10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D. C. 20549

FORM 10-K

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

For the year ended December 31, 2018

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

For the transition period from

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)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: Units of Limited Liability Company Interest

Indicate by check mark whether the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act.    Yes  ☐    No  ☑

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☑

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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ☑

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 the 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 by Rule 12b-2 of the Exchange Act)    Yes  ☐    No  ☑

There is no established trading market for the registrant’s units, and therefore the aggregate market value of the registrant’s units held by non-affiliates cannot be determined.

As of March 26, 2019, the Company had outstanding 18,053,592 Class A units, 8,284,495 Class C units, 10,607,913 Class I units, 24,555 Class W units, 1,197,830 Class Y units and 5,965,037 Class Z units.

FORM 10-K

FOR THE YEAR ENDED DECEMBER 31, 2017

INDEX

		Page
PART I
Item 1	Business	4
Item 1A	Risk Factors	18
Item 1B	Unresolved Staff Comments	34
Item 2	Properties	35
Item 3	Legal Proceedings	35
Item 4	Mine Safety Disclosures	35
PART II
Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	36
Item 6	Selected Financial Data	39
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	39
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	58
Item 8	Financial Statements	59
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	59
Item 9A	Controls and Procedures	59
Item 9B	Other Information	59
PART III
Item 10	Directors, Executive Officers, and Corporate Governance	60
Item 11	Executive Compensation	66
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	67
Item 13	Certain Relationships and Related Transactions, and Director Independence	68
Item 14	Principal Accounting Fees and Services	71
PART IV
Item 15	Exhibits and Financial Statement Schedules	72
	Signatures
Item 16	Form 10-K Summary	73

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FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, or Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or Exchange Act. Forward-looking statements are generally identifiable by use of forward-looking terminology such as “may,” “will,” “should,” “potential,” “intend,” “expect,” “seek,” “anticipate,” “estimate,” “believe,” “could,” “project,” “predict,” “continue,” “future” or other similar words or expressions. Forward-looking statements are not guarantees of performance and are based on certain assumptions, discuss future expectations, describe plans and strategies, contain projections of results of operations or of financial condition or state other forward-looking information. Such statements include, but are not limited to, those relating to our ability to deploy capital quickly and successfully, our ability to pay distributions to our unitholders, our reliance on TriLinc Advisors, LLC, or the Advisor, and TriLinc Global, LLC, or the Sponsor, strategies and investment activities and our ability to effectively deploy capital. Our ability to predict results or the actual effect of plans or strategies is inherently uncertain. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements and you should not unduly rely on these statements. These forward-looking statements involve risks, uncertainties and other factors that may cause our actual results in future periods to differ materially from those forward-looking statements. These factors include, but are not limited to:

• our future operating results;

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

• our business prospects and the prospects of our borrowers;

• the economic, social and/or environmental impact of the investments that we expect to make;

• our contractual arrangements and relationships with third parties;

• our ability to make distributions to our unitholders;

• the dependence of our future success on the general economy and its impact on the companies in which we invest;

• the availability of cash flow from operating activities for distributions and payment of operating expenses;

• the performance of our Advisor, our sub-advisors and our Sponsor;

• our dependence on our Advisor and our dependence on and the availability of the financial resources of our Sponsor;

• the ability of our borrowers to make required payments;

• our Advisor’s ability to attract and retain sufficient personnel to support our growth and operations;

• the lack of a public trading market for our units;

• our limited operating history;

• 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.

The foregoing list of factors is not exhaustive. All forward-looking statements included in this Annual Report on Form 10-K are based on information available to us on the date hereof and we are under no duty to update any of the forward-looking statements after the date of this report to conform these statements to actual results.

Factors that could have a material adverse effect on our operations and future prospects are set forth in our filings with the United States Securities and Exchange Commission, or the SEC, including the “Risk Factors” in this Annual Report on Form 10-K beginning on page 18. The risk factors set forth in our filings with the SEC could cause our actual results to differ significantly from those contained in any forward-looking statement contained in this report.

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PART I

ITEM 1. BUSINESS

TriLinc Global Impact Fund, LLC is a Delaware limited liability company formed on April 30, 2012. Unless otherwise noted, the terms “we,” “us,” “our,” “the Company” and “our Company” refer to TriLinc Global Impact Fund, LLC; the term our “Advisor” and “TriLinc Advisors” refers to TriLinc Advisors, LLC, our external advisor; the term “SC Distributors” and our “dealer manager” refers to SC Distributors, LLC, our dealer manager; and the term our “Sponsor” refers to TriLinc Global, LLC, our sponsor.

Overview

The Company makes impact investments in Small and Medium Enterprises, or SMEs, which we define 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. 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. We were organized as a Delaware limited liability company on April 30, 2012. We believe that we operate and intend to operate our business in a manner that permits us to maintain our exemption from registration under the Investment Company Act of 1940. We invest in SMEs through local market sub-advisors and our objective is to build a diversified portfolio of financial assets, including direct loans, loan participations, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. We anticipate that a substantial portion of our assets will continue to consist of collateralized private debt instruments, which we believe offer opportunities for competitive risk-adjusted returns through income generation. We are externally managed and advised by TriLinc Advisors.

To assist the Company in achieving its investment objective, the Company makes investments via wholly owned subsidiaries. As of December 31, 2018, the Company has 13 subsidiaries, all of which are Cayman Islands exempted companies. To assist the Advisor in managing the Company and its subsidiaries, the Advisor may provide services via TriLinc Advisors International, Ltd. (“TAI”), a Cayman Islands exempted company that is wholly owned by TriLinc Advisors, LLC.

Our business strategy is to generate competitive financial returns and positive economic, social and/or environmental impact by providing financing to SMEs, primarily in developing economies, defined as countries with national income classified by the World Bank as upper-middle income and below. 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. Through our investments in SMEs, we intend to enable job creation and stimulate economic growth.

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 secured trade finance, senior secured loans, and other collateralized loans or loan participations to SMEs with established, profitable businesses in developing economies. With our sub-advisors, we expect to provide growth capital financing generallyranging 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 which 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.

Our goal is to create a diversified portfolio of primarily private debt instruments, including trade finance and term loans, whose counterparties are small and medium-size businesses in developing economies. Private debt facilities generate current income and in some cases offer the potential for modest capital appreciation, while maintaining a higher place in a company’s capital structure than the equity held by the owners and other investors.  As small and growing businesses, our borrowers have used and we expect them to continue to use capital to expand operations, improve the financial standing of their operations, or finance the trade of their goods. According to the most recent IFC SME Banking Guide, SMEs have been shown to improve job creation and GDP growth throughout the world, and we expect the portfolio of our investments to have a positive, measurable impact in their communities, in addition to offering a competitive financial return to the investor.

On February 25, 2013, our registration statement on Form S-1 was declared effective by the SEC. Pursuant to the registration statement, we commenced our initial public offering of up to $1.5 billion in units of our limited liability company interest, consisting of up to $1.25 billion of units in our primary offering, consisting of Class A units and Class C units at the initial offering prices of $10.00 per unit and $9.576 per unit, respectively, and Class I units at $9.025 per unit, which we refer to as the primary offering, and up to $250 million of units pursuant to our distribution reinvestment plan, which we refer to as the Distribution Reinvestment Plan,

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and which we collectively refer to as the Offering. In May 2012, the Advisor purchased 22,161 Class A units for aggregate gross proceeds of $200,000. In June 2013, we satisfied our 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 the Distribution Reinvestment Plan.

Upon termination of the Offering, we registered $75 million in Class A, Class C and Class I units to continue to be offered pursuant to our Distribution Reinvestment Plan to the investors who have purchased units in the Offering. On March 7, 2018, our board of managers approved an amendment to our distribution reinvestment plan, pursuant to which, commencing with distributions declared for the month of March 2018, units issued pursuant to the 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. Prior to March 30, 2018, units were issued pursuant to the Distribution Reinvestment Plan at a price equal to the greater of $9.025 per unit or the net asset value per unit of each class, as most recently disclosed by the Company in a public filing with the SEC.  

For the period from April 1, 2017 to December 31, 2017, we issued 971,564 of our units pursuant to the Distribution Reinvestment Plan for gross proceeds of approximately $8,762,000. In addition, for the period from April 1, 2017 to December 31, 2017, we issued 1,654,871 of our units for gross proceeds of approximately $14,204,000 pursuant to a private placement to accredited investors.

For the year ended December 31, 2018, we issued 1,175,826 of our units pursuant to our Distribution Reinvestment Plan for gross proceeds of approximately $10,028,000. In addition, for the year ended December 31, 2018, we issued 6,240,356 of our units for gross proceeds of approximately $53,117,000 pursuant to a private placement.

As of December 31, 2018, we had issued an aggregate of 47,737,792 of our units, including 3,625,121 units issued under our Distribution Reinvestment Plan, for gross proceeds of approximately $447,887,000 including approximately $32,128,000 reinvested under our Distribution Reinvestment Plan (before dealer manager fees of approximately $4,786,000 and selling commissions of $16,924,000, for net proceeds of $426,177,000).

Our Dealer Manager

SC Distributors, LLC, or SC Distributors, a Delaware limited liability company formed in March 2009, served as our dealer manager for the Offering. Strategic Capital Advisory Services, LLC, or Strategic Capital, is an affiliate of SC Distributors and has an equity interest in our Advisor. SC Distributors is a member firm of the Financial Industry Regulatory Authority, or FINRA. SC Distributors received dealer manager fees and selling commissions, and receives distribution fees and other ongoing fees with respect to certain classes of units sold while SC Distributors was the dealer manager. In addition, SC Distributors received certain reimbursements for services relating to our Offering.

Our Advisor

TriLinc Advisors manages our investments. TriLinc Advisors is a private investment advisory firm focusing on impact investments in SMEs around the world. TriLinc Advisors is a registered as an investment adviser with the SEC. Led by its Chief Executive Officer and President, Gloria Nelund, its  Chief Financial Officer, Mark Tipton, its Chief Operating Officer, Scott Hall, its Chief Compliance Officer, Brent VanNorman, and its Chief Investment Officer, Paul Sanford, TriLinc Advisors’ management team has a long track record and broad experience in the management of regulated, multi-billion dollar fund complexes and global macro portfolio management. TriLinc Advisors and our sub-advisors have an extensive network of relationships with emerging market private equity and debt managers, bilateral and multilateral Development Financial Institutions, or DFIs, and international consultancies and service providers that we believe benefit our portfolio of investments. We benefit from both the top-down, global macro investing approach of TriLinc Advisors and the bottom-up deal sourcing and structuring of our sub-advisors. Pursuant to the joint venture agreement and its ownership in TriLinc Advisors, Strategic Capital is entitled to receive distributions equal to 15% of the gross cash proceeds received by TriLinc Advisors from the management and incentive fees payable by us to TriLinc Advisors under the Amended and Restated Advisory Agreement, dated as of February 25, 2014, by and between the Company and the Advisor, as renewed through February 25, 2020 (the “Advisory Agreement”). See “Investment Advisory Agreements and Fees” section below.

We seek to capitalize on the significant investment experience of our Advisor’s management team, which has over 100 years of collective experience in financial services and investment. Our CEO and President, Gloria Nelund, founded our Sponsor in 2008 after a thirty year career in the international asset management industry.

As of the date of this report, we have engaged, through our Advisor, eleven third-party investment managers in a sub-advisory capacity to source, evaluate, and monitor investments. As noted below, we have determined not to make any additional investments sourced by one of the eleven sub-advisors. Our local market sub-advisors have significant experience and established networks in our targeted asset classes, regions and countries, and adhere to the investment parameters as directed by the Advisor’s investment team and our board of managers. Primary sub-advisors, who will source the majority of our investments, must have a minimum five year

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investment track record and have invested at least $250 million in their target region. Secondary sub-advisors, who focus on a specific region or asset class, must have a minimum three year investment track record and have invested at least $100 million in their target region. All sub-advisors must have continuity in their investment team, including senior management, and an investment strategy that can responsibly deploy appropriate levels of capital. Sub-advisors must have strong, independent risk controls and must screen for and track impact and the Environmental, Social and Governance (ESG) practices of the borrowers.

TriLinc Advisors has contracted the following third-party investment managers to act as sub-advisors:

• Asia Impact Capital Ltd. (AIC): an investment firm advised by the founding principals of TAEL Partners Ltd. (“TAEL”) and established to provide investment management services to us. TAEL is a leading Southeast Asian investment firm founded in 2007 by seasoned industry veterans with long term track records and diverse investment capabilities across Southeast Asia. TAEL’s investment professionals have deep roots in Southeast Asia and extensive experience working for leading financial institutions on both international and local levels. TAEL’s founding principals have over 75 years of collective Asian market investment experience. The company has a hands-on approach and can adapt and tailor its investment structures to the nuances of the Southeast Asian markets while partnering with established, growing businesses. TAEL has over $15 billion in credit transaction experience. AIC serves as a primary sub-advisor.

• Barak Fund Management Ltd. (Barak): an Africa-based asset management company founded in 2008 that is focused on providing trade finance to small and middle market companies. Barak specializes in sourcing and originating mainly commodity and agricultural-related transactions with strong collateral characteristics. With affiliate offices in Mauritius and South Africa, the Barak team is positioned to source and take advantage of the numerous opportunities that arise in some of the world’s fastest growing economies. Barak has completed over $2.4 billion in transactions since its inception. Barak’s two founding principals have more than 35 years of combined experience in trading, international banking and private equity investment in Africa. Both possess specialist expertise in the agricultural and commodities sectors, developed at a variety of world class institutions such as Standard Bank, Absa, Barclays and Rand Merchant Bank. Barak serves as a secondary sub-advisor.

• Helios Investment Partners, LLP (Helios): an Africa-focused private investment firm managing funds totaling over $3 billion. Established in 2004 and based in London, Nigeria, and Kenya, Helios has invested in companies that operate in more than 35 countries across the African continent. Differentiated by a combination of world-class investment skills, deep local and international networks, and a thorough understanding of the African environment, the firm’s diverse investor base comprises a broad range of the world’s leading investors, including sovereign wealth funds, corporate and public pension funds, endowments and foundations, funds of funds, family offices and development finance institutions across the US, Europe, Asia and Africa. The Helios senior credit team members collectively have more than 95 years of investment experience in institutional lending, debt structuring, trading and risk management with previous tenures at leading financial institutions including Goldman Sachs, Bank of America N.A., Citibank N.A. and Renaissance Financial Holdings Limited and have completed over $4.8 billion in debt transactions across Africa. These investment professionals lead the Helios credit team’s disciplined loan structuring and diligent risk management processes and procedures to create attractive investment and impact opportunities for the Company’s term loan strategy throughout Sub-Saharan Africa. As one of the leading investment firms in the region, Helios’ regional networks will support the credit team’s mandate to provide financing to companies not well-served by banks or equity investors. Helios serves as a secondary sub-advisor.

• TRG Management LP (“TRG,” d/b/a The Rohatyn Group): founded in 2002, TRG is one of the leading emerging markets asset management firms. The firm and its affiliates manage assets of more than $5.5 billion with product offerings across private equity, private credit, hedge funds, fixed income, infrastructure and real estate. TRG is headquartered in New York, with offices around the globe including Brazil, Mexico, Peru, Uruguay, Argentina, India, Singapore, Hong Kong and London. TRG’s Latin American Credit Team (“LACT”) is composed of four senior members, the majority of whom have been with the firm since 2004. Collectively, the principals have over 100 years of investment experience in institutional lending, debt structuring, sales and trading, and high-yield distressed debt transactions with previous tenures at leading financial institutions including J.P. Morgan, Citibank, Merrill Lynch, BBVA and the World Bank. With a deep network of relationships throughout Latin America, LACT has deployed over $490 million, since 2004, in credit transactions in some of the region’s most predominant sectors, including the utility, telecommunications, retail, and energy industries. TRG’s disciplined investment process, diligent investment administration and operations infrastructure support LACT and its strategy to create substantial value for its investors and SMEs that are currently underserved by traditional banks and financial intermediaries operating in the region. TRG serves as a secondary sub-advisor.

• Alsis Funds, S.C. (“Alsis”):a Latin America-focused asset management firm with offices in Mexico City and Miami that has deployed over $257 million, including over $110 million asset-based lending, since its inception in 2007. Alsis is managed by a team of locals with significant experience, market knowledge, and extensive in-country networks. While Alsis’ investment activity is primarily in Mexico, the firm is a material provider of capital to the growing SME segment and real estate industry across the region, having deployed capital in key growth industries. Alsis executes its SME strategy through a direct private lending approach that focuses on transactions that can be collateralized by purchase contracts with strong off-takers and also targets companies seeking financing backed by financial assets or real estate assets. Alsis’ principals possess over 65 years of

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combined experience in transaction sourcing, underwriting, credit analysis, and asset management, at firms such as J.P. Morgan Chase, Deutsche Bank, Bear Stearns, and BBVA Bancomer. Alsis serves as a secondary sub-advisor.

• Scipion Capital, Ltd. (“Scipion”): a Sub-Saharan Africa-focused investment management firm that has deployed over $450 million in trade finance transactions since its inception in 2007. Headquartered in London, with an office in Geneva and investment team member presence in Botswana and South Africa, the firm focuses its investment strategy on managing a diversified portfolio of trade finance assets across multiple industries, geographies, and financing structures. More specifically, Scipion’s emphasis on short duration and self-liquidating transactions is a cornerstone of its investment strategy and has helped build its reputation as one of the leading trade finance managers in the region. Scipion accomplishes its value proposition through the provision of short-term liquidity, usually with facility tenors of 120 days or less, to SMEs engaged in export and import-related transactions that would otherwise not have time-efficient access to finance from local financial institutions. Furthermore, Scipion’s investments pursue strong collateral coverage profiles consisting of inventory and accounts receivables. Scipion’s principals execute the firm’s strategy through over 55 years of combined experience in banking, emerging markets, and trade finance in Africa, at firms such as Credit Suisse, Citicorp Investment Bank, Standard Chartered Bank, and Barclays. Scipion serves as a secondary sub-advisor.

• EuroFin Investments Pte Ltd. and EFA RET Management Pte Ltd. (the “EFA Group”): a Southeast Asia-headquartered asset manager that specializes in term loan and trade finance strategies, respectively, through its affiliated firms. Since inception in 2003, EFA Group has deployed over $5.4 billion in trade finance and term loan transactions globally, including over $107 million in term loan transactions in the Company’s target geographies of Vietnam, Malaysia, Indonesia, and Philippines. Headquartered in Singapore with offices in London, Geneva, Istanbul, and Dubai, EFA Group is a signatory to the United Nations-supported Principles for Responsible Investment and is managed by an experienced team of investment professionals with in-depth market knowledge and extensive in-country networks. The synergy between the affiliated firms capitalizes on proprietary information and market intelligence, enabling EFA Group to execute structured senior secured mid-term loans to middle-market enterprises operating along the region’s real economy value chains. Through its complementary lending strategies, EFA Group structures term loan products with strong collateral packages that include hard assets as well as service contracts, inventory, and share pledges. The execution of EFA Group’s term loan strategy is led by the firm’s principals who have 69 years of combined experience in lending strategies throughout the region, including past tenures at Rabobank Singapore, Noble Trade Finance Limited, FINCO Asia, PwC, and Calyon CIB. EFA Group’s investment activities are supported by a global network of more than 50 employees who provide strategic deal origination, credit underwriting, asset management, operations, and financial administration expertise. EFA Group’s experienced team and extensive track record of facilitating timely and flexible financing to growth-stage enterprises in the region is deepened by a diverse investor base, including top-tier pension funds, insurance companies, funds of funds, and family offices. The EFA Group serves as a secondary sub-advisor.

• TransAsia Private Capital Ltd. (“TransAsia”): a Hong Kong based asset management firm, established in 2013, focusing on extending short-and long-term trade finance to mid-sized private companies in South and Southeast Asia, such as trading companies, agricultural producers, and manufacturers, who sell directly to overseas buyers. Since its inception, TransAsia has deployed approximately $350 million in over 850 Asian trade finance transactions. TransAsia’s extensive in-country network allows the firm to leverage its reputation in the region to strengthen historical relationships and develop new relations with prospective clients. TransAsia’s competitive advantage is supported by its sophisticated institutional investor base. TransAsia has recognized that over the past five years, the demand for Asian trade finance, particularly for longer-dated transactions, has outpaced supply due to changes in regulatory capital requirements. TransAsia aims to reduce the widening gap in the lending market, created in large part by banks that have reallocated credit lines to larger borrowers. TransAsia seeks to provide trade finance and term loans to borrowers in Indonesia, Malaysia, Philippines, Cambodia, Thailand, Singapore, and Hong Kong, matching the demand of target borrower companies in the region, and helping them achieve sustainable growth through more flexible financing options. TransAsia’s three principals are well-versed in Asian debt asset management with 90 years of combined experience in banking, private equity, and private debt. Each partner has robust experience in Asian markets developed at leading global financial institutions such as Lloyds, Chase Bank, Income Partners Asset Management, MeesPierson/Fortis Bank, and HypoVereinsbank. TransAsia’s credit analysis and structuring teams are further supported by an in-house credit scoring system that is used for risk structuring, management, and monitoring. TransAsia serves as a secondary sub-advisor.

• Africa Merchant Capital Group (“AMC”): a U.K.-based boutique merchant banking services business founded in 2012, that established AMC Trade Finance (“AMCTF”) in 2016 in order to implement its middle market trade finance strategy in Sub-Saharan Africa. The global regulatory environment has reduced commercial banks’ appetite to deploy funds into the African trade finance market, and non-banking sectors have insufficient capital resources, leaving the SME sector underfunded. AMCTF aims to increase the availability of trade finance for domestic and regional trade in Sub-Saharan Africa through offering a range of flexible short term trade finance product solutions. The AMCTF product range includes off-balance sheet stand-alone transactional facilities, back-to-back Letter of Credit (“LC”) facilities, trade-receivable discounting, supplier cash payments and documentary collections. AMCTF actively works with their borrowers to understand their needs, and structures solutions that

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complement each borrower’s operations, as well as their banking arrangements, and works alongside commercial banks that issue the letters of credit to guarantee payments. AMCTF’s principals have over 80 years of combined experience in banking, corporate finance, trade finance, and emerging markets, including past tenures at GLI Finance, Legion Trade Finance, Barclays, Wells Fargo, Templewood Merchant Bank, Scipion Capital, First Rand Group and ABSA, and have completed over $1.5 billion in trade finance transactions. AMCTF is able to draw upon its unique expertise and networks, enabling consistent asset origination, credit structuring and risk management, and merchant financing services. TriLinc’s partnership with AMCTF will help to provide short term trade finance to borrowers trading into or out of most countries in Sub-Saharan Africa, including Botswana, Mauritius, Namibia, Kenya, South Africa, Nigeria, Ghana, Tanzania, Uganda, and Zambia, responding to the demand of target borrower companies in the region, and helping them achieve sustainable growth through more flexible financing options. AMC serves as a secondary sub-advisor.

• CEECAT Capital Limited & CCL Investments SARL (collectively “CCL Capital” or “CCL Investments”): established in 2014, CCL Capital is a European-focused spin-off of ADM Capital group (“ADM Capital”), which has specialized in recovery, special situations and stressed opportunities across Asia since 1998, and in the Central and Eastern Europe, Central Asia and Turkey (“CEECAT”) region since 2005. CCL Capital manages all of ADM Capital’s legacy assets in the CEECAT region and focuses on extending private credit to SMEs who cannot access regular bank financing due to factors such as local regulatory restrictions on bank lending, illiquidity or stress in the banking sector, delays in the bank approval process, collateral coverage mismatch for local banks, among others.  CCL Capital’s principals have 42 years of combined experience in corporate and structured finance, cash equity sales and equity derivative sales, including past tenures at Merrill Lynch, DEG, The World Bank, IFC, KPMG Transaction Services,  and Allen & Overy, and have completed a total of ~$299 million (equivalent to €255 million) in debt investment deals across the CEECAT region. CCL Capital has a demonstrated track record in establishing, operating, managing and advising funds that invest in companies across the region through utilizing their strong cultural knowledge of the local legal jurisdictions and regulatory compliance requirements. CCL Capital seeks to provide term loans to borrower companies primarily operating in Bulgaria, Croatia, Hungary, Romania, Serbia, Slovakia, and Slovenia. Following the 2008 financial crisis, SMEs have found it challenging to source capital in the CEECAT region given the dominance of foreign-owned banks in the local markets and the consequent withdrawal of capital once the financial crisis hit. The SME sector represents 90% of all corporations in the region and is a major source of employment, production and income tax. SMEs possess a number of constraints when seeking growth capital, including insufficient access to capital markets, lack of financial management, insufficient equity capital, and difficulty in accessing bank finance. With scarce access to capital, CCL Capital is able to scale this market by being one of the few private debt providers targeting SMEs in this region. CCL Capital differentiates itself from traditional bank lenders by structuring its facilities to focus on improving corporate governance by working closely with the borrower’s management team to improve the finance functions of the borrower company, such as accounting transparency, better financial planning, and cash flow management. CCL Capital implements improvements in the areas of operations, strategy, and environmental and social practices for its borrowers. The directors appointed by CCL Capital are expected to strengthen the borrower’s corporate governance through active participation and by establishing the functions and operations of the board. Critical environmental and social roadmaps are identified during the due diligence phase with the help of third party consultants, who are often employed by CCL Capital to further counsel and monitor the implementation of post investment action plans and management systems against the IFC Performance Standards. Since capital is scarce for SMEs in Emerging Europe, CCL Capital believes that the ultimate goal of their facilities is to see their investee companies access the formal banking sector by demonstrating strong financial ratios, improved governance, and a track record of responsible financial management. CCL Capital serves as a secondary sub-advisor.

• The International Investment Group L.L.C. (“IIG”): as noted above, although we have entered into a sub-advisory arrangement with IIG through TriLinc Advisors, we have determined not to make any further investments with IIG as the sub-advisor.  IIG is the sub-advisor with respect to six of the twelve investments that we have deemed Watch List investments, which are investments with respect to which we have determined there have been significant changes in the credit and collection risk of the investment.  We have determined not to engage in any new business with IIG due in part to IIG’s failure to provide us with complete and accurate information with respect to our investments for which IIG is the sub-advisor, the misapplication of $6 million that we had invested in 2017 and the failure to return our funds that were misapplied. See Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Watch List Investments for more information.

TriLinc Advisors is a joint venture between our Sponsor and Strategic Capital. The purpose of the joint venture is to permit our Advisor to capitalize upon the expertise of our Sponsor’s management team as well as the experience of the executives of Strategic Capital in providing advisory services in connection with the formation, organization, registration and operation of entities similar to us. Strategic Capital has provided certain services to, and on behalf of, our Advisor, including but not limited to formation and advisory services related to our formation, financial and strategic planning advice and analysis, overseeing the development of marketing materials, selecting and negotiating with third party vendors and other administrative and operational services.

8

Investment Strategy

The Company seeks to generate competitive financial returns and positive economic, social and environmental impact by providing financing to SMEs. Our investment objectives are to provide our unitholders current income, capital preservation, and modest capital appreciation. We intend to meet our investment objectives through:

• Investing primarily in SME trade finance and term loans

• A rigorous multi-level risk mitigation strategy at the portfolio level through “extreme” diversification, the sub-advisor level through rigorous due diligence and oversight, and the investment level through local market knowledge and credit expertise of our sub-advisors

• Equity warrants and discounted trade receivables

The majority of our investments have been and will continue to be senior secured trade finance, senior secured loans and other collateralized loans or loan participations to SMEs with established, profitable businesses in developing economies. With our sub-advisors, we 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 sound due diligence and risk mitigation processes; and (6) monitoring our portfolio on an ongoing basis.

Investments have been and will continue to be primarily credit facilities to developing economy SMEs, including trade finance and SME term loans, through TriLinc Advisors’ team of professional sub-advisors with a local presence in the markets where they invest. We typically provide financing that is collateralized, has a short to medium-term maturity and is self-liquidating through the repayment of principal. By providing additional liquidity to growing small businesses, we believe we will support both economic growth and the expansion of the global middle class.

Investment Portfolio

The Company invests in various industries. The Company separately evaluates the performance of each of its investment relationships. However, because each of these investment relationships has similar business and economic characteristics, they have been aggregated into a single investment segment.

During the year ended December 31, 2018, we invested, either through direct loans or loan participations, approximately $207.0 million across 26 portfolio companies. Our investments consisted of senior secured trade finance participations, senior secured term loan participations, senior secured term loans and short term investments. Additionally, we received proceeds from repayments of investment principal of approximately $166.5 million. During the year ended December 31, 2016, we had invested approximately $323.2 million across 37 portfolio companies and received repayments of $196.6 million.

At December 31, 2018, our portfolio included 47 companies and was comprised of $88,858,707 or 23.8% in senior secured term loans, $189,157,819 or 50.7% in senior secured term loan participations, $80,236,312 or 21.5% in senior secured trade finance participations, and $13,644,683 or 3.7% in short term investments. At December 31, 2017, our portfolio included 43 companies and was comprised of $78,573,493 or 23.4% in senior secured term loans, $119,165,378 or 35.6% in senior secured term loan participations, $111,030,621 or 33.1% in senior secured trade finance participations, and $26,500,000 or 7.9% in short term investments.

9

As of December 31, 2018, we had the following investments:

Description	Sector	Industry Classification	Country	Interest	Maturity (2)		Principal Amount		Fair Value
Sugar Producer	Agricultural Products	Sustainable Agriculture & Agroprocessing	Brazil	12.43%	12/15/2020	(3)	$	2,851,296	$	2,851,296
LED Lighting Service Provider	Electric Services	Technological Innovation	Chile	11.00%	6/6/2021			8,063,150		7,866,972
Minor Metals Resource Trader	Secondary Nonferrous Metals	Responsible Metals Distribution	China	12.00%	6/22/2021			10,000,000		10,000,000
Consumer Lender	Personal Credit Institutions	Inclusive Finance	Colombia	11.25%	8/1/2021			5,468,186		5,468,186
Resource Trader	Coal and Other Minerals and Ores	Responsible Natural Resources Distribution	Hong Kong	11.50%	12/27/2020			15,000,000		15,000,000
Wholesale Distributor	Chemicals and Allied Products	Responsible Industrial Goods Distribution	Malaysia	12.00%	3/31/2020			15,000,000		15,000,000
Waste to Fuels Processor	Refuse Systems	Recycling	Mexico	14.50% PIK	7/27/2021	(4)		21,367,121		22,447,343
Sustainable Timber Exporter	Logging	Sustainable Forestry	New Zealand	11.50%	2/10/2021			6,840,000		6,840,000
Diaper Manufacturer II	Consumer Products	Responsible Consumer Goods Production	Peru	10.00%	8/15/2021	(3)		4,465,132		4,465,132
SME Financier	Short-Term Business Credit	Inclusive Finance	Botswana	12.04%	8/18/2021			4,740,000		4,740,000
IT Service Provider	Programming and Data Processing	Access to Technology	Brazil	13.50%	11/24/2022			13,903,662		13,903,662
Ship Maintenance & Repair Service Provider	Boatbuilding and Repairing	Infrastructure Development	Brazil	8.00% Cash/4.00% PIK	12/7/2023			5,514,667		5,428,294
Hospitality Service Provider	Hotels and Motels	Infrastructure Development	Cabo Verde	10.00% Cash/5.50% PIK	8/21/2021			16,459,362		16,459,362
Fiber Optics Network Provider	Telephone Communications	Access to Technology	Colombia	8.95% Cash/3.00% PIK	10/15/2023			19,115,803		18,965,870
Mall Operator	Department Stores	Infrastructure Development	Croatia	5.50% Cash/7.50% PIK	1/23/2021			8,034,348		8,262,375
Tank Farm Operator	Petroleum and Petroleum Products	Responsible Fuel Storage	Ghana	12.00%	8/10/2021			15,500,000		15,500,000
Power Producer	Electric Services	Responsible Power Generation	Ghana	12.90%	8/31/2022			18,527,237		18,527,237
LNG Infrastructure Developer	Gas Transmission and Distribution	Infrastructure Development	Ghana	15.89%	6/13/2021			17,605,054		17,605,054
Mobile Network Operator	Telephone Communications	Access to Technology	Jersey	12.35%	3/28/2023			19,000,000		18,515,500
Freight and Cargo Transporter	Freight Transportation Arrangement	Responsible Logistics Management	Kenya	9.95% Cash/4.00% PIK	3/31/2023			12,970,938		12,970,938
Property Developer	Land Subdividers and Developers	Infrastructure Development	Namibia	8.50% Cash/4.00% PIK	8/15/2021			16,168,797		16,083,083
Marine Logistics Provider	Water Transportation	Responsible Logistics Management	Nigeria	12.60%	9/16/2020			12,762,670		12,728,503
Bread Manufacturer	Food Products	Responsible Consumer Goods Production	Romania	8.00% Cash/5.00% PIK	7/18/2021			1,958,861		1,917,097
Grain Processor C	Farm Products	Sustainable Agriculture & Agroprocessing	Uganda	12.00%	12/31/2020			4,300,000		4,300,000
FMCG Manufacturer	Soap, Detergents, and Cleaning	Responsible Consumer Goods Production	Zambia	11.00%	11/1/2019 - 11/16/2019			3,250,844		3,250,844
Agriculture Distributor	Agricultural Products	Sustainable Agriculture & Agroprocessing	Argentina	10.45%	6/30/2018	(3)		12,500,000		9,316,105
Dairy Co-Operative	Consumer Products	Sustainable Dairy Production	Argentina	10.67%	7/29/2019	(3)		6,000,000		4,991,915
Beef Exporter	Meat, Poultry & Fish	Sustainable Agriculture & Agroprocessing	Argentina	11.50%	8/31/2017	(3)		9,000,000		6,748,935
Oilseed Distributor	Fats and Oils	Sustainable Agriculture & Agroprocessing	Argentina	9.00%	8/31/2017	(3)		6,000,000		3,784,354
Cocoa & Coffee Exporter	Chocolate and Cocoa Products	Sustainable Agriculture & Agroprocessing	Cameroon	16.42% - 17.50%	3/27/2019			10,718,201		10,718,201
Chia Seed Exporter	Farm Products	Sustainable Agriculture & Agroprocessing	Chile	10.90%	3/4/2018	(3)		1,326,687		1,269,586

10

Fish Processor & Exporter	Commercial Fishing	Sustainable Aquaculture & Processing	Ecuador	9.00%	6/19/2019		35,838		35,838
Sesame Seed Exporter	Farm Products	Sustainable Agriculture & Agroprocessing	Guatemala	12.00%	3/31/2016	(3)	881,800		662,525
Non-Ferrous Metal Trader	Coal and Other Minerals and Ores	Responsible Metals Distribution	Hong Kong	11.50%	1/2/2019 - 2/14/2019		15,000,000		15,000,000
Mobile Phone Distributor	Telephone and Telegraph Apparatus	Access to Technology	Hong Kong	10.00%	1/20/2019 - 2/1/2019		7,000,000		7,000,000
Vanilla Exporter	Groceries and Related Products	Sustainable Agriculture & Agroprocessing	Mauritius	12.88%	7/14/2019		2,500,000		2,500,000
Scrap Metal Recycler	Secondary Nonferrous Metals	Recycling	Morocco	11.00%	7/31/2018	(3)	7,349,626		7,632,234
Cocoa Trader	Farm Products	Sustainable Agriculture & Agroprocessing	Nigeria	16.77%	12/27/2018 - 3/27/2019		448,697		448,697
Cocoa Trader III	Farm Products	Sustainable Agriculture & Agroprocessing	Nigeria	16.77%	3/27/2019		1,275,451		1,275,451
Cocoa Trader II	Farm Products	Sustainable Agriculture & Agroprocessing	Nigeria	16.77%	3/27/2019		1,329,575		1,329,575
Fruit & Nut Distributor	Food Products	Sustainable Agriculture & Agroprocessing	South Africa	10.00%	5/22/2015	(3)	785,806		690,616
Electronics Assembler	Communications Equipment	Access to Technology	South Africa	12.00% - 13.00%	1/7/2019 - 2/14/2019		6,029,026		6,029,026
Pharmaceuticals Distributor	Drugs, Proprietaries, and Sundries	Access to Healthcare and Pharmaceuticals	United Arab Emirates	14.60%	6/30/2018	(3)	803,254		803,254
Fruit Juice Processor B	Food Products	Short Term Notes	Netherlands	10.50%	12/26/2018		4,000,000		4,000,000
Funds held in escrow	Financial services	Other	Ghana	15.34%	N/A		394,946		394,946
Steel Trader	Metals Service Centers and Offices	Short Term Notes	Singapore	12.45%	6/30/2019		3,737,737		3,737,737
Receivable from IIG TOF B.V.	Financial services	Other	N/A	8.75%	N/A	(3)	6,000,000		5,512,000
Total Investments								$	372,977,743

11

¹    In prior periods, the Company has used Standard Industrial Classification (SIC) codes for purposes of presentation of its investments in publicly filed and other offering documents. There are several industry classification systems widely used by the investment industry and there is no specific industry classification system the Company is required to use either internally or in its public materials. The Company believes that the traditional industrial classification systems, including SIC codes, do not accurately reflect the sustainable nature of certain of the Company’s investments and, in some cases, may be misleading. Therefore, starting with the quarter ending December 31, 2017, the Company has determined to use a Company created industry classification system for presentation of its investments, which the Company believes will be more appropriate in light of the sustainable nature of the Company’s investments.

²  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.

³ See Watch List Investments section in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations for further information.

⁴ This investment consists of a senior secured term loan and equity warrants in the borrower.

As of December 31, 2018, the composition our investments based on the Company created industry classification was as follows:

Industry Classification	Value		of Total
Access to Healthcare and Pharmaceuticals	$	803,254		0.2	%
Access to Technology		64,414,058		17.3	%
Inclusive Finance		10,208,186		2.7	%
Infrastructure Development		63,838,168		17.1	%
Recycling		30,079,577		8.1	%
Responsible Consumer Goods Production		9,633,073		2.6	%
Responsible Fuel Storage		15,500,000		4.2	%
Responsible Industrial Goods Distribution		15,000,000		4.0	%
Responsible Logistics Management		25,699,441		6.9	%
Responsible Metals Distribution		25,000,000		6.7	%
Responsible Natural Resources Distribution		15,000,000		4.0	%
Responsible Power Generation		18,527,237		5.0	%
Short Term Notes		7,737,737		2.1	%
Sustainable Agriculture & Agroprocessing		45,895,341		12.3	%
Sustainable Aquaculture & Processing		35,838		0.0	%
Sustainable Dairy Production		4,991,915		1.3	%
Sustainable Forestry		6,840,000		1.8	%
Technological Innovation		7,866,972		2.1	%
Other		5,906,946		1.6	%
Total	$	372,977,743		100.0	%

12

The industrial and geographic composition of our portfolio at fair value as of December 31, 2018 and 2017 were as follows:

	As of  December 31, 2018					As of December 31, 2017
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	12,167,401		3.3	%	$	15,351,296		4.6	%
Boatbuilding and Repairing		5,428,294		1.5	%		—		—
Bulk Fuel Stations and Terminals		—		—			16,545,994		4.9	%
Chemicals and Allied Products		15,000,000		4.0	%		15,000,000		4.5	%
Chocolate and Cocoa Products		10,718,201		2.9	%		—		—
Coal and Other Minerals and Ores		30,000,000		8.0	%		31,254,315		9.4	%
Commercial Fishing		35,838		0.0	%		351,559		0.1	%
Communications Equipment		6,029,026		1.6	%		—		—
Consumer Products		9,457,047		2.5	%		10,960,000		3	%
Department Stores		8,262,375		2.2	%		—		—
Drugs, Proprietaries, and Sundries		803,254		0.2	%		1,080,000		0.30	%
Electric Services		26,394,209		7.1	%		18,527,237		5.5	%
Farm Products		9,285,834		2.5	%		7,960,987		2.4	%
Fats and Oils		3,784,354		1.0	%		12,000,000		3.6	%
Financial services		5,906,946		1.6	%		10,000,000		3.0	%
Freight Transportation Arrangement		12,970,938		3.5	%		12,464,320		3.7	%
Fresh or Frozen Packaged Fish		—		—			3,338,520		1.0	%
Food Products		6,607,713		1.8	%		1,072,944		0.3	%
Gas Transmission and Distribution		17,605,054		4.7	%		—		—
Groceries and Related Products		2,500,000		0.7	%		3,500,000		1.0	%
Hotels and Motels		16,459,362		4.4	%		15,807,931		4.7	%
Land Subdividers and Developers		16,083,083		4.3	%		15,411,497		4.6	%
Logging		6,840,000		1.8	%		6,840,000		2.0	%
Meat, Poultry & Fish		6,748,935		1.8	%		9,000,000		2.7	%
Metals & Mining		—		—			4,566,481		1.4	%
Metals Service Centers and Offices		3,737,737		1.0	%
Personal Credit Institutions		5,468,186		1.5	%		3,157,735		0.9	%
Petroleum and Petroleum Products		15,500,000		4.2	%		32,000,000		9.5	%
Programming and Data Processing		13,903,662		3.7	%		15,714,764		4.7	%
Refuse Systems		22,447,343		6.0	%		11,315,000		3.4	%
Secondary Nonferrous Metals		17,632,234		4.7	%		17,349,626		5.2	%
Short-Term Business Credit		4,740,000		1.3	%		4,740,000		1.4	%
Soap, Detergents, and Cleaning		3,250,844		0.9	%		1,355,600		0.4	%
Street Construction		—		—			10,861,658		3.2	%
Telephone and Telegraph Apparatus		7,000,000		1.9	%		14,388,525		4.3	%
Telephone Communications		37,481,370		10.0	%		—		—
Water Transportation		12,728,503		3.4	%		13,353,503		4.0	%
Total	$	372,977,743		100.0	%	$	335,269,492		100.0	%

13

	As of  December 31, 2018					As of December 31, 2017
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	24,841,309		6.7	%	$	39,500,000		11.8	%
Botswana		4,740,000		1.3	%		4,740,000		1.4	%
Brazil		22,183,252		6.0	%		18,566,060		5.5	%
Cabo Verde		16,459,362		4.4	%		15,807,931		4.7	%
Cameroon		10,718,201		2.9	%		—		—
Cayman Islands		—		—			10,000,000		3.0	%
Chile		9,136,558		2.5	%		1,326,687		0.4	%
China		10,000,000		2.7	%		10,000,000		3.0	%
Colombia		24,434,056		6.6	%		3,157,735		0.9	%
Croatia		8,262,375		2.2	%		—		—
Ecuador		35,838		0.0	%		3,690,079		1.1	%
Ghana		52,027,237		14.0	%		34,027,237		10.1	%
Guatemala		662,525		0.2	%		881,800		0.3	%
Hong Kong		37,000,000		9.9	%		41,346,389		12.3	%
Indonesia		—		—			14,193,994		4.2	%
Jersey		18,515,500		5.0	%		—		—
Kenya		12,970,938		3.5	%		12,464,320		3.7	%
Malaysia		15,000,000		4.0	%		15,000,000		4.5	%
Mauritius		2,500,000		0			3,500,000		1.0	%
Mexico		22,447,343		6.0	%		11,315,000		3.4	%
Morocco		7,632,234		2.1	%		7,349,626		2.2	%
Namibia		16,083,083		4.3	%		15,411,497		4.6	%
Netherlands		4,000,000		1.1	%		—		—
New Zealand		6,840,000		1.8	%		6,840,000		2.0	%
Nigeria		15,782,226		4.2	%		19,106,003		5.7	%
Peru		4,465,132		1.2	%		21,505,994		6.4	%
Romania		1,917,097		0.5	%		—		—
Singapore		3,737,737		1.0	%		—		—
South Africa		6,719,642		1.8	%		1,960,874		0.6	%
United Arab Emirates		803,254		0.2	%		1,080,000		0.3	%
United Kingdom		—		—			20,796,451		6.2	%
Uganda		4,300,000		1.2	%		—		—
Uruguay		—		—			346,215		0.1	%
Zambia		3,250,844		0.9	%		1,355,600		0.4	%
N/A		5,512,000		1.5	%		—		0.0	%
Total	$	372,977,743		100.0	%	$	335,269,492		100.0	%

As of December 31, 2018, our largest investment represented approximately 5.9% of our net assets or 5.7% of our total portfolio.  

As of December 31, 2017, our largest investment represented approximately 5.8% of our net assets or 5.5% of our total portfolio.

Measuring Impact

We measure and expect to regularly provide accounting of economic, social and/or environmental impact achieved through our investments. The Company’s impact measurement system is utilized with investments to evaluate the progress of borrower companies toward their impact objectives during the life of the investment. The system leverages technology that has been specifically developed for tracking and analyzing impact and includes full integration of the Global Impact Investing Network’s Impact Reporting and Investment Standards (“IRIS”) metrics. Impact measurement is accomplished through the establishment of initial baseline measurements for both the Company core economic development metrics, as well as metrics associated with borrower companies’ stated impact objectives. These baseline measurements will be compared against future measurements in order to track incremental progress. In addition to furthering the Company’s economic development impact objectives, we anticipate that our investments will have a positive effect on borrower companies’ ability to make progress toward their stated impact objectives(s).

14

On an annual basis, an updating assessment is completed. This includes collection of our core impact metrics and borrower company impact objective-specific metrics. Annual external assurance of impact metrics data will be completed by an independent, third party provider. In February 2015, we engaged Moss Adams LLP, with the approval of our Audit Committee, to perform an independent review of certain impact data which will be reported once the Company reaches a statistically significant sample of borrower companies that have been in our portfolio for at least one year. In February 2018, the Company issued its second Sustainability and Impact Report as of June 30, 2017.

Financing Strategy

We may opt to supplement our equity capital and increase potential returns to our unitholders through the use of prudent levels of borrowings from either commercial financial institutions or DFIs. We may use debt when the available terms and conditions are favorable to long-term investing and well-aligned with our investment strategy and portfolio composition. In determining whether to borrow money, we will seek to optimize maturity, covenant packages and rate structures. Most importantly, the risks of borrowing within the context of our investment outlook and the impact on our investment portfolio will be extensively analyzed in making this determination. As of December 31, 2018 and 2017, we had borrowings amounting to $32,875,000 and $28,160,000, respectively. If we are not able to obtain additional financings, our returns are expected to be lower than originally anticipated when we were formed.

Hedging Activities

Most of our investments are anticipated to continue to be denominated in U.S. dollars, but when exposed to foreign currencies, we will seek to hedge the exposure when prudent and cost-effective. These hedging activities may include the use of derivatives, swaps, or other financial products to hedge our interest rate or currency risk. At December 31, 2018, we only had one investment, amounting to approximately $8 million, which was not denominated in U.S. Dollars and we had not entered into any hedging transactions.  At December 31, 2017, all our investments were denominated in U.S. Dollars and, accordingly, we had not entered into any hedging transactions.

Operating Expense Responsibility Agreement

On March 26, 2018, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through December 31, 2017. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse the Company for an additional $4,240,200 of expenses, which have been paid by the Company as of December 31, 2017.

The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf to the extent the Company’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Company’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). If the Sponsor is entitled to receive reimbursement for any given quarter because the Company’s investment income exceeds the Reimbursement Hurdle for such quarter, we will apply the excess amount (the “Excess Amount”) as follows: (i) first, we will reimburse the Sponsor for all expenses, other than asset management fees and incentive fees, that the Sponsor previously paid on our behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, we will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the asset management fees and incentive fees that the Sponsor has agreed to pay on our 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 quarters ended March 31, 2018, September 30, 2018, and December 31, 2018. The Company did meet the Reimbursement Hurdle for the quarter ended June 30, 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 were paid as expense reimbursements to the Sponsor and have been recorded as expenses of the Company for the year ended December 31, 2018. As of December 31, 2018, there is a remaining aggregate balance of approximately $16,266,800 in expenses covered by the Responsibility Agreement which are not yet reimbursable to the Sponsor and have not been recorded by the Company. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable and estimable.  The Sponsor may demand the reimbursement of cumulative Company expenses covered by the Responsibility Agreement to the extent the Company exceeds the Reimbursement Hurdle during any quarter. The Company cannot predict if or when this may occur.

Investment Advisory Agreements and Fees

We have agreed to pay TriLinc Advisors an asset management fee and an incentive fee for its services under the Advisory Agreement. For the years ended December 31, 2018 and 2017, the Company incurred $7,971,062 and $6,484,850, respectively in

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asset management fees and $6,212,931 and $4,599,941, respectively in incentive fees to our Advisor. For the year ended December 31, 2017, our Sponsor assumed responsibility under the Responsibility Agreement for none of the asset management fee and $2,701,511 of the incentive fee. Our Sponsor did not assume responsibility under the Responsibility Agreement for any of the Company’s operating expenses, including asset management fees and incentive fees, for the year ended December 31, 2018.

Asset Management Fee

The asset management fee is calculated at an annual rate of 2.00% of our gross assets payable quarterly in arrears. For purposes of calculating the asset management fee, the term “gross assets” means the total net fair value of the Company’s assets at the end of the quarter, other than intangibles and after the deduction of associated allowance and reserves, as determined by the Advisor in its sole discretion.

Incentive Fee

The incentive fee is comprised of two parts: (i) a subordinated incentive fee on income and (ii) an incentive fee on capital gains. Each part of the incentive fee is outlined below.

The subordinated incentive fee on income is earned on pre-incentive fee net investment income and is determined and payable in arrears as of the end of each calendar quarter during which the Advisory Agreement is in effect. If the Advisory Agreement is terminated, the fee will also become payable as of the effective date of the termination.

The subordinated incentive fee on income is subject to a quarterly preferred return to investors, expressed as a rate of return on net assets at the beginning of the most recently completed calendar quarter, of 1.50% (6.0% annualized), subject to a “catch up” feature. The subordinated incentive fee on income for each quarter is calculated as follows:

No incentive fee is earned by the Advisor in any calendar quarter in which our pre-incentive fee net investment income does not exceed the preferred return rate of 1.50%, or the preferred return.

100% of our pre-incentive fee net investment income, if any, that exceeds the quarterly preferred return, but is less than or equal to 1.875% (7.5% annualized) on our net assets at the end of the immediately preceding fiscal quarter, in any quarter, is payable to the Advisor. We refer to this portion of our subordinated incentive fee on income as the catch up. It is intended to provide an incentive fee of 20% on all of our pre-incentive fee net investment income when our pre-incentive fee net investment income exceeds 1.875% on our net assets at the end of the immediately preceding fiscal quarter in any quarter.

For any quarter in which our pre-incentive fee net investment income exceeds 1.875% on our net assets at the end of the immediately preceding fiscal quarter, the subordinated incentive fee on income equals 20% of the amount of our pre-incentive fee net investment income, because the preferred return and catch up will have been achieved.

Pre-incentive fee net investment income is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus our operating expenses for the quarter, including the asset management fee and operating expenses reimbursed to the Advisor. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

The following is a graphical representation of the calculation of the quarterly subordinated incentive fee on income:

Quarterly Subordinated Incentive Fee on Income

Pre-incentive fee net investment income

(expressed as a percentage of net assets)

Percentage of pre-incentive fee net investment income

allocated to quarterly incentive fee

The incentive fee on capital gains is earned on investments sold or matured and shall be determined and payable in arrears as of the end of each calendar year during which the Advisory Agreement is in effect. In the case the Advisory Agreement is terminated, the fee will also become payable as of the effective date of such termination. The fee will equal 20% of our realized capital gains, less the aggregate amount of any previously paid incentive fee on capital gains. Incentive fee on capital gains is equal to our realized capital

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gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis.

Because of the structure of the subordinated incentive fee on income and the incentive fee on capital gains, it is possible that we may pay such fees in a quarter where we incur a net loss. For example, if we receive pre-incentive fee net investment income in excess of the 1.75% on our net assets at the end of the immediately preceding fiscal quarter for a quarter, we will pay the applicable incentive fee even if we have incurred a net loss in the quarter due to a realized or unrealized capital loss. Our Advisor will not be under any obligation to reimburse us for any part of the incentive fee it receives that is based on prior period accrued income that we never receive as a result of a subsequent decline in the value of our portfolio.

The fees that are payable under the Advisory Agreement for any partial period are appropriately prorated. The fees are calculated using a detailed policy and procedure approved by our Advisor and our board of managers, including a majority of the independent managers, and such policy and procedure is consistent with the description of the calculation of the fees set forth above.

Our Advisor may elect to defer or waive all or a portion of the fees that would otherwise be paid to it in its sole discretion. Any portion of a fee not taken as to any month, quarter or year will be deferred without interest and may be taken in any such other month prior to the occurrence of a liquidity event as our Advisor may determine in its sole discretion.

Investment Company Act Considerations

We have conducted and intend to continue to conduct our operations so that we and our subsidiaries will qualify for an exemption under, or otherwise will not be required to register as an investment company under, the Investment Company Act of 1940, as amended, which we refer to as the Investment Company Act.

Section 3(a)(1)(A) of the Investment Company Act defines an investment company as any issuer that is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities. Section 3(a)(1)(C) of the Investment Company Act defines an investment company as any issuer that is engaged or proposes to engage in the business of investing, reinvesting, owning, holding or trading in securities and owns or proposes to acquire investment securities having a value exceeding 40% of the value of the issuer’s total assets (exclusive of U.S. Government securities and cash items) on an unconsolidated basis, which we refer to as the 40% test. Excluded from the term “investment securities,” among other things, are U.S. Government securities and securities issued by majority-owned subsidiaries that are not themselves investment companies and are not relying on the exception from the definition of investment company set forth in Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act.

We conduct our business primarily through our direct and indirect wholly- and majority-owned subsidiaries, including foreign subsidiaries, which were established to carry out specific activities. Although we reserve the right to modify our business methods at any time, the focus of our business involves providing loans and other financing of the nature described in this Form 10-K. We conduct our operations so that they comply with the limit imposed by the 40% test and we do not hold ourselves out as being engaged primarily, or actually engaged, in the business of investing in securities. Therefore, we expect that we will not be subject to registration or regulation as an investment company of any kind (including, without limitation, a face-amount certificate company, unit investment trust, open-end or closed-end company or a management company electing to be treated as a business development company) under the Investment Company Act. The securities issued to us by our wholly-owned or majority-owned subsidiaries, which subsidiaries will be neither investment companies nor companies exempt under Section 3(c)(1) or 3(c)(7) of the Investment Company Act, will not be investment securities for the purpose of this 40% test.

One or more of our subsidiaries may seek to qualify for an exception or exemption from registration as an investment company under the Investment Company Act pursuant to other provisions of the Investment Company Act, such as Sections 3(c)(5)(A) which is available for entities “primarily engaged in the business of purchasing or otherwise acquiring notes, drafts, acceptances, open accounts receivable, and other obligations representing part or all of the sales price of merchandise, insurance and services” and Section 3(c)(5)(B) which is available for entities “primarily engaged in the business of making loans to manufacturers, wholesalers, and retailers of, and to prospective purchasers of, specified merchandise, insurance and services.” Each of these exemptions generally requires that at least 55% of such subsidiary’s assets be invested in eligible loans and receivables. To qualify for either of the foregoing exemptions, the subsidiary would be required to comply with interpretations issued by the staff of the SEC that govern the respective activities.

We monitor our holdings and those of our subsidiaries to ensure continuing and ongoing compliance with these and/or other applicable tests, and we are responsible for making the determinations and calculations required to confirm our compliance with tests. If the SEC does not agree with our determinations, we may be required to adjust our activities and/or those of our subsidiaries.

Qualification for these or other exceptions or exemptions could affect our ability to originate, participate in or hold fixed-income assets, or could require us to dispose of investments that we might prefer to retain in order to remain qualified for such exemptions. Changes in current policies by the SEC and its staff could also require that we alter our business activities for this purpose. For a discussion of certain risks associated with the Investment Company Act, please see “Risk Factors.”

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Competition

We compete with a large number of commercial banks, non-bank financial institutions, private equity funds, leveraged buyout and venture capital funds, investment banks and other equity and non-equity based investment funds. Many of our potential competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, certain of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships and build their market shares.

Concentration of credit risk

At December 31, 2018, our portfolio of $372,977,743 (at fair value) included 47 companies and was comprised of $88,858,707 or 23.8% in senior secured term loans, $189,157,819 or 50.7% in senior secured term loan participations, $80,236,312 or 21.5% in senior secured trade finance participations, and $13,644,683 or 3.7% in short term investments. Our largest loan by value was $21,367,121 or 5.7% of our total portfolio. Our 5 largest loans by value comprised 25.5% of our portfolio at December 31, 2018. Participation in loans represented 72.2% of our portfolio at December 31, 2018.

At December 31, 2018, 12 of our portfolio companies were on our watch list with an aggregate fair value of $48,727,952 or 13.1% of the fair value of the Company’s total investments. See Watch List Investments section in Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations for further information.

Employees

We have no employees. Pursuant to the terms of the Advisory Agreement, our Advisor assumes principal responsibility for managing our affairs and we compensate the Advisor for these services.

Additional Information

Our internet address is www.trilincglobalimpactfund.com. Through a link on our website, we make available, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, along with any amendments to those filings, as soon as reasonably practicable after we file or furnish them to the SEC.

Our privacy policy and Code of Ethics are also available on our website. Within the time period and as required by the rules of the SEC, we will post on our website any amendment to our Code of Ethics.

ITEM 1A. RISK FACTORS

You should carefully read and consider the risks described below together with all other information in this Annual Report, including our consolidated financial statements and the related notes thereto, before making a decision to purchase our units. If certain of the following risks actually occur, our results of operations and ability to pay distributions would likely suffer materially, or could be eliminated entirely. As a result, the value of our units may decline, and our unitholders could lose all or part of the money they paid to buy our units.

Risks Relating to Our Business and Structure: General

We have a limited operating history and may be unable to successfully implement our investment strategy.

We were formed on April 30, 2012, and are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objectives and that the value of units could decline substantially. Our financial condition and results of operations will depend on many factors including the availability of investment opportunities, general economic and market conditions and the performance of our Advisor and sub-advisors.

The lack of liquidity of our privately held investments may adversely affect our business.

Most of our investments consist and will continue to consist of loans and other fixed income instruments either originated in private transactions directly with the borrowers or via participation agreements with the direct lenders. Investments may be subject to restrictions on resale, including, in some instances, legal restrictions, or will otherwise be less liquid than publicly traded securities. The illiquidity of our investments may make it difficult for us to quickly obtain cash equal to the value at which we record our investments if the need arises. This could cause us to miss important business opportunities or react to changes in the market. In addition, if we are required to quickly liquidate all or a portion of our portfolio, we may realize significantly less than the value at which we have previously recorded

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our investments. In addition, we may face other restrictions on our ability to liquidate an investment in a public company to the extent that the Company, its Advisor, or respective officers, employees or affiliates have material non-public information regarding such company.

We may not raise sufficient capital to sustain our operations or the operations of our Sponsor and Advisor.

Pursuant to the terms of the Amended and Restated Operating Expense Responsibility Agreement, our Sponsor has absorbed and deferred reimbursement for a substantial portion of our operating expenses incurred from the commencement of our operations through December 31, 2017. As of December 31, 2017, the Sponsor has agreed to pay a cumulative total of approximately $16.7 million of operating expenses. If we fail to raise sufficient capital, our Sponsor and Advisor may not attain profitability and may not have sufficient liquidity to continue to support our operations. The lack of financial support from the Sponsor and Advisor could force us to significantly reduce our planned operations.

When we are a debt or minority equity investor in a portfolio company, which we expect will generally be the case, we may not be in a position to control the entity, and its management may make decisions that could decrease the value of our investment.

Most of our investments are and, we anticipate will continue to be in the future, either debt or minority equity investments in our portfolio companies. Therefore, we will be subject to risk that a portfolio company may make business decisions with which we disagree, and the management of such company may take risks or otherwise act in ways that do not serve our best interests. As a result, a portfolio company may make decisions that could decrease the value of our portfolio holdings. In addition, we will generally not be in a position to control any portfolio company by investing in its debt securities.

Floating rate investments subject us to certain risks related to the discontinuation of LIBOR.

A substantial portion of our investments bear interest at floating rates based on the London interbank offered rate (“LIBOR”). In July 2017, the United Kingdom's Financial Conduct Authority, which regulates LIBOR, announced that it will stop compelling banks to submit rates for the calculation of LIBOR after 2021. It is not possible to predict the effect of these changes, other reforms or the establishment of alternative reference rates. The discontinuation or modification of LIBOR could result in interest rate decreases on our debt, which could adversely affect our cash flow, operating results and ability to make distributions to our stockholders at expected levels or at all.

We operate in a highly competitive market for investment opportunities.

A large number of entities compete with us and make the types of investments that we seek to make in small and medium-sized privately owned businesses. We compete with a large number of commercial banks, non-bank financial institutions, private equity funds, leveraged buyout and venture capital funds, investment banks and other equity and non-equity based investment funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to us. In addition, certain of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships and build their market shares. The competitive pressures we face may have a material adverse effect on our business, financial condition and results of operations. Also, as a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, or to identify and make investments that satisfy our investment objectives or that we will be able to fully invest our available capital.

An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies, a dependence on the talents and efforts of only a few key borrower and/or sub-advisor personnel and a greater vulnerability to economic downturns.

We have invested, and will continue to invest in the future, primarily in privately held companies. Generally, little public information exists about these companies, and we will be required to rely on the ability of the Advisor and the respective sub-advisors’ investment professionals to obtain adequate information to evaluate the potential returns from investments made in, with or through these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations - Watch List Investments for information about investments for which we have not been provided with accurate and complete information from the sub-advisor, IIG, which has adversely impacted the value of certain of these investments.

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We may not realize gains from equity instruments granted as return enhancement vehicles when we acquire certain debt instruments.

When we invest in collateralized or senior secured loans, we may acquire warrants or other equity securities as well. Our goal is to ultimately dispose of such equity interests and realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact, may decline in value. Accordingly, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interests may not be sufficient to offset any other losses we experience.

Actions of our sub-advisors and other investment partners could negatively impact our performance.

We participate in investments with third parties. Specifically, we participate in investments originated by our third-party sub-advisors, whom we also refer to as “investments partners”. Such participations may involve risks not otherwise present with a direct origination of loans, including, for example:

• The risk that our investment partner in an investment might become bankrupt or otherwise be unable to meet its obligations;

• The risk that our investment partner will be ineffective or materially underperform relative to our expectations;

• The risk that our investment partner will provide us with incomplete or inaccurate information or will misapply our funds;

• The risk that the due diligence conducted by the investment partner may fail to reveal all material risks of an investment or that the investment partner omits material information about the investment, which could result in the Company being materially adversely affected;

• The risk that our investment partner may at any time have economic or business interests or goals which are or which become inconsistent with our business interests or goals;

• The risk that our investment partner may be in a position to take action contrary to our instructions or requests or contrary to our policies or objectives; or

• The risk that actions by such partner could adversely affect our reputation, negatively impacting our ability to conduct business.

Actions by such an investment partner, which are generally out of our control, might have the result of subjecting the investment to liabilities in excess of those contemplated and may have the effect of reducing our unitholders’ returns, particularly if the loan agreement provides that our partner can take actions contrary to our interests. As of December 31, 2018, 72.2% of the fair value of our investment portfolio consisted of participations in loans. As described further in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Watch List Investments, IIG is the sub-advisor with respect to six of the twelve investments that we have deemed Watch List investments, which are investments with respect to which we have determined there have been significant changes in the credit and collection risk of the investment.  As described in that section, IIG has failed to provide us with complete and accurate information with respect to our investments for which IIG is the sub-advisor, has misapplied $6 million that we invested in 2017 and our funds that were misapplied have not been returned to us. IIG’s acts and omissions have negatively affected the value of certain of our investments, which could adversely affect returns to our unitholders.  As of December 31, 2018, 8.7% of our portfolio (by fair value) consisted of investments for which IIG is the sub-advisor, all of which, except for one borrower, are deemed Watch List investments.

Economic slowdowns or recessions could impair our borrowers and harm our operating results.

Our borrowers are susceptible to economic slowdowns or recessions and may be unable to repay our loans during these periods. Therefore, our non-performing assets are likely to increase and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions also may decrease the value of collateral securing some of our loans and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders to not extend credit to us. These events could prevent us from increasing investments and harm our operating results.

A borrower’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize our borrower’s ability to meet its obligations under the investment instruments that we hold. We have and may continue to incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting borrower. In addition, if one of our borrowers were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, including the extent to which we actually provided managerial assistance to that borrower, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to that of other creditors.

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Our borrowers may incur debt that ranks equally with, or senior to, the debt instruments in which we invest.

Our borrowers may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt instruments in which we invest. By their terms, such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a borrower, holders of debt instruments ranking senior to our investment in that borrower would typically be entitled to receive payment in full before we receive any distribution with respect to our investment. After repaying such senior creditors, such borrower may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with that of our debt instruments, we would have to share on an equal basis any distributions with other creditors in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant borrower. In addition, we may not be in a position to control any borrower through the loans we make. As a result, we are subject to the risk that any borrower in which we invest may make business decisions with which we disagree and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve our interests as debt investors.

There is a risk that our unitholders may not receive distributions or that our distributions may not grow over time or may be reduced.

We may not achieve investment results that will allow us to make a specified level of cash distributions. In addition, due to covenants and asset coverage tests, which may apply to us in the event we choose to employ financial leverage, we may be subject to restrictions on unitholder distributions.

In addition, pursuant to the terms of the Amended and Restated Operating Expense Responsibility Agreement, our Sponsor has absorbed and deferred reimbursement for a substantial portion of our operating expenses since we began our operations. Our Sponsor is under no obligation to continue to pay our operating expenses and, if our Sponsor does not absorb our operating expenses, the distributions we pay to our unitholders may need to be reduced. Our Sponsor determined not to pay for any operating expenses for the fourth quarter of 2017. Commencing with distributions payable for the month of March 2018, our board of managers approved a decrease in our daily distribution rate from $0.00197808 to $0.00168675 per unit, per day (less the ongoing fees applicable to certain classes of units which reduce the amount of distributions paid to the applicable unitholders). Our Sponsor is under no obligation to pay our operating expenses in the future, and if our Sponsor chooses not to pay our operating expenses and we do not generate sufficient investment income to cover our operating expenses, our distributions to our unitholders may further be reduced. In addition, the Sponsor could demand the reimbursement of operating expenses covered by the Responsibility Agreement if and when the Company has met the Reimbursement Hurdle. Such reimbursements to the Sponsor could affect the amount of cash available to the Company to pay distributions and/or make investments.

If we pay distributions from sources other than our cash flow from operations, we will have less funds available for the investments, and the overall return for our unitholders may be reduced.

Our operating agreement permits us to make distributions from any source, including offering proceeds and, subject to certain limitations, borrowings, and we may choose to pay distributions from such other sources when we do not have sufficient cash flow from operations to fund such distributions. We have not established a limit on the amount of proceeds we may use to fund distributions. From time to time during our operational stage, we may not generate sufficient cash flow from operations to fund distributions. If we fund distributions from borrowings or the net proceeds from this offering, we will have less funds available for the investments, and your overall return may be reduced.

If we internalize our management functions, we could incur adverse effects on our business and financial condition, including significant costs associated with becoming and being self-managed and the percentage of our units owned by our unitholders could be reduced.

If we seek to list our units on an exchange as a way of providing our unitholders with a liquidity event, we may consider internalizing the functions performed for us by our Advisor. An internalization could take many forms, for example, we may hire our own group of executives and other employees or we may acquire our Advisor or its respective assets including its existing workforce. Internalizing our management functions may not result in anticipated benefits to us and our unitholders. For example, we may not realize the perceived benefits because of: (i) the costs of being self-managed; (ii) our inability to effectively integrate a new staff of managers and employees; or (iii) our inability to properly replicate the services provided previously by our Advisor or its affiliates. Additionally, internalization transactions have also, in some cases, been the subject of litigation and even if these claims are without merit, we could be forced to spend significant amounts of money defending claims which would reduce the amount of funds available for us to make investments or to pay distributions. In connection with any such internalization transaction, a special committee consisting of all or some of our independent managers will be appointed to evaluate the transaction and to determine whether a fairness opinion should be obtained.

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We may engage in hedging activity, which could expose us to risks associated with such transactions, including the risk that we may artificially limit the investment income realized by the Company on certain investments.

As of December 31, 2018, we had not engaged in any hedging transaction. If we do engage in hedging transactions, we may expose ourselves to risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation for any given investment at an acceptable price.

The success of our hedging transactions will depend on our ability to correctly predict movements, currencies and interest rates. Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of investments denominated in non-U.S. currencies because the value of those investments is likely to fluctuate as a result of factors not related to currency fluctuations.

Our business plan anticipates external financing which may expose us to risks associated with leverage.

In order to achieve our investment objectives and our originally anticipated returns, we will need to utilize financial leverage. We may borrow money in order to make investments, for working capital and to make distributions to our unitholders. Under current or future market conditions, we may not be able to borrow all of the funds we may need. If we cannot obtain debt or equity financing on acceptable terms, our ability to acquire new investments to expand our operations will be adversely affected and we may be unable to pay distributions. As a result, we would be less able to achieve our investment objectives, which may negatively impact our results of operations and reduce our ability to make distributions to our unitholders. Furthermore, borrowing money for investments increases the risk of a loss. A decrease in the value of our investments will have a greater impact on the value of units to the extent that we have borrowed money to make investments. There is a possibility that the costs of borrowing could exceed the income we receive on the investments we make with such borrowed funds. Accordingly, we are subject to the risks that our cash flow will not be sufficient to cover the required debt service payments and that we will be unable to meet the other covenants or requirements of the credit agreements. In addition, our ability to pay distributions or incur additional indebtedness may be restricted by our credit agreements. If the value of our assets declines, we may be required to liquidate a portion or our entire investment portfolio and repay a portion or all of our indebtedness at a time when liquidation may be disadvantageous. Furthermore, any amounts that we use to service our indebtedness will not be available for distributions to our unitholders

All of our outstanding debt is collateralized with shares of the Company’s subsidiary that holds all of the Company’s assets and if we default on the payment our creditholders will have rights against such collateral, thereby reducing our asset base and the income we receive from such investments. As of December 31, 2018, we have $32,875,000 debt outstanding with a debt to equity ratio of 9.0%.

We may enter into and have entered into financing arrangements involving balloon payment obligations, which may adversely affect our ability to make distributions to our unitholders.

Some of our financing arrangements require us to make a lump-sum or “balloon” payment at maturity. Our ability to make a balloon payment at maturity will be uncertain and may depend upon our ability to obtain additional financing. At the time the balloon payment is due, we may or may not be able to refinance the balloon payment on terms as favorable as the original financing. The effect of a refinancing could affect the rate of return to our unitholders. In addition, payments of principal and interest made to service our debts, including balloon payments, may reduce our ability to make distributions to our unitholders.

As of December 31, 2018, we have $32.9 million in total debt, which require balloon payments as follows: $0.1 million due in February 2019, $22.8 million due in July 2020, $5 million due in in August 2021, and $5 million due in December 2021.

We may be unable to invest a significant portion of our raised capital on acceptable terms or within the time period we anticipate.

Delays in investing our raised capital may impair our performance. We may be unable to identify any investment opportunities that meet our investment objectives or that any investment that we make will produce a positive return. We may be unable to invest the net

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proceeds from our private placement of units, our notes offerings or future offerings on acceptable terms within the time period that we anticipate or at all, which could harm our financial condition and operating results.

We expect to invest proceeds we receive from our raised capital in short-term, highly-liquid investments until we use such funds to invest in assets meeting our investment objectives. The income we earn on these temporary investments is not substantial. Further, we may use the principal amount of these investments, and any returns generated on these investments, to pay for fees and expenses in connection with our capital raises and distributions. Therefore, delays in investing proceeds from our raised capital could impact the amount of and our ability to generate cash flow for distributions.

We may enter into financing arrangements that require us to enter into restrictive covenants that relate to or otherwise limit our operations, which could limit our ability to make distributions to our unitholders, to replace the Advisor or to otherwise achieve our investment objectives.

When providing financing, a lender may impose restrictions on us that affect our distribution and operating policies and our ability to incur additional debt. Financing documents we enter into may contain covenants that limit our ability to make distributions under certain circumstances. In addition, provisions of our financing documents may deter us from replacing the Advisor because of the consequences under such agreements. These or other limitations may adversely affect our flexibility and our ability to achieve our investment objectives.

We may enter into financing arrangements that require us to use and pledge offering proceeds to secure and repay such borrowings, and such arrangements may adversely affect our ability to make investments and operate our business.

We may enter into financing arrangements that require us to use and pledge future proceeds from the Offering or future offerings to secure and repay such borrowings. Such arrangements may cause us to have less proceeds available to make investments or otherwise operate our business, which may adversely affect our flexibility and our ability to achieve our investment objectives.

A change in interest rates may adversely affect our profitability and our hedging strategy may expose us to additional risks.

We may use a combination of equity and long-term and short-term borrowings denominated in one or more currencies to finance our lending activities. If we utilize borrowings, a portion of our income will depend upon the difference between the rate at which we borrow funds and the rate at which we loan these funds. Certain of our borrowings may be at fixed rates and others at variable rates. In connection with any borrowings, we may decide to enter into interest rate hedging interests. Hedging activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse impact on our business, financial condition and operating results. An increase in interest rates would decrease the value of our investments were we seeking to liquidate our portfolio.

Our investments may be long term and may require several years to realize liquidation events.

