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, 2016

☐ 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 and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post 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, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☑

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 24, 2017, the Company had outstanding 16,890,678 Class A units, 7,724,769 Class C units, and 8,633,674 Class I units.

FORM 10-K

FOR THE YEAR ENDED DECEMBER 31, 2015

INDEX

		Page
PART I
Item 1	Business	4
Item 1A	Risk Factors	14
Item 1B	Unresolved Staff Comments	30
Item 2	Properties	30
Item 3	Legal Proceedings	30
Item 4	Mine Safety Disclosures	30
PART II
Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	31
Item 6	Selected Financial Data	35
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 7A	Quantitative and Qualitative Disclosures About Market Risk	48
Item 8	Financial Statements	50
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	50
Item 9A	Controls and Procedures	50
Item 9B	Other Information	50
PART III
Item 10	Directors, Executive Officers, and Corporate Governance	51
Item 11	Executive Compensation	56
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	58
Item 13	Certain Relationships and Related Transactions, and Director Independence	58
Item 14	Principal Accounting Fees and Services	61
PART IV
Item 15	Exhibits and Financial Statement Schedules	62
	Signatures

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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 successfully complete our public offering, 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 raise capital in our offerings;

• our ability to purchase or make investments;

• 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 obtain financing;

• 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 14. 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, 2016, the Company has nine 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 $5-15 million per transaction for direct SME loans and $500,000 to $10 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.

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On February 25, 2013, our registration statement on Form S-1 was declared effective by the SEC. Pursuant to the registration statement, we are 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 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, and which we collectively refer to as the Offering. The Primary Offering is due to terminate on March 31, 2017.

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. In February 2015, our board of managers elected to extend the Offering for up to an additional one year period, expiring on February 25, 2016. On November 18, 2015, our board of managers elected to extend the Offering for up to an additional six month period, expiring August 25, 2016. In February 2016, our board elected to extend the Offering to December 31, 2016. On September 20, 2016, the Company elected to further extend its current offering to March 31, 2017. Our board has the right to terminate the Offering at any time. As of December 31, 2016, we had received subscriptions for and issued 30,781,900 of our units, including 1,200,164 units issued under our Distribution Reinvestment Plan, for gross proceeds of approximately $296,248,000 including approximately $10,832,000 reinvested under our Distribution Reinvestment Plan (before dealer-manager fees of approximately $4,137,000 and selling commissions of $14,341,000, for net proceeds of $277,770,000).

On November 20, 2015, we filed a registration statement on Form S-1 with the SEC in connection with the proposed offering of up to $1.15 billion in units of our limited liability company interest, including $150.0 million in units to be issued pursuant to our distribution reinvestment plan (the “Follow-On Offering”). As of the date of this Annual Report on Form 10-K, the registration statement for the Follow-On Offering has not been declared effective by the SEC. If the Follow-On Offering is launched, it will only commence after the termination of the Primary Offering. Unless and until a follow-on offering is launched, we will file a Form S-3 registration statement to continue to sell units pursuant to our Distribution Reinvestment Plan. As of December 31, 2016, $1.20 billion in units remained available for sales pursuant to the Offering, including approximately $239.2 million in units available pursuant to our Distribution Reinvestment Plan.

Our Dealer Manager

SC Distributors, LLC, or SC Distributors, a Delaware limited liability company formed in March 2009, serves as our dealer manager for the Offering. Strategic Capital Advisory Services, LLC, or Strategic Capital, is an affiliate of our dealer manager and has an equity interest in our Advisor. Our dealer manager is a member firm of the Financial Industry Regulatory Authority, or FINRA. Our dealer manager receives dealer manager fees, selling commissions, distribution fees with respect to Class C units, and 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 investment adviser with the SEC. Led by its Chief Executive Officer and President, Gloria Nelund, its Chief Operating Officer and Chief Financial 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, 2018 (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.

To date, we have engaged, through our Advisor, ten investment managers in a sub-advisory capacity to source, evaluate, and monitor investments. 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 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

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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 selected the following managers to act as sub-advisors:

• The International Investment Group L.L.C. (IIG): an SEC Registered Investment Advisor founded in 1994 focusing primarily on developing and managing alternative investment vehicles involved in global trade finance. Through various affiliates, the company has deployed over $9.0 billion in commodity and trade finance transactions to small and medium enterprises, primarily in developing economies.  With approximately $720 million in total assets, IIG currently manages and/or services over $530 million in trade finance transactions. IIG is headquartered in New York with additional representatives in Brazil, Chile, Colombia, Ecuador and Malta. IIG’s management team has well over 100 years of cumulative experience in commodity and trade finance investments as well as in developing economies. Selective in transaction sourcing and execution, and typically working in conjunction with a large network of legal advisors, banks, merchants, brokers, professional organizations, investors and local representatives, the firm has successfully pursued the international trade finance strategy despite volatile markets for almost 20 years. IIG serves as a primary sub-advisor.

• 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. 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. Leveraging its wide and established network of business relationships in the region, TAEL generally enjoys an absence of competitive bidding, and is often able to undertake investments at attractive pricing levels. TAEL’s founding principals have over 70 years of collective Asian market investment experience and have closed over $30 billion worth of transactions across a diverse range of industries. AIC serves as a primary sub-advisor.

• GMG Investment Advisors, LLC (GMG): based in New York, GMG is a specialized asset management firm focused on private credit investments in global emerging markets. The firm was co-founded in 2010 by Greg Gentile, former Head of Latin America Credit at both Lehman Brothers and Barclays Capital. He was joined by two additional senior partners who also held previous trading roles at Lehman Brothers. GMG invests primarily in the debt of SMEs, as well as securitizations and other asset backed transactions, which are structured in-house. The firm also co-manages a fund and a specialty lending company focused on microfinance lending and socially responsible debt. GMG serves as a secondary sub-advisor.

• Barak Fund Management Ltd. (Barak): is an African based asset management company founded in 2008 that is focused on providing trade finance to small and middle market companies in the agriculture and commodities sectors. Barak specializes in sourcing and originating mainly soft commodity and food-related transactions with strong collateral characteristics. With affiliate offices in Mauritius and South Africa, the Barak team is able to source and take advantage of the numerous opportunities that arise in some of the world’s fastest growing economies. Barak has completed close to $1 billion in transactions across Sub-Saharan Africa 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 and proven track records 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): is an Africa-focused private investment firm managing funds totaling over $3 billion. Established in 2004, led and managed by a predominantly African team and based in London, Nigeria, and Kenya, Helios has completed investments in countries across the African continent. Helios’ portfolio companies operate in more than 35 countries in all regions of the continent, and 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 credit team’s senior members collectively have more than 55 years of investment experience in institutional lending, debt structuring, trading and risk management with previous tenures at leading financial institutions including Standard Chartered PLC, Bank of America N.A., Citibank N.A. and Renaissance Financial Holdings Limited and have completed over $4.2 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

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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 comprised of four senior members, the majority of whom have been with the firm since 2004. Collectively, the four members have over 70 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, and strong emerging market investment track record 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”):is a Latin America-focused asset management firm with offices in Mexico City and Miami that has deployed over $250 million, including $114 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 has proven to be a critical provider of capital to the growing SME segment and real estate industry across the region, with an attractive track record of deployed capital and realized returns 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’ executive management team possesses over 100 years of 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”): is a Sub-Saharan Africa-focused investment management firm that has deployed approximately $451 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 translated into an attractive track record of risk-adjusted returns and a 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 senior investment team executes the firm’s strategy through over 125 years of combined experience in banking and emerging markets, including over 50 years of combined experience specifically with trade finance in Africa, at firms such as Credit Suisse, Citicorp Investment Bank, Standard Chartered Bank, Barclays, and Chase. Scipion serves as a secondary sub-advisor.

• EuroFin Investments Pte Ltd. and EFA RET Management Pte Ltd. (the “EFA Group”): is 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-support Principles for Responsible Investment and is managed by an experienced team of investment professionals with in-depth market knowledge and extensive in-country networks.

