starz Investment Company, Ltd., a Nigerian shipping and logistics company for the purpose of acquiring a handling tug vessel. Repayment on this position has been slower than originally anticipated due to delays in acquiring a long-term contract, which was further prolonged based on challenges presented by the COVID-19 pandemic and the volatility in oil prices. The borrower has pledged a marine vessel as collateral in support of its repayment obligations under this facility.

The borrower received a term sheet subsequent to the fourth quarter of 2021 to support its performance against its obligations, which requires an $8 million payment in exchange for a partial forgiveness of debt and restructured amortization profile. An extension was granted to the borrower to meet this requirement and is expected to be finalized in June 2022. As this restructure requires a partial forgiveness of debt and the likelihood of successful repayment continues to decrease, this had a negative impact on the valuation of this investment, resulting in a reduction of approximately $231,000 during the period ended March 31, 2022.

Investments through IIG as the Sub-Advisor

IIG was the sub-advisor with respect to certain investments that the Company made in South America, including five of the 19 Watch List investments as of March 31, 2022.  Since June 30, 2018, the Company has discovered, among other things, that IIG failed to provide the Company with complete and accurate information with respect to the investments for which IIG was the sub-advisor and, in 2017, sold the Company a $6 million participation in a loan to Nacadie (defined below) that did not exist. The Company has not received any material updated information from IIG concerning the investments for which IIG was the sub-advisor since the first quarter of 2019, despite IIG being contractually obligated to provide the Company with updated information.  

The SEC previously charged IIG with fraud on November 21, 2019 and revoked IIG's registration as an investment adviser on November 26, 2019. On March 30, 2020, the SEC obtained a final judgment on consent that enjoins IIG from violating the antifraud provisions of the federal securities laws. On July 17, 2020, the SEC filed fraud charges against David Hu, one of IIG's co-founders, who was also charged by the U.S. Attorney's Office for the Southern District of New York in a parallel criminal action. In January 2021, David Hu pled guilty to one count of securities fraud, one count of wire fraud, and one count of conspiracy to commit securities fraud and wire fraud and was sentenced to 12 years' imprisonment in April 2022. On April 13, 2021, the U.S. Attorney's Office for the Southern District of New York announced that Martin Silver, IIG's other co-founder, pled guilty to one count of conspiracy to commit investment adviser fraud, securities fraud, and wire fraud, one count of securities fraud, and one count of wire fraud for his role in overvaluing and selling fake loans to investors so IIG could collect management and performance fees. Also on April 13, 2021, the SEC filed a civil complaint against Martin Silver, asserting several claims that involve allegations of a string of frauds perpetrated by Mr. Silver and others at IIG in order to keep IIG afloat. IIG has ceased operations and the Company does not expect to receive any further reporting from IIG with respect to its outstanding investments. The Company is taking necessary steps, including legal action in some cases, in order to ascertain as much information as possible regarding these investments.

Most of the outstanding investments for which IIG was the sub-advisor were purchased from IIG TOF B.V., a Dutch Limited Liability Company advised by IIG.  On December 11, 2019, a subsidiary of the Company filed an application in Amsterdam District Court to declare IIG TOF B.V. bankrupt. As set forth in the application for the Declaration of Bankruptcy, the Company and other creditors believe they have multiple due and payable claims against IIG TOF B.V. which IIG TOF B.V. has acknowledged it is unable to pay. On January 21, 2020, the Amsterdam District Court declared IIG TOF B.V. bankrupt and appointed a Dutch law firm as liquidator. The Company is seeking recovery of amounts due and payable to the Company with respect to the Participations it acquired from IIG TOF B.V. There can be no assurances as to when or if the Company will recover the amounts to which the Company believes it is entitled. Additional information regarding Watch List investments for which IIG was the sub-advisor with a fair value equal to or greater than 1.0% of the Company's net assets as of March 31, 2022 is presented below.

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 initial Participation in October 2016 for $10,000,000 and subsequently increased the Participation by another $2,500,000 in February 2017. This facility was 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 due on June 30, 2018.

IIG previously informed the Company that it had been in active discussions with CAGSA and other CAGSA lenders to protect its rights under the credit facility. Additionally, IIG had 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.  Recently, the administrator of IIG TOF B.V.’s bankruptcy proceedings in the Netherlands notified the Company that the settlement discussions with CAGSA’s creditors had resumed and are close to being finalized. The administrator indicated that the terms of the settlement being discussed are different from the terms that had been part of the preliminary settlement that had been reached in

February 2019. The settlement is expected to result in the assumption of the entirety of CAGSA’s debt by its parent company, Molinos Cañuelas (“MolCa”), with a portion to be repaid over a ten-year period and the remaining portion to be repaid over a period of up to ten years from the proceeds of the sale of 62.5% of the outstanding interests in MolCa, which are expected to be pledged to the unsecured creditors of CAGSA and MolCa as part of the proposed settlement . The proposed changes to the settlement terms were less favorable to the Company with respect to its Participations than the terms of the preliminary settlement that had been reached in February 2019 (but was never finalized) and therefore, had a negative impact on the valuation of this investment. On September 27, 2021, MolCa and CAGSA filed for debt restructuring in the Argentinian bankruptcy court. On March 11, 2022, IIG TOF BV filed claims on behalf of the Company for the court to recognize the amounts due. The terms of the restructuring had been widely pre-approved by the creditors group prior to the filing. Therefore, the Company does not expect significant changes to the restructuring plan other than it will delay its implementation by an estimated 12 months.

Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay and Algodonera Avellaneda S.A.

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. 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.

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG TOF B.V., with Algodonera Avellaneda S.A. (“Algodonera”) as the borrower 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. 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.

In August 2019, the Company was informed by IIG’s legal counsel that the commercial court proceedings with FRIAR and Algonodera had been terminated due to the parties having reached a settlement. The Company obtained evidence that the settlement proceeds for all participant holders had been placed in an escrow account with a New York law firm. In January 2022, the largest participant holder with respect to claims against the escrow account filed an action in New York district court to release these funds to all the participant holders. The Company expects a final decision by the relevant bankruptcy courts and a final settlement agreement amongst all the creditors regarding the distribution of funds within the second quarter of 2022.

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. IIG had worked with Sancor to restructure the existing loan and extended the maturity to July 29, 2019, with an annual renewal option. Since February 2019, Sancor has announced the sale of certain of its assets, which allowed it to make some payments to creditors and maintain operations, but the Company has not received any payment as a result of those asset sales. As noted above, IIG has ceased operations and the Company has taken legal action in an attempt to recover amounts due. During the quarter ended December 31, 2020, the Company learned, in connection with certain court proceedings in the United States Bankruptcy Court for the Southern District of New York regarding a fund advised by IIG, that funds had been received in a New York bank account controlled by an affiliate of IIG and that such funds may include prior debt service payments by Sancor related to the Company’s interests in the Sancor trade finance facility. During the year ended December 31, 2021, the Company was able to obtain control of the assets in the bank account and determined that they should primarily be allocated to outstanding interest. The Company is monitoring the proceedings and expects to take steps, which may include legal action, to obtain control over any funds in such account to which the Company is entitled. Sancor is engaged in ongoing negotiations with its lenders regarding a debt restructuring, including discussions with the administrator of IIG TOF B.V.’s bankruptcy proceedings in the Netherlands. The Company is continuing to actively monitor this process. During the year ended December 31, 2021, the Company received interest payments of approximately $700,000 and principal payments of approximately $198,000 from the borrower.

IIG Trade Opportunities Fund B.V. Receivable

In March 2017, the Company purchased a Participation from IIG TOF B.V. in what the Company at that time believed to be 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. In connection with the Company’s 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. However, IIG did not repay the Company for this Participation. As noted above, the Company knows that the Nacadie facility in which it purchased this Participation did not exist and the Company considers this asset to be a receivable from IIG TOF B.V. rather than a Participation in a trade finance facility.

As noted above, IIG TOF B.V. has been declared bankrupt in the Netherlands, and the Company is seeking to recover amounts to which it is entitled through the bankruptcy proceedings. The Company has applied a discount to the fair value based on the risk created by the uncertainty of the ultimate resolution of the Company’s attempt to recover amounts to which it is entitled through the bankruptcy proceedings in the Netherlands.

Investments through TransAsia Private Capital Ltd. (“TransAsia”) as the Sub-Advisor

Triton Metallics Pte. Ltd.

In November 2019, the Company made an investment in Triton Metallics Pte. Ltd. (“Triton”) totaling $16,456,270 in a trade finance facility. Triton is a Singapore based diversified commodities trading company. TransAsia informed the Company in early 2020 that due to the COVID-19 pandemic there have been constrained trading volumes. As a result, TransAsia then began working with the borrower to restructure the facility and a restructuring agreement was executed on August 17, 2020. We further amended the facility in June 2021, which reduced the interest rate from 11.5% to 6% PIK-only for a period of two years, in order to give Triton additional flexibility as it manages its business amidst the resurgence of the pandemic in Asia. The unpaid interest of $1,503,463 under the old trade finance facility has been capitalized and added to the outstanding principal balance as of the date of the new agreement.  During the period of July 1, 2020 through August 16, 2020, $241,816 of interest income was recognized prior to the date the loan was restructured.

Conplex International Ltd.

Between November 2018 and May 2019, the Company purchased three Participations totaling $9,500,000 in a trade finance facility with Conplex International Ltd. (“Conplex”), a Hong Kong-based international open market distributor and wholesaler of electronics products. TransAsia had informed the Company that the borrower had a large portion of receivables overdue from a large off-taker. Subsequently, TransAsia began to actively work with the borrower to restructure the facility. While the restructuring was still progressing, TransAsia, after its regular search and review process, found that a winding-up petition was filed and approved on October 7, 2020. TransAsia immediately notified the Company while a court-appointed provisional liquidator took control of Conplex.  On October 14, 2020, TransAsia appointed a receiver to enforce its rights under the secured facility. The facility is secured by a lien on four properties, accounts receivable and two personal guarantees. Deloitte was subsequently appointed as liquidator and has transferred the keys to the mortgaged properties to the receiver. One property was sold in the fourth quarter of 2021, with approximately $596,000 of interest payments received by the Company. Two other properties were subsequently sold in January 2022, with approximately $716,000 of interest payments and approximately $67,000 of principal payments received by the Company. A sale and purchase agreement was executed for the remaining property in March 2022 and subsequently closed in April 2022, with approximately $361,000 received by the Company. Given that this is a secured facility with the Company in liquidation, it has been valued using the collateral based approach to arrive at the estimated fair value. One of the two guarantors was forced into bankruptcy during the three months ended June 30, 2021 and our ability to collect under the guarantee is in question based on the statement of affairs filed with the bankruptcy trustee.

Investments through Scipion Capital, Ltd. (“Scipion”) as the Sub-Advisor

Producam SA

Between March 2018 and June 2018, the Company purchased three Participations totaling $15,986,369 in a trade finance facility with Producam SA (“Producam”), a Cameroon based cocoa and coffee exporter, as the borrower. Repayment on these Participations has been slower than originally anticipated due to short run cash flow pressure on Producam. The original sub-advisor for this facility was Africa Merchant Capital Group (“AMC”). In the third quarter of 2018, AMC informed the Company that the borrower misapplied the proceeds from the sale of certain of its inventory to finance its own cash flow needs rather than repay the facility. AMC then began working with the borrower to restructure the facility to recover amounts due. In April 2021, Scipion replaced AMC as the sub-advisor with respect to Producam and has agreed to undertake efforts to liquidate the collateral underlying the facility in order to recover amounts due to the Company and the restructuring process is finalized. Under the new agreement, the loan was restructured with the interest rate reduced from 17.5% to 9.5% for the cocoa facility and 6.0% for the coffee facility retro-actively to January 1, 2019. As part of the restructure, the Company included a PIK component which increased the principal amount. The fair value as a percentage of face value decreased during the year due to collections from completed cocoa and coffee shipments being slower than anticipated resulting in further decline in fair value amounting to approximately $129,000 during the period ended March 31, 2022. As all interest was capitalized as part of the amendment, no interest remains outstanding as of the date of the new agreement.  During the period from April 1, 2021 through April 14, 2021 (the date the loan was restructured), $49,014 of interest income was recognized.

Mac Z Group SARL

Between July 2016 and April 2017, the Company purchased nine Participations totaling $9,000,000 in a trade finance facility with Mac Z Group SARL (“Mac Z”), a scrap metal recycler, as the borrower. Mac Z is located in Morocco. 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 has requested a freeze order from the Moroccan local courts on the physical assets of the company. Since the initial discovery and actions, Mac Z sold remaining inventory and the Company was paid interest of approximately $330,000 in January 2018 and $292,000 during the first week April 2018.

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 received a judgment in its favor with respect to its claim against the collateral manager under its professional indemnity insurance policy, which covers up to $40 million in losses. During the fourth quarter of 2020, $9,377,199 from a settlement under this insurance policy was received by the Company. The policy covered the copper scrap that was lost. The remaining copper scrap is being stripped and processed and currently expected to cover its principal value. The Company received approximately $27,000 proceeds from the sales of the copper scrap during the first quarter of 2022.

Investments through Barak Fund Management Ltd. (“Barak”) as the Sub-Advisor

Multiple ICD (Kenya) Limited

In July 2017, the Company purchased a $15,000,000 Participation in a term loan facility with Multiple ICD (Kenya) Ltd ("MICD"), an inland container depot storage and warehousing company. Repayment on this position has been slower than originally anticipated due initially to unfavorable local industry dynamics at the Port of Mombasa, which were further complicated by the COVID-19 pandemic. Barak is in the midst of actively restructuring the loan facility with MICD and its other lenders. The loan is currently on standstill as the lenders’ discussions progress. Agreement on the final terms of the restructure is expected by June 2022.