We anticipate maintaining an average portfolio duration in excess of two years with regard to our debt investments. As a result, our unitholders should not expect liquidity, if any, to occur over the near term. In addition, we expect that any warrants or other return enhancements that we receive when we make loans may require several years to appreciate in value and may not appreciate at all.

Prepayments by our borrowers could adversely impact our operating results, reducing total income and increasing the number of investments the Company will have to execute.

We are also subject to the risk that investments that we make may be repaid prior to scheduled maturity. In such an event, we will generally use proceeds from prepayments first to repay any borrowings outstanding on any line of credit, if we have any outstanding. In the event that funds remain after repayment of our outstanding borrowings, we will generally reinvest these proceeds in short-term securities, pending their future investment in new investment instruments. These short-term securities will typically have substantially lower yields than the debt securities being prepaid and we could experience significant delays in reinvesting these amounts. As a result, our operating results could be materially adversely affected if one or more of our borrowers elect to prepay amounts owed to us. For the years ended December 31, 2018 and 2017, we did not receive any such material prepayments.

Non-payment by our borrowers would prevent us from realizing expected income and could result in the decrease in our net asset value.

All of our fixed-income investments are subject to the risk that a borrower will fail to repay a portion or all of periodically scheduled interest and/or principal and, as of December 31, 2018, we had 11 borrowers who had failed to make repayment of principal and interest and were included on our Watch List. Six of these borrowers have also been placed on non-accrual status. In addition, we are owed $6 million by a fund advised by IIG as a result of the misapplication by IIG of an investment we made in 2017 and we have

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included this receivable on our Watch List. When this occurs, we may fail to realize expected income and, in some instances, this could possibly result in a write-down of the value of under-performing loans as well as our net asset value. See Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Watch List Investments for more information about the Watch List.

We allocate substantially all of our fixed-income investment capital to unrated instruments, which may be viewed as highly speculative.

We have and will likely continue to allocate substantially all of our fixed-income investment capital to unrated instruments. Such instruments may be viewed as highly speculative and the recovery of projected interest and principal payments is reliant on the Advisor’s and sub-advisors’ ability to accurately underwrite and manage our investments.

Terrorist attacks, acts of war or national disasters may affect any market for units, impact the businesses in which we invest, and harm our business, operating results and financial conditions.

Terrorist acts, acts of war or national disasters have created, and continue to create, economic and political uncertainties and have contributed to global economic instability. Future terrorist activities, civil war, military or security operations, or national disasters could further weaken the domestic/global economies and create additional uncertainties in the regions in which we may invest, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results and financial condition. Losses from terrorist attacks and national disasters are generally uninsurable.

The occurrence of cyber incidents, or a deficiency in our cyber security, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships, all of which could negatively impact our financial results.

A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity, or availability of our information resources. More specifically, a cyber incident is an intentional attack or an unintentional event that can include gaining unauthorized access to systems to disrupt operations, corrupt data, or steal confidential information. As our reliance on technology has increased, so have the risks posed to our systems, both internal and those we have outsourced. Our three primary risks that could directly result from the occurrence of a cyber incident include operational interruption, damage to our relationship with our borrowers, and private data exposure.

Failure to achieve and maintain effective internal controls over financial reporting in accordance with the rules of the SEC could harm our business and operating results and/or result in a loss of investor confidence in our financial reports, which could in turn have a material adverse effect on our business.

Under rules of the SEC promulgated under Section 404 of the Sarbanes-Oxley Act of 2002, we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, are required to evaluate 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 each quarterly period.  In the course of our assessment for the quarter ended June 30, 2018, we identified certain deficiencies in the operation of our controls with respect to IIG, who serves as one of our sub-advisors. Specifically, we have designed control procedures to monitor subadvisor activities through a process of continuing and periodic due diligence procedures. During our preparation of the quarterly report on Form 10-Q for the quarter ended June 30, 2018, we determined that IIG had provided incomplete documentation, or documentation that was not consistent with the requirements established in our control procedures as well as the requirements of IIG’s sub-advisory agreement. We determined that as of June 30, 2018, our control procedures did not operate at an appropriate level of precision to identify and reassess the risk resulting from the deficiency in information provided by a sub-advisor for the purpose of monitoring the sub-advisor’s activities and the impact on the performance and valuation of our investments. As a result of the foregoing, as described in Item 4, Controls and Procedures of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, management concluded that the control deficiency described above resulted in a material weakness in our internal control over financial reporting as of June 30, 2018. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. Although the existence of the control deficiency described above could have resulted in a material misstatement of our historic annual or interim financial statements, it did not.

Although we believe that we have remediated this material weakness, as described in Item 4, Controls and Procedures of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, we cannot assure you that this remediation has been successful or that additional deficiencies or weaknesses in our controls and procedures will not be identified. In addition, we cannot assure you that our independent registered public accounting firm will agree with our assessment.

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The material weakness in our internal control over financial reporting described above, as well as any other weaknesses or deficiencies that may exist or hereafter arise or be identified, could harm our business and operating results, and could result in adverse publicity and a loss in investor confidence in the accuracy and completeness of our financial reports, which in turn could have a material adverse effect on business, and, if such weaknesses are not properly remediated, could adversely affect our ability to report our financial results on a timely and accurate basis

Small and Medium-Sized Businesses

Small and medium-sized businesses may have limited financial resources and may not be able to repay the loans we make to them.

Our strategy includes providing financing to borrowers that typically is not readily available to them. This may make it difficult for the borrowers to repay their loans to us. A borrower’s ability to repay its loan may be adversely affected by numerous factors, including the failure to meet its business plan, a downturn in its industry or negative economic conditions. A deterioration in a borrower’s financial condition and prospects will usually be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of us realizing on any guarantees we may have obtained from the borrower’s management. We may at times be subordinated to a senior lender, and, in such situations, our interest in any collateral would likely be subordinate to another lender’s security interest.

Small and medium-sized businesses typically have narrower product offerings and smaller market shares than large businesses.

Because our target borrowers are smaller businesses, they tend to be more vulnerable to competitors’ actions and market conditions, as well as general economic downturns. In addition, borrowers may face intense competition, including competition from companies with greater financial resources, more extensive development, manufacturing, marketing and other capabilities and a larger number of qualified managerial and technical personnel.

Small and medium-sized businesses generally have less predictable operating results.

Our borrowers may have significant variations in their operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, may require substantial additional capital to support their operations, finance expansion or maintain their competitive position, may otherwise have a weak financial position or may be adversely affected by changes in the business cycle. Our borrowers may not meet net income, cash flow and other coverage tests typically imposed by their senior lenders. A borrower’s failure to satisfy financial or operating covenants imposed by senior lenders could lead to defaults and, potentially, foreclosure on its senior credit facility, which could additionally trigger cross-defaults in other agreements. If this were to occur, it is possible that the borrower’s ability to repay our loan would be jeopardized.

Small and medium-sized businesses are more likely to be dependent on one or two persons.

Typically, the success of a small or medium-sized business depends on the management talents and efforts of one or two persons or a small group of persons. The death, disability or resignation of one or more of these persons could have a material adverse impact on our borrower and, in turn, on us.

Small and medium-sized businesses are likely to have greater exposure to economic downturns than larger businesses.

Our borrowers tend to have fewer resources than larger businesses and an economic downturn is more likely to have a material adverse effect on them. If one of our borrowers is adversely impacted by an economic downturn, its ability to repay our loan would be diminished.

Small and medium-sized businesses may have limited operating histories.

Borrowers with limited operating histories will be exposed to all of the operating risks that new businesses face and may be particularly susceptible to, among other risks, market downturns, competitive pressures and the departure of key executive officers.

Lack of minimum requirements when lending to small and medium-sized businesses could increase the risk of default.

Although our investment strategy is focused on small and medium-sized businesses meeting certain underwriting criteria, we are not required to invest only in businesses meeting certain minimum asset size, revenue size or profitability standards and the lack of these minimum requirements could create additional risks with respect to our investments, including the risk of default.

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Non-U.S. Investments

Our investments in foreign debt and equity instruments may involve significant risks in addition to the risks inherent in U.S. investments.

Our investment strategy contemplates investing primarily in debt and equity instruments issued by foreign companies. During 2018 and 2017, we have made loans to companies located in Argentina, Botswana, Brazil, Cabo Verde, Cameroon, Cayman Islands, Chile, China, Colombia, Croatia, Ecuador, Ghana, Guatemala, Hong Kong, Indonesia, Italy, Jersey, Kenya, Malaysia, Mauritius, Mexico, Morocco, Namibia, New Zealand, Nigeria, Peru, Romania, Singapore, South Africa, Tanzania, the United Arab Emirates, the United Kingdom, Uganda, Uruguay, and Zambia. Investing in foreign companies may expose us to additional risks not typically associated with investing in U.S. companies. These risks include changes in exchange control regulations, political and social instability, expropriation, imposition of foreign taxes, less liquid markets and less available information than is generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, less developed bankruptcy laws, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility.

Non-U.S. investments involve certain legal, geopolitical, investment, repatriation, and transparency risks not typically associated with investing in the U.S.

• Legal Risk: The legal framework of certain developing countries is rapidly evolving and it is not possible to accurately predict the content or implications of changes in their statutes or regulations. Existing legal frameworks may be unfairly or unevenly enforced, and courts may decline to enforce legal protections covering our investments altogether. The cost and difficulties of litigation in these countries may make enforcement of our rights impractical or impossible. Adverse regulation or legislation may be introduced at any time without prior warning or consultation.

• Geopolitical Risk: Given that we invest in developing economies, there is a possibility of nationalization, expropriation, unfavorable regulation, economic, political, or social instability, war, or terrorism which could adversely affect the economies of a given jurisdiction or lead to a material adverse change in the value of our investments in such jurisdiction.

• Investment & Repatriation Risks: Significant time and/or financial resources may be required to obtain necessary government approval for us to invest under certain circumstances. In addition, we may invest in jurisdictions that become subject to investment restrictions as a result of economic or other sanctions after the time of our investment, the predictability of which is less certain given the new U.S. presidential administration. Under such circumstances, we may be required to divest of certain investments at a loss.

• Transparency Risks: Disclosure, accounting, and financial standards in developing economies vary widely and may not be equivalent to those of developed countries. Although our Advisor will use its best efforts to verify information supplied to it and will engage qualified sub-advisors when appropriate, our investments may still be adversely affected by such risks.

A portion of our investments are likely to be denominated in foreign currencies, and we may be exposed to fluctuation in currency exchange rates, which could result in losses.

As of December 31, 2018, all but one our investments are denominated in U.S. dollars. In the future, more of our investments are likely to be denominated in a foreign currency and will be subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation, and political developments. We may employ hedging techniques to minimize these risks, but effective hedging instruments may not be available in all cases, or may not be available at economically-feasible pricing or that hedging strategies may not be effective.

Fluctuation in currency exchange rates may negatively affect our borrowers’ ability to pay U.S. dollars denominated loans

For investment 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.

Lack of compliance with the U.S. Foreign Corrupt Practices Act, or FCPA, could subject us to penalties and other adverse consequences.

We are subject to the FCPA, which generally prohibits U.S. companies from engaging in bribery or other prohibited payments to foreign officials for the purpose of obtaining or retaining business. Foreign companies, including potential competitors, are not subject to these prohibitions. Fraudulent practices, including corruption, extortion, bribery, pay-offs, theft and others, occur from time-to-time in countries in which we may do business. If people acting on our behalf or at our request are found to have engaged in such practices,

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severe penalties and other consequences could be imposed on us that may have a material adverse effect on our business, results of operations, cash flows and financial condition and our ability to make distributions to you and the value of your investment.

Risks Related to our Advisor and its Affiliates:

Our success will be dependent on the performance of our Advisor; however, our Advisor has a limited operating history and experience managing a public company, which may hinder our ability to achieve our investment objectives.

TriLinc Advisors was formed in April 2012 and had no operating history at that time. Furthermore, our Advisor had never before acted as an advisor to a public company and has no prior experience complying with regulatory requirements applicable to public companies. Our current management team has no prior direct experience in impact lending. The Advisor and its affiliates are responsible for selecting the sub-advisors. Our current management team has not previously been involved in the selection or supervision of sub-advisors who are private debt impact investors. Although our Advisor retains ultimate responsibility for the performance of services under the Advisory Agreement, it can delegate its responsibilities to one of its affiliates or a third party. If our Advisor or any of its affiliates fail to perform according to our expectations and in accordance with the Advisory Agreement, we could be materially adversely affected.

We are dependent upon our key management personnel and the key management personnel of our Advisor, who will face conflicts of interest relating to time management, and on the continued operations of our Advisor, for our future success.

We have no employees. Our executive officers and the officers and employees of our Advisor and its affiliates may hold similar positions in other affiliated entities and they may from time to time allocate more of their time to service the needs of such entities than they allocate to servicing our needs.

In addition, we have no separate facilities and are completely reliant on our Advisor, which has significant discretion as to the implementation and execution of our business strategies and risk management practices. We are subject to the risk of discontinuation of our Advisor’s operations or termination of the Advisory Agreement and the risk that, upon such event, no suitable replacement will be found. We believe that our success depends to a significant extent upon our Advisor and that discontinuation of its operations could have a material adverse effect on our ability to achieve our investment objectives.

We may compete with other Sponsor affiliated entities for opportunities to originate or participate in investments, which may have an adverse impact on our operations.

We may compete with other Sponsor affiliated entities, and with other entities that Sponsor affiliated entities may advise or own interests in, whether existing or created in the future, for opportunities to originate or participate in impact investments. The Advisor may face conflicts of interest when evaluating investment opportunities for us and other owned and/or managed by Sponsor affiliated entities and these conflicts of interest may have a negative impact on us.

Sponsor affiliated entities may have, and additional entities (including those that may be advised by Sponsor affiliated entities or in which Sponsor affiliated entities own interests) may be given, priority over us with respect to the acquisition of certain types of investments. As a result of our potential competition with these entities, certain investment opportunities that would otherwise be available to us may not in fact be available.

Our success will be dependent on the performance of our sub-advisors.

Our Advisor employs sub-advisors in its execution of the investment strategy, not all of whom have been identified. 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 our Advisor, the risk exists that our sub-advisors will be ineffective or materially underperform. In addition, the Sub-Advisory Agreements with the sub-advisors can only be terminated under specific circumstances and they do not automatically terminate upon the termination of the Advisory Agreement.

We may be unable to find suitable investments through our sub-advisors. Our ability to achieve our investment objectives and to pay distributions will be dependent upon the performance of our local sub-advisors in the identification, performance of due diligence on and acquisition of investments, the determination of any financing arrangements, and the management of our projects and assets. If our sub-advisors fail to perform according to our expectations, or if the due diligence conducted by the sub-advisors fails to reveal all material risks of the businesses of our target investments, we could be materially adversely affected. As described further in Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Watch List Investments, IIG is the sub-advisor with respect to most of our investments that we have deemed Watch List investments, which are investments with respect to which we have determined there have been significant changes in the credit and collection risk of the investment.  As described in that section, IIG has failed to provide us with complete and accurate information with respect to our investments for which IIG is the sub-advisor, has misapplied $6 million that we invested in 2017 and our funds that were misapplied have not been

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

Our sub-advisors’ failure to identify and make investments that meet our investment criteria or perform their responsibilities under the Sub-Advisory Agreements may adversely affect our ability to realize our investment objectives.

Our ability to achieve our investment objectives will depend, in part, on our sub-advisors’ ability to identify and invest in debt and equity instruments that meet our investment criteria. Accomplishing this result on a cost-effective basis will, in part, be a function of our sub-advisors’ execution of the investment process, their capacity to provide competent and efficient services to us, and, their ability to source attractive investments. Our sub-advisors will have substantial responsibilities under the Sub-Advisory Agreements. Any failure to manage the investment process effectively could have a material adverse effect on our business, financial condition and results of operations. See the previous risk factor and other risk factors above as well as Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Watch List Investments for more information about the failure of IIG to perform all of its responsibilities under the sub-advisory agreement and the adverse effect it has had on our ability to ascertain information about certain of our investments as well as the negative impact it has had on the value of certain of our investments.

We pay substantial compensation to our Advisor, SC Distributors and their respective affiliates, which may be increased by our independent managers. The fees we pay in connection with the agreements entered into with our Advisor and SC Distributors were not determined on an arm’s-length basis and therefore may not be on the same terms we could achieve from a third party.

As of December 31, 2018, we have paid fees totaling approximately $37,810,000, including $9,550,000 in asset management and incentive fees that were assumed by the Sponsor under the Operating Expense Responsibility Agreement, to our Advisor or its affiliates and $21,711,000 to SC Distributors or its affiliates. The compensation paid to our Advisor, SC Distributors and their respective affiliates for services they provide us pursuant to the Advisory Agreement and the Dealer Manager Agreements was not determined on an arm’s-length basis. A third party unaffiliated with us may be willing and able to provide certain services to us at a lower price.

In addition, subject to limitations in our operating agreement, the fees, compensation, income, expense reimbursements, interests and other payments payable to our Advisor, SC Distributors and their respective affiliates may increase in the future from those previously disclosed, if such increase is approved by a majority of our independent managers.

There are significant potential conflicts of interest, which could impact our investment returns.

In the course of our investing activities, we also pay management and incentive fees to our Advisor and reimburse our Advisor for certain administrative expenses incurred on behalf of the Company. As a result, our investors invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in, among other things, a lower rate of return than one might achieve by making direct investments. As a result of this arrangement, there may be times when the management team of our Advisor has interests that differ from those of our unitholders, giving rise to a conflict. For example, our Advisor has incentives to recommend that we make investments using borrowings since the asset management fees that we pay to our Advisor will increase if we use borrowings in connection with our investments.

Our subordinated incentive fee may induce our Advisor to make certain investments, including speculative investments.

The management compensation structure that has been implemented under the Advisory Agreement, with our Advisor may cause our Advisor to invest in higher-risk investments or take other risks. In addition to its asset management fee, our Advisor is entitled under the Advisory Agreement to receive subordinated incentive compensation based in part upon our achievement of specified levels of net cash flows. The incentive fee payable by us to our Advisor may create an incentive for the Advisor to make investments on our behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The way in which the incentive fee payable from operations, sales or other sources is determined, which is calculated as a percentage of our net cash flows, may encourage our Advisor to use leverage to increase the return on our investments. Under certain circumstances, the use of leverage may increase the likelihood of default, which would disfavor our unitholders.

In evaluating investments and other management strategies, the opportunity to earn subordinated incentive compensation may lead our Advisor to place undue emphasis on the maximization of investment income at the expense of other criteria, such as preservation of capital, maintaining sufficient liquidity, or management of credit risk or market risk, in order to achieve higher subordinated incentive compensation. Investments with higher yield potential are generally riskier or more speculative. This could result in increased risk to the value of our investment portfolio.

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Risks related to Tax Matters:

Our failure to be taxed as a partnership may result in adverse tax consequences for us and our investors.

We intend to be treated as a partnership (other than a publicly traded partnership) for federal income tax purposes and not as a corporation. We have not sought a ruling from the Internal Revenue Service, or IRS, on the tax treatment of us or our units, and such treatment as a partnership may not be sustained by a court if challenged by the IRS.

If we were taxable as a corporation, the “pass through” treatment of our income and losses would be lost. Instead, we would, among other things, pay income tax on our earnings in the same manner and at the same rate as a corporation, and our losses, if any, would not be deductible by the unitholders. Unitholders would be taxed upon distributions substantially in the manner that corporate shareholders are taxed on dividends.

Transfer restrictions imposed with respect to our interests and potential restructurings or agreements we enter into to avoid publicly traded partnership status, may adversely impact a unitholder’s ability to transfer or sell its units.

No transfer of an interest may be made if it would result in the Company being treated as a publicly traded partnership taxable as a corporation under the Internal Revenue Code of 1986, as amended, or the Code. We may, without the consent of any unitholder, amend our operating agreement in order to improve, upon advice of counsel, the Company’s position in avoiding such publicly traded partnership status for the Company (and we may impose time-delay and other restrictions on recognizing transfers or on repurchases pursuant to unit repurchase program as necessary to do so). Furthermore, we, upon advice of counsel, may restructure the Company (including the creation or liquidation of subsidiary entities) and/or enter into any agreements that we deem necessary, without the prior approval of the unitholders, if such activities are reasonably determined by us, in our sole discretion, to avoid the Company being characterized as a publicly traded partnership under the Code that is taxable as a corporation.

Unitholders may be allocated taxable income in excess of the cash available for distribution to them.

For U.S. federal income tax purposes, we may include in income certain amounts that we have not yet received in cash, such as original issue discount, which may arise if we receive warrants in connection with the making of a loan or possibly in other circumstances, or contracted payment-in-kind interest, which represents contractual interest added to the loan balance and due at the end of the loan term. Such original issue discount, which could be significant relative to our overall investment activities, or increases in loan balances as a result of contracted payment-in-kind arrangements, will be included in income before we receive any corresponding cash payments. We may also be required to include in income certain other amounts that we will not receive in cash. If a borrower defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously reported as investment income will become uncollectible.

Since in certain cases we may recognize income before or without receiving cash representing such income, we may have difficulty paying investor distributions without resorting, in part or in whole, to borrowings or other sources of capital.

The payment of the distribution fee over time with respect to the Class C units, certain Class I units, and Class W units is deemed to be paid from cash distributions that would otherwise be distributable to such unitholders. Accordingly, the holders of Class C units, certain Class I units, and Class W units will receive a lower cash distribution to the extent of such unitholders’ obligation to pay such fees. Because the payment of such fees is not a deductible expense for tax purposes, the taxable income of the Company allocable to the Class C, certain Class I, and Class W unitholders may, therefore, exceed the amount of cash distributions made to such unitholders.

An audit or tax adjustment by the IRS may result in additional taxes or costs to the Company and our unitholders.

We have not requested and do not currently intend to request rulings from the IRS with respect to any of the U.S. federal income tax consequences to the Company or our unitholders. Thus, positions to be taken by the IRS as to any such tax consequences could differ from positions taken by us. If the IRS challenges certain U.S. federal income tax positions taken by us if we are audited any adjustment to our return resulting from such an audit would result in adjustments to tax returns of our unitholders and might result in an examination of items in such returns unrelated to their investment in the units or an examination of tax returns for prior or later years. Moreover, we and our unitholders could incur substantial legal and accounting costs in contesting any IRS challenge, regardless of the outcome. Our management generally will have the authority and power to act for, and bind the Company in connection with, any such audit or adjustment for administrative or judicial proceedings in connection therewith.

Pursuant to legislative changes enacted in the Bipartisan Budget Act of 2015, which are effective for tax years beginning in 2018, the IRS may, in certain circumstances, collect taxes (together with applicable interest and penalties) directly from the Company following a determination that the Company has underreported taxable income to our unitholders with respect to such years.  The payment of such taxes by the Company would reduce the funds available for distribution by the Company, and could adversely affect the value of our units.

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Recent Tax Reform may Adversely Affect the Company, its Subsidiaries or Unitholders

On December 22, 2017, President Trump signed into law P.L. 115-97, informally titled the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act makes significant changes to the Code, including a number of provisions that could affect the taxation of the Company, its subsidiaries or unitholders. The Tax Act limits the ability of taxpayers to utilize certain tax attributes, including the following:

• The amount of business interest expense that may be deducted in a particular year generally cannot exceed the sum of (i) the taxpayer’s business interest income, and (ii) 30% of its taxable income, as adjusted.

• A new limitation restricts the ability of non-corporate taxpayers to deduct excess losses incurred in businesses. Any loss that is disallowed as an excess business loss is treated as a net operating loss carryover to the following tax year.

• Net operating losses carried forward to a subsequent tax year may not reduce more than 80% of the income generated in the subsequent year.

The Tax Act also requires taxpayers to recognize certain income for tax purposes not later than the taxable year in which such income is taken into account in an applicable financial statement, which may, in some cases, accelerate the taxation of our income. Also, although non-corporate owners of pass-through entities, including partnerships, are eligible for a new deduction under the Tax Act of up to 20% of their share of the amount of business income generated by the entity, this deduction will generally not be available to unitholders with respect to their income from the Company, which could adversely affect the value of units in the Company relative to investments in other pass-through vehicles. In addition, new provisions in the Tax Act that relate to the taxation of certain foreign earnings could, depending on their application to the Company or its subsidiaries, have adverse tax consequences.

The individual and collective impact of these and other provisions of the Tax Act on the Company and its subsidiaries and unitholders is uncertain, and may not become evident for some period of time.

Legislative or regulatory action could adversely affect our unitholders.

All statements contained in this Form 10-K concerning the expected U.S. federal income tax consequences of any investment in the Company are based upon existing law and the interpretations thereof. The income tax treatment of an investment in the Company may be modified by legislative, judicial or administrative changes, possibly with retroactive effect, to the detriment of the unitholders.

Our operations may result in reportable transactions for the Company and our unitholders.

Under regulations promulgated by the U.S. Treasury Department regulations, the activities of the Company may create one or more “reportable transactions,” requiring the Company and each unitholder, respectively, to file information returns with the IRS. We will give notice to all unitholders of any reportable transaction of which we become aware in the annual tax information provided to unitholders in order to file their tax returns.

Unitholders may be required to obtain U.S. federal income tax return filing extensions and to file tax returns in multiple jurisdictions.

We will use reasonable commercial efforts to cause all tax filings to be made in a timely manner (taking permitted extensions into account); however, investment in the Company may require the filing of tax return extensions. Unitholders may have to obtain one or more tax filing extensions if the Company does not deliver Schedule K-1 by the due date of the unitholders’ returns. Although our management will attempt to cause the Company to provide unitholders with estimated annual U.S. federal income tax information prior to March 15th as long as the Company’s taxable year is the calendar year, the Company may not obtain annual U.S. federal income tax information from all borrowers by such date and tax return extensions may be required to be filed by unitholders. Moreover, although estimates will be provided to the unitholders by the Company in good faith based on the information obtained from the borrowers, such estimates may be different from the actual final tax information and such differences could be significant, resulting in interest and penalties to the unitholders due to underpayment of taxes or loss of use of funds for an extended period of time due to overpayment of taxes. Furthermore, the Company’s activities may require unitholders to file in multiple jurisdictions if composite state returns are not filed by the Company. We may file composite state tax returns for the benefit of unitholders that elect to participate in the filing of such returns.

We may incur unrelated business taxable income which will be taxable to our tax –exempt investors.

Tax-exempt investors (such as an employee pension benefit plan or an IRA) may have Unrelated Business Taxable Income, or UBTI, from investments that are made by us. We have borrowed and may in the future borrow funds, which can lead to the generation

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of UBTI from debt financed property. We may also receive income from services rendered in connection with making loans, which is likely to constitute UBTI. We may acquire investments that generate UBTI and unitholders can expect some or all of their profits from the Company to be UBTI. Although we have attempted to structure our investments so as to minimize generating UBTI, there is no assurance that UBTI will not be generated from our investments. The Company will not be liable to tax-exempt investors for the recognition of UBTI.

Our operations may result in the Company being subject to foreign income taxes.

We have and may continue to conduct our activities in foreign jurisdictions and, in conjunction therewith, we have formed four subsidiaries to conduct such activities and we may form additional subsidiaries. The conduct of activities in foreign jurisdictions (whether or not foreign subsidiaries are formed to conduct such activities) may result in the Company or its subsidiaries being subject to tax in such foreign jurisdictions. Taxes paid by the Company in such foreign jurisdictions will reduce the cash available for distribution to the unitholders. However, because we are taxable as a partnership for U.S. federal income tax purposes, certain foreign income taxes paid by the Company may generate a foreign tax credit that will be allocated to each unitholder, which may be used to reduce, on a dollar-for-dollar basis, the tax liability of such unitholder.

Our operations may result in non-U.S. unitholders being subect to U.S. federal, state and local income and withholding tax and filing requirements.

We may generate income that is “effectively connected” with a U.S. trade or business, and, if so, a non-U.S. unitholder will generally be required to file an annual U.S. federal income tax return and pay U.S. federal income tax, in the same manner as a U.S. unitholder, with respect to such income. A U.S. federal withholding tax, at the highest applicable effective tax rate, generally will be imposed on a non-U.S. unitholder’s allocable share of such effectively connected income (whether or not such income is distributed). There also may be state or local tax withholding.  Non-U.S. investors may also be subject to the provisions of the Foreign Investment in Real Property Tax Act of 1980, as amended, which generally treats any gain or loss of a non-U.S. person that is realized in connection with the (actual or constructive) disposition of a “U.S. real property interest” as gain or loss effectively connected with a U.S.trade or business engaged in by such non-U.S. person. A 30% U.S. “branch profits tax” will generally apply to an investment in the Company by  non-U.S. unitholders that are corporations.

Risks related to the Investment Company Act:

We are not registered as an investment company under the Investment Company Act and, therefore, we will not be subject to the requirements imposed on an investment company by the Investment Company Act which may limit or otherwise affect our investment choices.

The Company and our subsidiaries will conduct our businesses so that none of such entities are required to register as “investment companies” under the Investment Company Act. Although we could modify our business methods at any time, at the present time we expect that the focus of our activities will involve investments in fixed-income assets and other loans of the nature described earlier.

Companies subject to the Investment Company Act are required to comply with a variety of substantive requirements including, but not limited to:

• limitations on the capital structure of the entity;

• restrictions on certain investments;

• prohibitions on transactions and restrictions on fees with affiliated entities; and

• public reporting disclosures, record keeping, voting procedures, proxy disclosures, board operations and similar corporate governance rules and regulations.

These and other requirements are intended to provide benefits and/or protections to security holders of investment companies. Because we and our subsidiaries do not expect to be subject to these requirements, you will not be entitled to these benefits or protections. It is our policy to operate in a manner that will not require us to register as an investment company, and we do not expect or intend to register as an investment company under the Investment Company Act.

Whether a company is an investment company can involve analysis of complex laws, regulations and SEC staff interpretations. We intend to conduct the Company’s operations so as not to become subject to regulation as an investment company under the Investment Company Act. So long as the Company conducts its businesses directly and through its wholly-owned or majority-owned subsidiaries that are not investment companies and none of the Company and the wholly-owned or majority-owned subsidiaries hold themselves out as being engaged primarily in the business of investing in securities, the Company should not have to register. The securities issued by any subsidiary that is excepted from the definition of investment company under Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act, together with any other “investment securities” (as used in the Investment Company Act) its parent may

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own, may not have a combined value in excess of 40% of the value of the parent entity’s total assets on an unconsolidated basis (which we refer to as the 40% test). In other words, even if some interests in other entities were deemed to be investment securities, so long as such investment securities do not comprise more than 40% of an entity’s assets, the entity will not be required to register as an investment company. If an entity held investment securities and the value of these securities exceeded 40% of the value of its total assets, and no other exemption from registration was available, then that entity might be required to register as an investment company.

We do not expect that we or any of our majority- or wholly-owned subsidiaries will be an investment company, and in particular, we will seek to assure that holdings of investment securities in the Company do not exceed 40% of the total assets of that entity as calculated under the Investment Company Act. In order to operate in compliance with that standard, we may be required to conduct our business in a manner that takes account of these provisions. In order for us to so comply, we or a subsidiary could be unable to sell assets we would otherwise want to sell or we may need to sell assets we would otherwise wish to retain, if we deem it necessary to remain in compliance with the 40% test. In addition, we may also have to forgo opportunities to acquire certain assets or interests in companies or entities that we would otherwise want to acquire, or acquire assets we might otherwise not select for purchase, if we deem it necessary to remain in compliance with the 40% test. For example, these restrictions will limit our ability to invest directly in certain types of assets, such as in securities that represent less than 50% of the voting securities (as used in the Investment Company Act) of the issuer thereof.

If the Company or any subsidiary owns assets that qualify as “investment securities” as such term is defined under the Investment Company Act and the value of such assets exceeds 40% of the value of its total assets, the entity could be deemed to be an investment company. In that case the entity would have to qualify for an exemption from registration as an investment company in order to operate without registering as an investment company. Certain of the subsidiaries that we may form in the future could seek to rely upon one of the exemptions from registration as an investment company under the Investment Company Act pursuant to Section 3(c)(5)(A) or Section 3(c)(5)(B) of the Investment Company Act. The exemption pursuant to Section 3(c)(5)(A) is available for entities “primarily engaged in the business of purchasing or otherwise acquiring notes, drafts, acceptances, open accounts receivable, and other obligations representing part or all of the sales price of merchandise, insurance, and services” (which we refer to as the 3(c)(5)(A) exemption), while the exemption pursuant to Section 3(c)(5)(B) is available for entities “primarily engaged in the business of making loans to manufacturers, wholesalers, and retailers of, and to prospective purchasers of, specified merchandise, insurance, and services” (which we refer to as the 3(c)(5)(B) exemption). Each of the 3(c)(5)(A) exemption and the 3(c)(5)(B) exemption generally requires that at least 55% of the assets of a subsidiary relying on such exemption be invested in eligible loans and receivables. To qualify for either of the foregoing exemptions, the subsidiary would be required to comply with interpretations issued by the staff of the SEC that govern the respective activities.

In addition to the exceptions discussed above, we and/or our subsidiaries may rely upon other exceptions and exemptions, including the exemptions provided by Section 3(c)(6) of the Investment Company Act (which exempts, among other things, parent entities whose primary business is conducted through majority-owned subsidiaries relying upon the 3(c)(5)(A) exemption and/or the 3(c)(5)(B) exemption discussed above) from the definition of an investment company and the registration requirements under the Investment Company Act.

The laws and regulations governing the Investment Company Act status of entities like the Company and our subsidiaries, including actions by the Division of Investment Management of the SEC providing more specific or different guidance regarding these exemptions, may change in a manner that adversely affects our operations. To the extent that the SEC staff provides more specific guidance regarding any of the matters bearing upon the exceptions discussed above or other exemptions from the definition of an investment company under the Investment Company Act upon which we may rely, we may be required to adjust our strategy accordingly. Any additional guidance from the SEC staff could provide additional flexibility to us, or it could further inhibit our ability to pursue the strategies we have chosen.

If the Company or any of our subsidiaries is required to register as an investment company under the Investment Company Act, the additional expenses and operational limitations associated with such registration may reduce our unitholders’ investment return or impair our ability to conduct our business as planned.

If we become an investment company or are otherwise required to register as such, we might be required to revise some of our current policies, or substantially restructure our business, to comply with the Investment Company Act. This would likely require us to incur the expense of holding a unitholder meeting to vote on such changes. Further, if we were required to register as an investment company, but failed to do so, we would be prohibited from engaging in our business, criminal and civil actions could be brought against us, some of our contracts might be unenforceable, unless a court were to direct enforcement, and a court could appoint a receiver to take control of us and liquidate our business.

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Risks related to ERISA:

If our assets are deemed to be Employee Retirement Income Security Act of 1974, as amended (“ERISA”), plan assets, the Advisor and we may be exposed to liabilities under Title I of ERISA and the Code.

In some circumstances where an ERISA plan holds an interest in an entity, the assets of the entire entity are deemed to be ERISA plan assets unless an exception applies. This is known as the “look-through rule.” Under those circumstances, the obligations and other responsibilities of plan sponsors, plan fiduciaries and plan administrators, and of parties in interest and disqualified persons, under Title I of ERISA and Section 4975 of the Code, as applicable, may be applicable, and there may be liability under these and other provisions of ERISA and the Code. We believe that our assets will not be treated as plan assets because our units should qualify as “publicly-offered securities” that are exempt from the look-through rules under applicable Treasury Regulations. We note, however, that because certain limitations are imposed upon the transferability of our units, it is possible that this exemption may not apply. If that is the case, and if the Advisor or we are exposed to liability under ERISA or the Code, our performance and results of operations could be adversely affected. Prior to making an investment in us, our unitholders should consult with their legal and other advisors concerning the impact of ERISA and the Code on our unitholders’ investment and our performance.

Risks Relating to Investing in our Units:

The units sold will not be listed on an exchange for the foreseeable future, if ever. Therefore, it will be difficult for our unitholders to sell their units and, if they are able to sell their units, they will likely sell them at a substantial discount.

The units that may be offered by us are illiquid assets for which there is not expected to be any secondary market nor is it expected that any will develop in the future. Moreover, our unitholders should not rely on our unit repurchase program as a method to sell units promptly because our unit repurchase program includes numerous restrictions that limit the unitholders’ ability to sell our units to us, and our board of managers may amend, suspend or terminate our unit repurchase program at any time. In particular, the unit repurchase program provides that we may make repurchase offers only if our unitholders have held our units for a minimum of one year, we have sufficient funds available for repurchase from our distribution reinvestment plan and to the extent the total number of units for which repurchase is requested in any 12 month period does not exceed 5% of our weighted average number of outstanding units as of the same date in the prior 12 month period. Therefore, it will be difficult for our unitholders to sell their units promptly or at all. If our unitholders are able to sell their units, they may only be able to sell them at a substantial discount from the price they paid. Investor suitability standards imposed by certain states may also make it more difficult to sell units to someone in those states. The units should be purchased as a long-term investment only.

In the future, our board of managers may consider various forms of liquidity, each of which is referred to as a liquidity event, including, but not limited to: (1) dissolution and winding up distribution of our assets; (2) merger or sale of all or substantially all of our assets; or (3) the listing of units on a national securities exchange. If we do not consummate a liquidity event by August 25, 2021, we will be required to commence an orderly liquidation of the assets unless a majority of our board, including a majority of the independent managers, determines that liquidation is not in the best interests of our unitholders. Under such circumstances the commencement of an orderly liquidation will be postponed for one year. Further postponement of the liquidity event would only be permitted if a majority of our board, including a majority of independent managers, again determined that liquidation would not be in the best interest of our unitholders and our board must make a determination in this manner during each successive year until a liquidity event has occurred. If we at any time choose to seek but then fail to obtain unitholders’ approval of our liquidation, our operating agreement would not require us to consummate a liquidity event or liquidate and would not require our board to revisit the issue of liquidation, and we could continue to operate as before.

We may be unable to liquidate all assets. After we adopt a plan of liquidation, we would likely remain in existence until all our investments are liquidated. If we do not pursue a liquidity transaction, or delay such a transaction due to market conditions, our units may continue to be illiquid and our unitholders may, for an indefinite period of time, be unable to convert their investment to cash easily and could suffer losses on their investment.

We established the initial offering prices for our classes of units in the Offering on an arbitrary basis, and the offering price may not accurately reflect the value of our assets.

We terminated the Offering effective March 31, 2017 and approximately $362 million in units initially registered for the Offering were issued. The initial prices of our units in the Offering were established on an arbitrary basis and were not based on the amount or nature of our assets, the market value of our assets, or our book value. Even though we conduct quarterly valuations of our assets, the price our unitholders paid for their units may not be indicative of the price at which such units would trade if they were listed on an exchange or actively traded by brokers nor of the proceeds that a unitholder would receive if we were liquidated or dissolved. In addition, our board of managers may determine the fair value of our assets based upon internal valuation assessments and not independent valuation assessments, which may be materially different. In addition, determination of fair value involves subjective judgments and estimates, which may not be accurate or complete. Our net asset value would have decreased for all unit classes if the Sponsor had not absorbed and deferred reimbursement for a substantial portion of our operating expenses since we began operations.

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Our unitholders will not have the opportunity to evaluate our investments before we make them, which makes investment in our units more speculative.

Our investments are selected by our sub-advisors and reviewed by our Advisor and our unitholders do not have input into such investment decisions, so our unitholders have to rely entirely on the ability of our Advisor and sub-advisors to select suitable and successful investment opportunities. Both of these factors will increase the uncertainty, and thus the risk, of investing in units.

Our unitholders will experience substantial dilution in the net tangible book value of their units equal to the offering costs associated with their units.

Our unitholders will incur immediate dilution, which will be substantial, equal to the costs of any offering associated with the sale of units. This means that the investors who have or will purchase units will pay a price per unit that substantially exceeds the amount available with which to purchase assets and therefore, the value of these assets upon purchase. As of December 31, 2018, we have incurred a cumulative total of approximately $17.2 million in offering costs which has been reimbursed to our Sponsor.

Because of all the risks described in this section, investing in units may involve an above average degree of risk.

Because of all the risks described in this section, the investments we make in accordance with our investment objectives may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments may be highly risky and aggressive, and therefore, an investment in units may not be suitable for someone with lower risk tolerance.

Our unitholders may experience dilution.

Our unitholders do not have preemptive rights. If, as expected, we engage in a subsequent offering of units or securities convertible into units, issue units pursuant to our distribution reinvestment plan or otherwise issue additional units, investors who purchase units in this offering who do not participate in those other securities issuances will experience dilution in their percentage ownership of our outstanding units. Furthermore, unitholders may experience a dilution in the value of their units depending on the terms and pricing of any unit issuances and the value of our assets at the time of issuance.

The price for units redeemed pursuant to the Company’s unit repurchase program and issued pursuant to the DRP is the most recently disclosed estimated NAV per unit for such class of units, which may not equal the actual NAV per unit at the time of repurchase or reinvestment. The estimated NAV per unit may not be an accurate reflection of the fair market value of the Company’s assets and liabilities and likely will not represent the amount of net proceeds that would result if the Company liquidated or dissolved or the amount the Company’s unitholders would receive upon the sale of their units.

 The price for units redeemed pursuant to the Company’s unit repurchase program and offered pursuant to the DRP is equal the most recently disclosed estimated NAV per unit of such class of units, which may not equal the actual NAV per unit on the date of repurchase or reinvestment due to the lag between the timing of the most recent NAV disclosure and the redemption or reinvestment.  In addition, the estimated NAV per unit, as determined by our management in accordance with our valuation policies, may not be an accurate reflection of the fair value of the Company’s assets and liabilities in accordance with GAAP, may not reflect the price at which the Company would be able to sell all or substantially all of its assets or the outstanding units in an arm's length transaction, may not represent the value that the Company’s unitholders could realize upon a sale of the company or upon the liquidation of its assets and settlement of its liabilities, and may not be indicative of the price at which units would trade if they were listed on a national securities exchange. Further, our board of managers may determine the fair value of our assets completely or in part based upon internal valuation assessments and not independent valuation assessments, which may be materially different. In addition, the determination of fair value involves subjective judgments and estimates, which may not be accurate or complete.

We do not, and do not expect to, have research analysts reviewing our performance.

We do not, and do not expect to, have research analysts reviewing our performance or our securities on an ongoing basis. Therefore, our unitholders will not have an independent review of our performance and the value of our units relative to publicly traded companies.

ITEM 1B. UNRESOLVED STAFF COMMENTS

This item is not applicable because the Company is not an accelerated filer, a large accelerated filer, or a well-known seasoned issuer.

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ITEM 2. PROPERTIES

We do not own or lease any properties. Our administrative and principal executive offices, which are located at 1230 Rosecrans Avenue, Suite 605, Manhattan Beach, CA 90266, are leased by our Sponsor.

ITEM 3. LEGAL PROCEEDINGS

The Company is not party to any material legal proceedings.

ITEM 4. MINE SAFETY DISCLOSURES.

Not applicable.

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PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Net Asset Value

There is no public trading market for our units.

We determine our net asset value on a quarterly basis. Our net asset value is determined by our board of managers based on the input of 1) our Advisor, 2) our audit committee, 3) an opinion of a third-party independent valuation firm as to the reasonableness of our internal estimates of fair value of selected loans and, 4) if engaged by our board of managers, one or more independent valuation firms. We may value our investments using different valuation approaches. We calculate our net asset value per unit by subtracting total liabilities from the total value of our assets on the date of valuation and dividing the result by the total number of outstanding units on the date of valuation.  Our board of managers has determined our estimated net asset value, as of December 31, 2018, to be $8.227 per Class A, Class C, Class I, Class W, Class Y, and Class Z unit as compared to $8.355 and $8.466, respectively, per Class A, Class C, Class I, Class W, Class Y, and Class Z unit as of September 30, 2018 and December 31, 2017. The decrease of $0.128 in the estimated net asset value from September 30, 2018 to December 31, 2018 is primarily related to our determination to write down the value of certain of the Watch List Investments. The decrease of $0.239 in the estimated net asset value from December 31, 2017 to December 31, 2018 resulted primarily from 1) our failure to realize sufficient investment income during the first, second and fourth quarters of 2018 to cover operating expenses and the Sponsor’s determination not to pay for any operating expenses on our behalf for such quarters and 2) recording approximately $8.1 million in net unrealized depreciation on our investments during the year ended December 31, 2018. Our net asset value would have decreased for all unit classes in all prior periods if the Sponsor had not absorbed and deferred reimbursement for a substantial portion of our operating expenses since we began our operations. Our estimated net asset value was determined in accordance with the procedures set forth above. See Note 2 to our Consolidated Financial Statements for more information about the valuation of our investments.

We are offering up to $75 million in Class A, Class C and Class I units pursuant to our Distribution Reinvestment Plan to the investors who have purchased units in the Offering. On March 7, 2018, our board of managers approved an amendment to our Distribution Reinvestment Plan, pursuant to which units issued pursuant to the Distribution Reinvestment Plan are being offered at the price equal to the net asset value per unit of each class of units most recently disclosed by the Company in a public filing with the SEC at the time of reinvestment. Accordingly, distributions declared for the month of March 2019 were reinvested at a price equal to $8.355 for Class A units, Class C units, and Class I units, which was the net asset value per unit as of September 30, 2018 and the most recently disclosed net asset value at the time of reinvestment. Distributions declared for the month of April 2019 will be reinvested at a price equal to $8.227 per Class A unit, Class C units and Class I unit, which was the net asset value per unit as of December 31, 2018. Prior to the amendment of our Distribution Reinvestment Plan, units were issued pursuant to the Distribution Reinvestment Plan at a price equal to the greater of $9.025 per unit or the net asset value per unit of each class, as most recently disclosed by the Company in a public filing with the SEC.

As of March 26, 2019, there were 18,053,592 Class A units outstanding held of record by 3,927 persons, 8,284,495 Class C units outstanding held of record by 2,079 persons, 10,607,913 Class I Units outstanding held of record by 1,874 persons, 24,555 Class W units outstanding held of record by 5 persons, 1,197,830 Class Y units outstanding held of record by 76 persons, and 5,965,037 Class Z units outstanding held of record by two persons. There were no outstanding options or warrants to purchase, or securities convertible into, our units.

Distributions

We pay distributions pursuant to the terms of our operating agreement on a monthly basis when declared by our board of managers. 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 continue to make distributions at a specific rate or at all. Generally, our policy is to pay distributions from cash flow from operations. However, our organizational documents permit us to pay distributions from any source, including borrowings and offering proceeds, provided, however, that no funds will be advanced or borrowed for purpose of distributions, if the amount of such distributions would exceed our accrued and received revenues for the previous four quarters, less paid and accrued operating costs with respect to such revenues. We have not established a cap on the use of offering proceeds to fund distributions. If we pay distributions from sources other than cash flow from operations, we will have less funds available for investments and unitholders’ overall returns will be reduced.

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, certain Class I units, and Class W 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, an ongoing dealer manager fee with respect to certain Class I units and Class W units and an ongoing service fee with respect to Class W units, which is an expense specific to these units. The distributions paid with respect to these units will be lower until these ongoing fees are no longer payable.

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Amounts distributed to each class are allocated among the unitholders in such class in proportion to their units. Because the payment of such fees is not a deductible expense for tax purposes, the taxable income of the Company allocable to the Class C, certain Class I and Class W unitholders may, therefore, exceed the amount of cash distributions made to such unitholders.

Starting in July 2013, the Company has paid monthly distributions for all classes of units. For the year ended December 31, 2018 and 2017, $17,535,609 and $14,285,443, respectively, of these distributions were paid in cash and $10,027,648 and $11,267,412, respectively, were reinvested in units for those unitholders participating in the Company’s amended and restated distribution reinvestment plan (the “Distribution Reinvestment Plan”).

The following table summarizes our distributions declared for the years ended December 31, 2018 and 2017, including the breakout between the distributions paid in cash and those reinvested pursuant to our Distribution Reinvestment Plan:

									Sources
Quarters ended	Amount per Unit		Cash Distributions		Distributions Reinvested		Total Declared		Cash Flows from Operating Activities		Cash Flows from Financing Activities
March 31, 2018	$	0.17377	$	4,401,277	$	2,702,524	$	7,103,801	$	4,401,277	$	—
June 30, 2018	$	0.15349		4,365,046		2,433,854		6,798,900		4,365,046		—
September 30, 2018	$	0.15518		4,393,911		2,451,619		6,845,530		4,393,911		—
December 31, 2018	$	0.15518		4,375,375		2,439,651		6,815,026		4,375,375		—
Total for 2018			$	17,535,609	$	10,027,648	$	27,563,257	$	17,535,609	$	—
March 31, 2017	$	0.17377	$	3,060,697	$	2,505,036	$	5,565,733	$	3,060,697	$	—
June 30, 2017	$	0.17570		3,563,882		2,877,370		6,441,252		3,563,882		—
September 30, 2017	$	0.17570		3,720,660		2,939,388		6,660,048		3,720,660		—
December 31, 2017	$	0.17764		3,940,204		2,945,618		6,885,822		3,940,204		—
Total for 2017			$	14,285,443	$	11,267,412	$	25,552,855	$	14,285,443	$	—

Unregistered Sales of Equity Securities and Use of Proceeds.

None

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 at a price equal to the then current offering price less the sales fees associated with that class of units. Our unit repurchase program includes numerous restrictions, including a one-year holding period, that limit our unitholders’ ability to sell their units. Unless our board of managers determines otherwise, we will limit the number of units to be repurchased during any calendar year to the number of units we can repurchase with the proceeds we receive from the sale of units under our distribution reinvestment plan. At the sole discretion of our board of managers, we may also use cash on hand, cash available from borrowings and cash from liquidation of investments as of the end of the applicable quarter to repurchase units.

Unit repurchases are made on the last calendar day of the quarter. On March 3, 2017, the board of managers authorized an amendment to the unit repurchase program and commencing with repurchase requests processed at the end of the second quarter of 2017, units were repurchased at a price equal to the greater of $9.025 or the estimated net asset per unit for each class of units, as most recently disclosed by us in a public filing with the SEC. On March 7, 2018, the board authorized a further amendment to our unit repurchase program and commencing with repurchase requests processed on the last day of the first quarter of 2018, units are redeemed 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. 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.

For the year ended December 31, 2018, the Company had received and processed 331 repurchase requests. The Company repurchased an aggregate of 854,740 Class A units, 476,507 Class C units, 350,724 Class I units, and 2,368 Class Y units for a total of $14,196,267. Repurchases for the first quarter of 2018 were repurchased at a price equal to $8.507 per unit for Class A units, Class C units, Class I units and Class Y unit, which was the net asset value per unit of each class as of September 30, 2017, the most recently

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disclosed net asset value at the time of repurchase. Repurchases for the second and third quarters of 2018 were repurchased at a price equal to $8.421 per Class A unit, Class C units, Class I unit and Class Y units, which was the net asset value per unit of each class as of March 31, 2018 and the most recently disclosed net asset value at the time of repurchase. Repurchases for the fourth quarter of 2018 have been made at a price equal to $8.355 per unit for Class A units, Class C units, Class I units and Class Y unit, which was the net asset value per unit of each class as of September 30, 2018 and the most recently disclosed net asset value at the time of repurchase.

For the year ended December 31, 2017, the Company had received and processed 149 repurchase requests. The Company repurchased an aggregate of 403,439 Class A units, 64,757 Class C units, and 495,792 Class I units at a price of $9.025 per unit for a total of $8,699,994.

The following table reflects the activity under our unit repurchase program during the three months ended December 31, 2018.

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
10/01/2018 - 10/31/2018		451,644	$	8.421		451,644		884,619
11/01/2018 - 11/30/2018		—		—		—		884,619
12/01/2018 - 12/31/2018		—		—		—		884,619
Total		451,644	$	8.421		451,644

Distribution Reinvestment Plan

We have adopted the Distribution Reinvestment Plan pursuant to which our unitholders who have purchased Units in the Offering may elect to have the full amount of their cash distributions from us reinvested in additional units of the same class. Prior to the second quarter of 2017, units under the Distribution Reinvestment Plan were offered at a price equal to $9.025 per unit of each class, which was equal to the offering price per unit of each class less the sales fees associated with such class of units in the Primary Offering. No selling commissions or dealer manager fees are paid on units sold under the Distribution Reinvestment Plan. On March 3, 2017, the board of managers authorized an amendment to the Distribution Reinvestment Plan and commencing with all reinvestments made with respect to distributions for the second quarter of 2017, units were offered at a price equal to the greater of $9.025 or the net asset value per unit for each class of units. On March 7, 2018, our board of managers approved an additional amendment to our distribution reinvestment plan, pursuant to which, commencing with distributions declared for the month of March 2018, units issued pursuant to the Distribution Reinvestment Plan are issued 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. Distributions declared for the month of March 2019 were reinvested at a price equal to $8.355 for Class A units, Class C units, and Class I units, which was the net asset value per unit as of September 30, 2018, the most recently disclosed net asset value at the time of reinvestment. Distributions declared for the month of April 2019 will be reinvested at a price equal to $8.227 per Class A unit, Class C units and Class I unit, which was the net asset value per unit as of December 31, 2018.

Following the termination of the Offering, we have continued to offer units pursuant to our Distribution Reinvestment Plan. Although there are no distribution fees that are paid for any Class C units sold pursuant to the Distribution Reinvestment Plan, distribution fees have been and may be paid on an ongoing basis for Class C units sold pursuant to other Company offerings. Because distribution fees payable with respect to Class C units sold in other offerings are paid from and reduce the amount available for distribution on all Class C units, distributions will be reduced for Class C units purchased pursuant to the Distribution Reinvestment Plan.  This will result in lower cash distributions with respect to the Class C units than the cash distributions with respect to Class A and certain Class I units. We may amend, suspend or terminate the distribution reinvestment plan at our discretion.

For the period from June 12, 2013 through December 31, 2018, we issued 3,625,121 units totaling approximately $32,128,000 of gross offering proceeds pursuant to our Distribution Reinvestment Plan.

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ITEM 6. SELECTED FINANCIAL DATA

The following selected financial data should be read in conjunction with our consolidated financial statements and related notes and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included elsewhere in this Annual Report.

	At and for the			At and for the
	Year ended			Year ended
	December 31,			December 31,
	2018			2017
Consolidated Statement of Operations Data:
Total investment income	$	45,106,866		$	32,854,074
Asset management fees		7,971,062			6,484,850
Incentive fees (1)		6,212,931			4,599,941
Total net expenses		20,254,895			10,686,751
Net investment income		24,851,971			22,167,323
Net change in unrealized appreciation (depreciation) on investments		(8,096,352	)		-
Foreign exchange loss		(11,907	)		-
Net increase in net assets resulting from operations		16,743,712			22,167,323
Consolidated Per unit Data:
Net asset value per unit at year end (2)	$	8.20		$	8.42
Net investment income		0.57			0.62
Net increase in net assets resulting from operations		0.38			0.62
Distributions paid		0.63			0.72
Consolidated Balance Sheet Data:
Total investment at fair value	$	372,977,743		$	335,269,492
Cash		8,101,629			9,641,457
Total assets		403,003,683			358,307,796
Total liabilities		42,933,324			36,951,059
Total net assets		360,070,359			321,356,737
Other Data:
Weighted average annual yield on investments (3)		12.4	%		11.9	%
Number of portfolio companies at year end		47			43

(1) For the year ended December 31, 2017, our Sponsor assumed a portion of these fees under the Responsibility Agreement.

(2) For financial statement reporting purposes under GAAP, as of December 31, 2018 and 2017, the Company recorded a liability in the amount of $1,230,000 and $1,895,000, respectively, for the estimated future amount of Class C Distribution Fees and Class I Dealer Manager 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, beginning with the quarter ended June 30, 2017, it has determined that deducting the accrual for the estimated future amount of Class C Distribution Fees and Class I Dealer Manager Fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for all other purposes, including the net asset value used for purposes of price determination for the Company’s Distribution Reinvestment Plan and unit repurchase program. 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. As of December 31, 2018 and 2017, based on the new approach to the treatment of future Class C Distribution Fees and Class I Dealer Manager Fees, the Company has calculated the net asset value to be $8.227 and $8.466, respectively, for all units.  

(3) The weighted average yield is based on the current cost of our investments.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with our financial statements and related notes and other financial information appearing elsewhere in this annual report on Form 10-K.

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

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continue to operate our business in a manner that will permit us to maintain our exemption from registration under the Investment Company Act of 1940, as amended. We use the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, loan participations, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. A substantial portion of our assets consists of collateralized private debt instruments, which we believe offer opportunities for competitive risk-adjusted returns and income generation. We are externally managed and advised by TriLinc Advisors, LLC, or the Advisor. The Advisor is an investment advisor registered with the SEC.

Our business strategy is to generate competitive financial returns and positive economic, social and environmental impact by providing financing to SMEs, which we define as those business having less than 500 employees, primarily in developing economies. To a lesser extent, we may also make impact investments in companies that may not meet our technical definition of SMEs due to a larger number of employees but that also provide the opportunity to achieve both competitive financial returns and positive measurable impact. We generally expect that such investments will have similar investment characteristics as SMEs as defined by us. Our style of investment is referred to as impact investing, which J.P. Morgan Global Research and Rockefeller Foundation in a 2010 report called “an emerging alternative asset class” and defined as investing with the intent to create positive impact beyond financial return. We believe it is possible to generate competitive financial returns while creating positive, measurable impact. We measure the economic, social and environmental impact of our investments using industry-standard metrics, including the Impact Reporting and Investment Standards. Through our investments in SMEs, we intend to enable job creation and stimulate economic growth.

We commenced the Offering on February 25, 2013. Pursuant to the Offering, we were offering on a continuous basis up to $1.5 billion in units of our limited liability company interest, consisting of up to $1.25 billion of units in the primary offering consisting of Class A and Class C units at initial offering prices of $10.00 and $9.576 per unit, respectively, and Class I units at $9.025 per unit, and up to $250 million of units pursuant to the 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 the Distribution Reinvestment Plan.

Upon termination of the primary portion of the Offering, we registered $75 million in Class A, Class C and Class I units to continue to be offered pursuant to our Distribution Reinvestment Plan to the investors who have purchased units in the Offering. On March 7, 2018, our board of managers approved an amendment to our distribution reinvestment plan, pursuant to which, commencing with distributions declared for the month of March 2018, units issued pursuant to our Distribution Reinvestment Plan are being offered at the price equal to the net asset value per unit of each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of reinvestment.  The offering must be registered or exempt from registration in every state in which we offer or sell units. If the offering is not exempt from registration, the required registration generally is for a period of one year. Therefore, we may have to stop selling units in any state in which the registration is not renewed annually and the offering is not otherwise exempt from registration.

For the period from April 1, 2017 to December 31, 2017, we issued 971,564 of our units pursuant to our Distribution Reinvestment Plan for gross proceeds of approximately $8,762,000. In addition, for the period from April 1, 2017 to December 31, 2017, we issued 1,654,871 of our units for gross proceeds of approximately $14,204,000 pursuant to a private placement to accredited investors.

For the year ended December 31, 2018, we issued 1,175,826 of our units pursuant to our Distribution Reinvestment Plan for gross proceeds of approximately $10,028,000. In addition, for year ended December 31, 2018, we issued 6,240,356 of our units for gross proceeds of approximately $53,117,000 pursuant to a private placement to accredited investors.

As of December 31, 2018, we had issued an aggregate of 47,737,792 of our units, including 3,625,121 units issued under our Distribution Reinvestment Plan, for gross proceeds of approximately $447,887,000 including approximately $32,128,000 reinvested under our Distribution Reinvestment Plan (before dealer manager fees of approximately $4,786,000 and selling commissions of $16,924,000, for net proceeds of $426,177,000). As of December 31, 2018, $56.2 million in units remained available for sale pursuant to the Distribution Reinvestment Plan.

Investments

Our investment objectives are to provide our unitholders current income, capital preservation, and modest capital appreciation. These objectives are achieved primarily through SME trade finance and term loan financing, while employing rigorous risk-mitigation and due diligence practices, and transparently measuring and reporting the economic, social and environmental impacts of our investments. The majority of our investments are senior and other collateralized loans to SMEs with established, profitable businesses in developing economies. With the sub-advisors that our Advisor has contracted with to assist the Advisor in implementing the Company’s investment program, we expect to provide growth capital financing generally ranging in size from $5-20 million per transaction for direct SME loans and $500,000 to $15 million for trade finance transactions. We seek to protect and grow investor capital by: (1) targeting countries with favorable economic growth and investor protections; (2) partnering with sub-advisors with

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significant experience in local markets; (3) focusing on creditworthy lending targets who have at least 3-year operating histories and demonstrated cash flows enabling loan repayment; (4) making primarily debt investments, backed by collateral and borrower guarantees; (5) employing best practices in our due diligence and risk mitigation processes; and (6) monitoring our portfolio on an ongoing basis.

Investments will continue to be primarily credit facilities to developing economy SMEs, including trade finance and term loans, through the Advisor’s team of professional sub-advisors with a local presence in the markets where they invest. As of December 31, 2018, 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. By providing additional liquidity to growing small businesses, we believe we support both economic growth and the expansion of the global middle class.

Revenues

Since we anticipate that the majority of our assets will continue to consist of trade finance instruments and term loans, we expect that the majority of our revenue will continue to be generated in the form of interest. Our senior and subordinated debt investments may bear interest at a fixed or floating rate. Interest on debt securities is generally payable monthly, quarterly or semi-annually. In some cases, some of our investments provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid interest generally is due at the maturity date. In addition, we generate revenue in the form of acquisition and other fees in connection with some transactions. Original issue discounts and market discounts or premiums are capitalized, and we accrete or amortize such amounts as interest income. We record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

Expenses

Our primary operating expenses include the payment of asset management fees and expenses reimbursable to our Advisor under the Advisory Agreement. We bear all other costs and expenses of our operations and transactions.

From our inception through December 31, 2017, under the terms of the Expense Responsibility Agreement, our Sponsor assumed substantially all our operating expenses. Our Sponsor did not assume any of our operating expenses for the year ended December 31, 2018. As of December 31, 2017, the Sponsor had agreed to pay a cumulative total of approximately $16.7 million of operating expenses.

Portfolio and Investment Activity

During the year ended December 31, 2018, we invested, either through direct loans or loan participations, approximately $207.0 million across 26 portfolio companies. Our investments consisted of senior secured trade finance participations, senior secured term loan participations, senior secured term loans, and short term investments. Additionally, we received proceeds from repayments of investment principal of approximately $166.5 million.

During the year ended December 31, 2017, we invested, either through direct loans or loan participations, approximately $323.2 million across 37 portfolio companies. Our investments consisted of senior secured trade finance participations, senior secured term loan participations, senior secured term loans, and short term investments. Additionally, we received proceeds from repayments of investment principal of approximately $196.6 million.

At December 31, 2018 and 2017, our investment portfolio included 47 and 43 companies, respectively and the fair value of our portfolio was comprised of the following:

	As of December 31, 2018					As of December 31, 2017
	Investments		Percentage of			Investments		Percentage of
	at Fair Value		Total Investments			at Fair Value		Total Investments
Senior secured term loans	$	88,858,707		23.8	%	$	78,573,493		23.5	%
Senior secured term loan participations		189,157,819		50.7	%		119,165,378		35.5	%
Senior secured trade finance participations		80,236,312		21.5	%		105,030,621		31.3	%
Short term investments *		13,644,683		3.7	%		32,500,000		9.7	%
Equity warrants		1,080,222		0.3	%		-		-
Total investments	$	372,977,743		100.0	%	$	335,269,492		100.0	%

*Short term investments are defined by the Company as investments that generally meet the standard underwriting guidelines for trade finance and term loan transactions and that also have the following characteristics: (1) maturity of less than one year, (2) loans to

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borrowers to whom, at the time of funding, the Company does not expect to re-lend. Impact data is not tracked for short term investments.

As of December 31, 2018, the weighted average yield, based upon the cost of our portfolio, on trade finance participations, term loan participations, senior secured term loans, and short term investments were 11.4%, 13.2%, 12.3%, and 10.1%, respectively, for a weighted average yield on investments of approximately 12.4% on our total portfolio.

As of December 31, 2017, the weighted average yield, based upon the cost of our portfolio, on trade finance participations, term loan participations, senior secured term loans, and short term investments were 10.6%, 13.5%, 12.5%, and 8.4%, respectively, for a weighted average yield on investments of approximately 11.9% on our total portfolio.

Concentration Limits

The Company is subject to the following concentration limits as a percentage of total assets:

• 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 December 31, 2018, the Company was in compliance with all of the above concentration limits.

Watch List Investments

The Company monitors and reviews the performance of its investments and if the Company determines that there are any significant changes in the credit and collection risk of an investment, the investment will be placed on the Watch List. For all Watch List investments, the Company evaluates: (i) liquidation value of collateral; (ii) rights and remedies enforceable against the borrower; (iii) any credit insurance and/or guarantees; (iv) market, sector and macro events and (v) other relevant information (e.g., third party purchase of the borrower). As of December 31, 2018 and 2017 respectively, the Company had 12 and 10 Watch List investments.

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

The Company previously entered into a sub-advisory arrangement with IIG through the Company’s Advisor, however, the Company has determined not to make any further investments with IIG as the sub-advisor.  IIG is the sub-advisor with respect to six of the twelve investments that the Company has deemed Watch List investments.  The Company has determined not to engage in any new business with IIG, due in part to IIG’s failure to provide the Company with complete and accurate information with respect to its investments for which IIG is the sub-advisor, the misapplication of $6 million that the Company had invested in 2017 and the failure to return the Company’s funds that were misapplied by IIG.  

Given IIG’s failure to fulfill its obligations as a sub-advisor, the Company, with the authorization of the board of managers, engaged a third-party, independent valuation firm, or the “independent valuation firm”.  The Company engaged the independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm to perform to provide an estimate of the range of fair value of certain material investments described below. Specifically, for the quarter ended December 31, 2018, the Company asked the independent valuation firm to perform the limited procedures on certain Watch List investments that the Company deemed to be material and are more specifically described below under the captions, “—Algodonera Avellaneda S.A.”, “—Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay”, “—IIG Trade Opportunities FundB.V. Receivable”, “—Compania Argentina de Granos”, and “—Sancor Cooperativas Unidas Limitada”.  In addition, for the quarter ended December 31, 2018, the Company asked the independent valuation firm to perform the limited procedures on the investment described below under the caption “—Mac Z Group SARL” for which Scipion (defined below) is the sub-advisor.  These six investments comprise approximately 10.2% of the total investments at fair value as of December 31, 2018, for which market quotations are not readily available.  The analysis performed by the independent valuation firm is based upon data and assumptions provided to it by the Company and received from third party sources, which the independent valuation firm relied upon as being accurate without independent verification.  The results of the analyses performed by the independent valuation firm are among the factors taken into consideration by the Company and its management in making its determination with respect to the fair value of such investments, but are not determinative. The Company and its management are solely and ultimately responsible for determining the fair value of the Company’s investments in good faith. Set forth below is a description of the Company’s Watch List investments for which IIG is the sub-advisor, followed by the investments for which other parties act as sub-advisor.

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Procesos Fabriles S.A.

In October 2015, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund NSPV, a subsidiary of a fund advised by the Company’s sub-advisor, IIG, with Procesos Fabriles S.A. (“Profasa”), as the borrower. Profasa is located in Guatemala. The principal balance outstanding under the Participation amounts to $881,800 as of December 31, 2018. The Participation had a maturity date of March 31, 2016. As reported in previous filings, in 2016, due to the loss of a major customer, Profasa was unable to repay the facility on the stated maturity date.

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

Assuming the trade finance facility restructuring is finalized as described above, the Company has determined that its Participation should be valued using the income approach, in accordance with its valuation policy, and has determined the fair value of the principal amount of this investment to be $662,525 as of December 31, 2018 based upon modeled principal and interest payments, discounted to present value using expected yield to maturity. In addition, until such time that Profasa fully completes its restructuring and ramps up operations, an additional adjustment for the uncertainty related to the completion of the restructuring has been applied. The Company has placed this position on non-accrual as of July 1, 2017 and interest not recorded relative to the original terms of this participation for the for the years ended December 31, 2018 and 2017 amounted to $110,420 and $55,664, respectively.

Algodonera Avellaneda S.A.

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund B.V. (“IIG TOF B.V.”), a subsidiary of a fund advised by IIG, with Algodonera Avellaneda S.A. (“Algodonera”) as the borrower, and a corporate guarantee by Vicentin S.A.I.C. (“Vicentin”), an Argentine-based company that, through its subsidiaries, operates as an agro industrial company that manufactures and exports cereals and oilseeds, cotton textiles, biodiesel, concentrated grape juice, agrichemicals, feed lots and wines. In the Company’s Quarterly Report on Form 10-Q for the first quarter of 2018 and the Annual Report on Form 10-K for the year ended December 31, 2017 (the “Prior Reports”), the Company reported that its “Watch List Investments” included a Participation in a trade finance facility where Vicentin – Nacadie S.A. was the borrower.  The Company reported that the outstanding principal balance on its Participation was $12,000,000.  During the third quarter of 2018, the Company determined that the documents that had been provided to the Company by its sub-advisor, IIG, regarding the Participation indicated that the Company’s Participation was in fact two Participations, each with a principal balance of $6,000,000, in separate facilities originated by IIG.  In one, the borrower is Algodonera and in the other the borrower is Nacadie Commercial S.A. (“Nacadie”).  However, participation certificates issued to the Company by IIG for these Participations identified the borrowers as Vicentin/Algodonera and Vicentin/Nacadie, respectively. Vicentin is not the borrower, but rather IIG had informed the Company that Vicentin had agreed to guarantee the payments due under both of the trade finance facilities. The following paragraphs provide updated information concerning the Company’s Participation in the Algodonera trade finance facility.  See below under “—IIG Trade Opportunities Fund B.V. Receivable” for updated information regarding the Company’s Participation in the Nacadie trade finance facility.  

As noted above, the Company purchased a Participation in a trade finance facility originated by IIG with Algodonera as the borrower in March 2017. The Company purchased the Participation from IIG for $6,000,000.  The loan agreement states that Vicentin has guaranteed the payments to be made by Algodonera under the facility. Algodonera is an Argentinian vertically integrated cotton business. As of December 31, 2018, the outstanding principal balance on the Company’s Participation was $6,000,000, with accrued interest of $778,500. IIG informed the Company that in June 2017, IIG called a technical default on Algodonera under the facility due to nonpayment of interest and on Vicentin under the payment guarantee due to the breach of informational covenants. Thereafter, IIG made a filing against Vicentin and Algodonera in the commercial court in Buenos Aires, Argentina on July 4, 2017. The commercial court has jurisdiction over commercial claims and disputes of this type. After IIG filed its claims in the commercial court, the court ruled that IIG’s claims were valid and enjoined Vicentin’s cash accounts to allow for recovery by IIG. Once sufficient cash had been secured, the court allowed Vicentin to replace the enjoined cash accounts with a payment guarantee from Zurich Insurance Group with a 100% LTV, including accrued interest. Thereafter, the commercial court issued its final judgment, ordering Algodonera and Vicentin to pay $22.4 million, plus interest, to IIG, which includes the amount owed pursuant to the trade finance facility described above in which the Company purchased the Participation. Shortly thereafter, the criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. Algodonera and Vicentin appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which include allegations of fraud by IIG.  The commercial court rejected the suspension a second time and Algodonera and Vicentin have appealed to the court of appeals.  In March 2019, the court of appeals ruled in favor of the criminal court and countermanded the commercial court’s rejection of the suspension, with proceedings set to continue in the criminal court.

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The Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to two other companies (specifically, Nacadie and FRIAR (defined below)).  The Company also learned on July 31, 2018 that the court proceedings involving IIG, Algodonera and Vicentin also include a legal dispute over the ability of Algodonera to enforce its rights under the subrogation agreement, as IIG has argued that Algodonera’s default under its trade finance facility with IIG prevents Algodonera from being eligible to transfer its debt under its facility with IIG to Nacadie and FRIAR under the subrogation agreement. IIG had not disclosed this additional dispute and subrogation agreement to the Company. 

As a short-term trade finance facility, Algodonera was valued utilizing the cost approach through the quarter ended September 30, 2017. However, based on the fact that any future payments made by Algodonera with respect to this Participation will turn on the ultimate outcome of the above-mentioned legal proceedings and that future projected cash flows would therefore no longer be applicable, the Company decided it would be more appropriate to utilize the collateral based approach to value this position beginning with the December 31, 2017 year-end financial statements. The Company further modified its valuation methodology to the income approach as of June 30, 2018, given that the commercial court has already issued a final ruling (that is currently pending appeal) and based on the recent developments with respect to the court proceedings described above.

As described above, a payment guarantee has been secured from Zurich Insurance Group through the commercial court, the value of which is sufficient to pay off all outstanding principal and accrued interest. Although IIG had previously expressed to the Company its belief that it will prevail in the court proceedings, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged and to account for the inherent uncertainty of the ultimate resolution of the legal disputes between IIG, Vicentin and Algodonera. Taking all of the factors described above into consideration, the Company believes, that as of December 31, 2018, the most appropriate valuation method remains the income approach and the Company determined the fair value of the principal amount of this investment to be $3,784,354. The Company has placed this investment on non-accrual status effective January 1, 2019.

