Investments (Tables)

6 Months Ended

Jun. 30, 2019

Investments Debt And Equity Securities [Abstract]

Schedule of Investments

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

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

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

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

Components of Investment Portfolio, Fair Value

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

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

Schedule of Investment by Geographical Classification

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

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

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