Investments through Origin Capital Ltd. (“Origin”) as the Sub-Advisor

Agilis Partners

In 2018, the Company originally provided financing totaling approximately $10,968,000 to Agilis Partners ("Agilis"), a Ugandan company engaged in the farming, storage, processing, and trading of maize, soybean, and sunflower seeds through Scipion. This financing was refinanced into a new loan through Origin, in July 2021 as part of a broader financial restructuring. Repayment on the facility has been slower than originally anticipated due to ongoing liquidity challenges of the borrower, as well as record drought conditions in Uganda, which resulted in a decline in fair value of $1,030,000 to account for increased credit risk associated with the position during the period ended March 31, 2022. The Company and Origin agreed to a deferral of Agilis’ March 2022 interest payment, and are actively working with the borrower on solutions to increase working capital and manage other creditor relationships.

Other Investments

Usivale Industria E Commercio Ltda

In December 2013, the Company made an investment in Usivale Industria E Comercio, Ltda. (“Usivale”), a sugar processing company located in Brazil, comprised of two senior secured term loans for an aggregate loan amount of $2,500,000. During 2016, Usivale entered into a judicial recovery process that resulted in an approved repayment plan on October 7, 2016. The Company received regular annual interest payments for 2017 and 2018. Unfortunately, Usivale continued to have challenges and was not able to make any payments thereafter. Usivale is currently not complying with the payment obligations under the above mentioned judicial recovery process. The Company has been negotiating a potential restructuring of the loan to support the sustainability of Usivale, including engaging industry and financial consultants to that effect. The judge responsible for the bankruptcy proceedings of Usivale has asked the Company and Usivale to seek an agreement on a potential restructuring to be submitted to a creditors meeting to be held in June 2022. While the outcome is uncertain, the judge may accept a new bankruptcy restructuring plan or may force the company into orderly liquidation. Increased likelihood that a settlement with Usivale may return materially less than the current amount outstanding resulted in further decline in fair value amounting to approximately $955,000 during the period ended March 31, 2022.

The industry composition of the Company’s portfolio, at fair value as of March 31, 2022 and December 31, 2021, was as follows:

	As of  March 31, 2022					As of December 31, 2021
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Beef Cattle, Except Feedlots	$	6,361,679		2.1	%	$	6,361,679		2.1	%
Boatbuilding and Repairing		6,633,143		2.2	%		6,466,030		2.1	%
Chemicals and Allied Products		17,844,102		5.9	%		17,537,201		5.8	%
Chocolate and Cocoa Products		29,599,214		9.8	%		29,387,877		9.7	%
Coal and Other Minerals and Ores		39,241,923		13.0	%		38,024,207		12.6	%
Computer Related Services, NEC		19,089,806		6.3	%		19,032,888		6.3	%
Corn		11,132,555		3.7	%		11,694,030		3.9	%
Corrugated and solid fiber boxes		12,387,189		4.1	%		12,387,189		4.1	%
Cotton Ginning		3,398,558		1.1	%		3,398,558		1.1	%
Dairy Farms		4,393,274		1.5	%		4,393,274		1.5	%
Drugs, Proprietaries, and Sundries		648,430		0.2	%		648,430		0.2	%
Electric Services		1,456,162		0.5	%		1,456,162		0.5	%
Farm Products		1,484,583		0.5	%		1,508,208		0.5	%
Freight Transportation Arrangement		13,204,359		4.4	%		13,058,231		4.3	%
Hotels and Motels		12,002,520		4.0	%		11,830,862		3.9	%
Land Subdividers and Developers		15,069,506		5.0	%		15,184,914		5.0	%
Miscellaneous Business Credit		3,758,063		1.2	%		3,758,063		1.2	%
Motor Vehicle Parts and Accessories		9,779,546		3.2	%		9,278,031		3.1	%
Personal Credit Institutions		4,596,613		1.5	%		5,342,393		1.8	%
Petroleum and Petroleum Products		6,972,901		2.3	%		8,367,480		2.8	%
Refuse Systems		35,378,964		11.7	%		34,050,695		11.3	%
Retail Bakeries		3,984,401		1.3	%		3,915,874		1.3	%
Salted and Roasted Nuts and Seeds		497,462		0.2	%		497,462		0.2	%
Sanitary Paper Products		4,916,465		1.7	%		4,880,364		1.6	%
Secondary Nonferrous Metals		628,862		0.2	%		628,862		0.2	%
Short-Term Business Credit		4,740,000		1.6	%		4,740,000		1.6	%
Soybeans		5,772,744		1.9	%		5,772,744		1.9	%
Sugarcane and Sugar Beets		877,326		0.3	%		1,832,492		0.6	%
Telephone and Telegraph Apparatus		2,429,024		0.8	%		2,495,595		0.8	%
Telephone Communications		15,000,000		5.0	%		15,000,000		5.0	%
Towing and Tugboat Service		8,442,990		2.8	%		8,673,930		3.0	%
Total	$	301,722,364		100.0	%	$	301,603,725		100.0	%

The table below shows the portfolio composition by geographic classification at fair value as of March 31, 2022 and December 31, 2021:

	As of  March 31, 2022					As of December 31, 2021
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina (1)	$	19,926,255		6.6	%	$	19,926,255		6.6	%
Botswana		4,740,000		1.6	%		4,740,000		1.6	%
Brazil		26,600,275		8.8	%		27,331,410		9.1	%
Cabo Verde		12,002,520		4.0	%		11,830,862		3.9	%
Cameroon		14,599,214		4.8	%		14,387,877		4.8	%
Chile		1,456,162		0.5	%		1,456,162		0.5	%
Colombia		4,596,613		1.5	%		5,342,393		1.8	%
Ecuador		12,387,189		4.1	%		12,387,189		4.1	%
Ghana		6,972,901		2.3	%		8,367,480		2.8	%
Hong Kong		23,404,479		7.8	%		22,884,859		7.6	%
Indonesia		15,000,000		5.0	%		15,000,000		5.0	%
Jersey		15,000,000		5.0	%		15,000,000		5.0	%
Kenya		13,204,359		4.4	%		13,058,231		4.3	%
Malaysia		17,844,102		5.9	%		17,537,201		5.8	%
Mexico		35,378,964		11.7	%		34,050,695		11.3	%
Morocco		628,862		0.2	%		628,862		0.2	%
Namibia		15,069,506		5.0	%		15,184,914		5.0	%
Netherlands		9,779,546		3.2	%		9,278,031		3.1	%
Nigeria		9,927,573		3.3	%		10,182,138		3.4	%
Peru		4,916,465		1.6	%		4,880,364		1.6	%
Romania		3,984,401		1.3	%		3,915,874		1.3	%
Singapore		18,266,468		6.1	%		17,634,943		5.8	%
South Africa		497,462		0.2	%		497,462		0.2	%
United Arab Emirates		648,430		0.2	%		648,430		0.2	%
Uganda		11,132,555		3.7	%		11,694,030		3.9	%
N/A		3,758,063		1.2	%		3,758,063		1.1	%
Total	$	301,722,364		100.0	%	$	301,603,725		100.0	%

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

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Fair Value Measurements

3 Months Ended

Mar. 31, 2022

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 March 31, 2022:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	121,013,963	$	—	$	—	$	121,013,963
Senior secured term loan participations		130,648,340		—		—		130,648,340
Senior secured trade finance participations		45,213,830		—		—		45,213,830
Other investments		3,758,063		—		—		3,758,063
Equity warrants		1,088,168		—		—		1,088,168
Total	$	301,722,364	$	—	$	—	$	301,722,364

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, 2021:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	119,374,062	$	—	$	—	$	119,374,062
Senior secured term loan participations		132,290,743						132,290,743
Senior secured trade finance participations		45,092,689		—		—		45,092,689
Other investments		3,758,063						3,758,063
Equity warrants		1,088,168						1,088,168
Total	$	301,603,725	$	—	$	—	$	301,603,725

The following is a reconciliation of activity for the three months ended March 31, 2022, of investments classified as Level 3: 

	Fair Value at December 31, 2021		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in appreciation (depreciation)			Fair Value at March 31, 2022
Senior secured term loans	$	119,374,062	$	—	$	(293,920	)	$	2,888,987	$	(955,166	)	$	121,013,963
Senior secured term loan participations		132,290,743		—		(1,846,439	)		1,766,513		(1,562,477	)		130,648,340
Senior secured trade finance participations		45,092,689		—		(90,193	)		339,891		(128,557	)		45,213,830
Short term and other investments		3,758,063		—		—			—		—			3,758,063
Equity warrants		1,088,168		—		—			—		—			1,088,168
Total	$	301,603,725	$	-	$	(2,230,552	)	$	4,995,391	$	(2,646,200	)	$	301,722,364

There were no transfers into and out of Level 3 investments and no recorded realized losses for the Company’s investments classified as Level 3 during the three months ended March 31, 2022 and 2021. Net unrealized depreciation for the three months ended March 31, 2022 and 2021 reported in the Company’s consolidated statements of operations attributable to the Company’s Level 3 assets still held at period end were $2,646,200 and $975,327, respectively. These unrealized losses were primarily driven by macro events including the uncertainty created by the COVID-19 pandemic and its impact on the future cash flows generated by our investments as well as the ultimate realization of the underlying collateral.

As of March 31, 2022, 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 March 31, 2022:

	Fair value		Valuation technique	Unobservable input	Range (weighted average) (4)
Senior secured trade finance    participations (2)	$	27,354,003	Income approach (DCF)	Discount rate	12% - 15.75% (13.06%)
Senior secured trade finance    participations (1)	$	17,859,827	Collateral based approach	Value of collateral (collateral coverage ratio)	0.04x - 1.67x
Senior secured term loans (2)	$	120,136,637	Income approach (DCF)	Discount rate	11.75% - 16.5% (14.6%)
Senior secured term loans (2)	$	877,326	Collateral based approach	Value of collateral (collateral coverage ratio)	0.65x
Senior secured term loan participations (2)	$	115,578,834	Income approach  (DCF)	Discount rate	11.25% - 20.0% (15.8%)
Senior secured term loan participations (1)	$	15,069,506	Collateral based approach	Value of collateral (collateral coverage ratio)	1.07x
Other investments (3)	$	3,758,063	Collateral based approach	Value of collateral (collateral coverage ratio)	1.0x
Equity warrants	$	1,088,168	Option Pricing Method	Equity value, volatility, time to exit	N/A, 71%, 5 years

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

(2) The Company used the income approach for the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Martime, Producam, Applewood and Usivale, using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years. See Note 3 “Watch List Investments” for further information.

(3) This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V. Due to the fact that IIG TOF B.V. has been placed into bankruptcy, this investment utilizes the collateral based approach.

(4) The inputs were weighted based on the fair value of the investments included in the range.

As of December 31, 2021, 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, 2021:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance    participations (2)	$	27,166,291	Income approach (DCF)	Discount rate	11.0% - 15.75% (12.4%)
Senior secured trade finance    participations (1)	$	17,926,398	Collateral based approach	Value of collateral (collateral coverage ratio)	0.43x - 1.67x
Senior secured term loans (2)	$	119,374,062	Income approach (DCF)	Discount rate	11.25% - 18.0% (14.3%)
Senior secured term loan participations (2)	$	117,105,829	Income approach  (DCF)	Discount rate	11.0% - 20.0% (15.5%)
Senior secured term loan participations (1)	$	15,184,914	Collateral based approach	Value of collateral (collateral coverage ratio)	0.99x
Other investments (3)	$	3,758,063	Collateral based approach	Value of collateral (collateral coverage ratio)	1.0x
Equity warrants	$	1,088,168	Option Pricing Method	Equity value, volatility, time to exit	N/A, 71%, 5 years

(1) Collateral based approach used for the following Watch List investments: Trustco, Sancor, FRIAR, Algonodera, MacZ, GPI and Conplex. See Note 3 “Watch List Investments” for further information.

(2) The Company used the income approach for the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Maritime, Producam, Applewood and Usivale, using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years. See Note 3 “Watch List Investments” for further information.

(3) This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V. Due to the fact that IIG TOF B.V. has been placed into bankruptcy, this investment utilizes the collateral based approach.

(4) The inputs were weighted based on the fair value of the investments included in the range.

The significant unobservable Level 3 inputs used in the fair value measurement of the Company’s investments are market yields used to discount the estimated future cash flows expected to be received from the underlying investments, which include both future principal and interest payments. Significant increases in market yields would result in significantly lower fair value measurements. In addition, a significant decrease in future cash flows is expected to be received from the underlying investments due to a projected decrease in results of operations and cash flows from the underlying investments, 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

3 Months Ended

Mar. 31, 2022

Contingencies And Related Parties [Abstract]

Contingencies and Related Parties

Note 5. Contingencies and Related Parties

Agreements

Advisory Agreement

The current term of the Advisory Agreement between the Company and the Advisor, (the “Advisory Agreement”) ends on February 25, 2023, subject to an unlimited number of one-year renewals upon mutual consent of the Company and the Advisor.

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 months ended March 31, 2022 and 2021.

Operating Expense Responsibility Agreement

On May 12, 2021, the Company entered into the Second Amended and Restated Operating Expense Responsibility Agreement with the Advisor and the Sponsor (the “Responsibility Agreement”).  The Responsibility Agreement amends and replaces the prior agreement and amended the manner in which reimbursements to the Sponsor under the agreement will be allocated.  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 $4,240,231 of operating expenses, which had been paid by the Company as of December 31, 2017.