EFA Group’s term loan strategy leverages robust track records, credit histories, and relationships with borrowers from its trade finance portfolio. 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 over 50 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, fund of funds, and family offices.

• TransAsia Private Capital Ltd. (“TransAsia”): is 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

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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 with no default losses. 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. TriLinc’s partnership with TransAsia will provide longer dated 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 managing partners 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 strong credit analysis and structuring expertise is further supported by an in-house credit scoring system that is used for risk structuring, management, and monitoring.

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 provides certain services to, and on behalf of, our Advisor, including but not limited to formation and advisory services related to our formation and the structure of our public offering, 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.

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 $5-15 million per transaction for direct SME loans and $500,000 to $10 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.

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During the year ended December 31, 2016, we invested, either through direct loans or loans participation, approximately $252.2 million across 33 portfolio companies. Our investments consisted of senior secured trade finance participations, senior secured term loan participations, and senior secured term loans. Additionally, we received proceeds from repayments of investment principal of approximately $150.2 million. During the year ended December 31, 2015, we had invested approximately $138.1 million across 31 portfolio companies and received repayments of $90.5 million.

At December 31, 2016, our portfolio included 32 companies and was comprised of $28,673,487 or 14.1% in senior secured term loans, $58,450,761 or 28.7% in senior secured term loans participations, and $116,671,565 or 57.2% in senior secured trade finance participations. At December 31, 2015, our portfolio included 25 companies and was comprised of $5,474,534 or 5.4% in senior secured term loans, $18,484,242 or 18.3% in senior secured term loans participations, and $77,069,328 or 76.3% in senior secured trade finance participations.

The industrial and geographic composition of our portfolio at fair value as of December 31, 2016 and 2015 were as follows:

	As of  December 31, 2016					As of December 31, 2015
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	22,851,296		11.2	%	$	27,452,577		27.2	%
Bulk Fuel Stations and Terminals		15,437,474		7.6	%		—		—
Cash Grains		—		—			4,275,182		4.2	%
Coal and Other Minerals and Ores		6,574,351		3.2	%		—		—
Commercial Fishing		1,058,273		0.5	%		1,756,243		1.7	%
Communications Equipment		6,111,941		3.0	%		5,918,086		5.9	%
Construction Materials		—		—			181,943		0.2	%
Consumer Products		9,900,000		4.9	%		8,940,000		8.8	%
Electric Services		19,500,000		9.6	%		—		—
Farm Products		3,142,480		1.5	%		2,900,000		2.9	%
Fats and Oils		6,000,000		2.9	%		3,100,000		3.1	%
Fertilizer & Agricultural Chemicals		5,078,526		2.5	%		5,750,000		5.7	%
Fresh or Frozen Packaged Fish		5,037,134		2.5	%		—		—
Food Products		740,690		0.4	%		667,838		0.7	%
Groceries and Related Products		11,195,862		5.5	%		—		—
Hotels and Motels		17,000,000		8.3	%		—		—
Machinery, Equipment, and Supplies		11,483		0.0	%		—		—
Meat, Poultry & Fish		9,675,717		4.7	%		11,524,816		11.4	%
Metals & Mining		2,234,145		1.1	%		2,500,000		2.5	%
Miscellaneous Plastics Products		161,018		0.1	%		—
Packaged Foods & Meats		500,000		0.2	%		1,000,000		1.0	%
Primary Nonferrous Metals		3,000,000		1.5	%		—		—
Primary Metal Industries		6,000,000		2.9	%		6,000,000		5.9	%
Programming and Data Processing		10,236,013		5.0	%		5,474,534		5.4	%
Rental of Railroad Cars		4,411,650		2.2	%		—		—
Secondary Nonferrous Metals		7,649,945		3.8	%		—		—
Soap, Detergents, and Cleaning		2,000,000		1.0	%		—		—
Street Construction		14,927,195		7.3	%		—		—
Textiles, Apparel & Luxury Goods		—		—			724,219		0.7	%
Water Transportation		13,360,620		6.6	%		12,862,666		12.7	%
Total	$	203,795,813		100.0	%	$	101,028,104		100.0	%

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	As of  December 31, 2016					As of December 31, 2015
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	31,000,000		15.3	%	$	27,800,000		27.5	%
Brazil		13,087,309		6.4	%		8,156,110		8.1	%
Cabo Verde		17,000,000		8.3	%		—		—
Chile		2,234,915		1.1	%		1,900,000		1.9	%
Ecuador		6,095,407		3.0	%		1,756,243		1.7	%
Ghana		19,500,000		9.6	%		—		—
Guatemala		907,565		0.4	%		1,000,000		1.0	%
Indonesia		17,927,195		8.8	%		—		—
Kenya		161,018		—			375,182		0.4	%
Mauritius		11,195,862		5.5	%		—		—
Morocco		7,649,945		3.8	%		—		—
Namibia		500,000		0.2	%		1,000,000		1.0	%
Nigeria		13,360,620		6.6	%		12,862,666		12.7	%
Peru		19,337,474		9.5	%		2,940,000		2.9	%
Singapore		10,000,000		4.9	%		10,000,000		9.9	%
South Africa		14,174,143		7.0	%		18,837,903		18.6	%
Tanzania		—		—			3,900,000		3.9	%
United Kingdom		6,585,834		3.2	%		—		—
Zambia		13,078,526		6.4	%		10,500,000		10.4	%
Total	$	203,795,813		100.0	%	$	101,028,104		100.0	%

As of December 31, 2016, our largest investment represented approximately 7.8% of our net assets or 9.6% of our total portfolio.  

As of December 31, 2015, our largest investment represented approximately 9.3% of our net assets or 12.7% 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).

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 January 2017, the Company issued its first Sustainability and Impact Report as of June 30, 2016.

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, 2016 and 2015, we had borrowings, through note offerings, amounting to $1,635,000 and $0, respectively. If we are not able to obtain additional financings, our returns are expected to be lower than originally anticipated.

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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, 2016 and 2015, 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 25, 2017, 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, 2016. Since the inception of the Company through December 31, 2016, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $9,496,400 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $3,333,600 of expenses, which have been accrued by the Sponsor as of December 31, 2016. Such expenses may not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds in the Primary Offering and such reimbursement does not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit (the “NAV Hurdle”). To the extent the Company does not meet the NAV Hurdle in any quarter, no amount will be payable by the Company for reimbursement to the Sponsor. While the Company has raised over $200 million of gross proceeds in the Primary Offering as of December 31, 2016, the Company has not met the NAV Hurdle for the quarter ended December 31, 2016 because any reimbursement would have caused the Company’s net asset value per unit to fall below the prior quarter. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of December 31, 2016. 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. Following the end of the Primary Offering, the Sponsor could demand the reimbursement of operating expenses covered by the Responsibility Agreement if it does not cause a drop in the net asset value per unit. The Company cannot predict if or when this may occur.

Investment Advisory Agreements and Fees

We pay TriLinc Advisors an asset management fee and an incentive fee for its services under the Advisory Agreement. For the years ended December 31, 2016 and 2015, the Company incurred $4,172,643 and $2,006,532, respectively in management fees and $3,319,149 and $1,576,895, respectively in incentive fees to our Advisor. During the years ended December 31, 2016 and 2015, our Sponsor made expense support payments to the Company under the Amended and Restated Operating Expense Responsibility Agreement amounting to $842,468 and $559,734, respectively, for management fees and $2,970,292 and $1,576,895, respectively, for incentive fees.

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

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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 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.

Emerging Growth Company

We are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act, or the JOBS Act. For as long as we continue to be an emerging growth company, we may take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Although these exemptions will be available to us, they will not have a material impact on our public reporting and disclosure. We are deemed a “smaller reporting company” under the Securities Exchange Act of 1934, or the Exchange Act, and as a smaller reporting company,

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we are permanently exempt from compliance with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. In addition, because we have no employees, we do not have any executive compensation or golden parachute payments to report in our periodic reports and proxy statements.