IIG Trade Opportunities Fund B.V.Receivable

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG TOF B.V., with Nacadie as the borrower. The Company purchased the Participation in March 2017 for $6,000,000.  Loan documents provided to the Company by IIG indicate that Vicentin is guarantor of the payments to be made by Nacadie under the facility. Nacadie is an Uruguay-based company focused on trading of the “soy bean complex” (soybeans, soybean meals, and oils) originating from Argentina, Paraguay and Uruguay. The Company received one interest payment under this Participation in March 2017 and has not received any other payments of principal or interest.  Given that the loan documents state that Vicentin had guaranteed the payments due under both the Algodonera and Nacadie trade finance facilities, the Company erroneously believed that IIG had made filings in the commercial court in Buenos Aires, Argentina related to the Nacadie trade finance facility, similar to the filings IIG made with respect to the Algodonera facility.  In July 2018, IIG informed the Company that the Nacadie trade finance facility was not included in its commercial court filings referenced above under “—Algodonera Avellaneda S.A.” IIG also informed the Company that it had not called a default on Nacadie for nonpayment under the facility. Given this new information, in order to re-confirm the details of its Participation in the Nacadie trade finance facility and the status of the facility, the Company requested original versions of all documents related to its Participation in the facility, including original versions of the underlying facility agreements and bank statements showing the Company’s investment in the facility. The Company had previously been provided by IIG with copies of documents related to its Participation and the underlying facility.  During the third quarter of 2018, IIG informed the Company that although it had reviewed its books and records, it could not locate all of the original documents requested by the Company.  In connection with its review of this investment during the third quarter of 2018, IIG informed the Company that IIG had misapplied the funds the Company had transmitted at the time the Company made this investment.  As a result, IIG offered to refund the Company’s investment amount, including all accrued interest.  IIG has not yet repaid the Company for this Participation as of the date of this Annual Report on Form 10-K.  

As a short-term trade finance facility, the Company’s Participation in the Nacadie facility was valued utilizing the cost approach through the quarter ended September 30, 2017. However, as of December 31, 2017, based on the belief that the Nacadie facility was included in the proceedings with respect to the Algodonera facility in the commercial court, the Company had decided it would be more appropriate to utilize the collateral based approach to value this Participation beginning with the December 31, 2017 year-end financial statements. Starting with the quarter ended June 30, 2018, the Company believes that the most appropriate valuation method is the income approach, given that this investment is no longer classified as a Participation in a trade finance facility, but rather as a receivable from IIG TOF B.V.  Although a senior executive at IIG has agreed in conversations with the Company’s senior management to repay the Company for this investment in an amount equal to the outstanding principal and accrued interest (calculated in accordance with the terms of the Nacadie Participation in which the Company originally invested), the Company has not yet received a written agreement from IIG to this effect.  Given IIG’s acknowledgement of its error and its contractual obligations to the Company as a sub-advisor and fiduciary to the Company, the Company believes that it is likely that IIG will repay the Company in full.  The Company has applied a discount to the fair value based on the uncertainty created by the risk that IIG will not honor its

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agreement to repay the Company. Taking all of the factors described above into consideration, the Company determined the fair value of the principal amount of this investment to be $5,512,000 as of December 31, 2018. The Company has placed this receivable on non-accrual, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $268,333 for the year ended December 31, 2018.

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

Between June 2016 and July 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (“FRIAR”), an Argentine company that produces, processes and exports beef, as the borrower. As of December 31, 2018, the outstanding principal balance on this Participation was $9,000,000, with accrued interest of $264,500. In June 2017, IIG called a technical event of default due to non-payment by FRIAR. In an effort to seek repayment from FRIAR, IIG filed the promissory notes for FRIAR in the commercial court in Buenos Aires, Argentina. The commercial court has jurisdiction over commercial claims and disputes of this type. During January 2018 the court granted IIG’s motion to freeze FRIAR’s accounts. IIG informed the Company that it was also in the process of securing additional collateral to cover the full balance outstanding, including accrued interest and penalties. IIG confirmed to the Company that FRIAR continues to operate and is a going concern.

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

As a short-term trade finance facility, FRIAR was valued at cost through the quarter ended September 30, 2017. The remaining principal balance of $9,000,000 has been outstanding since July 2016. As IIG is seeking full repayment through its court action to secure assets from FRIAR, as of December 31, 2017, the Company believed the most appropriate valuation method to be the collateral based approach. Starting with the quarter ended June 30, 2018, the Company believes that the most appropriate valuation method is a combination of the collateral based approach and the income approach. The Company is continuing to utilize the collateral based approach due to IIG’s communications with the Company in 2018 that it was continuing to rely on the court proceedings to secure repayment, but determined to also utilize the income approach based on the recent developments with respect to the court proceedings described above.

As noted above, the Company has valued this investment utilizing a hybrid of the income approach and collateral based approach.  Although IIG expressed to the Company in the third quarter of 2018 its belief that it will prevail in the court proceedings, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged and to account for the inherent uncertainty of the ultimate resolution of the legal disputes between IIG, FRIAR, Vicentin and Algodonera. The Company determined that the most appropriate method to calculate the fair value of this investment as of December 31, 2018 is to take the value resulting from the independent valuation firm’s estimate of fair value. Using this approach, the Company determined the fair value of the principal amount of this investment to be $6,748,935 as of December 31, 2018. The Company placed the Participation on non-accrual effective January 1, 2018 and interest not recorded relative to the original terms of this participation for the year ended December 31, 2018 amounted to $1,049,375.

Compania Argentina de Granos

Between October 2016 and February 2017, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Compania Argentina de Granos (“CAGSA”), as borrower. The Company purchased the Participation in October 2016 for $10,000,000 and subsequently increased the Participation by another $2,500,000 in February 2017. This facility is collateralized by two export contracts. CAGSA, an Argentine company, is mainly engaged in the trading of grain and oilseed and the distribution and processing of food ingredients. Due to unfavorable weather conditions, CAGSA was unable to make delivery of toasted soybean meal under the terms of its export contracts. As a result, it failed to pay IIG its outstanding principal and interest obligations on June 30, 2018. On that date, the Company was owed principal of $12,500,000 and accrued interest of $131,942, which was subsequently paid.

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IIG previously informed the Company that it had been in active discussions with other CAGSA lenders and has sent warning letters to CAGSA in order to protect its rights under the credit facility. Additionally, IIG informed the Company that IIG is a member of the creditors committee, which will 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. Details of the terms were not available as of the date of this report.

As a short-term trade finance facility, CAGSA was valued utilizing the income approach for the quarter ended March 31, 2018. However, given the uncertainty as to the ability of CAGSA to provide future sufficient cash flows in order to meet its debt obligations, as well as the financial impact of a potential restructuring, the Company has decided that starting with the quarter ended June 30, 2018, the collateral based approach is a more appropriate valuation method.  With the announcement that CAGSA had reached a preliminary settlement with its creditors, as of December 31, 2018, the Company has further modified the valuation approach for this investment to the income approach. Based on the information available to the Company and according to its valuation policies, the Company has placed CAGSA on non-accrual status, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $667,639 for the year ended December 31, 2018. The Company has estimated the fair value of the principal amount of this investment to be $9,316,105 as of December 31, 2018 based on the income approach, discounted to reflect the uncertainty related to CAGSA’s potential restructuring.

Sancor Cooperativas Unidas Limitada

In April 2016 the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Sancor Cooperativas Unidas Limitada (“Sancor”), an Argentine company that distributes dairy products, as the borrower.  As of December 31, 2018, the outstanding principal balance on this Participation was $6,000,000.  Interest has been paid in full through December 31, 2018 through the exercise of pledged inventory warrants. Sancor has been in ongoing negotiations to reorganize itself, including with multiple potential buyers. IIG has worked with Sancor to restructure the existing loan and has extended the maturity to July 29, 2019, with an annual renewal option.  Although IIG has not provided the Company with updated information requested by the Company with respect to the Company’s investment in this facility in connection with the Company’s preparation of this Annual Report, the Company believes, based on reports in the media, that Sancor will be sold and that all principal and interest due the Company will be paid upon this sale.  In February 2019, Sancor announced the completion of a partial sale of assets, which allowed it to make some payments to creditors. Due to the uncertainty associated with the timing and final terms of a full asset sale, the Company believes the most appropriate valuation method continues to be the collateral based approach and has determined the fair value of the principal amount of this investment to be $4,991,915 as of December 31, 2018, based upon the value of the Company’s pledged collateral, discounted for the uncertainty around the expected timing and value of a potential sale.

Functional Products Trading S.A.

Between June and September 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Functional Products Trading S.A. (“Functional”), a Chilean company that exports chia seeds to United States and European off-takers.  As of December 31, 2018, the outstanding principal balance on this Participation was $1,326,687 and accrued interest amounted to $148,175. While the original maturity date of this Participation was December 11, 2016, the maturity was extended to March 4, 2018. In 2017, Functional experienced operational losses due to volatile prices for raw chia seeds and its byproducts, with sales declining by 57% from 2016. As a result, Functional was unable to make the principal payment as planned and is developing a full restructuring plan (selling an office building and entering into a lease back agreement) with its current lenders, including IIG, to provide more cash flow flexibility, become current on all interest payments and improve its capital structure, in order to support Functional’s growth initiatives.

During February 2018, the Company received $25,000 in interest payments, which covered accrued interest up to the end of November 2017 and received $10,000 in March 2018, which brought Functional current on interest payments through December 2017. The Company’s sub-advisor, IIG, informed the Company in a prior period that it was working with Functional on restructuring the facility, which it believes will be completed in the near term. Additionally, the Company is currently in discussions with IIG regarding a potential assignment of the underlying trade finance facility, given it is a 100% participant. As of December 31, 2018, the Company has estimated the fair value of the principal amount of its investment in Functional to be $1,269,586 based on the income approach, discounted to present value using an appropriate yield to maturity, assuming the facility is restructured in the manner in which IIG previously informed the Company it expected the loan to be restructured.  The appropriate yield to maturity increased to reflect uncertainty around the timing and completion of the restructuring.

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Investments through other sub-advisors

Kinder Investments, Ltd. (formerly Corporacion Prodesa S.R.L.)

As of December 31, 2018, the Company’s investment in Kinder Investments, Ltd. (“Kinder”) is comprised of a promissory note with a principal balance of $4,465,132 and total accrued interest of $518,826, including $506,852 of deferred interest payable at maturity. In December 2018, the Company assigned its loans with Corporacion Prodesa S.R.L. (“Prodesa”), a diaper manufacturer in Peru, to Kinder in exchange for a $500,000 principal payment plus accrued interest and the issuance to the Company of a promissory note for the remaining balance.

The Company’s original investment in Prodesa was comprised of two senior secured term loans and a senior secured trade finance revolving credit facility. The trade finance facility is secured by specific purchase orders from customers of Prodesa and both term loans and the trade finance facility are cross-defaulted and cross-collateralized with Prodesa fixed assets including real estate, machinery and equipment, warrants, and all shares of Prodesa.

Prodesa was originally placed on the Watch List in 2014, and as reported in previous filings, since 2014, Prodesa has undergone changes in ownership and financial status, through which the Company restructured the original facilities, improving the Company’s collateral, information rights, covenants and additional financial controls over Prodesa. On January 31, 2017, after significantly improved financial performance by Prodesa, the Company entered into a series of loan amendments with Prodesa. As part of the amendments, the maturity date of the loan facilities was extended to July 28, 2021.

The Company has estimated the fair value of the principal amount of the Kinder loan as of December 31, 2018 at $4,465,132 based on the income approach, which accounts for contractual interest and principal payments and discounts them to present value using the combined facilities’ weighted average yield to maturity.

UsivaleIndustria E Comercio, Ltda.

As of December 31, 2018, the Company’s investment in Usivale Industria E Comercio, Ltda. (“Usivale”), a sugar processing company located in Brazil, is comprised of two senior secured term loans for an aggregate loan amount of $2,851,296 and total accrued interest of $376,075.  As reported in previous filings, Usivale exited judicial recovery on October 7, 2016 and resumed normal operations.  Subsequently, the Company began receiving principal and interest payments from Usivale as scheduled.

During an on-site visit with Usivale’s management in September 2017, Usivale indicated its intention to pay the 2017 principal and interest payment on time and in full, assuming relatively steady sugar prices.  Post-site visit, sugar prices again compressed significantly, which caused added pressure on the cash flow of the business. This sugar price pressure has continued into 2018. The 2017 annual interest payment was received in full and the 2018 annual interest payment was received in March 2019.

As of December 31, 2018, the Company has estimated the fair value of the principal amount of the Usivale loans at $2,851,296, which is based on the income approach, accounting for expected principal and interest payments discounted by the loan’s yield to maturity, which includes uncertainty related to continued volatility in sugar prices.

Applewood Trading 199 Pty, Ltd.

In January 2015, the Company purchased a $1,250,000 Participation in a trade finance facility originated by Barak Fund SPC Ltd., a fund advised by the Company’s sub-advisor, Barak Fund Management Ltd. (“Barak”), with Applewood Trading 199 Pty, Ltd. (“Cape Nut”), as the borrower.  Cape Nut is located in Cape Town, South Africa.  As of December 31, 2018, the total balance outstanding under the Participation amounts to $785,806. Cape Nut’s trade finance facility has a stated maturity date of May 22, 2015, which Barak agreed to extend in October 2014 and the Company subsequently agreed to an extension of the maturity date for its Participation. The Company and Barak are working with Cape Nut to establish an appropriate repayment schedule. Cape Nut made partial principal payments during 2015, 2016 and 2017. Accordingly, the Company placed this Participation on non-accrual status effective February 1, 2016 and interest not recorded relative to the original terms of this Participation amounted to approximately $139,426 and $139,568, respectively, for the years ended December 31, 2018 and 2017. As reported in previous filings, due to Cape Nut’s cash flow difficulties and operating losses, in 2016, the Company’s sub-advisor, Barak, facilitated a strategic sale of Cape Nut which closed in June 2016, resulting in Barak owning 50% of Cape Nut. Based on the information available to the Company and according to its valuation policies, the Company has estimated the fair value of the principal amount of its investment in Cape Nut to be $690,616 as of December 31, 2018 based on the income approach, discounted to present value using an appropriate yield to maturity, accounting for uncertainty in Cape Nut’s financial performance.

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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 originated by Scipion Active Trading Fund, a fund advised by the Company’s sub-advisor, Scipion Capital, Ltd. (“Scipion”), with Mac Z Group SARL (“Mac Z”), a scrap metal recycler, as the borrower.  Mac Z is located in Morocco. As of December 31, 2018, the outstanding principal balance on this Participation was $7,349,626 with no accrued interest. The primary collateral securing this Participation is 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 of April 2018.  Mortgages against two unencumbered parcels of land ($5.9 million estimated value) are in the process of being finalized in favor of Scipion under this facility. A judgment was received on December 18, 2017, in English court ordering the borrower and the corporate guarantor to make payment. In parallel to its recovery plan with respect to Mac Z, Scipion informed the Company that it has filed a claim against the collateral manager under its professional indemnity insurance policy, which covers up to $40 million in loss.

Based on these developments, the Company believes there is sufficient collateral available to cover both the outstanding principal balance and the accrued interest. The Company placed this Participation on non-accrual effective October 1, 2017 and interest not recorded relative to the original terms of this participation for the years ended December 31, 2018 and 2017 amounted to $819,687 and $206,606, respectively. The Company believes, that as of December 31, 2018, the most appropriate valuation method is the collateral based approach and the Company has determined the fair value of the principal amount of this investment to be $7,632,234, accounting for existing inventory and the current claim against the collateral manager’s insurance, discounted for the time expected for collection and uncertainty related to the judicial process.

Global Pharma Intelligence Sarl

In July 2017, the Company purchased one Participation in a trade finance facility originated by Scipion Active Trading Fund, a fund advised by the Company’s sub-advisor, Scipion, with Global Pharma Intelligence Sarl (“GPI”), an international pharmaceutical materials supplier with primary operations in Dubai, as the borrower.  As of December 31, 2018, the outstanding principal balance on this Participation was $803,254 and interest has been paid in full through August 10, 2018. The accrued interest balance as of December 31, 2018 is $45,281. Repayment on the participation interest has been slower than originally anticipated due to operational delays within the underlying trade. GPI has been actively working with its buyer to resolve the operational delays and it is expected be resolved in the coming quarters. Due to the uncertainty associated with the timing of repayment, the Company believes the most appropriate valuation method is the collateral based approach and has determined the fair value of the principal amount of this investment to be $803,254, as of December 31, 2018, based upon the value of the Company’s pledged collateral and insurance policy in place, discounted for the uncertainty around the expected timing of repayment.

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 investments have up to a year or more of accrued interest receivable as of December 31, 2018.  The Company’s interest receivable balances at December 31, 2018 and 2017 are recorded at the amounts that the Company expects to collect.  In addition, certain of the Company’s investment 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 December 31, 2018 and 2017 amounted to $2,413,894 and $1,960,157, respectively.

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Results of Operations

Consolidated operating results for the years ended December 31, 2018 and 2017 are as follows:

	Year Ended
	December 31, 2018		December 31, 2017
Interest income	$	44,940,452	$	32,494,392
Interest from cash		166,414		359,682
Total investment income		45,106,866		32,854,074
Asset management fees		7,971,062		6,484,850
Incentive fees		6,212,931		4,599,941
Professional fees		1,876,652		1,187,220
General and administrative expenses		1,624,974		1,421,712
Interest expense		1,964,776		606,943
Board of managers fees		217,500		217,500
Total expenses		19,867,895		14,518,166
Expense support payment to (from) Sponsor		387,000		(3,831,415	)
Net expenses		20,254,895		10,686,751
Net investment income	$	24,851,971	$	22,167,323

Revenues.

For the years ended December 31, 2018 and 2017, total investment income amounted to $45,106,866 and $32,854,074, respectively. Interest income increased by $12,446,060 during 2018, primarily as a result of an increase in the weighted average principal balance (at cost) of our investment portfolio of approximately $100,344,000 and a slight increase in the weighted average yield of approximately 0.01% from a weighted average yield of 12.39% for 2017 to approximately 12.40% for 2018. The increase in yield was primarily due to a change in the mix of investments in our portfolio and was partially offset by an increase in non-accrual loans.

For the year ended December 31, 2018, interest income from loan participations and direct loans amounted to $34,376,996 and $10,563,456, respectively. Interest income also included $576,202 in fees earned.  In addition, we earned $166,414 in interest income on our cash balances.

For the year ended December 31, 2017, interest income from loan participations and direct loans amounted to $26,021,839 and $6,472,573, respectively. Interest income also included $250,792 in fees earned.  In addition, we earned $359,682 in interest income on our cash balances.  

Expenses.

Total operating expenses, excluding the asset management and incentive fees, incurred for the year ended December 31, 2018 increased by $2,250,527 or 66% to $5,683,902 from $3,433,375 for the year ended December 31, 2017. The increase was primarily due to the following: 1) an increase in interest expense of $1,357,833, which was attributable to adding additional leverage, 2) an increase in general and administrative expenses of $203,262, which was attributable to increases in a number of expenses, the largest being a $260,400 increase in expenses reimbursements to our sub-advisors and a $32,800 increase in fund accounting, offset by a $91,000 decrease in commissions paid related to obtaining leverage and a $46,575 decrease in fees paid to our transfer agent; and 3) an increase in professional fees of $689,432which was primarily due to additional fees incurred for legal, valuation and accounting services in connection with the valuation of our portfolio and the preparation of our Quarterly Report on Form 10-Q for the period ended June 30, 2018.Our Sponsor did not assume responsibility for any of our operating expenses for the year ended December 31, 2018, but assumed $1,129,104 of operating expenses paid or incurred by us under the Responsibility Agreement for the year ended December 31, 2017.

For the years ended December 31, 2018 and 2017, the asset management fees amounted to $7,971,062 and $6,484,850, respectively. The incentive fees for the years ended December 31, 2018 and 2017 amounted to $6,212,931 and $4,599,941, respectively.  None of the asset management fees for the years ended December 31, 2018 and 2017 were assumed by our Sponsor.  In addition, our Sponsor did not assume any incentive fee for the year ended December 30, 2018, but assumed $2,701,511 of the incentive fees under the Responsibility Agreement for the year ended December 31, 2017. There are circumstances under which our Sponsor will be reimbursed for the operating expenses, including asset management fees and incentive fees, it has assumed. See “Financial Condition, Liquidity and Capital Resources” below.

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Going forward, we expect our primary expenses to continue to be the payment of asset management fees and the reimbursement of operating expenses under our Advisory Agreement with the Advisor. We bear other expenses, which include, among other things:

• organization and offering expenses relating to offerings of units, subject to limitations included in our Advisory Agreement;

• the cost of calculating our net asset value, including the related fees and cost of retaining one or more third-party valuation firms;

• the cost of effecting sales and repurchases of units;

• fees payable to third parties relating to, or associated with our financial and legal affairs, making investments, and valuing investments, including fees and expenses associated with performing due diligence reviews of prospective investments and sub-advisors;

• fees payable to our Advisor;

• interest payable on our notes and other debt, if any, incurred to finance our investments;

• transfer agent and custodial fees;

• federal and state registration fees;

• independent manager fees and expenses, including travel expenses;

• costs of board meetings, unitholders’ reports and notices and any proxy statements;

• costs of fidelity bonds, managers’ and officers’ errors and omissions liability insurance and other types of insurance;

• direct costs, including those relating to printing of unitholder reports, mailing, long distance telephone and staff;

• fees and expenses associated with the collection, monitoring, reporting of the non-financial impact of our investments, including expenses associated with third party external assurance of our impact data;

• fees and expenses associated with being a public company, including preparing and filing reports with the SEC, independent audits and outside legal costs, compliance with the Sarbanes-Oxley Act of 2002 and other applicable federal and state securities laws; and

• all other expenses incurred by us or the Advisor or sub-advisors in connection with administering our investment portfolio, including expenses incurred by our Advisor in performing certain of its obligations under the Advisory Agreement.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments.

We measure net realized gains or losses by the difference between the net proceeds from the repayment or sale 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 values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. For the year ended December 31, 2018, we recorded $8,096,352 in net unrealized losses. For the year ended December 31, 2017, we had no unrealized gains or losses. We had no realized gains or losses for the years ended December 31, 2018 and 2017.

Changes in Net Assets from Operations.

For the year ended December 31, 2018, we recorded a net increase in net assets resulting from operations of $16,743,712 which consisted of net investment income, of $24,851,971, net change in unrealized depreciation on investments of $8,096,352 and foreign exchange loss of $11,907.For the year ended December 31, 2017, we recorded net increases in net assets resulting from operations, which consisted entirely of net investment income, of $22,167,323.

Financial Condition, Liquidity and Capital Resources

As of December 31, 2018, we had $8.1 million in cash. We generate cash primarily from cash flows from private placements of our units, interest, dividends and fees earned from our investments and principal repayments, and proceeds from sales of our investments and from sales of promissory notes. We may also generate cash in the future from debt financing. Our primary use of cash will continue to be to make loans, either directly or through participations, payments of our expenses, payments on our notes and any other borrowings, and cash distributions to our unitholders. We expect to maintain cash reserves from time to time for investment opportunities, working capital and distributions. From the beginning of the Company’s operations to date, our Sponsor has assumed a significant portion of our operating expenses under the Responsibility Agreement in the amount of approximately $16.7 million. The Company may only reimburse the Sponsor for expenses assumed by the Sponsor pursuant to the Responsibility Agreement to the extent the Company’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Company’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). To the extent the Company is not successful in satisfying the Reimbursement Hurdle, no amount will be payable in that quarter by the Company for reimbursement to the Sponsor of the Company’s cumulative operating Expenses.  The Company did not meet the Reimbursement Hurdle for the quarters ended March 31, September 30, and December 31, 2018, but met the Reimbursement Hurdle for the second quarter of 2018. Therefore, operating expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been recorded as expenses of the Company for the year ended

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December 31, 2018. As of December 31, 2018, there is a remaining aggregate balance of approximately $16,266,800 in operating expenses assumed by the Sponsor pursuant to the Responsibility Agreement which have not been recorded by the Company. Thus, such amounts are not yet reimbursable by the Company to the Sponsor. Such reimbursements to the Sponsor would affect the amount of cash available to the Company to pay distributions and/or make investments.

Our Sponsor is under no obligation to pay our operating expenses and, if our Sponsor does not assume our operating expenses, the distributions we pay to our unitholders may need to be reduced. Our Sponsor determined not to assume for any of our additional operating expenses, commencing January 1, 2018. Commencing with distributions payable for the month of March 2018, our board of managers approved a decrease in our daily distribution rate from $0.00197808 to $0.00168675 per unit, per day (less the ongoing fees applicable to certain classes of units which reduce the amount of distributions paid to the applicable unitholders). If our Sponsor continues not to absorb our operating expenses in the future and we do not generate sufficient investment income to cover our operating expenses, the distributions we pay to our stockholders may need to be further reduced.

We may borrow additional funds to make investments. We have not decided to what extent going forward we will finance portfolio investments using debt or the specific form that any such financing would take, but we believe that obtaining financing is necessary for the Company to fully achieve its long-term goals.  We have been, and still are, actively seeking further financing through both development banks and several commercial banks. Accordingly, we cannot predict with certainty what terms any such financing would have or the costs we would incur in connection with any such arrangement. On October 14, 2016, TriLinc Global Impact Fund Cayman, Ltd. (“TGIFC”), a wholly owned subsidiary of the Company, issued $1.635 million in the first series of four issuances of notes pursuant to an ongoing private offering of senior secured promissory notes targeting $100 million. On February 17, 2017, TGIFC issued an additional $225,000 in the second series of notes under the private offering. As of December 31, 2018, we had raised $1.86 million in the note offering and $125,000 of such debt was outstanding after repayment of $1.76 million during 2017 and the first and fourth quarters of 2018. On July 3, 2017, TGIFC entered into a $10.5 million facility agreement with Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer (“Symbiotics Facility”). On November 2, 2017, TGIFC entered into a second Facility Agreement to receive an additional $9.75 million in the second tranche of financing with MSMEB as Lender and Symbiotics SA as Servicer.  On December 5, 2017, TGIFC received an additional $2.5 million under the second tranche of financing under the Symbiotics Facility.  As of December 31, 2018, TGIFC has $22.75 million total outstanding under the Symbiotics Facility and may request an additional $17.5 million, subject to the conditions precedent set forth in the second Facility Agreement, including availability of funding.  For more information on this facility, please see “Notes to the Consolidated Financial Statements— Note 7. Notes Payable— Symbiotics Facility.” On August 7, 2017, TGIFC issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering to State Street Australia Ltd ACF Christian Super (“Christian Super”). On December 18, 2018, TGIFC issued $5 million of Series 2 Senior Secured Promissory Notes to Christian Super. As of December 31, 2018, TGIFC has $10.0 million total outstanding under the Christian Super notes. For more information on this note, please see “Notes to the Consolidated Financial Statements— Note 7. Notes Payable—Christian Super Promissory Note.” As of December 31, 2018, we have $32,875,000 in total debt outstanding with a debt to equity ratio of 9.1%.

Contractual Obligations and Commitments

The following table shows our payment obligations for repayment of debt, which represent our total contractual obligations as of December 31, 2018:

	Total		Less than 1 Year		1 - 3 Years		3- 5 years		More than 5 years
Notes payable	$	32,875,000	$	125,000	$	32,750,000	$	-	$	-
Total contractual obligations	$	32,875,000	$	125,000	$	32,750,000	$	-	$	-

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

We have entered into certain contracts under which we have material future commitments. Our Advisory Agreement between us and the Advisor, originally dated as of February 25, 2014, had previously been renewed and is subject to an unlimited number of one-year renewals upon mutual consent of the Company and the Advisor. The current term of the Advisory Agreement ends on February 25, 2020. The Advisor will serve as our advisor in accordance with the terms of our Advisory Agreement. Payments under our Advisory Agreement in each reporting period will consist of (i) asset management and incentive fees described in Part 1, Item 1. Business – Operating Expense Responsibility Agreement and – Investment Advisory Agreements and Fees, and (ii) the reimbursement of certain expenses.

If any of our contractual obligations discussed above are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our Advisory Agreement.

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Off-Balance Sheet Arrangements

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not expect to have any off-balance sheet financings or liabilities. The Company reimburses organization and offering expenses to the Sponsor to the extent that the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15% of the gross offering proceeds raised from the particular offering. As of December 31, 2018, there is approximately $481,000 in offering costs that have been paid by the Sponsor that may be reimbursed to the Sponsor.

Pursuant to the terms of the Responsibility Agreement between the Company, the Advisor and the Sponsor, the Sponsor has paid expenses on behalf of the Company through December 31, 2017, which may not be reimbursable to the Sponsor if the Company does not satisfy the Reimbursement Hurdle. Such expenses will be expensed and payable by the Company in the period they become reimbursable and are estimated to be approximately $16.3 million as of December 31, 2018.

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 will be 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 units, certain other Class I units, and Class Y 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 will be paid in cash or reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan. For the year ended December 31, 2018, we paid a total of $27,563,257 in distributions, comprised of $17,535,609 paid in cash and $10,027,648 reinvested under our Distribution Reinvestment Plan. For the year ended December 31, 2017, we paid a total of $25,552,855 in distributions, comprised of $14,285,443 paid in cash and $11,267,412 reinvested under our Distribution Reinvestment Plan.

Legal Proceedings

The Company is not party to any material legal proceedings.

Subsequent Events

There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-K or would be required to be recognized in the consolidated financial statements as of and for the year ended December 31, 2018, except as discussed below.

Distributions

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

The cash distributions for January and February totaled $1,424,703 and $1,291,283, respectively.  With respect to unitholders participating in the Distribution Reinvestment Plan, $817,483 and $739,318 of the distributions for January and February, respectively, were reinvested in units.

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

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Change in Independent Registered Public Accounting Firm

On March 29, 2019, Moss Adams LLP, our independent registered public accounting firm, notified our audit committee in writing that it is declining to stand for re-appointment following the conclusion of the audit and the issuance of our Annual Report on Form 10-K for our fiscal year ended December 31, 2018.

On March 29, 2019, our audit committee approved the engagement of BDO USA, LLP as our independent registered public accounting firm for our fiscal year ending December 31, 2019.

Investments

From January 1, 2019 through March 26, 2019, the Company funded approximately $9.3 million in new loans and received proceeds from repayment of loans of approximately $12.3 million.

Agreements

The Advisory Agreement between us and the Advisor, originally dated as of February 25, 2014, had been previously renewed and is subject to an unlimited number of one-year renewals upon mutual consent of the Company and the Advisor. The current term of the Advisory Agreement ends on February 25, 2020.

On March 29, 2019, the Company’s board of managers determined a new estimated net asset value per unit as of December 31, 2018 of each of the Class A, Class C, Class I, Class W, Class Y and Class Z units of $8.227. See Note 2 to our consolidated financial statements for additional information.

Critical Accounting Policies and Use of Estimates

The following discussion addresses the accounting policies that we utilize based on our current operations. Our most critical accounting policies involve decisions and assessments that could affect our reported assets and liabilities, as well as our reported revenues and expenses. We believe that all of the decisions and assessments upon which our financial statements are based are reasonable at the time made and based upon information available to us at that time. Our critical accounting policies and accounting estimates will be expanded over time as we continue to implement our business and operating strategy. In addition to the discussion below, we also describe our critical accounting policies in the notes to our financial statements.

Basis of Presentation

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties.

Although we were organized and conduct our business in a manner so that we are not required to register as an investment company under the Investment Company Act of 1940, our 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, we believe that the use of investment company accounting makes our 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.

Valuation of Investments

Our board of managers has established procedures for the valuation of our investment portfolio in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

ASC 820 establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

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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 market, income, or cost approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes that include a disclaimer that the broker would not be held to such a price in an actual transaction. Certain investments may be valued based upon a collateral approach, which uses estimated value of underlying collateral and include adjustments deemed necessary for estimates of costs to obtain control and liquidate available collateral. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence.

The inputs used in the determination of fair value may require significant judgment or estimation.

Investments for which market quotations are readily available are valued at those quotations. Most of our investments are private investments in companies whose securities are not actively traded in the market and for which quotations are not be available. For those investments for which market quotations are not readily available, or when such market quotations are deemed by the Advisor not to represent fair value, our board of managers has approved a multi-step valuation process to be followed each fiscal quarter, as described below:

1. Each investment is valued by the Advisor in collaboration with the relevant sub-advisor;

2. For all investments with a stated maturity of greater than 12 months, we have engaged a third-party independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm perform a review on the reasonableness of our internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually. The analysis performed by the independent valuation firm was based upon data and assumptions provided to it by the Company and received from third party sources, which the independent valuation firm relied upon as being accurate without independent verification;

3. The audit committee of our board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any opinion and report rendered by the independent valuation firm; and

4. Our board of managers discusses the valuations and determines the fair value of each investment in our portfolio in good faith based on the inputs which include but are not limited to, inputs of the Advisor, the independent valuation firm and the audit committee. Our Company and its board of managers are solely and ultimately responsible for the determination, in good faith, of the fair value of each investment.

Below is a description of factors that our board of managers may consider when valuing our investments.

Fixed income investments are typically valued utilizing a market approach, income approach, collateral based approach, or a combination of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business) and is used less frequently due to the private nature of 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 (DiscountedCash Flow or “DCF”) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts.  For Watch List investments, the Company may use a collateral based approach (also known as a liquidation approach).  The collateral based approach uses estimates of the collateral value of the borrower’s assets using an expected recovery model.  When using the collateral based approach, we determine the fair value of the remaining assets, discounted to reflect the anticipated amount of time to recovery and the uncertainty of recovery.  We also may make further adjustments to account for anticipated costs of recovery, including legal fees and expenses. In following a given approach, the types of factors that 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

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• Historical and projected financial performance of the borrower based on most recent financial statements

• Borrower draw requests and payment track record

• Loan covenants, duration and drivers

• Performance and condition of the collateral (nature, type and value) that supports the investment

• Sub-Advisor recommendation as to possible impairment or reserve, including updates and feedback

• For participations, the Company’s ownership percentage of the overall facility

• Key inputs and assumptions that are believed to be most appropriate for the investment and the approach utilized

With respect to warrants and other equity investments, as well as certain fixed income investments, we may also look to private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors, valuations implied by third-party investments in the portfolio companies, option pricing models or industry practices in determining fair value. We may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, as well as any other factors we deem relevant in measuring the fair values of our investments.

Revenue Recognition

We record interest income on an accrual basis to the extent that we expect to collect such amounts. We do not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight line basis, which we have determined not to be materially different from the effective yield method.

We record prepayment fees for loans and debt securities paid back to us prior to the maturity date as income upon receipt.

We generally place loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that we will collect principal or interest. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period we are pursuing repayment of the loan. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Advisor’s judgment, is likely to remain current over the remainder of the term. At December 31, 2018, six portfolio companies were on non-accrual status with an aggregate fair value of $30,562,415 or 8.2% of the fair value of our total investments. At December 31, 2017, three portfolio companies were on non-accrual status with an aggregate fair value of $8,958,155 or 2.7% of the fair value of our total investments. Interest income not recorded relative to the original terms of the loans to the companies on non-accrual status amounted to approximately $3,054,881 and $401,838, respectively for the years ended December 31, 2018 and 2017.

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 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 first in first out (FIFO) method, utilizing 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 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

We may have investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. For the years ended December 31, 2018 and 2017, the Company earned and capitalized PIK interest of $4,754,257 and $3,600,991, respectively.

Distribution and Ongoing Dealer Manager Fees

We pay a distribution fee equal to 0.8% per annum of our 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, we pay an ongoing dealer manager fee for each Class I 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 us; (y) the listing of the Class I units or Class W units on a national securities exchange, our sale or the sale of all or substantially all of our assets; or (z) the fifth anniversary of the admission of the investor as a unitholder. Further, we pay an ongoing service fee for each

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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 us; (y) the listing of the Class W units on a national securities exchange, our sale or the sale of all or substantially all of our 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.

We account for the distribution fees as a charge to equity at the time each Class C unit is sold in its Offering and record a corresponding liability for the estimated amount to be paid in future periods. We account for the ongoing dealer manager and services fees paid in connection with the sale of Class W and I units in the private placement in the same manner. At December 31, 2018, the estimated unpaid aggregate distribution fees and the unpaid dealer manager fees amounted to $1,230,000.

Organization and Offering Expenses

The Sponsor has incurred organization and offering costs on our behalf. Organization and offering costs incurred in connection with the Offering are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by us only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of December 31, 2018 and December 31, 2017. These expense reimbursements are subject to regulatory caps and approval by our board of managers.  Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses were equal to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, we no longer pay the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. We will continue to incur certain organization and offering costs associated with the Distribution Reinvestment Plan and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution, dealer manager, and service fees to the dealer manager for certain sales pursuant to one of its private placements.  As of December 31, 2018, the Sponsor has incurred approximately $567,300 in organization and offering costs on our behalf related to private placements of our units.  As of December 31, 2018, we have reimbursed $86,784 of the organization and offering incurred relating to such private placements and have no obligation to reimburse the Sponsor for the remainder.

Expense Responsibility Agreement

On March 26, 2018, the Company, the Advisor and the Sponsor entered into the Responsibility Agreement originally effective as of June 11, 2013 and covering expenses through December 31, 2017. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,240,200 of expenses, which have been paid by the Company as of December 31, 2017. The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf to the extent the Fund’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, we will apply the excess amount (the “Excess Amount”) as follows: (i) first, we will reimburse the Sponsor for all expenses, other than asset management fees and incentive fees, that the Sponsor previously paid on our behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, we will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the asset management fees and incentive fees that the Sponsor has agreed to pay on our 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 quarters ended March 31, 2018, September 30, 2018, and December 31, 2018, but met the Reimbursement Hurdle for the quarter ended June 30, 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been reimbursed to the Sponsor and recorded as expenses of the Company for the year ended December 31, 2018. As of December 31, 2018, there is a remaining aggregate balance of approximately $16,266,800 in expenses covered by the Responsibility Agreement which have not been reimbursed to the Sponsor nor 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.

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U.S. Federal Income Taxes

We believe that we are properly characterized as a partnership for U.S. Federal income tax purposes, and expect to continue to qualify as a partnership (and not be treated as a publicly traded partnership or otherwise be treated as a taxable corporation) for such purposes.  As a partnership, we are generally not subject to U.S. Federal income tax at the entity level.

Calculation of Net Asset Value

Our net asset value is calculated on a quarterly basis. As of December 31, 2018, we have 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 our income and expenses on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, effective June 30, 2016, we record liabilities for distribution fees that we (i) currently owe to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that we may pay to the dealer manager in future periods. As of December 31, 2018 and 2017, under GAAP, we recorded a liability in the aggregate amount of $1,230,000 and $1,895,000, respectively, for the estimated future amount of Class C units distribution fee, Class I units dealer manager fees, Class W units ongoing dealer manager fees and Class W units service fees payable. We are not required to determine our net asset value under GAAP and, thus, our determination of net asset value per unit for Class C units, Class I units and Class W units now varies from GAAP.  

Prior to April 1, 2017, we deducted the liability for the estimated future distribution fees in our net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than the Class C units with the difference being the result of our deduction of estimated future distribution fees with respect to Class C units. We determined that the prior approach is not the most appropriate for determining the net asset value per unit for Class C units and, beginning with the net asset value determination as of June 30, 2017, we do not deduct the liability for estimated future distribution fees in our calculation of net asset value per unit for Class C units. Further, we do not deduct the liability for estimated future dealer manager fees in our calculation of the net asset value per unit for Class I units and Class W units. Likewise, we do not deduct the liability for estimated future service fees in our calculation of the net asset value per unit for Class W units. We believe this approach is consistent with the industry standard and is more appropriate since we intend for the net asset value to reflect the estimated value on the date that we determine our net asset value.

Accordingly, we believe that our estimated net asset value at any given time should not include consideration of any estimated future distribution fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of December 31, 2018, each of the Class A, Class C, Class I, Class W, Class Y and Class Z units have the same net asset value per unit of $8.227. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.302 from $8.529 as of March 31, 2017 to $8.227 as of December 31, 2018 as a result, in part, of the Sponsor’s determination to absorb a reduced amount of operating expenses during the second and fourth quarters of 2017. We also failed to realize sufficient investment income to cover operating expenses during the second and fourth quarters of 2017 and first quarter of 2018. In addition, during the year ended December 31, 2018, we recorded approximately $8.1 million in net unrealized depreciation on our investments.

Recently Issued Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Management has adopted this guidance effective for the fiscal period beginning January 1, 2018, using the modified retrospective approach. The guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the adoption of the new revenue recognition guidance did not have any impact on the elements of the Company’s consolidated statements of operations, most closely associated with financial instruments, including interest and fee income, and resulted in no cumulative effect adjustment to the opening balance of its net assets.

In January, 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments that are marked to fair value and reported as available-for-sale (“AFS”).  ASU 2016-01 requires public business entities that are required to disclose fair value of financial instruments measured at amortized cost on the balance sheet to measure that fair value using the exit price notion consistent with Topic 820, Fair Value Measurement.  For public business entities, ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.  Management has adopted this guidance effective for the fiscal period beginning January 1, 2018.

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In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance requires companies to apply the requirements in the year of adoption through cumulative adjustment with some aspects of the update requiring a prospective transition approach. We are currently evaluating the potential impact of the pending adoption of ASU 2016-13 on our consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: (i) debt prepayment or debt extinguishment, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method invitees, (vii) beneficial interest in securitizations transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017.The Company adopted this guidance, which did not have any effect on its consolidated financial statements, effective January 1, 2018.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We are subject to financial market risks, including changes in interest rates. Our investments are currently structured with both fixed and floating interest rates. Those structured with floating rates are referenced to LIBOR and incorporate fixed interest rate floors. If rates go down further, interest income will not decrease from current levels. To the extent that interest rates go up substantially, these investments will accrue higher amounts of income than currently being realized. Returns on investments that carry fixed rates are not subject to fluctuations in interest rates, and will not adjust should rates move up or down.

To the extent that we borrow money to make investments, our net investment income will be dependent upon the difference between the rate at which we borrow funds and the rate at which we invest these funds. In periods of rising interest rates, our cost of funds would increase, which may reduce our net investment income. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income.

Although we operate in a number of foreign markets, all investments are currently denominated in U.S. dollars. Therefore, the current portfolio does not present currency risk to U.S. unitholders. In the future, we may hedge against interest rate and currency exchange rate fluctuations by using standard hedging instruments such as futures, options and forward contracts. While hedging activities may insulate us against adverse changes in interest rates, they may also limit our ability to participate in benefits of lower interest rates with respect to our portfolio of investments with fixed interest rates.

The following table provides information about our market risk related to changes in interest rates. The future principal payments and weighted-average interest rates are presented as of December 31, 2018. These investments maturities reflect contractual maturity dates. See note 3 to our consolidated financial statements for additional information regarding our investments

	Future Principal Payments and Interest Rates by the Investments Contractual Year of Maturity
	2019			2020			2021			2022			2023			Total			Fair Value (a)
Fixed rate investments	$	131,086,373		$	65,438,002		$	86,863,586		$	17,218,165		$	6,959,664		$	307,565,790		$	307,506,713
Weighted average interest rate (b)		11.71	%		11.81	%		12.41	%		12.40	%		0.00	%		11.98	%
Variable rate investments	$	9,956,726		$	20,490,804		$	28,211,355		$	5,672,847		$	-		$	64,331,732		$	64,331,732
Weighted average interest rate (b)		12.81	%		12.98	%		14.93	%		13.65	%		-			13.87	%

(a) Fair value as reported in our consolidated financial statements

(b) Weighted average rate is based on the investments’ stated rates

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ITEM 8. FINANCIAL STATEMENTS

See the Consolidated Financial Statements beginning on page F-1.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this report. Based upon such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective.

Internal Control Over Financial Reporting

The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act). Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Internal control involves maintaining records that accurately represent our business transactions, providing reasonable assurance that receipts and expenditures of company assets are made in accordance with management authorization, and providing reasonable assurance that unauthorized acquisition, use or disposition of company assets that could have a material effect on our financial statements would be detected or prevented on a timely basis.

Because of its innate limitations, internal control over our financial statements is not intended to provide absolute guarantee that a misstatement can be detected or prevented on the statements.  Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.  Also projections of any evaluation of effectiveness to future periods are subject to risk that controls may become inadequate because of changes in condition, or that the degree of compliance with the policies or procedures may deteriorate.

Under the supervision and with the participation of management, including the Company’s Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).  Based on this evaluation and those criteria, the management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2018.

Changes in Internal Control Over Financial Reporting

There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the three months ended December 31, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

None

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PART III

ITEM 10. DIRECTORS, OFFICERS AND CORPORATE GOVERNANCE.

Board of Managers

We operate under the direction of our board of managers, whose members are accountable to us and to our unitholders as fiduciaries. The board is responsible for the direction and control of our affairs. The board has engaged our Advisor to manage our day-to-day affairs and our portfolio of investment assets, subject to the board’s supervision. Because of the conflicts of interests created by the relationships between us and our Advisor and its affiliates, certain of the responsibilities of the board have been delegated to a committee comprised exclusively of independent managers.

We currently have five managers on our board of managers, three of whom are independent of us, our Advisor, our Sponsor and our respective affiliates. Our full board of managers has determined that each of our independent managers is independent in accordance with our operating agreement. Our operating agreement defines an “independent manager” as a person who has not been, directly or indirectly associated with our Sponsor or the Advisor within previous two years by virtue of:

• ownership interests in our Sponsor, our Advisor or any of their affiliates, other than any compensation received for being a manager or director as permitted below;

• employment by our Sponsor, our Advisor or any of their affiliates;

• service as an officer, director or manager of our Sponsor, our Advisor or any of their affiliates, other than as a manager or director for us and up to two other funds organized by our Sponsor or advised by our Advisor with securities registered under the federal securities laws;

• performance of services, other than as our manager; or

• maintenance of a material business or professional relationship with our Sponsor, our Advisor or any of their affiliates.

We refer to our managers who are not independent as our “affiliated managers.” Our operating agreement sets forth the material business or professional relationships that cause a person to be affiliated with us and therefore not eligible to serve as an independent manager. A business or professional relationship is per se material if the prospective independent manager received more than five percent of his or her annual gross income in the last two years from our Sponsor, our Advisor or any affiliate of our Sponsor or our Advisor, or if more than five percent of his or her net worth, on a fair market value basis, has come from our Sponsor, our Advisor or any affiliate of our Sponsor or our Advisor.

The board of managers may increase the number of managers and fill any vacancy on the board of managers, whether resulting from an increase in the number of managers or otherwise. Any vacancies on our board of managers may be filled only by the affirmative vote of a majority of the remaining managers in office, even if the remaining managers do not constitute a quorum. Any replacements for vacancies among the independent managers will be nominated by the remaining independent managers. In addition, our unitholders, by a majority vote, may remove a manager and elect a new manager.

Our managers are accountable to us and to our unitholders as fiduciaries. This means that each manager must perform his or her duties in good faith and in a manner that each manager considers to be in our best interest and in the best interests of the unitholders. Our managers have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Company and will not employ or permit another to employ such funds or assets in any manner except for the exclusive benefit of the Company. Further, our managers must act with such care as a prudent person in a similar situation would use under similar circumstances, including exercising reasonable inquiry when acting. However, our managers are not required to devote all of their time to our business and must devote only that portion of their time to our business as the reasonable execution of the duties shall require. We do not expect that our managers will be required to devote a significant portion of their time to us in discharging their duties.

In addition to meetings of the various committees of the board, which committees we describe below, we expect our board of managers to hold at least four regular board meetings each year. During 2018, the board of managers held 15 meetings. Our board has the authority to pay compensation to independent managers in connection with services rendered to us in any other capacity.

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Managers and Executive Officers

As of the date of this report, our managers and executive officers and their positions and offices are as follows:

Name	Age		Position
Gloria S. Nelund		57	Chairman of our Board of Managers,  Chief Executive Officer,  President and Affiliated Manager
Brent L. VanNorman		58	Chief Compliance Officer and Affiliated Manager
Scott T. Hall		49	Chief Operating Officer
Mark A. Tipton		59	Chief Financial Officer
Paul Sanford		43	Chief Investment Officer
Terry Otton		65	Independent Manager
Cynthia Hostetler		56	Independent Manager
R. Michael Barth		69	Independent Manager

Gloria S. Nelund, Chairman, President and Chief Executive Officer

Gloria S. Nelund has served as our Chairman and Chief Executive Officer since our formation in April 2012 and became our President in December 2014. In addition, she has served as the Chairman and Chief Executive Officer of our Advisor since its formation in April 2012, Chief Compliance Officer of our Advisor since October 2013, President of our Advisor since December 2014, the Chairman and Chief Executive Officer of our Sponsor since its formation in August 2008, and President of our Sponsor from December 2014 to October 2015. From October 2006 until August 2008, Ms. Nelund served as the President and founder of Titus Development Group, LLC, a consulting firm focusing on strategy development, business planning and launch for start-up companies, as well as growth planning for small to mid-sized firms. Prior to founding Titus Development, LLC, Ms. Nelund spent her career as a high level executive in the international Asset Management Industry. Most recently, Ms. Nelund served as Head of the U.S. Private Wealth Management Division at Deutsche Bank, the world’s fifth largest financial institution. In this capacity, Ms. Nelund held fiduciary responsibility for more than $50 billion in investment assets, including more than $20 billion in emerging markets and credit instruments. In addition to this role, Ms. Nelund served as the only female member of the Global Private Wealth Management Executive Committee. Ms. Nelund served as the Managing Director of Scudder Kemper Investments, prior to its purchase by Deutsche Bank.

Prior to her tenure at Deutsche Bank, Ms. Nelund spent sixteen years as an executive at Bank of America/Security Pacific Bank, most notably as President and CEO of BofA Capital Management, Inc., an investment management subsidiary managing $35 billion in assets for both retail and institutional investors. In addition to managing fixed-income and equity mutual funds in both the U.S. and internationally, Ms. Nelund’s division was responsible for managing assets on behalf of public funds, common trust funds and corporate funds. Ms. Nelund also spent five years as Manager of Worldwide Sales and Marketing of BofA Global Asset Management and three years as CEO of InterCash Capital Advisors, Inc., a $15 billion investment management subsidiary of Security Pacific Bank.

Ms. Nelund has been a pioneer in the development of Social Impact products for institutional and high net worth investors. While at Scudder, she supported the development and growth of one of the industry’s first socially responsible investment (SRI) products. In addition, Ms. Nelund was instrumental in making Deutsche Bank a major institutional supporter of microcredit, creating multiple programs for Private Wealth Management clients.

Ms. Nelund brings to us more than 30 years of experience in executive management of financial institutions, as well as deep expertise in the creation, sale and distribution of financial products within the wealth management community.

In addition to her activities with the Company, Ms. Nelund is Chairman of the Board and Independent Trustee for RS Investments, a mutual fund complex with more than $20 billion in assets under management. She is also a life-long supporter of development-oriented philanthropic causes. While at Deutsche Bank, Ms. Nelund served on the Board of the Deutsche Bank Americas Community Development Group, with responsibility for providing loans, investments and grants to targeted organizations throughout the U.S. and Latin America. She has also volunteered as a teacher of at-risk youth in the Los Angeles Unified School District and the YMCA of Los Angeles. Ms. Nelund currently sits on the board of multiple not-for-profit organizations and actively supports entrepreneurship research and education. She is an active speaker and guest lecturer on Impact Investing at conferences and several top business schools, including Wheaton, Kellogg and the Massachusetts Institute of Technology. Ms. Nelund attended the University of Dayton in Dayton, Ohio as a Business and Economics major, and she is a graduate of the University of Virginia Colgate Darden Graduate School’s Sales and Marketing Executives Program.

We believe that Ms. Nelund’s qualifications to serve as Chairman of our board of managers include her over 30 years of experience in the international asset management industry, including significant experience serving as CEO of multiple investment institutions. In addition, her experience as a pioneer in the development of social impact products for institutional and high net worth investors affords her a unique perspective on the evolving world of impact investing and these insights will be valuable to us.

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Brent L. VanNorman, Esq., CPA, Chief Compliance Officer, Secretary and Manager

Brent L. VanNorman served as our Chief Financial Officer from August 2014 to February 2019, as our Chief Operating Officer from August 2014 to February 2019, and has served as our Chief Compliance Officer and Secretary since October 2013. In addition, Mr. VanNorman served as Chief Operating Officer of our Advisor from October 2013 to August 2018 and as Chief Financial Officer of our Advisor from October 2013 until October 2017. In addition, Mr. VanNorman has served as President of our Sponsor since November 2015, and continues as President in a part time role as he transitions to retirement from the Sponsor. Mr. VanNorman also served as the Interim Chief Financial Officer of the Company from October 2013 until his appointment as Chief Financial Officer of the Company in August 2014. Mr. VanNorman has served as a Manager since December 2014.  Prior to joining us, Mr. VanNorman served as a key member of the Intellectual Property and Litigation Team for the international law firm of Hunton & Williams LLP, beginning his practice there in August 2000, and terminating when he joined the Company. Prior to practicing law, Mr. VanNorman served as a Chief Information Officer for The Title Office, where he managed the accounting, data processing and marketing departments, along with 15 of the company’s 42 offices.

Prior to his tenure at The Title Office, Mr. VanNorman was a Senior Manager with the international CPA firm of Crowe Horwath (formerly Crowe Chizek), where he oversaw large consulting projects in the firm’s Systems Consulting Group. In addition to appearing in many federal courts throughout the country and at all levels in the Virginia state court system, Mr. VanNorman is a patent attorney. He is also a Certified Public Accountant, Certified Computer Programmer and is certified in Production and Inventory Management. Mr. VanNorman graduated magna cum laude from Anderson University in Anderson, Indiana, with majors in Accounting and Computer Science. He was recognized as the Outstanding Accounting graduate. Mr. VanNorman graduated summa cum laude, from Regent University School of Law and was recognized as the Outstanding Law School Graduate in addition to being Editor-in-Chief of the school’s law review. He has served as an adjunct law professor at his alma mater. Mr. VanNorman is Gloria S. Nelund’s brother-in-law. Mr. VanNorman brings a breadth of experience in business, accounting, data processing, and the law to the TriLinc’s management team. Mr. VanNorman has served on the Board of Directors of IMPACT International, a not for profit organization since 2004. Mr. VanNorman has served on the Board of Directors of CCG Systems, Inc., a provider of fleet management software since August of 2015.

Scott T. Hall, Chief Operating Officer

Mr. Hall has served as our Chief Operating Officer since February 2019 and Chief Operating Officer of the Advisor since August 2018. Prior to joining the Advisor, Mr. Hall was the Chief Operating Officer of RS Funds Distributor, LLC, a limited purpose broker/dealer that serves as the distributor for RS Invesments, from September 2012 until December 2016. Mr. Hall was retired from December 2016 until August 2018. Prior to his role of Chief Operating Officer of RS Funds Distributor, Mr. Hall served as the Director of Client Operations for RS Investments, a $30 billion San Francisco-based asset manager, beginning his tenure at RS Investments in July 1999. While at RS Investments, Mr. Hall was responsible for the mutual fund operations team, negotiating third party service agreements, developing policies and procedures and was instrumental in launching the broker/dealer. Mr. Hall also served as a member of the Disclosure Controls and Compliance Systems Committees and chaired the Distribution Oversight Committee at RS Investments. Mr. Hall graduated from San Diego State University with a B.S. in Financial Services.

Mark A. Tipton, Chief Financial Officer

Mr. Tipton has served as our Chief Financial Officer since February 2019 and as Chief Financial Officer of the Advisor since October 2017. Prior to joining the Advisor, Mr. Tipton worked as Vice President of Logistics at SYNNEX Corporation, building the Reverse Logistics division from a start-up to a multimillion dollar business and establishing key vendor relationships with leading tech brands, from March 2008 until July 2015. Mr. Tipton worked with these brands to develop processes that prevented $200 million of used consumer electronic devices from filling waste disposal sites. Instead, they were tested and either fully recycled or prepared for global resale into primarily developing economies. Mr. Tipton was retired from July 2015 until October 2017.

Prior to his tenure at SYNNEX, Mr. Tipton served as the Chief Financial Officer at New Age Electronics, Inc., where he managed all financial aspects of the company, from September 1998 until March 2008. Most notably, Mr. Tipton was instrumental in the growth of the company’s annual revenue from $140 million to over $1 billion, facilitated the close of a $250 million asset-based lending facility, and was involved in the $150 million sale of the company to SYNNEX Corporation. Previously, Mr. Tipton was the Chief Financial Officer and Chief Operating Officer at a boutique broker-dealer/bond trading desk/investment advisor, where he managed all operating facets and financial activities of the firm. Mr. Tipton graduated from California State University, Northridge with a B.S. in Finance and Accounting. Additionally, Mr. Tipton was an audit manager in the financial services department of an international public accounting firm and maintains an active Certified Public Accountant license.

Paul Sanford, Chief Investment Officer

Paul Sanford has served as our Chief Investment Officer since our formation in April 2012. In addition, Mr. Sanford has served as the Chief Investment Officer of our Advisor since its formation in April 2012 and as Chief Investment Officer of our Sponsor since

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July 2011. From September 2007 until July 2011, Mr. Sanford was Managing Director and Chief Investment Officer for a Los Angeles-based boutique Registered Investment Advisor, where he was responsible for developing and implementing the firm’s Global Investment Strategy, performing manager due diligence, and managing all fund investment relationships. Mr. Sanford’s extensive experience in the banking and investment industry also includes portfolio manager positions at Deutsche Bank, HSBC and Morton Capital Management.

Mr. Sanford has over eighteen years of experience developing, managing and executing global macro investment strategies at both large global banks and boutique investment firms. Throughout his career, Mr. Sanford has followed and invested in emerging markets as part of his various investment mandates, including conducting extensive research on developing economies and reviewing and selecting leading managers of emerging market debt and equities, most prominently as Portfolio Manager for Latin American accounts at the U.S. Private Bank of HSBC. Mr. Sanford has a deep understanding of macroeconomics and geo-politics, and an in-depth knowledge of traditional and alternative asset classes in both public and private capital markets. For over a decade, Mr. Sanford has been a global macro investor with a focus on Central Bank policy, GDP growth trends, global interest rates, global currencies and foreign government policies.

Mr. Sanford holds a B.A. in Business Economics from California State University, Long Beach and previously served in the United States Marine Corps. He is a member of the CFA Society of Los Angeles and the CFA Institute. Mr. Sanford serves on the Investment Committee for the City of Hope, an independent biomedical research, treatment and education institution, leading the fight to conquer cancer, diabetes, HIV/AIDS and other life-threatening diseases.

Terry Otton, Independent Manager

Terry Otton has served as our Independent Manager since February 2013. Previously, Mr. Otton served as Chief Executive Officer of RS Investments from September 2005 until his retirement in March 2012. Mr. Otton also served as President and Trustee of RS Investment Trust and RS Variable Products Trust from April 2004 and May 2006, respectively, until March 2012. Mr. Otton has 30 years of experience in the investment management and securities industry, including serving as a Managing Director of the mergers and acquisition practice at Putnam Lovell NBF Group, an investment banking firm, since 2001. Mr. Otton also served as a Managing Director and CFO of Robertson, Stephens & Company and Robertson Stephens Investment Management, the predecessor to RS Investments, for more than 10 years. Mr. Otton was one of the principal founders of Robertson Stephens Investment Management in 1986. Mr. Otton holds a Bachelor of Science degree in Business Administration from the University of California, Berkeley and is a Certified Public Accountant.

Mr. Otton was selected to serve on the Company’s board of managers because of his over 30 years of experience in the investment management and securities industry. Having recently served as Chief Executive Officer of RS Investments and President and Trustee of RS Investment Trust and RS Variable Products Trust, Mr. Otton brings recent and relevant perspectives on the state of the investment management industry. He is also able to provide valuable insight regarding our investment strategy, regulatory and compliance oversight and operational processes.

Cynthia Hostetler, Independent Manager

Cynthia Hostetler has served as our Independent Manager since February 2013. Additionally, Ms. Hostetler has served as an independent trustee for Invesco Funds since 2017 and an independent director of Genesee & Wyoming (NYSE:GWR) since May 2018. Ms. Hostetler has also served on the Board of Directors of Vulcan Materials Company (NYSE: VMC), a producer of construction materials, since July 2014. Previously, Ms. Hostetler was an independent trustee of Aberdeen Investment Funds from 2013 until 2017. Ms. Hostetler was also an independent trustee of Artio Global Investment Funds from 2010 until 2013, prior to the acquisition of Artio Global Asset Management by Aberdeen Asset Management. Ms. Hostetler was an independent director of Edgen Group (NYSE:EDG), an energy infrastructure company, since May 2012. EDG was acquired by Sumitomo Corporation in late 2013. From August 2001 until her retirement in January 2009, Ms. Hostetler was the Head of Investment Funds at the Overseas Private Investment Corporation (OPIC). Prior to OPIC, Ms. Hostetler was the President and a member of the Board of Directors of First Manhattan Bancorporation. Ms. Hostetler began her professional career as an attorney in the corporate/banking department of the law firm Simpson Thacher & Bartlett. Ms. Hostetler received a Bachelor of Arts degree from Southern Methodist University and her law degree from the University of Virginia School of Law.

Ms. Hostetler was selected to serve on the Company’s board of managers because of her direct experiences in investing and development in the geographic regions in which the Company operates, as well as her extensive experience in the banking and investment industries. As the Company seeks to establish and leverage relationships with DFIs, Ms. Hostetler’s seven years of experience as Vice President of Investment Funds at OPIC should position her as an excellent source of insight and guidance in working with these institutions. Her diverse board positions make her a valuable resource in the areas of risk management, governance, valuation and with regard to certain sectors in which we anticipate making investments.

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R. Michael Barth, Independent Manager

R. Michael Barth has served as our Independent Manager since February 2013. Mr. Barth also served as a Managing Partner of Barth & Associates LLC, an emerging markets capital advisory and consulting firm, since January 2012. Previously, Mr. Barth held various positions with Darby Overseas Investment Ltd., a wholly owned subsidiary of Franklin Templeton Investments, including Senior Advisor in Business Development from January 2011 until January 2012, Senior Director in Business Development from January 2009 until January 2011, Senior Managing Director in Global Investment from March 2007 until January 2009 and Managing Directorin Global Investment from March 2006 until March 2007. Before joining Darby, Mr. Barth spent over twenty years working for some of the most prominent development finance institutions in the world. Mr. Barth holds a Masters Degree in International Economics/International Affairs from the Johns Hopkins University, School of Advanced International Studies, and a Bachelor’s Degree in Economics from Brandeis University.

Mr. Barth was selected to serve on the Company’s board of managers because of his distinguished career in development and investment in the emerging markets. His qualifications to serve on the Company’s board of managers span more than 30 years of relevant experiences in development and emerging markets, including serving as Chief Executive Officer of FMO (Netherlands Development Finance Company) and Director of the Capital Markets Development Department at the World Bank and holding several senior positions at the International Finance Corporation, the private sector arm of the World Bank Group. Mr. Barth is currently Chairman of the Board of SFC Ltd., a part of the AfricInvest Group, and is also a member of the Boards of Directors of the Wananchi Group. Mr. Barth is also a member of the Investment Committees of the MPEF III and MPEF IV funds and Africinvest, a private equity manager. Mr. Barth is on the Advisory Committee of CASF and African River Funds as well as the financial sector oriented, Five Fund. Additionally, Mr. Barth is Senior Advisor of the Emerging Markets Private Equity Association (EMPEA), Senior Advisor to McKinsey and Company, Senior Consultant to the Asian Infrastructure Investment Bank and a member of the International Council of the Bretton Woods Committee. Previously, he held several board positions, including board positions in EMPEA, the Emerging Markets Growth Fund, Finca Microfinance Holding and Procredit.

Unless a manager resigns, is removed “for cause” by the majority of the remaining managers (excluding the manager being removed) or is removed by the majority vote of our unitholders, our managers serve for the duration. Our executive officers serve until their successors are elected and qualify. Our executive officers act as our agents, execute contracts and other instruments in our name and on our behalf, and in general perform all duties incident to their offices and such other duties as may be prescribed by our board of managers from time to time. Our officers devote such portion of their time to our affairs as is required for the performance of their duties, but they are not required to devote all of their time to us. Each of our executive officers is also an officer of our Advisor.

Code of Ethics

The Company has adopted a Code of Ethics that applies to the Company’s managers and to officers or employees of the Company, whether acting directly as an officer or employee of the Company or indirectly as an officer of our Sponsor or employee of our Advisor, which conducts the day-to-day operations of the Company.

Committees of the Board of Managers

Our board of managers may delegate many of its powers to one or more committees. Our operating agreement requires that each of these committees be majority-comprised of our independent managers and our board will have two committees, the audit committee and the corporate governance and conflicts committee, each of which consists solely of independent managers.

Audit Committee

Our board of managers has established an audit committee that consists of Messrs. Terry Otton and R. Michael Barth, and has designated Mr. Terry Otton as an audit committee financial expert. Mr. Otton serves as chair of this committee. All members of our Audit Committee are independent managers. The Audit Committee assists our board in overseeing the following:

• our accounting and financial reporting policies;

• the integrity and audits of our financial information;

• our compliance with legal and regulatory requirements;

• quarterly valuations of our investment portfolio; and

• the performance of our risk management function and the independent registered public accounting firm.

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The audit committee selects the independent registered public accounting firm to audit our annual financial statements, and reviews with the independent registered public accounting firm the plans and results of the audit engagement, and consider and approve the audit and non-audit services provided by the independent registered public accounting firm. During 2018, our Audit Committee had five meetings.

Corporate Governance and Conflicts Committee

In order to assist our board with certain corporate governance procedures and to reduce or eliminate certain potential conflicts of interest, our operating agreement creates a corporate governance and conflicts committee of the board of managers, which is composed of all of our independent managers, Messrs. Terry Otton and R. Michael Barth and Ms. Cynthia Hostetler. Ms. Hostetler serves as chair of this committee. Our Corporate Governance and Conflicts Committee had five meetings in 2018. Our operating agreement authorizes the Corporate Governance and Conflicts Committee to act on any matter permitted under state law. Both the board of managers and the corporate governance and conflicts committee are expected to act jointly on any conflict-of-interest issues. Our operating agreement also authorizes the corporate governance and conflicts committee to retain its own legal or financial advisors. For more information, please see the section entitled “Conflicts of Interest.”

Limited Liability and Indemnification of Managers, Officers, Employees and Other Agents

Our organizational documents limit the liability of our managers and officers to us and our unitholders for monetary damages and generally require us to indemnify our managers, officers, our Advisor, and its affiliates for losses they may incur by reason of their service in that capacity. We will not provide that our sponsor, a manager, our Advisor or its affiliates (the “Indemnitee”) is held harmless for any loss or liability suffered by us unless all of the following conditions are met:

• the Indemnitee has determined in good faith that the course of conduct that caused the loss or liability was in our best interests;

• the Indemnitee was acting on our behalf or performing services for us;

• in the case of an independent manager, the loss or liability was not the result of gross negligence or willful misconduct by the independent manager;

• in the case of a manager other than an independent manager, our Advisor or one of its affiliates, the loss or liability was not the result of negligence or misconduct by the party seeking to be held harmless; and

• the agreement to hold harmless is recoverable only out of our assets and not from our unitholders.

Furthermore, our organizational documents prohibit the indemnification of an Indemnitee for losses, liabilities or expenses arising from or out of an alleged violation of state or federal securities laws, unless one or more of the following conditions is met:

• there has been a successful adjudication on the merits of each count involving alleged material securities law violations;

• such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction; or

• a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authorities in states in which the securities were offered or sold as to indemnification for violations of securities law.

The Securities and Exchange Commission and certain states, take the position that indemnification against liabilities arising under the Securities Act of 1933 is against public policy and unenforceable.

Our operating agreement also provides that we shall indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable expenses in advance of final disposition of a proceeding to:

• any of our present or former managers or officers who is made or is threatened to be made a party to a proceeding by reason of his or her service in that capacity

• any individual who, while our manager or officer, and at our request, serves or served as a director, officer, partner or trustee of another partnership, corporation, joint venture, trust, employee benefit plan or other enterprise and who is made or is threatened to be made a party to a proceeding by reason of his or her service in that capacity; or

• the Advisor or any of its affiliates acting as our agent.

These aforementioned rights to indemnification and advance of expenses vest immediately upon the appointment as a manger, officer, Advisor or affiliate.

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Additionally, pursuant to our operating agreement, the advancement of funds to the Advisor or its affiliates for reasonable legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought is permissible only if all of the following conditions are met:

• the legal action relates to acts or omissions with respect to the performance of duties or services on our or our subsidiaries’ behalf;

• the legal action is initiated by a third party who is not a unitholder or, if by a unitholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement; and

• the Advisor or its affiliates undertake to repay the advanced funds to us, together with the applicable legal rate of interest thereon, if it is ultimately determined that such party is not entitled to indemnification.

We also purchase and maintain insurance on behalf of all our managers and executive officers against liability asserted against or incurred by them in their official capacities with us.

ITEM 11. EXECUTIVE COMPENSATION

Compensation of Executive Officers and Managers

We do not currently have any employees nor do we currently intend to hire any employees. Each of our executive officers, including each executive officer who serves as a manager, is employed by our Sponsor and also serves as an executive officer of our Advisor. Each of these individuals receives compensation from our Sponsor for his or her services, including services performed for us and for our Advisor. As executive officers of our Advisor, these individuals will manage our day-to-day affairs and carry out the directives of our board of managers in the review and selection of our sub-advisor and review of our investment opportunities and will oversee and monitor our acquired investments. Although we will reimburse our Advisor for certain expenses incurred in connection with providing these services to us, we do not intend to pay any compensation directly to our executive officers and we will not reimburse our Advisor for the salaries and benefits paid to our named executive officers, as defined under the federal securities rules and regulations.

During 2018, we compensated each of our independent managers with an annual retainer of $60,000. In addition, we paid our independent managers fees for participating on committees of the board as follows:

• each member of a committee of the board received $5,000 annually for each committee upon which he or she served; and

• the chairman of the audit committee received an additional annual retainer of $10,000 and the chairman of any other committee received an additional annual retainer of $2,500.

All managers are entitled to reimbursement of reasonable and documented out-of-pocket expenses incurred in connection with attendance at any meeting of the board of managers or a committee thereof. If a manager is also one of our officers, we will not pay any compensation to said manager for services rendered as a manager. In addition, we purchase and maintain liability insurance on behalf of our managers and officers.

The following table sets forth compensation of the Company’s independent managers for the year ended December 31, 2018:

Name	Fees Earned or Paid in Cash		All Other Compensation		Total
Terry Otton	$	80,000		—	$	80,000
Cynthia Hostetler	$	67,500		—	$	67,500
R. Michael Barth	$	70,000			$	70,000

The Company did not have any outstanding equity awards as of December 31, 2018.

Commencing January 1, 2019, our board of managers approved an increase of $10,000 to the annual retainer that we pay to each of our independent managers, such that the annual retainer is $70,000, which will be pro-rated in the event of a partial term. In addition, our board of managers approved an increase of $10,000 to the annual retainer that we pay to the chairman of the audit committee, such that commencing January 1, 2019, we pay our independent managers annual retainers (each of which will be pro-rated in the event of a partial term) for participating on committees of the board as follows:

• each member of a committee of the board receives a $5,000 annual retainer for each committee upon which he or she serves;

• the chairman of the audit committee receives an additional annual retainer of $20,000; and

• the chairman of any other committee receives and additionl annual retainer of $2,500.

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Compensation Discussion and Analysis

Because the Advisory Agreement provides that the Advisor assumes principal responsibility for managing our affairs, we have no employees, and our executive officers, in their capacities as such, do not receive compensation from us, nor do they work exclusively on our affairs. In their capacities as officers or employees of the Advisor or its affiliates, they devote such portion of their time to our affairs as is required for the performance of the duties of the Advisor under the Advisory Agreement. The compensation received by our executive officers is not paid or determined by us, but rather by an affiliate of the Advisor based on all of the services provided by these individuals. See “Certain Relationships and Related Transactions, and Director Independence” below for a summary of the fees and expenses payable to the Advisor and other affiliates.

Compensation Committee Report

We do not currently have a compensation committee, however, our compensation committee, if formed, would be comprised entirely of independent managers. In lieu of a formal compensation committee, our independent managers perform an equivalent function. Our independent directors have reviewed and discussed the Compensation Discussion and Analysis contained in this Annual Report on Form 10-K (“CD&A”) with management. Based on the independent managers’ review of the CD&A and their discussions of the CD&A with management, the independent managers recommended to the board of managers, and the board of managers has approved, that the CD&A be included in this Annual Report on Form 10-K.

INDEPENDENT MANAGERS:

Terry Otton

Cynthia Hostetler

R. Michael Barth

Compensation Committee Interlocks and Insider Participation

We do not currently have a compensation committee, however, we intend that our compensation committee, if formed, would be comprised entirely of independent managers. In lieu of a formal compensation committee, our independent managers perform an equivalent function. None of our independent managers served as one of our officers or employees or as an officer or employee of any of our subsidiaries during the fiscal years ended December 31, 2018 and 2017, or formerly served as one of our officers or as an officer of any of our subsidiaries. In addition, during the fiscal years ended December 31, 2018 and 2017, none of our executive officers served as a manager or member of a compensation committee (or other board committee performing equivalent functions or, in the absence of any such committee, the entire board of directors) of any entity that has one or more executive officers or managers serving as a member of our board of managers.