Pursuant to the Responsibility Agreement, 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 50% of the excess amount (the “Reimbursement Amount”) for such quarter as follows: (i) first, the Company will apply the Reimbursement Amount to 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 have been reimbursed; and (ii) second, the Company will apply the Reimbursement Amount remaining after the payment of all 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.

Transactions

For the three months ended March 31, 2022 and 2021, the Advisor earned $1,689,960 and $1,809,230, respectively, in asset management fees and $895,878 and $781,456, respectively, in incentive fees.

As of March 31, 2022 and December 31, 2021, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amount of $4,240,231 and $4,240,231, respectively 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.

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Organization and Offering Costs

3 Months Ended

Mar. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Offering Costs

Note 6. Organization and Offering Costs

The Sponsor previously paid approximately $17,617,000 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. Such amounts include approximately $11,000 and $12,000 of offering costs incurred by the Sponsor during the three months ended March 31, 2022 and 2021, respectively. During the three months ended March 31, 2022 and 2021, the Company paid approximately $0 and $80,000 in reimbursement of offering costs to the Sponsor, respectively. Such offering costs reimbursed by the Company have been recognized against the proceeds from the issuance of units.

Since the commencement of the Company’s operations, the Company has reimbursed the Sponsor a total of approximately $17,318,000 of offering and organization costs as of March 31, 2022.

For the three months ended March 31, 2022 and 2021, the Company paid SC Distributors, the dealer manager for certain of our prior offerings, approximately $101,000 and $111,000, respectively in ongoing distribution fees, dealer manager fees and service fees.

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Notes Payable

3 Months Ended

Mar. 31, 2022

Debt Instruments [Abstract]

Notes Payable

Note 7. Notes Payable

The Company notes payable consist of the following:

	March 31, 2022		December 31, 2021
	Outstanding Balance		Outstanding Balance
Christian Super promissory note	$	—	$	5,000,000
Total notes payable	$	-	$	5,000,000

Christian Super Promissory Notes

On December 18, 2018, Trilinc Global Impact Fund Cayman, Ltd. (“TGIFC”) issued $5 million of Series 2 Senior Secured Promissory Notes (“CS Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”) pursuant to the CS Notes private offering. The CS Note had an interest rate of 3.5% per annum plus one-year LIBOR (4.3% as of March 31, 2022) and interest is payable quarterly in arrears within 15 days after the end of each calendar quarter. The entire principal balance under the CS Note (and any unpaid interest) was due in one balloon payment on December 18, 2021, which was the fourth anniversary of the issuance date. The due date was extended and the CS Note was repaid in full on January 18, 2022.  

For the three months ended March 31, 2022 and 2021, the Company recognized $11,169 and $47,268, respectively, in interest expense. Due to the variable rate structure of this borrowing, the carrying basis of this debt obligation is considered to approximate their fair value.

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Unit Capital

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Unit Capital

Note 8. Unit Capital

As of March 31, 2022, 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 March 31, 2022, the Company recorded a liability in the aggregate amount of $439,000 for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability as of March 31, 2022 is calculated based on a net asset value per Class C, Class I and Class W units of $7.123 with a distribution fee of 0.80% for Class C units, an ongoing dealer manager fee of 0.50% 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 three months ended March 31, 2022:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			March 31,
	2021		the Period		the Period			2022
Class A units		18,128,699		116,034		(104,106	)		18,140,627
Class C units		7,827,952		52,970		(41,049	)		7,839,872
Class I units		10,517,764		77,226		(86,666	)		10,508,324
Class W units		24,555		-		-			24,555
Class Y units		2,696,506		25,159		(15,632	)		2,706,033
Class Z units		8,423,851		-		-			8,423,851
Total		47,619,327		271,389		(247,453	)		47,643,263

The total of 271,389 units issued during the three months ended March 31, 2022 included 247,432 units issued under the DRP at a value of approximately $1,783,000 and 25,159 units sold pursuant to our private placement for aggregate gross proceeds of $183,000.

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 first quarter of 2022 have been made at a price equal to $7.123 per units, which was the net asset value per unit of each class as of December 31, 2021, 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 three months ended March 31, 2022, the Company fulfilled repurchase requests for a total of 247,453 units at a weighted average repurchase price per unit of $7.12 for an aggregate repurchase price of $1,762,687. As of March 31, 2022, $1,757,873 of these repurchase requests were pending processing and were completed by the Company in April 2022. For the quarter ended March 31, 2022, eligible repurchase requests exceeded the limitations of the Company’s unit repurchase program described above and the requests were fulfilled on a pro rata basis, such that the Company repurchased approximately 247,000 units or 6.68% of eligible repurchase requests (based on the number of units submitted for repurchase), and approximately 2,714,000, or 93.32% of eligible repurchase requests (based on the number of units submitted for repurchase) were not redeemed. Pursuant to the terms of the Company’s unit repurchase program, the unsatisfied portion of repurchase requests that were not fulfilled at quarter-end will be carried over to the next quarter and treated as a request for repurchase at the next quarter-end repurchase date, unless the repurchase request is withdrawn.

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Distributions

3 Months Ended

Mar. 31, 2022

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 three months ended March 31, 2022:

		Daily Rate		Cash		Distributions		Total
Month ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2022	November 12, 2021	$	0.00139060	$	1,431,973	$	616,109	$	2,048,082
February 28, 2022	November 12, 2021	$	0.00139060		1,298,531		554,580		1,853,111
March 31, 2022	February 17, 2022	$	0.00139060		1,442,429		612,752		2,055,181
Total for 2022				$	4,172,933	$	1,783,441	$	5,956,374

On March 26, 2021, the Company’s board of managers determined that it is in the Company’s best interests, that, for periods on and after May 1, 2021, the Company’s daily distribution rate will be more closely tied to the most recently determined NAV per unit that the Company has disclosed in a public filing with the SEC at the time the distribution is declared. Accordingly, with the authorization of the Company’s board of managers, on March 31, 2021, the Company declared a daily distribution rate of $0.00145753 per unit (less the ongoing fees applicable to certain classes of units which reduce the amount of distributions paid to the applicable unitholders) for the month of May 2021, which is equal to an annualized rate of approximately 7.0% of the NAV of $7.600 per unit, determined as of December 31, 2020. This daily distribution rate is lower than the daily distribution rate of $0.00168675 per unit, per day that had been declared by the Company with respect to distributions from March 2018 through April 2021. The board of managers expects to maintain the declaration and payment of distributions at an annualized rate equal to approximately 7.0% of the most recently determined NAV per unit that the Company has disclosed in a public filing with the SEC at the time the distribution is declared, which means the distribution rate is expected to remain relatively constant as a percentage of the Company’s NAV per unit.  However, the board of managers may determine, in its discretion at any time, to change the rate at which distributions are paid or to not pay distributions at all. Given that the Company’s NAV per unit varies from quarter to quarter, it is expected that, even if the approximate annualized rate at which distributions are declared remains constant, the actual per unit dollar amount of distributions paid to unitholders may vary from time to time in concert with variations in the Company’s NAV. The payment of distributions is uncertain and cannot be guaranteed.

The Company’s board of managers also authorized the declaration of distributions for April and May of 2022. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00136605 per unit per day (less the distribution fee with respect to Class C units, the ongoing dealer manager fee with respect to certain Class I units and Class W units and the ongoing service fee with respect to Class W units). On an annualized basis, these distributions are equal to approximately 7.0% of the NAV per unit of $7.123, determined as of December 31, 2021. These distributions have been or will be paid in cash or reinvested in units, for those unitholders participating in the DRP, on or about the first day of the month following the month to which the distributions relate. There can be no assurances that distributions will continue to be paid at this rate in subsequent periods or at all.

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Financial Highlights

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Financial Highlights

Note 10. Financial Highlights

The following is a schedule of financial highlights of the Company for the three months ended March 31, 2022 and 2021:

	Three months ended
	March 31,			March 31,
	2022			2021
Per unit data (1):
Net asset value at beginning of period	$	7.58		$	7.58
Net investment income		0.11			0.11
Net change in unrealized depreciation on investments		(0.06	)		(0.02	)
Net increase in net assets resulting from operations		0.05			0.09
Distributions		(0.13	)		(0.15	)
Net change in accrued distribution and other fees		-			-
Net decrease in net assets		(0.07	)		(0.06	)
Net asset value at end of period (2)	$	7.51		$	7.52
Total return based on net asset value (3)		0.67	%		1.22	%
Net assets at end of period	$	335,406,114		$	354,255,225
Units Outstanding at end of period		47,643,263			47,044,755
Ratio/Supplemental data (annualized) (3):
Ratio of net investment income to average net assets		6.60	%		6.27	%
Ratio of net operating expenses to average net assets		5.30	%		5.04	%

1 The per unit data was derived by using the weighted average units outstanding during the three months ended March 31, 2022 and 2021, which were 47,720,815 and 47,002,965, respectively.

2 For financial statement reporting purposes under GAAP, as of March 31, 2022 and 2021, the Company recorded a liability in the amount of $439,000 and $476,000, 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

3 Months Ended

Mar. 31, 2022

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. Except as discussed below, 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 months ended March 31, 2022.

Distributions

The cash distributions for April totaled $1,347,683. With respect to unitholders participating in the Distribution Reinvestment Plan, $566,058 of the distributions for April were reinvested in units.

The Company’s board of managers authorized the declaration of distributions for June, July and August of 2022. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00135186 per unit per day (less the distribution fee with respect to Class C units, the ongoing dealer manager fee with respect to certain Class I units and Class W units and the ongoing service fee with respect to Class W units). On an annualized basis, these distributions are equal to approximately 7.0% of the NAV per unit of $7.049, determined as of March 31, 2022. These distributions will be paid in cash or reinvested in units, for those unitholders participating in the DRP, on or about the first day of the month following the month to which the distributions relate. There can be no assurances that distributions will continue to be paid at this rate in subsequent periods or at all.

Investments

Subsequent to March 31, 2022 through May 13, 2022, the Company did not fund any new investments and received proceeds from repayment of investments of approximately $1.5 million.

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

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.  Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates. In particular, the COVID-19 pandemic has adversely impacted and is likely to further adversely impact the Company's business, the businesses of the Company's borrowers and the global markets generally. The full extent to which the pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including fair value measurements, and asset impairment charges, will depend on future developments that are highly uncertain and difficult to predict. These developments include, but are not limited to, the duration and spread of the outbreak, its severity, the actions to contain the virus or address its impact, governmental actions to contain the spread of the pandemic and respond to the reduction in global economic activity, and how quickly and to what extent normal economic and operating conditions can resume.

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, 2021, which was filed with the SEC on March 30, 2022.

The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2022.

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. 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.

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. The Company limits its credit risk by selecting financial institutions considered to be highly creditworthy.

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 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. 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.

Valuation of Investments

Valuation of Investments

The Company carries all of its investments at fair value with changes in fair value recognized in the consolidated statement of operations. 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.

The fair value measurement guidance 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. In addition, the Company engaged an 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 material investments on the Watch List. 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. 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;

3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any 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.

Any potential valuation adjustments are subject to a materiality threshold as determined by the Advisor. Due to the fact that all non-Watch List investments are performing loans, with no macroeconomic indicator or other event observed that would reasonably be expected to have a material impact on the underlying performance or collateral value of the investment, most of these investments generally do not deviate materially from the amortized cost. If, pursuant to the Company's quarterly review, the Company determines that one or more material valuation adjustments are appropriate, then the Company adjusts the fair value. Historically, in most cases these adjustments that have resulted in a fair value that is materially different from the investment’s amortized cost, the Company has determined to place it on the Watch List. 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 predominantly uses the income approach, but may also use a collateral based approach (also known as a liquidation or net recovery approach), or a hybrid approach consisting of the income approach and the collateral based 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

• Applicable global interest rates

• Impact of investments placed on non-accrual status

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 as of March 31, 2022. For the three months ended March 31, 2022, the Company earned and capitalized PIK interest of $4,360,469  and $5,500,696, respectively.

Distribution and Ongoing Dealer Manager and Service Fees

Distribution and Ongoing Dealer Manager and Service 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 March 31, 2022, the estimated unpaid distribution fees for Class C units amounted to $419,000, the unpaid dealer manager fees for Class I units amounted to $19,000 and the unpaid dealer manager and service fees for Class W units amounted to $1,000.

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 March 31, 2022, 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, 2016.

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 March 31, 2022, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y units 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 March 31, 2022, under GAAP, the Company has recorded a liability in the amount of $439,000 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 per unit under GAAP and therefore, 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 March 31, 2022, 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 approximately $7.05, which is different than the net asset value per unit of approximately $7.51 (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 approximately $0.07 per unit from the net asset value per unit of approximately $7.12 as of December 31, 2021. The decrease in net asset value per unit was due to a combination of factors, including the adverse impact of COVID-19 and the Company having recorded $2,646,200 in unrealized depreciation on its investments during the three months ended March 31, 2022.

See Note 3 “Investments — Watch List Investments” for additional information.

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 March 31, 2022 and 2021.

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 were reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs did not exceed 15.0% of the gross offering proceeds raised from the Offering (the “O&O Reimbursement Limit”) and were accrued and payable by the Company only to the extent that such costs did not exceed the O&O Reimbursement Limit. Reimbursements to the Sponsor of organization and offering costs 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 as of the end of the Offering, the organization and offering costs have not exceeded the O&O Reimbursement Limit. The Company continues to incur certain offering costs associated with the DRP as well as the ongoing fees described above in “Distribution and Ongoing Dealer Manager and Service Fees.” The Company may incur these costs directly, or may reimburse the Sponsor for paying these offering costs on behalf of the Company.           