We could be an emerging growth company for up to five years, although circumstances could cause us to lose that status earlier. We will remain an “emerging growth company” until the earliest to occur of (i) the last day of the fiscal year during which our total annual revenues equal or exceed $1 billion (subject to adjustment for inflation), (ii) the last day of the fiscal year following the fifth anniversary of our initial public offering, (iii) the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt, or (iv) the date on which we are deemed a “large accelerated filer” under the Exchange Act.

Under the JOBS Act, emerging growth companies can also delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. We are choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, our financial statements may not be comparable to those of companies that comply with public company effective dates.

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, 2016, our portfolio of $203,795,813 (at fair value) included 32 companies and was comprised of $28,673,487 or 14.1% in senior secured term loans, $58,450,761 or 28.7% in senior secured term loans participations, and $116,671,565 or 57.2% in senior secured trade finance participations. Our largest loan by value was $19,500,000 or 9.6% of our total portfolio. Our 5 largest loans by value comprised 39.4% of our portfolio at December 31, 2016. Participation in loans represented 85.9% of our portfolio at December 31, 2016.

Employees

We have no employees. Pursuant to the terms of the Advisory Agreement, the 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, and prospectus, 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 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 from borrowers or via participating agreements with direct lenders and the borrower. 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. 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 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.

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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 since we began our operations. As of December 31, 2016, the Sponsor has agreed to pay a cumulative total of approximately $12.8 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.

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 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 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.

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 investment partners could negatively impact our performance.

We participate in investments with third parties. Such participations may involve risks not otherwise present with a direct origination of loans, including, for example:

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

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

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• The risk that such 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, 2016, 85.9% of our investment portfolio consisted of participations in loans.

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

Our borrowers may be 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 may 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.

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. If our Sponsor does not absorb our operating expenses, the distributions we pay to our unitholders may need to be reduced. Our Sponsor is under no obligation to continue to pay our operating expenses beyond December 31, 2016, and if our Sponsor chooses not to continue to extend its obligations beyond that date, our distributions to our unitholders may be reduced. The Sponsor could demand the reimbursement of operating expenses covered by the Responsibility Agreement if and when the Company has met the NAV Hurdle.  Such reimbursements to the Sponsor could affect the amount of cash available to the Company to pay distributions and/or make investments.

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Specific portfolio concentration limits that limit the size of each investment we make do not apply until we have completed our offering and are fully invested. Until such time, if we have an investment that represents a material percentage of our assets and that investment experiences a loss, the value of unitholders’ investment in us could be significantly diminished.

We are not limited in the size of any single investment we may make until we have completed our offering and are fully invested and certain investments may represent a significant percentage of our assets until such time. Any such investment may carry the risk associated with a significant asset concentration. Our largest loan by value was $19,500,000 or 7.8% of our net assets or 9.6% of our total portfolio. Our 5 largest loans by value comprised 39.4% of our portfolio at December 31, 2016.  Should these investments, or any other investment representing a material percentage of our assets, experience a loss on all or a portion of the investment, we could experience a material adverse effect, which would result in the value of unitholders’ investment in us being diminished.

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. Until the proceeds from our primary offering are fully invested, and 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.

During the quarter ended December 31, 2013, we paid cash distributions in excess of our net investment income for that quarter in the amount of $51,034. On December 31, 2013, our Sponsor made a capital contribution to the Company to make up this excess distribution. During the quarter ended March 31, 2014, we paid cash distributions in excess of our net investment income for that quarter in the amount of $31,750. On July 31, 2014, our Sponsor made a capital contribution to the Company to make up this excess distribution. Our Sponsor is not required to make such capital contribution and there is no assurance that our Sponsor will provide any capital infusions in the future.

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.

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, 2016, 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

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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

On October 14, 2016, TGIFC, a wholly owned subsidiary of the Company, issued $1.635 million in the first series of notes pursuant a private offering of senior secured promissory notes. Such notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of up to four different series with four different issuance and maturity dates. The notes issued on October 14, 2016 comprised the first series of the notes. Borrowings from the notes offering will be used to pursue the Company’s investment strategy and for general corporate purposes. These notes are collateralized with shares of the Company’s subsidiary that held all the Company’s investments and if we default on the payments due under these notes, the noteholders will have rights against such collateral, thereby reducing our asset base and the income we receive from such investments. As of December 31, 2016, the Company had a debt ratio of 0.6%.

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.

On October 14, 2016, TGIFC, a wholly owned subsidiary of the Company, issued $1.635 million in the first series of notes pursuant a private offering of senior secured promissory notes. Such notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of up to 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 entire principal balance of each such 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 such note may not be prepaid, in whole or in part, prior to the Maturity Date.

We may be unable to invest a significant portion of the net proceeds of the Primary Offering on acceptable terms in the timeframe contemplated by our prospectus.

Delays in investing the net proceeds from the Primary Offering 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 proceeds of the Primary Offering 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. As of December 31, 2016 we had approximately $44.8 million in cash, which reduced our returns during 2016.

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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.

When fully invested, we anticipate maintaining an average portfolio duration in excess of two years with regard to our debt investments. As a result, you 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, 2016 and 2015, 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, 2016, we had six borrowers who had failed to make repayment of principal and interest. Two of these borrowers have also been placed on non-accrual status. 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.

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.

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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.

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.

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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.

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 2016 and 2015, we have made loans to companies located in Argentina, Brazil, Cabo Verde, Chile, Ecuador, Ghana, Guatemala, Indonesia, Italy, Kenya, Mauritius, Morocco, Namibia, Nigeria, Peru, Singapore, South Africa, Tanzania, the United Kingdom, 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, 2016, all our investments are denominated in U.S. dollars. In the future, some 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.

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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, 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 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-

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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.

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.

We pay substantial compensation to our Advisor, our dealer manager and their respective affiliates, which may be increased during the terms of the Primary Offering or future offerings by our independent managers. The fees we pay in connection with the Primary Offering and the agreements entered into with our Advisor and our dealer manager 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, 2016, we have paid fees totaling approximately $12,491,000 to our Advisor or its affiliates and $18,478,000 to our dealer manager or its affiliates. The compensation paid to our Advisor, our dealer manager and their respective affiliates for services they provide us pursuant to the Advisory Agreement and the Dealer Manager Agreement 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, our dealer manager and their respective affiliates may increase during our Primary Offering or 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, including investors in our Primary Offering.

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:

Tax Treatment as a Partnership

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.

Avoiding Publicly Traded Partnership Status

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 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.

Taxable Income in Excess of Cash Available for Distribution

For 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 is deemed to be paid from cash distributions that would otherwise be distributable to the Class C unitholders. Accordingly, the holders of Class C units will receive a lower cash distribution to the extent of such Class C 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 unitholders may, therefore, exceed the amount of cash distributions made to the Class C unitholders.

Risk of Audit and Adjustments

The IRS could challenge certain federal income tax positions taken by us if we are audited. Any adjustment to our return resulting from an audit by the IRS 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 become 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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No Rulings

We will not seek rulings from the IRS with respect to any of the federal income tax considerations. Thus, positions to be taken by the IRS as to tax consequences could differ from positions taken by us.

Possible Legislative or Other Developments

All statements contained in this Form 10-K concerning the expected 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.

Reportable Transactions

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.

Filings and Information Returns

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 federal tax information prior to March 15th as long as the Company’s taxable year is the calendar year, the Company may not obtain annual federal 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.

Unrelated Business Taxable Income

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 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.

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.

Effectively Connected Income, FIRPTA, and State Tax Withholding

We may generate income that is “effectively connected” with a U.S. trade or business, and, if so, a foreign unitholder will generally be required to file an annual federal income tax return. A federal withholding tax, at the highest applicable effective tax rate, generally will be imposed on a foreign 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. Foreign 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 foreign person that is realized

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in connection with the (actual or constructive) disposition of a “U.S. real property interest” as gain or loss effectively connected with a trade or business engaged in by the taxpayer in the U.S. A 30% U.S. “branch profits tax” will generally apply to an investment in the Company by foreign 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 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

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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 your 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.

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 offered by us in the Offering and any future offerings 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

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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 on an arbitrary basis, and the offering price may not accurately reflect the value of our assets.