We do not expect that any of our executive officers will serve as a director or member of the compensation committee of any entity whose executive officers include a member of our compensation committee, if formed. We have not retained any independent compensation consultants.

The foregoing report shall not be deemed to be incorporated by reference by any general statement incorporating by reference this Annual Report on Form 10-K into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or under the Exchange Act, except to the extent that we specifically incorporate this information by reference, and shall not otherwise be deemed filed under such Acts.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table sets forth the beneficial ownership of units as of the date of this report for each person or group that holds more than 5% of any class of our voting securities, for each manager and executive officer and for our managers and executive officers as a group. To our knowledge, each person that beneficially owns units has sole voting and disposition power with regard to such units.

Unless otherwise indicated below, each person or entity has an address in care of our principal executive offices at 1230 Rosecrans Ave, Suite 605, Manhattan Beach, California 90266.

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Name of Beneficial Owner (1)	Number of Units Beneficially Owned (2)			Percent of All Units
TriLinc Global, LLC		316,898	(3)		0.72	%
TriLinc Advisors, LLC		22,161	(3)		*
Gloria S. Nelund		—	(3)		*
Paul Sanford		—			—
Mark Tipton		—			—
Scott Hall		—			—
Brent VanNorman		1,627	(3)		*
Terry Otton		—			—
Cynthia Hostetler		—			—
R. Michael Barth		—			—
All manager and officers as a group		340,686			0.77	%

* Amount represents less than 1%

(1) Under SEC rules, a person is deemed to be a “beneficial owner” of a security if that person has or shares “voting power,” which includes the power to dispose of or to direct the disposition of such security. A person also is deemed to be a beneficial owner of any securities which that person has a right to acquire within 60 days. Under these rules, more than one person may be deemed to be a beneficial owner of the same securities and a person may be deemed to be a beneficial owner of securities as to which he or she has no economic or pecuniary interest.

(2) All of the units owned by our Sponsor, our Advisor and any of our managers or officers are Class A units.

(3) TriLinc Advisors is controlled by our Sponsor, TriLinc Global LLC, as the managing member. Our Sponsor is presently directly or indirectly controlled by Gloria Nelund and Brent VanNorman, and as such, they may be deemed to be beneficial owners of the units owned by our Advisor and our Sponsor.

The Company did not have any outstanding equity awards as of December 31, 2018.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Certain Relationships and Related Transactions

General

Our executive officers, two of our managers and the key investment professionals of our Advisor who perform services for us on behalf of our Advisor are also officers, directors, managers, and/or key professionals of our Sponsor, our dealer manager and other affiliates. For an overview of the positions held by these individuals at our affiliates, please see “Part III, Item 10: Directors, Officers and Corporate Governance— Managers and Executive Officers.” These persons have legal obligations with respect to those entities that are similar to their obligations to us.

Dealer Manager

Strategic Capital has an equity interest in our Advisor and is affiliated with SC Distributors, the dealer manager for the Offering.

No Arm’s-Length Agreements

All agreements, contracts or arrangements between or among us and our affiliates, including our Advisor and our dealer manager, were not negotiated at arm’s-length. Such agreements, contracts or arrangements include our Advisory Agreement and our Dealer Manager Agreement. The procedures with respect to conflicts of interest described herein were designed to lessen the effect of potential conflicts that arise from such relationships. However, we cannot assure you that these procedures will eliminate the conflicts of interest or reduce the risks related thereto.

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Certain Conflict Resolution Measures

Corporate Governance and Conflicts Committee

In order to ameliorate the risks created by conflicts of interest, our operating agreement creates a corporate governance and conflicts committee of our board of managers composed solely of independent managers. Our operating agreement authorizes the corporate governance and conflicts committee to act on any matter related to conflicts of interest and to retain its own legal and financial advisors when and if it deems such an action appropriate. Among the issues relating to conflict of interest we expect the corporate governance and conflicts committee to act upon are:

• The continuation, renewal or enforcement of our agreements with the Advisor and its affiliates, including the Advisory Agreement;

• Transactions with affiliates;

• Compensation of the Advisor; and

• Whether and when we seek to pursue a liquidity event.

Other Provisions Relating to Conflicts of Interest

In addition to the creation of the corporate governance and conflicts committee, our operating agreement contains many other restrictions regarding conflicts of interest, including the following:

Advisor Compensation: Our independent manager’s review, at least annually, whether the compensation we contract to pay TriLinc Advisors and its affiliates is reasonable relative to the nature and quality of the services provided and the investment performance of the Company and that the provisions of the Advisory Agreement are being carried out. The board of managers may consider all factors that they deem relevant in making these determinations.

Investments with affiliates: We may not invest in any asset or company in which the Advisor, any of our managers or officers or any of their affiliates has a direct economic interest without a determination by the majority of our board of managers (including a majority of our independent managers) that such an investment is fair and reasonable to us. In addition, with respect to any potential debt investment in a portfolio company in which our sub-advisor has an equity interest, our Advisor must determine, before the investment is made, that the procedures by which this potential debt investment is evaluated and priced are fair and reasonable.

Purchase of assets from affiliates: We may not purchase assets from the Sponsor, Advisor, manager or any of their affiliates unless a majority of our board of managers (including a majority of our independent managers) not otherwise interested in the transaction determine that such transaction is fair and reasonable to us and at a price to us no greater than the cost of the assets to the Advisor or its affiliates or such manager, unless there is substantial justification for any amount that exceeds such cost and such excess amount is determined to be reasonable. In no event would the cost of any such assets to us exceed its then current appraised value.

Sale of assets to affiliates: We may not sell or lease assets to the Sponsor, Advisor, manager or any of their affiliates or to the managers without a determination by a majority of our board of managers (including a majority of our independent managers) not otherwise interested in the transaction, that such transaction is fair and reasonable to us.

Loans to/from affiliates: We may not borrow money from the Sponsor, Advisor, managers or any of their affiliates unless a majority of our board of managers (including a majority of our independent managers) not otherwise interested in transaction approve it as being fair, competitive and commercially reasonable to us and no less favorable to us than loans between unaffiliated parties under similar circumstances.

Other restrictions on transactions with affiliates: We may not give our Advisor an exclusive right to sell our assets. Our Advisor is prohibited from commingling our funds with the funds of any other entity or person for which it provides advisory or other services. Our Advisor is prohibited from providing any financing with a term in excess of 12 months to us. We may not pay a commission or fee, either directly or indirectly to our Advisor, or its affiliates, except as otherwise permitted by our operating agreement. In addition, our operating agreement prohibits our Advisor and its affiliates from receiving or accepting any rebate, give-up or similar arrangement that is prohibited under federal or state securities laws. Our Advisor and its affiliates are also prohibited from participating in any reciprocal business arrangement that would circumvent provisions of federal or state securities laws governing conflicts of interest or investment restrictions.

We may not invest in general partnerships or joint ventures with affiliates and non-affiliates unless certain conditions, described in our operating agreement are met.

A majority of our board of managers (including a majority of our independent managers) not otherwise interested in the transaction must conclude that all other transactions between us and the Sponsor, Advisor, any of the managers or any of their affiliates are fair and reasonable to us and on terms and conditions not less favorable to us than those available from unaffiliated third parties. The terms pursuant to which any goods or services, other than those services provided pursuant to the Advisory Agreement, are provided to us

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by the Advisor, will be embodied in a written contract, the material terms of which will be fully disclosed to our unitholders in a prospectus supplement or another filing.

Allocation of Investment Opportunities

We rely on our executive officers and our Advisor’s investment professionals to identify suitable investments. Our Sponsor and other affiliated entities also rely on these same key investment professionals. Many investment opportunities that are suitable for us may also be suitable for the Sponsor or affiliates of the Sponsor, including TriLinc Global Sustainable Income Fund, LLC (“TGSIF”), a private impact investment fund sponsored by the Sponsor. The Sponsor, the Advisor and their affiliates share certain of the same executive officers and key employees, which we refer to as “TriLinc Professionals.” When the TriLinc Professionals direct an investment opportunity to the Sponsor or any affiliate of the Sponsor, including TGSIF, they, in their sole discretion, have to determine the program for which the investment opportunity is most suitable based on the investment objectives, portfolio and criteria of each program. The Advisory Agreement requires that this determination be made in a manner that is fair without favoring the Sponsor or any affiliate of the Sponsor. The factors that the TriLinc Professionals consider when determining the entity for which an investment opportunity would be the most suitable are the following:

• the investment objectives and criteria of the Sponsor and the other affiliated entities;

• the cash requirements of the Sponsor and its affiliates;

• the portfolio of the Sponsor and its affiliates by type of investment and risk of investment;

• the policies of the Sponsor and its affiliates relating to leverage;

• the anticipated cash flow of the asset to be acquired;

• the income tax effects of the purchase;

• the size of the investment; and

• the amount of funds available to the Sponsor and its affiliates and the length of time such funds have been available for investment.

In the event that our investment objectives overlap with those of another affiliate’s program and the opportunity is equally suitable for us and the affiliated program, then the opportunity shall be allocated to such program that had the funds available for investment for a longer time period.

If a subsequent event or development causes any investment, in the opinion of the TriLinc Professionals, to be more appropriate for another affiliated entity, they may offer the investment to such entity.

Our independent managers are responsible for reviewing our Advisor’s performance and determining that the compensation to be paid to our Advisor is reasonable and, in doing so, our independent managers must consider, among other factors, the success of our Advisor in generating appropriate investment opportunities for us.

Related Transactions

From the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,240,200 of operating expenses, which have been paid by the Company as of December 31, 2017. Such expenses, in the aggregate of $16,660,800 since the Company’s inception, may be expensed and payable by the Company to the Sponsor only if the Company satisfies the Reimbursement Hurdle. The Company did not meet the Reimbursement Hurdle for the quarters ended March 31, 2018, September 30, 2018, and December 31, 2018, but met the Reimbursement Hurdle for the quarter ended June 30, 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been recorded as expenses of the Company for the year ended December 31, 2018. The Sponsor may demand the reimbursement of our cumulative expenses covered by the Responsibility Agreement to the extent we exceed the Reimbursement Hurdle during any quarter.

For the years ended December 31, 2018 and 2017, the Company paid $7,971,062 and $6,484,850, respectively, in asset management fees and $6,212,931 and $4,599,941, respectively, in incentive fees to our Advisor.

As of December 31, 2018, the Sponsor has paid approximately $17,456,000 of offering costs and $236,000 of organization costs relating to the Offering, all of which were paid directly by the Sponsor on behalf of the Company, and were reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $115,600 and $3,016,600, respectively, of offering costs, which were incurred by the Sponsor during the years ended December 31, 2018 and 2017. During the years ended December 31, 2018 and 2017, the Company paid $54,616 and $2,612,810, respectively, in reimbursement of offering

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costs to the Sponsor. Such offering costs reimbursed by the Company have been recognized against the proceeds from the issuance of units.  From the commencement of the Company’s operations through December 31, 2018, the Company has reimbursed the Sponsor a total of $17,211,117 of offering costs and organization costs and there is a remaining balance of approximately $481,000 of offering costs that have not been reimbursed to the Sponsor as of December 31, 2018.

For the years ended December 31, 2018 and 2017, the Company paid $6,252 and $643,566, respectively, in dealer manager fees and $19,270 and $2,516,109, respectively, in selling commission to the dealer manager, SC Distributors. In addition, for the years ended December 31, 2018 and 2017, the Company paid SC Distributors $582,045 and $538,725, respectively in ongoing distributions, dealer manager and services fees.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

In accordance with the SEC’s definitions and rules, “audit fees” are fees for professional services for the audit and review of our annual financial statements, and includes fees for the audit and review of our annual financial statements included in a registration statement filed under the Securities Act as well as issuance of consents and for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements except those not required by statute or regulation. “Audit-related fees” are fees for assurance and related services that were reasonably related to the performance of the audit or review of our financial statements, including attestation services that are not required by statute or regulation, due diligence and services related to acquisitions. “Tax fees” are fees for tax compliance, tax advice and tax planning, and “all other fees” are fees for any services not included in the first three categories.

Independent Registered Public Accounting Firm

On June 18, 2014, the Company’s Audit Committee approved the engagement of Moss Adams LLP (“Moss Adams”) as the Company’s independent registered public accounting firm. On March 22, 2018, the Company’s Audit Committee reapproved the engagement of Moss Adams as the Company’s independent registered public accounting firm for the year ended December 31, 2018.

Audit Fees

The aggregate amount of fees billed by Moss Adams for the professional services rendered in connection with the audit of the Company’s annual financial statements and reviews of the financial statements included in the Company’s Forms 10-K and 10-Qs for fiscal years 2018 and 2017 was approximately $447,900 and $256,200, respectively.

Audit Related Fees

There were no audit related fees billed by Moss Adams for assurance and related services that were reasonably related to the performance of the audit or review of our financial statements in fiscal years 2018 and 2017.

Tax Fees

There were approximately $169,000 and $155,185 in tax fees billed by Deloitte Tax, LLP to the Company for fiscal years 2018 and 2017, respectively. Tax services fees consist of fees billed for professional services performed by Deloitte Tax, LLP’s tax personnel for tax compliance. These services include assistance regarding federal and state tax compliance.

All Other Fees

Moss Adams completed, under approval of the audit committee, an attestation engagement on the Company’s Impact Report whose fees was $11,000 and $19,000 for the years ended December 31, 2018 and 2017, respectively. There were no other fees billed by Moss Adams or Deloitte Tax, LLP to the Company for fiscal years 2018 or 2017.

Audit Committee Pre-Approval Policy

The Audit Committee is responsible for appointing our independent registered public accounting firm and approving the terms of the independent registered public accounting firm’s services. In accordance with applicable laws and regulations, our Audit Committee reviews and pre-approves any audit and non-audit services to be performed by our independent accountant to ensure that the work does not compromise its independence in performing audit services. The responsibility for pre-approval of audit and permitted non-audit services includes pre-approval of the fees for such services and the other terms of the engagement. Our Audit Committee annually reviews and pre-approves all audit, audit-related, tax and all other services that are performed by the Company’s independent registered public accounting firm. In some cases, our Audit Committee may pre-approve the provision of a particular category or group of services for up to a year. Our Audit Committee approved all of the services listed in the table above. On August

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11, 2016, in accordance with the Audit Committee Charter and the Company’s pre-approval policy, our Audit Committee approved engagement of Moss Adams to provide certain services associated with the assurance review of the Company’s June 2017 Annual Impact Report after determining that such engagement would not compromise Moss Adams’s independence in performing audit services.

PART IV

ITEM 15. EXHIBITS AND CONSOLIDATED FINANCIAL STATEMENTS SCHEDULES

(a) List of Documents Filed as Part of this Annual Report on Form 10-K

(1) The following consolidated financial statements:

• Report of Independent Registered Public Accounting Firm (Moss Adams) as of and for the year ended December 31, 2018 and 2017

• Consolidated Statements of Assets and Liabilities as of December 31, 2018 and 2017

• Consolidated Statements of Operations for the years ended December 31, 2018 and 2017

• Consolidated Statements of Changes in Net Assets for the years ended December 31, 2018 and 2017

• Consolidated Statements of Cash Flows for the years ended December 31, 2018 and 2017

• Consolidated Schedules of Investments as of December 31, 2018 and 2017

• Notes to the Consolidated Financial Statements

(2) Financial Statement Schedules have been omitted because they are not applicable or the required information is shown in the Consolidated Financial Statements or Notes thereto in Item 8 of this annual report.

(3) Exhibits required by Item 601

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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, date January 20, 2018, by TriLinc Advisors, LLC. Incorporated by reference to Exhibit 3.1 to Form 8-K filed with the SEC on January 25, 2018.
4.1	Third Amended and Restated Distribution Reinvestment Plan. Incorporated by reference to Exhibit 4.1 to Form 8-K filed with the SEC on March 09, 2018.
4.2	Third Amended and Restated Unit Repurchase Program. Incorporated by reference to Exhibit 4.2 to Form 8-K filed with the SEC on March 09, 2018.
10.1	Second Amended and Restated Advisory Agreement between TriLinc Advisors, LLC and TriLinc Global Impact Fund, LLC, dated February 25, 2018. Incorporated by reference to Exhibit 10.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on April 2, 2018.
10.2	Dealer Manager Agreement by and among TriLinc Global Impact Fund, LLC, TriLinc Advisors, LLC and SC Distributors, LLC, dated February 25, 2013. Incorporated by reference to Exhibit 1.1 to Pre-Effective Amendment No. 1 to the Registration Statement on Form S-1 (File No. 333-185676) filed with the SEC on February 25, 2013 (“Amendment No. 1”).
10.3	Dealer Manager Agreement by and among TriLinc Global Impact Fund, LLC, TriLinc Advisors, LLC and SC Distributors, LLC, dated May 19, 2017. Incorporated by reference to Exhibit 10.4 to Form 8-K filed with the SEC on May 25, 2017.
10.5	Amended and Restated Operating Expense Responsibility Agreement among TriLinc Global Impact Fund, LLC, TriLinc Global, LLC and TriLinc Advisors, LLC dated March 26, 2018. Incorporated by reference to Exhibit 10.5 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on April 2, 2018.
21.1*	List of Subsidiaries.
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934,as amended.
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1*	Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101*	The following materials from TriLinc Global Impact Fund LLC’s Annual Report on Form 10-K for the year ended December 31, 2018, filed on March 29, 2019, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Assets and Liabilities, (ii) Consolidated Statement of Operations, (iii) Consolidated Statement of Changes in Net Assets, (iv) Consolidated Statements of Cash Flows, and (v) Notes to the Consolidated Financial Statements.

* Filed herewith

ITEM 16. FORM 10-K SUMMARY

The Company has determined not to include a summary.

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TRILINC GLOBAL IMPACT FUND, LLC

INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS

Report of Independent Public Accounting Firm	F-2
Consolidated Statements of Assets and Liabilities as of December 31, 2018 and 2017	F-3
Consolidated Statements of Operations for the years ended December 31, 2018 and 2017	F-4
Consolidated Statements of Changes in Net Assets for the years ended December 31, 2018 and 2017	F-5
Consolidated Statements of Cash Flows for the years ended December 31, 2018 and 2017	F-6
Consolidated Schedule of Investments as of December 31, 2018	F-7
Consolidated Schedule of Investments as of December 31, 2017	F-10
Notes to the Consolidated Financial Statements	F-13

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Unit-holders and the Board of Managers of

TriLinc Global Impact Fund, LLC

Opinion on the Financial Statements

We have audited the accompanying consolidatedstatements assets and liabilities of TriLinc Global Impact Fund, LLC (the “Company”) as of December 31, 2018 and 2017, including the consolidated schedules of investments, and the related consolidated statements operations, consolidated changes in net assets and consolidated cash flows for each of the years then ended. In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2018 and 2017, and the consolidated results of its operations and its cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Moss Adams LLP

San Francisco, California

March 29, 2019

We have served as the Company’s auditor since 2014.

F-2

TriLinc Global Impact Fund, LLC

Consolidated Statements of Assets and Liabilities

	As of
	December 31,			December 31,
	2018			2017
ASSETS
Investments owned, at fair value (amortized cost of $381,133,170 and $335,328,569, respectively)	$	372,977,743		$	335,269,492
Cash		8,101,629			9,641,457
Interest receivable		17,552,039			9,210,430
Due from affiliates (see Note 5)		4,240,231			3,997,314
Other assets		132,041			189,103
Total assets		403,003,683			358,307,796
LIABILITIES
Due to unitholders		1,431,635			1,295,293
Management fee payable		1,997,915			1,763,018
Incentive fee payable		1,769,299			1,323,929
Notes payable		32,875,000			28,160,000
Unit repurchases payable		2,726,310			2,153,077
Accrued distribution and other fees		1,230,000			1,895,000
Other payables		903,165			360,742
Total liabilities		42,933,324			36,951,059
Commitments and Contingencies (see Note 5)
NET ASSETS	$	360,070,359		$	321,356,737
ANALYSIS OF NET ASSETS:
Net capital paid in on Class A units	$	155,806,753		$	162,087,710
Net capital paid in on Class C units		71,492,834			74,739,748
Net capital paid in on Class I units		91,205,180			92,522,021
Net capital paid in on Class W units		204,847			—
Net capital paid in on Class Y units		9,562,342			9,163,759
Net capital paid in on Class Z units		49,009,520			—
Offering costs		(17,211,117	)		(17,156,501	)
Net assets (equivalent to $8.227 and $8.466, respectively per unit based    on total units outstanding of 43,914,946 and 38,183,103, respectively)	$	360,070,359		$	321,356,737
Net assets, Class A (units outstanding of 17,966,563 and 18,240,073, respectively)	$	147,658,522		$	153,892,048
Net assets, Class C (units outstanding of 8,238,094 and 8,411,343, respectively)		67,756,677			70,960,348
Net assets, Class I (units outstanding of 10,555,022 and 10,442,009, respectively)		86,418,246			87,830,198
Net assets, Class W (units outstanding of 24,555 and 0, respectively)		193,711			—
Net assets, Class Y (units outstanding of 1,165,675 and 1,089,678, respectively)		9,033,683			8,674,143
Net assets, Class Z (units outstanding of 5,965,037 and 0, respectively)		49,009,520			—
NET ASSETS	$	360,070,359		$	321,356,737

See accompanying notes to the consolidated financial statements.

F-3

TriLinc Global Impact Fund, LLC

Consolidated Statements of Operations

	For the Years Ended
	December 31,			December 31,
	2018			2017
INVESTMENT INCOME
Interest income	$	44,940,452		$	32,494,392
Interest from cash		166,414			359,682
Total investment income		45,106,866			32,854,074
EXPENSES
Asset management fees		7,971,062			6,484,850
Incentive fees		6,212,931			4,599,941
Professional fees		1,876,652			1,187,220
General and administrative expenses		1,624,974			1,421,712
Interest expense		1,964,776			606,943
Board of managers fees		217,500			217,500
Total expenses		19,867,895			14,518,166
Expense support payment to (from) Sponsor		387,000			(3,831,415	)
Net expenses		20,254,895			10,686,751
NET INVESTMENT INCOME		24,851,971			22,167,323
Net change in unrealized appreciation (depreciation) on investments		(8,096,352	)		—
Foreign exchange loss		(11,907	)		—
NET INCREASE IN NET ASSETS RESULTING  FROM OPERATIONS	$	16,743,712		$	22,167,323
NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED	$	0.57		$	0.62
EARNINGS PER UNIT - BASIC AND DILUTED	$	0.38		$	0.62
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED		43,723,569			35,541,295

See accompanying notes to the consolidated financial statements.

F-4

TriLinc Global Impact Fund, LLC

Consolidated Statements of Changes in Net Assets

	For the Years Ended
	December 31,			December 31,
	2018			2017
INCREASE FROM OPERATIONS
Net investment income	$	24,851,971		$	22,167,323
Foreign exchange loss		(11,907	)		—
Net change in unrealized depreciation on investments		(8,096,352	)		—
Net increase from operations		16,743,712			22,167,323
DECREASE FROM DISTRIBUTIONS
Distributions to Class A unitholders		(11,515,255	)		(12,746,601	)
Distributions to Class C unitholders		(5,261,354	)		(5,749,126	)
Distributions to Class I unitholders		(6,670,791	)		(6,866,979	)
Distributions to Class W unitholders		(12,955	)		—
Distributions to Class Y unitholders		(719,025	)		(190,149	)
Distributions to Class Z unitholders		(3,383,877	)		—
Net decrease from distributions		(27,563,257	)		(25,552,855	)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of  Class A units		4,959,452			29,324,867
Issuance of  Class C units		2,587,101			15,070,643
Issuance of  Class I units		3,955,520			31,578,249
Issuance of  Class W units		211,000			—
Issuance of  Class Y units		665,000			9,313,399
Issuance of  Class Z units		50,740,978			—
Repurchase of units		(14,196,268	)		(8,699,994	)
Distribution and other fees		665,000			12,000
Offering costs		(54,616	)		(2,612,810	)
Net increase from capital transactions		49,533,167			73,986,354
NET INCREASE IN NET ASSETS		38,713,622			70,600,822
Net assets at beginning of period		321,356,737			250,755,915
Net assets at end of period	$	360,070,359		$	321,356,737

See accompanying notes to the consolidated financial statements.

F-5

TriLinc Global Impact Fund, LLC

Consolidated Statements of Cash Flows

	For the Years Ended
	December 31,			December 31,
	2018			2017
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,743,712		$	22,167,323
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING    FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES
Purchase of investments		(206,981,492	)		(323,243,049	)
Maturity of investments		166,485,712			196,587,426
Payment-in-kind interest		(4,754,257	)		(3,600,991	)
Net change in unrealized depreciation on investments		8,096,352			—
Foreign exchange loss		11,907			—
Accretion of discounts on investments		(554,566	)		(1,217,065	)
Increase in interest receivable		(8,353,516	)		(2,343,998	)
Increase in due from affiliates		(242,917	)		(821,658	)
Decrease in other expenses		57,062			31,669
Increase in due to unitholders		136,342			360,488
Increase in management and incentive fees payable		680,267			1,920,800
Increase in other payable		542,423			307,841
NET CASH USED IN OPERATING ACTIVITIES		(28,132,971	)		(109,851,214	)
Cash flows from financing activities
Net proceeds from issuance of units		53,091,399			74,019,746
Distributions paid to unitholders		(17,535,609	)		(14,285,443	)
Payments of offering costs		(54,616	)		(2,681,122	)
Repurchase of units		(13,623,031	)		(8,705,172	)
Repayments of notes payable		(285,000	)		(1,450,000	)
Proceeds from issuance of notes payable		5,000,000			27,804,350
NET CASH PROVIDED BY FINANCING ACTIVITIES		26,593,143			74,702,359
TOTAL DECREASE IN CASH		(1,539,828	)		(35,148,855	)
Cash at beginning of year		9,641,457			44,790,312
Cash at end of year	$	8,101,629		$	9,641,457
Supplemental information
Cash paid for interest during the period	$	1,769,506		$	294,980
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	$	10,027,648		$	11,267,412
Change in accrual of distribution and other fees	$	(665,000	)	$	(12,000	)

See accompanying notes to the consolidated financial statements.

F-6

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

December 31, 2018

Investment Type / Country	Portfolio Company	Sector	Description	Interest	Fees (2)			Maturity (3)	Principal Amount		Participation % (4)	Amortized Cost		Fair Value		% of Net Assets
Senior Secured Term Loan (1)
Brazil	Usivale Industria E Commercio  Ltda (12), (17)	Agricultural Products	Sugar Producer	12.43%		0.0	%	12/15/2020	$	2,851,296	N/A	$	2,851,296	$	2,851,296		0.8	%
Chile	Other Investments (5)	Electric Services	LED Lighting Service Provider	11.00%		0.0	%	6/6/2021		8,063,150	N/A		7,866,972		7,866,972		2.2	%
China	Other Investments (22)	Secondary Nonferrous Metals	Minor Metals Resource Trader	12.00%		0.0	%	6/22/2021		10,000,000	N/A		10,000,000		10,000,000		2.8	%
Colombia	Other Investments (5)	Personal Credit Institutions	Consumer Lender	11.25%		0.0	%	8/1/2021		5,468,186	N/A		5,468,186		5,468,186		1.5	%
Hong Kong	Other Investments (23)	Coal and Other Minerals and Ores	Resource Trader	11.50%		0.0	%	12/27/2020		15,000,000	N/A		15,000,000		15,000,000		4.2	%
Malaysia	Other Investments (24)	Chemicals and Allied Products	Wholesale Distributor	12.00%		0.0	%	3/31/2020		15,000,000	N/A		15,000,000		15,000,000		4.2	%
Mexico	Blue Arrow Biojet Holdings, LLC (9)	Refuse Systems	Waste to Fuels Processor	14.50% PIK		0.0	%	7/27/2021		21,367,121	N/A		21,367,121		21,367,121		5.9	%
New Zealand	Other Investments (10)	Logging	Sustainable Timber Exporter	11.50%		0.0	%	2/10/2021		6,840,000	N/A		6,840,000		6,840,000		1.9	%
Peru	Kinder Investments, Ltd. (16), (17)	Consumer Products	Diaper Manufacturer II	10.00%		0.0	%	8/15/2021		4,465,132	N/A		4,465,132		4,465,132		1.2	%
Total Senior Secured Term Loan (1)													88,858,707		88,858,707		24.7	%
Senior Secured Term Loan Participations (1)
Botswana	Other Investments (7)	Short-Term Business Credit	SME Financier	11.67%		0.0	%	8/18/2021		4,740,000	47%		4,740,000		4,740,000		1.3	%
Brazil	Other Investments (5)	Programming and Data Processing	IT Service Provider	13.50%		0.0	%	11/24/2022		13,903,662	75%		13,903,662		13,903,662		3.9	%
Brazil	Other Investments (6)	Boatbuilding and Repairing	Ship Maintenance & Repair Service Provider	8.00% Cash/4.00% PIK		0.0	%	12/7/2023		5,514,667	42%		5,428,294		5,428,294		1.5	%
Cabo Verde	Other Investments (6)	Hotels and Motels	Hospitality Service Provider	10.00% Cash/5.50% PIK		0.0	%	8/21/2021		16,459,362	88%		16,459,362		16,459,362		4.6	%
Colombia	Azteca Comunicaciones Colombia S.A.S. (11)	Telephone Communications	Fiber Optics Network Provider	8.95% Cash/3.00% PIK		0.0	%	10/15/2023		19,115,803	76%		18,965,870		18,965,870		5.3	%
Croatia	Other Investments (8), (20)	Department Stores	Mall Operator	5.50% Cash/7.50% PIK		0.0	%	1/23/2021		8,034,348	5%		8,262,375		8,262,375		2.3	%
Ghana	Other Investments (6)	Petroleum and Petroleum Products	Tank Farm Operator	12.00%		0.0	%	8/10/2021		15,500,000	76%		15,500,000		15,500,000		4.3	%
Ghana	Genser Energy Ghana Ltd. (13)	Electric Services	Power Producer	12.90%		0.0	%	8/31/2022		18,527,237	14%		18,527,237		18,527,237		5.1	%
Ghana	Other Investments (7)	Gas Transmission and Distribution	LNG Infrastructure Developer	15.89%		0.0	%	6/13/2021		17,605,054	90%		17,605,054		17,605,054		4.9	%
Jersey	Africell Holding Limited (8)	Telephone Communications	Mobile Network Operator	12.35%		3.0	%	3/28/2023		19,000,000	16%		18,515,500		18,515,500		5.1	%
Kenya	Other Investments (6)	Freight Transportation Arrangement	Freight and Cargo Transporter	9.95% Cash/4.00% PIK		0.0	%	3/31/2023		12,970,938	46%		12,970,938		12,970,938		3.6	%
Namibia	Other Investments (14)	Land Subdividers and Developers	Property Developer	8.50% Cash/4.00% PIK		0.0	%	8/15/2021		16,168,797	100%		16,083,083		16,083,083		4.5	%

F-7

Investment Type / Country	Portfolio Company	Sector	Description	Interest	Fees (2)			Maturity (3)	Principal Amount		Participation % (4)	Amortized Cost		Fair Value		% of Net Assets
Nigeria	Other Investments (15)	Water Transportation	Marine Logistics Provider	12.85%		0.8	%	9/16/2020		12,762,670	100%		12,728,503		12,728,503		3.5	%
Romania	Other Investments (8)	Food Products	Bread Manufacturer	8.00% Cash/5.00% PIK		2.5	%	7/18/2021		1,958,861	27%		1,917,097		1,917,097		0.5	%
Uganda	Other Investments (7)	Farm Products	Grain Processor C	12.00%		0.0	%	12/31/2020		4,300,000	100%		4,300,000		4,300,000		1.2	%
Zambia	Other Investments (5)	Soap, Detergents, and Cleaning	FMCG Manufacturer	11.00%		0.0	%	11/1/2019 - 11/16/2019		3,250,844	74%		3,250,844		3,250,844		0.9	%
Total Senior Secured Term Loan Participations													189,157,819		189,157,819		52.5	%
Senior Secured Trade Finance Participations (1)
Argentina	Compania Argentina de Granos S.A. (17), (18)	Agricultural Products	Agriculture Distributor	10.45%		0.0	%	6/30/2018		12,500,000	83%		12,500,000		9,316,105		2.6	%
Argentina	Sancor Cooperativas Unidas Ltda (17)	Consumer Products	Dairy Co-Operative	10.67%		0.0	%	7/29/2019		6,000,000	22%		6,000,000		4,991,915		1.4	%
Argentina	Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (17), (18)	Meat, Poultry & Fish	Beef Exporter	11.50%		0.0	%	8/31/2017		9,000,000	28%		9,000,000		6,748,935		1.9	%
Argentina	Algodonera Avellaneda S.A. (17)	Fats and Oils	Oilseed Distributor	9.00%		0.0	%	8/31/2017		6,000,000	27%		6,000,000		3,784,354		1.1	%
Cameroon	Other Investments (9), (27)	Chocolate and Cocoa Products	Cocoa & Coffee Exporter	16.42% - 17.50%		0.0	%	3/27/2019		10,718,201	70%		10,718,201		10,718,201		3.0	%
Chile	Functional Products Trading S.A. (17)	Farm Products	Chia Seed Exporter	10.90%		0.0	%	3/4/2018		1,326,687	100%		1,326,687		1,269,586		0.4	%
Ecuador	Other Investments (7), (25)	Commercial Fishing	Fish Processor & Exporter	9.00%		0.0	%	6/19/2019		35,838	3%		35,838		35,838		0.0	%
Guatemala	Procesos Fabriles S.A. (17), (18)	Farm Products	Sesame Seed Exporter	12.00%		0.0	%	3/31/2016		881,800	24%		881,800		662,525		0.2	%
Hong Kong	Other Investments (9),(26)	Coal and Other Minerals and Ores	Non-Ferrous Metal Trader	11.50%		0.0	%	1/2/2019 - 2/14/2019		15,000,000	N/A		15,000,000		15,000,000		4.2	%
Hong Kong	Other Investments (8), (29)	Telephone and Telegraph Apparatus	Mobile Phone Distributor	10.00%		0.0	%	1/20/2019 - 2/1/2019		7,000,000	28%		7,000,000		7,000,000		1.9	%
Mauritius	Other Investments (9)	Groceries and Related Products	Vanilla Exporter	12.88%		0.0	%	7/14/2019		2,500,000	14%		2,500,000		2,500,000		0.7	%
Morocco	Mac Z Group SARL (17), (18)	Secondary Nonferrous Metals	Scrap Metal Recycler	11.00%		0.0	%	7/31/2018		7,349,626	73%		7,349,626		7,632,234		2.1	%
Nigeria	Other Investments (9), (28)	Farm Products	Cocoa Trader	16.77%		0.0	%	12/27/2018 - 3/27/2019		448,697	34%		448,697		448,697		0.1	%
Nigeria	Other Investments (9), (27)	Farm Products	Cocoa Trader III	16.77%		0.0	%	3/27/2019		1,275,451	24%		1,275,451		1,275,451		0.4	%
Nigeria	Other Investments (9), (27)	Farm Products	Cocoa Trader II	16.77%		0.0	%	3/27/2019		1,329,575	25%		1,329,575		1,329,575		0.4	%
South Africa	Applewood Trading 199 Pty, Ltd.(17), (18)	Food Products	Fruit & Nut Distributor	10.00%		0.0	%	5/22/2015		785,806	19%		785,806		690,616		0.2	%
South Africa	Other Investments (9), (30)	Communications Equipment	Electronics Assembler	12.00% - 13.00%		0.0	%	1/7/2019 - 2/14/2019		6,029,026	60%		6,029,026		6,029,026		1.7	%
United Arab Emirates	Global Pharma Intelligence Sarl (7), (17)	Drugs, Proprietaries, and Sundries	Pharmaceuticals Distributor	14.60%		0.0	%	6/30/2018		803,254	60%		803,254		803,254		0.2	%
Total Senior Secured Trade Finance Participation													88,983,961		80,236,312		22.5	%
Short Term Investments (1)
Netherlands	Other Investments (9), (31)	Food Products	Fruit Juice Processor B	10.50%		0.0	%	12/26/2018		4,000,000	16%		4,000,000		4,000,000		1.1	%
Ghana	Other Investments (21)	Financial services	Funds held in escrow	15.34%		0.0	%	N/A		394,946	90'%		394,946		394,946		0.1	%
Singapore	Other Investments (9)	Metals Service Centers and Offices	Steel Trader	12.45%		0.0	%	6/30/2019		3,737,737	100%		3,737,737		3,737,737		1.0	%

F-8

Investment Type / Country	Portfolio Company	Sector	Description	Interest	Fees (2)			Maturity (3)	Principal Amount		Participation % (4)	Amortized Cost		Fair Value		% of Net Assets
N/A	IIG TOF B.V. (17), (18), (19)	Financial services	Receivable from IIG TOF B.V.	8.75%		0.0	%	N/A		6,000,000	N/A		6,000,000		5,512,000		1.5	%
Total Short Term Investments													14,132,683		13,644,683		3.7	%
Equity Warrants
Mexico	Blue Arrow Biojet Holdings, LLC	Refuse Systems	Waste to Fuels Processor	N/A	N/A			N/A	N/A		N/A		-		1,080,222		0.3	%
Total Investments												$	381,133,170	$	372,977,743

See accompanying notes to the consolidated financial statements.

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

² Fees may include upfront, origination, commitment, facility and/or other fees that the borrower must contractually pay to the Company. Fees, if any, are typically received in connection with term loan transactions and are rarely applicable to trade finance transactions.

³ Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower.

⁴ Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility.

⁵ Principal and interest paid monthly.

⁶ Principal and interest paid quarterly.

⁷ Monthly interest only payment. Principal due at maturity.

⁸ Quarterly interest only payment. Principal due at maturity.

⁹ Principal and interest paid at maturity.  

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

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

₁₂ Principal and interest paid annually. , the maturity date was extended to 2/28/2021 in connection with a restructure of the loan.  Refer to Note 3 for additional information.  

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

₁₄ Quarterly payments of principal and interest in the amount of $2,143,500 are due starting on 2/15/2020.

₁₅ Interest accrues at a variable rate of one-month Libor + 10.5%, which is paid currently, and also includes 4.68% of deferred interest due at maturity.

₁₆ In connection with a restructure of the underlying facilities, all maturity dates were extended to 8/15/21. Please refer to Note 3 for additional information.

₁₇ Watch List investment. Refer to Note 3 for additional information.  

₁₈ Investment on non-accrual status.

₁₉ This investment was originally classified as an investment in a credit facility originated by IIG Trade Opportunities Fund B.V. (“IIG TOF B.V.”), a subsidiary of a fund advised by the Company’s sub-advisor, The International Investment Group L.L.C. (“IIG”).   During the third quarter of 2018, as part of its quarterly verification process, the Company learned new information concerning this investment, which resulted in the Company reclassifying it from senior secured trade finance participation to short term investments. Please see Note 3 for additional information.

₂₀ Loan is denominated in euro currency with a principal amount of 6,200,000 euro, however the Company’s participation is denominated in US dollars.  The quarterly interest payments are paid at the current exchange rate and subject to foreign currency fluctuations. The fair value includes an investment premium of $228,027.

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

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

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

₂₄ Interest paid quarterly. Principal to be repaid in five equal quarterly installments starting in March 2019.

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

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

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

₂₈ As of the date of this report the $147,679 portion of this investments that had a maturity date in December 2018 has been repaid in full.                     

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

₃₀ Partial payment of principal was received during the first quarter of 2019. The Company expects to extend the maturity during the second quarter of 2019.

₃₁ $2 million of this investment was repaid during the first quarter 2019. The remaining $2 million principal balance was extended to July 31, 2019.

F-9

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

December 31, 2017

Investment Type / Country	Portfolio Company	Sector	Description	Interest	Fees (2)			Maturity (3)	Principal Amount		Participation % (4)	Amortized Cost		Fair Value		% of Net Assets
Senior Secured Term Loan (1)
Brazil	Other Investments (5)	Programming and Data Processing	IT Service Provider	13.50%		2.0	%	10/21/2022	$	15,739,999	N/A	$	15,714,764	$	15,714,764		4.9	%
China	Other Investments (6)	Secondary Nonferrous Metals	Minor Metals Resource Trader	12.00%		0.0	%	6/22/2021		10,000,000	N/A		10,000,000		10,000,000		3.1	%
Colombia	Other Investments (5)	Personal Credit Institutions	Consumer Lender	11.25%		0.0	%	8/1/2021		3,157,735	N/A		3,157,735		3,157,735		1.0	%
Malaysia	Other Investments (8)	Chemicals and Allied Products	Wholesale Distributor	12.00%		0.0	%	3/31/2020		15,000,000	N/A		15,000,000		15,000,000		4.7	%
Mexico	Other Investments (9)	Refuse Systems	Waste to Fuels Processor	14.50%		0.0	%	7/27/2021		11,315,000	N/A		11,315,000		11,315,000		3.5	%
New Zealand	Other Investments (10)	Logging	Sustainable Timber Exporter	11.50%		0.0	%	2/10/2021 - 4/2/2021		6,840,000	N/A		6,840,000		6,840,000		2.1	%
Peru	Pure Biofuels del Peru S.A.C. (11)	Bulk Fuel Stations and Terminals	Clean Diesel Distributor	11.33%		0.0	%	7/27/2019		15,000,000	N/A		16,545,994		16,545,994		5.1	%
Total Senior Secured Term Loan (1)													78,573,493		78,573,493		24.4	%
Senior Secured Term Loan Participations (1)
Botswana	Other Investments (7)	Short-Term Business Credit	SME Financier	12.04%		0.0	%	8/18/2021		4,740,000	100%		4,740,000		4,740,000		1.5	%
Brazil	Usivale Industria E Commercio Ltda (12), (19)	Agricultural Products	Sugar Producer	12.43%		0.0	%	12/15/2020		2,851,296	100%		2,851,296		2,851,296		0.9	%
Cabo Verde	TRG Cape Verde Holdings Limited (6)	Hotels and Motels	Hospitality Service Provider	13.50%		0.0	%	8/21/2021		15,807,931	26%		15,807,931		15,807,931		4.9	%
Ghana	Other Investments (6)	Petroleum and Petroleum Products	Tank Farm Operator	12.00%		0.0	%	8/10/2021		15,500,000	100%		15,500,000		15,500,000		4.8	%
Ghana	Genser Energy Ghana Ltd. (13)	Electric Services	Power Producer	11.66%		0.0	%	8/31/2022		18,527,237	15%		18,527,237		18,527,237		5.8	%
Indonesia	Other Investments (6)	Street Construction	Infrastructure and Logistics Provider	20.00%		0.0	%	11/22/2019		10,909,500	75%		10,861,658		10,861,658		3.4	%
Indonesia	Other Investments (8)	Metals & Mining	Vessel Operator	11.00%		0.0	%	6/8/2020		3,332,336	62%		3,332,336		3,332,336		1.0	%
Kenya	Other Investments (6)	Freight Transportation Arrangement	Freight and Cargo Transporter	12.82%		0.0	%	3/31/2023		12,464,320	59%		12,464,320		12,464,320		3.9	%
Namibia	Trustco Group Limited (14)	Land Subdividers and Developers	Property Developer	12.50%		0.0	%	8/15/2021		15,529,353	100%		15,411,497		15,411,497		4.8	%
Nigeria	Other Investments (15)	Water Transportation	Marine Logistics Provider	16.54%		0.8	%	9/16/2020		13,407,670	100%		13,353,503		13,353,503		4.2	%
Peru	Corporacion Prodesa S.R.L. (16)	Consumer Products	Diaper Manufacturer	12.00% - 13.00%		0.0	%	7/28/2021		4,960,000	N/A		4,960,000		4,960,000		1.5	%
Zambia	Other Investments (6)	Soap, Detergents, and Cleaning	FMCG Manufacturer	11.00%		0.0	%	11/16/2019		1,355,600	15%		1,355,600		1,355,600		0.4	%
Total Senior Secured Term Loan Participation													119,165,378		119,165,378		37.1	%
Senior Secured Trade Finance Participations (1)
Argentina	Compania Argentina de Granos S.A. (7), (17)	Agricultural Products	Agriculture Distributor	9.00%		0.0	%	5/1/2018		12,500,000	83%		12,500,000		12,500,000		3.9	%
Argentina	Sancor Cooperativas Unidas Ltda (19)	Consumer Products	Dairy Co-Operative	10.67%		0.0	%	7/29/2018		6,000,000	17%		6,000,000		6,000,000		1.9	%
Argentina	Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (19)	Meat, Poultry & Fish	Beef Exporter	11.50%		0.0	%	8/31/2017		9,000,000	32%		9,000,000		9,000,000		2.8	%

F-10

Investment Type / Country	Portfolio Company	Sector	Description	Interest	Fees (2)			Maturity (3)	Principal Amount		Participation % (4)	Amortized Cost		Fair Value		% of Net Assets
Argentina	Algodonera Avellaneda S.A. (8), (19), (23)	Fats and Oils	Oilseed Distributor	9.00%		0.0	%	2/22/2018		6,000,000	100%		6,000,000		6,000,000		1.9	%
Chile	Functional Products Trading S.A. (19)	Farm Products	Chia Seed Exporter	10.90%		0.0	%	3/4/2018		1,326,687	100%		1,326,687		1,326,687		0.4	%
Ecuador	Other Investments (7)	Fresh or Frozen Packaged Fish	Shrimp Exporter	9.25%		0.0	%	9/4/2018 - 10/22/2018		3,338,520	34%		3,338,520		3,338,520		1.0	%
Ecuador	Other Investments (7)	Commercial Fishing	Fish Processor & Exporter	9.00%		0.0	%	8/18/2018		351,559	43%		351,559		351,559		0.1	%
Guatemala	Procesos Fabriles S.A. (19), (20)	Farm Products	Sesame Seed Exporter	12.00%		0.0	%	3/31/2016		881,800	24%		881,800		881,800		0.3	%
Hong Kong	Other Investments (8)	Telephone and Telegraph Apparatus	Mobile Phone Distributor	10.00%		0.0	%	4/29/2018		14,388,525	100%		14,388,525		14,388,525		4.5	%
Hong Kong	Other Investments (9)	Coal and Other Minerals and Ores	Non-Ferrous Metal Trader	9.50%		0.0	%	1/4/2018 - 2/19/2018		15,000,000	N/A		15,000,000		15,000,000		4.7	%
Hong Kong	Other Investments (8)	Coal and Other Minerals and Ores	Resource Trader	10.0% - 11.5%		0.0	%	11/16/2017 - 12/27/2020		11,957,864	100%		11,957,864		11,957,864		3.7	%
Mauritius	Other Investments (9)	Groceries and Related Products	Vanilla Exporter	11.82%		0.0	%	11/8/2018		3,500,000	27%		3,500,000		3,500,000		1.1	%
Morocco	Mac Z Group SARL (19), (20)	Secondary Nonferrous Metals	Scrap Metal Recycler	11.00%		0.0	%	7/31/2018		7,349,626	73%		7,349,626		7,349,626		2.3	%
Nigeria	Other Investments (9)	Farm Products	Cocoa Exporter	17.50%		0.0	%	9/7/2018 - 9/29/2018		1,936,600	100%		1,936,600		1,936,600		0.6	%
Nigeria	Other Investments (9)	Farm Products	Cocoa Distribution	17.50%		0.0	%	9/19/2018		1,846,170	100%		1,846,170		1,846,170		0.6	%
Nigeria	Other Investments (9)	Farm Products	Cocoa Producer	17.50%		0.0	%	9/19/2018		764,280	100%		764,280		764,280		0.2	%
Nigeria	Other Investments (9)	Farm Products	Cocoa Trader	17.50%		0.0	%	9/19/2018 - 9/27/2018		1,205,450	100%		1,205,450		1,205,450		0.4	%
South Africa	Applewood Trading 199 Pty, Ltd. (19), (20)	Food Products	Fruit & Nut Distributor	12.00%		0.0	%	5/22/2015		785,806	12%		785,806		726,729		0.2	%
South Africa	Other Investments (8)	Metals & Mining	Mine Remediation Company	17.50%		0.0	%	9/28/2017		1,234,145	10%		1,234,145		1,234,145		0.4	%
United Arab Emirates	Global Pharma Intelligence Sarl (7)	Drugs, Proprietaries, and Sundries	Pharmaceuticals Distributor	14.60%		0.0	%	1/30/2018		1,080,000	60%		1,080,000		1,080,000		0.3	%
United Kingdom	Other Investments (9)	Coal and Other Minerals and Ores	Metals Trader	9.50% - 10.14%		0.0	%	12/31/2017 - 5/8/2018		4,296,451	71%		4,296,451		4,296,451		1.3	%
Uruguay	Other Investments (7)	Food Products	Citrus Producer	9.00%		0.0	%	2/3/2018 - 7/26/2018		346,215	100%		346,215		346,215		0.1	%
Total Senior Secured Trade Finance Participations													105,089,698		105,030,621		32.7	%
Short Term Investments (1)
Cayman Islands	Other Investments (21)	Financial Services	Financial Services Provider	7.50%		0.0	%	2/28/2018		10,000,000	N/A		10,000,000		10,000,000		3.1	%
United Kingdom	Other Investments (9)	Petroleum and Petroleum Products	Energy Commodity Trading	8.88% - 9.15%		0.0	%	1/31/2018 - 2/28/2018		16,500,000	16%		16,500,000		16,500,000		5.1	%
N/A	IIG TOF B.V.  (19), (20), (22), (23)	Financial services	Receivable from IIG TOF B.V.	8.75%		0.0	%	N/A		6,000,000	N/A		6,000,000		6,000,000		1.9	%
Total Short Term Investments													32,500,000		32,500,000		10.1	%
Total Investments												$	335,328,569	$	335,269,492

F-11

See accompanying notes to the consolidated financial statements.

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

² Fees may include upfront, origination, commitment, facility and/or other fees that the borrower must contractually pay to the Company. Fees, if any, are typically received in connection with term loan transactions and are rarely applicable to trade finance transactions.

³ Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower.

⁴ Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility.

⁵ Principal and interest paid monthly.

⁶ Principal and interest paid quarterly.

⁷ Monthly interest only payment. Principal due at maturity.

⁸ Quarterly interest only payment. Principal due at maturity.

⁹ Principal and interest paid at maturity.  

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

₁₁ This loan was issued at a discount. The entire principal, amounting to $18,462,024, is due at maturity. Interest is paid quarterly.

₁₂ Principal and interest paid annually. While the original maturity date was 5/15/2017, the maturity date was extended to 12/15/2020 in connection with a restructure of the loan.  Refer to Note 3 for additional information.  

₁₃ While the original maturity dates ranged from 3/10/2017 to 10/9/2017, during July 2017 the maturity dates were extended to 2/21/2018 to 6/1/2018. In October 2017, this investment was refinanced from a trade finance participation to a term loan participation and the maturity dates were extended to 8/31/2022.  In addition, at the time of the refinance, $2,027,327 of accrued interest was capitalized and added to the principal balance.

₁₄ Quarterly payments of principal and interest in the amount of $2,143,500 are due starting on 2/15/2020.

₁₅ Interest accrues at a variable rate of one-month Libor + 10.5%, which is paid currently, and also includes 4.68% of deferred interest due at maturity.

₁₆ In connection with a restructure of the underlying facilities, consisting of two senior secured term loans and a senior secured trade finance revolving credit facility, all maturity dates were extended to 7/28/21. Please refer to Note 3 for additional information.

₁₇ While the original maturity date was 7/18/2017, the maturity date was extended to 5/01/2018 to account for the delays in shipments.  

₁₈ While the original maturity date was 12/11/2016, the maturity date was extended to 3/04/2018.

₁₉ Watch List investment. Refer to Note 3 for additional information.

₂₀ Investment on non-accrual status.

₂₁ Secured short term note receivable from Barak Mikopo Leveraged Structured Credit Fund SP, which is managed by Barak Fund Management Ltd., a sub-advisor to the Company. Principal and accrued interest are due at maturity.

²² This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V., a subsidiary of a fund advised by the Company’s sub-advisor, 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 participation to short term investments. Please see Note 3 for additional information.

²³   For periods prior to the three months ended June 30, 2018, these investments were listed as one senior secured trade finance participation with a principal amount of $12,000,000. Refer to the description of these investments in Note 3 for more information.

F-12

TRILINC GLOBAL IMPACT FUND, LLC

Notes to Consolidated Financial Statements

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 business having less than 500 employees, primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company uses the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. To a lesser extent, the Company may also make impact investments in companies that may not meet our technical definition of SMEs due to a larger number of employees but that also provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company generally expects that such investments will have similar investment characteristics as SMEs as defined by the Company. The Company’s investment objectives are to generate current income, capital preservation and modest capital appreciation primarily through investments in SMEs. The Company is externally managed by TriLinc Advisors, LLC (the “Advisor”). The Advisor is an investment advisor registered with the SEC.

TriLinc Global, LLC (the “Sponsor”) owns 85% of the units of the Advisor, and is the sponsor of the Company. Strategic Capital Advisory Services, LLC (“SCAS”) owns 15% of the Advisor, and is considered an affiliate of the Company. The Sponsor employs staff who operate both the Advisor and the Company. The Sponsor, the Advisor and SCAS are Delaware limited liability companies.

In May 2012, the Advisor purchased 22,161 Class A units for aggregate gross proceeds of $200,000. The Company commenced its initial public offering of up to $1,500,000,000 in units of limited liability company interest (the “Offering”) on February 25, 2013. On June 11, 2013, the Company satisfied its minimum offering requirement of $2,000,000 when the Sponsor purchased 321,330 Class A units for aggregate gross proceeds of $2,900,000 and the Company commenced operations. The primary offering terminated on March 31, 2017. The Company continues to offer and sell units pursuant to its Distribution Reinvestment Plan (“DRP”). Through the termination of the primary offering, the Company raised approximately $361,776,000 in gross proceeds, including approximately $13,338,000 raised through the DRP. For the period from April 1, 2017 to December 31, 2018, the Company raised an additional $67,321,000 pursuant to a private placement and $18,790,000 pursuant to the DRP for the gross proceeds of $447,887,000 as of December 31, 2018.

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 (the “Subsidiaries”), all of which are Cayman Islands exempted companies. In June 2016, the Company created TriLinc Global Impact Fund Cayman, Ltd. (“TGIFC”) to allow the Company to use financial leverage.  The Company transferred all of the shares of all of its Subsidiaries to TGIFC.  The Subsidiaries own all of the Company’s investments. As of December 31, 2018, the Company’s subsidiaries are as follows:

• TriLinc Global Impact Fund – Asia, Ltd.

• TriLinc Global Impact Fund – Latin America, Ltd.

• TriLinc Global Impact Fund – Trade Finance, Ltd.

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

• TriLinc Global Impact Fund – Africa, Ltd.

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

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

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

• TriLinc Global Impact Fund – Asia II, Ltd.

• TriLinc Global Impact Fund – Asia III, Ltd.

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

• TriLinc Global Impact Fund – Europe, Ltd.

• TriLinc Global Impact Fund – Cayman, Ltd.

F-13

Through December 31, 2018, the Company has made, through its subsidiaries, loans in several countries located in Europe, South America, Asia and Africa.

Note 2. Significant Accounting Policies

Basis of Presentation

The Company follows the accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946 — Financial Services, Investment Companies (“ASC 946”). The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These financial statements are presented in United States dollars, which is the functional and reporting currency of the Company and all its subsidiaries.

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 and reclassifications that, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition as of and for the periods presented.

Cash

Cash consists of demand deposits at a financial institution located in the United States of America. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company considers the credit risk of this financial institution to be remote and has not experienced and does not expect to experience any losses in any such accounts.

Revenue Recognition

The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight line basis, which we have determined not to be materially different from the effective yield method.

The Company records prepayment fees for loans and debt securities paid back to the Company prior to the maturity date as income upon receipt.

The Company generally places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. At December 31, 2017, six portfolio companies were on non-accrual status with an aggregate fair value of $30,562,415 or 8.2% of the fair value of the Company’s total investments. At December 31, 2017, three portfolio company was on non-accrual status with a fair value of $8,958,155 or 2.7% 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 $3,054,881 and $401,838 respectively, for the years ended December 31, 2018 and 2017.

Valuation of Investments

The Company applies fair value accounting to all of its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company has categorized its investments into a three-level fair value hierarchy as discussed in Note 4.

F-14

ASC 820 establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:

• Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

• Level 2 — Valuations based on inputs other than quoted prices included in Level 1, which are either directly or indirectly observable.

• Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the income, market or cost approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. Certain investments may be valued based upon a collateral approach, which uses estimated value of underlying collateral and include adjustments deemed necessary for estimates of costs to obtain control and liquidate available collateral. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence.

The inputs used in the determination of fair value may require significant judgment or estimation.

Investments for which market quotations are readily available are valued at those quotations. Most of the Company’s investments are investments in 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 maturity of greater than 12 months, the Company has engaged a third-party independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm perform a review on the reasonableness of the Company’s internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually. The analysis performed by the independent valuation firm was based upon data and assumptions provided to it by the Company and received from third party sources, which the independent valuation firm relied upon as being accurate without independent verification;

3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any opinion or report rendered by the independent valuation firm; and

4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the inputs which include but are not limited to, inputs of the Advisor, the independent valuation firm and the audit committee. The Company and its board of managers are solely and ultimately responsible for the determination, in good faith, of the fair value of each investment.

Below is a description of factors that the Company’s board of managers may consider when valuing the Company’s investments.

Fixed income investments are typically valued utilizing a market approach, income approach, collateral based approach, or a combination of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business) and is used less frequently due to the private nature of the Company’s investments. The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (Discounted Cash Flow or “DCF”) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. For Watch List investments, the Company may use a collateral based approach (also known as a liquidation approach).  The collateral based approach uses estimates of the collateral value of the borrower’s assets using an

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expected recovery model.  When using the collateral based approach, we determine the fair value of the remaining assets, discounted to reflect the anticipated amount of time to recovery and the uncertainty of recovery.  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 obligor

• Industry factors that are relevant to the investment or the underlying obligor

• Historical and projected financial performance of the obligor 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 & value) that supports the investment

• Sub-Advisor recommendation as to possible impairment or reserve, including updates and feedback

• For participations, the Fund’s ownership percentage of the overall facility

• Key inputs and assumptions that are believed to be most appropriate for the investment and the approach utilized

With respect to warrants and other equity investments, as well as certain fixed income investments, the Company may also look to private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors, valuations implied by third-party investments in the portfolio companies, option pricing models or industry practices in determining fair value. The Company may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, as well as any other factors the Company deems relevant in measuring the fair values of the Company’s investments.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments

The Company measures net realized gains or losses by the difference between the net proceeds from the repayment or sale on investments and the amortized cost basis of the investment including unamortized upfront fees and prepayment penalties. Realized gains or losses on the disposition of an investment are calculated using the first in first out (FIFO) method, utilizing 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 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 may have investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. For the years ended December 31, 2018 and 2017, the Company earned and capitalized PIK interest of $4,754,257 and $3,600,991, respectively.

Distribution and Ongoing Dealer Manager 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 December 31, 2018 and 2017, the estimated unpaid aggregate distribution fees for Class C units amounted to $1,172,000

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and $1,309,000,respectively, the unpaid dealer manager fees for Class I units amounted to $55,000 and $61,000 respectively, and the unpaid dealer manager and service fees for Class W units amounted to $3,000 and $4,000 respectively.

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 December 31, 2018 and 2017, 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 ending December 31, 2015.

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

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis. As of December 31, 2018, 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 Company’s income and expenses on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, effective June 30, 2016, the Company records liabilities for distribution fees that the Company (i) currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the dealer manager in future periods. As of December 31, 2018 and 2017, under GAAP, the Company recorded a liability in the aggregate amount of $1,230,000 and $1,895,000, respectively, for the estimated future amount of Class C units distribution fee, Class I units dealer manager fees, Class W units ongoing dealer manager fees and Class W units service fees payable. The Company is not required to determine its net asset value under GAAP and, thus, its determination of net asset value per unit for Class C units, Class I units and Class W units now varies from GAAP.  

Prior to April 1, 2017, the Company deducted the liability for the estimated future distribution fees in its net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than the Class C units with the difference being the result of the Company’s deduction of estimated future distribution fees with respect to Class C units. The Company determined that the prior approach is not the most appropriate for determining the net asset value per unit for Class C units and, beginning with the net asset value determination as of June 30, 2017, 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 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.

Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of December 31, 2018, each of the Class A, Class C, Class I, Class W, Class Y and Class Z units have the same net asset value per unit of $8.227. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.302 from $8.529 as of March 31, 2017 to $8.227 as of December 31, 2018 as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses during the second and fourth quarters of 2017. The Company also failed to realize sufficient investment income to cover its operating expenses during the second and fourth quarters of 2017 and first quarter of 2018. In addition, during the year ended December 31, 2018, the Company recorded approximately $8.1 million in net unrealized depreciation on its investments.

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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 December 31, 2018 and 2017.

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs incurred in connection with the Offering are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of December 31, 2018 and 2017. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses were equal to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution, dealer manager, and service fees to the dealer manager for certain sales pursuant to private placements.  As of December 31, 2018, the Sponsor has incurred approximately $567,300 in organization and offering costs on behalf of the Company related to private placements of the Company’s units.  As of December 31, 2018, the Company has reimbursed $86,784 of the organization and offering costs incurred relating to such private placements and is under no obligation to reimburse the Sponsor for the remainder.

Operating Expense Responsibility Agreement

On March 26, 2018, the Advisor and the Sponsor entered into the Responsibility Agreement originally effective as of June 11, 2013 and covering expenses through December 31, 2017. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,240,200 of expenses, which have been paid by the Company as of December 31, 2017.

The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf to the extent the Fund’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 Fund’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, we will apply the excess amount (the “Excess Amount”) as follows: (i) first, we will reimburse the Sponsor for all expenses, other than asset management fees and incentive fees, that the Sponsor previously paid on our behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, we will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the asset management fees and incentive fees that the Sponsor has agreed to pay on our 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 quarters ended March 31, 2018, September 30, 2018, and December 31, 2018, but met the Reimbursement Hurdle for the quarter ended June 30, 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been reimbursed to the Sponsor and recorded as expenses of the Company for the year ended December 31, 2018. As of December 31, 2018, there is a remaining aggregate balance of approximately $16,266,800 in expenses covered by the Responsibility Agreement which have not been reimbursed to the Sponsor nor 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.

Classification Correction

During the second quarter of 2018, the Company identified a misclassification error in its Consolidated Statement of Assets and Liabilities, which overstated the net capital paid in on and net assets for Class A, C, and I units and understated the net capital paid in

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on and net assets for Class Y units as of December 31, 2017.  This misclassification error did not affect the aggregate net assets presented. The Company determined the misclassification error was not material to the prior periods and corrected it on a prospective basis during the second quarter of 2018. The effect of the correction to the Analysis of Net Assets section of the Consolidated Statement of Assets and Liabilities as of December 31, 2017 is as follows:

ANALYSIS OF NET ASSETS:	As previously reported			Corrected			Change
Net capital paid in on Class A units	$	166,754,603		$	162,087,710		$	(4,666,893	)
Net capital paid in on Class C units		76,275,220			74,739,748			(1,535,472	)
Net capital paid in on Class I units		92,778,756			92,522,021			(256,735	)
Net capital paid in on Class Y units		2,704,659			9,163,759			6,459,100
Offering costs		(17,156,501	)		(17,156,501	)		-
NET ASSETS	$	321,356,737		$	321,356,737		$	-
Net assets, Class A	$	158,558,939		$	153,892,048		$	(4,666,891	)
Net assets, Class C		72,495,821			70,960,348			(1,535,473	)
Net assets, Class I		88,086,934			87,830,198			(256,736	)
Net assets, Class Y		2,215,043			8,674,143			6,459,100
NET ASSETS	$	321,356,737		$	321,356,737		$	-

Out-of-Period Adjustments

As disclosed in “Watch List Investments” in Note 3, in prior periods, the Company was not aware of, and so therefore did not include, certain information in its valuation of some of its Participations in trade finance facilities originated by IIG Trade Opportunities Fund B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. This resulted in the overstatement of the valuation of these investments for each quarter in the year ended December 31, 2017 and the quarter ended March 31, 2018, which overstatement was not material. The aggregate amount of this overstatement as of December 31, 2017 was approximately $871,000. The Company became aware of this information on July 31, 2018 and determined that the adjustments for the prior periods are not material. The Company elected to record these prior period adjustments on a prospective basis commencing with the second quarter of 2018. The effect of these adjustments was to overstate net change in unrealized depreciation on investments and to understate the Net Increase In Net Assets Resulting From Operations, in each case by approximately $871,000 on the Consolidated Statement of Operations as of December 31, 2018.

Recently Issued Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. The Company has adopted this guidance effective for the fiscal period beginning January 1, 2018, using the modified retrospective approach. The guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the adoption of the new revenue recognition guidance did not have any impact on the elements of the Company’s consolidated statements of operations, most closely associated with financial instruments, including interest and fee income, and resulted in no cumulative effect adjustment to the opening balance of its net assets.

In January, 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments that are marked to fair value and reported as available-for-sale (“AFS”).  ASU 2016-01 requires public business entities that are required to disclose fair value of financial instruments measured at amortized cost on the balance sheet to measure that fair value using the exit price notion consistent with Topic 820, Fair Value Measurement.  For public business entities, ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.  The Company has adopted this guidance effective for the fiscal period beginning January 1, 2018.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective

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for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance requires companies to apply the requirements in the year of adoption through cumulative adjustment with some aspects of the update requiring a prospective transition approach. The Company is currently evaluating the potential impact of the pending adoption of ASU 2016-13 on our consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: (i) debt prepayment or debt extinguishment, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interest in securitizations transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this guidance, which did not have any effect on its consolidated financial statements, effective January 1, 2018.

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 is also exposed to credit risk related to maintaining all of its cash at a major financial institution. The Company relies on the ability of the Advisor and the ability of the sub-advisors’ investment professionals to obtain adequate information to evaluate the potential returns from these investments, which primarily are made in, with or through private companies. If the Company is unable to uncover all material information about these companies or is provided incorrect or inadequate information about these companies from the Company’s subadvisors, the Company may not make a fully informed investment decision, and the Company may lose money on its investments. As described further in “Note 3—Investments—Watch List Investments,” IIG is the sub-advisor with respect to six of the twelve investments that we have deemed Watch List investments, which are investments with respect to which we have determined there have been significant changes in the credit and collection risk of the investment.  As described in Note 3, IIG has failed to provide us with complete and accurate information with respect to our investments for which IIG is the sub-advisor, has misapplied $6 million that we invested in 2017 and our funds that were misapplied have not been returned to us. IIG’s acts and omissions have negatively affected the value of certain of our investments, which could adversely affect returns to our unitholders.

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

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. In addition, as of December 31, 2018, all but one of the Company’s investments are 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.

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At December 31, 2018, the Company’s investment portfolio included 47 companies and was comprised of $88,858,707 or 23.8% in senior secured term loans, $189,157,819 or 50.7% in senior secured term loan participations, $80,236,312 or 21.5% in senior secured trade finance participations, and $13,644,683 or 3.7% in short term investments. At December 31, 2018, the Company’s largest loan by value was $21,367,121 or 5.6% of the total portfolio and the Company’s 5 largest loans by value amounted to an aggregate of $94,943,574, representing 25.5% of total investments. Participation in loans amounted to 72.2% of the Company’s total portfolio at December 31, 2018.

Note 3. Investments

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

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

As of December 31, 2017, the Company’s investments consisted of the following:

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	78,573,493	$	78,573,493		23.4	%
Senior secured term loan participations		119,165,378		119,165,378		35.6	%
Senior secured trade finance participations		105,089,698		105,030,621		31.3	%
Short term investments		32,500,000		32,500,000		9.7	%
Total investments	$	335,328,569	$	335,269,492		100.0	%

Participations

The majority of the Company’s investments are in the form of Participation Interests (“Participations”). Participations are interests, which may be divided or undivided, in financing facilities originated by one of the Company’s sub-advisors. Participations may be interests in one specific loan or trade finance transaction, several loans or trade finance transactions under a facility, or may be interests in an entire facility.  The Company’s rights under Participations include, without limitation, all corresponding rights in payments, collateral, guaranties, and any other security interests obtained by the respective sub-advisor in the underlying financing facilities.

Interest Receivable

Depending on the specific terms of the Company’s investments, interest earned by the Company is payable either monthly, quarterly, or, in the case of most trade finance investments, at maturity.  As such, some of the Company’s investments have up to a year or more of accrued interest receivable as of December 31, 2018.  In addition, certain of the Company’s investment in term loans accrue deferred interest, which is not payable until the maturity of the loans.  Deferred interest included in the interest receivable balance as of December 31, 2018 and 2017 amounted to $2,413,894 and $1,960,157, respectively. The Company’s interest receivable balances at December 31, 2018 and 2017 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

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and performance requirements. The structure can also be specific to the individual transaction being financed, which typically have shorter durations of 60 – 180 days. In terms of 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.In the periodic reports prior to September 30, 2017, the Company included short term investments within the Trade Finance section of the Schedule of Investments. Due to Short Term Investments’ unique characteristics, the Company has determined to present these investments separately.

Warrants

Certain investments, including loans and participations, may carry equity warrants on borrowers, which allow the Company to buy shares of the portfolio company at a given price, which the Company will 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 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. For all Watch List investments, the Company evaluates: (i) liquidation value of collateral; (ii) rights and remedies enforceable against the borrower;

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(iii) any credit insurance and/or guarantees; (iv) market, sector and macro events and (v) other relevant information (e.g., third party purchase of the borrower). As of December 31, 2018 and 2017, respectively, the Company had 12 and 10 Watch List investments.

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

The Company previously entered into a sub-advisory arrangement with IIG through the Company’s Advisor, however, the Company has determined not to make any further investments with IIG as the sub-advisor.  IIG is the sub-advisor with respect to six of the twelve investments that the Company has deemed Watch List investments.  The Company has determined not to engage in any new business with IIG, due in part to IIG’s failure to provide the Company with complete and accurate information with respect to its investments for which IIG is the sub-advisor, the misapplication of $6 million that the Company had invested in 2017 and the failure to return the Company’s funds that were misapplied by IIG.  

Given IIG’s failure to fulfill its obligations as a sub-advisor, the Company, with the authorization of the board of managers, engaged a third-party, independent valuation firm, or the “independent valuation firm”.  The Company engaged the independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm to perform to provide an estimate of the range of fair value of certain material investments described below. Specifically, for the quarter ended December 31, 2018, the Company asked the independent valuation firm to perform the limited procedures on certain Watch List investments that the Company deemed to be material and are more specifically described below under the captions, “—Algodonera Avellaneda S.A.”, “—Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay”, “—IIG Trade Opportunities FundB.V. Receivable”, “—Compania Argentina de Granos”, and “—Sancor Cooperativas Unidas Limitada”.  In addition, for the quarter ended December 31, 2018, the Company asked the independent valuation firm to perform the limited procedures on the investment described below under the caption “—Mac Z Group SARL” for which Scipion (defined below) is the sub-advisor.  These six investments comprise approximately 10.2% of the total investments at fair value as of December 31, 2018, for which market quotations are not readily available.  The analysis performed by the independent valuation firm is based upon data and assumptions provided to it by the Company and received from third party sources, which the independent valuation firm relied upon as being accurate without independent verification.  The results of the analyses performed by the independent valuation firm are among the factors taken into consideration by the Company and its management in making its determination with respect to the fair value of such investments, but are not determinative. The Company and its management are solely and ultimately responsible for determining the fair value of the Company’s investments in good faith. Set forth below is a description of the Company’s Watch List investments for which IIG is the sub-advisor, followed by the investments for which other parties act as sub-advisor.

 Procesos Fabriles S.A.

In October 2015, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund NSPV, a subsidiary of a fund advised by the Company’s sub-advisor, IIG, with Procesos Fabriles S.A. (“Profasa”), as the borrower. Profasa is located in Guatemala. The principal balance outstanding under the Participation amounts to $881,800 as of December 31, 2018. The Participation had a maturity date of March 31, 2016. As reported in previous filings, in 2016, due to the loss of a major customer, Profasa was unable to repay the facility on the stated maturity date.

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

Assuming the trade finance facility restructuring is finalized as described above, the Company has determined that its Participation should be valued using the income approach, in accordance with its valuation policy, and has determined the fair value of the principal amount of this investment to be $662,525 as of December 31, 2018 based upon modeled principal and interest payments, discounted to present value using expected yield to maturity. In addition, until such time that Profasa fully completes its restructuring and ramps up operations, an additional adjustment for the uncertainty related to the completion of the restructuring has been applied. The Company has placed this position on non-accrual as of July 1, 2017 and interest not recorded relative to the original terms of this participation for the for the years ended December 31, 2018 and 2017 amounted to $110,420 and $55,664, respectively.

Algodonera Avellaneda S.A.