Operating Expense Responsibility Agreement

Operating Expense Responsibility Agreement

On May 12, 2021, the Company entered into the Second Amended and Restated Operating Expense Responsibility Agreement with the Advisor and the Sponsor (the “Responsibility Agreement”).  The Responsibility Agreement amends and replaces the prior agreement and amended the manner in which reimbursements to the Sponsor under the agreement will be allocated.  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 $4,240,231 of operating expenses, which had been paid by the Company as of December 31, 2017.

Pursuant to the Responsibility Agreement, 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 50% of the excess amount (the “Reimbursement Amount”) for such quarter as follows: (i) first, the Company will apply the Reimbursement Amount to 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 have been reimbursed; and (ii) second, the Company will apply the Reimbursement 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 three months ended March 31, 2022 and 2021. Therefore, none of the expenses of the Company covered by the Responsibility Agreement have been recorded as expenses of the Company for the three months ended March 31, 2022 and 2021. As of March 31, 2022, there is a remaining aggregate balance of approximately $16,274,000 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.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In June 2016, the FASB issued Accounting Standards Update (“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 for financial instruments measured at amortized cost. 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 beginning after December 15, 2022. 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 believes that the adoption of ASU 2016-13 will not have a material impact 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 has been dependent on the Sponsor for financial support in prior periods.

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

The Company is subject to financial market risks, including changes in interest rates. Global economies and capital markets can and have experienced significant volatility, which has increased the risks associated with investments in collateralized private debt instruments. Investment in the Company carries risk and there are no guarantees that the Company’s investment objectives will be achieved. The Company 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 was the sub-advisor with respect to five of the 19 investments that the Company has deemed Watch List investments, which are investments with respect to which the Company has determined there have been significant changes in the credit and collection risk of the investment.  As described in Note 3, IIG failed to provide the Company with complete and accurate information with respect to the Company’s investments for which IIG was the sub-advisor, and sold the Company a $6 million participation in a loan that did not exist.  In November 2019, the SEC charged IIG with fraud and revoked IIG's registration as an investment adviser. On March 30, 2020, the SEC obtained a final judgment on consent that enjoins IIG from violating the antifraud provisions of the federal securities laws. IIG has ceased operations and the Company does not expect to receive any further reporting from IIG with respect to its outstanding investments. IIG’s acts and omissions have negatively affected and are likely to continue to negatively affect the value of certain of the Company’s investments, which could adversely affect returns to the Company’s 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, 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. These risks may be further exacerbated by the adverse impact the COVID-19 pandemic has had and is expected to continue to have on the business of our borrowers. In addition, as of March 31, 2022 and December 31, 2021, all 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 March 31, 2022, the Company’s largest loan by value was $34,290,796 or 11.4% of total investments and provides for PIK interest, with principal and interest due at maturity. The Company’s five largest loans by value comprised 36.6% of the Company’s portfolio at March 31, 2022. Participation in loans amounted to 58.3% of the Company’s total portfolio at March 31, 2022.

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Investments (Tables)

3 Months Ended

Mar. 31, 2022

Investments Debt And Equity Securities [Abstract]

Schedule of Investments

As of March 31, 2022, the Company’s investments consisted of the following: 

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	125,130,293	$	121,013,963		40.1	%
Senior secured term loan participations		147,477,274		130,648,340		43.3	%
Senior secured trade finance participations		67,407,247		45,213,830		15.0	%
Other investments		6,000,000		3,758,063		1.2	%
Equity warrants		—		1,088,168		0.4	%
Total investments	$	346,014,813	$	301,722,364		100.0	%

As of December 31, 2021, the Company’s investments consisted of the following:

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	122,535,227	$	119,374,062		39.5	%
Senior secured term loan participations		147,557,201		132,290,743		43.9	%
Senior secured trade finance participations		67,157,549		45,092,689		15.0	%
Other investments		6,000,000		3,758,063		1.2	%
Equity warrants		—		1,088,168		0.4	%
Total investments	$	343,249,977	$	301,603,725		100.0	%

Schedule of Watch List Investments

As of March 31, 2022, the Company’s Watch List investments consisted of the following:

									Interest not accrued on Investments on Watch List status
									Three Months Ended
									March 31,		March 31,
Portfolio Company	Principal Balance		Fair Value		Accrued Interest		Sub-advisor	Valuation Approach	2022		2021
Trustco Group Holdings Ltd.	$	18,440,097	$	15,069,506	$	4,055,451	Helios	Collateral based approach	$	—	$	—
TRG Cape Verde Holdings Ltd.		14,312,720		12,002,520		3,308,154	Helios	Hybrid income/collateral based approach		—		—
Helios Maritime		17,007,004		8,442,990		2,784,470	Helios	Hybrid income/collateral based approach		—		—
Compania Argentina de Granos    S.A. (2), (3)		12,500,000		5,772,744		664,010	IIG	Income approach		—		326,563
Frigorifico Regional Industrias    Alimentarias, S.A.,    Sucursal Uruguay (2), (3)		9,000,000		6,361,679		264,500	IIG	Collateral based approach		—		—
Sancor Cooperativas Unidas Ltda		5,802,296		4,393,274		1,032,336	IIG	Collateral based approach		—		—
IIG TOF B.V. (2), (3)		6,000,000		3,758,063		572,000	IIG	Collateral based approach		—		—
Algodonera Avellaneda S.A. (2), (3)		6,000,000		3,398,558		778,500	IIG	Collateral based approach		—		—
Triton Metallics Pte Ltd.		20,408,828		18,266,468		720,096	TransAsia	Income approach		—		—
Conplex International Ltd. (2), (3)		9,433,430		2,429,024		—	TransAsia	Collateral based approach		—		—
Producam S.A.		15,319,644		14,599,214		—	Scipion	Hybrid income/collateral based approach		—		—
Global Pharma Intelligence    Sarl (1), (3)		648,430		648,430		134,215	Scipion	Collateral based approach		23,668		23,668
Mac Z Group SARL (3)		1,433,058		628,862		183,152	Scipion	Collateral based approach		—		—
Applewood Trading 199 Pty,    Ltd. (1), (3)		785,806		497,462		—	Barak	Hybrid income/collateral based approach		34,379		34,379
Multiple ICD (Kenya) Limited		14,758,950		13,204,359		3,973,890	Barak	Income approach		—		—
Agilis Partners Holding LLC		533,527		533,527		—	Origin	Income approach		—		—
Agilis Partners		11,628,566		10,599,028		197,763	Origin	Income approach		—		—
Usivale Industria E Commercio    Ltda (3)		2,851,296		877,326		645,932	N/A	Hybrid income/collateral based approach		88,604		88,604
Itelecom Holding Chile SPA (1)		1,456,162		1,456,162		322,032	Alsis	Income approach		—		—
Total Watchlist	$	168,319,814	$	122,939,196	$	19,636,501			$	146,651	$	473,214

¹ Investments with a fair value equal to less than 1.0% of the aggregate fair value of the Company's net assets as of March 31, 2022. Additional information regarding Watch List investments with a fair value equal to or greater than 1.0% of the aggregate fair value of the Company's net assets as of March 31, 2022 are presented below.

² Excludes interest not accrued with respect to investments which the Company may not legally accrue interest, such as those that are the subject of bankruptcy proceedings.

³ Investments were on non-accrual status.

As of December 31, 2021, the Company’s Watch List investments consisted of the following:

Portfolio Company	Principal Balance		Fair Value		Accrued Interest		Sub-advisor	Valuation Approach
Trustco Group Holdings Ltd.	$	18,253,506	$	15,184,914	$	3,668,770	Helios	Collateral based approach
TRG Cape Verde Holdings Ltd.		14,141,063		11,830,862		3,316,102	Helios	Hybrid income/collateral based approach
Helios Maritime		17,007,004		8,673,930		2,770,970	Helios	Hybrid income/collateral based approach
Compania Argentina de Granos    S.A. (2), (3)		12,500,000		5,772,744		664,010	IIG	Income approach
Frigorifico Regional Industrias    Alimentarias, S.A.,    Sucursal Uruguay (2), (3)		9,000,000		6,361,679		264,500	IIG	Collateral based approach
Sancor Cooperativas Unidas Ltda		5,802,296		4,393,274		877,559	IIG	Collateral based approach
IIG TOF B.V. (2), (3)		6,000,000		3,758,063		572,000	IIG	Collateral based approach
Algodonera Avellaneda S.A. (2), (3)		6,000,000		3,398,558		778,500	IIG	Collateral based approach
Triton Metallics Pte Ltd.		19,777,304		17,634,943		833,343	TransAsia	Income approach
Conplex International Ltd. (2), (3)		9,500,000		2,495,595		716,452	TransAsia	Collateral based approach
Producam S.A.		14,979,753		14,387,877		—	Scipion	Hybrid income/collateral based approach
Global Pharma Intelligence    Sarl (1), (3)		648,430		648,430		134,215	Scipion	Collateral based approach
Mac Z Group SARL (3)		1,433,058		628,862		210,568	Scipion	Collateral based approach
Applewood Trading 199 Pty,    Ltd. (1), (3)		785,806		497,462		-	Barak	Hybrid income/collateral based approach
Multiple ICD (Kenya) Limited		14,612,822		13,058,231		3,689,897	Barak	Income approach
Usivale Industria E Commercio    Ltda (3)		2,851,296		1,832,492		645,932	N/A	Hybrid income/collateral based approach
Itelecom Holding Chile SPA (1)		1,456,162		1,456,162		281,987	Alsis	Income approach
Total Watchlist	$	154,748,500	$	112,014,078	$	19,424,805

¹  Investments with a fair value equal to less than 1.0% of the aggregate fair value of the Company's net assets as of December 31, 2021. Additional information regarding Watch List investments with a fair value equal to or greater than 1.0% of the aggregate fair value of the Company's net assets as of December 31, 2021 are presented below.

^{2 Excludes interest not accrued with respect to investments which the Company may not legally accrue interest, such as those that are the subject of bankruptcy proceedings.}

³    Investments were on non-accrual status.

Components of Investment Portfolio, Fair Value

The industry composition of the Company’s portfolio, at fair value as of March 31, 2022 and December 31, 2021, was as follows:

	As of  March 31, 2022					As of December 31, 2021
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Beef Cattle, Except Feedlots	$	6,361,679		2.1	%	$	6,361,679		2.1	%
Boatbuilding and Repairing		6,633,143		2.2	%		6,466,030		2.1	%
Chemicals and Allied Products		17,844,102		5.9	%		17,537,201		5.8	%
Chocolate and Cocoa Products		29,599,214		9.8	%		29,387,877		9.7	%
Coal and Other Minerals and Ores		39,241,923		13.0	%		38,024,207		12.6	%
Computer Related Services, NEC		19,089,806		6.3	%		19,032,888		6.3	%
Corn		11,132,555		3.7	%		11,694,030		3.9	%
Corrugated and solid fiber boxes		12,387,189		4.1	%		12,387,189		4.1	%
Cotton Ginning		3,398,558		1.1	%		3,398,558		1.1	%
Dairy Farms		4,393,274		1.5	%		4,393,274		1.5	%
Drugs, Proprietaries, and Sundries		648,430		0.2	%		648,430		0.2	%
Electric Services		1,456,162		0.5	%		1,456,162		0.5	%
Farm Products		1,484,583		0.5	%		1,508,208		0.5	%
Freight Transportation Arrangement		13,204,359		4.4	%		13,058,231		4.3	%
Hotels and Motels		12,002,520		4.0	%		11,830,862		3.9	%
Land Subdividers and Developers		15,069,506		5.0	%		15,184,914		5.0	%
Miscellaneous Business Credit		3,758,063		1.2	%		3,758,063		1.2	%
Motor Vehicle Parts and Accessories		9,779,546		3.2	%		9,278,031		3.1	%
Personal Credit Institutions		4,596,613		1.5	%		5,342,393		1.8	%
Petroleum and Petroleum Products		6,972,901		2.3	%		8,367,480		2.8	%
Refuse Systems		35,378,964		11.7	%		34,050,695		11.3	%
Retail Bakeries		3,984,401		1.3	%		3,915,874		1.3	%
Salted and Roasted Nuts and Seeds		497,462		0.2	%		497,462		0.2	%
Sanitary Paper Products		4,916,465		1.7	%		4,880,364		1.6	%
Secondary Nonferrous Metals		628,862		0.2	%		628,862		0.2	%
Short-Term Business Credit		4,740,000		1.6	%		4,740,000		1.6	%
Soybeans		5,772,744		1.9	%		5,772,744		1.9	%
Sugarcane and Sugar Beets		877,326		0.3	%		1,832,492		0.6	%
Telephone and Telegraph Apparatus		2,429,024		0.8	%		2,495,595		0.8	%
Telephone Communications		15,000,000		5.0	%		15,000,000		5.0	%
Towing and Tugboat Service		8,442,990		2.8	%		8,673,930		3.0	%
Total	$	301,722,364		100.0	%	$	301,603,725		100.0	%

Schedule of Investment by Geographical Classification

The table below shows the portfolio composition by geographic classification at fair value as of March 31, 2022 and December 31, 2021:

	As of  March 31, 2022					As of December 31, 2021
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina (1)	$	19,926,255		6.6	%	$	19,926,255		6.6	%
Botswana		4,740,000		1.6	%		4,740,000		1.6	%
Brazil		26,600,275		8.8	%		27,331,410		9.1	%
Cabo Verde		12,002,520		4.0	%		11,830,862		3.9	%
Cameroon		14,599,214		4.8	%		14,387,877		4.8	%
Chile		1,456,162		0.5	%		1,456,162		0.5	%
Colombia		4,596,613		1.5	%		5,342,393		1.8	%
Ecuador		12,387,189		4.1	%		12,387,189		4.1	%
Ghana		6,972,901		2.3	%		8,367,480		2.8	%
Hong Kong		23,404,479		7.8	%		22,884,859		7.6	%
Indonesia		15,000,000		5.0	%		15,000,000		5.0	%
Jersey		15,000,000		5.0	%		15,000,000		5.0	%
Kenya		13,204,359		4.4	%		13,058,231		4.3	%
Malaysia		17,844,102		5.9	%		17,537,201		5.8	%
Mexico		35,378,964		11.7	%		34,050,695		11.3	%
Morocco		628,862		0.2	%		628,862		0.2	%
Namibia		15,069,506		5.0	%		15,184,914		5.0	%
Netherlands		9,779,546		3.2	%		9,278,031		3.1	%
Nigeria		9,927,573		3.3	%		10,182,138		3.4	%
Peru		4,916,465		1.6	%		4,880,364		1.6	%
Romania		3,984,401		1.3	%		3,915,874		1.3	%
Singapore		18,266,468		6.1	%		17,634,943		5.8	%
South Africa		497,462		0.2	%		497,462		0.2	%
United Arab Emirates		648,430		0.2	%		648,430		0.2	%
Uganda		11,132,555		3.7	%		11,694,030		3.9	%
N/A		3,758,063		1.2	%		3,758,063		1.1	%
Total	$	301,722,364		100.0	%	$	301,603,725		100.0	%

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

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	121,013,963	$	—	$	—	$	121,013,963
Senior secured term loan participations		130,648,340		—		—		130,648,340
Senior secured trade finance participations		45,213,830		—		—		45,213,830
Other investments		3,758,063		—		—		3,758,063
Equity warrants		1,088,168		—		—		1,088,168
Total	$	301,722,364	$	—	$	—	$	301,722,364

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, 2021:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	119,374,062	$	—	$	—	$	119,374,062
Senior secured term loan participations		132,290,743						132,290,743
Senior secured trade finance participations		45,092,689		—		—		45,092,689
Other investments		3,758,063						3,758,063
Equity warrants		1,088,168						1,088,168
Total	$	301,603,725	$	—	$	—	$	301,603,725

Summary of Investments Classified as Level 3

The following is a reconciliation of activity for the three months ended March 31, 2022, of investments classified as Level 3: 

	Fair Value at December 31, 2021		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in appreciation (depreciation)			Fair Value at March 31, 2022
Senior secured term loans	$	119,374,062	$	—	$	(293,920	)	$	2,888,987	$	(955,166	)	$	121,013,963
Senior secured term loan participations		132,290,743		—		(1,846,439	)		1,766,513		(1,562,477	)		130,648,340
Senior secured trade finance participations		45,092,689		—		(90,193	)		339,891		(128,557	)		45,213,830
Short term and other investments		3,758,063		—		—			—		—			3,758,063
Equity warrants		1,088,168		—		—			—		—			1,088,168
Total	$	301,603,725	$	-	$	(2,230,552	)	$	4,995,391	$	(2,646,200	)	$	301,722,364

Summary of Quantitative Information of Fair Value Measurements of Investments

As of March 31, 2022, 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 March 31, 2022:

	Fair value		Valuation technique	Unobservable input	Range (weighted average) (4)
Senior secured trade finance    participations (2)	$	27,354,003	Income approach (DCF)	Discount rate	12% - 15.75% (13.06%)
Senior secured trade finance    participations (1)	$	17,859,827	Collateral based approach	Value of collateral (collateral coverage ratio)	0.04x - 1.67x
Senior secured term loans (2)	$	120,136,637	Income approach (DCF)	Discount rate	11.75% - 16.5% (14.6%)
Senior secured term loans (2)	$	877,326	Collateral based approach	Value of collateral (collateral coverage ratio)	0.65x
Senior secured term loan participations (2)	$	115,578,834	Income approach  (DCF)	Discount rate	11.25% - 20.0% (15.8%)
Senior secured term loan participations (1)	$	15,069,506	Collateral based approach	Value of collateral (collateral coverage ratio)	1.07x
Other investments (3)	$	3,758,063	Collateral based approach	Value of collateral (collateral coverage ratio)	1.0x
Equity warrants	$	1,088,168	Option Pricing Method	Equity value, volatility, time to exit	N/A, 71%, 5 years

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

(2) The Company used the income approach for the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Martime, Producam, Applewood and Usivale, using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years. See Note 3 “Watch List Investments” for further information.

(3) This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V. Due to the fact that IIG TOF B.V. has been placed into bankruptcy, this investment utilizes the collateral based approach.

(4) The inputs were weighted based on the fair value of the investments included in the range.

As of December 31, 2021, 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, 2021:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance    participations (2)	$	27,166,291	Income approach (DCF)	Discount rate	11.0% - 15.75% (12.4%)
Senior secured trade finance    participations (1)	$	17,926,398	Collateral based approach	Value of collateral (collateral coverage ratio)	0.43x - 1.67x
Senior secured term loans (2)	$	119,374,062	Income approach (DCF)	Discount rate	11.25% - 18.0% (14.3%)
Senior secured term loan participations (2)	$	117,105,829	Income approach  (DCF)	Discount rate	11.0% - 20.0% (15.5%)
Senior secured term loan participations (1)	$	15,184,914	Collateral based approach	Value of collateral (collateral coverage ratio)	0.99x
Other investments (3)	$	3,758,063	Collateral based approach	Value of collateral (collateral coverage ratio)	1.0x
Equity warrants	$	1,088,168	Option Pricing Method	Equity value, volatility, time to exit	N/A, 71%, 5 years

(1) Collateral based approach used for the following Watch List investments: Trustco, Sancor, FRIAR, Algonodera, MacZ, GPI and Conplex. See Note 3 “Watch List Investments” for further information.

(2) The Company used the income approach for the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Maritime, Producam, Applewood and Usivale, using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years. See Note 3 “Watch List Investments” for further information.

(3) This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V. Due to the fact that IIG TOF B.V. has been placed into bankruptcy, this investment utilizes the collateral based approach.

(4) The inputs were weighted based on the fair value of the investments included in the range.

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Notes Payable (Tables)

3 Months Ended

Mar. 31, 2022

Debt Instruments [Abstract]

Summary of Notes Payable

The Company notes payable consist of the following:

	March 31, 2022		December 31, 2021
	Outstanding Balance		Outstanding Balance
Christian Super promissory note	$	—	$	5,000,000
Total notes payable	$	-	$	5,000,000

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Unit Capital (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Summary of Transactions with Respect to the Company's Units

The following table is a summary of unit activity during the three months ended March 31, 2022:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			March 31,
	2021		the Period		the Period			2022
Class A units		18,128,699		116,034		(104,106	)		18,140,627
Class C units		7,827,952		52,970		(41,049	)		7,839,872
Class I units		10,517,764		77,226		(86,666	)		10,508,324
Class W units		24,555		-		-			24,555
Class Y units		2,696,506		25,159		(15,632	)		2,706,033
Class Z units		8,423,851		-		-			8,423,851
Total		47,619,327		271,389		(247,453	)		47,643,263

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Distributions (Tables)

3 Months Ended

Mar. 31, 2022

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 three months ended March 31, 2022:

		Daily Rate		Cash		Distributions		Total
Month ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2022	November 12, 2021	$	0.00139060	$	1,431,973	$	616,109	$	2,048,082
February 28, 2022	November 12, 2021	$	0.00139060		1,298,531		554,580		1,853,111
March 31, 2022	February 17, 2022	$	0.00139060		1,442,429		612,752		2,055,181
Total for 2022				$	4,172,933	$	1,783,441	$	5,956,374

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Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights of the Company for the three months ended March 31, 2022 and 2021:

	Three months ended
	March 31,			March 31,
	2022			2021
Per unit data (1):
Net asset value at beginning of period	$	7.58		$	7.58
Net investment income		0.11			0.11
Net change in unrealized depreciation on investments		(0.06	)		(0.02	)
Net increase in net assets resulting from operations		0.05			0.09
Distributions		(0.13	)		(0.15	)
Net change in accrued distribution and other fees		-			-
Net decrease in net assets		(0.07	)		(0.06	)
Net asset value at end of period (2)	$	7.51		$	7.52
Total return based on net asset value (3)		0.67	%		1.22	%
Net assets at end of period	$	335,406,114		$	354,255,225
Units Outstanding at end of period		47,643,263			47,044,755
Ratio/Supplemental data (annualized) (3):
Ratio of net investment income to average net assets		6.60	%		6.27	%
Ratio of net operating expenses to average net assets		5.30	%		5.04	%

1 The per unit data was derived by using the weighted average units outstanding during the three months ended March 31, 2022 and 2021, which were 47,720,815 and 47,002,965, respectively.

2 For financial statement reporting purposes under GAAP, as of March 31, 2022 and 2021, the Company recorded a liability in the amount of $439,000 and $476,000, 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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Organization and Operations of the Company - Additional Information (Detail)			1 Months Ended		3 Months Ended		12 Months Ended	60 Months Ended
	Jun. 11, 2013 USD ($) shares	Feb. 25, 2013 USD ($)	Mar. 31, 2017 USD ($)	May 31, 2012 USD ($) shares	Mar. 31, 2022 USD ($) Employee $ / shares shares	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2022 USD ($) Employee $ / shares
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased					$ 183,000
Shares purchased under equity transaction | shares					271,389
Offering period, description					The primary public offering terminated on March 31, 2017.
Additional gross proceeds					$ 509,103,000
Investments					$ 231,000		$ 6,368,000	$ 231,000
Percentage of investments (based on fair value of investments)					18.70%		18.50%
Impact of Covid19 decline company net asset per unit | $ / shares					$ 0.07			$ 0.07
Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased					$ 837,113	$ 1,053,700
Shares purchased under equity transaction | shares					116,034
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								$ 99,973,000
Distribution Reinvestment Plan [Member]
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction | shares					247,432
Aggregate gross proceeds on units purchased					$ 1,783,000
Additional gross proceeds								$ 47,354,000
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					100.00%
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

XML

Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) Investment Loans $ / shares	Mar. 31, 2021 USD ($) $ / shares	Dec. 31, 2021 USD ($) Investment $ / shares		Dec. 31, 2017 USD ($)	Dec. 31, 2020 $ / shares
Significant Accounting Policies [Line Items]
Minimum investment maturity period	12 months
Paid-in-kind interest	$ 4,360,469	$ 5,500,696	$ 5,500,696
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
Interest and penalties related to unrecognized tax benefits	$ 0
Net asset value per unit | $ / shares	$ 7.51	$ 7.52	$ 7.58			$ 7.58
Investment, unrealized depreciation	$ 2,646,200
Number of watch list investments | Investment	19		17
Fair Value	$ 301,722,364		$ 301,603,725	[1]
Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Fair Value	$ 34,290,796
Number of investment loans | Loans	5
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment	11.40%
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment	36.60%
Investment Concentration [Member] | Investment Portfolio [Member] | Participation in Loans [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment	58.30%
Sub-advisory Agreement [Member]
Significant Accounting Policies [Line Items]
Fair Value	$ 122,939,196		$ 112,014,078
IIG [Member] | Sub-advisory Agreement [Member]
Significant Accounting Policies [Line Items]
Number of watch list investments | Investment	5
Non existence loan participation amount					$ 6,000,000
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
Related party transaction reimbursement amounts paid					$ 4,240,231
Remaining excess amount payment percentage	50.00%
Related party transaction expenses	$ 0	$ 0
Due to affiliates	$ 16,274,000
TriLinc Global, LLC [Member] | Organization And Offering Costs [Member]
Significant Accounting Policies [Line Items]
Intercompany Agreements Description	Organization and offering costs incurred in connection with the Offering were reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs did not exceed 15.0% of the gross offering proceeds raised from the Offering (the “O&O Reimbursement Limit”) and were accrued and payable by the Company only to the extent that such costs did not exceed the O&O Reimbursement Limit.
Earliest tax year [Member]
Significant Accounting Policies [Line Items]
Open tax year	2016
Class C Units [Member]
Significant Accounting Policies [Line Items]
Distribution fee per annum percentage of estimated value per share	0.80%
Distribution fee payable	$ 419,000
Net assets value per unit | $ / shares	$ 7.049		$ 7.123
Decrease in net asset value per unit | $ / shares	$ 0.07
Class I Units [Member]
Significant Accounting Policies [Line Items]
Unpaid dealer manager fee	$ 19,000
Net assets value per unit | $ / shares	$ 7.049		7.123
Decrease in net asset value per unit | $ / shares	$ 0.07
Class W Units [Member]
Significant Accounting Policies [Line Items]
Unpaid dealer manager and service fees	$ 1,000
Net assets value per unit | $ / shares	$ 7.049		7.123
Decrease in net asset value per unit | $ / shares	$ 0.07
Class C Units, Class I Units and Class W Units [Member]
Significant Accounting Policies [Line Items]
Distribution, dealer manager and service fees payable	$ 439,000
Class A Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares	$ 7.05		7.12
Decrease in net asset value per unit | $ / shares	0.07
Class Y Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares	7.05		7.12
Decrease in net asset value per unit | $ / shares	0.07
Class Z Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares	7.05		$ 7.12
Decrease in net asset value per unit | $ / shares	$ 0.07
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 ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Amortized Cost		$ 346,014,813	$ 343,249,977	[1]
Fair Value		$ 301,722,364	$ 301,603,725	[1]
Percentage of Total Investments		100.00%	100.00%
Senior Secured Term Loans [Member]
Schedule of Investments [Line Items]
Amortized Cost		$ 125,130,293	$ 122,535,227	[1]
Fair Value		$ 121,013,963	$ 119,374,062	[1]
Percentage of Total Investments		40.10%	39.50%
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 147,477,274	$ 147,557,201
Fair Value	[1]	$ 130,648,340	$ 132,290,743
Percentage of Total Investments		43.30%	43.90%
Senior Secured Trade Finance Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 67,407,247	$ 67,157,549
Fair Value	[1]	$ 45,213,830	$ 45,092,689
Percentage of Total Investments		15.00%	15.00%
Other Investments [Member]
Schedule of Investments [Line Items]
Amortized Cost		$ 6,000,000	$ 6,000,000
Fair Value		$ 3,758,063	$ 3,758,063
Percentage of Total Investments		1.20%	1.20%
Equity Warrants [Member]
Schedule of Investments [Line Items]
Fair Value		$ 1,088,168	$ 1,088,168
Percentage of Total Investments		0.40%	0.40%