The initial prices of our units were established on an arbitrary basis and are 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 of our 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. Future offering prices will take into consideration other factors such as selling costs and organization and offering expenses so the offering price will not be the equivalent of the value of our assets.

Our net asset value and the offering prices would have decreased for all unit classes if the Sponsor had not made capital contributions in the amount of $51,034 and $31,750 in the quarters ended December 31, 2013 and March 31, 2014, respectively, or had not absorbed and deferred reimbursement for a substantial portion of our operating expenses since we began our operations.

Because this is a blind pool offering, 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.

The offering prices may change on a quarterly basis and investors may not know the offering price when they submit their subscriptions.

The offering prices for our classes of units may change on a quarterly basis and investors will need to determine the price by checking our website at www.trilincglobalimpactfund.com or reading a supplement to our prospectus. In addition, if there are issues processing subscriptions, the offering price may change prior to the acceptance of subscriptions.

Our dealer manager has limited experience in offerings, which may affect the amount of funds we raise in the Offering, and any future offerings in which they serve as dealer manager, and our ability to achieve our investment objectives.

Our dealer manager, SC Distributors, LLC, was formed in March 2009 and has limited experience conducting offerings. This lack of experience may affect the way in which our dealer manager conducts our offering and any future offerings in which they serve as dealer manager. In addition, because this is a “best efforts” offering, we may not raise proceeds in the Offering sufficient to meet our investment objectives. The success of the Offering and possible future offerings, and correspondingly our ability to implement our

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business strategy, is dependent upon the ability of our dealer manager to enter into selling agreements with a network of licensed participating brokers dealers. If our dealer manager failed to perform for any reason, it could significantly impact the success of the Offering and, likewise the success of our operations. Substantially less than the maximum units available in the Offering will be sold when the Offering terminates on March 31, 2017. Accordingly, we may not have adequate funds to purchase a diversified portfolio of investments. As a result, we may be unable to achieve our investment objectives, and our unitholders could lose some or all of the value of their investment.

We may be unable to invest a significant portion of the net proceeds of the Offering on acceptable terms in the timeframe contemplated by our prospectus.

Delays in investing the net proceeds from the Offering and any future offerings 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 proceeds of the Offering and any future offerings on acceptable terms within the time period that we anticipate or at all, which could harm our financial condition and operating results. As of December 31, 2016 we had approximately $44.8 million in cash.

We expect to invest proceeds we receive from the Offering and any future offerings 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 the Offering and any future offerings and distributions. Therefore, delays in investing proceeds we raise from the Offering and any future offerings could impact the amount of and our ability to generate cash flow for distributions.

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 the Offering associated with the sale of units. This means that the investors who 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, 2016, we have incurred a cumulative total of approximately $14.5 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 (including the units being sold in the Primary Offering) and the value of our assets at the time of issuance.

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.

We are an “emerging growth company” under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our units less attractive to investors.

Section 107 of the JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933, as amended, or Securities Act, for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We are choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, our financial statements may not be comparable to those of companies that comply with public company effective dates. As of December 31, 2016, there are no new or revised accounting standards that we have not adopted.

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ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

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

There is no public trading market for our units.

On February 25, 2013, our registration statement on Form S-1 was declared effective by the SEC. Pursuant to the registration statement, we are 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 our Primary Offering and up to $250 million of units pursuant to the Distribution Reinvestment Plan. The unit classes have different selling commissions and dealer manager fees and there is an ongoing distribution fee with respect to Class C units. We are offering to sell any combination of Class A, Class C and Class I units with a dollar value up to the maximum offering amount. We reserve the right to reallocate the units between Class A, Class C and Class I and between the Primary Offering and the Distribution Reinvestment Plan.

We are offering our units on a continuous basis at an initial price of $10.00 and $9.576 per Class A and Class C units, respectively, and $9.025 per Class I unit. Effective October 13, 2016, the Company and the dealer manager have agreed to waive the dealer manager fee on all future sales of Class I units resulting in a reduction of the Class I unit offering price from $9.186 to $9.025. We determine our net asset value on a quarterly basis. If our net asset value increases above or decreases below our net proceeds per unit, we will adjust the offering prices of units to ensure that after the effective date of the new offering prices no unit is sold at a price, after deduction of selling commissions, dealer manager fees and organization and offering expenses, that is above or below our net asset value per unit as of the most recent valuation date.

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 Duff & Phelps, LLC 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.

On November 20, 2015, we filed a registration statement on Form S-1 with the SEC in connection with the Follow-On Offering. As of the date of this Annual Report on Form 10-K, the registration statement for the Follow-On Offering has not been declared effective by the SEC. If the Follow-On Offering is launched, it will only commence after the termination of the Offering. Unless and until a follow-on offering is launched, we will file a Form S-3 registration statement to continue to sell units pursuant to our Distribution Reinvestment Plan.

Effective October 13, 2016, the Company and the dealer manager agreed to waive the dealer manager fee on all future sales of Class I units resulting in a reduction of the Class I unit offering price from $9.186 to $9.025.

Pursuant to the net asset value determination by the Company’s board of managers as of December 31, 2016, the value has not increased above nor decreased below the Company’s net proceeds per unit; therefore, the Company will continue to sell units at a price of $10.00 per Class A unit, $9.576 per Class C unit and $9.025 per Class I unit. Our estimated net asset value was determined in accordance with the procedures set forth above. Our net asset value and the offering prices would have decreased for all unit classes if the Sponsor had not made capital contributions in the amount of $51,034 and $31,750 in the quarters ended December 31, 2013 and March 31, 2014, respectively, or had not absorbed and deferred reimbursement for a substantial portion of our operating expenses since we began our operations.

As of March 24, 2017, there were 16,890,678 Class A units outstanding held of record by 3,968 persons, 7,724,769 Class C units outstanding held of record by 2,061 persons, and 8,633,674 Class I Units outstanding held of record by 1,597 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

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cash flow from operations, we will have less funds available for investments and unitholders’ overall returns will be reduced. During the quarters ended December 31, 2013 and March 31, 2014, we paid cash distributions in excess of our net investment income for these quarters in the amount of $51,034 and $31,750, respectively, and for each occurrence, our Sponsor made capital contributions to make up the excess distributions.

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 are and will continue to be lower than the cash distributions with respect to Class A and Class I units because of the distribution fee relating to Class C units, which is an expense specific to Class C unitholders. 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 unitholders may, therefore, exceed the amount of cash distributions made to the Class C unitholders.

Starting in July 2013, the Company has paid monthly distributions for all classes of units. From July 2013 to April 2014, these distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (less the distribution fee for Class C Units). Starting in May 2014, the distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee for Class C Units). Starting in January 2016, the distributions were calculated based on unitholders of record for each day in an amount equal to $$0.00197268 per unit per day (less the distribution fee for Class C units). For the year ended December 31, 2016 and 2015, $9,258,169 and $4,808,358, respectively, of these distributions were paid in cash and $7,212,502 and $2,756,952, 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 since we commenced operations on June 11, 2013, 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 (1)
March 31, 2016	$	0.17570	$	1,857,749	$	1,331,325	$	3,189,074	$	1,857,749	$	—
June 30, 2016	$	0.17570		2,102,173		1,622,213		3,724,386		2,102,173		—
September 30, 2016	$	0.17764		2,515,274		1,983,370		4,498,644		2,515,274
December 31, 2016	$	0.17764		2,782,973		2,275,594		5,058,567		2,782,973
Total for 2016			$	9,258,169	$	7,212,502	$	16,470,671	$	9,258,169	$	-
March 31, 2015	$	0.17377	$	944,850	$	441,310	$	1,386,160	$	944,850	$	—
June 30, 2015	$	0.17570		1,079,836		556,073		1,635,909		1,079,836		—
September 30, 2015	$	0.17764		1,263,850		744,903		2,008,753		1,263,850		—
December 31, 2015	$	0.17764		1,519,822		1,014,666		2,534,488		1,519,822		—
Total for 2015			$	4,808,358	$	2,756,952	$	7,565,310	$	4,808,358	$	—
March 31, 2014	$	0.15577	$	251,016	$	71,482	$	322,498	$	219,266	$	31,750
June 30, 2014	$	0.16970		349,070		151,603		500,673		349,070		—
September 30, 2014	$	0.17764		544,594		242,582		787,176		544,594		—
December 31, 2014	$	0.17764		794,372		347,002		1,141,374		794,372		—
Total for 2014			$	1,939,052	$	812,669	$	2,751,721	$	1,907,302	$	31,750
September 30, 2013	$	0.15924	$	46,681	$	21,770	$	68,451	$	46,681	$	—
December 31, 2013	$	0.15924		169,699		28,492		198,191		118,665		51,034
Total for 2013			$	216,380	$	50,262	$	266,642	$	165,346	$	51,034

(1) Capital contribution from our Sponsor

Unregistered Sales of Equity Securities and Use of Proceeds.