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund B.V. (“IIG TOF B.V.”), a subsidiary of a fund advised by IIG, with Algodonera Avellaneda S.A. (“Algodonera”) as the borrower, and a corporate guarantee by Vicentin S.A.I.C. (“Vicentin”), an Argentine-based company that, through its subsidiaries, operates as an agro industrial company that manufactures and exports cereals and oilseeds, cotton textiles, biodiesel, concentrated grape juice, agrichemicals, feed lots and wines. In the Company’s Quarterly Report on Form 10-Q for the first quarter of 2018 and the Annual Report on Form 10-K for the year ended December 31, 2017 (the “Prior Reports”), the Company reported that its “Watch List Investments” included a Participation in a trade finance facility where Vicentin – Nacadie S.A. was the borrower.  The Company

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reported that the outstanding principal balance on its Participation was $12,000,000.  During the third quarter of 2018, the Company determined that the documents that had been provided to the Company by its sub-advisor, IIG, regarding the Participation indicated that the Company’s Participation was in fact two Participations, each with a principal balance of $6,000,000, in separate facilities originated by IIG.  In one, the borrower is Algodonera and in the other the borrower is Nacadie Commercial S.A. (“Nacadie”).  However, participation certificates issued to the Company by IIG for these Participations identified the borrowers as Vicentin/Algodonera and Vicentin/Nacadie, respectively. Vicentin is not the borrower, but rather IIG had informed the Company that Vicentin had agreed to guarantee the payments due under both of the trade finance facilities. The following paragraphs provide updated information concerning the Company’s Participation in the Algodonera trade finance facility.  See below under “—IIG Trade Opportunities Fund B.V. Receivable” for updated information regarding the Company’s Participation in the Nacadie trade finance facility.  

As noted above, the Company purchased a Participation in a trade finance facility originated by IIG with Algodonera as the borrower in March 2017. The Company purchased the Participation from IIG for $6,000,000.  The loan agreement states that Vicentin has guaranteed the payments to be made by Algodonera under the facility. Algodonera is an Argentinian vertically integrated cotton business. As of December 31, 2018, the outstanding principal balance on the Company’s Participation was $6,000,000, with accrued interest of $778,500. IIG informed the Company that in June 2017, IIG called a technical default on Algodonera under the facility due to nonpayment of interest and on Vicentin under the payment guarantee due to the breach of informational covenants. Thereafter, IIG made a filing against Vicentin and Algodonera in the commercial court in Buenos Aires, Argentina on July 4, 2017. The commercial court has jurisdiction over commercial claims and disputes of this type. After IIG filed its claims in the commercial court, the court ruled that IIG’s claims were valid and enjoined Vicentin’s cash accounts to allow for recovery by IIG. Once sufficient cash had been secured, the court allowed Vicentin to replace the enjoined cash accounts with a payment guarantee from Zurich Insurance Group with a 100% LTV, including accrued interest. Thereafter, the commercial court issued its final judgment, ordering Algodonera and Vicentin to pay $22.4 million, plus interest, to IIG, which includes the amount owed pursuant to the trade finance facility described above in which the Company purchased the Participation. Shortly thereafter, the criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. Algodonera and Vicentin appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which include allegations of fraud by IIG.  The commercial court rejected the suspension a second time and Algodonera and Vicentin have appealed to the court of appeals.  In March 2019, the court of appeals ruled in favor of the criminal court and countermanded the commercial court’s rejection of the suspension, with proceedings set to continue in the criminal court.

The Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to two other companies (specifically, Nacadie and FRIAR (defined below)).  The Company also learned on July 31, 2018 that the court proceedings involving IIG, Algodonera and Vicentin also include a legal dispute over the ability of Algodonera to enforce its rights under the subrogation agreement, as IIG has argued that Algodonera’s default under its trade finance facility with IIG prevents Algodonera from being eligible to transfer its debt under its facility with IIG to Nacadie and FRIAR under the subrogation agreement. IIG had not disclosed this additional dispute and subrogation agreement to the Company. 

As a short-term trade finance facility, Algodonera was valued utilizing the cost approach through the quarter ended September 30, 2017. However, based on the fact that any future payments made by Algodonera with respect to this Participation will turn on the ultimate outcome of the above-mentioned legal proceedings and that future projected cash flows would therefore no longer be applicable, the Company decided it would be more appropriate to utilize the collateral based approach to value this position beginning with the December 31, 2017 year-end financial statements. The Company further modified its valuation methodology to the income approach as of June 30, 2018, given that the commercial court has already issued a final ruling (that is currently pending appeal) and based on the recent developments with respect to the court proceedings described above.

As described above, a payment guarantee has been secured from Zurich Insurance Group through the commercial court, the value of which is sufficient to pay off all outstanding principal and accrued interest. Although IIG had previously expressed to the Company its belief that it will prevail in the court proceedings, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged and to account for the inherent uncertainty of the ultimate resolution of the legal disputes between IIG, Vicentin and Algodonera. Taking all of the factors described above into consideration, the Company believes, that as of December 31, 2018, the most appropriate valuation method remains the income approach and the Company determined the fair value of the principal amount of this investment to be $3,784,354. The Company has placed this investment on non-accrual status effective January 1, 2019.

IIG Trade Opportunities Fund B.V.Receivable

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG TOF B.V., with Nacadie as the borrower. The Company purchased the Participation in March 2017 for $6,000,000.  Loan documents provided to the Company by IIG indicate that Vicentin is guarantor of the payments to be made by Nacadie under the facility. Nacadie is an Uruguay-based

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company focused on trading of the “soy bean complex” (soybeans, soybean meals, and oils) originating from Argentina, Paraguay and Uruguay. The Company received one interest payment under this Participation in March 2017 and has not received any other payments of principal or interest.  Given that the loan documents state that Vicentin had guaranteed the payments due under both the Algodonera and Nacadie trade finance facilities, the Company erroneously believed that IIG had made filings in the commercial court in Buenos Aires, Argentina related to the Nacadie trade finance facility, similar to the filings IIG made with respect to the Algodonera facility.  In July 2018, IIG informed the Company that the Nacadie trade finance facility was not included in its commercial court filings referenced above under “—Algodonera Avellaneda S.A.” IIG also informed the Company that it had not called a default on Nacadie for nonpayment under the facility. Given this new information, in order to re-confirm the details of its Participation in the Nacadie trade finance facility and the status of the facility, the Company requested original versions of all documents related to its Participation in the facility, including original versions of the underlying facility agreements and bank statements showing the Company’s investment in the facility. The Company had previously been provided by IIG with copies of documents related to its Participation and the underlying facility.  During the third quarter of 2018, IIG informed the Company that although it had reviewed its books and records, it could not locate all of the original documents requested by the Company.  In connection with its review of this investment during the third quarter of 2018, IIG informed the Company that IIG had misapplied the funds the Company had transmitted at the time the Company made this investment.  As a result, IIG offered to refund the Company’s investment amount, including all accrued interest.  IIG has not yet repaid the Company for this Participation as of the date of this Annual Report on Form 10-K.

As a short-term trade finance facility, the Company’s Participation in the Nacadie facility was valued utilizing the cost approach through the quarter ended September 30, 2017. However, as of December 31, 2017, based on the belief that the Nacadie facility was included in the proceedings with respect to the Algodonera facility in the commercial court, the Company had decided it would be more appropriate to utilize the collateral based approach to value this Participation beginning with the December 31, 2017 year-end financial statements. Starting with the quarter ended June 30, 2018, the Company believes that the most appropriate valuation method is the income approach, given that this investment is no longer classified as a Participation in a trade finance facility, but rather as a receivable from IIG TOF B.V.  Although a senior executive at IIG has agreed in conversations with the Company’s senior management to repay the Company for this investment in an amount equal to the outstanding principal and accrued interest (calculated in accordance with the terms of the Nacadie Participation in which the Company originally invested), the Company has not yet received a written agreement from IIG to this effect.  Given IIG’s acknowledgement of its error and its contractual obligations to the Company as a sub-advisor and fiduciary to the Company, the Company believes that it is likely that IIG will repay the Company in full.  The Company has applied a discount to the fair value based on the uncertainty created by the risk that IIG will not honor its agreement to repay the Company. Taking all of the factors described above into consideration, the Company determined the fair value of the principal amount of this investment to be $5,512,000 as of December 31, 2018. The Company has placed this receivable on non-accrual, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $268,333 for the year ended December 31, 2018.  

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

Between June 2016 and July 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (“FRIAR”), an Argentine company that produces, processes and exports beef, as the borrower. As of December 31, 2018, the outstanding principal balance on this Participation was $9,000,000, with accrued interest of $264,500. In June 2017, IIG called a technical event of default due to non-payment by FRIAR. In an effort to seek repayment from FRIAR, IIG filed the promissory notes for FRIAR in the commercial court in Buenos Aires, Argentina. The commercial court has jurisdiction over commercial claims and disputes of this type. During January 2018 the court granted IIG’s motion to freeze FRIAR’s accounts. IIG informed the Company that it was also in the process of securing additional collateral to cover the full balance outstanding, including accrued interest and penalties. IIG confirmed to the Company that FRIAR continues to operate and is a going concern.

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

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court providing the reasons for the criminal court’s suspension request, which include allegations of fraud by IIG.  FRIAR’s appeal of the commercial court’s rejection of the suspension will be determined by the court of appeals.

As a short-term trade finance facility, FRIAR was valued at cost through the quarter ended September 30, 2017. The remaining principal balance of $9,000,000 has been outstanding since July 2016. As IIG is seeking full repayment through its court action to secure assets from FRIAR, as of December 31, 2017, the Company believed the most appropriate valuation method to be the collateral based approach. Starting with the quarter ended June 30, 2018, the Company believes that the most appropriate valuation method is a combination of the collateral based approach and the income approach. The Company is continuing to utilize the collateral based approach due to IIG’s communications with the Company in 2018 that it was continuing to rely on the court proceedings to secure repayment, but determined to also utilize the income approach based on the recent developments with respect to the court proceedings described above.

As noted above, the Company has valued this investment utilizing a hybrid of the income approach and collateral based approach.  Although IIG expressed to the Company in the third quarter of 2018 its belief that it will prevail in the court proceedings, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged and to account for the inherent uncertainty of the ultimate resolution of the legal disputes between IIG, FRIAR, Vicentin and Algodonera. The Company determined that the most appropriate method to calculate the fair value of this investment as of December 31, 2018 is to take the value resulting from the independent valuation firm’s estimate of fair value. Using this approach, the Company determined the fair value of the principal amount of this investment to be $6,748,935 as of December 31, 2018. The Company placed the Participation on non-accrual effective January 1, 2018 and interest not recorded relative to the original terms of this participation for the year ended December 31, 2018 amounted to $1,049,375.

Compania Argentina de Granos

Between October 2016 and February 2017, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Compania Argentina de Granos (“CAGSA”), as borrower. The Company purchased the Participation in October 2016 for $10,000,000 and subsequently increased the Participation by another $2,500,000 in February 2017. This facility is collateralized by two export contracts. CAGSA, an Argentine company, is mainly engaged in the trading of grain and oilseed and the distribution and processing of food ingredients. Due to unfavorable weather conditions, CAGSA was unable to make delivery of toasted soybean meal under the terms of its export contracts. As a result, it failed to pay IIG its outstanding principal and interest obligations on June 30, 2018. On that date, the Company was owed principal of $12,500,000 and accrued interest of $131,942, which was subsequently paid.

IIG previously informed the Company that it had been in active discussions with other CAGSA lenders and has sent warning letters to CAGSA in order to protect its rights under the credit facility. Additionally, IIG informed the Company that IIG is a member of the creditors committee, which will 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. Details of the terms were not available as of the date of this report.

As a short-term trade finance facility, CAGSA was valued utilizing the income approach for the quarter ended March 31, 2018. However, given the uncertainty as to the ability of CAGSA to provide future sufficient cash flows in order to meet its debt obligations, as well as the financial impact of a potential restructuring, the Company has decided that starting with the quarter ended June 30, 2018, the collateral based approach is a more appropriate valuation method.  With the announcement that CAGSA had reached a preliminary settlement with its creditors, as of December 31, 2018, the Company has further modified the valuation approach for this investment to the income approach. Based on the information available to the Company and according to its valuation policies, the Company has placed CAGSA on non-accrual status, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $667,639 for the year ended December 31, 2018. The Company has estimated the fair value of the principal amount of this investment to be $9,316,105 as of December 31, 2018 based on the income approach, discounted to reflect the uncertainty related to CAGSA’s potential restructuring.

Sancor Cooperativas Unidas Limitada

In April 2016 the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Sancor Cooperativas Unidas Limitada (“Sancor”), an Argentine company that distributes dairy products, as the borrower.  As of December 31, 2018, the outstanding principal balance on this Participation was $6,000,000.  Interest has been paid in full through December 31, 2018 through the exercise of pledged inventory warrants. Sancor has been in ongoing negotiations to reorganize itself, including with multiple potential buyers. IIG has worked with Sancor to restructure the existing loan and has extended the maturity to July 29, 2019, with an annual renewal option.  Although IIG has not provided the Company with updated information requested by the Company with respect to the Company’s investment in this facility in connection with the Company’s preparation of this Annual Report, the Company believes, based on reports in the media, that Sancor will be sold and that all principal and interest due the Company will be paid upon this sale.  In February 2019, Sancor announced the completion of a partial sale of assets, which allowed it to make some payments to creditors. Due to the uncertainty associated with the timing and final terms of a full asset sale, the Company believes the

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most appropriate valuation method continues to be the collateral based approach and has determined the fair value of the principal amount of this investment to be $4,991,915 as of December 31, 2018, based upon the value of the Company’s pledged collateral, discounted for the uncertainty around the expected timing and value of a potential sale.

Functional Products Trading S.A.

Between June and September 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Functional Products Trading S.A. (“Functional”), a Chilean company that exports chia seeds to United States and European off-takers.  As of December 31, 2018, the outstanding principal balance on this Participation was $1,326,687 and accrued interest amounted to $148,175. While the original maturity date of this Participation was December 11, 2016, the maturity was extended to March 4, 2018. In 2017, Functional experienced operational losses due to volatile prices for raw chia seeds and its byproducts, with sales declining by 57% from 2016. As a result, Functional was unable to make the principal payment as planned and is developing a full restructuring plan (selling an office building and entering into a lease back agreement) with its current lenders, including IIG, to provide more cash flow flexibility, become current on all interest payments and improve its capital structure, in order to support Functional’s growth initiatives.

During February 2018, the Company received $25,000 in interest payments, which covered accrued interest up to the end of November 2017 and received $10,000 in March 2018, which brought Functional current on interest payments through December 2017. The Company’s sub-advisor, IIG, informed the Company in a prior period that it was working with Functional on restructuring the facility, which it believes will be completed in the near term. Additionally, the Company is currently in discussions with IIG regarding a potential assignment of the underlying trade finance facility, given it is a 100% participant. As of December 31, 2018, the Company has estimated the fair value of the principal amount of its investment in Functional to be $1,269,586 based on the income approach, discounted to present value using an appropriate yield to maturity, assuming the facility is restructured in the manner in which IIG previously informed the Company it expected the loan to be restructured.  The appropriate yield to maturity increased to reflect uncertainty around the timing and completion of the restructuring.

Investments through other sub-advisors

Kinder Investments, Ltd. (formerly Corporacion Prodesa S.R.L.)

As of December 31, 2018, the Company’s investment in Kinder Investments, Ltd. (“Kinder”) is comprised of a promissory note with a principal balance of $4,465,132 and total accrued interest of $518,826, including $506,852 of deferred interest payable at maturity. In December 2018, the Company assigned its loans with Corporacion Prodesa S.R.L. (“Prodesa”), a diaper manufacturer in Peru, to Kinder in exchange for a $500,000 principal payment plus accrued interest and the issuance to the Company of a promissory note for the remaining balance.

The Company’s original investment in Prodesa was comprised of two senior secured term loans and a senior secured trade finance revolving credit facility. The trade finance facility is secured by specific purchase orders from customers of Prodesa and both term loans and the trade finance facility are cross-defaulted and cross-collateralized with Prodesa fixed assets including real estate, machinery and equipment, warrants, and all shares of Prodesa.

Prodesa was originally placed on the Watch List in 2014, and as reported in previous filings, since 2014, Prodesa has undergone changes in ownership and financial status, through which the Company restructured the original facilities, improving the Company’s collateral, information rights, covenants and additional financial controls over Prodesa. On January 31, 2017, after significantly improved financial performance by Prodesa, the Company entered into a series of loan amendments with Prodesa. As part of the amendments, the maturity date of the loan facilities was extended to July 28, 2021.

The Company has estimated the fair value of the principal amount of the Kinder loan as of December 31, 2018 at $4,465,132 based on the income approach, which accounts for contractual interest and principal payments and discounts them to present value using the combined facilities’ weighted average yield to maturity.

UsivaleIndustria E Comercio, Ltda.

As of December 31, 2018, the Company’s investment in Usivale Industria E Comercio, Ltda. (“Usivale”), a sugar processing company located in Brazil, is comprised of two senior secured term loans for an aggregate loan amount of $2,851,296 and total accrued interest of $376,075.  As reported in previous filings, Usivale exited judicial recovery on October 7, 2016 and resumed normal operations.  Subsequently, the Company began receiving principal and interest payments from Usivale as scheduled.

During an on-site visit with Usivale’s management in September 2017, Usivale indicated its intention to pay the 2017 principal and interest payment on time and in full, assuming relatively steady sugar prices.  Post-site visit, sugar prices again compressed

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significantly, which caused added pressure on the cash flow of the business. This sugar price pressure has continued into 2018. The 2017 annual interest payment was received in full and the 2018 annual interest payment was received in March 2019.

As of December 31, 2018, the Company has estimated the fair value of the principal amount of the Usivale loans at $2,851,296, which is based on the income approach, accounting for expected principal and interest payments discounted by the loan’s yield to maturity, which includes uncertainty related to continued volatility in sugar prices.

Applewood Trading 199 Pty, Ltd.

In January 2015, the Company purchased a $1,250,000 Participation in a trade finance facility originated by Barak Fund SPC Ltd., a fund advised by the Company’s sub-advisor, Barak Fund Management Ltd. (“Barak”), with Applewood Trading 199 Pty, Ltd. (“Cape Nut”), as the borrower.  Cape Nut is located in Cape Town, South Africa.  As of December 31, 2018, the total balance outstanding under the Participation amounts to $785,806. Cape Nut’s trade finance facility has a stated maturity date of May 22, 2015, which Barak agreed to extend in October 2014 and the Company subsequently agreed to an extension of the maturity date for its Participation. The Company and Barak are working with Cape Nut to establish an appropriate repayment schedule. Cape Nut made partial principal payments during 2015, 2016 and 2017. Accordingly, the Company placed this Participation on non-accrual status effective February 1, 2016 and interest not recorded relative to the original terms of this Participation amounted to approximately $139,426 and $139,568, respectively, for the years ended December 31, 2018 and 2017. As reported in previous filings, due to Cape Nut’s cash flow difficulties and operating losses, in 2016, the Company’s sub-advisor, Barak, facilitated a strategic sale of Cape Nut which closed in June 2016, resulting in Barak owning 50% of Cape Nut. Based on the information available to the Company and according to its valuation policies, the Company has estimated the fair value of the principal amount of its investment in Cape Nut to be $690,616 as of December 31, 2018 based on the income approach, discounted to present value using an appropriate yield to maturity, accounting for uncertainty in Cape Nut’s financial performance.

Mac Z Group SARL

Between July 2016 and April 2017, the Company purchased nine Participations totaling $9,000,000 in a trade finance facility originated by Scipion Active Trading Fund, a fund advised by the Company’s sub-advisor, Scipion Capital, Ltd. (“Scipion”), with Mac Z Group SARL (“Mac Z”), a scrap metal recycler, as the borrower.  Mac Z is located in Morocco. As of December 31, 2018, the outstanding principal balance on this Participation was $7,349,626 with no accrued interest. The primary collateral securing this Participation is 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 of April 2018.  Mortgages against two unencumbered parcels of land ($5.9 million estimated value) are in the process of being finalized in favor of Scipion under this facility. A judgment was received on December 18, 2017, in English court ordering the borrower and the corporate guarantor to make payment. In parallel to its recovery plan with respect to Mac Z, Scipion informed the Company that it has filed a claim against the collateral manager under its professional indemnity insurance policy, which covers up to $40 million in loss.

Based on these developments, the Company believes there is sufficient collateral available to cover both the outstanding principal balance and the accrued interest. The Company placed this Participation on non-accrual effective October 1, 2017 and interest not recorded relative to the original terms of this participation for the years ended December 31, 2018 and 2017 amounted to $819,687 and $206,606, respectively. The Company believes, that as of December 31, 2018, the most appropriate valuation method is the collateral based approach and the Company has determined the fair value of the principal amount of this investment to be $7,632,234, accounting for existing inventory and the current claim against the collateral manager’s insurance, discounted for the time expected for collection and uncertainty related to the judicial process.

Global Pharma Intelligence Sarl

In July 2017, the Company purchased one Participation in a trade finance facility originated by Scipion Active Trading Fund, a fund advised by the Company’s sub-advisor, Scipion, with Global Pharma Intelligence Sarl (“GPI”), an international pharmaceutical materials supplier with primary operations in Dubai, as the borrower.  As of December 31, 2018, the outstanding principal balance on this Participation was $803,254 and interest has been paid in full through August 10, 2018. The accrued interest balance as of December 31, 2018 is $45,281. Repayment on the participation interest has been slower than originally anticipated due to operational

F-28

delays within the underlying trade. GPI has been actively working with its buyer to resolve the operational delays and it is expected be resolved in the coming quarters. Due to the uncertainty associated with the timing of repayment, the Company believes the most appropriate valuation method is the collateral based approach and has determined the fair value of the principal amount of this investment to be $803,254, as of December 31, 2018, based upon the value of the Company’s pledged collateral and insurance policy in place, discounted for the uncertainty around the expected timing of repayment.

The industry composition of the Company’s portfolio, at fair market value as of December 31, 2018 and 2017, was as follows:

	As of  December 31, 2018					As of December 31, 2017
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	12,167,401		3.3	%	$	15,351,296		4.6	%
Boatbuilding and Repairing		5,428,294		1.5	%		—		—
Bulk Fuel Stations and Terminals		—		—			16,545,994		4.9	%
Chemicals and Allied Products		15,000,000		4.0	%		15,000,000		4.5	%
Chocolate and Cocoa Products		10,718,201		2.9	%		—		—
Coal and Other Minerals and Ores		30,000,000		8.0	%		31,254,315		9.4	%
Commercial Fishing		35,838		0.0	%		351,559		0.1	%
Communications Equipment		6,029,026		1.6	%		—		—
Consumer Products		9,457,047		2.5	%		10,960,000		3	%
Department Stores		8,262,375		2.2	%		—		—
Drugs, Proprietaries, and Sundries		803,254		0.2	%		1,080,000		0.30	%
Electric Services		26,394,209		7.1	%		18,527,237		5.5	%
Farm Products		9,285,834		2.5	%		7,960,987		2.4	%
Fats and Oils		3,784,354		1.0	%		12,000,000		3.6	%
Financial services		5,906,946		1.6	%		10,000,000		3.0	%
Freight Transportation Arrangement		12,970,938		3.5	%		12,464,320		3.7	%
Fresh or Frozen Packaged Fish		—		—			3,338,520		1.0	%
Food Products		6,607,713		1.8	%		1,072,944		0.3	%
Gas Transmission and Distribution		17,605,054		4.7	%		—		—
Groceries and Related Products		2,500,000		0.7	%		3,500,000		1.0	%
Hotels and Motels		16,459,362		4.4	%		15,807,931		4.7	%
Land Subdividers and Developers		16,083,083		4.3	%		15,411,497		4.6	%
Logging		6,840,000		1.8	%		6,840,000		2.0	%
Meat, Poultry & Fish		6,748,935		1.8	%		9,000,000		2.7	%
Metals & Mining		—		—			4,566,481		1.4	%
Metals Service Centers and Offices		3,737,737		1.0	%
Personal Credit Institutions		5,468,186		1.5	%		3,157,735		0.9	%
Petroleum and Petroleum Products		15,500,000		4.2	%		32,000,000		9.5	%
Programming and Data Processing		13,903,662		3.7	%		15,714,764		4.7	%
Refuse Systems		22,447,343		6.0	%		11,315,000		3.4	%
Secondary Nonferrous Metals		17,632,234		4.7	%		17,349,626		5.2	%
Short-Term Business Credit		4,740,000		1.3	%		4,740,000		1.4	%
Soap, Detergents, and Cleaning		3,250,844		0.9	%		1,355,600		0.4	%
Street Construction		—		—			10,861,658		3.2	%
Telephone and Telegraph Apparatus		7,000,000		1.9	%		14,388,525		4.3	%
Telephone Communications		37,481,370		10.0	%		—		—
Water Transportation		12,728,503		3.4	%		13,353,503		4.0	%
Total	$	372,977,743		100.0	%	$	335,269,492		100.0	%

F-29

The table below shows the portfolio composition by geographic classification at fair value as of December 31, 2018 and 2017:

	As of  December 31, 2018					As of December 31, 2017
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	24,841,309		6.7	%	$	39,500,000		11.8	%
Botswana		4,740,000		1.3	%		4,740,000		1.4	%
Brazil		22,183,252		6.0	%		18,566,060		5.5	%
Cabo Verde		16,459,362		4.4	%		15,807,931		4.7	%
Cameroon		10,718,201		2.9	%		—		—
Cayman Islands		—		—			10,000,000		3.0	%
Chile		9,136,558		2.5	%		1,326,687		0.4	%
China		10,000,000		2.7	%		10,000,000		3.0	%
Colombia		24,434,056		6.6	%		3,157,735		0.9	%
Croatia		8,262,375		2.2	%		—		—
Ecuador		35,838		0.0	%		3,690,079		1.1	%
Ghana		52,027,237		14.0	%		34,027,237		10.1	%
Guatemala		662,525		0.2	%		881,800		0.3	%
Hong Kong		37,000,000		9.9	%		41,346,389		12.3	%
Indonesia		—		—			14,193,994		4.2	%
Jersey		18,515,500		5.0	%		—		—
Kenya		12,970,938		3.5	%		12,464,320		3.7	%
Malaysia		15,000,000		4.0	%		15,000,000		4.5	%
Mauritius		2,500,000		0			3,500,000		1.0	%
Mexico		22,447,343		6.0	%		11,315,000		3.4	%
Morocco		7,632,234		2.1	%		7,349,626		2.2	%
Namibia		16,083,083		4.3	%		15,411,497		4.6	%
Netherlands		4,000,000		1.1	%		—		—
New Zealand		6,840,000		1.8	%		6,840,000		2.0	%
Nigeria		15,782,226		4.2	%		19,106,003		5.7	%
Peru		4,465,132		1.2	%		21,505,994		6.4	%
Romania		1,917,097		0.5	%		—		—
Singapore		3,737,737		1.0	%		—		—
South Africa		6,719,642		1.8	%		1,960,874		0.6	%
United Arab Emirates		803,254		0.2	%		1,080,000		0.3	%
United Kingdom		—		—			20,796,451		6.2	%
Uganda		4,300,000		1.2	%		—		—
Uruguay		—		—			346,215		0.1	%
Zambia		3,250,844		0.9	%		1,355,600		0.4	%
N/A		5,512,000		1.5	%		—		0.0	%
Total	$	372,977,743		100.0	%	$	335,269,492		100.0	%

Note 4. Fair Value Measurements

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels as of December 31, 2018:

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

F-30

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels as of December 31, 2017:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan	$	78,573,493	$	—	$	—	$	78,573,493
Senior secured term loan participations		119,165,378						119,165,378
Senior secured trade finance participations		105,030,621		—		—		105,030,621
Short term investments		32,500,000						32,500,000
Total	$	335,269,492	$	—	$	—	$	335,269,492

The following is a reconciliation of activity for the year ended December 31, 2018, of investments classified as Level 3:

	Fair Value at December 31, 2017		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in unrealized appreciation (depreciation)			Transfers			Fair Value at December 31, 2018
Senior secured term loans	$	78,573,493	$	28,088,396	$	(19,173,514	)	$	2,773,800	$	—		$	(1,403,468	)	$	88,858,707
Senior secured term loan participations		119,165,378		59,776,828		(17,827,932	)		2,535,023					25,508,522			189,157,819
Senior secured trade finance participations		105,030,621		93,378,531		(102,984,266	)		—		(8,688,574	)		(6,500,000	)		80,236,312
Short term investments		32,500,000		25,737,737		(26,500,000	)		—		(488,000	)		(17,605,054	)		13,644,683
Equity warrants		—		—		—			—		1,080,222			—			1,080,222
Total	$	335,269,492	$	206,981,492	$	(166,485,712	)	$	5,308,823	$	(8,096,352	)	$	-		$	372,977,743

The following is a reconciliation of activity for the year ended December 31, 2017 of investments classified as Level 3:

	Fair Value at December 31, 2016		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in unrealized appreciation (depreciation)		Transfers			Fair Value at December 31, 2017
Senior secured term loan	$	28,673,487	$	56,019,866	$	(7,259,818	)	$	1,139,958	$	—	$	—		$	78,573,493
Senior secured term loan participations		58,450,761		74,182,336		(17,145,817	)		3,678,098		—					119,165,378
Senior secured trade finance participations		116,671,565		159,040,847		(164,681,791	)		—		—		(6,000,000	)		105,030,621
Unsecured short term note receivable		—		34,000,000		(7,500,000	)		—		—		6,000,000			32,500,000
Total	$	203,795,813	$	323,243,049	$	(196,587,426	)	$	4,818,056	$	—	$	(6,000,000	)	$	335,269,492

There were no realized gains or losses for any of our investments classified as Level 3 during the years ended December 31, 2018 and 2017.

F-31

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

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)(3)	$	66,808,909	Income approach (DCF)	Market yield	9.0% - 17.5% (11.4%)
Senior secured trade finance participations (2)	$	13,427,403	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	88,858,707	Income approach (DCF)	Market yield	10.0% - 14.5% (12.3%)
Senior secured term loan participations	$	189,157,819	Income approach  (DCF)	Market yield	11.0% - 15.9% (13.2%)
Short term investments (4)	$	5,512,000	Income approach  (DCF)	Market yield	8.75%
Short term investments	$	8,132,683	Cost  Approach	Recent transactions	N/A
Equity warrants	$	1,080,222	Option Pricing Method	Estimated company value	N/A

The significant unobservable inputs used in the fair value measurement of the Company’s debt investments are primarily market yields. Significant increases in market yields would result in significantly lower fair value measurements.

(1)  Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. Starting December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions.  This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

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

(3) The Company used a combination of the collateral based approach and the income approach for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information.

(4) Receivable from IIG TOF B.V.

As of December 31, 2017, 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, 2017:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	90,030,621	Income approach (DCF)	Market yield	9.0% - 17.5% (10.6%)
Senior secured trade finance participations (2)	$	21,000,000	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	78,573,493	Income approach (DCF)	Market yield	11.3% - 14.5% (12.5%)
Senior secured term loan participations	$	119,165,378	Income approach  (DCF)	Market yield	11.0% - 20.0% (13.5%)
Short term investments	$	6,000,000	Collateral based approach	Value of collateral	N/A
Short term investments	$	26,500,000	Cost  Approach	Recent transactions	N/A

(1) Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. As of December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions.  This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

(2) Collateral based approach used for FRIAR, Algodonera and the IIG TOF B.V. receivable. See Note 3 “Watch List Investments” for further information.

F-32

The significant unobservable inputs used in the fair value measurement of the Company’s trade finance investments are market yields. Significant increases in market yields would result in significantly lower fair value measurements.

For details of the country-specific risk concentrations for the Company’s investments, refer to the Consolidated Schedule of Investments and Note 3.

Note 5. Related Parties

Agreements

Advisory Agreement

The current term of the Advisory Agreement between the Company and the Advisor, (the “Advisory Agreement”) end on February 25, 2020.  

Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Advisory Agreement between the Company and the Advisor. Asset management fees are paid to the Advisor in exchange for fund management and administrative services. Although the Advisor manages, on the Company’s behalf, many of the risks associated with global investments in developing economies, asset 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 which 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 years ended December 31, 2018 and 2017.

Transactions

As discussed in Note 2, the Sponsor did not assume responsibility for any of the Company’s operating expenses for the year ended December 31, 2018. For the year ended December 31, 2017, the Sponsor assumed responsibility for $3,831,415 of the Company’s operating expenses, asset management and incentive fees, which are deferred under the Responsibility Agreement.

For the years ended December 31, 2018 and 2017, the Advisor earned $7,971,062 and $6,484,850, respectively, in asset management fees and $6,212,931 and $4,599,941, respectively, in incentive fees.

Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,240,200 of expenses, which have been paid by the Company as of December 31, 2017. Such expenses, in the aggregate of $16,660,800 since the Company’s inception, may be expensed and payable by the Company to the Sponsor only if the Company satisfies the Reimbursement Hurdle as further described in Note 2. The Company did not meet the Reimbursement Hurdle for the quarters ended March 31, 2018, September 30, 2018, and December 31, 2018, but met the Reimbursement Hurdle for the quarter ended June 30, 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been reimbursed to the Sponsor and recorded as expenses of the Company for the year ended December 31, 2018.

As of December 31, 2018 and 2017, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $4,240,231 and $3,997,314, respectively, was due from the Sponsor in connection with the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business.

F-33

For the years ended December 31, 2018 and 2017, the Company paid $6,252 and $643,566, respectively, in dealer manager fees and $19,270 and $2,516,109, respectively, in selling commissions to the dealer manager, SC Distributors. These fees and commissions were paid in connection with the sales of our units to investors and, as such, were recorded against the proceeds from the issuance of units and are not reflected in the Company’s consolidated statement of operations. In addition, for the years ended December 31, 2018 and 2017, the Company paid SC Distributors $582,045 and $538,725, respectively in ongoing distributions, dealer manager and services fees.

Note 6. Organization and Offering Costs

As of December 31, 2018, the Sponsor has paid approximately $17,456,000 of offering costs and $236,000 of organization costs relating to the Offering, all of which were paid directly by the Sponsor on behalf of the Company, and were reimbursed to the Sponsor as disclosed in Note 2. Such amounts include approximately $115,600 and $3,016,600, respectively, of offering costs, which were incurred by the Sponsor during the years ended December 31, 2018 and 2017. During the years ended December 31, 2018 and 2017, the Company paid $54,616 and $2,612,810, respectively, in reimbursement of offering costs to the Sponsor. Such offering costs reimbursed by the Company have been recognized against the proceeds from the issuance of units.

From the commencement of the Company’s operations through December 31, 2018, the Company has reimbursed the Sponsor a total of $17,211,117 of offering costs and organization costs and there is a remaining balance of approximately $481,000 of offering costs that have not been reimbursed to the Sponsor as of December 31, 2018.

Note 7. Promissory Notes

The Company notes payable consist of the following:

	December 31, 2018		December 31, 2017
	Outstanding Balance		Outstanding Balance
Promissory notes	$	125,000	$	410,000
Symbiotics facility		22,750,000		22,750,000
Christian Super promissory note		10,000,000		5,000,000
Total notes payable	$	32,875,000	$	28,160,000

Promissory Notes

On October 14, 2016, TGIFC issued $1.635 million in the first series of notes pursuant to a private offering of senior secured promissory notes (the “Notes”). The Notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of four different series with four different issuance and maturity dates.  The Notes issued on October 14, 2016 comprised the first series of the Notes.

The Notes have an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59% at the time of issuance) and are payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note.

On February 17, 2017, TGIFC issued $0.225 million in the second series of the Notes pursuant to such private offering. The notes issued on February 17, 2017 comprised the second series of the Notes and bear interest at a rate of 3.0% per annum plus one year LIBOR (1.74% at the time of issuance) as determined on their issuance date.As of December 30, 2018, the Company raised $1.86 million in the offering of the Notes and $125,000 of such debt was outstanding after repayment of $1.74 million during 2018 and 2017. The Company does not expect to raise any additional funds pursuant to the Notes offering.

The entire principal balance of each Note (and any unpaid interest) is due in one balloon payment on the “Maturity Date,” which is the first anniversary of the issuance date that either TGIFC or the applicable noteholder has designated as the Maturity Date by not less than 30 days’ prior written notice to the other party. The principal balance of each Note may not be prepaid, in whole or in part, prior to the Maturity Date.

In October 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC.  The Subsidiaries own all of the Company’s investments. TGIFC’s obligations under the Notes are secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over 1.86 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries.  While the collateral initially pledged under the equitable mortgage greatly exceeds the amount funded under the Notes based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to

F-34

secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the Notes. The Notes and the equitable mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.  As of December 31, 2018, the Company is in full compliance with all such representations, warranties and covenants.

Symbiotics Facility

On July 3, 2017, TGIFC entered into a $10.5 million Facility Agreement (the “Facility Agreement”) with Micro, Small & Medium Enterprises Bonds S.A. (“MSMEB”) as Lender and Symbiotics SA as Servicer.  On November 2, 2017, TGIFC entered into a second Facility Agreement to receive an additional $12.25 million in the second tranche of financing with MSMEB as Lender and Symbiotics SA as Servicer. TGIFC may request an additional $17.5 million under the second Facility Agreement, subject to the conditions precedent set forth in the Facility Agreement, including availability of funding.  

The Facility Agreement has an interest rate of 4.65% per annum plus the three month LIBOR (2.44% as of December 31, 2018) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the note.

The entire principal balance under the Facility Agreement (and any unpaid interest) is due in one balloon payment on July 7, 2020 (the “Maturity Date”). The principal balance under the Facility Agreement may be voluntarily prepaid, in whole or in part, prior to the Maturity Date, subject to a prepayment premium of 1.00% of the prepayment amount if the voluntary prepayment is made prior to July 3, 2019.

TGIFC’s obligation under the Facility Agreement is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and MSMEB, dated as of July 3, 2017 granting the holders of the Facility Agreement a mortgage over 20.25 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries.  While the collateral initially pledged under the equitable mortgage greatly exceeds the amount funded under the Facility Agreement based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the Facility Agreement.  The Facility Agreement and the equitable mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.  As of December 31, 2018, the Company is in full compliance with all such representations, warranties and covenants. 

Christian Super Promissory Note

On August 7, 2017, TGIFC issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering (the “CS Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”). The CS Note was issued pursuant to an ongoing private offering targeting $25 million in the aggregate amount and will be comprised of up to five different series with five different issuance dates, but likely the same maturity date (collectively “the CS Notes”).  The CS Note issued on August 7, 2017 comprised the first series of the CS Notes.Borrowings from the CS Notes offering will be used to pursue the Company’s investment strategy and for general corporate purposes.  

The CS Note has an interest rate of 4.0% per annum plus one-year LIBOR (2.82% as of December 31, 2018) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note. The entire principal balance under the CS Note (and any unpaid interest) is due in one balloon payment on August 7, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty.

On December 18, 2018, TGIFC issued $5 million of Series 2 Senior Secured Promissory Notes (“Series 2 Note”) to Christian Super pursuant to the CS Notes private offering. The Series 2 Note has an interest rate of 3.5% per annum plus one-year LIBOR (3.05% as of December 31, 2018) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note. The entire principal balance under the Series 2 Note (and any unpaid interest) is due in one balloon payment on December 18, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty.

TGIFC’s obligation under the CS Notes is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Note a mortgage over 10shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries. While the collateral initially pledged under the CS Equitable Mortgage greatly exceeds the amount funded under the CS Note based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments

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held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the CS Note.  The CS Note and the CS Equitable Mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type. As of December 31, 2018, the Company is in full compliance with all such representations, warranties and covenants.

For the years ended December 31, 2018 and 2017, the Company recognized $1,964,776 and $606,943, respectively, in interest expense. Due to the variable rate structure of these borrowings, the carrying basis of these debt obligations is considered to approximate their fair value.

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

Year ending December 31:	Principal payments
2019	$	125,000
2020		22,750,000
2021		10,000,000
Thereafter		-
	$	32,875,000

Note 8. Unit Capital

As of December 31, 2018, the Company has six classes of units: Class A, Class C, Class I, Class W, Class Y units 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 December 31, 2018 and 2017, the Company had recorded a liability in the aggregate amount of $1,230,000 and $1,895,000, respectively, for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability as of December 31, 2018 is calculated based on a net asset value per Class C, Class I and Class W units of $8.421 with a distribution fee of 0.8% for Class C units, an ongoing dealer manager fee of 0.5% for Class I units, and ongoing aggregate dealer and service fees of 0.75% for Class W units, per annum applied to the net asset value, during the expected period that Class C, Class W and Class I units remain outstanding and discounted using an annual rate of 4%. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding.

The following table is a summary of transactions with respect to the Company’s units during the year ended December 31, 2018:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			December 31,
	2017		the Period		the Period			2018
Class A units		18,240,073		581,230		(854,740	)		17,966,563
Class C units		8,411,343		303,258		(476,507	)		8,238,094
Class I units		10,442,009		463,737		(350,724	)		10,555,022
Class W units		-		24,555		-			24,555
Class Y units		1,089,678		78,365		(2,368	)		1,165,675
Class Z units		-		5,965,037		-			5,965,037
Total		38,183,103		7,416,182		(1,684,339	)		43,914,946

The total of 7,416,182 units issued during the year ended December 31, 2018 included 1,175,826 units issued under the DRP at a value of $10,027,648.

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 redemption.

Redemptions for the first quarter of 2018 were redeemed at a price equal to $8.507 for Class A units, Class C units, Class I units and Class Y unit, which was the net asset value per unit of each class as of September 30, 2017, the most recently disclosed net asset value at the time of redemption. Redemptions for the second and third quarters of 2018 were redeemed at a price equal to $8.421 per Class A unit, Class C units, Class I unit and Class Y units, which was the net asset value per unit of each class as of March 31, 2018. Redemptions for the fourth quarter of 2018 have been redeemed at a price equal to $8.355 for Class A units, Class C units, Class I units and Class Y unit, which was the net asset value per unit of each class as of September 30, 2018.

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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.

For the year ended December 31, 2018, the Company had received and processed 331 repurchase requests. The Company repurchased a total of 1,684,339 units for a total of $14,196,264.

For the year ended December 31, 2017, the Company had received and processed 149 repurchase requests. The Company repurchased a total of 963,988 units at a price of $9.025 per unit for a total of $8,699,994.

The following table is a summary of the units issued during the year ended December 31, 2017:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			December 31,
	2016		the Period		the Period			2017
Class A units		15,391,991		3,251,521		(403,439	)		18,240,073
Class C units		6,803,985		1,672,115		(64,757	)		8,411,343
Class I units		7,411,405		3,526,396		(495,792	)		10,442,009
Class Y units		-		1,089,678		-			1,089,678
Total		29,607,381		9,539,710		(963,988	)		38,183,103

Note 9. Distributions

Since July 2013, the Company has paid monthly distributions for all classes of units. For the year ended December 31, 2017, the distributions were calculated based on unitholders of record for each day in an amount equal to the rate shown in the table below, less ongoing distribution fees, dealer manager fees and/or service fees with respect to certain classes of units. For the years ended December 31, 2018 and 2017, $17,535,609 and $14,285,443, respectively, of these distributions were paid in cash and $10,027,648 and $11,267,412, respectively, were reinvested in units for those unitholders participating in the Company DRP.

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The following table summarizes the distributions paid for the years ended December 31, 2018 and 2017.

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2018	January 16, 2018	$	0.00197808	$	1,352,380	$	988,859	$	2,341,239
February 28, 2018	February 14, 2018	$	0.00197808		1,544,374		895,266		2,439,640
March 31, 2018	March 25, 2018	$	0.00168675		1,504,523		818,399		2,322,922
April 30, 2018	April 10, 2018	$	0.00168675		1,433,555		800,072		2,233,627
May 31, 2018	May 8, 2018	$	0.00168675		1,489,550		827,922		2,317,472
June 30, 2018	June 12, 2018	$	0.00168675		1,441,941		805,860		2,247,801
July 31, 2018	July 10, 2018	$	0.00168675		1,476,115		826,006		2,302,121
August 31, 2018	August 8, 2018	$	0.00168675		1,482,246		825,588		2,307,834
September 30, 2018	September 11, 2018	$	0.00168675		1,435,550		800,025		2,235,575
October 31, 2018	October 18, 2018	$	0.00168675		1,471,122		820,705		2,291,827
November 30, 2018	November 9, 2018	$	0.00168675		1,426,113		796,317		2,222,430
December 31, 2018	December 11, 2018	$	0.00168675		1,478,140		822,629		2,300,769
Total for 2018				$	17,535,609	$	10,027,648	$	27,563,257
January 31, 2017	January 19, 2017	$	0.00197808	$	1,002,022	$	837,472	$	1,839,494
February 28, 2017	February 23, 2017	$	0.00197808		944,453		782,125		1,726,578
March 31, 2017	March 3, 2017	$	0.00197808		1,114,222		885,439		1,999,661
April 30, 2017	April 18, 2017	$	0.00197808		1,148,147		929,660		2,077,807
May 31, 2017	May 10, 2017	$	0.00197808		1,220,942		987,576		2,208,518
June 30, 2017	June 12, 2017	$	0.00197808		1,194,793		960,134		2,154,927
July 31, 2017	July 11, 2017	$	0.00197808		1,238,624		986,918		2,225,542
August 31, 2017	August 10, 2017	$	0.00197808		1,254,262		991,320		2,245,582
September 30, 2017	September 11, 2017	$	0.00197808		1,227,774		961,150		2,188,924
October 31, 2017	October 10, 2017	$	0.00197808		1,307,319		990,942		2,298,261
November 30, 2017	November 10, 2017	$	0.00197808		1,287,287		961,032		2,248,319
December 31, 2017	December 11, 2017	$	0.00197808		1,345,598		993,644		2,339,242
Total for 2017				$	14,285,443	$	11,267,412	$	25,552,855

Note 10. Financial Highlights

The following is a schedule of financial highlights of the Company for the years ended December 31, 2018 and 2017. The Company’s income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I units, as applicable, and therefore the financial highlights are equal for each of the outstanding classes.

	Twelve months ended
	December 31,			December 31,
	2018			2017
Per unit data (1):
Net asset value at beginning of period	$	8.42		$	8.47
Net investment income	$	0.57		$	0.62
Net change in unrealized depreciation on investments	$	(0.19	)	$	-
Net increase in net assets resulting from operations	$	0.38		$	0.62
Distributions	$	(0.63	)	$	(0.73	)
Net change in accrued distribution and other fees	$	0.03		$	0.05
Net decrease in net assets	$	(0.22	)	$	(0.05	)
Net asset value at end of period (2)	$	8.20		$	8.42
Total return based on net asset value (3)		4.55	%		7.37	%
Net assets at end of period	$	360,070,359		$	321,356,737
Units Outstanding at end of period		43,914,946			38,183,103
Ratio/Supplemental data (annualized) (3)(4):
Ratio of net investment income to average net assets		7.01	%		7.42	%
Ratio of net operating expenses to average net assets		5.71	%		3.58	%

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¹ The per unit data was derived by using the weighted average units outstanding during the years ended December 31, 2018 and 2017, which were 43,723,569 and 35,541,295, respectively.

² For financial statement reporting purposes under GAAP, as of December 31, 2018 and 2017, the Company recorded a liability in the amount of $1,230,000 and $1,895,000, respectively, for the estimated future amount of Class C distribution fees and Class I dealer manager 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 beginning with the quarter ended June 30, 2017 that deducting the accrual for the estimated future amount of Class C distribution fees and Class I dealer manager 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. As of December 31, 2018 and 2017, based on the new approach to the treatment of future Class C distribution fees and Class I dealer manager fees, the Company has calculated the net asset value to be $8.227 and $8.466, respectively, for all units.    

³ Total return, ratio of net investment income and ratio of operating expenses to average net assets for the years ended December 31, 2018 and 2017, prior to the effect of the Responsibility Agreement were as follows: total return: 4.66% and 6.09%, ratio of net investment income: 7.12% and 6.14%, and ratio of net expenses to average net assets: 5.60% and 4.86%, respectively.

Note 11. Selected Quarterly Data (Unaudited)

	2018
	Q4			Q3			Q2			Q1
Total investment income	$	11,646,953		$	11,145,704		$	12,132,475		$	10,181,734
Net investment income	$	6,517,696		$	5,921,240		$	6,799,009		$	5,614,026
Net change in unrealized appreciation (depreciation) on investments	$	(5,296,528	)	$	1,080,222		$	(3,030,543	)	$	(849,503	)
Foreign exchange gain (loss)	$	(1,730	)	$	(650	)	$	(49,701	)	$	40,174
Net increase in net assets resulting from operations	$	1,219,438		$	7,000,812		$	3,718,765		$	4,804,697
Basic and diluted earnings per unit	$	0.03		$	0.16		$	0.08		$	0.11
Net asset value per unit as of the end of the quarter	$	8.20		$	8.36		$	8.35		$	8.42

	2017
	Q4		Q3		Q2		Q1
Total investment income	$	9,482,855	$	9,741,973	$	6,951,161	$	6,678,085
Net investment income	$	5,295,695	$	6,661,271	$	5,408,617	$	4,801,740
Net change in unrealized appreciation (depreciation) on investments	$	—	$	—	$	—	$	—
Net increase in net assets resulting from operations	$	5,295,695	$	6,661,271	$	5,408,617	$	4,801,740
Basic and diluted earnings per unit	$	0.14	$	0.18	$	0.15	$	0.15
Net asset value per unit as of the end of the quarter	$	8.42	$	8.45	$	8.44	$	8.47

Note 12. Subsequent Events

There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-K or would be required to be recognized in the consolidated financial statements as of and for the year ended December 31, 2018, except as discussed below.

Distributions

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

The cash distributions for January and February totaled $1,424,703 and $1,291,283, respectively.  With respect to unitholders participating in the Distribution Reinvestment Plan, $817,483 and $739,318 of the distributions for January and February, respectively, were reinvested in units.

F-39

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

Investments

Subsequent to December 31, 2018 through March 26, 2019, the Company funded approximately 9.3 million in new loans and received proceeds from repayment of loans of approximately $12.3 million.

Agreements

On March 15, 2019, the Company’s board of managers determined to extend the Advisory Agreement until February 25, 2020.

New Net Asset Value Per Unit

On March 29, 2019, the Company’s board of managers determined a new estimated net asset value per unit as of December 31, 2018 of each of the Class A, Class C, Class I, Class W, Class Y and Class Z units of $8.227. See Note 2 for additional information.

Change in Independent Registered Public Accounting Firm

On March 29, 2019, Moss Adams LLP, the  Company’s independent registered public accounting firm, notified the Company’s audit committee in writing that it is declining to stand for re-appointment following the conclusion of the audit and the issuance of the Company’s Annual Report on Form 10-K for the Company's fiscal year ended December 31, 2018.

On March 29, 2019, the Company’s audit committee approved the engagement of BDO USA, LLP as the Company’s independent registered public accounting firm for the Company’s fiscal year ending December 31, 2019.

F-40

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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 on March 29, 2019.

TriLinc Global Impact Fund, LLC

/s/ Gloria S. Nelund

Gloria S. Nelund

Chief Executive Officer (principal executive officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated:

Name	Title	Date
/s/ Gloria S. Nelund	Chief Executive Officer, Manager (principal executive officer)	March 29, 2019
Gloria S. Nelund
/s/ Mark A. Tipton	Chief Financial Officer, (principal financial and accounting officer)	March 29, 2019
Mark A. Tipton
/s/ Brent L. VanNorman	Manager	March 29, 2019
Brent L. VanNorman
/s/ Terry Otton	Manager	March 29, 2019
Terry Otton
/s/ Cynthia Hostetler	Manager	March 29, 2019
Cynthia Hostetler
/s/ R. Michael Barth	Manager	March 29, 2019
R. Michael Barth

SUPPLEMENTAL INFORMATION

No proxy statement has been sent to the registrant’s unitholders. If a proxy statement is delivered to more than ten of the registrant’s unitholders with respect to an annual or other meeting of unitholders, copies of such materials will be furnished to the SEC at that time. The registrant will deliver to its unitholders a copy of this Annual Report on Form 10-K.

EX-21.1

Exhibit 21.1

List of Subsidiaries

Name	Jurisdiction of Organization
TriLinc Global Impact Fund – Asia, Ltd	Cayman Islands
TriLinc Global Impact Fund – Latin America, Ltd	Cayman Islands
TriLinc Global Impact Fund – Trade Finance, Ltd	Cayman Islands
TriLinc Global Impact Fund – African Trade Finance, Ltd	Cayman Islands
TriLinc Global Impact Fund – Africa, Ltd	Cayman Islands
TriLinc Global Impact Fund – African Trade Finance II, Ltd	Cayman Islands
TriLinc Global Impact Fund – Latin America II, Ltd	Cayman Islands
TriLinc Global Impact Fund – Latin America III, Ltd	Cayman Islands
TriLinc Global Impact Fund – Asia II, Ltd	Cayman Islands
TriLinc Global Impact Fund – Asia III, Ltd	Cayman Islands
TriLinc Global Impact Fund – African Trade Finance III, Ltd	Cayman Islands
TriLinc Global Impact Fund – Europe, Ltd	Cayman Islands
TriLinc Global Impact Fund – Cayman, Ltd	Cayman Islands

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 Annual Report on Form 10-K 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 the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) 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 the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which 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.

March 29, 2019	/s/ GLORIA S. NELUND
	Gloria S. Nelund
	Chief Executive Officer
	(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Mark A. Tipton, certify that:

1. I have reviewed this Annual Report on Form 10-K 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 the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) 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 the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which 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.

March 29, 2019	/s/ MARK A. TIPTON
	Mark A. Tipton
	Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Certification of Principal Executive Officer

In connection with the Annual Report on Form 10-K of TriLinc Global Impact Fund, LLC (the “Company”) for the period ended December 31, 2018, 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. § 1350, as adopted pursuant to § 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.

March 29, 2019	/s/ GLORIA S. NELUND
	Gloria S. Nelund
	Chief Executive Officer
	(Principal Executive Officer)

Certification of Principal Financial Officer

In connection with the Annual Report on Form 10-K of TriLinc Global Impact Fund, LLC (the “Company”) for the period ended December 31, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brent L. VanNorman, certify pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 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.

March 29, 2019	/s/ MARK A. TIPTON
	Mark A. Tipton
	Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 26, 2019	Jun. 30, 2018
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Trading Symbol	trilinc
Entity Registrant Name	TriLinc Global Impact Fund LLC
Entity Central Index Key	0001550453
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 0
Class A Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,053,592
Class C Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,284,495
Class I Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,607,913
Class W Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		24,555
Class Y Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,197,830
Class Z Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,965,037

XML

Consolidated Statements of Assets and Liabilities - USD ($)	Dec. 31, 2018	Dec. 31, 2017
ASSETS
Investments owned, at fair value (amortized cost of $381,133,170 and $335,328,569, respectively)	$ 372,977,743	$ 335,269,492
Cash	8,101,629	9,641,457
Interest receivable	17,552,039	9,210,430
Due from affiliates (see Note 5)	4,240,231	3,997,314
Other assets	132,041	189,103
Total assets	403,003,683	358,307,796
LIABILITIES
Due to unitholders	1,431,635	1,295,293
Management fee payable	1,997,915	1,763,018
Incentive fee payable	1,769,299	1,323,929
Notes payable	32,875,000	28,160,000
Unit repurchases payable	2,726,310	2,153,077
Accrued distribution and other fees	1,230,000	1,895,000
Other payables	903,165	360,742
Total liabilities	42,933,324	36,951,059
Commitments and Contingencies (see Note 5)
NET ASSETS	360,070,359	321,356,737
ANALYSIS OF NET ASSETS:
Offering costs	(17,211,117)	(17,156,501)
Class A Units [Member]
LIABILITIES
NET ASSETS	147,658,522	153,892,048
ANALYSIS OF NET ASSETS:
Net capital paid	155,806,753	162,087,710
Class C Units [Member]
LIABILITIES
NET ASSETS	67,756,677	70,960,348
ANALYSIS OF NET ASSETS:
Net capital paid	71,492,834	74,739,748
Class I Units [Member]
LIABILITIES
NET ASSETS	86,418,246	87,830,198
ANALYSIS OF NET ASSETS:
Net capital paid	91,205,180	92,522,021
Class W Units [Member]
LIABILITIES
NET ASSETS	193,711
ANALYSIS OF NET ASSETS:
Net capital paid	204,847
Class Y Units [Member]
LIABILITIES
NET ASSETS	9,033,683	8,674,143
ANALYSIS OF NET ASSETS:
Net capital paid	9,562,342	$ 9,163,759
Class Z Units [Member]
LIABILITIES
NET ASSETS	49,009,520
ANALYSIS OF NET ASSETS:
Net capital paid	$ 49,009,520

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Investments owned, amortized cost	$ 381,133,170	$ 335,328,569
Net assets, per unit	$ 8.227	$ 8.466
Net assets, units outstanding	43,914,946	38,183,103		29,607,381
Class A Units [Member]
Net assets, per unit	$ 8.227	$ 8.466	$ 8.529
Net assets, units outstanding	17,966,563	18,240,073		15,391,991
Class C Units [Member]
Net assets, per unit	$ 8.227	$ 8.466	8.267
Net assets, units outstanding	8,238,094	8,411,343		6,803,985
Class W Units [Member]
Net assets, per unit	$ 8.227
Net assets, units outstanding	24,555	0
Class Y Units [Member]
Net assets, per unit	$ 8.227	$ 8.466
Net assets, units outstanding	1,165,675	1,089,678
Class I Units [Member]
Net assets, per unit	$ 8.227	$ 8.466	$ 8.529
Net assets, units outstanding	10,555,022	10,442,009		7,411,405
Class Z Units [Member]
Net assets, per unit	$ 8.227
Net assets, units outstanding	5,965,037	0

XML

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
INVESTMENT INCOME
Interest income	$ 44,940,452	$ 32,494,392
Interest from cash	166,414	359,682
Total investment income	45,106,866	32,854,074
EXPENSES
Asset management fees	7,971,062	6,484,850
Incentive fees	6,212,931	4,599,941
Professional fees	1,876,652	1,187,220
General and administrative expenses	1,624,974	1,421,712
Interest expense	1,964,776	606,943
Board of managers fees	217,500	217,500
Total expenses	19,867,895	14,518,166
Expense support payment to (from) Sponsor	387,000	(3,831,415)
Net expenses	20,254,895	10,686,751
NET INVESTMENT INCOME	24,851,971	22,167,323
Net change in unrealized appreciation (depreciation) on investments	(8,096,352)
Foreign exchange loss	(11,907)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 16,743,712	$ 22,167,323
NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED	$ 0.57	$ 0.62
EARNINGS PER UNIT - BASIC AND DILUTED	$ 0.38	$ 0.62
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED	43,723,569	35,541,295

XML

Consolidated Statements of Changes in Net Assets - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
INCREASE FROM OPERATIONS
Net investment income	$ 6,517,696	$ 24,851,971	$ 22,167,323
Foreign exchange loss		(11,907)
Net change in unrealized depreciation on investments	(5,296,528)	(8,096,352)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	1,219,438	16,743,712	22,167,323
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(27,563,257)	(25,552,855)
INCREASE FROM CAPITAL TRANSACTIONS
Repurchase of units		(14,196,268)	(8,699,994)
Distribution and other fees		665,000	12,000
Offering costs		(54,616)	(2,612,810)
Net increase from capital transactions		49,533,167	73,986,354
NET INCREASE IN NET ASSETS		38,713,622	70,600,822
Net assets at beginning of period		321,356,737	250,755,915
Net assets at end of period	360,070,359	360,070,359	321,356,737
Class A Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(11,515,255)	(12,746,601)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		4,959,452	29,324,867
Net assets at beginning of period		153,892,048
Net assets at end of period	147,658,522	147,658,522	153,892,048
Class C Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(5,261,354)	(5,749,126)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		2,587,101	15,070,643
Net assets at beginning of period		70,960,348
Net assets at end of period	67,756,677	67,756,677	70,960,348
Class I Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(6,670,791)	(6,866,979)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		3,955,520	31,578,249
Net assets at beginning of period		87,830,198
Net assets at end of period	86,418,246	86,418,246	87,830,198
Class W Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(12,955)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		211,000
Net assets at end of period	193,711	193,711
Class Y Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(719,025)	(190,149)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		665,000	9,313,399
Net assets at beginning of period		8,674,143
Net assets at end of period	9,033,683	9,033,683	$ 8,674,143
Class Z Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders		(3,383,877)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units		50,740,978
Net assets at end of period	$ 49,009,520	$ 49,009,520

XML

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 16,743,712	$ 22,167,323
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES
Purchase of investments	(206,981,492)	(323,243,049)
Maturity of investments	166,485,712	196,587,426
Payment-in-kind interest	(4,754,257)	(3,600,991)
Net change in unrealized depreciation on investments	8,096,352
Foreign exchange loss	11,907
Accretion of discounts on investments	(554,566)	(1,217,065)
Increase in interest receivable	(8,353,516)	(2,343,998)
Increase in due from affiliates	(242,917)	(821,658)
Decrease in other expenses	57,062	31,669
Increase in due to unitholders	136,342	360,488
Increase in management and incentive fees payable	680,267	1,920,800
Increase in other payable	542,423	307,841
NET CASH USED IN OPERATING ACTIVITIES	(28,132,971)	(109,851,214)
Cash flows from financing activities
Net proceeds from issuance of units	53,091,399	74,019,746
Distributions paid to unitholders	(17,535,609)	(14,285,443)
Payments of offering costs	(54,616)	(2,681,122)
Repurchase of units	(13,623,031)	(8,705,172)
Repayments of notes payable	(285,000)	(1,450,000)
Proceeds from issuance of notes payable	5,000,000	27,804,350
NET CASH PROVIDED BY FINANCING ACTIVITIES	26,593,143	74,702,359
TOTAL DECREASE IN CASH	(1,539,828)	(35,148,855)
Cash at beginning of year	9,641,457	44,790,312
Cash at end of year	8,101,629	9,641,457
Supplemental information
Cash paid for interest during the period	1,769,506	294,980
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	10,027,648	11,267,412
Change in accrual of distribution and other fees	$ (665,000)	$ (12,000)