[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						2 Months Ended		3 Months Ended							12 Months Ended
	Apr. 14, 2021 USD ($)	Oct. 14, 2020 Property Guarantor	Apr. 07, 2018 USD ($)	Jan. 31, 2022 USD ($) Property	Feb. 28, 2019	Jan. 31, 2018 USD ($)	Mar. 31, 2017 USD ($)	Feb. 28, 2017 USD ($)	Oct. 31, 2016 USD ($)	Apr. 30, 2022 USD ($)	Aug. 16, 2020 USD ($)	Mar. 31, 2022 USD ($) Investment Company Contract t	Dec. 31, 2021 USD ($) Investment Company Property		Jun. 30, 2021 Guarantor	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2021 USD ($) Investment Company		Apr. 30, 2021 USD ($)	Aug. 17, 2020 USD ($)	Nov. 30, 2019 USD ($)	May 31, 2019 USD ($)	Jan. 01, 2019	Dec. 31, 2018 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2017 USD ($)	Oct. 31, 2017 USD ($)	Jul. 31, 2017 USD ($)	Apr. 30, 2017 USD ($)	Jan. 31, 2017 USD ($)	May 31, 2016 USD ($)	Dec. 31, 2013 USD ($)
Schedule of Investments [Line Items]
Accrued deferred interest												$ 3,707,000	$ 3,487,000						$ 3,487,000
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 March 31, 2022.
Number of trade finance categories | Company												2
Short term investments maturity period												less than one year
Fair Value												$ 301,722,364	$ 301,603,725	[1]					$ 301,603,725	[1]
Percentage of investment in loans												100.00%							100.00%
Number of companies on non-accrual status | Company												9	9						9
Number of watch list investments | Investment												19	17						17
Interest payments received																			$ 700,000
Proceeds from principal received																			198,000
Interest Receivable												$ 28,126,236	$ 26,523,185						26,523,185
Number of properties | Property		4
Interest paid												11,169				$ 48,319
Interest on loans amount												8,584,968				$ 9,150,446
Argentina [Member]
Schedule of Investments [Line Items]
Fair Value												$ 19,926,255	19,926,255						$ 19,926,255
Percentage of investment in loans												6.60%							6.60%
Morocco [Member]
Schedule of Investments [Line Items]
Fair Value												$ 628,862	628,862						$ 628,862
Percentage of investment in loans												0.20%							0.20%
Sub-advisory Agreement [Member]
Schedule of Investments [Line Items]
Fair Value												$ 122,939,196	112,014,078						$ 112,014,078
Interest Receivable												19,636,501	19,424,805						19,424,805
Trade financing participation, principal balance												$ 168,319,814	154,748,500						154,748,500
IIG [Member] | Sub-advisory Agreement [Member]
Schedule of Investments [Line Items]
Number of watch list investments | Investment												5
Participating loan investments																		$ 6,000,000
IIG [Member] | Sub-advisory Agreement [Member] | Violating Antifraud Provisions Of Federal Securities Laws [Member]
Schedule of Investments [Line Items]
Loss contingency, parties liable in litigation												the SEC filed fraud charges against David Hu, one of IIG's co-founders, who was also charged by the U.S. Attorney's Office for the Southern District of New York in a parallel criminal action
Trustco Group Holdings Ltd [Member] | Helios Investment Partners, LLP [Member]
Schedule of Investments [Line Items]
Fair Value												$ 302,000
Entire principal amount																																$ 15,000,000
TRG Cape Verde Holdings Ltd [Member] | Helios Investment Partners, LLP [Member]
Schedule of Investments [Line Items]
Entire principal amount																																	$ 17,000,000
Interest payments received												361,000
Helios Maritime I [Member] | Helios Investment Partners, LLP [Member]
Schedule of Investments [Line Items]
Entire principal amount																												$ 15,300,000
Forgiveness of debt and restructured amortization profile												8,000,000
Write off of investments												$ 231,000
IIG TOF B.V. [Member]
Schedule of Investments [Line Items]
Bankruptcy proceedings, date petition for bankruptcy filed												Dec. 11, 2019
Bankruptcy proceedings, court where petition was filed												January 21, 2020, the Amsterdam District Court declared IIG TOF B.V. bankrupt and appointed a Dutch law firm as liquidator.
Bankruptcy proceedings, description of proceedings												Company is seeking recovery of amounts due and payable to the Company with respect to the Participations it acquired from IIG TOF B.V. There can be no assurances as to when or if the Company will recover the amounts to which the Company believes it is entitled. Additional information regarding Watch List investments for which IIG was the sub-advisor with a fair value equal to or greater than 1.0% of the Company's net assets
Compania Argentina de Granos [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Participation purchases								$ 2,500,000	$ 10,000,000
Number of export contract | Contract												2
Compania Argentina de Granos [Member] | Argentina [Member] | Molinos Ca?uelas [Member]
Schedule of Investments [Line Items]
Debt repayment period under proposed settlement					10 years
Remaining portion repayment period under proposed settlement					10 years
Percentage of outstanding interest to be pledged under proposed settlement					62.50%
Algodonera Avellaneda S.A [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Participation purchases												$ 6,000,000
Sancor Cooperativas Unidas Ltda [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Extended maturity date												Jul. 29, 2019
IIG Trade Opportunities Fund B.V. Receivable [Member]
Schedule of Investments [Line Items]
Participation purchases							$ 6,000,000
Triton Metallics Pte. Ltd [Member] | TransAsia Private Capital Ltd [Member]
Schedule of Investments [Line Items]
Entire principal amount																							$ 16,456,270
Triton Metallics Pte. Ltd [Member] | Trans Asia Private Capital Limited
Schedule of Investments [Line Items]
Unrecorded investment interest income											$ 241,816
Interest Receivable																						$ 1,503,463
Conplex International Ltd. [Member] | TransAsia Private Capital Ltd [Member]
Schedule of Investments [Line Items]
Entire principal amount																								$ 9,500,000
Interest payments received				$ 716,000									$ 596,000
Proceeds from principal received				$ 67,000
Number of guarantors | Guarantor		2
Number of guarantor forced into bankruptcy | Guarantor															1
Number of properties sold | Property				2									1
Proceeds from sale and purchase agreement executed for remaining property										$ 361,000
Producam SA [Member] | AMC Trade Finance Limited [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance																											$ 15,986,369
Producam SA [Member] | AMC Trade Finance Limited [Member] | Cocoa Facility [Member]
Schedule of Investments [Line Items]
Stated interest rate percentage on term loan																					9.50%				17.50%
Producam SA [Member] | AMC Trade Finance Limited [Member] | Cocoa Facility [Member]
Schedule of Investments [Line Items]
Stated interest rate percentage on term loan																					6.00%
Producam SA [Member] | Scipion [Member]
Schedule of Investments [Line Items]
Fair Value												$ 129,000
Unrecorded investment interest income	$ 49,014
Interest Receivable																					$ 0
Scrap Metal Recycler [Member] | Scipion [Member] | Morocco [Member]
Schedule of Investments [Line Items]
Entire principal amount																															$ 9,000,000
Interest paid						$ 330,000
Periodic payment			$ 292,000
Insurance policy settlement receivable																	$ 9,377,199
Scrap Metal Recycler [Member] | Scipion [Member] | Morocco [Member] | Copper [Member]
Schedule of Investments [Line Items]
Quantity of primary collateral securing participation, scrap | t												1,970
Scrap collateral value																													$ 13,300,000
Received from sale of scrap												$ 27,000
Multiple ICD (Kenya) Limited [Member] | Barak Fund Management Ltd. [Member]
Schedule of Investments [Line Items]
Entire principal amount																														$ 15,000,000
Agilis Partners [Member] | Origin Capital Ltd [Member]
Schedule of Investments [Line Items]
Fair Value												1,030,000
Entire principal amount																										$ 10,968,000
Usivale Industria E Commercio Ltda [Member]
Schedule of Investments [Line Items]
Fair Value																																		$ 955,000
Entire principal amount																																		$ 2,500,000
Usivale Industria E Commercio Ltda [Member] | Sub-advisory Agreement [Member] | Hybrid Income and Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Fair Value												877,326	$ 1,832,492						1,832,492
Interest Receivable												645,932	645,932						645,932
Trade financing participation, principal balance												2,851,296	2,851,296						2,851,296
Non-Accrual Status [Member]
Schedule of Investments [Line Items]
Fair Value												$ 24,372,000	$ 25,393,000						$ 25,393,000
Percentage of investment in loans												8.10%							8.40%
Unrecorded investment interest income												$ 147,000
Maximum [Member]
Schedule of Investments [Line Items]
Accrued interest receivable period												1 year
Trade finance transactions period												180 days
Trade finance maturity period												1 year
Maximum [Member] | Triton Metallics Pte. Ltd [Member] | TransAsia Private Capital Ltd [Member]
Schedule of Investments [Line Items]
Interest															11.50%
Maximum [Member] | Scrap Metal Recycler [Member] | Scipion [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
Minimum [Member] | IIG TOF B.V. [Member] | IIG [Member] | Sub-advisory Agreement [Member]
Schedule of Investments [Line Items]
Fair value of net assets percentage												1.00%
Minimum [Member] | Triton Metallics Pte. Ltd [Member] | TransAsia Private Capital Ltd [Member]
Schedule of Investments [Line Items]
Interest															6.00%

[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 Watch List Investments (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021		Dec. 31, 2013
Schedule of Investments [Line Items]
Fair Value	$ 301,722,364		$ 301,603,725	[1]
Interest receivable	28,126,236		26,523,185
Usivale Industria E Commercio Ltda [Member]
Schedule of Investments [Line Items]
Fair Value					$ 955,000
Sub-advisory Agreement [Member]
Schedule of Investments [Line Items]
Principal Amount	168,319,814		154,748,500
Fair Value	122,939,196		112,014,078
Interest receivable	19,636,501		19,424,805
Sub-advisory Agreement [Member] | Watch List Status [Member]
Schedule of Investments [Line Items]
Interest not accrued on Investments on Watch List status	146,651	$ 473,214
Sub-advisory Agreement [Member] | Usivale Industria E Commercio Ltda [Member] | Hybrid Income and Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	2,851,296		2,851,296
Fair Value	877,326		1,832,492
Interest receivable	645,932		645,932
Sub-advisory Agreement [Member] | Usivale Industria E Commercio Ltda [Member] | Watch List Status [Member] | Hybrid Income and Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Interest not accrued on Investments on Watch List status	88,604	88,604
Sub-advisory Agreement [Member] | Helios Investment Partners, LLP [Member] | Trustco Group Holdings Ltd [Member] | Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	18,440,097		18,253,506
Fair Value	15,069,506		15,184,914
Interest receivable	4,055,451		3,668,770
Sub-advisory Agreement [Member] | Helios Investment Partners, LLP [Member] | TRG Cape Verde Holdings Ltd [Member] | Hybrid Income and Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	14,312,720		14,141,063
Fair Value	12,002,520		11,830,862
Interest receivable	3,308,154		3,316,102
Sub-advisory Agreement [Member] | Helios Investment Partners, LLP [Member] | Helios Maritime I [Member] | Hybrid Income and Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	17,007,004		17,007,004
Fair Value	8,442,990		8,673,930
Interest receivable	2,784,470		2,770,970
Sub-advisory Agreement [Member] | IIG [Member] | Compania Argentina de Granos S.A. [Member] | Income Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	12,500,000		12,500,000
Fair Value	5,772,744		5,772,744
Interest receivable	664,010		664,010
Sub-advisory Agreement [Member] | IIG [Member] | Compania Argentina de Granos S.A. [Member] | Watch List Status [Member] | Income Approach [Member]
Schedule of Investments [Line Items]
Interest not accrued on Investments on Watch List status		326,563
Sub-advisory Agreement [Member] | IIG [Member] | Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	9,000,000		9,000,000
Fair Value	6,361,679		6,361,679
Interest receivable	264,500		264,500
Sub-advisory Agreement [Member] | IIG [Member] | Sancor Cooperativas Unidas Ltda [Member] | Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	5,802,296		5,802,296
Fair Value	4,393,274		4,393,274
Interest receivable	1,032,336		877,559
Sub-advisory Agreement [Member] | IIG [Member] | IIG TOF B.V. [Member] | Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	6,000,000		6,000,000
Fair Value	3,758,063		3,758,063
Interest receivable	572,000		572,000
Sub-advisory Agreement [Member] | IIG [Member] | Algodonera Avellaneda S.A [Member] | Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	6,000,000		6,000,000
Fair Value	3,398,558		3,398,558
Interest receivable	778,500		778,500
Sub-advisory Agreement [Member] | TransAsia Private Capital Ltd [Member] | Triton Metallics Pte. Ltd [Member] | Income Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	20,408,828		19,777,304
Fair Value	18,266,468		17,634,943
Interest receivable	720,096		833,343
Sub-advisory Agreement [Member] | TransAsia Private Capital Ltd [Member] | Conplex International Ltd. [Member] | Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	9,433,430		9,500,000
Fair Value	2,429,024		2,495,595
Interest receivable			716,452
Sub-advisory Agreement [Member] | Scipion [Member] | Producam SA [Member] | Hybrid Income and Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	15,319,644		14,979,753
Fair Value	14,599,214		14,387,877
Sub-advisory Agreement [Member] | Scipion [Member] | Global Pharma Intelligence Sarl [Member] | Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	648,430		648,430
Fair Value	648,430		648,430
Interest receivable	134,215		134,215
Sub-advisory Agreement [Member] | Scipion [Member] | Global Pharma Intelligence Sarl [Member] | Watch List Status [Member] | Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Interest not accrued on Investments on Watch List status	23,668	23,668
Sub-advisory Agreement [Member] | Scipion [Member] | Mac Z Group SARL [Member] | Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	1,433,058		1,433,058
Fair Value	628,862		628,862
Interest receivable	183,152		210,568
Sub-advisory Agreement [Member] | Barak [Member] | Applewood Trading 199 Pty, Ltd [Member] | Hybrid Income and Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	785,806		785,806
Fair Value	497,462		497,462
Sub-advisory Agreement [Member] | Barak [Member] | Applewood Trading 199 Pty, Ltd [Member] | Watch List Status [Member] | Hybrid Income and Collateral Based Approach [Member]
Schedule of Investments [Line Items]
Interest not accrued on Investments on Watch List status	34,379	$ 34,379
Sub-advisory Agreement [Member] | Barak [Member] | Multiple ICD (Kenya) Limited [Member] | Income Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	14,758,950		14,612,822
Fair Value	13,204,359		13,058,231
Interest receivable	3,973,890		3,689,897
Sub-advisory Agreement [Member] | Origin Capital Ltd [Member] | Agilis Partners Holding LLC [Member] | Income Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	533,527
Fair Value	533,527
Sub-advisory Agreement [Member] | Origin Capital Ltd [Member] | Agilis Partners [Member] | Income Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	11,628,566
Fair Value	10,599,028
Interest receivable	197,763
Sub-advisory Agreement [Member] | Alsis [Member] | Itelecom Holding Chile SPA [Member] | Income Approach [Member]
Schedule of Investments [Line Items]
Principal Amount	1,456,162		1,456,162
Fair Value	1,456,162		1,456,162
Interest receivable	$ 322,032		$ 281,987