During the years ended December 31, 2016 and 2015, we did not sell or issue any equity securities that were not registered under the Securities Act.

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Use of Proceeds from Registered Securities

On February 25, 2013, the Registration Statement on Form S-1, File No. 333-185676 covering the Offering, of up to $1.5 billion in units of our limited liability company interest, was declared effective under the Securities Act of 1933 by the SEC. The Offering commenced on February 25, 2013, and was originally expected to terminate on or before February 24, 2015. In February 2015, our board of managers elected to extend the Offering for up to an additional one year period, expiring on February 25, 2016. On November 18, 2015, our board of managers elected to extend the Offering for up to an additional six month period, expiring August 25, 2016. On February 19, 2016, our board elected to extend the Offering to December 31, 2016.  On September 20, 2016, the Company elected to further extend its current offering to March 31, 2017. Our offering period will terminate on March 31, 2017.

Through SC Distributors, LLC, the dealer manager for the Offering, we have been offering to the public on a best efforts basis up to $1.25 billion of units, consisting of Class A units at $10.00 per unit, Class C units at $9.576 per unit and Class I units at $9.025 per unit.

We have also been offering up to $250 million of units pursuant to our Distribution Reinvestment Plan. Units issued under the Distribution Reinvestment Plan are offered at a price equal to the then current offering price per unit less the sales fees associated with that class of units in the Primary Offering. The units being offered can be reallocated among the different classes and between the Primary Offering and 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 during the second quarter of 2017, units will be offered at the greater of $9.025 or the net asset value per unit for each class of units. Following the termination of the Offering, units offered pursuant to our Distribution Reinvestment Plan will be sold pursuant to a registration statement on Form S-3, unless or until a follow-on offering is launched.

As of December 31, 2016, we had received subscriptions for and issued 30,781,900 of our units, including 1,200,164 units issued under our Distribution Reinvestment Plan, for gross proceeds of approximately $296,248,000, including approximately $10,832,000 reinvested under our Distribution Reinvestment Plan, (before dealer-manager fees of approximately $4,137,000 and selling commissions of $14,341,000, for net proceeds of $277,770,000). From the net offering proceeds, we have paid and accrued a total of $14,543,691 towards reimbursement to our Sponsor for our organization and offering costs. With net offering proceeds, we have financed a net total of approximately $203,477,000 in senior secured trade finance, secured mezzanine term loan, and senior secured term loan transactions.

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.

On November 11, 2014, our board of managers amended our unit repurchase program to provide for the repurchases to be made on the last calendar day of the quarter rather than the last business day of the quarter. On March 3, 2017, the board of managers authorized an amendment to the unit repurchase program and commencing with redemption requests processed at the end of the second quarter of 2017, units will be redeemed at a price equal to the greater of $9.025 or the NAV per unit for each class of units.

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, 2016, the Company had received and processed 31 repurchase requests. The Company repurchased an aggregate of 565,549 Class A units, 8,943 Class C units, and 573,750 Class I units at a price of $9.025 per unit for a total of $10,362,875.

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For the year ended December 31, 2015, the Company had received and processed 6 repurchase requests. The Company repurchased an aggregate of 6,491 Class A units, 2,374 Class C units, and 10,141 Class I units at a price of $9.025 per unit for a total of $171,528.

The following table reflects the activity under our unit repurchase program during the three months ended December 31, 2016.

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
10/01/2016 - 10/31/2016		385,301	$	9.025		385,301		399,511
11/01/2016 - 11/30/2016		—		—		—		399,511
12/01/2016 - 12/31/2016		—		—		—		399,511
Total		385,301	$	9.025		385,301

Distribution Reinvestment Plan

We have adopted a distribution reinvestment plan pursuant to which our unitholders may elect to have the full amount of their cash distributions from us reinvested in additional units of the same class. Units under our distribution reinvestment plan are currently offered at a price equal to $9.025 per unit of each class, which is equal to our current 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 will be paid on units sold under our distribution reinvestment plan. The distribution fee is payable with respect to all Class C units sold in the Offering. 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 during the second quarter of 2017, units will be offered at the greater of $9.025 or the net asset value per unit for each class of units. Following the termination of the Offering, units offered pursuant to our Distribution Reinvestment Plan will be sold pursuant to a registration statement on Form S-3, unless or until a follow-on offering is launched. Pursuant to the amendment to the Distribution Reinvestment Plan as well as any Distribution Reinvestment Plan units sold pursuant to a registration statement on Form S-3, the Company will not pay any selling commissions, dealer manager fees or distribution fees. However, while there are no additional distribution fees that will be 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 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, 2016, we issued 1,200,164 units totaling approximately $10,832,000 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,
	2016			2015
Consolidated Statement of Operations Data:
Total investment income	$	20,440,362		$	9,657,063
Management fees (1)		4,172,643			2,006,532
Incentive fees (1)		3,319,149			1,576,895
Total net expenses		4,193,472			1,772,586
Net investment income		16,246,890			7,884,477
Net change in unrealized appreciation (depreciation) on investments		259,347			(318,424	)
Net increase in net assets resulting from operations		16,506,237			7,566,053
Consolidated Per unit Data:
Net asset value per unit at year end	$	8.469		$	8.543
Net investment income		0.77			0.75
Net increase in net assets resulting from operations		0.78			0.72
Distributions paid		0.78			0.72
Consolidated Balance Sheet Data:
Total investment at fair value	$	203,795,813		$	101,028,104
Cash		44,790,312			33,246,769
Total assets		258,678,335			139,783,516
Total liabilities		7,922,420			1,162,909
Total net assets		250,755,915			138,620,607
Other Data:
Weighted average annual yield on investments (2)		12.3	%		12.5	%
Number of portfolio companies at year end		32			25

(1) Our Sponsor reimbursed us for a portion of these fees under the Amended Operating Expense Responsibility Agreement.

(2) The weighted average yield is based in 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 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. 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.

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

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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 Global Impact Investing Network’s 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 are 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 is the dealer manager for the Offering. The Company’s offering period will terminate on March 31, 2017.

On November 20, 2015, we filed a registration statement on Form S-1 with the SEC in connection with the Follow-On Offering. As of the date of this Annual Report on Form 10-K, the registration statement for the Follow-On Offering has not been declared effective by the SEC. If the Follow-On Offering is launched, it will only commence after the termination of the Offering. Unless and until a follow-on offering is launched, we will file a Form S-3 registration statement to continue to sell units pursuant to our Distribution Reinvestment Plan.

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. As of December 31, 2016, we had received subscriptions for and issued 30,781,900 of our units, including 1,200,164 units issued under our Distribution Reinvestment Plan, for gross proceeds of approximately $296,248,000 including approximately $10,832,000 reinvested under our Distribution Reinvestment Plan, (before dealer-manager fees of approximately $4,137,000 and selling commissions of $14,341,000, for net proceeds of $277,770,000).