XML

Consolidated Schedule of Investments		3 Months Ended		12 Months Ended
		Dec. 31, 2018 USD ($)		Dec. 31, 2018 USD ($)		Dec. 31, 2017 USD ($)		Dec. 31, 2018 EUR (€)
Amortized Cost		$ 381,133,170		$ 381,133,170		$ 335,328,569
Fair Value		372,977,743		372,977,743		335,269,492
Agricultural Products [Member]
Fair Value		12,167,401		12,167,401		15,351,296
Secondary Nonferrous Metals [Member]
Fair Value		17,632,234		17,632,234		17,349,626
Consumer Products [Member]
Fair Value		9,457,047		9,457,047		10,960,000
Boatbuilding and Repairing [Member]
Fair Value		5,428,294		5,428,294
Electric Services [Member]
Fair Value		26,394,209		26,394,209		18,527,237
Personal Credit Institutions [Member]
Fair Value		5,468,186		5,468,186		3,157,735
Chemicals and Allied Products [Member]
Fair Value		15,000,000		15,000,000		15,000,000
Programming and Data Processing [Member]
Fair Value		13,903,662		13,903,662		15,714,764
Refuse Systems [Member]
Fair Value		22,447,343		22,447,343		11,315,000
Water Transportation [Member]
Fair Value		12,728,503		12,728,503		13,353,503
Logging [Member]
Fair Value		6,840,000		6,840,000		6,840,000
Hotels and Motels [Member]
Fair Value		16,459,362		16,459,362		15,807,931
Meat, Poultry & Fish [Member]
Fair Value		6,748,935		6,748,935		9,000,000
Short-Term Business Credit [Member]
Fair Value		4,740,000		4,740,000		4,740,000
Soap, Detergents, and Cleaning [Member]
Fair Value		3,250,844		3,250,844		1,355,600
Fats and Oils [Member]
Principal Amount						12,000,000
Fair Value		3,784,354		3,784,354		12,000,000
Farm Products [Member]
Fair Value		9,285,834		9,285,834		7,960,987
Commercial Fishing [Member]
Fair Value		35,838		35,838		351,559
Freight Transportation Arrangement [Member]
Fair Value		12,970,938		12,970,938		12,464,320
Land Subdividers and Developers [Member]
Fair Value		16,083,083		16,083,083		15,411,497
Telephone Communications [Member]
Fair Value		37,481,370		37,481,370
Department Stores [Member]
Fair Value		8,262,375		8,262,375
Food Products [Member]
Fair Value		6,607,713		6,607,713		1,072,944
Petroleum and Petroleum Products [Member]
Fair Value		15,500,000		15,500,000		32,000,000
Communications Equipment [Member]
Fair Value		6,029,026		6,029,026
Gas Transmission and Distribution [Member]
Fair Value		17,605,054		17,605,054
Groceries and Related Products [Member]
Fair Value		2,500,000		2,500,000		3,500,000
Coal and Other Minerals and Ores [Member]
Fair Value		30,000,000		30,000,000		31,254,315
Chocolate and Cocoa Products [Member]
Fair Value		10,718,201		10,718,201
Telephone and Telegraph Apparatus [Member]
Fair Value		7,000,000		7,000,000		14,388,525
Drugs, Proprietaries, and Sundries [Member]
Fair Value		803,254		803,254		1,080,000
Financial Services [Member]
Fair Value		5,906,946		5,906,946		10,000,000
Metals Service Centers and Offices [Member]
Fair Value		3,737,737		3,737,737
Street Construction [Member]
Fair Value						10,861,658
Bulk Fuel Stations and Terminals [Member]
Fair Value						16,545,994
Metals & Mining [Member]
Fair Value						4,566,481
Fresh or Frozen Packaged Fish [Member]
Fair Value						$ 3,338,520
Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Maturity						May 15, 2017
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Minimum [Member] | Electric Services [Member] | Power Producer [Member]
Maturity						Mar. 10, 2017
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Maximum [Member] | Electric Services [Member] | Power Producer [Member]
Maturity						Feb. 21, 2018
Senior Secured Term Loan [Member]
Amortized Cost	[1]	88,858,707		88,858,707		$ 78,573,493
Fair Value	[1]	$ 88,858,707		$ 88,858,707		$ 78,573,493
% of Net Assets	[1]	24.70%		24.70%		24.40%		24.70%
Senior Secured Term Loan [Member] | Brazil [Member] | Usivale Industria E Commercio Ltda [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Interest	[1],[2],[3]			12.43%
Fees	[1],[2],[3],[4]			0.00%
Maturity	[1],[2],[3],[5]			Dec. 15, 2020
Principal Amount	[1],[2],[3]	$ 2,851,296		$ 2,851,296
Amortized Cost	[1],[2],[3]	2,851,296		2,851,296
Fair Value	[1],[2],[3]	$ 2,851,296		$ 2,851,296
% of Net Assets	[1],[2],[3]	0.80%		0.80%				0.80%
Senior Secured Term Loan [Member] | Brazil [Member] | Other Investments [Member] | Programming and Data Processing [Member] | IT Service Provider [Member]
Interest	[1]					13.50%
Fees	[1],[4]					2.00%
Maturity	[1],[5]					Oct. 21, 2022
Principal Amount	[1]					$ 15,739,999
Amortized Cost	[1]					15,714,764
Fair Value	[1]					$ 15,714,764
% of Net Assets	[1]					4.90%
Senior Secured Term Loan [Member] | China [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member]
Interest	[1]			12.00%	[6]	12.00%	[7]
Fees	[1],[4]			0.00%	[6]	0.00%	[7]
Maturity	[1],[5]			Jun. 22, 2021	[6]	Jun. 22, 2021	[7]
Principal Amount	[1]	$ 10,000,000	[6]	$ 10,000,000	[6]	$ 10,000,000	[7]
Amortized Cost	[1]	10,000,000	[6]	10,000,000	[6]	10,000,000	[7]
Fair Value	[1]	$ 10,000,000	[6]	$ 10,000,000	[6]	$ 10,000,000	[7]
% of Net Assets	[1]	2.80%	[6]	2.80%	[6]	3.10%	[7]	2.80%	[6]
Senior Secured Term Loan [Member] | Peru [Member] | Kinder Investments, Ltd. [Member] | Consumer Products [Member] | Diaper Manufacturer II [Member]
Interest	[1],[3],[8]			10.00%
Fees	[1],[3],[4],[8]			0.00%
Maturity	[1],[3],[5],[8]			Aug. 15, 2021
Principal Amount	[1],[3],[8]	$ 4,465,132		$ 4,465,132
Amortized Cost	[1],[3],[8]	4,465,132		4,465,132
Fair Value	[1],[3],[8]	$ 4,465,132		$ 4,465,132
% of Net Assets	[1],[3],[8]	1.20%		1.20%				1.20%
Senior Secured Term Loan [Member] | Peru [Member] | Pure Biofuels del Peru S.A.C. [Member] | Bulk Fuel Stations and Terminals [Member] | Clean Diesel Distributor [Member]
Interest	[1],[9]					11.33%
Fees	[1],[4],[9]					0.00%
Maturity	[1],[5],[9]					Jul. 27, 2019
Principal Amount	[1],[9]					$ 15,000,000
Amortized Cost	[1],[9]					16,545,994
Fair Value	[1],[9]					$ 16,545,994
% of Net Assets	[1],[9]					5.10%
Senior Secured Term Loan [Member] | Chile [Member] | Other Investments [Member] | Electric Services [Member] | LED Lighting Service Provider [Member]
Interest	[1],[10]			11.00%
Fees	[1],[4],[10]			0.00%
Maturity	[1],[5],[10]			Jun. 06, 2021
Principal Amount	[1],[10]	$ 8,063,150		$ 8,063,150
Amortized Cost	[1],[10]	7,866,972		7,866,972
Fair Value	[1],[10]	$ 7,866,972		$ 7,866,972
% of Net Assets	[1],[10]	2.20%		2.20%				2.20%
Senior Secured Term Loan [Member] | Chile [Member] | Other Investments [Member] | Farm Products [Member] | Chia Seed Exporter [Member]
Maturity						Dec. 11, 2016
Senior Secured Term Loan [Member] | Columbia [Member] | Other Investments [Member] | Personal Credit Institutions [Member] | Consumer Lender [Member]
Interest	[1],[10]			11.25%		11.25%
Fees	[1],[4],[10]			0.00%		0.00%
Maturity	[1],[5],[10]			Aug. 01, 2021		Aug. 01, 2021
Principal Amount	[1],[10]	$ 5,468,186		$ 5,468,186		$ 3,157,735
Amortized Cost	[1],[10]	5,468,186		5,468,186		3,157,735
Fair Value	[1],[10]	$ 5,468,186		$ 5,468,186		$ 3,157,735
% of Net Assets	[1],[10]	1.50%		1.50%		1.00%		1.50%
Senior Secured Term Loan [Member] | Malaysia [Member] | Other Investments [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member]
Interest	[1]			12.00%	[11]	12.00%	[12]
Fees	[1],[4]			0.00%	[11]	0.00%	[12]
Maturity	[1],[5]			Mar. 31, 2020	[11]	Mar. 31, 2020	[12]
Principal Amount	[1]	$ 15,000,000	[11]	$ 15,000,000	[11]	$ 15,000,000	[12]
Amortized Cost	[1]	15,000,000	[11]	15,000,000	[11]	15,000,000	[12]
Fair Value	[1]	$ 15,000,000	[11]	$ 15,000,000	[11]	$ 15,000,000	[12]
% of Net Assets	[1]	4.20%	[11]	4.20%	[11]	4.70%	[12]	4.20%	[11]
Senior Secured Term Loan [Member] | Mexico [Member] | Other Investments [Member] | Refuse Systems [Member] | Wate to Fuels Processor [Member]
Interest	[1],[13]					14.50%
Fees	[1],[4],[13]					0.00%
Maturity	[1],[5],[13]					Jul. 27, 2021
Principal Amount	[1],[13]					$ 11,315,000
Amortized Cost	[1],[13]					11,315,000
Fair Value	[1],[13]					$ 11,315,000
% of Net Assets	[1],[13]					3.50%
Senior Secured Term Loan [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Wate to Fuels Processor [Member]
Fees	[1],[4]			0.00%
Maturity	[1],[5]			Jul. 27, 2021
Principal Amount	[1]	$ 21,367,121		$ 21,367,121
Amortized Cost	[1]	21,367,121		21,367,121
Fair Value	[1]	$ 21,367,121		$ 21,367,121
% of Net Assets	[1]	5.90%		5.90%				5.90%
Senior Secured Term Loan [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | PIK [Member] | Wate to Fuels Processor [Member]
Interest	[1]			14.50%
Senior Secured Term Loan [Member] | New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member]
Interest	[1],[14]			11.50%		11.50%
Fees	[1],[4],[14]			0.00%		0.00%
Maturity	[1],[5],[14]			Feb. 10, 2021
Principal Amount	[1],[14]	$ 6,840,000		$ 6,840,000		$ 6,840,000
Amortized Cost	[1],[14]	6,840,000		6,840,000		6,840,000
Fair Value	[1],[14]	$ 6,840,000		$ 6,840,000		$ 6,840,000
% of Net Assets	[1],[14]	1.90%		1.90%		2.10%		1.90%
Senior Secured Term Loan [Member] | New Zealand [Member] | Other Investments [Member] | Minimum [Member] | Logging [Member] | Sustainable Timber Exporter [Member]
Maturity	[1],[5],[14]					Feb. 10, 2021
Senior Secured Term Loan [Member] | New Zealand [Member] | Other Investments [Member] | Maximum [Member] | Logging [Member] | Sustainable Timber Exporter [Member]
Maturity	[1],[5],[14]					Apr. 02, 2021
Senior Secured Term Loan [Member] | Argentina [Member] | Other Investments [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Maturity						Jul. 18, 2017
Senior Secured Term Loan [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member]
Interest	[1],[15]			11.50%
Fees	[1],[4],[15]			0.00%
Maturity	[1],[5],[15]			Dec. 27, 2020
Principal Amount	[1],[15]	$ 15,000,000		$ 15,000,000
Amortized Cost	[1],[15]	15,000,000		15,000,000
Fair Value	[1],[15]	$ 15,000,000		$ 15,000,000
% of Net Assets	[1],[15]	4.20%		4.20%				4.20%
Senior Secured Term Loan Participations [Member]
Amortized Cost	[1]	$ 189,157,819		$ 189,157,819		$ 119,165,378
Fair Value	[1]	$ 189,157,819		$ 189,157,819		$ 119,165,378
% of Net Assets	[1]	52.50%		52.50%		37.10%		52.50%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Boatbuilding and Repairing [Member] | Ship Maintenance & Repair Service Provider [Member]
Fees	[1],[4],[7]			0.00%
Maturity	[1],[5],[7]			Dec. 07, 2023
Principal Amount	[1],[7]	$ 5,514,667		$ 5,514,667
Participation %	[1],[7],[16]	42.00%		42.00%				42.00%
Amortized Cost	[1],[7]	$ 5,428,294		$ 5,428,294
Fair Value	[1],[7]	$ 5,428,294		$ 5,428,294
% of Net Assets	[1],[7]	1.50%		1.50%				1.50%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Boatbuilding and Repairing [Member] | Cash [Member] | Ship Maintenance & Repair Service Provider [Member]
Interest	[1],[7]			8.00%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Boatbuilding and Repairing [Member] | PIK [Member] | Ship Maintenance & Repair Service Provider [Member]
Interest	[1],[7]			4.00%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Other Investments [Member] | Programming and Data Processing [Member] | IT Service Provider [Member]
Interest	[1],[10]			13.50%
Fees	[1],[4],[10]			0.00%
Maturity	[1],[5],[10]			Nov. 24, 2022
Principal Amount	[1],[10]	$ 13,903,662		$ 13,903,662
Participation %	[1],[10],[16]	75.00%		75.00%				75.00%
Amortized Cost	[1],[10]	$ 13,903,662		$ 13,903,662
Fair Value	[1],[10]	$ 13,903,662		$ 13,903,662
% of Net Assets	[1],[10]	3.90%		3.90%				3.90%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Interest	[1],[17],[18]					12.43%
Fees	[1],[4],[17],[18]					0.00%
Maturity	[1],[5],[17],[18]					Dec. 15, 2020
Principal Amount	[1],[17],[18]					$ 2,851,296
Participation %	[1],[16],[17],[18]					100.00%
Amortized Cost	[1],[17],[18]					$ 2,851,296
Fair Value	[1],[17],[18]					$ 2,851,296
% of Net Assets	[1],[17],[18]					0.90%
Senior Secured Term Loan Participations [Member] | Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Fees	[1],[4],[19]					0.00%
Maturity	[1],[5],[19]					Jul. 28, 2021
Principal Amount	[1],[19]					$ 4,960,000
Amortized Cost	[1],[19]					4,960,000
Fair Value	[1],[19]					$ 4,960,000
% of Net Assets	[1],[19]					1.50%
Senior Secured Term Loan Participations [Member] | Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Minimum [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Interest	[1],[19]					12.00%
Senior Secured Term Loan Participations [Member] | Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Maximum [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Interest	[1],[19]					13.00%
Senior Secured Term Loan Participations [Member] | Columbia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | Telephone Communications [Member] | Fiber Optics Network Provider [Member]
Fees	[1],[4],[20]			0.00%
Maturity	[1],[5],[20]			Oct. 15, 2023
Principal Amount	[1],[20]	$ 19,115,803		$ 19,115,803
Participation %	[1],[16],[20]	76.00%		76.00%				76.00%
Amortized Cost	[1],[20]	$ 18,965,870		$ 18,965,870
Fair Value	[1],[20]	$ 18,965,870		$ 18,965,870
% of Net Assets	[1],[20]	5.30%		5.30%				5.30%
Senior Secured Term Loan Participations [Member] | Columbia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | Telephone Communications [Member] | Cash [Member] | Fiber Optics Network Provider [Member]
Interest	[1],[20]			8.95%
Senior Secured Term Loan Participations [Member] | Columbia [Member] | Azteca Comunicaciones Colombia S.A.S. [Member] | Telephone Communications [Member] | PIK [Member] | Fiber Optics Network Provider [Member]
Interest	[1],[20]			3.00%
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member]
Interest	[1],[21]			12.85%		16.54%
Fees	[1],[4],[21]			0.80%		0.80%
Maturity	[1],[5],[21]			Sep. 16, 2020		Sep. 16, 2020
Principal Amount	[1],[21]	$ 12,762,670		$ 12,762,670		$ 13,407,670
Participation %	[1],[16],[21]	100.00%		100.00%		100.00%		100.00%
Amortized Cost	[1],[21]	$ 12,728,503		$ 12,728,503		$ 13,353,503
Fair Value	[1],[21]	$ 12,728,503		$ 12,728,503		$ 13,353,503
% of Net Assets	[1],[21]	3.50%		3.50%		4.20%		3.50%
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member]
Fees	[1],[4],[7]			0.00%
Maturity	[1],[5],[7]			Aug. 21, 2021
Principal Amount	[1],[7]	$ 16,459,362		$ 16,459,362
Participation %	[1],[7],[16]	88.00%		88.00%				88.00%
Amortized Cost	[1],[7]	$ 16,459,362		$ 16,459,362
Fair Value	[1],[7]	$ 16,459,362		$ 16,459,362
% of Net Assets	[1],[7]	4.60%		4.60%				4.60%
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Hotels and Motels [Member] | Cash [Member] | Hospitality Service Provider [Member]
Interest	[1],[7]			10.00%
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | Other Investments [Member] | Hotels and Motels [Member] | PIK [Member] | Hospitality Service Provider [Member]
Interest	[1],[7]			5.50%
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | TRG Cape Verde Holdings Limited [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member]
Interest	[1],[7]					13.50%
Fees	[1],[4],[7]					0.00%
Maturity	[1],[5],[7]					Aug. 21, 2021
Principal Amount	[1],[7]					$ 15,807,931
Participation %	[1],[7],[16]					26.00%
Amortized Cost	[1],[7]					$ 15,807,931
Fair Value	[1],[7]					$ 15,807,931
% of Net Assets	[1],[7]					4.90%
Senior Secured Term Loan Participations [Member] | Botswana [Member] | Other Investments [Member] | Short-Term Business Credit [Member] | SME Financier [Member]
Interest	[1],[22]			11.67%		12.04%
Fees	[1],[4],[22]			0.00%		0.00%
Maturity	[1],[5],[22]			Aug. 18, 2021		Aug. 18, 2021
Principal Amount	[1],[22]	$ 4,740,000		$ 4,740,000		$ 4,740,000
Participation %	[1],[16],[22]	47.00%		47.00%		100.00%		47.00%
Amortized Cost	[1],[22]	$ 4,740,000		$ 4,740,000		$ 4,740,000
Fair Value	[1],[22]	$ 4,740,000		$ 4,740,000		$ 4,740,000
% of Net Assets	[1],[22]	1.30%		1.30%		1.50%		1.30%
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Other Investments [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member]
Interest	[1]			11.00%	[10]	11.00%	[7]
Fees	[1],[4]			0.00%	[10]	0.00%	[7]
Maturity	[1],[5],[7]					Nov. 16, 2019
Principal Amount	[1]	$ 3,250,844	[10]	$ 3,250,844	[10]	$ 1,355,600	[7]
Participation %	[1],[16]	74.00%	[10]	74.00%	[10]	15.00%	[7]	74.00%	[10]
Amortized Cost	[1]	$ 3,250,844	[10]	$ 3,250,844	[10]	$ 1,355,600	[7]
Fair Value	[1]	$ 3,250,844	[10]	$ 3,250,844	[10]	$ 1,355,600	[7]
% of Net Assets	[1]	0.90%	[10]	0.90%	[10]	0.40%	[7]	0.90%	[10]
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Other Investments [Member] | Minimum [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member]
Maturity	[1],[5],[10]			Nov. 01, 2019
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Other Investments [Member] | Maximum [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member]
Maturity	[1],[5],[10]			Nov. 16, 2019
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Tank Farm Operator [Member]
Interest	[1],[7]			12.00%		12.00%
Fees	[1],[4],[7]			0.00%		0.00%
Maturity	[1],[5],[7]			Aug. 10, 2021		Aug. 10, 2021
Principal Amount	[1],[7]	$ 15,500,000		$ 15,500,000		$ 15,500,000
Participation %	[1],[7],[16]	76.00%		76.00%		100.00%		76.00%
Amortized Cost	[1],[7]	$ 15,500,000		$ 15,500,000		$ 15,500,000
Fair Value	[1],[7]	$ 15,500,000		$ 15,500,000		$ 15,500,000
% of Net Assets	[1],[7]	4.30%		4.30%		4.80%		4.30%
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Gas Transmission and Distribution [Member] | LNG Infrastructure Developer [Member]
Interest	[1],[22]			15.89%
Fees	[1],[4],[22]			0.00%
Maturity	[1],[5],[22]			Jun. 13, 2021
Principal Amount	[1],[22]	$ 17,605,054		$ 17,605,054
Participation %	[1],[16],[22]	90.00%		90.00%				90.00%
Amortized Cost	[1],[22]	$ 17,605,054		$ 17,605,054
Fair Value	[1],[22]	$ 17,605,054		$ 17,605,054
% of Net Assets	[1],[22]	4.90%		4.90%				4.90%
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member]
Interest	[1]			12.90%	[23]	11.66%	[24]
Fees	[1],[4]			0.00%	[23]	0.00%	[24]
Maturity	[1],[5]			Aug. 31, 2022	[23]	Aug. 31, 2022	[24]
Principal Amount	[1]	$ 18,527,237	[23]	$ 18,527,237	[23]	$ 18,527,237	[24]
Participation %	[1],[16]	14.00%	[23]	14.00%	[23]	15.00%	[24]	14.00%	[23]
Amortized Cost	[1]	$ 18,527,237	[23]	$ 18,527,237	[23]	$ 18,527,237	[24]
Fair Value	[1]	$ 18,527,237	[23]	$ 18,527,237	[23]	$ 18,527,237	[24]
% of Net Assets	[1]	5.10%	[23]	5.10%	[23]	5.80%	[24]	5.10%	[23]
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member]
Interest	[1],[7]					12.82%
Fees	[1],[4],[7]			0.00%		0.00%
Maturity	[1],[5],[7]			Mar. 31, 2023		Mar. 31, 2023
Principal Amount	[1],[7]	$ 12,970,938		$ 12,970,938		$ 12,464,320
Participation %	[1],[7],[16]	46.00%		46.00%		59.00%		46.00%
Amortized Cost	[1],[7]	$ 12,970,938		$ 12,970,938		$ 12,464,320
Fair Value	[1],[7]	$ 12,970,938		$ 12,970,938		$ 12,464,320
% of Net Assets	[1],[7]	3.60%		3.60%		3.90%		3.60%
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | Cash [Member] | Freight and Cargo Transporter [Member]
Interest	[1],[7]			9.95%
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | PIK [Member] | Freight and Cargo Transporter [Member]
Interest	[1],[7]			4.00%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Fees	[1],[4],[25]			0.00%
Maturity	[1],[5],[25]			Aug. 15, 2021
Principal Amount	[1],[25]	$ 16,168,797		$ 16,168,797
Participation %	[1],[16],[25]	100.00%		100.00%				100.00%
Amortized Cost	[1],[25]	$ 16,083,083		$ 16,083,083
Fair Value	[1],[25]	$ 16,083,083		$ 16,083,083
% of Net Assets	[1],[25]	4.50%		4.50%				4.50%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Cash [Member] | Property Developer [Member]
Interest	[1],[25]			8.50%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | PIK [Member] | Property Developer [Member]
Interest	[1],[25]			4.00%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Trustco Group Limited [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Interest	[1],[25]					12.50%
Fees	[1],[4],[25]					0.00%
Maturity	[1],[5],[25]					Aug. 15, 2021
Principal Amount	[1],[25]					$ 15,529,353
Participation %	[1],[16],[25]					100.00%
Amortized Cost	[1],[25]					$ 15,411,497
Fair Value	[1],[25]					$ 15,411,497
% of Net Assets	[1],[25]					4.80%
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member]
Fees	[1],[4],[12],[26]			0.00%
Maturity	[1],[5],[12],[26]			Jan. 23, 2021
Principal Amount		$ 8,034,348	[1],[12],[26]	$ 8,034,348	[1],[12],[26]			€ 6,200,000
Participation %	[1],[12],[16],[26]	5.00%		5.00%				5.00%
Amortized Cost	[1],[12],[26]	$ 8,262,375		$ 8,262,375
Fair Value	[1],[12],[26]	$ 8,262,375		$ 8,262,375
% of Net Assets	[1],[12],[26]	2.30%		2.30%				2.30%
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Cash [Member] | Mall Operator [Member]
Interest	[1],[12],[26]			5.50%
Senior Secured Term Loan Participations [Member] | Croatia [Member] | Other Investments [Member] | Department Stores [Member] | PIK [Member] | Mall Operator [Member]
Interest	[1],[12],[26]			7.50%
Senior Secured Term Loan Participations [Member] | Jersey [Member] | Africell Holding Limited [Member] | Telephone Communications [Member] | Mobile Network Operator [Member]
Interest	[1],[12]			12.35%
Fees	[1],[4],[12]			3.00%
Maturity	[1],[5],[12]			Mar. 28, 2023
Principal Amount	[1],[12]	$ 19,000,000		$ 19,000,000
Participation %	[1],[12],[16]	16.00%		16.00%				16.00%
Amortized Cost	[1],[12]	$ 18,515,500		$ 18,515,500
Fair Value	[1],[12]	$ 18,515,500		$ 18,515,500
% of Net Assets	[1],[12]	5.10%		5.10%				5.10%
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Farm Products [Member] | Bread Manufacturer [Member]
Fees	[1],[4],[12]			2.50%
Maturity	[1],[5],[12]			Jul. 18, 2021
Principal Amount	[1],[12]	$ 1,958,861		$ 1,958,861
Participation %	[1],[12],[16]	27.00%		27.00%				27.00%
Amortized Cost	[1],[12]	$ 1,917,097		$ 1,917,097
Fair Value	[1],[12]	$ 1,917,097		$ 1,917,097
% of Net Assets	[1],[12]	0.50%		0.50%				0.50%
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Farm Products [Member] | Cash [Member] | Bread Manufacturer [Member]
Interest	[1],[12]			8.00%
Senior Secured Term Loan Participations [Member] | Romania [Member] | Other Investments [Member] | Farm Products [Member] | PIK [Member] | Bread Manufacturer [Member]
Interest	[1],[12]			5.00%
Senior Secured Term Loan Participations [Member] | Uganda [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor C [Member]
Interest	[1],[22]			12.00%
Fees	[1],[4],[22]			0.00%
Maturity	[1],[5],[22]			Dec. 31, 2020
Principal Amount	[1],[22]	$ 4,300,000		$ 4,300,000
Participation %	[1],[16],[22]	100.00%		100.00%				100.00%
Amortized Cost	[1],[22]	$ 4,300,000		$ 4,300,000
Fair Value	[1],[22]	$ 4,300,000		$ 4,300,000
% of Net Assets	[1],[22]	1.20%		1.20%				1.20%
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | Other Investments [Member] | Street Construction [Member] | Infrastructure and Logistics Provider [Member]
Interest	[1],[7]					20.00%
Fees	[1],[4],[7]					0.00%
Maturity	[1],[5],[7]					Nov. 22, 2019
Principal Amount	[1],[7]					$ 10,909,500
Participation %	[1],[7],[16]					75.00%
Amortized Cost	[1],[7]					$ 10,861,658
Fair Value	[1],[7]					$ 10,861,658
% of Net Assets	[1],[7]					3.40%
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | Other Investments [Member] | Metals & Mining [Member] | Vessel Operator [Member]
Interest	[1],[12]					11.00%
Fees	[1],[4],[12]					0.00%
Maturity	[1],[5],[12]					Jun. 08, 2020
Principal Amount	[1],[12]					$ 3,332,336
Participation %	[1],[12],[16]					62.00%
Amortized Cost	[1],[12]					$ 3,332,336
Fair Value	[1],[12]					$ 3,332,336
% of Net Assets	[1],[12]					1.00%
Senior Secured Trade Finance Participations [Member]
Amortized Cost	[1]	$ 88,983,961		$ 88,983,961		$ 105,089,698
Fair Value	[1]	$ 80,236,312		$ 80,236,312		$ 105,030,621
% of Net Assets	[1]	22.50%		22.50%		32.70%		22.50%
Senior Secured Trade Finance Participations [Member] | Chile [Member] | Functional Products Trading S.A [Member] | Farm Products [Member] | Chia Seed Exporter [Member]
Interest	[1]			10.90%	[3]	10.90%	[18]
Fees	[1],[4]			0.00%	[3]	0.00%	[18]
Maturity	[1],[5]			Mar. 04, 2018	[3]	Mar. 04, 2018	[18]
Principal Amount	[1]	$ 1,326,687	[3]	$ 1,326,687	[3]	$ 1,326,687	[18]
Participation %	[1],[16]	100.00%	[3]	100.00%	[3]	100.00%	[18]	100.00%	[3]
Amortized Cost	[1]	$ 1,326,687	[3]	$ 1,326,687	[3]	$ 1,326,687	[18]
Fair Value	[1]	$ 1,269,586	[3]	$ 1,269,586	[3]	$ 1,326,687	[18]
% of Net Assets	[1]	0.40%	[3]	0.40%	[3]	0.40%	[18]	0.40%	[3]
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member]
Interest	[1],[13]			16.77%	[27]	17.50%
Fees	[1],[4],[13]			0.00%	[27]	0.00%
Principal Amount	[1],[13]	$ 448,697	[27]	$ 448,697	[27]	$ 1,205,450
Participation %	[1],[13],[16]	34.00%	[27]	34.00%	[27]	100.00%		34.00%	[27]
Amortized Cost	[1],[13]	$ 448,697	[27]	$ 448,697	[27]	$ 1,205,450
Fair Value	[1],[13]	$ 448,697	[27]	$ 448,697	[27]	$ 1,205,450
% of Net Assets	[1],[13]	0.10%	[27]	0.10%	[27]	0.40%		0.10%	[27]
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader III [Member]
Interest	[1],[13],[28]			16.77%
Fees	[1],[4],[13],[28]			0.00%
Maturity		Mar. 27, 2019		Mar. 27, 2019	[1],[5],[13],[28]
Principal Amount	[1],[13],[28]	$ 1,275,451		$ 1,275,451
Participation %	[1],[13],[16],[28]	24.00%		24.00%				24.00%
Amortized Cost	[1],[13],[28]	$ 1,275,451		$ 1,275,451
Fair Value	[1],[13],[28]	$ 1,275,451		$ 1,275,451
% of Net Assets	[1],[13],[28]	0.40%		0.40%				0.40%
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trade ll [Member]
Interest	[1],[13],[28]			16.77%
Fees	[1],[4],[13],[28]			0.00%
Maturity		Mar. 27, 2019		Mar. 27, 2019	[1],[5],[13],[28]
Principal Amount	[1],[13],[28]	$ 1,329,575		$ 1,329,575
Participation %	[1],[13],[16],[28]	25.00%		25.00%				25.00%
Amortized Cost	[1],[13],[28]	$ 1,329,575		$ 1,329,575
Fair Value	[1],[13],[28]	$ 1,329,575		$ 1,329,575
% of Net Assets	[1],[13],[28]	0.40%		0.40%				0.40%
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Exporter [Member]
Interest	[1],[13]					17.50%
Fees	[1],[4],[13]					0.00%
Principal Amount	[1],[13]					$ 1,936,600
Participation %	[1],[13],[16]					100.00%
Amortized Cost	[1],[13]					$ 1,936,600
Fair Value	[1],[13]					$ 1,936,600
% of Net Assets	[1],[13]					0.60%
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Distribution [Member]
Interest	[1],[13]					17.50%
Fees	[1],[4],[13]					0.00%
Maturity	[1],[5],[13]					Sep. 19, 2018
Principal Amount	[1],[13]					$ 1,846,170
Participation %	[1],[13],[16]					100.00%
Amortized Cost	[1],[13]					$ 1,846,170
Fair Value	[1],[13]					$ 1,846,170
% of Net Assets	[1],[13]					0.60%
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Producer
Interest	[1],[13]					17.50%
Fees	[1],[4],[13]					0.00%
Maturity	[1],[5],[13]					Sep. 19, 2018
Principal Amount	[1],[13]					$ 764,280
Participation %	[1],[13],[16]					100.00%
Amortized Cost	[1],[13]					$ 764,280
Fair Value	[1],[13]					$ 764,280
% of Net Assets	[1],[13]					0.20%
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Minimum [Member] | Farm Products [Member] | Cocoa Trader [Member]
Maturity	[1],[5],[13]			Dec. 27, 2018	[27]	Sep. 19, 2018
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Minimum [Member] | Farm Products [Member] | Cocoa Exporter [Member]
Maturity	[1],[5],[13]					Sep. 07, 2018
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Maximum [Member] | Farm Products [Member] | Cocoa Trader [Member]
Maturity	[1],[5],[13]			Mar. 27, 2019	[27]	Sep. 27, 2018
Senior Secured Trade Finance Participations [Member] | Nigeria [Member] | Other Investments [Member] | Maximum [Member] | Farm Products [Member] | Cocoa Exporter [Member]
Maturity	[1],[5],[13]					Sep. 29, 2018
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Compania Argentina de Granos S.A. [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Interest	[1]			10.45%	[3],[29]	9.00%	[22],[30]
Fees	[1],[4]			0.00%	[3],[29]	0.00%	[22],[30]
Maturity	[1],[5]			Jun. 30, 2018	[3],[29]	May 01, 2018	[22],[30]
Principal Amount	[1]	$ 12,500,000	[3],[29]	$ 12,500,000	[3],[29]	$ 12,500,000	[22],[30]
Participation %	[1],[16]	83.00%	[3],[29]	83.00%	[3],[29]	83.00%	[22],[30]	83.00%	[3],[29]
Amortized Cost	[1]	$ 12,500,000	[3],[29]	$ 12,500,000	[3],[29]	$ 12,500,000	[22],[30]
Fair Value	[1]	$ 9,316,105	[3],[29]	$ 9,316,105	[3],[29]	$ 12,500,000	[22],[30]
% of Net Assets	[1]	2.60%	[3],[29]	2.60%	[3],[29]	3.90%	[22],[30]	2.60%	[3],[29]
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Sancor Cooperativas Unidas Ltda [Member] | Consumer Products [Member] | Dairy Co-Operative [Member]
Interest	[1]			10.67%	[3]	10.67%	[18]
Fees	[1],[4]			0.00%	[3]	0.00%	[18]
Maturity	[1],[5]			Jul. 29, 2019	[3]	Jul. 29, 2018	[18]
Principal Amount	[1]	$ 6,000,000	[3]	$ 6,000,000	[3]	$ 6,000,000	[18]
Participation %	[1],[16]	22.00%	[3]	22.00%	[3]	17.00%	[18]	22.00%	[3]
Amortized Cost	[1]	$ 6,000,000	[3]	$ 6,000,000	[3]	$ 6,000,000	[18]
Fair Value	[1]	$ 4,991,915	[3]	$ 4,991,915	[3]	$ 6,000,000	[18]
% of Net Assets	[1]	1.40%	[3]	1.40%	[3]	1.90%	[18]	1.40%	[3]
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Meat, Poultry & Fish [Member] | Beef Exporter [Member]
Interest	[1]			11.50%	[3],[29]	11.50%	[18]
Fees	[1],[4]			0.00%	[3],[29]	0.00%	[18]
Maturity	[1],[5]			Aug. 31, 2017	[3],[29]	Aug. 31, 2017	[18]
Principal Amount	[1]	$ 9,000,000	[3],[29]	$ 9,000,000	[3],[29]	$ 9,000,000	[18]
Participation %	[1],[16]	28.00%	[3],[29]	28.00%	[3],[29]	32.00%	[18]	28.00%	[3],[29]
Amortized Cost	[1]	$ 9,000,000	[3],[29]	$ 9,000,000	[3],[29]	$ 9,000,000	[18]
Fair Value	[1]	$ 6,748,935	[3],[29]	$ 6,748,935	[3],[29]	$ 9,000,000	[18]
% of Net Assets	[1]	1.90%	[3],[29]	1.90%	[3],[29]	2.80%	[18]	1.90%	[3],[29]
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Algodonera Avellaneda S.A [Member] | Fats and Oils [Member] | Oilseed Distributor [Member]
Interest	[1]			9.00%	[3]	9.00%	[12],[18],[31]
Fees	[1],[4]			0.00%	[3]	0.00%	[12],[18],[31]
Maturity	[1],[5]			Aug. 31, 2017	[3]	Feb. 22, 2018	[12],[18],[31]
Principal Amount	[1]	$ 6,000,000	[3]	$ 6,000,000	[3]	$ 6,000,000	[12],[18],[31]
Participation %	[1],[16]	27.00%	[3]	27.00%	[3]	100.00%	[12],[18],[31]	27.00%	[3]
Amortized Cost	[1]	$ 6,000,000	[3]	$ 6,000,000	[3]	$ 6,000,000	[12],[18],[31]
Fair Value	[1]	$ 3,784,354	[3]	$ 3,784,354	[3]	$ 6,000,000	[12],[18],[31]
% of Net Assets	[1]	1.10%	[3]	1.10%	[3]	1.90%	[12],[18],[31]	1.10%	[3]
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member]
Interest	[1],[22]			9.00%	[32]	9.00%
Fees	[1],[4],[22]			0.00%	[32]	0.00%
Maturity	[1],[5],[22]			Jun. 19, 2019	[32]	Aug. 18, 2018
Principal Amount	[1],[22]	$ 35,838	[32]	$ 35,838	[32]	$ 351,559
Participation %	[1],[16],[22]	3.00%	[32]	3.00%	[32]	43.00%		3.00%	[32]
Amortized Cost	[1],[22]	$ 35,838	[32]	$ 35,838	[32]	$ 351,559
Fair Value	[1],[22]	$ 35,838	[32]	$ 35,838	[32]	$ 351,559
% of Net Assets	[1],[22]	0.00%	[32]	0.00%	[32]	0.10%		0.00%	[32]
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member]
Interest	[1],[22]					9.25%
Fees	[1],[4],[22]					0.00%
Principal Amount	[1],[22]					$ 3,338,520
Participation %	[1],[16],[22]					34.00%
Amortized Cost	[1],[22]					$ 3,338,520
Fair Value	[1],[22]					$ 3,338,520
% of Net Assets	[1],[22]					1.00%
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Minimum [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member]
Maturity	[1],[5],[22]					Sep. 04, 2018
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Maximum [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member]
Maturity	[1],[5],[22]					Oct. 22, 2018
Senior Secured Trade Finance Participations [Member] | Guatemala [Member] | Procesos Fabriles S.A. [Member] | Farm Products [Member] | Sesame Seed Exporter [Member]
Interest	[1],[29]			12.00%	[3]	12.00%	[18]
Fees	[1],[4],[29]			0.00%	[3]	0.00%	[18]
Maturity	[1],[5],[29]			Mar. 31, 2016	[3]	Mar. 31, 2016	[18]
Principal Amount	[1],[29]	$ 881,800	[3]	$ 881,800	[3]	$ 881,800	[18]
Participation %	[1],[16],[29]	24.00%	[3]	24.00%	[3]	24.00%	[18]	24.00%	[3]
Amortized Cost	[1],[29]	$ 881,800	[3]	$ 881,800	[3]	$ 881,800	[18]
Fair Value	[1],[29]	$ 662,525	[3]	$ 662,525	[3]	$ 881,800	[18]
% of Net Assets	[1],[29]	0.20%	[3]	0.20%	[3]	0.30%	[18]	0.20%	[3]
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Mine Remediation Company [Member]
Interest	[1],[12]					17.50%
Fees	[1],[4],[12]					0.00%
Maturity	[1],[5],[12]					Sep. 28, 2017
Principal Amount	[1],[12]					$ 1,234,145
Participation %	[1],[12],[16]					10.00%
Amortized Cost	[1],[12]					$ 1,234,145
Fair Value	[1],[12]					$ 1,234,145
% of Net Assets	[1],[12]					0.40%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Mine Remediation Company [Member]
Fees	[1],[4],[13],[33]			0.00%
Principal Amount	[1],[13],[33]	$ 6,029,026		$ 6,029,026
Participation %	[1],[13],[16],[33]	60.00%		60.00%				60.00%
Amortized Cost	[1],[13],[33]	$ 6,029,026		$ 6,029,026
Fair Value	[1],[13],[33]	$ 6,029,026		$ 6,029,026
% of Net Assets	[1],[13],[33]	1.70%		1.70%				1.70%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Minimum [Member] | Communications Equipment [Member] | Mine Remediation Company [Member]
Interest	[1],[13],[33]			12.00%
Maturity	[1],[5],[13],[33]			Jan. 07, 2019
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Maximum [Member] | Communications Equipment [Member] | Mine Remediation Company [Member]
Interest	[1],[13],[33]			13.00%
Maturity	[1],[5],[13],[33]			Feb. 14, 2019
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Applewood Trading 199 Pty, Ltd [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Interest	[1],[3],[29]			10.00%
Fees	[1],[4],[29]			0.00%	[3]	0.00%	[18]
Maturity	[1],[5],[29]			May 22, 2015	[3]	May 22, 2015	[18]
Principal Amount	[1],[29]	$ 785,806	[3]	$ 785,806	[3]	$ 785,806	[18]
Participation %	[1],[16],[29]	19.00%	[3]	19.00%	[3]	12.00%	[18]	19.00%	[3]
Amortized Cost	[1],[29]	$ 785,806	[3]	$ 785,806	[3]	$ 785,806	[18]
Fair Value	[1],[29]	$ 690,616	[3]	$ 690,616	[3]	$ 726,729	[18]
% of Net Assets	[1],[29]	0.20%	[3]	0.20%	[3]	0.20%	[18]	0.20%	[3]
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Applewood Trading 199 Pty, Ltd [Member] | Minimum [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Interest	[1],[18],[29]					12.00%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Applewood Trading 199 Pty, Ltd [Member] | Maximum [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Interest	[1],[18],[29]					13.00%
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member]
Interest	[1],[13]			12.88%
Fees	[1],[4],[13]			0.00%		0.00%
Maturity	[1],[5],[13]			Jul. 14, 2019		Nov. 08, 2018
Principal Amount	[1],[13]	$ 2,500,000		$ 2,500,000		$ 3,500,000
Participation %	[1],[13],[16]	14.00%		14.00%		27.00%		14.00%
Amortized Cost	[1],[13]	$ 2,500,000		$ 2,500,000		$ 3,500,000
Fair Value	[1],[13]	$ 2,500,000		$ 2,500,000		$ 3,500,000
% of Net Assets	[1],[13]	0.70%		0.70%		1.10%		0.70%
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Minimum [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member]
Interest	[1],[13]					10.98%
Maturity	[1],[5],[13]					Jul. 31, 2017
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Maximum [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member]
Interest	[1],[13]					11.10%
Maturity	[1],[5],[13]					Nov. 23, 2017
Senior Secured Trade Finance Participations [Member] | Morocco [Member] | Mac Z Group SARL [Member] | Secondary Nonferrous Metals [Member] | Scrap Metal Recycler [Member]
Interest	[1],[29]			11.00%	[3]	11.00%	[18]
Fees	[1],[4],[29]			0.00%	[3]	0.00%	[18]
Maturity	[1],[5],[29]			Jul. 31, 2018	[3]	Jul. 31, 2018	[18]
Principal Amount	[1],[29]	$ 7,349,626	[3]	$ 7,349,626	[3]	$ 7,349,626	[18]
Participation %	[1],[16],[29]	73.00%	[3]	73.00%	[3]	73.00%	[18]	73.00%	[3]
Amortized Cost	[1],[29]	$ 7,349,626	[3]	$ 7,349,626	[3]	$ 7,349,626	[18]
Fair Value	[1],[29]	$ 7,632,234	[3]	$ 7,632,234	[3]	$ 7,349,626	[18]
% of Net Assets	[1],[29]	2.10%	[3]	2.10%	[3]	2.30%	[18]	2.10%	[3]
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member]
Interest	[1],[13]			11.50%	[34]	9.50%
Fees	[1],[4],[13]			0.00%	[34]	0.00%
Principal Amount	[1],[13]	$ 15,000,000	[34]	$ 15,000,000	[34]	$ 15,000,000
Amortized Cost	[1],[13]	15,000,000	[34]	15,000,000	[34]	15,000,000
Fair Value	[1],[13]	$ 15,000,000	[34]	$ 15,000,000	[34]	$ 15,000,000
% of Net Assets	[1],[13]	4.20%	[34]	4.20%	[34]	4.70%		4.20%	[34]
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member]
Interest	[1],[12]					0.86957%
Fees	[1],[4],[12]					0.00%
Principal Amount	[1],[12]					$ 11,957,864
Participation %	[1],[12],[16]					100.00%
Amortized Cost	[1],[12]					$ 11,957,864
Fair Value	[1],[12]					$ 11,957,864
% of Net Assets	[1],[12]					3.70%
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member]
Interest	[1],[12]			10.00%	[35]	10.00%
Fees	[1],[4],[12]			0.00%	[35]	0.00%
Maturity	[1],[5],[12]					Apr. 29, 2018
Principal Amount	[1],[12]	$ 7,000,000	[35]	$ 7,000,000	[35]	$ 14,388,525
Participation %	[1],[12],[16]	28.00%	[35]	28.00%	[35]	100.00%		28.00%	[35]
Amortized Cost	[1],[12]	$ 7,000,000	[35]	$ 7,000,000	[35]	$ 14,388,525
Fair Value	[1],[12]	$ 7,000,000	[35]	$ 7,000,000	[35]	$ 14,388,525
% of Net Assets	[1],[12]	1.90%	[35]	1.90%	[35]	4.50%		1.90%	[35]
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Minimum [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member]
Maturity	[1],[5],[13]			Jan. 02, 2019	[34]	Jan. 04, 2018
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Minimum [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member]
Maturity	[1],[5],[12]					Nov. 16, 2017
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Minimum [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member]
Maturity	[1],[5],[12],[35]			Jan. 20, 2019
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Maximum [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member]
Maturity	[1],[5],[13]			Feb. 14, 2019	[34]	Feb. 19, 2018
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Maximum [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member]
Maturity	[1],[5],[12]					Dec. 27, 2020
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Maximum [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member]
Maturity	[1],[5],[12],[35]			Feb. 01, 2019
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Other Investments [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member]
Fees	[1],[4],[13],[28]			0.00%
Maturity	[1],[5],[13],[28]			Mar. 27, 2019
Principal Amount	[1],[13],[28]	$ 10,718,201		$ 10,718,201
Participation %	[1],[13],[16],[28]	70.00%		70.00%				70.00%
Amortized Cost	[1],[13],[28]	$ 10,718,201		$ 10,718,201
Fair Value	[1],[13],[28]	$ 10,718,201		$ 10,718,201
% of Net Assets	[1],[13],[28]	3.00%		3.00%				3.00%
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Other Investments [Member] | Minimum [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member]
Interest	[1],[13],[28]			16.42%
Senior Secured Trade Finance Participations [Member] | Cameroon [Member] | Other Investments [Member] | Maximum [Member] | Chocolate and Cocoa Products [Member] | Cocoa & Coffee Exporter [Member]
Interest	[1],[13],[28]			17.50%
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],[22]			14.60%	[3]	14.60%
Fees	[1],[4],[22]			0.00%	[3]	0.00%
Maturity	[1],[5],[22]			Jun. 30, 2018	[3]	Jan. 30, 2018
Principal Amount	[1],[22]	$ 803,254	[3]	$ 803,254	[3]	$ 1,080,000
Participation %	[1],[16],[22]	60.00%	[3]	60.00%	[3]	60.00%		60.00%	[3]
Amortized Cost	[1],[22]	$ 803,254	[3]	$ 803,254	[3]	$ 1,080,000
Fair Value	[1],[22]	$ 803,254	[3]	$ 803,254	[3]	$ 1,080,000
% of Net Assets	[1],[22]	0.20%	[3]	0.20%	[3]	0.30%		0.20%	[3]
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member]
Fees	[1],[4],[13]					0.00%
Principal Amount	[1],[13]					$ 4,296,451
Participation %	[1],[13],[16]					71.00%
Amortized Cost	[1],[13]					$ 4,296,451
Fair Value	[1],[13]					$ 4,296,451
% of Net Assets	[1],[13]					1.30%
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Other Investments [Member] | Minimum [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member]
Interest	[1],[13]					9.43%
Maturity	[1],[5],[13]					Dec. 31, 2017
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Other Investments [Member] | Maximum [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member]
Interest	[1],[13]					9.83%
Maturity	[1],[5],[13]					May 08, 2018
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Other Investments [Member] | Food Products [Member] | Citrus Producer [Member]
Interest	[1],[22]					9.00%
Fees	[1],[4],[22]					0.00%
Principal Amount	[1],[22]					$ 346,215
Participation %	[1],[16],[22]					100.00%
Amortized Cost	[1],[22]					$ 346,215
Fair Value	[1],[22]					$ 346,215
% of Net Assets	[1],[22]					0.10%
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Other Investments [Member] | Minimum [Member] | Food Products [Member] | Citrus Producer [Member]
Maturity	[1],[5],[22]					Feb. 03, 2018
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Other Investments [Member] | Maximum [Member] | Food Products [Member] | Citrus Producer [Member]
Maturity	[1],[5],[22]					Jul. 26, 2018
Short Term Investments [Member]
Amortized Cost	[1]	$ 14,132,683		$ 14,132,683		$ 32,500,000
Fair Value	[1]	$ 13,644,683		$ 13,644,683		$ 32,500,000
% of Net Assets	[1]	3.70%		3.70%		10.10%		3.70%
Short Term Investments [Member] | IIG TOF B.V. [Member] | Financial Services [Member] | Receivable from IIG [Member]
Interest	[1],[29]			8.75%	[3],[36]	8.75%	[18],[31],[37]
Fees	[1],[4],[29]			0.00%	[3],[36]	0.00%	[18],[31],[37]
Principal Amount	[1],[29]	$ 6,000,000	[3],[36]	$ 6,000,000	[3],[36]	$ 6,000,000	[18],[31],[37]
Amortized Cost	[1],[29]	6,000,000	[3],[36]	6,000,000	[3],[36]	6,000,000	[18],[31],[37]
Fair Value	[1],[29]	$ 5,512,000	[3],[36]	$ 5,512,000	[3],[36]	$ 6,000,000	[18],[31],[37]
% of Net Assets	[1],[29]	1.50%	[3],[36]	1.50%	[3],[36]	1.90%	[18],[31],[37]	1.50%	[3],[36]
Short Term Investments [Member] | Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Funds Held In Escrow [Member]
Interest	[1],[38]			15.34%
Fees	[1],[4],[38]			0.00%
Principal Amount	[1],[38]	$ 394,946		$ 394,946
Participation %	[1],[16],[38]	90.00%		90.00%				90.00%
Amortized Cost	[1],[38]	$ 394,946		$ 394,946
Fair Value	[1],[38]	$ 394,946		$ 394,946
% of Net Assets	[1],[38]	0.10%		0.10%				0.10%
Short Term Investments [Member] | NETHERLANDS | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B
Interest	[1],[13],[39]			10.50%
Fees	[1],[4],[13],[39]			0.00%
Maturity	[1],[5],[13],[39]			Dec. 26, 2018
Principal Amount	[1],[13],[39]	$ 4,000,000		$ 4,000,000
Participation %	[1],[13],[16],[39]	16.00%		16.00%				16.00%
Amortized Cost	[1],[13],[39]	$ 4,000,000		$ 4,000,000
Fair Value	[1],[13],[39]	$ 4,000,000		$ 4,000,000
% of Net Assets	[1],[13],[39]	1.10%		1.10%				1.10%
Short Term Investments [Member] | NETHERLANDS | Other Investments [Member] | Maximum [Member] | Food Products [Member] | Fruit Juice Processor B
Maturity				Jul. 31, 2019
Short Term Investments [Member] | Singapore [Member] | Other Investments [Member] | Metals Service Centers and Offices [Member] | Steel Trader [Member]
Interest	[1],[13]			12.45%
Fees	[1],[4],[13]			0.00%
Maturity	[1],[5],[13]			Jun. 30, 2019
Principal Amount	[1],[13]	$ 3,737,737		$ 3,737,737
Participation %	[1],[13],[16]	100.00%		100.00%				100.00%
Amortized Cost	[1],[13]	$ 3,737,737		$ 3,737,737
Fair Value	[1],[13]	$ 3,737,737		$ 3,737,737
% of Net Assets	[1],[13]	1.00%		1.00%				1.00%
Short Term Investments [Member] | United Kingdom [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Machinery and Equipment Provider [Member]
Interest	[1],[13]					0.97049%
Fees	[1],[4],[13]					0.00%
Principal Amount	[1],[13]					$ 16,500,000
Participation %	[1],[13],[16]					16.00%
Amortized Cost	[1],[13]					$ 16,500,000
Fair Value	[1],[13]					$ 16,500,000
% of Net Assets	[1],[13]					5.10%
Short Term Investments [Member] | United Kingdom [Member] | Other Investments [Member] | Minimum [Member] | Petroleum and Petroleum Products [Member] | Machinery and Equipment Provider [Member]
Maturity	[1],[5],[13]					Jan. 31, 2018
Short Term Investments [Member] | United Kingdom [Member] | Other Investments [Member] | Maximum [Member] | Petroleum and Petroleum Products [Member] | Machinery and Equipment Provider [Member]
Maturity	[1],[5],[13]					Feb. 28, 2018
Short Term Investments [Member] | Cayman Islands [Member] | Other Investments [Member] | Financial Services [Member] | Financial Services Provider [Member]
Interest	[40]					7.50%
Fees	[4],[40]					0.00%
Maturity	[5],[40]					Feb. 28, 2018
Principal Amount	[40]					$ 10,000,000
Amortized Cost	[40]					10,000,000
Fair Value	[40]					$ 10,000,000
% of Net Assets	[40]					3.10%
Equity Warrants [Member]
Fair Value		$ 1,080,222		$ 1,080,222
Equity Warrants [Member] | Mexico [Member] | Blue Arrow Biojet Holdings, LLC [Member] | Refuse Systems [Member] | Wate to Fuels Processor [Member]
Fair Value		$ 1,080,222		$ 1,080,222
% of Net Assets		0.30%		0.30%				0.30%

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

[2] Principal and interest paid annually. , the maturity date was extended to 2/28/2021 in connection with a restructure of the loan. Refer to Note 3 for additional information.

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

[4] Fees may include upfront, origination, commitment, facility and/or other fees that the borrower must contractually pay to the Company. Fees, if any, are typically received in connection with term loan transactions and are rarely applicable to trade finance transactions.

[5] Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower.

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

[7] Principal and interest paid quarterly.

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

[9] This loan was issued at a discount. The entire principal, amounting to $18,462,024, is due at maturity. Interest is paid quarterly.

[10] Principal and interest paid monthly.

[11] Interest paid quarterly. Principal to be repaid in five equal quarterly installments starting in March 2019.

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

[13] Principal and interest paid at maturity.

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

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

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

[17] Principal and interest paid annually. While the original maturity date was 5/15/2017, the maturity date was extended to 12/15/2020 in connection with a restructure of the loan. Refer to Note 3 for additional information.

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

[19] In connection with a restructure of the underlying facilities, consisting of two senior secured term loans and a senior secured trade finance revolving credit facility, all maturity dates were extended to 7/28/21. Please refer to Note 3 for additional information.

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

[21] 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.

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

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

[24] While the original maturity dates ranged from 3/10/2017 to 10/9/2017, during July 2017 the maturity dates were extended to 2/21/2018 to 6/1/2018. In October 2017, this investment was refinanced from a trade finance participation to a term loan participation and the maturity dates were extended to 8/31/2022. In addition, at the time of the refinance, $2,027,327 of accrued interest was capitalized and added to the principal balance.

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

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

[27] As of the date of this report the $147,679 portion of this investments that had a maturity date in December 2018 has been repaid in full

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

[29] Investment on non-accrual status.

[30] While the original maturity date was 7/18/2017, the maturity date was extended to 5/01/2018 to account for the delays in shipments.

[31] For periods prior to the three months ended June 30, 2018, these investments were listed as one senior secured trade finance participation with a principal amount of $12,000,000. Refer to the description of these investments in Note 3 for more information.

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

[33] Partial payment of principal was received during the first quarter of 2019. The Company expects to extend the maturity during the second quarter of 2019.

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

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

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

[37] This investment was originally classified as an investment in a credit facility originated by IIG TOF B.V., a subsidiary of a fund advised by the Company’s sub-advisor, 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 participation to short term investments. Please see Note 3 for additional information.

[38] Investment classified as short term due to the funds being held in an escrow account pending the completion of the loan document. Funds accrue interest at 13% plus three-month Libor.

[39] $2 million of this investment was repaid during the first quarter 2019. The remaining $2 million principal balance was extended to July 31, 2019.

[40] Secured short term note receivable from Barak Mikopo Leveraged Structured Credit Fund SP, which is managed by Barak Fund Management Ltd., a sub-advisor to the Company. Principal and accrued interest are due at maturity.

XML

Consolidated Schedule of Investments (Parenthetical)			1 Months Ended	3 Months Ended				12 Months Ended
		Jul. 31, 2019 USD ($)	Oct. 31, 2017	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)		Sep. 30, 2018	Dec. 31, 2018 USD ($) Installment		Dec. 31, 2017 USD ($)		Dec. 31, 2018 EUR (€)
Purchase of investments								$ 206,981,492		$ 323,243,049
Fats and Oils [Member]
Principal Amount										$ 12,000,000
Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Extended maturity date								Feb. 28, 2021		Dec. 15, 2020
Maturity										May 15, 2017
Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member] | Senior Secured Term Loan Participations [Member]
Principal Amount	[1],[2],[3]									$ 2,851,296
Interest	[1],[2],[3]									12.43%
Maturity	[1],[2],[3],[4]									Dec. 15, 2020
Peru [Member] | Kinder Investments, Ltd. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Inventory Facility [Member]
Extended maturity date								Aug. 15, 2021
Peru [Member] | Pure Biofuels del Peru S.A.C. [Member] | Bulk Fuel Stations and Terminals [Member] | Clean Diesel Distributor [Member]
Entire principal amount										$ 18,462,024
Peru [Member] | Pure Biofuels del Peru S.A.C. [Member] | Bulk Fuel Stations and Terminals [Member] | Clean Diesel Distributor [Member] | Senior Secured Term Loan [Member]
Principal Amount	[2],[5]									$ 15,000,000
Interest	[2],[5]									11.33%
Maturity	[2],[4],[5]									Jul. 27, 2019
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Senior Secured Term Loan Participations [Member]
Principal Amount	[2],[6]									$ 4,960,000
Maturity	[2],[4],[6]									Jul. 28, 2021
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Senior Secured Term Loan Participations [Member] | Minimum [Member]
Interest	[2],[6]									12.00%
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Senior Secured Term Loan Participations [Member] | Maximum [Member]
Interest	[2],[6]									13.00%
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Inventory Facility [Member]
Extended maturity date										Jul. 28, 2021
Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member]
Deferred interest rate included in investment interest accruing								4.68%		4.68%
Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | Senior Secured Term Loan Participations [Member]
Principal Amount	[2],[7]				$ 12,762,670			$ 12,762,670		$ 13,407,670
Interest	[2],[7]							12.85%		16.54%
Maturity	[2],[4],[7]							Sep. 16, 2020		Sep. 16, 2020
Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | One-Month Libor [Member]
Variable interest rate								10.50%		10.50%
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader III [Member] | Senior Secured Trade Finance Participations [Member]
Principal Amount	[2],[8],[9]				$ 1,275,451			$ 1,275,451
Interest	[2],[8],[9]							16.77%
Maturity					Mar. 27, 2019			Mar. 27, 2019	[2],[4],[8],[9]
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trade ll [Member] | Senior Secured Trade Finance Participations [Member]
Principal Amount	[2],[8],[9]				$ 1,329,575			$ 1,329,575
Interest	[2],[8],[9]							16.77%
Maturity					Mar. 27, 2019			Mar. 27, 2019	[2],[4],[8],[9]
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member]
Principal Amount	[2],[9]				$ 448,697	[10]		$ 448,697	[10]	$ 1,205,450
Interest	[2],[9]							16.77%	[10]	17.50%
Investment maturity								2018-12
Purchase of investments								$ 147,679
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity	[2],[4],[9]							Dec. 27, 2018	[10]	Sep. 19, 2018
Nigeria [Member] | Other Investments [Member] | Farm Products [Member] | Cocoa Trader [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity	[2],[4],[9]							Mar. 27, 2019	[10]	Sep. 27, 2018
Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Funds Held In Escrow [Member] | Short Term Investments [Member]
Principal Amount	[2],[11]				394,946			$ 394,946
Interest	[2],[11]							15.34%
Ghana [Member] | Other Investments [Member] | Financial Services [Member] | Funds Held In Escrow [Member] | Three-month Libor [Member] | Short Term Investments [Member]
Interest								13.00%
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member]
Extended maturity date			Aug. 31, 2022							Aug. 31, 2022
Accrued interest capitalized										$ 2,027,327
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Minimum [Member]
Extended maturity date										Oct. 09, 2017
Maturity										Mar. 10, 2017
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Maximum [Member]
Extended maturity date										Jun. 01, 2018
Maturity										Feb. 21, 2018
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Term Loan Participations [Member]
Principal Amount	[2]				18,527,237	[12]		$ 18,527,237	[12]	$ 18,527,237	[13]
Interest	[2]							12.90%	[12]	11.66%	[13]
Maturity	[2],[4]							Aug. 31, 2022	[12]	Aug. 31, 2022	[13]
Namibia [Member] | Other Investments [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | Senior Secured Term Loan Participations [Member]
Principal Amount	[2],[14]				16,168,797			$ 16,168,797
Maturity	[2],[4],[14]							Aug. 15, 2021
Namibia [Member] | Trustco Group Limited [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Entire principal amount					2,143,500			$ 2,143,500		$ 2,143,500
Principal and interest starting date								Feb. 15, 2020		Feb. 15, 2020
Namibia [Member] | Trustco Group Limited [Member] | Land Subdividers and Developers [Member] | Property Developer [Member] | Senior Secured Term Loan Participations [Member]
Principal Amount	[2],[14]									$ 15,529,353
Interest	[2],[14]									12.50%
Maturity	[2],[4],[14]									Aug. 15, 2021
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member]
Original drawdown date								Aug. 10, 2017		Aug. 10, 2017
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | Senior Secured Term Loan [Member]
Principal and accrued interest payment description								Principal and interest paid annually. , the maturity date was extended to 2/28/2021 in connection with a restructure of the loan. Refer to Note 3 for additional information.		Principal and interest paid annually. While the original maturity date was 5/15/2017, the maturity date was extended to 12/15/2020 in connection with a restructure of the loan. Refer to Note 3 for additional information.
Principal Amount	[2],[15]				6,840,000			$ 6,840,000		$ 6,840,000
Interest	[2],[15]							11.50%		11.50%
Maturity	[2],[4],[15]							Feb. 10, 2021
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | Senior Secured Term Loan [Member] | Minimum [Member]
Maturity	[2],[4],[15]									Feb. 10, 2021
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | Senior Secured Term Loan [Member] | Maximum [Member]
Maturity	[2],[4],[15]									Apr. 02, 2021
Croatia [Member] | Other Investments [Member] | Department Stores [Member] | Mall Operator [Member] | Senior Secured Term Loan Participations [Member]
Principal Amount					8,034,348	[2],[16],[17]		$ 8,034,348	[2],[16],[17]			€ 6,200,000
Investment premium included in fair value					228,027			$ 228,027
Maturity	[2],[4],[16],[17]							Jan. 23, 2021
China [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member] | Senior Secured Term Loan [Member]
Principal Amount	[2]				10,000,000	[18]		$ 10,000,000	[18]	$ 10,000,000	[19]
Interest	[2]							12.00%	[18]	12.00%	[19]
Number of quarterly installments for repayment of principal | Installment								4
Maturity	[2],[4]							Jun. 22, 2021	[18]	Jun. 22, 2021	[19]
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | Senior Secured Term Loan [Member]
Principal Amount	[2],[20]				15,000,000			$ 15,000,000
Interest	[2],[20]							11.50%
Number of quarterly installments for repayment of principal | Installment								4
Maturity	[2],[4],[20]							Dec. 27, 2020
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | Senior Secured Trade Finance Participations [Member]
Principal Amount	[2],[17]									$ 11,957,864
Interest	[2],[17]									0.86957%
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity	[2],[4],[17]									Nov. 16, 2017
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity	[2],[4],[17]									Dec. 27, 2020
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | Senior Secured Trade Finance Participations [Member]
Principal Amount	[2],[9]				15,000,000	[21]		$ 15,000,000	[21]	$ 15,000,000
Interest	[2],[9]							11.50%	[21]	9.50%
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity							Jan. 02, 2019	Jan. 02, 2019	[2],[4],[9],[21]	Jan. 04, 2018	[2],[4],[9]
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | Scenario Forecast [Member]
Investment maturity				2019-12
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity							Feb. 14, 2019	Feb. 14, 2019	[2],[4],[9],[21]	Feb. 19, 2018	[2],[4],[9]
Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | Scenario Forecast [Member]
Investment maturity				2020-02
Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | Senior Secured Trade Finance Participations [Member]
Principal Amount	[2],[17]				7,000,000	[22]		$ 7,000,000	[22]	$ 14,388,525
Interest	[2],[17]							10.00%	[22]	10.00%
Maturity	[2],[4],[17]									Apr. 29, 2018
Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity	[2],[4],[17],[22]							Jan. 20, 2019
Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member] | Scenario Forecast [Member]
Maturity				Apr. 10, 2019
Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity	[2],[4],[17],[22]							Feb. 01, 2019
Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member] | Scenario Forecast [Member]
Maturity				May 03, 2019
Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member] | Senior Secured Trade Finance Participations [Member]
Extended maturity date							Jun. 19, 2019
Principal Amount	[2],[24]				35,838	[23]		$ 35,838	[23]	$ 351,559
Interest	[2],[24]							9.00%	[23]	9.00%
Maturity	[2],[4],[24]							Jun. 19, 2019	[23]	Aug. 18, 2018
Malaysia [Member] | Other Investments [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member] | Senior Secured Term Loan [Member]
Principal Amount	[2]				15,000,000	[25]		$ 15,000,000	[25]	$ 15,000,000	[17]
Interest	[2]							12.00%	[25]	12.00%	[17]
Number of quarterly installments for repayment of principal | Installment								5
Maturity	[2],[4]							Mar. 31, 2020	[25]	Mar. 31, 2020	[17]
NETHERLANDS | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B | Short Term Investments [Member]
Principal Amount	[2],[9],[26]				$ 4,000,000			$ 4,000,000
Interest	[2],[9],[26]							10.50%
Maturity	[2],[4],[9],[26]							Dec. 26, 2018
NETHERLANDS | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B | Short Term Investments [Member] | Scenario Forecast [Member]
Purchase of investments		$ 2,000,000		$ 2,000,000
NETHERLANDS | Other Investments [Member] | Food Products [Member] | Fruit Juice Processor B | Short Term Investments [Member] | Maximum [Member]
Maturity								Jul. 31, 2019
Argentina [Member] | Other Investments [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | Senior Secured Term Loan [Member]
Extended maturity date										May 01, 2018
Maturity										Jul. 18, 2017
Chile [Member] | Other Investments [Member] | Farm Products [Member] | Chia Seed Exporter [Member] | Senior Secured Term Loan [Member]
Extended maturity date										Mar. 04, 2018
Maturity										Dec. 11, 2016

[1] Principal and interest paid annually. While the original maturity date was 5/15/2017, the maturity date was extended to 12/15/2020 in connection with a restructure of the loan. Refer to Note 3 for additional information.

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

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

[4] Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower.

[5] This loan was issued at a discount. The entire principal, amounting to $18,462,024, is due at maturity. Interest is paid quarterly.

[6] In connection with a restructure of the underlying facilities, consisting of two senior secured term loans and a senior secured trade finance revolving credit facility, all maturity dates were extended to 7/28/21. Please refer to Note 3 for additional information.

[7] 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.

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

[9] Principal and interest paid at maturity.

[10] As of the date of this report the $147,679 portion of this investments that had a maturity date in December 2018 has been repaid in full

[11] Investment classified as short term due to the funds being held in an escrow account pending the completion of the loan document. Funds accrue interest at 13% plus three-month Libor.

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

[13] While the original maturity dates ranged from 3/10/2017 to 10/9/2017, during July 2017 the maturity dates were extended to 2/21/2018 to 6/1/2018. In October 2017, this investment was refinanced from a trade finance participation to a term loan participation and the maturity dates were extended to 8/31/2022. In addition, at the time of the refinance, $2,027,327 of accrued interest was capitalized and added to the principal balance.

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

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

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

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

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

[19] Principal and interest paid quarterly.

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

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

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

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

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

[25] Interest paid quarterly. Principal to be repaid in five equal quarterly installments starting in March 2019.

[26] $2 million of this investment was repaid during the first quarter 2019. The remaining $2 million principal balance was extended to July 31, 2019.

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Organization and Operations of the Company

12 Months Ended

Dec. 31, 2018

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 business having less than 500 employees, primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company uses the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. To a lesser extent, the Company may also make impact investments in companies that may not meet our technical definition of SMEs due to a larger number of employees but that also provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company generally expects that such investments will have similar investment characteristics as SMEs as defined by the Company. The Company’s investment objectives are to generate current income, capital preservation and modest capital appreciation primarily through investments in SMEs. The Company is externally managed by TriLinc Advisors, LLC (the “Advisor”). The Advisor is an investment advisor registered with the SEC.

TriLinc Global, LLC (the “Sponsor”) owns 85% of the units of the Advisor, and is the sponsor of the Company. Strategic Capital Advisory Services, LLC (“SCAS”) owns 15% of the Advisor, and is considered an affiliate of the Company. The Sponsor employs staff who operate both the Advisor and the Company. The Sponsor, the Advisor and SCAS are Delaware limited liability companies.

In May 2012, the Advisor purchased 22,161 Class A units for aggregate gross proceeds of $200,000. The Company commenced its initial public offering of up to $1,500,000,000 in units of limited liability company interest (the “Offering”) on February 25, 2013. On June 11, 2013, the Company satisfied its minimum offering requirement of $2,000,000 when the Sponsor purchased 321,330 Class A units for aggregate gross proceeds of $2,900,000 and the Company commenced operations. The primary offering terminated on March 31, 2017. The Company continues to offer and sell units pursuant to its Distribution Reinvestment Plan (“DRP”). Through the termination of the primary offering, the Company raised approximately $361,776,000 in gross proceeds, including approximately $13,338,000 raised through the DRP. For the period from April 1, 2017 to December 31, 2018, the Company raised an additional $67,321,000 pursuant to a private placement and $18,790,000 pursuant to the DRP for the gross proceeds of $447,887,000 as of December 31, 2018.

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 (the “Subsidiaries”), all of which are Cayman Islands exempted companies. In June 2016, the Company created TriLinc Global Impact Fund Cayman, Ltd. (“TGIFC”) to allow the Company to use financial leverage.  The Company transferred all of the shares of all of its Subsidiaries to TGIFC.  The Subsidiaries own all of the Company’s investments. As of December 31, 2018, the Company’s subsidiaries are as follows:

• TriLinc Global Impact Fund – Asia, Ltd.

• TriLinc Global Impact Fund – Latin America, Ltd.

• TriLinc Global Impact Fund – Trade Finance, Ltd.

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

• TriLinc Global Impact Fund – Africa, Ltd.

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

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

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

• TriLinc Global Impact Fund – Asia II, Ltd.

• TriLinc Global Impact Fund – Asia III, Ltd.

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

• TriLinc Global Impact Fund – Europe, Ltd.

• TriLinc Global Impact Fund – Cayman, Ltd.

Through December 31, 2018, the Company has made, through its subsidiaries, loans in several countries located in Europe, South America, Asia and Africa.

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Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

Basis of Presentation

The Company follows the accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946 — Financial Services, Investment Companies (“ASC 946”). The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These financial statements are presented in United States dollars, which is the functional and reporting currency of the Company and all its subsidiaries.

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 and reclassifications that, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition as of and for the periods presented.

Cash

Cash consists of demand deposits at a financial institution located in the United States of America. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company considers the credit risk of this financial institution to be remote and has not experienced and does not expect to experience any losses in any such accounts.

Revenue Recognition

The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight line basis, which we have determined not to be materially different from the effective yield method.

The Company records prepayment fees for loans and debt securities paid back to the Company prior to the maturity date as income upon receipt.

The Company generally places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. At December 31, 2017, six portfolio companies were on non-accrual status with an aggregate fair value of $30,562,415 or 8.2% of the fair value of the Company’s total investments. At December 31, 2017, three portfolio company was on non-accrual status with a fair value of $8,958,155 or 2.7% 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 $3,054,881 and $401,838 respectively, for the years ended December 31, 2018 and 2017.

Valuation of Investments

The Company applies fair value accounting to all of its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company has categorized its investments into a three-level fair value hierarchy as discussed in Note 4.

ASC 820 establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:

• Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

• Level 2 — Valuations based on inputs other than quoted prices included in Level 1, which are either directly or indirectly observable.

• Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the income, market or cost approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. Certain investments may be valued based upon a collateral approach, which uses estimated value of underlying collateral and include adjustments deemed necessary for estimates of costs to obtain control and liquidate available collateral. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence.

The inputs used in the determination of fair value may require significant judgment or estimation.

Investments for which market quotations are readily available are valued at those quotations. Most of the Company’s investments are investments in 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 maturity of greater than 12 months, the Company has engaged a third-party independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm perform a review on the reasonableness of the Company’s internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually. The analysis performed by the independent valuation firm was based upon data and assumptions provided to it by the Company and received from third party sources, which the independent valuation firm relied upon as being accurate without independent verification;

3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any opinion or report rendered by the independent valuation firm; and

4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the inputs which include but are not limited to, inputs of the Advisor, the independent valuation firm and the audit committee. The Company and its board of managers are solely and ultimately responsible for the determination, in good faith, of the fair value of each investment.

Below is a description of factors that the Company’s board of managers may consider when valuing the Company’s investments.

Fixed income investments are typically valued utilizing a market approach, income approach, collateral based approach, or a combination of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business) and is used less frequently due to the private nature of the Company’s investments. The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (Discounted Cash Flow or “DCF”) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. For Watch List investments, the Company may use a collateral based approach (also known as a liquidation approach).  The collateral based approach uses estimates of the collateral value of the borrower’s assets using an expected recovery model.  When using the collateral based approach, we determine 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 obligor

• Industry factors that are relevant to the investment or the underlying obligor

• Historical and projected financial performance of the obligor 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 & value) that supports the investment

• Sub-Advisor recommendation as to possible impairment or reserve, including updates and feedback

• For participations, the Fund’s ownership percentage of the overall facility

• Key inputs and assumptions that are believed to be most appropriate for the investment and the approach utilized

With respect to warrants and other equity investments, as well as certain fixed income investments, the Company may also look to private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors, valuations implied by third-party investments in the portfolio companies, option pricing models or industry practices in determining fair value. The Company may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, as well as any other factors the Company deems relevant in measuring the fair values of the Company’s investments.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments

The Company measures net realized gains or losses by the difference between the net proceeds from the repayment or sale on investments and the amortized cost basis of the investment including unamortized upfront fees and prepayment penalties. Realized gains or losses on the disposition of an investment are calculated using the first in first out (FIFO) method, utilizing 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 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 may have investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. For the years ended December 31, 2018 and 2017, the Company earned and capitalized PIK interest of $4,754,257 and $3,600,991, respectively.

Distribution and Ongoing Dealer Manager 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 December 31, 2018 and 2017, the estimated unpaid aggregate distribution fees for Class C units amounted to $1,172,000 and $1,309,000,respectively, the unpaid dealer manager fees for Class I units amounted to $55,000 and $61,000 respectively, and the unpaid dealer manager and service fees for Class W units amounted to $3,000 and $4,000 respectively.

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 December 31, 2018 and 2017, 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 ending December 31, 2015.

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

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis. As of December 31, 2018, 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 Company’s income and expenses on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, effective June 30, 2016, the Company records liabilities for distribution fees that the Company (i) currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the dealer manager in future periods. As of December 31, 2018 and 2017, under GAAP, the Company recorded a liability in the aggregate amount of $1,230,000 and $1,895,000, respectively, for the estimated future amount of Class C units distribution fee, Class I units dealer manager fees, Class W units ongoing dealer manager fees and Class W units service fees payable. The Company is not required to determine its net asset value under GAAP and, thus, its determination of net asset value per unit for Class C units, Class I units and Class W units now varies from GAAP.  

Prior to April 1, 2017, the Company deducted the liability for the estimated future distribution fees in its net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than the Class C units with the difference being the result of the Company’s deduction of estimated future distribution fees with respect to Class C units. The Company determined that the prior approach is not the most appropriate for determining the net asset value per unit for Class C units and, beginning with the net asset value determination as of June 30, 2017, 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 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.

Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of December 31, 2018, each of the Class A, Class C, Class I, Class W, Class Y and Class Z units have the same net asset value per unit of $8.227. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.302 from $8.529 as of March 31, 2017 to $8.227 as of December 31, 2018 as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses during the second and fourth quarters of 2017. The Company also failed to realize sufficient investment income to cover its operating expenses during the second and fourth quarters of 2017 and first quarter of 2018. In addition, during the year ended December 31, 2018, the Company recorded approximately $8.1 million in net unrealized depreciation on its investments.

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 December 31, 2018 and 2017.

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs incurred in connection with the Offering are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of December 31, 2018 and 2017. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses were equal to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution, dealer manager, and service fees to the dealer manager for certain sales pursuant to private placements.  As of December 31, 2018, the Sponsor has incurred approximately $567,300 in organization and offering costs on behalf of the Company related to private placements of the Company’s units.  As of December 31, 2018, the Company has reimbursed $86,784 of the organization and offering costs incurred relating to such private placements and is under no obligation to reimburse the Sponsor for the remainder.

Operating Expense Responsibility Agreement

On March 26, 2018, the Advisor and the Sponsor entered into the Responsibility Agreement originally effective as of June 11, 2013 and covering expenses through December 31, 2017. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,240,200 of expenses, which have been paid by the Company as of December 31, 2017.

The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf to the extent the Fund’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 Fund’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, we will apply the excess amount (the “Excess Amount”) as follows: (i) first, we will reimburse the Sponsor for all expenses, other than asset management fees and incentive fees, that the Sponsor previously paid on our behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, we will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the asset management fees and incentive fees that the Sponsor has agreed to pay on our 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 quarters ended March 31, 2018, September 30, 2018, and December 31, 2018, but met the Reimbursement Hurdle for the quarter ended June 30, 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been reimbursed to the Sponsor and recorded as expenses of the Company for the year ended December 31, 2018. As of December 31, 2018, there is a remaining aggregate balance of approximately $16,266,800 in expenses covered by the Responsibility Agreement which have not been reimbursed to the Sponsor nor 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.

Classification Correction

During the second quarter of 2018, the Company identified a misclassification error in its Consolidated Statement of Assets and Liabilities, which overstated the net capital paid in on and net assets for Class A, C, and I units and understated the net capital paid in on and net assets for Class Y units as of December 31, 2017.  This misclassification error did not affect the aggregate net assets presented. The Company determined the misclassification error was not material to the prior periods and corrected it on a prospective basis during the second quarter of 2018. The effect of the correction to the Analysis of Net Assets section of the Consolidated Statement of Assets and Liabilities as of December 31, 2017 is as follows:

ANALYSIS OF NET ASSETS:	As previously reported			Corrected			Change
Net capital paid in on Class A units	$	166,754,603		$	162,087,710		$	(4,666,893	)
Net capital paid in on Class C units		76,275,220			74,739,748			(1,535,472	)
Net capital paid in on Class I units		92,778,756			92,522,021			(256,735	)
Net capital paid in on Class Y units		2,704,659			9,163,759			6,459,100
Offering costs		(17,156,501	)		(17,156,501	)		-
NET ASSETS	$	321,356,737		$	321,356,737		$	-
Net assets, Class A	$	158,558,939		$	153,892,048		$	(4,666,891	)
Net assets, Class C		72,495,821			70,960,348			(1,535,473	)
Net assets, Class I		88,086,934			87,830,198			(256,736	)
Net assets, Class Y		2,215,043			8,674,143			6,459,100
NET ASSETS	$	321,356,737		$	321,356,737		$	-

Out-of-Period Adjustments

As disclosed in “Watch List Investments” in Note 3, in prior periods, the Company was not aware of, and so therefore did not include, certain information in its valuation of some of its Participations in trade finance facilities originated by IIG Trade Opportunities Fund B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. This resulted in the overstatement of the valuation of these investments for each quarter in the year ended December 31, 2017 and the quarter ended March 31, 2018, which overstatement was not material. The aggregate amount of this overstatement as of December 31, 2017 was approximately $871,000. The Company became aware of this information on July 31, 2018 and determined that the adjustments for the prior periods are not material. The Company elected to record these prior period adjustments on a prospective basis commencing with the second quarter of 2018. The effect of these adjustments was to overstate net change in unrealized depreciation on investments and to understate the Net Increase In Net Assets Resulting From Operations, in each case by approximately $871,000 on the Consolidated Statement of Operations as of December 31, 2018.

Recently Issued Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. The Company has adopted this guidance effective for the fiscal period beginning January 1, 2018, using the modified retrospective approach. The guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the adoption of the new revenue recognition guidance did not have any impact on the elements of the Company’s consolidated statements of operations, most closely associated with financial instruments, including interest and fee income, and resulted in no cumulative effect adjustment to the opening balance of its net assets.

In January, 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments that are marked to fair value and reported as available-for-sale (“AFS”).  ASU 2016-01 requires public business entities that are required to disclose fair value of financial instruments measured at amortized cost on the balance sheet to measure that fair value using the exit price notion consistent with Topic 820, Fair Value Measurement.  For public business entities, ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.  The Company has adopted this guidance effective for the fiscal period beginning January 1, 2018.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance requires companies to apply the requirements in the year of adoption through cumulative adjustment with some aspects of the update requiring a prospective transition approach. The Company is currently evaluating the potential impact of the pending adoption of ASU 2016-13 on our consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: (i) debt prepayment or debt extinguishment, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interest in securitizations transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this guidance, which did not have any effect on its consolidated financial statements, effective January 1, 2018.

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 is also exposed to credit risk related to maintaining all of its cash at a major financial institution. The Company relies on the ability of the Advisor and the ability of the sub-advisors’ investment professionals to obtain adequate information to evaluate the potential returns from these investments, which primarily are made in, with or through private companies. If the Company is unable to uncover all material information about these companies or is provided incorrect or inadequate information about these companies from the Company’s subadvisors, the Company may not make a fully informed investment decision, and the Company may lose money on its investments. As described further in “Note 3—Investments—Watch List Investments,” IIG is the sub-advisor with respect to six of the twelve investments that we have deemed Watch List investments, which are investments with respect to which we have determined there have been significant changes in the credit and collection risk of the investment.  As described in Note 3, IIG has failed to provide us with complete and accurate information with respect to our investments for which IIG is the sub-advisor, has misapplied $6 million that we invested in 2017 and our funds that were misapplied have not been returned to us. IIG’s acts and omissions have negatively affected the value of certain of our investments, which could adversely affect returns to our unitholders.

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

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. In addition, as of December 31, 2018, all but one of the Company’s investments are 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.

At December 31, 2018, the Company’s investment portfolio included 47 companies and was comprised of $88,858,707 or 23.8% in senior secured term loans, $189,157,819 or 50.7% in senior secured term loan participations, $80,236,312 or 21.5% in senior secured trade finance participations, and $13,644,683 or 3.7% in short term investments. At December 31, 2018, the Company’s largest loan by value was $21,367,121 or 5.6% of the total portfolio and the Company’s 5 largest loans by value amounted to an aggregate of $94,943,574, representing 25.5% of total investments. Participation in loans amounted to 72.2% of the Company’s total portfolio at December 31, 2018.

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Investments

12 Months Ended

Dec. 31, 2018

Investments Debt And Equity Securities [Abstract]

Investments

Note 3. Investments

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

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

As of December 31, 2017, the Company’s investments consisted of the following:

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	78,573,493	$	78,573,493		23.4	%
Senior secured term loan participations		119,165,378		119,165,378		35.6	%
Senior secured trade finance participations		105,089,698		105,030,621		31.3	%
Short term investments		32,500,000		32,500,000		9.7	%
Total investments	$	335,328,569	$	335,269,492		100.0	%

Participations

The majority of the Company’s investments are in the form of Participation Interests (“Participations”). Participations are interests, which may be divided or undivided, in financing facilities originated by one of the Company’s sub-advisors. Participations may be interests in one specific loan or trade finance transaction, several loans or trade finance transactions under a facility, or may be interests in an entire facility.  The Company’s rights under Participations include, without limitation, all corresponding rights in payments, collateral, guaranties, and any other security interests obtained by the respective sub-advisor in the underlying financing facilities.