[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 Watch List Investments (Parenthetical) (Detail)	Mar. 31, 2022	Dec. 31, 2021
Maximum [Member]
Schedule of Investments [Line Items]
Percentage of investments at fair value	1.00%	1.00%
Minimum [Member]
Schedule of Investments [Line Items]
Percentage of investments at fair value	1.00%	1.00%

XML

Investments - Components of Investment Portfolio, Fair Value (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Fair Value	$ 301,722,364	$ 301,603,725	[1]
Percentage of Total Investments	100.00%	100.00%
Beef Cattle, Except Feedlots [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,361,679	$ 6,361,679
Percentage of Total Investments	2.10%	2.10%
Boatbuilding and Repairing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,633,143	$ 6,466,030
Percentage of Total Investments	2.20%	2.10%
Chemicals and Allied Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,844,102	$ 17,537,201
Percentage of Total Investments	5.90%	5.80%
Chocolate and Cocoa Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 29,599,214	$ 29,387,877
Percentage of Total Investments	9.80%	9.70%
Coal and Other Minerals and Ores [Member]
Schedule of Investments [Line Items]
Fair Value	$ 39,241,923	$ 38,024,207
Percentage of Total Investments	13.00%	12.60%
Computer Related Services, NEC [Member]
Schedule of Investments [Line Items]
Fair Value	$ 19,089,806	$ 19,032,888
Percentage of Total Investments	6.30%	6.30%
Farm Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 11,132,555	$ 11,694,030
Percentage of Total Investments	3.70%	3.90%
Corrugated And Solid Fiber Boxes [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,387,189	$ 12,387,189
Percentage of Total Investments	4.10%	4.10%
Cotton Ginning [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,398,558	$ 3,398,558
Percentage of Total Investments	1.10%	1.10%
Dairy Farms [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,393,274	$ 4,393,274
Percentage of Total Investments	1.50%	1.50%
Drugs, Proprietaries, and Sundries [Member]
Schedule of Investments [Line Items]
Fair Value	$ 648,430	$ 648,430
Percentage of Total Investments	0.20%	0.20%
Electric Services [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,456,162	$ 1,456,162
Percentage of Total Investments	0.50%	0.50%
Farm Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,484,583	$ 1,508,208
Percentage of Total Investments	0.50%	0.50%
Freight Transportation Arrangement [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,204,359	$ 13,058,231
Percentage of Total Investments	4.40%	4.30%
Hotels and Motels [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,002,520	$ 11,830,862
Percentage of Total Investments	4.00%	3.90%
Land Subdividers and Developers [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,069,506	$ 15,184,914
Percentage of Total Investments	5.00%	5.00%
Financial Services [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,758,063	$ 3,758,063
Percentage of Total Investments	1.20%	1.20%
Motor Vehicle Parts and Accessories [Member]
Schedule of Investments [Line Items]
Fair Value	$ 9,779,546	$ 9,278,031
Percentage of Total Investments	3.20%	3.10%
Telephone Communications [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,596,613	$ 5,342,393
Percentage of Total Investments	1.50%	1.80%
Petroleum and Petroleum Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,972,901	$ 8,367,480
Percentage of Total Investments	2.30%	2.80%
Refuse Systems [Member]
Schedule of Investments [Line Items]
Fair Value	$ 35,378,964	$ 34,050,695
Percentage of Total Investments	11.70%	11.30%
Retail Bakeries [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,984,401	$ 3,915,874
Percentage of Total Investments	1.30%	1.30%
Salted and Roasted Nuts and Seeds [Member]
Schedule of Investments [Line Items]
Fair Value	$ 497,462	$ 497,462
Percentage of Total Investments	0.20%	0.20%
Sanitary Paper Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,916,465	$ 4,880,364
Percentage of Total Investments	1.70%	1.60%
Secondary Nonferrous Metals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 628,862	$ 628,862
Percentage of Total Investments	0.20%	0.20%
Short-Term Business Credit [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,740,000	$ 4,740,000
Percentage of Total Investments	1.60%	1.60%
Soybeans [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,772,744	$ 5,772,744
Percentage of Total Investments	1.90%	1.90%
Sugarcane and Sugar Beets [Member]
Schedule of Investments [Line Items]
Fair Value	$ 877,326	$ 1,832,492
Percentage of Total Investments	0.30%	0.60%
Telephone and Telegraph Apparatus [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,429,024	$ 2,495,595
Percentage of Total Investments	0.80%	0.80%
Telephone Communications [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,000,000	$ 15,000,000
Percentage of Total Investments	5.00%	5.00%
Towing and Tugboat Service [Member]
Schedule of Investments [Line Items]
Fair Value	$ 8,442,990	$ 8,673,930
Percentage of Total Investments	2.80%	3.00%

[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 Investment by Geographical Classification (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Fair Value	$ 301,722,364	$ 301,603,725	[1]
Percentage of Total Investments	100.00%	100.00%
Argentina [Member]
Schedule of Investments [Line Items]
Fair Value	$ 19,926,255	$ 19,926,255
Percentage of Total Investments	6.60%	6.60%
Botswana [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,740,000	$ 4,740,000
Percentage of Total Investments	1.60%	1.60%
Brazil [Member]
Schedule of Investments [Line Items]
Fair Value	$ 26,600,275	$ 27,331,410
Percentage of Total Investments	8.80%	9.10%
Cabo Verde [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,002,520	$ 11,830,862
Percentage of Total Investments	4.00%	3.90%
Cameroon [Member]
Schedule of Investments [Line Items]
Fair Value	$ 14,599,214	$ 14,387,877
Percentage of Total Investments	4.80%	4.80%
Chile [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,456,162	$ 1,456,162
Percentage of Total Investments	0.50%	0.50%
Columbia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,596,613	$ 5,342,393
Percentage of Total Investments	1.50%	1.80%
Ecuador [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,387,189	$ 12,387,189
Percentage of Total Investments	4.10%	4.10%
Ghana [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,972,901	$ 8,367,480
Percentage of Total Investments	2.30%	2.80%
Hong Kong [Member]
Schedule of Investments [Line Items]
Fair Value	$ 23,404,479	$ 22,884,859
Percentage of Total Investments	7.80%	7.60%
Indonesia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,000,000	$ 15,000,000
Percentage of Total Investments	5.00%	5.00%
Jersey [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,000,000	$ 15,000,000
Percentage of Total Investments	5.00%	5.00%
Kenya [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,204,359	$ 13,058,231
Percentage of Total Investments	4.40%	4.30%
Malaysia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,844,102	$ 17,537,201
Percentage of Total Investments	5.90%	5.80%
Mexico [Member]
Schedule of Investments [Line Items]
Fair Value	$ 35,378,964	$ 34,050,695
Percentage of Total Investments	11.70%	11.30%
Morocco [Member]
Schedule of Investments [Line Items]
Fair Value	$ 628,862	$ 628,862
Percentage of Total Investments	0.20%	0.20%
Namibia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,069,506	$ 15,184,914
Percentage of Total Investments	5.00%	5.00%
Netherlands [Member]
Schedule of Investments [Line Items]
Fair Value	$ 9,779,546	$ 9,278,031
Percentage of Total Investments	3.20%	3.10%
Nigeria [Member]
Schedule of Investments [Line Items]
Fair Value	$ 9,927,573	$ 10,182,138
Percentage of Total Investments	3.30%	3.40%
Peru [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,916,465	$ 4,880,364
Percentage of Total Investments	1.60%	1.60%
Romania [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,984,401	$ 3,915,874
Percentage of Total Investments	1.30%	1.30%
Singapore [Member]
Schedule of Investments [Line Items]
Fair Value	$ 18,266,468	$ 17,634,943
Percentage of Total Investments	6.10%	5.80%
South Africa [Member]
Schedule of Investments [Line Items]
Fair Value	$ 497,462	$ 497,462
Percentage of Total Investments	0.20%	0.20%
United Arab Emirates [Member]
Schedule of Investments [Line Items]
Fair Value	$ 648,430	$ 648,430
Percentage of Total Investments	0.20%	0.20%
Uganda [Member]
Schedule of Investments [Line Items]
Fair Value	$ 11,132,555	$ 11,694,030
Percentage of Total Investments	3.70%	3.90%
Other [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,758,063	$ 3,758,063
Percentage of Total Investments	1.20%	1.10%

[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 Valuation of Investments by Fair Value Hierarchy Levels (Detail) - USD ($)		Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned fair value		$ 301,722,364	$ 301,603,725	[1]
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned fair value		121,013,963	119,374,062	[1]
Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned fair value	[1]	130,648,340	132,290,743
Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned fair value	[1]	45,213,830	45,092,689
Other Investments [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned fair value		3,758,063	3,758,063
Equity Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned fair value		1,088,168	1,088,168
Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned fair value		301,722,364	301,603,725
Level 3 [Member] | Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned fair value		121,013,963	119,374,062
Level 3 [Member] | Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned fair value		130,648,340	132,290,743
Level 3 [Member] | Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned fair value		45,213,830	45,092,689
Level 3 [Member] | Other Investments [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned fair value		3,758,063	3,758,063
Level 3 [Member] | Equity Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned fair value		$ 1,088,168	$ 1,088,168

[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) - Level 3 [Member]	3 Months Ended
	Mar. 31, 2022 USD ($)
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	$ 301,603,725
Maturities or Prepayments of investments	(2,230,552)
Accretion of discounts / Payment-in-kind interest	4,995,391
Net change in appreciation (depreciation) on investments	(2,646,200)
Investment owned at Fair value, ending balance	301,722,364
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	119,374,062
Maturities or Prepayments of investments	(293,920)
Accretion of discounts / Payment-in-kind interest	2,888,987
Net change in appreciation (depreciation) on investments	(955,166)
Investment owned at Fair value, ending balance	121,013,963
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	132,290,743
Maturities or Prepayments of investments	(1,846,439)
Accretion of discounts / Payment-in-kind interest	1,766,513
Net change in appreciation (depreciation) on investments	(1,562,477)
Investment owned at Fair value, ending balance	130,648,340
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	45,092,689
Maturities or Prepayments of investments	(90,193)
Accretion of discounts / Payment-in-kind interest	339,891
Net change in appreciation (depreciation) on investments	(128,557)
Investment owned at Fair value, ending balance	45,213,830
Short Term and Other Investments [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	3,758,063
Investment owned at Fair value, ending balance	3,758,063
Equity Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	1,088,168
Investment owned at Fair value, ending balance	$ 1,088,168

XML

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Realized gains or (losses) on investments	$ 0	$ 0
Net change in unrealized depreciation on investments	2,646,200	975,327
Transfers into level 3 investments	0	0
Transfers out of level 3 investments	0	0
Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Net change in unrealized depreciation on investments	$ 2,646,200	$ 975,327