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 ten sub-advisors that we have contracted to assist the Advisor in implementing the Company’s investment program, we expect to provide growth capital financing generally ranging in size from $5-15 million per transaction for direct SME loans and $500,000 to $10 million for trade finance transactions. We seek to protect and grow investor capital by: (1) targeting countries with favorable economic growth and investor protections; (2) partnering with sub-advisors with significant experience in local markets; (3) focusing on creditworthy lending targets who have at least 3-year operating histories and demonstrated cash flows enabling loan repayment; (4) making primarily debt investments, backed by collateral and borrower guarantees; (5) employing best practices in our due diligence and risk mitigation processes; and (6) monitoring our portfolio on an ongoing basis.

Investments will continue to be primarily credit facilities to developing economy SMEs, including trade finance and term loans, through TriLinc Advisor’s team of professional sub-advisors with a local presence in the markets where they invest. As of December 31, 2016, most 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 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 may 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.

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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.

Since our inception and through December 31, 2016, under the terms of the Amended and Restated Operating Expense Responsibility Agreement, our Sponsor has assumed substantially all our operating expenses. As of December 31, 2016, the Sponsor has agreed to pay a cumulative total of approximately $12.8 million of operating expenses.

Portfolio and Investment Activity

During the year ended December 31, 2016, we invested, either through direct loans or loans participation, approximately $252.2 million across 33 portfolio companies. Our investments consisted of senior secured trade finance participations, senior secured term loan participations, and senior secured term loans. Additionally, we received proceeds from repayments of investment principal of approximately $150.2 million.

During the year ended December 31, 2015, we invested, either through direct loans or loans participation, $138,143,039 across 31 portfolio companies. Our investments consisted of senior secured trade finance participations, senior secured term loan participations and senior secured term loans. Additionally, we received proceeds from repayments of investment principal of $90,475,779.

At December 31, 2016 and 2015, our investment portfolio included 32 and 25 companies, respectively and the fair value of our portfolio was comprised of the following:

	As of December 31, 2016					As of December 31, 2015
	Investments		Percentage of			Investments		Percentage of
	at Fair Value		Total Investments			at Fair Value		Total Investments
Senior secured term loans	$	28,673,487		14.1	%	$	5,474,534		5.4	%
Senior secured term loan participations		58,450,761		28.7	%		18,484,242		18.3	%
Senior secured trade finance participations		116,671,565		57.2	%		77,069,328		76.3	%
Total investments (1)	$	203,795,813		100.0	%	$	101,028,104		100.0	%

(1) Total investment data as of December 31, 2015 described in this report includes two trade finance participations totaling $10,500,000 that the Company classifies as short-term investments for impact data purposes. 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 and, (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.

As of December 31, 2016, the weighted average yield, based upon the cost of our portfolio, on trade finance participations, term loan participations, and senior secured term loans were 11.1%, 14.9%, and 12.3%, respectively, for a weighted average yield on investments of approximately 12.3% on our total portfolio.  

As of December 31, 2015, the weighted average yield, based upon the cost of our portfolio, on trade finance participations, term loan participations, and senior secured term loans were 11.6%, 15.7%, and 13.5%, respectively, for a weighted average yield on investments of approximately 12.5% on our total portfolio.

Prodesa

As of December 31, 2016, the Company’s investment in Corporacion Prodesa S.R.L. (“Prodesa”) is comprised of two senior secured term loan participations with an aggregate balance of $2,150,000 and $1,750,000 due under a senior secured purchase order revolving credit facility.  In March and April 2015, Prodesa did not timely make the payments that were due under the two term loans because of economic difficulties.  Since then, the Company has been working with Prodesa to remedy the default and bring the loans to a current status.  On May 6, 2015, the Company entered into a short term forbearance agreement (the “Forbearance Agreement”) with Prodesa to provide Prodesa with temporary loan payment relief while a longer term plan is negotiated.  Under the terms of the Forbearance Agreement, the Company agreed to accept partial interest payments, amounting to 50% of the required interest payments, for the months of March 2015 to December 2015. Through October 2015, Prodesa had made all interest payments required under the Forbearance Agreement. Interest payments required under the term loans for the months subsequent to October 2015 had not been made by Prodesa due to Prodesa being placed into bankruptcy in November 2015 as described further below. In April 2016, Prodesa exited the bankruptcy process and Prodesa started once again to make interest payments. During the period from July 2016 to December 2016, the Company has received $200,000 in principal payments and approximately $237,000 in interest payments from

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Prodesa. Accordingly, the Company is still accruing interest, which amounted to approximately $482,600 as of December 31, 2016, on the Prodesa loans. In addition, during January and February 2017, the Company received $100,000 in principal payments and approximately $78,000 in interest payments and expects that Prodesa will continue to make regular principal and interest payments. The Company has estimated the fair value of the Prodesa loans as of December 31, 2016 at $3,900,000 based on the income valuation approach as further described in Note 4.  

During 2015, Prodesa underwent a change in ownership. Through the month of September 2015, the new ownership had injected over $830,000 in Prodesa for working capital purposes. The Company has been working with Prodesa to re-align its operations and, on October 5, 2015, the Company funded a $400,000 senior secured purchase order revolving credit facility to Prodesa.  The purchase order facility is secured by specific purchase orders from customers of Prodesa, as well as pledges of additional unencumbered assets and all shares of Prodesa. On November 6, 2015, Prodesa paid back to the Company the entire $400,000 and related interest owed under the purchase order facility. On November 20, 2015, the Company funded a second draw under the purchase order facility in the amount of $190,000 which was repaid in full on February 29, 2016. During the year ended December 31, 2016, the Company funded seven additional draws under the purchase order facility for an aggregate of $1,750,000.  

On November 23, 2015, Prodesa was placed into bankruptcy by the Peruvian bankruptcy authority. At the end of August 2015, a supplier of Prodesa had filed an unpaid payable claim for just over $141,000 with the authority. While Prodesa’s management responded to the filing with a proposal to pay the claim off in full by December 2015, Prodesa’s counsel did not follow the necessary filing protocol. Unknown to management, this failure triggered Prodesa being placed into bankruptcy. Prodesa’s counsel has since been replaced. During the filing, the Company and all key creditors and vendors continued to support Prodesa as usual and the initial $141,000 claim has been settled in full. Prodesa exited the bankruptcy process on April 22, 2016 and made a principal payment to the Company of $400,000 on April 29, 2016.

Usivale

In May 2015, one of the Company’s borrowers, Usivale Industria E Commercio (“Usivale”), with an aggregate principal balance of $3,000,000, notified the Company that it would be unable to make its monthly interest payment for May 2015 and requested the deferment of interest payments until October 2015. Usivale is a sugar producer located in Brazil that has been in business since 1958.  Usivale’s business is highly cyclical and it generates the majority of its revenues during the first and fourth quarters of any calendar year.  In accordance with the terms of the loans, the Company originally increased the annual interest rate charged Usivale from 12.43% to 17.43%.  On August 27, 2015, Usivale filed for judicial recuperation or recovery (the “Filing”) with the local court in Brazil.  The Filing was led by the ongoing pricing pressure within the sugar market, leading up to the material drop in the month of August, when prices reached a seven year low. The Filing provided for a 180 day “standstill” period relative to any claim for payment by Usivale’s creditors. During this period, Usivale was permitted to operate as usual, but was required to develop and present a recovery plan to its creditors to allow it to emerge from judicial recovery. Usivale submitted an initial plan to the judicial court for review at the end of November 2015, which was published by the court on January 19, 2016. Creditors had 30 days to review and either approve or reject the plan. As the only secured creditor within the greater credit group, the Company’s acceptance of any plan was required.  The Company placed Usivale on non-accrual status effective August 27, 2015, the date of the judicial recovery filing.

On February 17, 2016, the Company filed a rejection of the plan presented by Usivale. In accordance with the judicial recovery process, a general assembly of Usivale’s creditors was held on June 14, 2016 and an agreed upon restructure plan was submitted to the court and subsequently approved by the court on October 7, 2016. Under the restructure plan, interest on the principal started accruing effective July 1, 2016 at an annual rate of 12.43% and Usivale is required to make annual principal payments starting in the fourth quarter of 2016. On November 10, 2016, the Company received payments of principal and interest of $316,777 and $144,390, respectively.  The Company recorded the $144,390 payment as interest income and started accruing interest on the unpaid principal effective November 10, 2016. As of December 31, 2016, the principal balance of the Usivale loans amounted to $2,851,296 and the Company has estimated the fair value of the Usivale loans at $2,851,296, which is based on a discounted cash flow analysis (income approach).  Accordingly, the Company recorded an unrealized gain of $318,424 during the year ended December 31, 2016.