Interest Receivable

Depending on the specific terms of the Company’s investments, interest earned by the Company is payable either monthly, quarterly, or, in the case of most trade finance investments, at maturity.  As such, some of the Company’s investments have up to a year or more of accrued interest receivable as of December 31, 2018.  In addition, certain of the Company’s investment in term loans accrue deferred interest, which is not payable until the maturity of the loans.  Deferred interest included in the interest receivable balance as of December 31, 2018 and 2017 amounted to $2,413,894 and $1,960,157, respectively. The Company’s interest receivable balances at December 31, 2018 and 2017 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. In terms of 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.In the periodic reports prior to September 30, 2017, the Company included short term investments within the Trade Finance section of the Schedule of Investments. Due to Short Term Investments’ unique characteristics, the Company has determined to present these investments separately.

Warrants

Certain investments, including loans and participations, may carry equity warrants on borrowers, which allow the Company to buy shares of the portfolio company at a given price, which the Company will 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 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. For all Watch List investments, the Company evaluates: (i) liquidation value of collateral; (ii) rights and remedies enforceable against the borrower; (iii) any credit insurance and/or guarantees; (iv) market, sector and macro events and (v) other relevant information (e.g., third party purchase of the borrower). As of December 31, 2018 and 2017, respectively, the Company had 12 and 10 Watch List investments.

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

The Company previously entered into a sub-advisory arrangement with IIG through the Company’s Advisor, however, the Company has determined not to make any further investments with IIG as the sub-advisor.  IIG is the sub-advisor with respect to six of the twelve investments that the Company has deemed Watch List investments.  The Company has determined not to engage in any new business with IIG, due in part to IIG’s failure to provide the Company with complete and accurate information with respect to its investments for which IIG is the sub-advisor, the misapplication of $6 million that the Company had invested in 2017 and the failure to return the Company’s funds that were misapplied by IIG.  

Given IIG’s failure to fulfill its obligations as a sub-advisor, the Company, with the authorization of the board of managers, engaged a third-party, independent valuation firm, or the “independent valuation firm”.  The Company engaged the independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm to perform to provide an estimate of the range of fair value of certain material investments described below. Specifically, for the quarter ended December 31, 2018, the Company asked the independent valuation firm to perform the limited procedures on certain Watch List investments that the Company deemed to be material and are more specifically described below under the captions, “—Algodonera Avellaneda S.A.”, “—Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay”, “—IIG Trade Opportunities FundB.V. Receivable”, “—Compania Argentina de Granos”, and “—Sancor Cooperativas Unidas Limitada”.  In addition, for the quarter ended December 31, 2018, the Company asked the independent valuation firm to perform the limited procedures on the investment described below under the caption “—Mac Z Group SARL” for which Scipion (defined below) is the sub-advisor.  These six investments comprise approximately 10.2% of the total investments at fair value as of December 31, 2018, for which market quotations are not readily available.  The analysis performed by the independent valuation firm is based upon data and assumptions provided to it by the Company and received from third party sources, which the independent valuation firm relied upon as being accurate without independent verification.  The results of the analyses performed by the independent valuation firm are among the factors taken into consideration by the Company and its management in making its determination with respect to the fair value of such investments, but are not determinative. The Company and its management are solely and ultimately responsible for determining the fair value of the Company’s investments in good faith. Set forth below is a description of the Company’s Watch List investments for which IIG is the sub-advisor, followed by the investments for which other parties act as sub-advisor.

 Procesos Fabriles S.A.

In October 2015, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund NSPV, a subsidiary of a fund advised by the Company’s sub-advisor, IIG, with Procesos Fabriles S.A. (“Profasa”), as the borrower. Profasa is located in Guatemala. The principal balance outstanding under the Participation amounts to $881,800 as of December 31, 2018. The Participation had a maturity date of March 31, 2016. As reported in previous filings, in 2016, due to the loss of a major customer, Profasa was unable to repay the facility on the stated maturity date.

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

Assuming the trade finance facility restructuring is finalized as described above, the Company has determined that its Participation should be valued using the income approach, in accordance with its valuation policy, and has determined the fair value of the principal amount of this investment to be $662,525 as of December 31, 2018 based upon modeled principal and interest payments, discounted to present value using expected yield to maturity. In addition, until such time that Profasa fully completes its restructuring and ramps up operations, an additional adjustment for the uncertainty related to the completion of the restructuring has been applied. The Company has placed this position on non-accrual as of July 1, 2017 and interest not recorded relative to the original terms of this participation for the for the years ended December 31, 2018 and 2017 amounted to $110,420 and $55,664, respectively.

Algodonera Avellaneda S.A.

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG Trade Opportunities Fund B.V. (“IIG TOF B.V.”), a subsidiary of a fund advised by IIG, with Algodonera Avellaneda S.A. (“Algodonera”) as the borrower, and a corporate guarantee by Vicentin S.A.I.C. (“Vicentin”), an Argentine-based company that, through its subsidiaries, operates as an agro industrial company that manufactures and exports cereals and oilseeds, cotton textiles, biodiesel, concentrated grape juice, agrichemicals, feed lots and wines. In the Company’s Quarterly Report on Form 10-Q for the first quarter of 2018 and the Annual Report on Form 10-K for the year ended December 31, 2017 (the “Prior Reports”), the Company reported that its “Watch List Investments” included a Participation in a trade finance facility where Vicentin – Nacadie S.A. was the borrower.  The Company reported that the outstanding principal balance on its Participation was $12,000,000.  During the third quarter of 2018, the Company determined that the documents that had been provided to the Company by its sub-advisor, IIG, regarding the Participation indicated that the Company’s Participation was in fact two Participations, each with a principal balance of $6,000,000, in separate facilities originated by IIG.  In one, the borrower is Algodonera and in the other the borrower is Nacadie Commercial S.A. (“Nacadie”).  However, participation certificates issued to the Company by IIG for these Participations identified the borrowers as Vicentin/Algodonera and Vicentin/Nacadie, respectively. Vicentin is not the borrower, but rather IIG had informed the Company that Vicentin had agreed to guarantee the payments due under both of the trade finance facilities. The following paragraphs provide updated information concerning the Company’s Participation in the Algodonera trade finance facility.  See below under “—IIG Trade Opportunities Fund B.V. Receivable” for updated information regarding the Company’s Participation in the Nacadie trade finance facility.  

As noted above, the Company purchased a Participation in a trade finance facility originated by IIG with Algodonera as the borrower in March 2017. The Company purchased the Participation from IIG for $6,000,000.  The loan agreement states that Vicentin has guaranteed the payments to be made by Algodonera under the facility. Algodonera is an Argentinian vertically integrated cotton business. As of December 31, 2018, the outstanding principal balance on the Company’s Participation was $6,000,000, with accrued interest of $778,500. IIG informed the Company that in June 2017, IIG called a technical default on Algodonera under the facility due to nonpayment of interest and on Vicentin under the payment guarantee due to the breach of informational covenants. Thereafter, IIG made a filing against Vicentin and Algodonera in the commercial court in Buenos Aires, Argentina on July 4, 2017. The commercial court has jurisdiction over commercial claims and disputes of this type. After IIG filed its claims in the commercial court, the court ruled that IIG’s claims were valid and enjoined Vicentin’s cash accounts to allow for recovery by IIG. Once sufficient cash had been secured, the court allowed Vicentin to replace the enjoined cash accounts with a payment guarantee from Zurich Insurance Group with a 100% LTV, including accrued interest. Thereafter, the commercial court issued its final judgment, ordering Algodonera and Vicentin to pay $22.4 million, plus interest, to IIG, which includes the amount owed pursuant to the trade finance facility described above in which the Company purchased the Participation. Shortly thereafter, the criminal court in Santa Fe, Argentina issued a letter to the commercial court in Buenos Aires, Argentina ordering the suspension of the commercial court proceedings, but the commercial court rejected the suspension. Algodonera and Vicentin appealed the commercial court’s rejection of the suspension and submitted an additional letter from the criminal court providing the reasons for the criminal court’s suspension request, which include allegations of fraud by IIG.  The commercial court rejected the suspension a second time and Algodonera and Vicentin have appealed to the court of appeals.  In March 2019, the court of appeals ruled in favor of the criminal court and countermanded the commercial court’s rejection of the suspension, with proceedings set to continue in the criminal court.

The Company learned on July 31, 2018 that IIG had failed to disclose to the Company that the Algodonera trade finance facility was subject to a subrogation agreement, which potentially would permit Algodonera to transfer all or a portion of its IIG debt outstanding to two other companies (specifically, Nacadie and FRIAR (defined below)).  The Company also learned on July 31, 2018 that the court proceedings involving IIG, Algodonera and Vicentin also include a legal dispute over the ability of Algodonera to enforce its rights under the subrogation agreement, as IIG has argued that Algodonera’s default under its trade finance facility with IIG prevents Algodonera from being eligible to transfer its debt under its facility with IIG to Nacadie and FRIAR under the subrogation agreement. IIG had not disclosed this additional dispute and subrogation agreement to the Company. 

As a short-term trade finance facility, Algodonera was valued utilizing the cost approach through the quarter ended September 30, 2017. However, based on the fact that any future payments made by Algodonera with respect to this Participation will turn on the ultimate outcome of the above-mentioned legal proceedings and that future projected cash flows would therefore no longer be applicable, the Company decided it would be more appropriate to utilize the collateral based approach to value this position beginning with the December 31, 2017 year-end financial statements. The Company further modified its valuation methodology to the income approach as of June 30, 2018, given that the commercial court has already issued a final ruling (that is currently pending appeal) and based on the recent developments with respect to the court proceedings described above.

As described above, a payment guarantee has been secured from Zurich Insurance Group through the commercial court, the value of which is sufficient to pay off all outstanding principal and accrued interest. Although IIG had previously expressed to the Company its belief that it will prevail in the court proceedings, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged and to account for the inherent uncertainty of the ultimate resolution of the legal disputes between IIG, Vicentin and Algodonera. Taking all of the factors described above into consideration, the Company believes, that as of December 31, 2018, the most appropriate valuation method remains the income approach and the Company determined the fair value of the principal amount of this investment to be $3,784,354. The Company has placed this investment on non-accrual status effective January 1, 2019.

IIG Trade Opportunities Fund B.V.Receivable

In March 2017, the Company purchased a Participation in a trade finance facility originated by IIG TOF B.V., with Nacadie as the borrower. The Company purchased the Participation in March 2017 for $6,000,000.  Loan documents provided to the Company by IIG indicate that Vicentin is guarantor of the payments to be made by Nacadie under the facility. Nacadie is an Uruguay-based company focused on trading of the “soy bean complex” (soybeans, soybean meals, and oils) originating from Argentina, Paraguay and Uruguay. The Company received one interest payment under this Participation in March 2017 and has not received any other payments of principal or interest.  Given that the loan documents state that Vicentin had guaranteed the payments due under both the Algodonera and Nacadie trade finance facilities, the Company erroneously believed that IIG had made filings in the commercial court in Buenos Aires, Argentina related to the Nacadie trade finance facility, similar to the filings IIG made with respect to the Algodonera facility.  In July 2018, IIG informed the Company that the Nacadie trade finance facility was not included in its commercial court filings referenced above under “—Algodonera Avellaneda S.A.” IIG also informed the Company that it had not called a default on Nacadie for nonpayment under the facility. Given this new information, in order to re-confirm the details of its Participation in the Nacadie trade finance facility and the status of the facility, the Company requested original versions of all documents related to its Participation in the facility, including original versions of the underlying facility agreements and bank statements showing the Company’s investment in the facility. The Company had previously been provided by IIG with copies of documents related to its Participation and the underlying facility.  During the third quarter of 2018, IIG informed the Company that although it had reviewed its books and records, it could not locate all of the original documents requested by the Company.  In connection with its review of this investment during the third quarter of 2018, IIG informed the Company that IIG had misapplied the funds the Company had transmitted at the time the Company made this investment.  As a result, IIG offered to refund the Company’s investment amount, including all accrued interest.  IIG has not yet repaid the Company for this Participation as of the date of this Annual Report on Form 10-K.  

As a short-term trade finance facility, the Company’s Participation in the Nacadie facility was valued utilizing the cost approach through the quarter ended September 30, 2017. However, as of December 31, 2017, based on the belief that the Nacadie facility was included in the proceedings with respect to the Algodonera facility in the commercial court, the Company had decided it would be more appropriate to utilize the collateral based approach to value this Participation beginning with the December 31, 2017 year-end financial statements. Starting with the quarter ended June 30, 2018, the Company believes that the most appropriate valuation method is the income approach, given that this investment is no longer classified as a Participation in a trade finance facility, but rather as a receivable from IIG TOF B.V.  Although a senior executive at IIG has agreed in conversations with the Company’s senior management to repay the Company for this investment in an amount equal to the outstanding principal and accrued interest (calculated in accordance with the terms of the Nacadie Participation in which the Company originally invested), the Company has not yet received a written agreement from IIG to this effect.  Given IIG’s acknowledgement of its error and its contractual obligations to the Company as a sub-advisor and fiduciary to the Company, the Company believes that it is likely that IIG will repay the Company in full.  The Company has applied a discount to the fair value based on the uncertainty created by the risk that IIG will not honor its agreement to repay the Company. Taking all of the factors described above into consideration, the Company determined the fair value of the principal amount of this investment to be $5,512,000 as of December 31, 2018. The Company has placed this receivable on non-accrual, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $268,333 for the year ended December 31, 2018.  

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

Between June 2016 and July 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (“FRIAR”), an Argentine company that produces, processes and exports beef, as the borrower. As of December 31, 2018, the outstanding principal balance on this Participation was $9,000,000, with accrued interest of $264,500. In June 2017, IIG called a technical event of default due to non-payment by FRIAR. In an effort to seek repayment from FRIAR, IIG filed the promissory notes for FRIAR in the commercial court in Buenos Aires, Argentina. The commercial court has jurisdiction over commercial claims and disputes of this type. During January 2018 the court granted IIG’s motion to freeze FRIAR’s accounts. IIG informed the Company that it was also in the process of securing additional collateral to cover the full balance outstanding, including accrued interest and penalties. IIG confirmed to the Company that FRIAR continues to operate and is a going concern.

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

As a short-term trade finance facility, FRIAR was valued at cost through the quarter ended September 30, 2017. The remaining principal balance of $9,000,000 has been outstanding since July 2016. As IIG is seeking full repayment through its court action to secure assets from FRIAR, as of December 31, 2017, the Company believed the most appropriate valuation method to be the collateral based approach. Starting with the quarter ended June 30, 2018, the Company believes that the most appropriate valuation method is a combination of the collateral based approach and the income approach. The Company is continuing to utilize the collateral based approach due to IIG’s communications with the Company in 2018 that it was continuing to rely on the court proceedings to secure repayment, but determined to also utilize the income approach based on the recent developments with respect to the court proceedings described above.

As noted above, the Company has valued this investment utilizing a hybrid of the income approach and collateral based approach.  Although IIG expressed to the Company in the third quarter of 2018 its belief that it will prevail in the court proceedings, the Company has applied a discount to the fair value based on the potential risk that court action is prolonged and to account for the inherent uncertainty of the ultimate resolution of the legal disputes between IIG, FRIAR, Vicentin and Algodonera. The Company determined that the most appropriate method to calculate the fair value of this investment as of December 31, 2018 is to take the value resulting from the independent valuation firm’s estimate of fair value. Using this approach, the Company determined the fair value of the principal amount of this investment to be $6,748,935 as of December 31, 2018. The Company placed the Participation on non-accrual effective January 1, 2018 and interest not recorded relative to the original terms of this participation for the year ended December 31, 2018 amounted to $1,049,375.

Compania Argentina de Granos

Between October 2016 and February 2017, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Compania Argentina de Granos (“CAGSA”), as borrower. The Company purchased the Participation in October 2016 for $10,000,000 and subsequently increased the Participation by another $2,500,000 in February 2017. This facility is collateralized by two export contracts. CAGSA, an Argentine company, is mainly engaged in the trading of grain and oilseed and the distribution and processing of food ingredients. Due to unfavorable weather conditions, CAGSA was unable to make delivery of toasted soybean meal under the terms of its export contracts. As a result, it failed to pay IIG its outstanding principal and interest obligations on June 30, 2018. On that date, the Company was owed principal of $12,500,000 and accrued interest of $131,942, which was subsequently paid.

IIG previously informed the Company that it had been in active discussions with other CAGSA lenders and has sent warning letters to CAGSA in order to protect its rights under the credit facility. Additionally, IIG informed the Company that IIG is a member of the creditors committee, which will 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. Details of the terms were not available as of the date of this report.

As a short-term trade finance facility, CAGSA was valued utilizing the income approach for the quarter ended March 31, 2018. However, given the uncertainty as to the ability of CAGSA to provide future sufficient cash flows in order to meet its debt obligations, as well as the financial impact of a potential restructuring, the Company has decided that starting with the quarter ended June 30, 2018, the collateral based approach is a more appropriate valuation method.  With the announcement that CAGSA had reached a preliminary settlement with its creditors, as of December 31, 2018, the Company has further modified the valuation approach for this investment to the income approach. Based on the information available to the Company and according to its valuation policies, the Company has placed CAGSA on non-accrual status, effective July 1, 2018 and interest not recorded relative to the original terms of this investment amounted to approximately $667,639 for the year ended December 31, 2018. The Company has estimated the fair value of the principal amount of this investment to be $9,316,105 as of December 31, 2018 based on the income approach, discounted to reflect the uncertainty related to CAGSA’s potential restructuring.

Sancor Cooperativas Unidas Limitada

In April 2016 the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Sancor Cooperativas Unidas Limitada (“Sancor”), an Argentine company that distributes dairy products, as the borrower.  As of December 31, 2018, the outstanding principal balance on this Participation was $6,000,000.  Interest has been paid in full through December 31, 2018 through the exercise of pledged inventory warrants. Sancor has been in ongoing negotiations to reorganize itself, including with multiple potential buyers. IIG has worked with Sancor to restructure the existing loan and has extended the maturity to July 29, 2019, with an annual renewal option.  Although IIG has not provided the Company with updated information requested by the Company with respect to the Company’s investment in this facility in connection with the Company’s preparation of this Annual Report, the Company believes, based on reports in the media, that Sancor will be sold and that all principal and interest due the Company will be paid upon this sale.  In February 2019, Sancor announced the completion of a partial sale of assets, which allowed it to make some payments to creditors. Due to the uncertainty associated with the timing and final terms of a full asset sale, the Company believes the most appropriate valuation method continues to be the collateral based approach and has determined the fair value of the principal amount of this investment to be $4,991,915 as of December 31, 2018, based upon the value of the Company’s pledged collateral, discounted for the uncertainty around the expected timing and value of a potential sale.

Functional Products Trading S.A.

Between June and September 2016, the Company purchased two Participations in a trade finance facility originated by IIG TOF B.V., with Functional Products Trading S.A. (“Functional”), a Chilean company that exports chia seeds to United States and European off-takers.  As of December 31, 2018, the outstanding principal balance on this Participation was $1,326,687 and accrued interest amounted to $148,175. While the original maturity date of this Participation was December 11, 2016, the maturity was extended to March 4, 2018. In 2017, Functional experienced operational losses due to volatile prices for raw chia seeds and its byproducts, with sales declining by 57% from 2016. As a result, Functional was unable to make the principal payment as planned and is developing a full restructuring plan (selling an office building and entering into a lease back agreement) with its current lenders, including IIG, to provide more cash flow flexibility, become current on all interest payments and improve its capital structure, in order to support Functional’s growth initiatives.

During February 2018, the Company received $25,000 in interest payments, which covered accrued interest up to the end of November 2017 and received $10,000 in March 2018, which brought Functional current on interest payments through December 2017. The Company’s sub-advisor, IIG, informed the Company in a prior period that it was working with Functional on restructuring the facility, which it believes will be completed in the near term. Additionally, the Company is currently in discussions with IIG regarding a potential assignment of the underlying trade finance facility, given it is a 100% participant. As of December 31, 2018, the Company has estimated the fair value of the principal amount of its investment in Functional to be $1,269,586 based on the income approach, discounted to present value using an appropriate yield to maturity, assuming the facility is restructured in the manner in which IIG previously informed the Company it expected the loan to be restructured.  The appropriate yield to maturity increased to reflect uncertainty around the timing and completion of the restructuring.

Investments through other sub-advisors

Kinder Investments, Ltd. (formerly Corporacion Prodesa S.R.L.)

As of December 31, 2018, the Company’s investment in Kinder Investments, Ltd. (“Kinder”) is comprised of a promissory note with a principal balance of $4,465,132 and total accrued interest of $518,826, including $506,852 of deferred interest payable at maturity. In December 2018, the Company assigned its loans with Corporacion Prodesa S.R.L. (“Prodesa”), a diaper manufacturer in Peru, to Kinder in exchange for a $500,000 principal payment plus accrued interest and the issuance to the Company of a promissory note for the remaining balance.

The Company’s original investment in Prodesa was comprised of two senior secured term loans and a senior secured trade finance revolving credit facility. The trade finance facility is secured by specific purchase orders from customers of Prodesa and both term loans and the trade finance facility are cross-defaulted and cross-collateralized with Prodesa fixed assets including real estate, machinery and equipment, warrants, and all shares of Prodesa.

Prodesa was originally placed on the Watch List in 2014, and as reported in previous filings, since 2014, Prodesa has undergone changes in ownership and financial status, through which the Company restructured the original facilities, improving the Company’s collateral, information rights, covenants and additional financial controls over Prodesa. On January 31, 2017, after significantly improved financial performance by Prodesa, the Company entered into a series of loan amendments with Prodesa. As part of the amendments, the maturity date of the loan facilities was extended to July 28, 2021.

The Company has estimated the fair value of the principal amount of the Kinder loan as of December 31, 2018 at $4,465,132 based on the income approach, which accounts for contractual interest and principal payments and discounts them to present value using the combined facilities’ weighted average yield to maturity.

UsivaleIndustria E Comercio, Ltda.

As of December 31, 2018, the Company’s investment in Usivale Industria E Comercio, Ltda. (“Usivale”), a sugar processing company located in Brazil, is comprised of two senior secured term loans for an aggregate loan amount of $2,851,296 and total accrued interest of $376,075.  As reported in previous filings, Usivale exited judicial recovery on October 7, 2016 and resumed normal operations.  Subsequently, the Company began receiving principal and interest payments from Usivale as scheduled.

During an on-site visit with Usivale’s management in September 2017, Usivale indicated its intention to pay the 2017 principal and interest payment on time and in full, assuming relatively steady sugar prices.  Post-site visit, sugar prices again compressed significantly, which caused added pressure on the cash flow of the business. This sugar price pressure has continued into 2018. The 2017 annual interest payment was received in full and the 2018 annual interest payment was received in March 2019.

As of December 31, 2018, the Company has estimated the fair value of the principal amount of the Usivale loans at $2,851,296, which is based on the income approach, accounting for expected principal and interest payments discounted by the loan’s yield to maturity, which includes uncertainty related to continued volatility in sugar prices.

Applewood Trading 199 Pty, Ltd.

In January 2015, the Company purchased a $1,250,000 Participation in a trade finance facility originated by Barak Fund SPC Ltd., a fund advised by the Company’s sub-advisor, Barak Fund Management Ltd. (“Barak”), with Applewood Trading 199 Pty, Ltd. (“Cape Nut”), as the borrower.  Cape Nut is located in Cape Town, South Africa.  As of December 31, 2018, the total balance outstanding under the Participation amounts to $785,806. Cape Nut’s trade finance facility has a stated maturity date of May 22, 2015, which Barak agreed to extend in October 2014 and the Company subsequently agreed to an extension of the maturity date for its Participation. The Company and Barak are working with Cape Nut to establish an appropriate repayment schedule. Cape Nut made partial principal payments during 2015, 2016 and 2017. Accordingly, the Company placed this Participation on non-accrual status effective February 1, 2016 and interest not recorded relative to the original terms of this Participation amounted to approximately $139,426 and $139,568, respectively, for the years ended December 31, 2018 and 2017. As reported in previous filings, due to Cape Nut’s cash flow difficulties and operating losses, in 2016, the Company’s sub-advisor, Barak, facilitated a strategic sale of Cape Nut which closed in June 2016, resulting in Barak owning 50% of Cape Nut. Based on the information available to the Company and according to its valuation policies, the Company has estimated the fair value of the principal amount of its investment in Cape Nut to be $690,616 as of December 31, 2018 based on the income approach, discounted to present value using an appropriate yield to maturity, accounting for uncertainty in Cape Nut’s financial performance.

Mac Z Group SARL

Between July 2016 and April 2017, the Company purchased nine Participations totaling $9,000,000 in a trade finance facility originated by Scipion Active Trading Fund, a fund advised by the Company’s sub-advisor, Scipion Capital, Ltd. (“Scipion”), with Mac Z Group SARL (“Mac Z”), a scrap metal recycler, as the borrower.  Mac Z is located in Morocco. As of December 31, 2018, the outstanding principal balance on this Participation was $7,349,626 with no accrued interest. The primary collateral securing this Participation is 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 of April 2018.  Mortgages against two unencumbered parcels of land ($5.9 million estimated value) are in the process of being finalized in favor of Scipion under this facility. A judgment was received on December 18, 2017, in English court ordering the borrower and the corporate guarantor to make payment. In parallel to its recovery plan with respect to Mac Z, Scipion informed the Company that it has filed a claim against the collateral manager under its professional indemnity insurance policy, which covers up to $40 million in loss.

Based on these developments, the Company believes there is sufficient collateral available to cover both the outstanding principal balance and the accrued interest. The Company placed this Participation on non-accrual effective October 1, 2017 and interest not recorded relative to the original terms of this participation for the years ended December 31, 2018 and 2017 amounted to $819,687 and $206,606, respectively. The Company believes, that as of December 31, 2018, the most appropriate valuation method is the collateral based approach and the Company has determined the fair value of the principal amount of this investment to be $7,632,234, accounting for existing inventory and the current claim against the collateral manager’s insurance, discounted for the time expected for collection and uncertainty related to the judicial process.

Global Pharma Intelligence Sarl

In July 2017, the Company purchased one Participation in a trade finance facility originated by Scipion Active Trading Fund, a fund advised by the Company’s sub-advisor, Scipion, with Global Pharma Intelligence Sarl (“GPI”), an international pharmaceutical materials supplier with primary operations in Dubai, as the borrower.  As of December 31, 2018, the outstanding principal balance on this Participation was $803,254 and interest has been paid in full through August 10, 2018. The accrued interest balance as of December 31, 2018 is $45,281. Repayment on the participation interest has been slower than originally anticipated due to operational delays within the underlying trade. GPI has been actively working with its buyer to resolve the operational delays and it is expected be resolved in the coming quarters. Due to the uncertainty associated with the timing of repayment, the Company believes the most appropriate valuation method is the collateral based approach and has determined the fair value of the principal amount of this investment to be $803,254, as of December 31, 2018, based upon the value of the Company’s pledged collateral and insurance policy in place, discounted for the uncertainty around the expected timing of repayment.

The industry composition of the Company’s portfolio, at fair market value as of December 31, 2018 and 2017, was as follows:

	As of  December 31, 2018					As of December 31, 2017
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	12,167,401		3.3	%	$	15,351,296		4.6	%
Boatbuilding and Repairing		5,428,294		1.5	%		—		—
Bulk Fuel Stations and Terminals		—		—			16,545,994		4.9	%
Chemicals and Allied Products		15,000,000		4.0	%		15,000,000		4.5	%
Chocolate and Cocoa Products		10,718,201		2.9	%		—		—
Coal and Other Minerals and Ores		30,000,000		8.0	%		31,254,315		9.4	%
Commercial Fishing		35,838		0.0	%		351,559		0.1	%
Communications Equipment		6,029,026		1.6	%		—		—
Consumer Products		9,457,047		2.5	%		10,960,000		3	%
Department Stores		8,262,375		2.2	%		—		—
Drugs, Proprietaries, and Sundries		803,254		0.2	%		1,080,000		0.30	%
Electric Services		26,394,209		7.1	%		18,527,237		5.5	%
Farm Products		9,285,834		2.5	%		7,960,987		2.4	%
Fats and Oils		3,784,354		1.0	%		12,000,000		3.6	%
Financial services		5,906,946		1.6	%		10,000,000		3.0	%
Freight Transportation Arrangement		12,970,938		3.5	%		12,464,320		3.7	%
Fresh or Frozen Packaged Fish		—		—			3,338,520		1.0	%
Food Products		6,607,713		1.8	%		1,072,944		0.3	%
Gas Transmission and Distribution		17,605,054		4.7	%		—		—
Groceries and Related Products		2,500,000		0.7	%		3,500,000		1.0	%
Hotels and Motels		16,459,362		4.4	%		15,807,931		4.7	%
Land Subdividers and Developers		16,083,083		4.3	%		15,411,497		4.6	%
Logging		6,840,000		1.8	%		6,840,000		2.0	%
Meat, Poultry & Fish		6,748,935		1.8	%		9,000,000		2.7	%
Metals & Mining		—		—			4,566,481		1.4	%
Metals Service Centers and Offices		3,737,737		1.0	%
Personal Credit Institutions		5,468,186		1.5	%		3,157,735		0.9	%
Petroleum and Petroleum Products		15,500,000		4.2	%		32,000,000		9.5	%
Programming and Data Processing		13,903,662		3.7	%		15,714,764		4.7	%
Refuse Systems		22,447,343		6.0	%		11,315,000		3.4	%
Secondary Nonferrous Metals		17,632,234		4.7	%		17,349,626		5.2	%
Short-Term Business Credit		4,740,000		1.3	%		4,740,000		1.4	%
Soap, Detergents, and Cleaning		3,250,844		0.9	%		1,355,600		0.4	%
Street Construction		—		—			10,861,658		3.2	%
Telephone and Telegraph Apparatus		7,000,000		1.9	%		14,388,525		4.3	%
Telephone Communications		37,481,370		10.0	%		—		—
Water Transportation		12,728,503		3.4	%		13,353,503		4.0	%
Total	$	372,977,743		100.0	%	$	335,269,492		100.0	%

The table below shows the portfolio composition by geographic classification at fair value as of December 31, 2018 and 2017:

	As of  December 31, 2018					As of December 31, 2017
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	24,841,309		6.7	%	$	39,500,000		11.8	%
Botswana		4,740,000		1.3	%		4,740,000		1.4	%
Brazil		22,183,252		6.0	%		18,566,060		5.5	%
Cabo Verde		16,459,362		4.4	%		15,807,931		4.7	%
Cameroon		10,718,201		2.9	%		—		—
Cayman Islands		—		—			10,000,000		3.0	%
Chile		9,136,558		2.5	%		1,326,687		0.4	%
China		10,000,000		2.7	%		10,000,000		3.0	%
Colombia		24,434,056		6.6	%		3,157,735		0.9	%
Croatia		8,262,375		2.2	%		—		—
Ecuador		35,838		0.0	%		3,690,079		1.1	%
Ghana		52,027,237		14.0	%		34,027,237		10.1	%
Guatemala		662,525		0.2	%		881,800		0.3	%
Hong Kong		37,000,000		9.9	%		41,346,389		12.3	%
Indonesia		—		—			14,193,994		4.2	%
Jersey		18,515,500		5.0	%		—		—
Kenya		12,970,938		3.5	%		12,464,320		3.7	%
Malaysia		15,000,000		4.0	%		15,000,000		4.5	%
Mauritius		2,500,000		0			3,500,000		1.0	%
Mexico		22,447,343		6.0	%		11,315,000		3.4	%
Morocco		7,632,234		2.1	%		7,349,626		2.2	%
Namibia		16,083,083		4.3	%		15,411,497		4.6	%
Netherlands		4,000,000		1.1	%		—		—
New Zealand		6,840,000		1.8	%		6,840,000		2.0	%
Nigeria		15,782,226		4.2	%		19,106,003		5.7	%
Peru		4,465,132		1.2	%		21,505,994		6.4	%
Romania		1,917,097		0.5	%		—		—
Singapore		3,737,737		1.0	%		—		—
South Africa		6,719,642		1.8	%		1,960,874		0.6	%
United Arab Emirates		803,254		0.2	%		1,080,000		0.3	%
United Kingdom		—		—			20,796,451		6.2	%
Uganda		4,300,000		1.2	%		—		—
Uruguay		—		—			346,215		0.1	%
Zambia		3,250,844		0.9	%		1,355,600		0.4	%
N/A		5,512,000		1.5	%		—		0.0	%
Total	$	372,977,743		100.0	%	$	335,269,492		100.0	%

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Fair Value Measurements

12 Months Ended

Dec. 31, 2018

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 as of December 31, 2018:

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

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels as of December 31, 2017:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan	$	78,573,493	$	—	$	—	$	78,573,493
Senior secured term loan participations		119,165,378						119,165,378
Senior secured trade finance participations		105,030,621		—		—		105,030,621
Short term investments		32,500,000						32,500,000
Total	$	335,269,492	$	—	$	—	$	335,269,492

The following is a reconciliation of activity for the year ended December 31, 2018, of investments classified as Level 3:

	Fair Value at December 31, 2017		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in unrealized appreciation (depreciation)			Transfers			Fair Value at December 31, 2018
Senior secured term loans	$	78,573,493	$	28,088,396	$	(19,173,514	)	$	2,773,800	$	—		$	(1,403,468	)	$	88,858,707
Senior secured term loan participations		119,165,378		59,776,828		(17,827,932	)		2,535,023					25,508,522			189,157,819
Senior secured trade finance participations		105,030,621		93,378,531		(102,984,266	)		—		(8,688,574	)		(6,500,000	)		80,236,312
Short term investments		32,500,000		25,737,737		(26,500,000	)		—		(488,000	)		(17,605,054	)		13,644,683
Equity warrants		—		—		—			—		1,080,222			—			1,080,222
Total	$	335,269,492	$	206,981,492	$	(166,485,712	)	$	5,308,823	$	(8,096,352	)	$	-		$	372,977,743

The following is a reconciliation of activity for the year ended December 31, 2017 of investments classified as Level 3:

	Fair Value at December 31, 2016		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in unrealized appreciation (depreciation)		Transfers			Fair Value at December 31, 2017
Senior secured term loan	$	28,673,487	$	56,019,866	$	(7,259,818	)	$	1,139,958	$	—	$	—		$	78,573,493
Senior secured term loan participations		58,450,761		74,182,336		(17,145,817	)		3,678,098		—					119,165,378
Senior secured trade finance participations		116,671,565		159,040,847		(164,681,791	)		—		—		(6,000,000	)		105,030,621
Unsecured short term note receivable		—		34,000,000		(7,500,000	)		—		—		6,000,000			32,500,000
Total	$	203,795,813	$	323,243,049	$	(196,587,426	)	$	4,818,056	$	—	$	(6,000,000	)	$	335,269,492

There were no realized gains or losses for any of our investments classified as Level 3 during the years ended December 31, 2018 and 2017.

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

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)(3)	$	66,808,909	Income approach (DCF)	Market yield	9.0% - 17.5% (11.4%)
Senior secured trade finance participations (2)	$	13,427,403	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	88,858,707	Income approach (DCF)	Market yield	10.0% - 14.5% (12.3%)
Senior secured term loan participations	$	189,157,819	Income approach  (DCF)	Market yield	11.0% - 15.9% (13.2%)
Short term investments (4)	$	5,512,000	Income approach  (DCF)	Market yield	8.75%
Short term investments	$	8,132,683	Cost  Approach	Recent transactions	N/A
Equity warrants	$	1,080,222	Option Pricing Method	Estimated company value	N/A

The significant unobservable inputs used in the fair value measurement of the Company’s debt investments are primarily market yields. Significant increases in market yields would result in significantly lower fair value measurements.

(1)  Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. Starting December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions.  This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

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

(3) The Company used a combination of the collateral based approach and the income approach for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information.

(4) Receivable from IIG TOF B.V.

As of December 31, 2017, 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, 2017:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	90,030,621	Income approach (DCF)	Market yield	9.0% - 17.5% (10.6%)
Senior secured trade finance participations (2)	$	21,000,000	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	78,573,493	Income approach (DCF)	Market yield	11.3% - 14.5% (12.5%)
Senior secured term loan participations	$	119,165,378	Income approach  (DCF)	Market yield	11.0% - 20.0% (13.5%)
Short term investments	$	6,000,000	Collateral based approach	Value of collateral	N/A
Short term investments	$	26,500,000	Cost  Approach	Recent transactions	N/A

(1) Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. As of December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions.  This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

(2) Collateral based approach used for FRIAR, Algodonera and the IIG TOF B.V. receivable. See Note 3 “Watch List Investments” for further information.

The significant unobservable inputs used in the fair value measurement of the Company’s trade finance investments are market yields. Significant increases in market yields would result in significantly lower fair value measurements.

For details 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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Related Parties

12 Months Ended

Dec. 31, 2018

Related Party Transactions [Abstract]

Related Parties

Note 5. Related Parties

Agreements

Advisory Agreement

The current term of the Advisory Agreement between the Company and the Advisor, (the “Advisory Agreement”) end on February 25, 2020.  

Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Advisory Agreement between the Company and the Advisor. Asset management fees are paid to the Advisor in exchange for fund management and administrative services. Although the Advisor manages, on the Company’s behalf, many of the risks associated with global investments in developing economies, asset 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 which 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 years ended December 31, 2018 and 2017.

Transactions

As discussed in Note 2, the Sponsor did not assume responsibility for any of the Company’s operating expenses for the year ended December 31, 2018. For the year ended December 31, 2017, the Sponsor assumed responsibility for $3,831,415 of the Company’s operating expenses, asset management and incentive fees, which are deferred under the Responsibility Agreement.

For the years ended December 31, 2018 and 2017, the Advisor earned $7,971,062 and $6,484,850, respectively, in asset management fees and $6,212,931 and $4,599,941, respectively, in incentive fees.

Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,240,200 of expenses, which have been paid by the Company as of December 31, 2017. Such expenses, in the aggregate of $16,660,800 since the Company’s inception, may be expensed and payable by the Company to the Sponsor only if the Company satisfies the Reimbursement Hurdle as further described in Note 2. The Company did not meet the Reimbursement Hurdle for the quarters ended March 31, 2018, September 30, 2018, and December 31, 2018, but met the Reimbursement Hurdle for the quarter ended June 30, 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been reimbursed to the Sponsor and recorded as expenses of the Company for the year ended December 31, 2018.

As of December 31, 2018 and 2017, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $4,240,231 and $3,997,314, respectively, was due from the Sponsor in connection with the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business.

For the years ended December 31, 2018 and 2017, the Company paid $6,252 and $643,566, respectively, in dealer manager fees and $19,270 and $2,516,109, respectively, in selling commissions to the dealer manager, SC Distributors. These fees and commissions were paid in connection with the sales of our units to investors and, as such, were recorded against the proceeds from the issuance of units and are not reflected in the Company’s consolidated statement of operations. In addition, for the years ended December 31, 2018 and 2017, the Company paid SC Distributors $582,045 and $538,725, respectively in ongoing distributions, dealer manager and services fees.

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Organization and Offering Costs

12 Months Ended

Dec. 31, 2018

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Offering Costs

Note 6. Organization and Offering Costs

As of December 31, 2018, the Sponsor has paid approximately $17,456,000 of offering costs and $236,000 of organization costs relating to the Offering, all of which were paid directly by the Sponsor on behalf of the Company, and were reimbursed to the Sponsor as disclosed in Note 2. Such amounts include approximately $115,600 and $3,016,600, respectively, of offering costs, which were incurred by the Sponsor during the years ended December 31, 2018 and 2017. During the years ended December 31, 2018 and 2017, the Company paid $54,616 and $2,612,810, respectively, in reimbursement of offering costs to the Sponsor. Such offering costs reimbursed by the Company have been recognized against the proceeds from the issuance of units.

From the commencement of the Company’s operations through December 31, 2018, the Company has reimbursed the Sponsor a total of $17,211,117 of offering costs and organization costs and there is a remaining balance of approximately $481,000 of offering costs that have not been reimbursed to the Sponsor as of December 31, 2018.

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Promissory Notes

12 Months Ended

Dec. 31, 2018

Debt Instruments [Abstract]

Promissory Notes

Note 7. Promissory Notes

The Company notes payable consist of the following:

	December 31, 2018		December 31, 2017
	Outstanding Balance		Outstanding Balance
Promissory notes	$	125,000	$	410,000
Symbiotics facility		22,750,000		22,750,000
Christian Super promissory note		10,000,000		5,000,000
Total notes payable	$	32,875,000	$	28,160,000

Promissory Notes

On October 14, 2016, TGIFC issued $1.635 million in the first series of notes pursuant to a private offering of senior secured promissory notes (the “Notes”). The Notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of four different series with four different issuance and maturity dates.  The Notes issued on October 14, 2016 comprised the first series of the Notes.

The Notes have an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59% at the time of issuance) and are payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note.

On February 17, 2017, TGIFC issued $0.225 million in the second series of the Notes pursuant to such private offering. The notes issued on February 17, 2017 comprised the second series of the Notes and bear interest at a rate of 3.0% per annum plus one year LIBOR (1.74% at the time of issuance) as determined on their issuance date.As of December 30, 2018, the Company raised $1.86 million in the offering of the Notes and $125,000 of such debt was outstanding after repayment of $1.74 million during 2018 and 2017. The Company does not expect to raise any additional funds pursuant to the Notes offering.

The entire principal balance of each Note (and any unpaid interest) is due in one balloon payment on the “Maturity Date,” which is the first anniversary of the issuance date that either TGIFC or the applicable noteholder has designated as the Maturity Date by not less than 30 days’ prior written notice to the other party. The principal balance of each Note may not be prepaid, in whole or in part, prior to the Maturity Date.

In October 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC.  The Subsidiaries own all of the Company’s investments. TGIFC’s obligations under the Notes are secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over 1.86 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries.  While the collateral initially pledged under the equitable mortgage greatly exceeds the amount funded under the Notes based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the Notes. The Notes and the equitable mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.  As of December 31, 2018, the Company is in full compliance with all such representations, warranties and covenants.

Symbiotics Facility

On July 3, 2017, TGIFC entered into a $10.5 million Facility Agreement (the “Facility Agreement”) with Micro, Small & Medium Enterprises Bonds S.A. (“MSMEB”) as Lender and Symbiotics SA as Servicer.  On November 2, 2017, TGIFC entered into a second Facility Agreement to receive an additional $12.25 million in the second tranche of financing with MSMEB as Lender and Symbiotics SA as Servicer. TGIFC may request an additional $17.5 million under the second Facility Agreement, subject to the conditions precedent set forth in the Facility Agreement, including availability of funding.  

The Facility Agreement has an interest rate of 4.65% per annum plus the three month LIBOR (2.44% as of December 31, 2018) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the note.

The entire principal balance under the Facility Agreement (and any unpaid interest) is due in one balloon payment on July 7, 2020 (the “Maturity Date”). The principal balance under the Facility Agreement may be voluntarily prepaid, in whole or in part, prior to the Maturity Date, subject to a prepayment premium of 1.00% of the prepayment amount if the voluntary prepayment is made prior to July 3, 2019.

TGIFC’s obligation under the Facility Agreement is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and MSMEB, dated as of July 3, 2017 granting the holders of the Facility Agreement a mortgage over 20.25 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries.  While the collateral initially pledged under the equitable mortgage greatly exceeds the amount funded under the Facility Agreement based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the Facility Agreement.  The Facility Agreement and the equitable mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.  As of December 31, 2018, the Company is in full compliance with all such representations, warranties and covenants. 

Christian Super Promissory Note

On August 7, 2017, TGIFC issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering (the “CS Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”). The CS Note was issued pursuant to an ongoing private offering targeting $25 million in the aggregate amount and will be comprised of up to five different series with five different issuance dates, but likely the same maturity date (collectively “the CS Notes”).  The CS Note issued on August 7, 2017 comprised the first series of the CS Notes.Borrowings from the CS Notes offering will be used to pursue the Company’s investment strategy and for general corporate purposes.  

The CS Note has an interest rate of 4.0% per annum plus one-year LIBOR (2.82% as of December 31, 2018) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note. The entire principal balance under the CS Note (and any unpaid interest) is due in one balloon payment on August 7, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty.

On December 18, 2018, TGIFC issued $5 million of Series 2 Senior Secured Promissory Notes (“Series 2 Note”) to Christian Super pursuant to the CS Notes private offering. The Series 2 Note has an interest rate of 3.5% per annum plus one-year LIBOR (3.05% as of December 31, 2018) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note. The entire principal balance under the Series 2 Note (and any unpaid interest) is due in one balloon payment on December 18, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty.

TGIFC’s obligation under the CS Notes is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Note a mortgage over 10shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries. While the collateral initially pledged under the CS Equitable Mortgage greatly exceeds the amount funded under the CS Note based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the CS Note.  The CS Note and the CS Equitable Mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type. As of December 31, 2018, the Company is in full compliance with all such representations, warranties and covenants.

For the years ended December 31, 2018 and 2017, the Company recognized $1,964,776 and $606,943, respectively, in interest expense. Due to the variable rate structure of these borrowings, the carrying basis of these debt obligations is considered to approximate their fair value.

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

Year ending December 31:	Principal payments
2019	$	125,000
2020		22,750,000
2021		10,000,000
Thereafter		-
	$	32,875,000

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Unit Capital

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Unit Capital

Note 8. Unit Capital

As of December 31, 2018, the Company has six classes of units: Class A, Class C, Class I, Class W, Class Y units 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 December 31, 2018 and 2017, the Company had recorded a liability in the aggregate amount of $1,230,000 and $1,895,000, respectively, for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability as of December 31, 2018 is calculated based on a net asset value per Class C, Class I and Class W units of $8.421 with a distribution fee of 0.8% for Class C units, an ongoing dealer manager fee of 0.5% for Class I units, and ongoing aggregate dealer and service fees of 0.75% for Class W units, per annum applied to the net asset value, during the expected period that Class C, Class W and Class I units remain outstanding and discounted using an annual rate of 4%. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding.

The following table is a summary of transactions with respect to the Company’s units during the year ended December 31, 2018:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			December 31,
	2017		the Period		the Period			2018
Class A units		18,240,073		581,230		(854,740	)		17,966,563
Class C units		8,411,343		303,258		(476,507	)		8,238,094
Class I units		10,442,009		463,737		(350,724	)		10,555,022
Class W units		-		24,555		-			24,555
Class Y units		1,089,678		78,365		(2,368	)		1,165,675
Class Z units		-		5,965,037		-			5,965,037
Total		38,183,103		7,416,182		(1,684,339	)		43,914,946

The total of 7,416,182 units issued during the year ended December 31, 2018 included 1,175,826 units issued under the DRP at a value of $10,027,648.

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 redemption.

Redemptions for the first quarter of 2018 were redeemed at a price equal to $8.507 for Class A units, Class C units, Class I units and Class Y unit, which was the net asset value per unit of each class as of September 30, 2017, the most recently disclosed net asset value at the time of redemption. Redemptions for the second and third quarters of 2018 were redeemed at a price equal to $8.421 per Class A unit, Class C units, Class I unit and Class Y units, which was the net asset value per unit of each class as of March 31, 2018. Redemptions for the fourth quarter of 2018 have been redeemed at a price equal to $8.355 for Class A units, Class C units, Class I units and Class Y unit, which was the net asset value per unit of each class as of September 30, 2018.

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.

For the year ended December 31, 2018, the Company had received and processed 331 repurchase requests. The Company repurchased a total of 1,684,339 units for a total of $14,196,264.

For the year ended December 31, 2017, the Company had received and processed 149 repurchase requests. The Company repurchased a total of 963,988 units at a price of $9.025 per unit for a total of $8,699,994.

The following table is a summary of the units issued during the year ended December 31, 2017:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			December 31,
	2016		the Period		the Period			2017
Class A units		15,391,991		3,251,521		(403,439	)		18,240,073
Class C units		6,803,985		1,672,115		(64,757	)		8,411,343
Class I units		7,411,405		3,526,396		(495,792	)		10,442,009
Class Y units		-		1,089,678		-			1,089,678
Total		29,607,381		9,539,710		(963,988	)		38,183,103

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Distributions

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Distributions

Note 9. Distributions

Since July 2013, the Company has paid monthly distributions for all classes of units. For the year ended December 31, 2017, the distributions were calculated based on unitholders of record for each day in an amount equal to the rate shown in the table below, less ongoing distribution fees, dealer manager fees and/or service fees with respect to certain classes of units. For the years ended December 31, 2018 and 2017, $17,535,609 and $14,285,443, respectively, of these distributions were paid in cash and $10,027,648 and $11,267,412, respectively, were reinvested in units for those unitholders participating in the Company DRP.

The following table summarizes the distributions paid for the years ended December 31, 2018 and 2017.

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2018	January 16, 2018	$	0.00197808	$	1,352,380	$	988,859	$	2,341,239
February 28, 2018	February 14, 2018	$	0.00197808		1,544,374		895,266		2,439,640
March 31, 2018	March 25, 2018	$	0.00168675		1,504,523		818,399		2,322,922
April 30, 2018	April 10, 2018	$	0.00168675		1,433,555		800,072		2,233,627
May 31, 2018	May 8, 2018	$	0.00168675		1,489,550		827,922		2,317,472
June 30, 2018	June 12, 2018	$	0.00168675		1,441,941		805,860		2,247,801
July 31, 2018	July 10, 2018	$	0.00168675		1,476,115		826,006		2,302,121
August 31, 2018	August 8, 2018	$	0.00168675		1,482,246		825,588		2,307,834
September 30, 2018	September 11, 2018	$	0.00168675		1,435,550		800,025		2,235,575
October 31, 2018	October 18, 2018	$	0.00168675		1,471,122		820,705		2,291,827
November 30, 2018	November 9, 2018	$	0.00168675		1,426,113		796,317		2,222,430
December 31, 2018	December 11, 2018	$	0.00168675		1,478,140		822,629		2,300,769
Total for 2018				$	17,535,609	$	10,027,648	$	27,563,257
January 31, 2017	January 19, 2017	$	0.00197808	$	1,002,022	$	837,472	$	1,839,494
February 28, 2017	February 23, 2017	$	0.00197808		944,453		782,125		1,726,578
March 31, 2017	March 3, 2017	$	0.00197808		1,114,222		885,439		1,999,661
April 30, 2017	April 18, 2017	$	0.00197808		1,148,147		929,660		2,077,807
May 31, 2017	May 10, 2017	$	0.00197808		1,220,942		987,576		2,208,518
June 30, 2017	June 12, 2017	$	0.00197808		1,194,793		960,134		2,154,927
July 31, 2017	July 11, 2017	$	0.00197808		1,238,624		986,918		2,225,542
August 31, 2017	August 10, 2017	$	0.00197808		1,254,262		991,320		2,245,582
September 30, 2017	September 11, 2017	$	0.00197808		1,227,774		961,150		2,188,924
October 31, 2017	October 10, 2017	$	0.00197808		1,307,319		990,942		2,298,261
November 30, 2017	November 10, 2017	$	0.00197808		1,287,287		961,032		2,248,319
December 31, 2017	December 11, 2017	$	0.00197808		1,345,598		993,644		2,339,242
Total for 2017				$	14,285,443	$	11,267,412	$	25,552,855

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Financial Highlights

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Financial Highlights

Note 10. Financial Highlights

The following is a schedule of financial highlights of the Company for the years ended December 31, 2018 and 2017. The Company’s income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I units, as applicable, and therefore the financial highlights are equal for each of the outstanding classes.

	Twelve months ended
	December 31,			December 31,
	2018			2017
Per unit data (1):
Net asset value at beginning of period	$	8.42		$	8.47
Net investment income	$	0.57		$	0.62
Net change in unrealized depreciation on investments	$	(0.19	)	$	-
Net increase in net assets resulting from operations	$	0.38		$	0.62
Distributions	$	(0.63	)	$	(0.73	)
Net change in accrued distribution and other fees	$	0.03		$	0.05
Net decrease in net assets	$	(0.22	)	$	(0.05	)
Net asset value at end of period (2)	$	8.20		$	8.42
Total return based on net asset value (3)		4.55	%		7.37	%
Net assets at end of period	$	360,070,359		$	321,356,737
Units Outstanding at end of period		43,914,946			38,183,103
Ratio/Supplemental data (annualized) (3)(4):
Ratio of net investment income to average net assets		7.01	%		7.42	%
Ratio of net operating expenses to average net assets		5.71	%		3.58	%

¹ The per unit data was derived by using the weighted average units outstanding during the years ended December 31, 2018 and 2017, which were 43,723,569 and 35,541,295, respectively.

² For financial statement reporting purposes under GAAP, as of December 31, 2018 and 2017, the Company recorded a liability in the amount of $1,230,000 and $1,895,000, respectively, for the estimated future amount of Class C distribution fees and Class I dealer manager 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 beginning with the quarter ended June 30, 2017 that deducting the accrual for the estimated future amount of Class C distribution fees and Class I dealer manager 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. As of December 31, 2018 and 2017, based on the new approach to the treatment of future Class C distribution fees and Class I dealer manager fees, the Company has calculated the net asset value to be $8.227 and $8.466, respectively, for all units.    

³ Total return, ratio of net investment income and ratio of operating expenses to average net assets for the years ended December 31, 2018 and 2017, prior to the effect of the Responsibility Agreement were as follows: total return: 4.66% and 6.09%, ratio of net investment income: 7.12% and 6.14%, and ratio of net expenses to average net assets: 5.60% and 4.86%, respectively.

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Selected Quarterly Data

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Data

Note 11. Selected Quarterly Data (Unaudited)

	2018
	Q4			Q3			Q2			Q1
Total investment income	$	11,646,953		$	11,145,704		$	12,132,475		$	10,181,734
Net investment income	$	6,517,696		$	5,921,240		$	6,799,009		$	5,614,026
Net change in unrealized appreciation (depreciation) on investments	$	(5,296,528	)	$	1,080,222		$	(3,030,543	)	$	(849,503	)
Foreign exchange gain (loss)	$	(1,730	)	$	(650	)	$	(49,701	)	$	40,174
Net increase in net assets resulting from operations	$	1,219,438		$	7,000,812		$	3,718,765		$	4,804,697
Basic and diluted earnings per unit	$	0.03		$	0.16		$	0.08		$	0.11
Net asset value per unit as of the end of the quarter	$	8.20		$	8.36		$	8.35		$	8.42

	2017
	Q4		Q3		Q2		Q1
Total investment income	$	9,482,855	$	9,741,973	$	6,951,161	$	6,678,085
Net investment income	$	5,295,695	$	6,661,271	$	5,408,617	$	4,801,740
Net change in unrealized appreciation (depreciation) on investments	$	—	$	—	$	—	$	—
Net increase in net assets resulting from operations	$	5,295,695	$	6,661,271	$	5,408,617	$	4,801,740
Basic and diluted earnings per unit	$	0.14	$	0.18	$	0.15	$	0.15
Net asset value per unit as of the end of the quarter	$	8.42	$	8.45	$	8.44	$	8.47

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Subsequent Events

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

Note 12. Subsequent Events

There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-K or would be required to be recognized in the consolidated financial statements as of and for the year ended December 31, 2018, except as discussed below.

Distributions

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

The cash distributions for January and February totaled $1,424,703 and $1,291,283, respectively.  With respect to unitholders participating in the Distribution Reinvestment Plan, $817,483 and $739,318 of the distributions for January and February, respectively, were reinvested in units.

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

Investments

Subsequent to December 31, 2018 through March 26, 2019, the Company funded approximately 9.3 million in new loans and received proceeds from repayment of loans of approximately $12.3 million.

Agreements

On March 15, 2019, the Company’s board of managers determined to extend the Advisory Agreement until February 25, 2020.

New Net Asset Value Per Unit

On March 29, 2019, the Company’s board of managers determined a new estimated net asset value per unit as of December 31, 2018 of each of the Class A, Class C, Class I, Class W, Class Y and Class Z units of $8.227. See Note 2 for additional information.

Change in Independent Registered Public Accounting Firm

On March 29, 2019, Moss Adams LLP, the  Company’s independent registered public accounting firm, notified the Company’s audit committee in writing that it is declining to stand for re-appointment following the conclusion of the audit and the issuance of the Company’s Annual Report on Form 10-K for the Company's fiscal year ended December 31, 2018.

On March 29, 2019, the Company’s audit committee approved the engagement of BDO USA, LLP as the Company’s independent registered public accounting firm for the Company’s fiscal year ending December 31, 2019.

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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The Company follows the accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946 — Financial Services, Investment Companies (“ASC 946”). The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These financial statements are presented in United States dollars, which is the functional and reporting currency of the Company and all its subsidiaries.

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 and reclassifications that, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition as of and for the periods presented.

Cash

Cash

Cash consists of demand deposits at a financial institution located in the United States of America. Such deposits may be in excess of the Federal Deposit Insurance Corporation insurance limits. The Company considers the credit risk of this financial institution to be remote and has not experienced and does not expect to experience any losses in any such accounts.

Revenue Recognition

Revenue Recognition

The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans for accounting purposes if there is reason to doubt the ability to collect such interest. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight line basis, which we have determined not to be materially different from the effective yield method.

The Company records prepayment fees for loans and debt securities paid back to the Company prior to the maturity date as income upon receipt.

The Company generally places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. At December 31, 2017, six portfolio companies were on non-accrual status with an aggregate fair value of $30,562,415 or 8.2% of the fair value of the Company’s total investments. At December 31, 2017, three portfolio company was on non-accrual status with a fair value of $8,958,155 or 2.7% 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 $3,054,881 and $401,838 respectively, for the years ended December 31, 2018 and 2017.

Valuation of Investments

Valuation of Investments

The Company applies fair value accounting to all of its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company has categorized its investments into a three-level fair value hierarchy as discussed in Note 4.

ASC 820 establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The fair value hierarchy ranks the observability of the inputs used to determine fair values. Investments carried at fair value are classified and disclosed in one of the following three categories:

• Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

• Level 2 — Valuations based on inputs other than quoted prices included in Level 1, which are either directly or indirectly observable.

• Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the income, market or cost approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. Certain investments may be valued based upon a collateral approach, which uses estimated value of underlying collateral and include adjustments deemed necessary for estimates of costs to obtain control and liquidate available collateral. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence.

The inputs used in the determination of fair value may require significant judgment or estimation.

Investments for which market quotations are readily available are valued at those quotations. Most of the Company’s investments are investments in 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 maturity of greater than 12 months, the Company has engaged a third-party independent valuation firm to perform certain limited procedures that the Company identified and requested the independent valuation firm perform a review on the reasonableness of the Company’s internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually. The analysis performed by the independent valuation firm was based upon data and assumptions provided to it by the Company and received from third party sources, which the independent valuation firm relied upon as being accurate without independent verification;

3. The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any opinion or report rendered by the independent valuation firm; and

4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the inputs which include but are not limited to, inputs of the Advisor, the independent valuation firm and the audit committee. The Company and its board of managers are solely and ultimately responsible for the determination, in good faith, of the fair value of each investment.

Below is a description of factors that the Company’s board of managers may consider when valuing the Company’s investments.

Fixed income investments are typically valued utilizing a market approach, income approach, collateral based approach, or a combination of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business) and is used less frequently due to the private nature of the Company’s investments. The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (Discounted Cash Flow or “DCF”) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. For Watch List investments, the Company may use a collateral based approach (also known as a liquidation approach).  The collateral based approach uses estimates of the collateral value of the borrower’s assets using an expected recovery model.  When using the collateral based approach, we determine 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 obligor

• Industry factors that are relevant to the investment or the underlying obligor

• Historical and projected financial performance of the obligor 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 & value) that supports the investment

• Sub-Advisor recommendation as to possible impairment or reserve, including updates and feedback

• For participations, the Fund’s ownership percentage of the overall facility

• Key inputs and assumptions that are believed to be most appropriate for the investment and the approach utilized

With respect to warrants and other equity investments, as well as certain fixed income investments, the Company may also look to private merger and acquisition statistics, public trading multiples discounted for illiquidity and other factors, valuations implied by third-party investments in the portfolio companies, option pricing models or industry practices in determining fair value. The Company may also consider the size and scope of a portfolio company and its specific strengths and weaknesses, as well as any other factors the Company deems relevant in measuring the fair values of the Company’s investments.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments

The Company measures net realized gains or losses by the difference between the net proceeds from the repayment or sale on investments and the amortized cost basis of the investment including unamortized upfront fees and prepayment penalties. Realized gains or losses on the disposition of an investment are calculated using the first in first out (FIFO) method, utilizing 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 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 may have investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible. For the years ended December 31, 2018 and 2017, the Company earned and capitalized PIK interest of $4,754,257 and $3,600,991, respectively.

Distribution and Ongoing Dealer Manager Fees

Distribution and Ongoing Dealer Manager 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 December 31, 2018 and 2017, the estimated unpaid aggregate distribution fees for Class C units amounted to $1,172,000 and $1,309,000,respectively, the unpaid dealer manager fees for Class I units amounted to $55,000 and $61,000 respectively, and the unpaid dealer manager and service fees for Class W units amounted to $3,000 and $4,000 respectively.

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 December 31, 2018 and 2017, 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 ending December 31, 2015.

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

Calculation of Net Asset Value

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis. As of December 31, 2018, 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 Company’s income and expenses on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, effective June 30, 2016, the Company records liabilities for distribution fees that the Company (i) currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the dealer manager in future periods. As of December 31, 2018 and 2017, under GAAP, the Company recorded a liability in the aggregate amount of $1,230,000 and $1,895,000, respectively, for the estimated future amount of Class C units distribution fee, Class I units dealer manager fees, Class W units ongoing dealer manager fees and Class W units service fees payable. The Company is not required to determine its net asset value under GAAP and, thus, its determination of net asset value per unit for Class C units, Class I units and Class W units now varies from GAAP.  

Prior to April 1, 2017, the Company deducted the liability for the estimated future distribution fees in its net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than the Class C units with the difference being the result of the Company’s deduction of estimated future distribution fees with respect to Class C units. The Company determined that the prior approach is not the most appropriate for determining the net asset value per unit for Class C units and, beginning with the net asset value determination as of June 30, 2017, 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 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.

Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of December 31, 2018, each of the Class A, Class C, Class I, Class W, Class Y and Class Z units have the same net asset value per unit of $8.227. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.302 from $8.529 as of March 31, 2017 to $8.227 as of December 31, 2018 as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses during the second and fourth quarters of 2017. The Company also failed to realize sufficient investment income to cover its operating expenses during the second and fourth quarters of 2017 and first quarter of 2018. In addition, during the year ended December 31, 2018, the Company recorded approximately $8.1 million in net unrealized depreciation on its investments.

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 December 31, 2018 and 2017.

Organization and Offering Costs

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs incurred in connection with the Offering are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of December 31, 2018 and 2017. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses were equal to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution, dealer manager, and service fees to the dealer manager for certain sales pursuant to private placements.  As of December 31, 2018, the Sponsor has incurred approximately $567,300 in organization and offering costs on behalf of the Company related to private placements of the Company’s units.  As of December 31, 2018, the Company has reimbursed $86,784 of the organization and offering costs incurred relating to such private placements and is under no obligation to reimburse the Sponsor for the remainder.

Operating Expense Responsibility Agreement

Operating Expense Responsibility Agreement

On March 26, 2018, the Advisor and the Sponsor entered into the Responsibility Agreement originally effective as of June 11, 2013 and covering expenses through December 31, 2017. Since the inception of the Company through December 31, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor paid approximately $12,420,600 of operating expenses, asset management fees, and incentive fees on behalf of the Company and will reimburse to the Company an additional $4,240,200 of expenses, which have been paid by the Company as of December 31, 2017.

The Sponsor will only be entitled to reimbursement of the cumulative expenses it has incurred on the Company’s behalf to the extent the Fund’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 Fund’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, we will apply the excess amount (the “Excess Amount”) as follows: (i) first, we will reimburse the Sponsor for all expenses, other than asset management fees and incentive fees, that the Sponsor previously paid on our behalf, which will generally consist of operating expenses (the “Previously Paid Operating Expenses”) until all Previously Paid Operating Expenses incurred to date have been reimbursed; and (ii) second, we will apply 50% of the Excess Amount remaining after the payment of Previously Paid Operating Expenses to reimburse the Sponsor for the asset management fees and incentive fees that the Sponsor has agreed to pay on our 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 quarters ended March 31, 2018, September 30, 2018, and December 31, 2018, but met the Reimbursement Hurdle for the quarter ended June 30, 2018. Therefore, expenses of the Company covered by the Responsibility Agreement in the amount of $387,000 have been reimbursed to the Sponsor and recorded as expenses of the Company for the year ended December 31, 2018. As of December 31, 2018, there is a remaining aggregate balance of approximately $16,266,800 in expenses covered by the Responsibility Agreement which have not been reimbursed to the Sponsor nor 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.

Classification Correction

Classification Correction

During the second quarter of 2018, the Company identified a misclassification error in its Consolidated Statement of Assets and Liabilities, which overstated the net capital paid in on and net assets for Class A, C, and I units and understated the net capital paid in on and net assets for Class Y units as of December 31, 2017.  This misclassification error did not affect the aggregate net assets presented. The Company determined the misclassification error was not material to the prior periods and corrected it on a prospective basis during the second quarter of 2018. The effect of the correction to the Analysis of Net Assets section of the Consolidated Statement of Assets and Liabilities as of December 31, 2017 is as follows:

ANALYSIS OF NET ASSETS:	As previously reported			Corrected			Change
Net capital paid in on Class A units	$	166,754,603		$	162,087,710		$	(4,666,893	)
Net capital paid in on Class C units		76,275,220			74,739,748			(1,535,472	)
Net capital paid in on Class I units		92,778,756			92,522,021			(256,735	)
Net capital paid in on Class Y units		2,704,659			9,163,759			6,459,100
Offering costs		(17,156,501	)		(17,156,501	)		-
NET ASSETS	$	321,356,737		$	321,356,737		$	-
Net assets, Class A	$	158,558,939		$	153,892,048		$	(4,666,891	)
Net assets, Class C		72,495,821			70,960,348			(1,535,473	)
Net assets, Class I		88,086,934			87,830,198			(256,736	)
Net assets, Class Y		2,215,043			8,674,143			6,459,100
NET ASSETS	$	321,356,737		$	321,356,737		$	-

Out of Period Adjustments

Out-of-Period Adjustments

As disclosed in “Watch List Investments” in Note 3, in prior periods, the Company was not aware of, and so therefore did not include, certain information in its valuation of some of its Participations in trade finance facilities originated by IIG Trade Opportunities Fund B.V., a subsidiary of a fund advised by the Company’s sub-advisor, IIG. This resulted in the overstatement of the valuation of these investments for each quarter in the year ended December 31, 2017 and the quarter ended March 31, 2018, which overstatement was not material. The aggregate amount of this overstatement as of December 31, 2017 was approximately $871,000. The Company became aware of this information on July 31, 2018 and determined that the adjustments for the prior periods are not material. The Company elected to record these prior period adjustments on a prospective basis commencing with the second quarter of 2018. The effect of these adjustments was to overstate net change in unrealized depreciation on investments and to understate the Net Increase In Net Assets Resulting From Operations, in each case by approximately $871,000 on the Consolidated Statement of Operations as of December 31, 2018.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. The Company has adopted this guidance effective for the fiscal period beginning January 1, 2018, using the modified retrospective approach. The guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the adoption of the new revenue recognition guidance did not have any impact on the elements of the Company’s consolidated statements of operations, most closely associated with financial instruments, including interest and fee income, and resulted in no cumulative effect adjustment to the opening balance of its net assets.

In January, 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 addresses certain aspects of recognition, measurement, presentation and disclosure of financial instruments that are marked to fair value and reported as available-for-sale (“AFS”).  ASU 2016-01 requires public business entities that are required to disclose fair value of financial instruments measured at amortized cost on the balance sheet to measure that fair value using the exit price notion consistent with Topic 820, Fair Value Measurement.  For public business entities, ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.  The Company has adopted this guidance effective for the fiscal period beginning January 1, 2018.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. ASU 2016-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The guidance requires companies to apply the requirements in the year of adoption through cumulative adjustment with some aspects of the update requiring a prospective transition approach. The Company is currently evaluating the potential impact of the pending adoption of ASU 2016-13 on our consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: (i) debt prepayment or debt extinguishment, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method investees, (vii) beneficial interest in securitizations transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. The Company adopted this guidance, which did not have any effect on its consolidated financial statements, effective January 1, 2018.

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 is also exposed to credit risk related to maintaining all of its cash at a major financial institution. The Company relies on the ability of the Advisor and the ability of the sub-advisors’ investment professionals to obtain adequate information to evaluate the potential returns from these investments, which primarily are made in, with or through private companies. If the Company is unable to uncover all material information about these companies or is provided incorrect or inadequate information about these companies from the Company’s subadvisors, the Company may not make a fully informed investment decision, and the Company may lose money on its investments. As described further in “Note 3—Investments—Watch List Investments,” IIG is the sub-advisor with respect to six of the twelve investments that we have deemed Watch List investments, which are investments with respect to which we have determined there have been significant changes in the credit and collection risk of the investment.  As described in Note 3, IIG has failed to provide us with complete and accurate information with respect to our investments for which IIG is the sub-advisor, has misapplied $6 million that we invested in 2017 and our funds that were misapplied have not been returned to us. IIG’s acts and omissions have negatively affected the value of certain of our investments, which could adversely affect returns to our unitholders.

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

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. In addition, as of December 31, 2018, all but one of the Company’s investments are 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.

At December 31, 2018, the Company’s investment portfolio included 47 companies and was comprised of $88,858,707 or 23.8% in senior secured term loans, $189,157,819 or 50.7% in senior secured term loan participations, $80,236,312 or 21.5% in senior secured trade finance participations, and $13,644,683 or 3.7% in short term investments. At December 31, 2018, the Company’s largest loan by value was $21,367,121 or 5.6% of the total portfolio and the Company’s 5 largest loans by value amounted to an aggregate of $94,943,574, representing 25.5% of total investments. Participation in loans amounted to 72.2% of the Company’s total portfolio at December 31, 2018.