XML

Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Detail)		Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 301,722,364	$ 301,603,725	[1]
Senior Secured Trade Finance Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	45,213,830	45,092,689
Senior Secured Term Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		121,013,963	119,374,062	[1]
Senior Secured Term Loan Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	130,648,340	132,290,743
Other Investments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		3,758,063	3,758,063
Equity Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		1,088,168	1,088,168
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		301,722,364	301,603,725
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		45,213,830	45,092,689
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]	$ 27,354,003	$ 27,166,291
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[2],[3]	12	11.0
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[2],[3]	13.06	12.4
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[2],[3]	15.75	15.75
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	[4]	$ 17,859,827	$ 17,926,398
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based Approach [Member] | Minimum [Member] | Measurement Input Value Of Collateral
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[3],[4]	0.04	0.43
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based Approach [Member] | Maximum [Member] | Measurement Input Value Of Collateral
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[3],[4]	1.67	1.67
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		$ 121,013,963	$ 119,374,062
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	[2]	$ 120,136,637	$ 119,374,062
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[2],[3]	11.75	11.25
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[2],[3]	14.6	14.3
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[2],[3]	16.5	18.0
Level 3 [Member] | Senior Secured Term Loans [Member] | Collateral Based Approach [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[2]	$ 877,326
Level 3 [Member] | Senior Secured Term Loans [Member] | Collateral Based Approach [Member] | Measurement Input Value Of Collateral
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[2],[3]	0.65
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		$ 130,648,340	$ 132,290,743
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	[2]	$ 115,578,834	$ 117,105,829
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[2],[3]	11.25	11.0
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Minimum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[2],[3]	15.8	15.5
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Maximum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[2],[3]	20.0	20.0
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based Approach [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[4]	$ 15,069,506	$ 15,184,914
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based Approach [Member] | Measurement Input Value Of Collateral
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[3],[4]	1.07	0.99
Level 3 [Member] | Other Investments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 3,758,063	$ 3,758,063
Level 3 [Member] | Other Investments [Member] | Collateral Based Approach [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[5]	$ 3,758,063	$ 3,758,063
Level 3 [Member] | Other Investments [Member] | Collateral Based Approach [Member] | Measurement Input Value Of Collateral
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[3],[5]	1.0	1.0
Level 3 [Member] | Equity Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 1,088,168	$ 1,088,168
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		$ 1,088,168	$ 1,088,168
Weighted average term		5 years	5 years
Level 3 [Member] | Equity Warrants [Member] | Option Pricing Method [Member] | Minimum [Member] | Measurement Input Equity Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[3]	71	71

[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 the income approach for the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Martime, Producam, Applewood and Usivale, using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years. See Note 3 “Watch List Investments” for further information.

[3] The inputs were weighted based on the fair value of the investments included in the range.

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

[5] This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V. Due to the fact that IIG TOF B.V. has been placed into bankruptcy, this investment utilizes the collateral based approach.

XML

Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Parenthetical) (Detail) - Level 3 [Member] - Senior Secured Trade Finance Participations [Member] - Income Approach (DCF) [Member]		3 Months Ended	12 Months Ended
		Mar. 31, 2022	Dec. 31, 2021
Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected collection period		2 years	2 years
Minimum [Member] | Recovery Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Additional unobservable inputs		0.15	0.15
Minimum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Additional unobservable inputs	[1],[2]	12	11.0
Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Expected collection period		3 years	3 years
Maximum [Member] | Recovery Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Additional unobservable inputs		0.30	0.30
Maximum [Member] | Measurement Input, Discount Rate [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Additional unobservable inputs	[1],[2]	15.75	15.75

[1] The Company used the income approach for the following Watch List investments: CAGSA, Triton, MICD and Itelecom and a hybrid of the collateral based approach and the income approach for TRG Cape Verde, Helios Martime, Producam, Applewood and Usivale, using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years. See Note 3 “Watch List Investments” for further information.

[2] The inputs were weighted based on the fair value of the investments included in the range.

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Contingencies and Related Parties - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended	68 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2021
Contingencies And Related Parties [Line Items]
Accrued incentive fee on capital gains	$ 895,878				$ 141,685
Advisor earned incentive fees	895,878	$ 781,456
Due from affiliates	$ 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
Related party transaction reimbursement amounts paid			$ 4,240,231	4,240,231
Remaining excess amount payment percentage	50.00%
TriLinc Advisors, LLC [Member]
Contingencies And Related Parties [Line Items]
Advisory agreement, maturity date	Feb. 25, 2023
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
Accrued incentive fee on capital gains	0	0
Advisor earned asset management fees	1,689,960	1,809,230
Advisor earned incentive fees	895,878	$ 781,456
TriLinc Global, LLC [Member]
Contingencies And Related Parties [Line Items]
Due from affiliates	$ 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
Related party transaction reimbursement amounts paid			$ 4,240,231	$ 4,240,231
Remaining excess amount payment percentage	50.00%

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Organization and Offering Costs - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	$ 17,317,708		$ 17,317,708
Offering costs incurred by Sponsor		$ 79,901
Payment for reimbursement of offering costs incurred by Sponsor		79,901
TriLinc Global, LLC [Member]
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	17,617,000
Organization costs paid by the Sponsor on behalf of the Company	236,000
Offering costs incurred by Sponsor	11,000	12,000
Payment for reimbursement of offering costs incurred by Sponsor	0	80,000
Reimbursement of organization costs incurred by Sponsor	17,318,000
SC Distributors LLC [Member]
Organization And Offering Costs [Line Items]
Expenses related to distributions fees, dealer manager fees and service fees	$ 101,000	$ 111,000

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Notes Payable - Summary of Notes Payable (Detail)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Outstanding Balance, notes payable	$ 5,000,000
Christian Super [Member] | Promissory Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable	$ 5,000,000

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Notes Payable - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 18, 2018
Debt Instrument [Line Items]
Interest expense recognized	$ 11,169	$ 47,268
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
Notes issuance, payment terms	The entire principal balance under the CS Note (and any unpaid interest) was due in one balloon payment on December 18, 2021, which was the fourth anniversary of the issuance date. The due date was extended and the CS Note was repaid in full on January 18, 2022.
Notes issuance, interest rate terms	The CS Note had an interest rate of 3.5% per annum plus one-year LIBOR (4.3% as of March 31, 2022) and interest is payable quarterly in arrears within 15 days after the end of each calendar quarter.
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Series 2 Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member] | One Year LIBOR [Member]
Debt Instrument [Line Items]
Stated interest rate percentage on term loan			3.50%
Variable interest rate	4.30%
Description of variable interest rate	one-year LIBOR

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Unit Capital - Additional Information (Detail) - USD ($)		3 Months Ended
	Jun. 11, 2014	Mar. 31, 2022	Mar. 31, 2021
Capital Unit [Line Items]
Units Issued During the Period		271,389
Aggregate gross proceeds on units purchased		$ 183,000
Held Units For Minimum year	1 year
Repurchase of aggregate units		247,453
Weighted average repurchase price per unit		$ 7.12
Aggregate repurchase price		$ 1,762,687	$ 2,205,383
Amount of repurchase requests pending units		$ 1,757,873
Percentage of eligible repurchase requests fulfilled on pro rata basis		6.68%
Units not purchased during repurchase program		2,714,000
Percentage of eligible repurchase requests were not redeemed		93.32%
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 first quarter of 2022 have been made at a price equal to $7.123 per units, which was the net asset value per unit of each class as of December 31, 2021, the most recently disclosed net asset value at the time of repurchase.
Repurchase price per unit		$ 7.123
Maximum [Member]
Capital Unit [Line Items]
Percentage of Total	5.00%
Private Placement [Member]
Capital Unit [Line Items]
Units, Sold in Private Placement		25,159
Distribution Reinvestment Plan [Member]
Capital Unit [Line Items]
Units Issued During the Period		247,432
Units Issued During the Period, value		$ 1,783,000
Class C Units [Member]
Capital Unit [Line Items]
Distribution, dealer manager and service fee payable		$ 439,000
Estimated net assets value per unit		$ 7.123
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		52,970
Aggregate gross proceeds on units purchased		$ 381,305	526,839
Class I Units [Member]
Capital Unit [Line Items]
Estimated net assets value per unit		$ 7.123
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		77,226
Aggregate gross proceeds on units purchased		$ 557,028	$ 634,678
Class W Units [Member]
Capital Unit [Line Items]
Estimated net assets value per unit		$ 7.123
Distribution and dealer manager fee payable, discount rate		4.00%
Percentage of distribution and dealer manager fee per annum		0.75%

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Unit Capital - Summary of Transactions with Respect to the Company's Units (Detail)	3 Months Ended
	Mar. 31, 2022 shares
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	47,619,327
Units Issued During the Period	271,389
Units Repurchased During the Period	(247,453)
Units Outstanding, Ending Balance	47,643,263
Class A Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	18,128,699
Units Issued During the Period	116,034
Units Repurchased During the Period	(104,106)
Units Outstanding, Ending Balance	18,140,627
Class C Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	7,827,952
Units Issued During the Period	52,970
Units Repurchased During the Period	(41,049)
Units Outstanding, Ending Balance	7,839,872
Class I Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	10,517,764
Units Issued During the Period	77,226
Units Repurchased During the Period	(86,666)
Units Outstanding, Ending Balance	10,508,324
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	2,696,506
Units Issued During the Period	25,159
Units Repurchased During the Period	(15,632)
Units Outstanding, Ending Balance	2,706,033
Class Z Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	8,423,851
Units Outstanding, Ending Balance	8,423,851

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Distributions - Summary of Distributions Paid (Detail) - USD ($)		3 Months Ended		38 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Apr. 30, 2021
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Daily Rate Per Unit	$ 0.00145753			$ 0.00168675
Cash Distributions		$ 4,172,933	$ 4,906,823
Distributions Reinvested		1,783,441
Total Declared		$ 5,956,374
January 31, 2021 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Nov. 12, 2021
Daily Rate Per Unit		$ 0.00139060
Cash Distributions		$ 1,431,973
Distributions Reinvested		616,109
Total Declared		$ 2,048,082
February 28, 2021 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Nov. 12, 2021
Daily Rate Per Unit		$ 0.00139060
Cash Distributions		$ 1,298,531
Distributions Reinvested		554,580
Total Declared		$ 1,853,111
March 31, 2021 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Feb. 17, 2022
Daily Rate Per Unit		$ 0.00139060
Cash Distributions		$ 1,442,429
Distributions Reinvested		612,752
Total Declared		$ 2,055,181

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Distributions - Additional Information (Detail) - $ / shares		2 Months Ended	3 Months Ended		12 Months Ended	38 Months Ended
	Mar. 31, 2021	May 31, 2022	Aug. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Apr. 30, 2021	Dec. 31, 2020
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Dividends declared per unit	$ 0.00145753					$ 0.00168675
Annualized rate of net assets value						7.00%	7.00%
Net assets, per unit				$ 7.049	$ 7.123		$ 7.600
Percentage of annualized distributions on NAV per unit				7.00%	7.00%
Scenario Forecast [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Dividends declared per unit		$ 0.00136605	$ 0.00135186
Class C Units [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Net asset value per unit				$ 7.049	$ 7.123
Class I Units [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Net asset value per unit				7.049	7.123
Class W Units [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Net asset value per unit				$ 7.049	$ 7.123

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Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Net asset value at beginning of period	$ 7.58	$ 7.58
Net investment income	0.11	0.11
Net change in unrealized depreciation on investments	(0.06)	(0.02)
Net increase in net assets resulting from operations	0.05	0.09
Distributions	(0.13)	(0.15)
Net decrease in net assets	(0.07)	(0.06)
Net asset value at end of period	$ 7.51	$ 7.52
Total return based on net asset value	0.67%	1.22%
Net assets at end of period	$ 335,406,114	$ 354,255,225	$ 338,725,057	$ 355,273,630
Units Outstanding at end of period	47,643,263	47,044,755	47,619,327
Ratio/Supplemental data (annualized):
Ratio of net investment income to average net assets	6.60%	6.27%
Ratio of net operating expenses to average net assets	5.30%	5.04%

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Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule Of Financial Highlights [Line Items]
Weighted average units outstanding	47,720,815	47,002,965
Class C, Class I and Class W Units [Member]
Schedule Of Financial Highlights [Line Items]
Distribution and dealer manager fees payable	$ 439,000	$ 476,000

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Subsequent Events - Additional Information (Detail) - USD ($)		1 Months Ended		2 Months Ended	3 Months Ended			12 Months Ended	38 Months Ended
	Mar. 31, 2021	May 13, 2022	Apr. 30, 2022	May 31, 2022	Aug. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Apr. 30, 2021
Subsequent Event [Line Items]
Cash paid for distributions						$ 4,172,933	$ 4,906,823
Dividends declared per unit	$ 0.00145753								$ 0.00168675
Percentage of annualized distributions on NAV per unit						7.00%		7.00%
Class C Units [Member]
Subsequent Event [Line Items]
Net asset value per unit						$ 7.049		$ 7.123
Class I Units [Member]
Subsequent Event [Line Items]
Net asset value per unit						7.049		7.123
Class W Units [Member]
Subsequent Event [Line Items]
Net asset value per unit						$ 7.049		$ 7.123
Scenario Forecast [Member]
Subsequent Event [Line Items]
Dividends declared per unit				$ 0.00136605	$ 0.00135186
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash paid for distributions			$ 1,347,683
Reinvestment under distribution reinvestment plan			$ 566,058
Funded new loans		$ 0
Proceeds from repayment of loans		$ 1,500,000