Fruit and Nut Distributor

The Company has a trade finance participation with a fruit and nut distributor (“the Distributor”) located in South Africa, with a total balance outstanding of $799,767 of as December 31, 2016. The Distributor trade finance has a stated maturity date of May 22, 2015, which the Company agreed to extend. The Distributor had made partial payments of principal during 2015 and 2016 (the original loan from the Company to the Distributor was for $1,250,000), with the most recent payment being made on October 2016. Through the latter part of 2015, the depreciation in the South African Rand had proven to be problematic for the Distributor given that it has to purchase its inventory in U.S. Dollars and then sells in South African Rand. This situation has led the Distributor to experience some cash flow difficulties and operating losses. As of December 31, 2016, the Company, together with its sub-advisor, had agreed to extend further the principal maturity date to facilitate the strategic sale of the Distributor, which closed in June 2016.  As a result of the sale, one of the Company’s sub-advisor now owns 40% of the Distributor. Accordingly, the Company placed this

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participation on non-accrual status effective February 1, 2016 and interest not recorded relative to the original terms of this participation amounted to approximately $127,400 for the year ended December 31, 2016. Based on the information available to the Company and according to its valuation policies, the Company had estimated the fair value of its investment in the Distributor to be $740,690 as of December 31, 2016 and recorded an unrealized depreciation adjustment of $59,077 for the year ended December 31, 2016.

Farm Supplies Distributor

The Company has several trade finance participations in a facility to a farm supplies distributor, Neria Investment Ltd. (“Neria”), located in Zambia with an aggregate principal balance of $5,078,526 and net accrued interest of $550,370 as of December 31, 2016. The participations have maturity dates ranging from October 25, 2015 to May 3, 2016.  The facility serves to finance the shipment of fertilizer to the Zambian government and is secured by receivables.  The delay in repayment is due to slow payment of the receivables by the Zambian Government caused by a national budget deficit.  The Company placed this participation on non-accrual status effective July 1, 2016 and interest not recorded relative to the original terms of this participation amounted to approximately $322,600 for the year ended December 31, 2016.  In addition, during the year ended December 31, 2016, the Company reversed $550,370 of interest income that had been previously accrued. On December 1, 2016, the Company’s sub-advisor declared an event of default and filed a claim against the credit insurance policy. The insurer has 180 days from time of filing (June 1, 2017) to conclude their collection process and make payment against the policy. The Company has determined that there is sufficient collateral, including a credit insurance policy, should the Zambian government or subsequently Neria not pay, to cover the entire principal and interest balance due from Neria and has determined, in accordance with its valuation policy, that the fair value should remain at $5,078,526 as of December 31, 2016.

Sesame Seed Exporter

The Company has a trade finance participation with a Sesame Seed Exporter (“the Exporter”) located in Guatemala, with a principal balance outstanding of $907,565 and accrued interest of $99,780 as of December 31, 2016. The participation has a maturity date of March 31, 2016 and is secured by inventory. During 2016, the Exporter lost a major customer, which resulted in a slowdown in business, affecting its ability to repay the amount due under the participation.  However, the Exporter has been able to secure new customers to replace the lost order(s), which will enable the Exporter to start making payments to the Company.  In addition, the Exporter has made three principal payments totaling $92,435 during October and November 2016.  The Company has determined that there is sufficient collateral to support the repayment of this participation and has determined, in accordance with its valuation policy, that the fair value of this investment should remain at $907,565 as of December 31, 2016.

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 300 days of accrued interest receivable as of December 31, 2016.  The Company’s interest receivable balances at December 31, 2016 and 2015 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, 2016 and 2015 amounted to $1,403,416 and $393,430, respectively.

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Results of Operations

Consolidated operating results for the years ended December 31, 2016 and 2015 are as follows:

	Year Ended
	December 31, 2016			December 31, 2015
Interest income	$	20,130,867		$	9,568,481
Interest from cash		309,495			88,582
Total investment income		20,440,362			9,657,063
Management fees		4,172,643			2,006,532
Incentive fees		3,319,149			1,576,895
Professional fees		903,896			740,057
General and administrative expenses		943,814			645,747
Board of managers fees		187,500			187,500
Total expenses		9,527,002			5,156,731
Expense support payment from Sponsor		(5,333,530	)		(3,384,145	)
Net expenses		4,193,472			1,772,586
Net investment income	$	16,246,890		$	7,884,477

Revenues.

For the years ended December 31, 2016 and 2015, total investment income amounted to $20,440,362 and $9,657,063, respectively. Interest income increased by $10,562,386 during 2016 primarily as a result of an increase in our weighted average investment portfolio of approximately $77,745,000 combined with an increase in the weighted average yield of approximately 0.34 from a weighted average yield of 12.74% for 2015 to approximately 13.08% for 2016.

For the year ended December 31, 2016, interest income from loan participations and direct loans amounted to $17,539,075 and $2,591,792, respectively. Interest income also included $266,569 in fees earned.  In addition, we earned $309,495 in interest income on our cash balances.

Interest income of $9,568,481 earned during the year ended December 31, 2015 all came from loan participations and included $225,993 in payment-in-kind interest. In addition, we earned $88,582 in interest income on our cash balances.    

Expenses.

Total operating expenses, excluding the management and incentive fees, incurred for the year ended December 31, 2016 increased by $461,906 or 29% to $2,035,210 from $1,573,304 for the year ended December 31, 2015. The increase was primarily due to the following: 1) an increase in general and administrative expenses of $298,067, which was attributable to increases in a number of expenses, the largest being a $146,352 increase in fees paid to our transfer agent, $51,104 increase in fund accounting, $30,132 increase in printing costs, and $16,228 increase in interest expense; and 2) an increase in professional fees of $163,839. Our Sponsor assumed responsibility for a portion of our operating expenses in the amount of $1,520,770 and $1,247,516 under the Responsibility Agreement for expenses paid or incurred by the Company for the years ended December 31, 2016 and 2015, respectively.

For the years ended December 31, 2016 and 2015, the management fees amounted to $4,172,643 and $2,006,532, respectively. The incentive fees for the years ended December 31, 2016 and 2015 amounted to $3,319,149 and $1,576,895, respectively.  A portion of the management fees, amounting to $842,468 and $559,734 for 2016 and 2015, respectively, and the $2,970,292 and $1,576,895, respectively, of the incentive fees for 2016 and 2015 were paid by the Sponsor under the Responsibility Agreement.

Going forward, we expect our primary expenses to continue to be the payment of asset management fees and the reimbursement of 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 Duff & Phelps, LLC and any other third-party valuation services;

• 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;

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• 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;

• fees and expenses associated with marketing efforts;

• 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 and advertising or sales materials, 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, 2016, we recorded $259,347 in unrealized gains. For the year ended December 31, 2015 we recorded $318,424 in net unrealized losses. We had no realized gains or losses for the years ended December 31, 2016 and 2015.

Changes in Net Assets from Operations.

For the year ended December 31, 2016 and 2015, we recorded net increases in net assets resulting from operations of $16,506,237 and $7,566,053, respectively.