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Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Summary of Effect of Correction to Analysis of Net Assets Section of Consolidated Statement of Assets and Liabilities

The effect of the correction to the Analysis of Net Assets section of the Consolidated Statement of Assets and Liabilities as of December 31, 2017 is as follows

ANALYSIS OF NET ASSETS:	As previously reported			Corrected			Change
Net capital paid in on Class A units	$	166,754,603		$	162,087,710		$	(4,666,893	)
Net capital paid in on Class C units		76,275,220			74,739,748			(1,535,472	)
Net capital paid in on Class I units		92,778,756			92,522,021			(256,735	)
Net capital paid in on Class Y units		2,704,659			9,163,759			6,459,100
Offering costs		(17,156,501	)		(17,156,501	)		-
NET ASSETS	$	321,356,737		$	321,356,737		$	-
Net assets, Class A	$	158,558,939		$	153,892,048		$	(4,666,891	)
Net assets, Class C		72,495,821			70,960,348			(1,535,473	)
Net assets, Class I		88,086,934			87,830,198			(256,736	)
Net assets, Class Y		2,215,043			8,674,143			6,459,100
NET ASSETS	$	321,356,737		$	321,356,737		$	-

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Investments (Tables)

12 Months Ended

Dec. 31, 2018

Investments Debt And Equity Securities [Abstract]

Schedule of Investments

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

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

As of December 31, 2017, the Company’s investments consisted of the following:

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	78,573,493	$	78,573,493		23.4	%
Senior secured term loan participations		119,165,378		119,165,378		35.6	%
Senior secured trade finance participations		105,089,698		105,030,621		31.3	%
Short term investments		32,500,000		32,500,000		9.7	%
Total investments	$	335,328,569	$	335,269,492		100.0	%

Components of Investment Portfolio, Fair Value

The industry composition of the Company’s portfolio, at fair market value as of December 31, 2018 and 2017, was as follows:

	As of  December 31, 2018					As of December 31, 2017
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	12,167,401		3.3	%	$	15,351,296		4.6	%
Boatbuilding and Repairing		5,428,294		1.5	%		—		—
Bulk Fuel Stations and Terminals		—		—			16,545,994		4.9	%
Chemicals and Allied Products		15,000,000		4.0	%		15,000,000		4.5	%
Chocolate and Cocoa Products		10,718,201		2.9	%		—		—
Coal and Other Minerals and Ores		30,000,000		8.0	%		31,254,315		9.4	%
Commercial Fishing		35,838		0.0	%		351,559		0.1	%
Communications Equipment		6,029,026		1.6	%		—		—
Consumer Products		9,457,047		2.5	%		10,960,000		3	%
Department Stores		8,262,375		2.2	%		—		—
Drugs, Proprietaries, and Sundries		803,254		0.2	%		1,080,000		0.30	%
Electric Services		26,394,209		7.1	%		18,527,237		5.5	%
Farm Products		9,285,834		2.5	%		7,960,987		2.4	%
Fats and Oils		3,784,354		1.0	%		12,000,000		3.6	%
Financial services		5,906,946		1.6	%		10,000,000		3.0	%
Freight Transportation Arrangement		12,970,938		3.5	%		12,464,320		3.7	%
Fresh or Frozen Packaged Fish		—		—			3,338,520		1.0	%
Food Products		6,607,713		1.8	%		1,072,944		0.3	%
Gas Transmission and Distribution		17,605,054		4.7	%		—		—
Groceries and Related Products		2,500,000		0.7	%		3,500,000		1.0	%
Hotels and Motels		16,459,362		4.4	%		15,807,931		4.7	%
Land Subdividers and Developers		16,083,083		4.3	%		15,411,497		4.6	%
Logging		6,840,000		1.8	%		6,840,000		2.0	%
Meat, Poultry & Fish		6,748,935		1.8	%		9,000,000		2.7	%
Metals & Mining		—		—			4,566,481		1.4	%
Metals Service Centers and Offices		3,737,737		1.0	%
Personal Credit Institutions		5,468,186		1.5	%		3,157,735		0.9	%
Petroleum and Petroleum Products		15,500,000		4.2	%		32,000,000		9.5	%
Programming and Data Processing		13,903,662		3.7	%		15,714,764		4.7	%
Refuse Systems		22,447,343		6.0	%		11,315,000		3.4	%
Secondary Nonferrous Metals		17,632,234		4.7	%		17,349,626		5.2	%
Short-Term Business Credit		4,740,000		1.3	%		4,740,000		1.4	%
Soap, Detergents, and Cleaning		3,250,844		0.9	%		1,355,600		0.4	%
Street Construction		—		—			10,861,658		3.2	%
Telephone and Telegraph Apparatus		7,000,000		1.9	%		14,388,525		4.3	%
Telephone Communications		37,481,370		10.0	%		—		—
Water Transportation		12,728,503		3.4	%		13,353,503		4.0	%
Total	$	372,977,743		100.0	%	$	335,269,492		100.0	%

Schedule of Investment by Geographical Classification

The table below shows the portfolio composition by geographic classification at fair value as of December 31, 2018 and 2017:

	As of  December 31, 2018					As of December 31, 2017
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	24,841,309		6.7	%	$	39,500,000		11.8	%
Botswana		4,740,000		1.3	%		4,740,000		1.4	%
Brazil		22,183,252		6.0	%		18,566,060		5.5	%
Cabo Verde		16,459,362		4.4	%		15,807,931		4.7	%
Cameroon		10,718,201		2.9	%		—		—
Cayman Islands		—		—			10,000,000		3.0	%
Chile		9,136,558		2.5	%		1,326,687		0.4	%
China		10,000,000		2.7	%		10,000,000		3.0	%
Colombia		24,434,056		6.6	%		3,157,735		0.9	%
Croatia		8,262,375		2.2	%		—		—
Ecuador		35,838		0.0	%		3,690,079		1.1	%
Ghana		52,027,237		14.0	%		34,027,237		10.1	%
Guatemala		662,525		0.2	%		881,800		0.3	%
Hong Kong		37,000,000		9.9	%		41,346,389		12.3	%
Indonesia		—		—			14,193,994		4.2	%
Jersey		18,515,500		5.0	%		—		—
Kenya		12,970,938		3.5	%		12,464,320		3.7	%
Malaysia		15,000,000		4.0	%		15,000,000		4.5	%
Mauritius		2,500,000		0			3,500,000		1.0	%
Mexico		22,447,343		6.0	%		11,315,000		3.4	%
Morocco		7,632,234		2.1	%		7,349,626		2.2	%
Namibia		16,083,083		4.3	%		15,411,497		4.6	%
Netherlands		4,000,000		1.1	%		—		—
New Zealand		6,840,000		1.8	%		6,840,000		2.0	%
Nigeria		15,782,226		4.2	%		19,106,003		5.7	%
Peru		4,465,132		1.2	%		21,505,994		6.4	%
Romania		1,917,097		0.5	%		—		—
Singapore		3,737,737		1.0	%		—		—
South Africa		6,719,642		1.8	%		1,960,874		0.6	%
United Arab Emirates		803,254		0.2	%		1,080,000		0.3	%
United Kingdom		—		—			20,796,451		6.2	%
Uganda		4,300,000		1.2	%		—		—
Uruguay		—		—			346,215		0.1	%
Zambia		3,250,844		0.9	%		1,355,600		0.4	%
N/A		5,512,000		1.5	%		—		0.0	%
Total	$	372,977,743		100.0	%	$	335,269,492		100.0	%

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2018

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 as of December 31, 2018:

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

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels as of December 31, 2017:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan	$	78,573,493	$	—	$	—	$	78,573,493
Senior secured term loan participations		119,165,378						119,165,378
Senior secured trade finance participations		105,030,621		—		—		105,030,621
Short term investments		32,500,000						32,500,000
Total	$	335,269,492	$	—	$	—	$	335,269,492

Summary of Investments Classified as Level 3

The following is a reconciliation of activity for the year ended December 31, 2018, of investments classified as Level 3:

	Fair Value at December 31, 2017		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in unrealized appreciation (depreciation)			Transfers			Fair Value at December 31, 2018
Senior secured term loans	$	78,573,493	$	28,088,396	$	(19,173,514	)	$	2,773,800	$	—		$	(1,403,468	)	$	88,858,707
Senior secured term loan participations		119,165,378		59,776,828		(17,827,932	)		2,535,023					25,508,522			189,157,819
Senior secured trade finance participations		105,030,621		93,378,531		(102,984,266	)		—		(8,688,574	)		(6,500,000	)		80,236,312
Short term investments		32,500,000		25,737,737		(26,500,000	)		—		(488,000	)		(17,605,054	)		13,644,683
Equity warrants		—		—		—			—		1,080,222			—			1,080,222
Total	$	335,269,492	$	206,981,492	$	(166,485,712	)	$	5,308,823	$	(8,096,352	)	$	-		$	372,977,743

The following is a reconciliation of activity for the year ended December 31, 2017 of investments classified as Level 3:

	Fair Value at December 31, 2016		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in unrealized appreciation (depreciation)		Transfers			Fair Value at December 31, 2017
Senior secured term loan	$	28,673,487	$	56,019,866	$	(7,259,818	)	$	1,139,958	$	—	$	—		$	78,573,493
Senior secured term loan participations		58,450,761		74,182,336		(17,145,817	)		3,678,098		—					119,165,378
Senior secured trade finance participations		116,671,565		159,040,847		(164,681,791	)		—		—		(6,000,000	)		105,030,621
Unsecured short term note receivable		—		34,000,000		(7,500,000	)		—		—		6,000,000			32,500,000
Total	$	203,795,813	$	323,243,049	$	(196,587,426	)	$	4,818,056	$	—	$	(6,000,000	)	$	335,269,492

Summary of Quantitative Information of Fair Value Measurements of Investments

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

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)(3)	$	66,808,909	Income approach (DCF)	Market yield	9.0% - 17.5% (11.4%)
Senior secured trade finance participations (2)	$	13,427,403	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	88,858,707	Income approach (DCF)	Market yield	10.0% - 14.5% (12.3%)
Senior secured term loan participations	$	189,157,819	Income approach  (DCF)	Market yield	11.0% - 15.9% (13.2%)
Short term investments (4)	$	5,512,000	Income approach  (DCF)	Market yield	8.75%
Short term investments	$	8,132,683	Cost  Approach	Recent transactions	N/A
Equity warrants	$	1,080,222	Option Pricing Method	Estimated company value	N/A

(1)  Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. Starting December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions.  This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

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

(3) The Company used a combination of the collateral based approach and the income approach for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information.

(4) Receivable from IIG TOF B.V.

As of December 31, 2017, 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, 2017:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	90,030,621	Income approach (DCF)	Market yield	9.0% - 17.5% (10.6%)
Senior secured trade finance participations (2)	$	21,000,000	Collateral based approach	Value of collateral	N/A
Senior secured term loans	$	78,573,493	Income approach (DCF)	Market yield	11.3% - 14.5% (12.5%)
Senior secured term loan participations	$	119,165,378	Income approach  (DCF)	Market yield	11.0% - 20.0% (13.5%)
Short term investments	$	6,000,000	Collateral based approach	Value of collateral	N/A
Short term investments	$	26,500,000	Cost  Approach	Recent transactions	N/A

(1) Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. As of December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions.  This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

(2) Collateral based approach used for FRIAR, Algodonera and the IIG TOF B.V. receivable. See Note 3 “Watch List Investments” for further information.

XML

Promissory Notes (Tables)

12 Months Ended

Dec. 31, 2018

Debt Instruments [Abstract]

Summary of Notes Payable

The Company notes payable consist of the following:

	December 31, 2018		December 31, 2017
	Outstanding Balance		Outstanding Balance
Promissory notes	$	125,000	$	410,000
Symbiotics facility		22,750,000		22,750,000
Christian Super promissory note		10,000,000		5,000,000
Total notes payable	$	32,875,000	$	28,160,000

Summary of Principal Payments Due on Borrowings

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

Year ending December 31:	Principal payments
2019	$	125,000
2020		22,750,000
2021		10,000,000
Thereafter		-
	$	32,875,000

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Unit Capital (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Summary of Transactions with Respect to the Company's Units

The following table is a summary of transactions with respect to the Company’s units during the year ended December 31, 2018:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			December 31,
	2017		the Period		the Period			2018
Class A units		18,240,073		581,230		(854,740	)		17,966,563
Class C units		8,411,343		303,258		(476,507	)		8,238,094
Class I units		10,442,009		463,737		(350,724	)		10,555,022
Class W units		-		24,555		-			24,555
Class Y units		1,089,678		78,365		(2,368	)		1,165,675
Class Z units		-		5,965,037		-			5,965,037
Total		38,183,103		7,416,182		(1,684,339	)		43,914,946

The following table is a summary of the units issued during the year ended December 31, 2017:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			December 31,
	2016		the Period		the Period			2017
Class A units		15,391,991		3,251,521		(403,439	)		18,240,073
Class C units		6,803,985		1,672,115		(64,757	)		8,411,343
Class I units		7,411,405		3,526,396		(495,792	)		10,442,009
Class Y units		-		1,089,678		-			1,089,678
Total		29,607,381		9,539,710		(963,988	)		38,183,103

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Distributions (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Summary of Distributions Paid

The following table summarizes the distributions paid for the years ended December 31, 2018 and 2017.

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2018	January 16, 2018	$	0.00197808	$	1,352,380	$	988,859	$	2,341,239
February 28, 2018	February 14, 2018	$	0.00197808		1,544,374		895,266		2,439,640
March 31, 2018	March 25, 2018	$	0.00168675		1,504,523		818,399		2,322,922
April 30, 2018	April 10, 2018	$	0.00168675		1,433,555		800,072		2,233,627
May 31, 2018	May 8, 2018	$	0.00168675		1,489,550		827,922		2,317,472
June 30, 2018	June 12, 2018	$	0.00168675		1,441,941		805,860		2,247,801
July 31, 2018	July 10, 2018	$	0.00168675		1,476,115		826,006		2,302,121
August 31, 2018	August 8, 2018	$	0.00168675		1,482,246		825,588		2,307,834
September 30, 2018	September 11, 2018	$	0.00168675		1,435,550		800,025		2,235,575
October 31, 2018	October 18, 2018	$	0.00168675		1,471,122		820,705		2,291,827
November 30, 2018	November 9, 2018	$	0.00168675		1,426,113		796,317		2,222,430
December 31, 2018	December 11, 2018	$	0.00168675		1,478,140		822,629		2,300,769
Total for 2018				$	17,535,609	$	10,027,648	$	27,563,257
January 31, 2017	January 19, 2017	$	0.00197808	$	1,002,022	$	837,472	$	1,839,494
February 28, 2017	February 23, 2017	$	0.00197808		944,453		782,125		1,726,578
March 31, 2017	March 3, 2017	$	0.00197808		1,114,222		885,439		1,999,661
April 30, 2017	April 18, 2017	$	0.00197808		1,148,147		929,660		2,077,807
May 31, 2017	May 10, 2017	$	0.00197808		1,220,942		987,576		2,208,518
June 30, 2017	June 12, 2017	$	0.00197808		1,194,793		960,134		2,154,927
July 31, 2017	July 11, 2017	$	0.00197808		1,238,624		986,918		2,225,542
August 31, 2017	August 10, 2017	$	0.00197808		1,254,262		991,320		2,245,582
September 30, 2017	September 11, 2017	$	0.00197808		1,227,774		961,150		2,188,924
October 31, 2017	October 10, 2017	$	0.00197808		1,307,319		990,942		2,298,261
November 30, 2017	November 10, 2017	$	0.00197808		1,287,287		961,032		2,248,319
December 31, 2017	December 11, 2017	$	0.00197808		1,345,598		993,644		2,339,242
Total for 2017				$	14,285,443	$	11,267,412	$	25,552,855

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Financial Highlights (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights of the Company for the years ended December 31, 2018 and 2017. The Company’s income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I units, as applicable, and therefore the financial highlights are equal for each of the outstanding classes.

	Twelve months ended
	December 31,			December 31,
	2018			2017
Per unit data (1):
Net asset value at beginning of period	$	8.42		$	8.47
Net investment income	$	0.57		$	0.62
Net change in unrealized depreciation on investments	$	(0.19	)	$	-
Net increase in net assets resulting from operations	$	0.38		$	0.62
Distributions	$	(0.63	)	$	(0.73	)
Net change in accrued distribution and other fees	$	0.03		$	0.05
Net decrease in net assets	$	(0.22	)	$	(0.05	)
Net asset value at end of period (2)	$	8.20		$	8.42
Total return based on net asset value (3)		4.55	%		7.37	%
Net assets at end of period	$	360,070,359		$	321,356,737
Units Outstanding at end of period		43,914,946			38,183,103
Ratio/Supplemental data (annualized) (3)(4):
Ratio of net investment income to average net assets		7.01	%		7.42	%
Ratio of net operating expenses to average net assets		5.71	%		3.58	%

¹ The per unit data was derived by using the weighted average units outstanding during the years ended December 31, 2018 and 2017, which were 43,723,569 and 35,541,295, respectively.

² For financial statement reporting purposes under GAAP, as of December 31, 2018 and 2017, the Company recorded a liability in the amount of $1,230,000 and $1,895,000, respectively, for the estimated future amount of Class C distribution fees and Class I dealer manager 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 beginning with the quarter ended June 30, 2017 that deducting the accrual for the estimated future amount of Class C distribution fees and Class I dealer manager 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. As of December 31, 2018 and 2017, based on the new approach to the treatment of future Class C distribution fees and Class I dealer manager fees, the Company has calculated the net asset value to be $8.227 and $8.466, respectively, for all units.    

³ Total return, ratio of net investment income and ratio of operating expenses to average net assets for the years ended December 31, 2018 and 2017, prior to the effect of the Responsibility Agreement were as follows: total return: 4.66% and 6.09%, ratio of net investment income: 7.12% and 6.14%, and ratio of net expenses to average net assets: 5.60% and 4.86%, respectively.

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Selected Quarterly Data (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Summary of Selected Quarterly Data

	2018
	Q4			Q3			Q2			Q1
Total investment income	$	11,646,953		$	11,145,704		$	12,132,475		$	10,181,734
Net investment income	$	6,517,696		$	5,921,240		$	6,799,009		$	5,614,026
Net change in unrealized appreciation (depreciation) on investments	$	(5,296,528	)	$	1,080,222		$	(3,030,543	)	$	(849,503	)
Foreign exchange gain (loss)	$	(1,730	)	$	(650	)	$	(49,701	)	$	40,174
Net increase in net assets resulting from operations	$	1,219,438		$	7,000,812		$	3,718,765		$	4,804,697
Basic and diluted earnings per unit	$	0.03		$	0.16		$	0.08		$	0.11
Net asset value per unit as of the end of the quarter	$	8.20		$	8.36		$	8.35		$	8.42

	2017
	Q4		Q3		Q2		Q1
Total investment income	$	9,482,855	$	9,741,973	$	6,951,161	$	6,678,085
Net investment income	$	5,295,695	$	6,661,271	$	5,408,617	$	4,801,740
Net change in unrealized appreciation (depreciation) on investments	$	—	$	—	$	—	$	—
Net increase in net assets resulting from operations	$	5,295,695	$	6,661,271	$	5,408,617	$	4,801,740
Basic and diluted earnings per unit	$	0.14	$	0.18	$	0.15	$	0.15
Net asset value per unit as of the end of the quarter	$	8.42	$	8.45	$	8.44	$	8.47

XML

Organization and Operations of the Company - Additional Information (Detail)			1 Months Ended		12 Months Ended		21 Months Ended
	Jun. 11, 2013 USD ($) shares	Feb. 25, 2013 USD ($)	Mar. 31, 2017 USD ($)	May 31, 2012 USD ($) shares	Dec. 31, 2018 USD ($) Employee shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2018 USD ($) Employee
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction | shares					7,416,182	9,539,710
Offering period, description					The primary offering terminated on March 31, 2017.
Additional gross proceeds					$ 447,887,000
Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased					$ 4,959,452	$ 29,324,867
Shares purchased under equity transaction | shares					581,230	3,251,521
Offering [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased		$ 1,500,000,000
Private Placement [Member]
Organization And Nature Of Operations [Line Items]
Additional gross proceeds							$ 67,321,000
Distribution Reinvestment Plan [Member]
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction | shares					1,175,826
Aggregate gross proceeds on units purchased					$ 10,027,648
Additional gross proceeds							$ 18,790,000
Termination of Primary Offering [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased			$ 361,776,000
Termination of Primary Offering [Member] | Distribution Reinvestment Plan [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased			$ 13,338,000
TriLinc Advisors, LLC [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased				$ 200,000
Shares purchased under equity transaction | shares				22,161
TriLinc Global, LLC [Member]
Organization And Nature Of Operations [Line Items]
Formation date of limited liability company					Apr. 30, 2012
Primary offering termination date					Mar. 31, 2017
TriLinc Global, LLC [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction | shares	321,330
Aggregate gross proceeds on units purchased	$ 2,900,000
TriLinc Global, LLC [Member] | TriLinc Advisors, LLC [Member]
Organization And Nature Of Operations [Line Items]
Percentage of ownership					85.00%
TriLinc Global, LLC [Member] | Maximum [Member]
Organization And Nature Of Operations [Line Items]
Number of employees for investments in SMEs | Employee					500		500
TriLinc Global, LLC [Member] | Minimum [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Minimum offering requirement	$ 2,000,000
Strategic Capital Advisory Services, LLC [Member] | TriLinc Advisors, LLC [Member]
Organization And Nature Of Operations [Line Items]
Percentage of ownership					15.00%

XML

Significant Accounting Policies - Additional Information (Detail)		12 Months Ended		68 Months Ended
		Dec. 31, 2018 USD ($) Company Investment Loans $ / shares	Dec. 31, 2017 USD ($) Company Investment $ / shares	Dec. 31, 2017 USD ($) Company Investment $ / shares	Jan. 01, 2018 USD ($)	Mar. 31, 2017 $ / shares
Significant Accounting Policies [Line Items]
Due date for unpaid principal and interest		90 days
Number of companies on non-accrual status | Company		6	3	3
Fair Value		$ 372,977,743	$ 335,269,492	$ 335,269,492
Percentage of investment in loans		100.00%	100.00%
Unrecorded investment interest income		$ 44,940,452	$ 32,494,392
Minimum investment maturity period		12 months
Paid-in-Kind Interest		$ 4,754,257	3,600,991
Percentage of total selling compensation equaling of gross proceeds from offering		10.00%
Dealer manager fee payable period, maximum		5 years
Service fee payable period, maximum		6 years
Tax liability for uncertain tax provision		$ 0	0	$ 0
Interest and penalties related to unrecognized tax benefits		$ 0	$ 0
Net assets value per unit | $ / shares		$ 8.227	$ 8.466	$ 8.466
Investment, net unrealized depreciation		$ 8,100,000
Organization and offering expenses		4.70%
Amount paid to the sponsor due to reimbursement hurdle		$ 387,000	$ (3,831,415)
Number of watch list investments | Investment		12	10	10
Number of companies included in investment portfolio | Company		47
Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 21,367,121
Number of investment loans | Loans		5
Five Largest Loans by Value [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 94,943,574
Investment Concentration [Member] | Investment Portfolio [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment		72.20%
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment		5.60%
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment		25.50%
IIG [Member] | Sub-advisory Agreement [Member]
Significant Accounting Policies [Line Items]
Number of watch list investments | Investment		6
Misapplication of investments			$ 6,000,000
ASU 2014-09 [Member]
Significant Accounting Policies [Line Items]
Cumulative adjustment to net assts					$ 0
Valuation of Investments [Member]
Significant Accounting Policies [Line Items]
Prior period adjustments		$ 871,000
Net Change In Unrealized Depreciation On Investments [Member]
Significant Accounting Policies [Line Items]
Prior period adjustments		871,000
Net Increase In Net Assets [Member]
Significant Accounting Policies [Line Items]
Prior period adjustments		$ (871,000)
Maximum [Member]
Significant Accounting Policies [Line Items]
Organization and offering reimbursement limit		15.00%
TriLinc Global, LLC [Member] | Responsibility Agreement [Member]
Significant Accounting Policies [Line Items]
Expenses paid by the sponsor on behalf of company			12,420,600	$ 12,420,600
Related party transaction reimbursement amounts paid			4,240,200
Remaining excess amount payment percentage		50.00%
Remaining aggregate balance due to affiliate		$ 16,266,800	16,660,800	16,660,800
Amount paid to the sponsor due to reimbursement hurdle		387,000
TriLinc Global, LLC [Member] | Private Placement [Member]
Significant Accounting Policies [Line Items]
Organization and offering costs incurred by the Sponsor on behalf of the company		567,300
Reimbursement of organization and offering costs incurred by Sponsor		$ 86,784
TriLinc Global, LLC [Member] | Organization And Offering Costs [Member]
Significant Accounting Policies [Line Items]
Intercompany agreement description		Organization and offering costs incurred in connection with the Offering are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit.
Earliest tax year [Member]
Significant Accounting Policies [Line Items]
Open tax year		2015
Class C Units [Member]
Significant Accounting Policies [Line Items]
Distribution fee per annum percentage of estimated value per share		0.80%
Distribution fee payable		$ 1,172,000	$ 1,309,000	$ 1,309,000
Net assets value per unit | $ / shares		$ 8.227	$ 8.466	$ 8.466		$ 8.267
Blended net asset value per unit | $ / shares						8.467
Class I Units [Member]
Significant Accounting Policies [Line Items]
Unpaid dealer manager fee		$ 55,000	$ 61,000	$ 61,000
Net assets value per unit | $ / shares		$ 8.227	$ 8.466	$ 8.466		8.529
Decrease in net asset value per unit | $ / shares		$ 0.302
Class W Units [Member]
Significant Accounting Policies [Line Items]
Unpaid dealer manager and service fees		$ 3,000	$ 4,000	$ 4,000
Net assets value per unit | $ / shares		$ 8.227
Class C Units, Class I Units and Class W Units [Member]
Significant Accounting Policies [Line Items]
Distribution, dealer manager and service fees payable		$ 1,230,000	$ 1,895,000	$ 1,895,000
Class A Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares		$ 8.227	$ 8.466	$ 8.466		$ 8.529
Decrease in net asset value per unit | $ / shares		0.302
Class Y Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares		8.227	$ 8.466	$ 8.466
Class Z Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares		$ 8.227
Non-Accrual Status [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 30,562,415	$ 8,958,155	$ 8,958,155
Percentage of investment in loans		8.20%	2.70%
Unrecorded investment interest income		$ 3,054,881	$ 401,838
Senior Secured Term Loans [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	$ 88,858,707	$ 78,573,493	78,573,493
Percentage of investment in loans		23.80%	23.40%
Senior Secured Term Loan Participations [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	$ 189,157,819	$ 119,165,378	119,165,378
Percentage of investment in loans		50.70%	35.60%
Senior Secured Trade Finance Participations [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	$ 80,236,312	$ 105,030,621	$ 105,030,621
Percentage of investment in loans		21.50%	31.30%
Short Term Note [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 13,644,683
Percentage of investment in loans		3.70%
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

Significant Accounting Policies - Summary of Effect of Correction to Analysis of Net Assets Section of Consolidated Statement of Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
ANALYSIS OF NET ASSETS:
Offering costs	$ (17,211,117)	$ (17,156,501)
NET ASSETS	360,070,359	321,356,737	$ 250,755,915
Class A Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid	155,806,753	162,087,710
NET ASSETS	147,658,522	153,892,048
Class C Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid	71,492,834	74,739,748
NET ASSETS	67,756,677	70,960,348
Class I Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid	91,205,180	92,522,021
NET ASSETS	86,418,246	87,830,198
Class Y Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid	9,562,342	9,163,759
NET ASSETS	$ 9,033,683	8,674,143
As Previously Reported [Member]
ANALYSIS OF NET ASSETS:
Offering costs		(17,156,501)
NET ASSETS		321,356,737
As Previously Reported [Member] | Class A Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		166,754,603
NET ASSETS		158,558,939
As Previously Reported [Member] | Class C Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		76,275,220
NET ASSETS		72,495,821
As Previously Reported [Member] | Class I Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		92,778,756
NET ASSETS		88,086,934
As Previously Reported [Member] | Class Y Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		2,704,659
NET ASSETS		2,215,043
Change [Member] | Class A Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		(4,666,893)
NET ASSETS		(4,666,891)
Change [Member] | Class C Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		(1,535,472)
NET ASSETS		(1,535,473)
Change [Member] | Class I Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		(256,735)
NET ASSETS		(256,736)
Change [Member] | Class Y Units [Member]
ANALYSIS OF NET ASSETS:
Net capital paid		6,459,100
NET ASSETS		$ 6,459,100

XML

Investments - Schedule of Investments (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Amortized Cost		$ 381,133,170	$ 335,328,569
Fair Value		$ 372,977,743	$ 335,269,492
Percentage of Total Investments		100.00%	100.00%
Senior Secured Term Loans [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 88,858,707	$ 78,573,493
Fair Value	[1]	$ 88,858,707	$ 78,573,493
Percentage of Total Investments		23.80%	23.40%
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 189,157,819	$ 119,165,378
Fair Value	[1]	$ 189,157,819	$ 119,165,378
Percentage of Total Investments		50.70%	35.60%
Senior Secured Trade Finance Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 88,983,961	$ 105,089,698
Fair Value	[1]	$ 80,236,312	$ 105,030,621
Percentage of Total Investments		21.50%	31.30%
Short Term Investments [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 14,132,683	$ 32,500,000
Fair Value	[1]	$ 13,644,683	$ 32,500,000
Percentage of Total Investments		3.70%	9.70%
Equity Warrants [Member]
Schedule of Investments [Line Items]
Fair Value		$ 1,080,222
Percentage of Total Investments		0.30%

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

XML

Investments - Additional Information (Detail)				1 Months Ended								12 Months Ended
		Apr. 07, 2018 USD ($)	Jan. 31, 2017	Dec. 31, 2018 USD ($) Investment Contract	Mar. 31, 2018 USD ($)	Feb. 28, 2018 USD ($)	Jan. 31, 2018 USD ($)	Oct. 31, 2017 USD ($) T	Mar. 31, 2017 USD ($) InterestPayment	Feb. 28, 2017 USD ($)	Oct. 31, 2016 USD ($)	Dec. 31, 2018 USD ($) Investment Contract Land T	Dec. 31, 2017 USD ($) Investment	Jun. 30, 2018 USD ($)	Jan. 31, 2015 USD ($)
Schedule of Investments [Line Items]
Accrued deferred interest				$ 2,413,894								$ 2,413,894	$ 1,960,157
Accrued interest receivable, description												As such, some of the Company’s investments have up to a year or more of accrued interest receivable as of December 31, 2018.
Short term investments maturity period												less than one year
Number of watch list investments | Investment				12								12	10
Fair Value				$ 372,977,743								$ 372,977,743	$ 335,269,492
Participation purchases												206,981,492	323,243,049
Net accrued interest				17,552,039								17,552,039	9,210,430
Unrecorded investment interest income												44,940,452	32,494,392
Interest paid												1,769,506	294,980
Term Loan Facility | Corporacion Prodesa S.R.L. [Member]
Schedule of Investments [Line Items]
Extended maturity date			Jul. 28, 2021
Kinder Investments, Ltd. [Member]
Schedule of Investments [Line Items]
Fair Value				4,465,132								4,465,132
Kinder Investments, Ltd. [Member] | Promissory Note [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance				4,465,132								4,465,132
Net accrued interest				518,826								518,826
Deferred interest payable				506,852								506,852
Kinder Investments, Ltd. [Member] | Term Loan Facility
Schedule of Investments [Line Items]
Amount of principal balance exchanged for assigned loans				500,000
Usivale Industria E Commercio Ltda [Member]
Schedule of Investments [Line Items]
Fair Value				2,851,296								2,851,296
Non-Accrual Status [Member]
Schedule of Investments [Line Items]
Fair Value				30,562,415								30,562,415	8,958,155
Unrecorded investment interest income												3,054,881	401,838
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Fair Value	[1]			189,157,819								189,157,819	119,165,378
Senior Secured Term Loan Participations [Member] | Usivale Industria E Commercio Ltda [Member]
Schedule of Investments [Line Items]
Net accrued interest				376,075								376,075
Senior secured term loans				2,851,296								2,851,296
Argentina [Member]
Schedule of Investments [Line Items]
Fair Value				24,841,309								24,841,309	39,500,000
Chile [Member]
Schedule of Investments [Line Items]
Fair Value				9,136,558								9,136,558	1,326,687
Morocco [Member]
Schedule of Investments [Line Items]
Fair Value				7,632,234								7,632,234	7,349,626
Procesos Fabriles S.A. [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance				881,800								881,800
Fair Value				662,525								662,525
Interest on loans amount												110,420	55,664
Cape Nut [Member] | Barak
Schedule of Investments [Line Items]
Trade financing participation, principal balance															$ 1,250,000
Fair Value				690,616								690,616
Interest on loans amount												139,426	139,568
Trade financing participation, total balance outstanding				$ 785,806								$ 785,806
Cape Nut [Member] | Barak | Extended Maturity [Member]
Schedule of Investments [Line Items]
Ownership percentage held in distributor				50.00%								50.00%
Vicentin - Nacadie S.A [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance				$ 12,000,000								$ 12,000,000
Algodonera Avellaneda S.A [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance				6,000,000								6,000,000
Fair Value				3,784,354								3,784,354
Participation purchases												6,000,000
Net accrued interest				778,500								$ 778,500
Payment of guarantee percentage												100.00%
Litigation amount, plus interest payable				22,400,000								$ 22,400,000
Nacadie Commercial S.A. [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance				6,000,000								6,000,000
IIG Trade Opportunities Fund B.V. Receivable [Member]
Schedule of Investments [Line Items]
Fair Value				5,512,000								5,512,000
Participation purchases									$ 6,000,000
Number of interest payments received | InterestPayment									1
IIG Trade Opportunities Fund B.V. Receivable [Member] | Non-Accrual Status [Member]
Schedule of Investments [Line Items]
Unrecorded investment interest income												268,333
Frigorifico Regional Industrias Alimentarias S.A. Sucursal Uruguay [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance				9,000,000								9,000,000
Fair Value				6,748,935								6,748,935
Interest on loans amount												1,049,375
Net accrued interest				264,500								264,500
Compania Argentina de Granos [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance														$ 12,500,000
Fair Value				$ 667,639								$ 667,639
Participation purchases										$ 2,500,000	$ 10,000,000
Net accrued interest														$ 131,942
Number of export contract | Contract				2								2
Compania Argentina de Granos [Member] | Argentina [Member] | Non-Accrual Status [Member]
Schedule of Investments [Line Items]
Unrecorded investment interest income												$ 9,316,105
Sancor Cooperativas Unidas Ltda [Member] | Argentina [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance				$ 6,000,000								6,000,000
Fair Value				4,991,915								$ 4,991,915
Extended maturity date												Jul. 29, 2019
Functional Products Trading S.A [Member] | Chile [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance				1,326,687								$ 1,326,687
Fair Value				1,269,586								1,269,586
Net accrued interest				148,175								$ 148,175
Extended maturity date												Mar. 04, 2018
Maturity												Dec. 11, 2016
Sales declining percentage												57.00%
Proceeds from Interest					$ 10,000	$ 25,000
Scrap Metal Recycler [Member] | Morocco [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance				7,349,626								$ 7,349,626
Fair Value				7,632,234,000,000								7,632,234,000,000
Interest on loans amount												819,687	206,606
Net accrued interest				0								0
Entire principal amount				9,000,000								$ 9,000,000
Interest paid							$ 330,000
Periodic payment		$ 292,000
Number of unencumbered parcels of land | Land												2
Estimated land value				5,900,000								$ 5,900,000
Scrap Metal Recycler [Member] | Morocco [Member] | Copper [Member]
Schedule of Investments [Line Items]
Quantity of primary collateral securing participation, scrap | T												1,970
Shortage of scrap inventory quantity | T								1,820
Scrap collateral value								$ 13,300,000
Global Pharma Intelligence Sarl [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance				803,254								$ 803,254
Fair Value				803,254								803,254
Net accrued interest				$ 45,281								$ 45,281
Investment Concentration [Member] | Investment Portfolio [Member]
Schedule of Investments [Line Items]
Percentage of Investment												72.20%
Investment Concentration [Member] | Investment Portfolio [Member] | Six Watch List Investments [Member]
Schedule of Investments [Line Items]
Percentage of Investment												10.20%
IIG [Member] | Sub-advisory Agreement [Member]
Schedule of Investments [Line Items]
Number of watch list investments | Investment				6								6
Misapplication of investments													$ 6,000,000
Maximum [Member]
Schedule of Investments [Line Items]
Accrued interest receivable period												1 year
Trade finance transactions period												180 days
Maximum [Member] | Scrap Metal Recycler [Member] | Morocco [Member]
Schedule of Investments [Line Items]
Loss contingency												$ 40,000,000
Minimum [Member]
Schedule of Investments [Line Items]
Trade finance transactions period												60 days

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

XML

Investments - Components of Investment Portfolio, Fair Value (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Fair Value	$ 372,977,743	$ 335,269,492
Percentage of Total Investments	100.00%	100.00%
Agricultural Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,167,401	$ 15,351,296
Percentage of Total Investments	3.30%	4.60%
Boatbuilding and Repairing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,428,294
Percentage of Total Investments	1.50%
Bulk Fuel Stations and Terminals [Member]
Schedule of Investments [Line Items]
Fair Value		$ 16,545,994
Percentage of Total Investments		4.90%
Chemicals and Allied Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,000,000	$ 15,000,000
Percentage of Total Investments	4.00%	4.50%
Chocolate and Cocoa Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 10,718,201
Percentage of Total Investments	2.90%
Coal and Other Minerals and Ores [Member]
Schedule of Investments [Line Items]
Fair Value	$ 30,000,000	$ 31,254,315
Percentage of Total Investments	8.00%	9.40%
Commercial Fishing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 35,838	$ 351,559
Percentage of Total Investments	0.00%	0.10%
Communications Equipment [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,029,026
Percentage of Total Investments	1.60%
Consumer Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 9,457,047	$ 10,960,000
Percentage of Total Investments	2.50%	3.00%
Department Stores [Member]
Schedule of Investments [Line Items]
Fair Value	$ 8,262,375
Percentage of Total Investments	2.20%
Drugs, Proprietaries, and Sundries [Member]
Schedule of Investments [Line Items]
Fair Value	$ 803,254	$ 1,080,000
Percentage of Total Investments	0.20%	0.30%
Electric Services [Member]
Schedule of Investments [Line Items]
Fair Value	$ 26,394,209	$ 18,527,237
Percentage of Total Investments	7.10%	5.50%
Farm Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 9,285,834	$ 7,960,987
Percentage of Total Investments	2.50%	2.40%
Fats and Oils [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,784,354	$ 12,000,000
Percentage of Total Investments	1.00%	3.60%
Financial Services [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,906,946	$ 10,000,000
Percentage of Total Investments	1.60%	3.00%
Freight Transportation Arrangement [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,970,938	$ 12,464,320
Percentage of Total Investments	3.50%	3.70%
Fresh or Frozen Packaged Fish [Member]
Schedule of Investments [Line Items]
Fair Value		$ 3,338,520
Percentage of Total Investments		1.00%
Food Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,607,713	$ 1,072,944
Percentage of Total Investments	1.80%	0.30%
Gas Transmission and Distribution [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,605,054
Percentage of Total Investments	4.70%
Groceries and Related Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,500,000	$ 3,500,000
Percentage of Total Investments	0.70%	1.00%
Hotels and Motels [Member]
Schedule of Investments [Line Items]
Fair Value	$ 16,459,362	$ 15,807,931
Percentage of Total Investments	4.40%	4.70%
Land Subdividers and Developers [Member]
Schedule of Investments [Line Items]
Fair Value	$ 16,083,083	$ 15,411,497
Percentage of Total Investments	4.30%	4.60%
Logging [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,840,000	$ 6,840,000
Percentage of Total Investments	1.80%	2.00%
Meat, Poultry & Fish [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,748,935	$ 9,000,000
Percentage of Total Investments	1.80%	2.70%
Metals & Mining [Member]
Schedule of Investments [Line Items]
Fair Value		$ 4,566,481
Percentage of Total Investments		1.40%
Metals Service Centers and Offices [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,737,737
Percentage of Total Investments	1.00%
Personal Credit Institutions [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,468,186	$ 3,157,735
Percentage of Total Investments	1.50%	0.90%
Petroleum and Petroleum Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,500,000	$ 32,000,000
Percentage of Total Investments	4.20%	9.50%
Programming and Data Processing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,903,662	$ 15,714,764
Percentage of Total Investments	3.70%	4.70%
Refuse Systems [Member]
Schedule of Investments [Line Items]
Fair Value	$ 22,447,343	$ 11,315,000
Percentage of Total Investments	6.00%	3.40%
Secondary Nonferrous Metals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,632,234	$ 17,349,626
Percentage of Total Investments	4.70%	5.20%
Short-Term Business Credit [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,740,000	$ 4,740,000
Percentage of Total Investments	1.30%	1.40%
Soap, Detergents, and Cleaning [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,250,844	$ 1,355,600
Percentage of Total Investments	0.90%	0.40%
Street Construction [Member]
Schedule of Investments [Line Items]
Fair Value		$ 10,861,658
Percentage of Total Investments		3.20%
Telephone and Telegraph Apparatus [Member]
Schedule of Investments [Line Items]
Fair Value	$ 7,000,000	$ 14,388,525
Percentage of Total Investments	1.90%	4.30%
Telephone Communications [Member]
Schedule of Investments [Line Items]
Fair Value	$ 37,481,370
Percentage of Total Investments	10.00%
Water Transportation [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,728,503	$ 13,353,503
Percentage of Total Investments	3.40%	4.00%

XML

Investments - Schedule of Investment by Geographical Classification (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Schedule of Investments [Line Items]
Fair Value	$ 372,977,743	$ 335,269,492
Percentage of Total Investments	100.00%	100.00%
Argentina [Member]
Schedule of Investments [Line Items]
Fair Value	$ 24,841,309	$ 39,500,000
Percentage of Total Investments	6.70%	11.80%
Botswana [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,740,000	$ 4,740,000
Percentage of Total Investments	1.30%	1.40%
Brazil [Member]
Schedule of Investments [Line Items]
Fair Value	$ 22,183,252	$ 18,566,060
Percentage of Total Investments	6.00%	5.50%
Cabo Verde [Member]
Schedule of Investments [Line Items]
Fair Value	$ 16,459,362	$ 15,807,931
Percentage of Total Investments	4.40%	4.70%
Cameroon [Member]
Schedule of Investments [Line Items]
Fair Value	$ 10,718,201
Percentage of Total Investments	2.90%
Cayman Islands [Member]
Schedule of Investments [Line Items]
Fair Value		$ 10,000,000
Percentage of Total Investments		3.00%
Chile [Member]
Schedule of Investments [Line Items]
Fair Value	$ 9,136,558	$ 1,326,687
Percentage of Total Investments	2.50%	0.40%
China [Member]
Schedule of Investments [Line Items]
Fair Value	$ 10,000,000	$ 10,000,000
Percentage of Total Investments	2.70%	3.00%
Colombia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 24,434,056	$ 3,157,735
Percentage of Total Investments	6.60%	0.90%
Croatia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 8,262,375
Percentage of Total Investments	2.20%
Ecuador [Member]
Schedule of Investments [Line Items]
Fair Value	$ 35,838	$ 3,690,079
Percentage of Total Investments	0.00%	1.10%
Ghana [Member]
Schedule of Investments [Line Items]
Fair Value	$ 52,027,237	$ 34,027,237
Percentage of Total Investments	14.00%	10.10%
Guatemala [Member]
Schedule of Investments [Line Items]
Fair Value	$ 662,525	$ 881,800
Percentage of Total Investments	0.20%	0.30%
Hong Kong [Member]
Schedule of Investments [Line Items]
Fair Value	$ 37,000,000	$ 41,346,389
Percentage of Total Investments	9.90%	12.30%
Indonesia [Member]
Schedule of Investments [Line Items]
Fair Value		$ 14,193,994
Percentage of Total Investments		4.20%
Jersey [Member]
Schedule of Investments [Line Items]
Fair Value	$ 18,515,500
Percentage of Total Investments	5.00%
Kenya [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,970,938	$ 12,464,320
Percentage of Total Investments	3.50%	3.70%
Malaysia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,000,000	$ 15,000,000
Percentage of Total Investments	4.00%	4.50%
Mauritius [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,500,000	$ 3,500,000
Percentage of Total Investments	0.00%	1.00%
Mexico [Member]
Schedule of Investments [Line Items]
Fair Value	$ 22,447,343	$ 11,315,000
Percentage of Total Investments	6.00%	3.40%
Morocco [Member]
Schedule of Investments [Line Items]
Fair Value	$ 7,632,234	$ 7,349,626
Percentage of Total Investments	2.10%	2.20%
Namibia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 16,083,083	$ 15,411,497
Percentage of Total Investments	4.30%	4.60%
Netherlands [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,000,000
Percentage of Total Investments	1.10%
New Zealand [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,840,000	$ 6,840,000
Percentage of Total Investments	1.80%	2.00%
Nigeria [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,782,226	$ 19,106,003
Percentage of Total Investments	4.20%	5.70%
Peru [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,465,132	$ 21,505,994
Percentage of Total Investments	1.20%	6.40%
Romania [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,917,097
Percentage of Total Investments	0.50%
Singapore [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,737,737
Percentage of Total Investments	1.00%
South Africa [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,719,642	$ 1,960,874
Percentage of Total Investments	1.80%	0.60%
United Arab Emirates [Member]
Schedule of Investments [Line Items]
Fair Value	$ 803,254	$ 1,080,000
Percentage of Total Investments	0.20%	0.30%
United Kingdom [Member]
Schedule of Investments [Line Items]
Fair Value		$ 20,796,451
Percentage of Total Investments		6.20%
Uganda [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,300,000
Percentage of Total Investments	1.20%
Uruguay [Member]
Schedule of Investments [Line Items]
Fair Value		$ 346,215
Percentage of Total Investments		0.10%
Zambia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,250,844	$ 1,355,600
Percentage of Total Investments	0.90%	0.40%
Other [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,512,000
Percentage of Total Investments	1.50%	0.00%

XML

Fair Value Measurements - Summary of Valuation of Investments by Fair Value Hierarchy Levels (Detail) - USD ($)		Dec. 31, 2018	Dec. 31, 2017
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		$ 372,977,743	$ 335,269,492
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	88,858,707	78,573,493
Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	189,157,819	119,165,378
Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	80,236,312	105,030,621
Short Term Investments [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	13,644,683	32,500,000
Equity Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		1,080,222
Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		372,977,743	335,269,492
Level 3 [Member] | Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		88,858,707	78,573,493
Level 3 [Member] | Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		189,157,819	119,165,378
Level 3 [Member] | Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		80,236,312	105,030,621
Level 3 [Member] | Short Term Investments [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		13,644,683	$ 32,500,000
Level 3 [Member] | Equity Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		$ 1,080,222

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

XML

Fair Value Measurements - Summary of Investments Classified as Level 3 (Detail) - USD ($)	3 Months Ended				12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance				$ 335,269,492	$ 335,269,492	$ 203,795,813
Purchases of investments					206,981,492	323,243,049
Maturities or Prepayments of investments					(166,485,712)	(196,587,426)
Accretion of discounts / Payment-in-kind interest					5,308,823	4,818,056
Net change in unrealized appreciation (depreciation) on investments	$ (5,296,528)	$ 1,080,222	$ (3,030,543)	(849,503)	(8,096,352)
Transfers of investments						(6,000,000)
Investment owned at Fair value, ending balance	372,977,743				372,977,743	335,269,492
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance				78,573,493	78,573,493	28,673,487
Purchases of investments					28,088,396	56,019,866
Maturities or Prepayments of investments					(19,173,514)	(7,259,818)
Accretion of discounts / Payment-in-kind interest					2,773,800	1,139,958
Transfers of investments					(1,403,468)
Investment owned at Fair value, ending balance	88,858,707				88,858,707	78,573,493
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				119,165,378	119,165,378	58,450,761
Purchases of investments					59,776,828	74,182,336
Maturities or Prepayments of investments					(17,827,932)	(17,145,817)
Accretion of discounts / Payment-in-kind interest					2,535,023	3,678,098
Transfers of investments					25,508,522
Investment owned at Fair value, ending balance	189,157,819				189,157,819	119,165,378
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				105,030,621	105,030,621	116,671,565
Purchases of investments					93,378,531	159,040,847
Maturities or Prepayments of investments					(102,984,266)	(164,681,791)
Net change in unrealized appreciation (depreciation) on investments					(8,688,574)
Transfers of investments					(6,500,000)	(6,000,000)
Investment owned at Fair value, ending balance	80,236,312				80,236,312	105,030,621
Short Term Investments [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance				32,500,000	32,500,000
Purchases of investments					25,737,737
Maturities or Prepayments of investments					(26,500,000)
Net change in unrealized appreciation (depreciation) on investments					(488,000)
Transfers of investments					(17,605,054)
Investment owned at Fair value, ending balance	13,644,683				13,644,683	32,500,000
Equity Warrants [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Net change in unrealized appreciation (depreciation) on investments					1,080,222
Investment owned at Fair value, ending balance	$ 1,080,222				1,080,222
Unsecured Short Term Note Receivable [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance				$ 32,500,000	$ 32,500,000
Purchases of investments						34,000,000
Maturities or Prepayments of investments						(7,500,000)
Transfers of investments						6,000,000
Investment owned at Fair value, ending balance						$ 32,500,000

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Fair Value Measurements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Realized gains or losses on investments	$ 0	$ 0

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Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Detail)		12 Months Ended
		Dec. 31, 2018 USD ($)		Dec. 31, 2017 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 372,977,743		$ 335,269,492
Senior Secured Trade Finance Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	80,236,312		105,030,621
Senior Secured Term Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	88,858,707		78,573,493
Senior Secured Term Loan Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	189,157,819		119,165,378
Short Term Investments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	13,644,683		32,500,000
Equity Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		1,080,222
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		372,977,743		335,269,492
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		80,236,312		105,030,621
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		$ 66,808,909	[2],[3]	$ 90,030,621	[4]
Unobservable input		Market yield	[2],[3]	Market yield	[4]
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		9.0	[2],[3]	9.0	[4]
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		17.50	[2],[3]	17.5	[4]
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Weighted Average [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		11.4	[2],[3]	10.6	[4]
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Collateral Based Approach [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 13,427,403	[5]	$ 21,000,000	[6]
Unobservable input		Value of collateral	[5]	Value of collateral	[6]
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		$ 88,858,707		$ 78,573,493
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		$ 88,858,707		$ 78,573,493
Unobservable input		Market yield		Market yield
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		10.0		11.3
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		14.5		14.5
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Weighted Average [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		12.3		12.5
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		$ 189,157,819		$ 119,165,378
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		$ 189,157,819		$ 119,165,378
Unobservable input		Market yield		Market yield
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		11.0		11.0
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		15.9		20.0
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Weighted Average [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		13.2		13.5
Level 3 [Member] | Short Term Investments [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 13,644,683		$ 32,500,000
Level 3 [Member] | Short Term Investments [Member] | Income Approach (DCF) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[7]	$ 5,512,000
Unobservable input	[7]	Market yield
Level 3 [Member] | Short Term Investments [Member] | Income Approach (DCF) [Member] | Measurement Input Price Volatility [Member] | Weighted Average [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)	[7]	8.75
Level 3 [Member] | Short Term Investments [Member] | Collateral Based Approach [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value				$ 6,000,000
Unobservable input				Value of collateral
Level 3 [Member] | Short Term Investments [Member] | Cost Approach [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 8,132,683		$ 26,500,000
Unobservable input		Recent transactions		Recent transactions
Level 3 [Member] | Equity Warrants [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 1,080,222
Level 3 [Member] | Equity Warrants [Member] | Option Pricing Method [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 1,080,222
Unobservable input		Estimated company value

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

[2] Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. Starting December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions. This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

[3] The Company used a combination of the collateral based approach and the income approach for CAGSA, Algodonera and FRIAR. See Note 3 “Watch List Investments” for further information.

[4] Given the short duration (less than one year) and nature of trade finance positions, in periods prior to the quarter ended December 31, 2017, the Company used the cost approach to determine the fair value of its trade finance positions. As of December 31, 2017, the Company determined that using the income approach is more appropriate for most of its trade finance positions. This change in valuation approach did not have any effect on the fair value determined for the Company’s trade finance positions.

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

[6] Collateral based approach used for FRIAR, Algodonera and the IIG TOF B.V. receivable. See Note 3 “Watch List Investments” for further information.

[7] Receivable from IIG TOF B.V.

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Related Parties - Additional Information (Detail) - USD ($)	12 Months Ended		68 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2017
Related Party Transaction [Line Items]
Accrued incentive fee on capital gains	$ 1,769,299	$ 1,323,929	$ 1,323,929
Advisor earned asset management fees	7,971,062	6,484,850
Advisor earned incentive fees	6,212,931	4,599,941
Amount paid to the sponsor due to reimbursement hurdle	387,000	(3,831,415)
Due from affiliates	$ 4,240,231	3,997,314	3,997,314
TriLinc Advisors, LLC [Member]
Related Party Transaction [Line Items]
Advisory agreement, maturity date	Feb. 25, 2020
Management fee description	Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Advisory Agreement between the Company and the Advisor.
Asset management fee payable quarterly, percentage	0.50%
Asset management fee payable annually, percentage	2.00%
Incentive fee description	The subordinated incentive fee on income is calculated and payable quarterly in arrears and is based upon the Company’s pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee is earned by the Advisor in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the quarterly preferred return rate of 1.50% (6.00% annualized) (the “Preferred Return”). In any quarter, all of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly Preferred Return, but is less than or equal to 1.875% (7.50% annualized) at the end of the immediately preceding fiscal quarter, is payable to the Advisor.
Pre-incentive fee net investment income does not exceed quarterly preferred return rate, percentage	1.50%
Pre-incentive fee net investment income does not exceed quarterly preferred return rate, annualized percentage	6.00%
Pre-incentive fee net investment income exceeding quarterly preferred return rate, percentage	1.875%
Pre-incentive fee net investment income exceeding quarterly preferred return rate, annualized percentage	7.50%
Percentage of incentive fee on income	20.00%
Percentage of incentive fee on capital gains	20.00%
Investment fee on capital gain percentage	The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains.
Capital gains	$ 0	0
Accrued incentive fee on capital gains	0	0	0
Advisor earned asset management fees	7,971,062	6,484,850
Advisor earned incentive fees	6,212,931	4,599,941
TriLinc Global, LLC [Member]
Related Party Transaction [Line Items]
Due from affiliates	4,240,231	3,997,314	3,997,314
TriLinc Global, LLC [Member] | Responsibility Agreement [Member]
Related Party Transaction [Line Items]
Additional operating expenses paid by Sponsor on behalf of company	0	3,831,415
Expenses paid by the sponsor on behalf of company		12,420,600	12,420,600
Reimbursement expenses paid by company		4,240,200	4,240,200
Due to affiliates	16,266,800	16,660,800	$ 16,660,800
Amount paid to the sponsor due to reimbursement hurdle	387,000
SC Distributors, LLC [Member]
Related Party Transaction [Line Items]
Dealer manager fees paid	6,252	643,566
Selling commission paid	19,270	2,516,109
Distributions, dealer manager and services fees paid	$ 582,045	$ 538,725

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Organization and Offering Costs - Additional Information (Detail) - USD ($)	12 Months Ended		80 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	$ 17,211,117	$ 17,156,501	$ 17,211,117
Reimbursement of offering costs incurred by Sponsor	54,616	2,612,810
Payment for reimbursement of offering costs incurred by Sponsor	54,616	2,681,122
TriLinc Global, LLC [Member]
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	17,456,000		17,456,000
Organization costs paid by the Sponsor on behalf of the Company	236,000		236,000
Reimbursement of offering costs incurred by Sponsor	115,600	3,016,600
Payment for reimbursement of offering costs incurred by Sponsor	54,616	$ 2,612,810
Reimbursement of organization costs incurred by Sponsor			17,211,117
Remaining balance of offering and organization costs due to the Sponsor	$ 481,000		$ 481,000

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Promissory Notes - Summary of Notes Payable (Detail) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Outstanding Balance, notes payable	$ 32,875,000	$ 28,160,000
Promissory Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable	125,000	410,000
Christian Super [Member] | Promissory Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable	10,000,000	5,000,000
Facility Agreement [Member] | Symbiotics Facility [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable	$ 22,750,000	$ 22,750,000

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Promissory Notes - Additional Information (Detail) - USD ($)					12 Months Ended		24 Months Ended
	Nov. 02, 2017	Aug. 07, 2017	Jul. 03, 2017	Oct. 14, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 18, 2018	Feb. 17, 2017
Debt Instrument [Line Items]
Proceeds from offering of notes					$ 5,000,000	$ 27,804,350
Outstanding Balance, notes payable					32,875,000	28,160,000	$ 32,875,000
Repayments of notes payable					$ 285,000	1,450,000
Debt instrument, frequency of periodic payment					quarterly in arrears within 15 days after the end of each calendar quarter.
Interest expense recognized					$ 1,964,776	606,943
Facility Agreement [Member] | Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable					22,750,000	22,750,000	22,750,000
Senior Secured Promissory Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable					125,000	410,000	125,000
Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable					$ 10,000,000	$ 5,000,000	$ 10,000,000
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Facility Agreement [Member] | Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member]
Debt Instrument [Line Items]
Issuance of notes			$ 10,500,000
Notes issuance, interest rate terms					The Facility Agreement has an interest rate of 4.65% per annum plus the three month LIBOR (2.44% as of December 31, 2018) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the note.
Notes issuance, payment terms					The entire principal balance under the Facility Agreement (and any unpaid interest) is due in one balloon payment on July 7, 2020 (the “Maturity Date”). The principal balance under the Facility Agreement may be voluntarily prepaid, in whole or in part, prior to the Maturity Date, subject to a prepayment premium of 1.00% of the prepayment amount if the voluntary prepayment is made prior to July 3, 2019
Transferred shares, description					TGIFC’s obligation under the Facility Agreement is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and MSMEB, dated as of July 3, 2017 granting the holders of the Facility Agreement a mortgage over 20.25 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries
Shares mortgaged from subsidiaries shares issued and outstanding			20.25
Shares available for mortgage			32.11
Maturity date			Jul. 07, 2020
Percentage of prepayment premium			1.00%
Prepayment date			Jul. 03, 2019
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Facility Agreement [Member] | Second Tranche of Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member]
Debt Instrument [Line Items]
Debt instrument, additional borrowings	$ 12,250,000
Additional borrowing facility requirement	$ 17,500,000
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Three Month LIBOR [Member] | Facility Agreement [Member] | Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member]
Debt Instrument [Line Items]
Annual interest rate charged			4.65%
Description of variable interest rate					three month
Variable interest rate					2.44%		2.44%
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member]
Debt Instrument [Line Items]
Issuance of notes				$ 1,635,000					$ 225,000
Target issuance of notes aggregate amount				$ 100,000,000
Notes issuance, interest rate terms					The Notes have an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59% at the time of issuance) and are payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note
Proceeds from offering of notes					$ 1,860,000
Outstanding Balance, notes payable								$ 125,000
Repayments of notes payable							$ 1,740,000
Notes issuance, payment terms					The entire principal balance of each Note (and any unpaid interest) is due in one balloon payment on the “Maturity Date,” which is the first anniversary of the issuance date that either TGIFC or the applicable noteholder has designated as the Maturity Date by not less than 30 days’ prior written notice to the other party. The principal balance of each Note may not be prepaid, in whole or in part, prior to the Maturity Date.
Transferred shares, description					TGIFC’s obligations under the Notes are secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over 1.86 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries.
Shares mortgaged from subsidiaries shares issued and outstanding				1.86
Shares available for mortgage				32.11
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Transferred shares, description					TGIFC’s obligation under the CS Notes is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Note a mortgage over 10 shares out of a total of 32.11 of the issued and outstanding shares of the Subsidiaries.
Shares mortgaged from subsidiaries shares issued and outstanding		10
Shares available for mortgage		32.11
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | One Year LIBOR [Member]
Debt Instrument [Line Items]
Annual interest rate charged				3.00%					3.00%
Description of variable interest rate					one year London Interbank Offered Rate (“LIBOR”)
Variable interest rate				1.59%					1.74%
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Series 1 Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Issuance of notes		$ 5,000,000
Target issuance of notes aggregate amount		$ 25,000,000
Notes issuance, interest rate terms					The CS Note has an interest rate of 4.0% per annum plus one-year LIBOR (2.82% as of December 31, 2018) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note
Notes issuance, payment terms					The entire principal balance under the CS Note (and any unpaid interest) is due in one balloon payment on August 7, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty.
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Series 1 Senior Secured Promissory Notes [Member] | One Year LIBOR [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Annual interest rate charged		4.00%
Description of variable interest rate					one-year LIBOR
Variable interest rate		2.82%
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Series 2 Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Issuance of notes								$ 5,000,000
Notes issuance, interest rate terms					The Series 2 Note has an interest rate of 3.5% per annum plus one-year LIBOR (3.05% as of December 31, 2018) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note.
Notes issuance, payment terms					The entire principal balance under the Series 2 Note (and any unpaid interest) is due in one balloon payment on December 18, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Series 2 Senior Secured Promissory Notes [Member] | One Year LIBOR [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Annual interest rate charged								3.50%
Description of variable interest rate					one-year LIBOR
Variable interest rate								3.05%

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Promissory Notes - Summary of Principal Payments Due on Borrowings (Detail)	Dec. 31, 2018 USD ($)
Debt Instruments [Abstract]
Principal payments, 2019	$ 125,000
Principal payments, 2020	22,750,000
Principal payments, 2021	10,000,000
Principal payments, total	$ 32,875,000

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Unit Capital - Additional Information (Detail) - USD ($)		12 Months Ended
	Jun. 11, 2014	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Capital Unit [Line Items]
Units Issued During the Period		7,416,182	9,539,710
Held Units For Minimum year	1 year
Repurchase of aggregate units		1,684,339	963,988
Repurchase of unit total value		$ 14,196,264	$ 8,699,994
Repurchase price per unit			$ 9.025
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 redemption. Redemptions for the first quarter of 2018 have been redeemed at a price equal to $8.507 for Class A units, Class C units, Class I units and Class Y unit, which was the net asset value per unit of each class as of December 31, 2017, the most recently disclosed net asset value at the time of redemption. Redemptions for the second and third quarters of 2018 were redeemed at a price equal to $8.421 per Class A unit, Class C units, Class I unit and Class Y units, which was the net asset value per unit of each class as of March 31, 2018. Redemptions for the fourth quarter of 2018 have been redeemed at a price equal to $8.355 for Class A units, Class C units, Class I units and Class Y unit, which was the net asset value per unit of each class as of September 30, 2018.
Maximum [Member]
Capital Unit [Line Items]
Percentage of Total	5.00%
Distribution Reinvestment Plan [Member]
Capital Unit [Line Items]
Units Issued During the Period		1,175,826
Units Issued During the Period, value		$ 10,027,648
Class C Units [Member]
Capital Unit [Line Items]
Distribution, dealer manager and service fee payable		$ 1,230,000	$ 1,895,000
Estimated net assets value per unit		$ 8.421
Percentage of distribution and dealer manager fee per annum		0.80%
Distribution and dealer manager fee payable, discount rate		4.00%
Units Issued During the Period		303,258	1,672,115
Class C Units [Member] | Further Amended Unit Repurchase Program [Member]
Capital Unit [Line Items]
Unit redeemed per share		$ 8.355		$ 8.421	$ 8.421	$ 8.507
Class I Units [Member]
Capital Unit [Line Items]
Estimated net assets value per unit		$ 8.421
Percentage of distribution and dealer manager fee per annum		0.50%
Distribution and dealer manager fee payable, discount rate		4.00%
Units Issued During the Period		463,737	3,526,396
Class I Units [Member] | Further Amended Unit Repurchase Program [Member]
Capital Unit [Line Items]
Unit redeemed per share		$ 8.355		8.421	8.421	8.507
Class W Units [Member]
Capital Unit [Line Items]
Estimated net assets value per unit		$ 8.421
Percentage of distribution and dealer manager fee per annum		0.75%
Distribution and dealer manager fee payable, discount rate		4.00%
Units Issued During the Period		24,555
Class A Units [Member]
Capital Unit [Line Items]
Units Issued During the Period		581,230	3,251,521
Class A Units [Member] | Further Amended Unit Repurchase Program [Member]
Capital Unit [Line Items]
Unit redeemed per share		$ 8.355		8.421	8.421	8.507
Class Y Units [Member]
Capital Unit [Line Items]
Units Issued During the Period		78,365	1,089,678
Class Y Units [Member] | Further Amended Unit Repurchase Program [Member]
Capital Unit [Line Items]
Unit redeemed per share		$ 8.355		$ 8.421	$ 8.421	$ 8.507

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Unit Capital - Summary of Transactions with Respect to the Company's Units (Detail) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	38,183,103	29,607,381
Units Issued During the Period	7,416,182	9,539,710
Units Repurchased During the Period	(1,684,339)	(963,988)
Units Outstanding, Ending Balance	43,914,946	38,183,103
Class A Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	18,240,073	15,391,991
Units Issued During the Period	581,230	3,251,521
Units Repurchased During the Period	(854,740)	(403,439)
Units Outstanding, Ending Balance	17,966,563	18,240,073
Class C Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	8,411,343	6,803,985
Units Issued During the Period	303,258	1,672,115
Units Repurchased During the Period	(476,507)	(64,757)
Units Outstanding, Ending Balance	8,238,094	8,411,343
Class I Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	10,442,009	7,411,405
Units Issued During the Period	463,737	3,526,396
Units Repurchased During the Period	(350,724)	(495,792)
Units Outstanding, Ending Balance	10,555,022	10,442,009
Class W Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	0
Units Issued During the Period	24,555
Units Outstanding, Ending Balance	24,555	0
Class Y Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	1,089,678
Units Issued During the Period	78,365	1,089,678
Units Repurchased During the Period	(2,368)
Units Outstanding, Ending Balance	1,165,675	1,089,678
Class Z Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	0
Units Issued During the Period	5,965,037
Units Outstanding, Ending Balance	5,965,037	0

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Distributions - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Equity [Abstract]
Cash paid for distributions	$ 17,535,609	$ 14,285,443
Reinvestment under distribution reinvestment plan	$ 10,027,648	$ 11,267,412

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Distributions - Summary of Distributions Paid (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Cash Distributions	$ 17,535,609	$ 14,285,443
Distributions Reinvested	10,027,648	11,267,412
Total Declared	$ 27,563,257	$ 25,552,855
January 31, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jan. 16, 2018
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,352,380
Distributions Reinvested	988,859
Total Declared	$ 2,341,239
February 28, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Feb. 14, 2018
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,544,374
Distributions Reinvested	895,266
Total Declared	$ 2,439,640
March 31, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Mar. 25, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,504,523
Distributions Reinvested	818,399
Total Declared	$ 2,322,922
April 30, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Apr. 10, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,433,555
Distributions Reinvested	800,072
Total Declared	$ 2,233,627
May 31, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	May 08, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,489,550
Distributions Reinvested	827,922
Total Declared	$ 2,317,472
June 30, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jun. 12, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,441,941
Distributions Reinvested	805,860
Total Declared	$ 2,247,801
July 31, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jul. 10, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,476,115
Distributions Reinvested	826,006
Total Declared	$ 2,302,121
August 31, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Aug. 08, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,482,246
Distributions Reinvested	825,588
Total Declared	$ 2,307,834
September 30, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Sep. 11, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,435,550
Distributions Reinvested	800,025
Total Declared	$ 2,235,575
October 31, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Oct. 18, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,471,122
Distributions Reinvested	820,705
Total Declared	$ 2,291,827
November 30, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Nov. 09, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,426,113
Distributions Reinvested	796,317
Total Declared	$ 2,222,430
December 31, 2018 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Dec. 11, 2018
Daily Rate Per Unit	$ 0.00168675
Cash Distributions	$ 1,478,140
Distributions Reinvested	822,629
Total Declared	$ 2,300,769
January 31, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Jan. 19, 2017
Daily Rate Per Unit		$ 0.00197808
Cash Distributions		$ 1,002,022
Distributions Reinvested		837,472
Total Declared		$ 1,839,494
February 28, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Feb. 23, 2017
Daily Rate Per Unit		$ 0.00197808
Cash Distributions		$ 944,453
Distributions Reinvested		782,125
Total Declared		$ 1,726,578
March 31, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Mar. 03, 2017
Daily Rate Per Unit		$ 0.00197808
Cash Distributions		$ 1,114,222
Distributions Reinvested		885,439
Total Declared		$ 1,999,661
April 30, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Apr. 18, 2017
Daily Rate Per Unit		$ 0.00197808
Cash Distributions		$ 1,148,147
Distributions Reinvested		929,660
Total Declared		$ 2,077,807
May 31, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		May 10, 2017
Daily Rate Per Unit		$ 0.00197808
Cash Distributions		$ 1,220,942
Distributions Reinvested		987,576
Total Declared		$ 2,208,518
June 30, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Jun. 12, 2017
Daily Rate Per Unit		$ 0.00197808
Cash Distributions		$ 1,194,793
Distributions Reinvested		960,134
Total Declared		$ 2,154,927
July 31, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Jul. 11, 2017
Daily Rate Per Unit		$ 0.00197808
Cash Distributions		$ 1,238,624
Distributions Reinvested		986,918
Total Declared		$ 2,225,542
August 31, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Aug. 10, 2017
Daily Rate Per Unit		$ 0.00197808
Cash Distributions		$ 1,254,262
Distributions Reinvested		991,320
Total Declared		$ 2,245,582
September 30, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Sep. 11, 2017
Daily Rate Per Unit		$ 0.00197808
Cash Distributions		$ 1,227,774
Distributions Reinvested		961,150
Total Declared		$ 2,188,924
October 31, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Oct. 10, 2017
Daily Rate Per Unit		$ 0.00197808
Cash Distributions		$ 1,307,319
Distributions Reinvested		990,942
Total Declared		$ 2,298,261
November 30, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Nov. 10, 2017
Daily Rate Per Unit		$ 0.00197808
Cash Distributions		$ 1,287,287
Distributions Reinvested		961,032
Total Declared		$ 2,248,319
December 31, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Dec. 11, 2017
Daily Rate Per Unit		$ 0.00197808
Cash Distributions		$ 1,345,598
Distributions Reinvested		993,644
Total Declared		$ 2,339,242

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Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Equity [Abstract]
Net asset value at beginning of period	$ 8.42	$ 8.47
Net investment income	0.57	0.62
Net change in unrealized depreciation on investments	(0.19)
Net increase in net assets resulting from operations	0.38	0.62
Distributions	(0.63)	(0.73)
Net change in accrued distribution and other fees	0.03	0.05
Net decrease in net assets	(0.22)	(0.05)
Net asset value at end of period	$ 8.20	$ 8.42
Total return based on net asset value	4.55%	7.37%
Net assets at end of period	$ 360,070,359	$ 321,356,737	$ 250,755,915
Units Outstanding at end of period	43,914,946	38,183,103	29,607,381
Ratio/Supplemental data (annualized):
Ratio of net investment income to average net assets	7.01%	7.42%
Ratio of net operating expenses to average net assets	5.71%	3.58%

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Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Schedule Of Financial Highlights [Line Items]
Weighted average units outstanding	43,723,569	35,541,295
Net assets value per unit	$ 8.227	$ 8.466
Total return based on net asset value	4.55%	7.37%
Ratio of net investment income to average net assets	7.01%	7.42%
Ratio of net operating expenses to average net assets	5.71%	3.58%
Class C and Class I Units [Member]
Schedule Of Financial Highlights [Line Items]
Distribution and dealer manager fees payable	$ 1,230,000	$ 1,895,000
Class A Units [Member]
Schedule Of Financial Highlights [Line Items]
Net assets value per unit	$ 8.227	$ 8.466	$ 8.529
Class C Units [Member]
Schedule Of Financial Highlights [Line Items]
Distribution and dealer manager fees payable	$ 1,230,000	$ 1,895,000
Net assets value per unit	$ 8.227	$ 8.466	8.267
Class I Units [Member]
Schedule Of Financial Highlights [Line Items]
Net assets value per unit	8.227	8.466	$ 8.529
Class Y Units [Member]
Schedule Of Financial Highlights [Line Items]
Net assets value per unit	$ 8.227	$ 8.466
Responsibility Agreement [Member]
Schedule Of Financial Highlights [Line Items]
Total return based on net asset value	4.66%	6.09%
Ratio of net investment income to average net assets	7.12%	6.14%
Ratio of net operating expenses to average net assets	5.60%	4.86%

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Selected Quarterly Data - Summary of Selected Quarterly Data (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Total investment income	$ 11,646,953	$ 11,145,704	$ 12,132,475	$ 10,181,734	$ 9,482,855	$ 9,741,973	$ 6,951,161	$ 6,678,085	$ 45,106,866	$ 32,854,074
Net investment income	6,517,696	5,921,240	6,799,009	5,614,026	5,295,695	6,661,271	5,408,617	4,801,740	24,851,971	22,167,323
Net change in unrealized appreciation (depreciation) on investments	(5,296,528)	1,080,222	(3,030,543)	(849,503)					(8,096,352)
Foreign exchange gain (loss)	(1,730)	(650)	(49,701)	40,174
Net increase in net assets resulting from operations	$ 1,219,438	$ 7,000,812	$ 3,718,765	$ 4,804,697	$ 5,295,695	$ 6,661,271	$ 5,408,617	$ 4,801,740	$ 16,743,712	$ 22,167,323
Basic and diluted earnings per unit	$ 0.03	$ 0.16	$ 0.08	$ 0.11	$ 0.14	$ 0.18	$ 0.15	$ 0.15	$ 0.38	$ 0.62
Net asset value per unit as of the end of the quarter	$ 8.20	$ 8.36	$ 8.35	$ 8.42	$ 8.42	$ 8.45	$ 8.44	$ 8.47	$ 8.20	$ 8.42	$ 8.47

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Subsequent Events - Additional Information (Detail) - USD ($)		1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 15, 2019	Feb. 28, 2019	Jan. 31, 2019	Mar. 31, 2019	Mar. 26, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 29, 2019	Mar. 31, 2017
Subsequent Event [Line Items]
Cash paid for distributions						$ 17,535,609	$ 14,285,443
Net assets, per unit						$ 8.227	$ 8.466
Class A Units [Member]
Subsequent Event [Line Items]
Net assets, per unit						8.227	8.466		$ 8.529
Class C Units [Member]
Subsequent Event [Line Items]
Net assets, per unit						8.227	8.466		8.267
Class I Units [Member]
Subsequent Event [Line Items]
Net assets, per unit						8.227	8.466		$ 8.529
Class W Units [Member]
Subsequent Event [Line Items]
Net assets, per unit						8.227
Class Y Units [Member]
Subsequent Event [Line Items]
Net assets, per unit						8.227	$ 8.466
Class Z Units [Member]
Subsequent Event [Line Items]
Net assets, per unit						$ 8.227
Subsequent Event [Member]
Subsequent Event [Line Items]
Cash paid for distributions		$ 1,291,283	$ 1,424,703
Reinvestment under distribution reinvestment plan		$ 739,318	$ 817,483
Funded new loans					$ 9,300,000
Proceeds from repayment of loans					$ 12,300,000
Subsequent Event [Member] | Class A Units [Member]
Subsequent Event [Line Items]
Net assets, per unit								$ 8.227
Subsequent Event [Member] | Class C Units [Member]
Subsequent Event [Line Items]
Net assets, per unit								8.227
Subsequent Event [Member] | Class I Units [Member]
Subsequent Event [Line Items]
Net assets, per unit								8.227
Subsequent Event [Member] | Class W Units [Member]
Subsequent Event [Line Items]
Net assets, per unit								8.227
Subsequent Event [Member] | Class Y Units [Member]
Subsequent Event [Line Items]
Net assets, per unit								8.227
Subsequent Event [Member] | Class Z Units [Member]
Subsequent Event [Line Items]
Net assets, per unit								$ 8.227
Subsequent Event [Member] | TriLinc Advisors, LLC [Member]
Subsequent Event [Line Items]
Advisory agreement, extended maturity date	Feb. 25, 2020
Scenario Forecast [Member]
Subsequent Event [Line Items]
Dividend distribution period start date				Jan. 01, 2019
Dividend distribution period end date				Mar. 31, 2019
Dividends declared per unit				$ 0.00168675
Date of distributions in cash or reinvestment in units				Apr. 01, 2019