Financial Condition, Liquidity and Capital Resources

As of December 31, 2016, we had $44.8 million in cash. We generate cash primarily from the net proceeds from the sale of units, from cash flows from interest, dividends and fees earned from our investments, from principal repayments, from proceeds from sales of our investments, and from sale of promissory notes. We may also generate cash in the future from debt financing. Our primary use of cash will be to make loans, either directly or through participations, payments of our expenses, payments on our notes and any other borrowings, and cash distributions to our unitholders. We expect to maintain cash reserves from time to time for investment opportunities, working capital and distributions. From the beginning of the Company’s operations to date, our Sponsor has absorbed substantially all of our operating expenses under the Responsibility Agreement. The Company may only reimburse the Sponsor for expenses covered under the Responsibility Agreement if we raise $200 million of gross proceeds in the Primary Offering and such reimbursement does not cause the Company’s net asset value per unit to fall below the prior’s quarter’s net asset value per unit. While the Company has raised gross proceeds of over $200 million in the Primary Offering as of December 31, 2016, any such reimbursement would cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit. Thus, such amounts are not yet payable by the Company to the Sponsor. Following the end of the Primary Offering, the Sponsor could demand the reimbursement of operating expenses covered by the Responsibility Agreement if it does not cause a drop in the net asset value per unit.  Such reimbursements to the Sponsor could affect the amount of cash available to the Company to pay distributions and/or make investments.

The Company’s net asset value has not changed since the commencement of the Offering but it would have decreased for all unit classes if the Sponsor had not made a capital contribution in the amount of $31,750 as of March 31, 2014 and $51,034 as of

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December 31, 2013 and had not absorbed and deferred reimbursement for substantially all of the Company’s operating expenses since it began its operations.

In May 2012, the Advisor purchased 22,161 Class A units for aggregate gross proceeds of $200,000. In June 2013, the Sponsor purchased 321,330 Class A units for aggregate gross proceeds of $2,900,000. As of December 31, 2016, the Company had sold approximately 30.78 million total units in the Offering (including units pursuant to the Distribution Reinvestment Plan) for total gross offering proceeds of approximately $296 million.

We may borrow 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 actively seeking financing and are currently talking with development banks and several commercial banks but have not yet received any commitments for financing. Accordingly, we cannot predict with certainty if we will be able to obtain financing and 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. As of December 31, 2016, we had raised $1.635 million in the note offering and such debt was outstanding.

Contractual Obligations and Commitments

The Company does not include a contractual obligations table herein as all obligations of the Company are short-term. 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, 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. On February 23, 2017, our board of managers determined to extend our Advisory Agreement until March 3, 2017.  On March 3, 2017, our board of managers determined to further extend our Advisory Agreement, effective March 3, 2017, through February 25, 2018. 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) an asset management fee equal to a percentage of the value of our gross assets, as defined in the agreement, and (ii) the reimbursement of certain expenses. Certain subordinated fees based on our performance are payable after our subordination is met.

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.

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 offering. As of December 31, 2016, there is no amount due to be reimbursed to the Sponsor.

Pursuant to the terms of an Amended and Restated Operating Expense Responsibility Agreement between the Company and the Sponsor, the Sponsor has paid expenses on behalf of the Company through December 31, 2016 and will pay additional accrued operating expenses of the Company, which will not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds in the Offering, provided that any such reimbursement during the period of the Offering will not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit. Such expenses will be expensed and payable by the Company in the period they become reimbursable and are estimated to be approximately $12.8 million through December 31, 2016.

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 with respect to the Class C units will be lower than the cash distributions with respect to Class A and Class I units because of the

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distribution fee relating to Class C units, which will be allocated as a Class C specific expense. Amounts distributed to each class will be 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, 2016, we paid a total of $16,470,671 in distributions, comprised of $9,258,169 paid in cash and $7,212,502 reinvested under our Distribution Reinvestment Plan. For the year ended December 31, 2015, we paid a total of $7,565,310 in distributions, comprised of $4,808,358 paid in cash and $2,756,952 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, 2016, except as discussed below.

Distributions

On January 19, 2017, with the authorization of our board of managers, the Company declared distributions for all classes of units for the period from January 1 through January 31, 2017. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On February 1, 2017, $963,250 of these distributions were paid in cash and on January 31, 2017, $837,472 were reinvested in the Company’s units for those investors participating in the Company’s unit Distribution Reinvestment Plan.

On February 23, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from February 1 through February 28, 2017. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On March 1, 2017, $908,110 of these distributions were paid in cash and on February 28, 2017, $782,125 were reinvested in the Company’s units for those unitholders participating in the Distribution Reinvestment Plan.

On March 3, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from March 1 through March 31, 2017. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). These distributions will be paid in cash or reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan on or about April 3, 2017.

Status of the Offering

Subsequent to December 31, 2016 through March 24, 2017, the Company sold approximately 3.64 million units in the Offering (including shares issued pursuant to the Distribution Reinvestment Plan) for approximately $34.7 million in gross proceeds. As of March 24, 2017, the Company had received $330.9 million in total gross offering proceeds through the issuance of approximately 34.42 million total units in the Offering (including shares issued pursuant to the Distribution Reinvestment Plan).

Unit Offering Price

Based on the Company’s net asset value of $250,755,915 as of December 31, 2016, Class A units and Class C units continue to be offered at their initial offering prices of $10.00 per unit and $9.576 per unit, respectively, and Class I units at $9.025 per unit. Effective October 13, 2016, the Company and the dealer manager agreed to waive the dealer manager fee on all future sales of Class I units resulting in a reduction of the Class I unit offering price from $9.186 to $9.025. Our net asset value and the offering prices would have decreased for all unit classes if the Sponsor had not made a capital contribution in the amount of $51,034 and $31,750 in the quarters ended December 31, 2013 and March 31, 2014, respectively, or had not absorbed and deferred reimbursement for a substantial portion of our operating expenses since we began our operations.

Investments

Subsequent to December 31, 2016 through March 24, 2017, the Company funded approximately $67.2 million in new loans and received proceeds from repayment of loans of approximately $48.5 million.

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Amendments to Prodesa Loans

On January 31, 2017, the Company entered into a series of loan amendments with Prodesa. First, the $2,000,000 term loan facility with an original maturity date of July 15, 2016 was amended to increase the commitment to $3,540,000 to finance the acquisition of additional machinery and equipment and refinance existing property. As part of the amendment, the loan facility also extended the maturity date to July 28, 2021, and amended the interest rate on the $3,540,000 loan to 12.00% per annum, reflecting the increased and improved collateral supporting the loan facility.

Separately, the Company simultaneously entered into amendments for the $750,000 inventory loan facility and the $1,750,000 purchase order facility to extend those facilities to mature concurrently with the amended term loan facility above, as each facility is cross-defaulted and cross-collateralized.  The $750,000 inventory loan, with an original maturity date February 15, 2015 and previously extended to December 22, 2016, now matures on July 28, 2021. The $1,750,000 purchase order facility, with an original maximum term of December 31, 2020, now matures on July 28, 2021.

Agreements

On March 25, 2017 we entered into an Amended and Restated Operating Expenses Responsibility Agreement with our Sponsor and Advisor. Pursuant to the term of this agreement, our Sponsor agreed to be responsible for our cumulative operating expenses incurred through December 31, 2016, including management and incentive fees earned by the Advisor during the quarter ended December 31, 2016.

Our Advisory Agreement between us and the Advisor, 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. On February 23, 2017, our board of managers determined to extend our Advisory Agreement until March 3, 2017.  On March 3, 2017, our board of managers determined to further extend our Advisory Agreement, effective March 3, 2017, until February 25, 2018.

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. 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 maturity of greater than 12 months, we have engaged Duff & Phelps, LLC (“Duff & Phelps”) to conduct 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, and provide an opinion that the Advisor’s estimate of fair value for each investment is reasonable;

3. The audit committee of our board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any opinion rendered by Duff & Phelps; and

4. Our board of managers discusses the valuations and determine the fair value of each investment in our portfolio in good faith based on the input of the Advisor, Duff & Phelps and the audit committee. Our board of managers is 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, cost 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) 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. The cost approach is a valuation technique that uses the concept of replacement cost as an indicator of value.  The premise of the cost approach holds that a prudent investor would pay no more for an asset than the amount for which the asset could be replaced.  To clarify, the cost approach as a method for valuing an investment is to be distinguished from holding an investment at cost as of the initial investment date.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

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• 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

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 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 we have reason to doubt our 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 be materially different from the effective yield method.

We record prepayment fees for loans and debt securities paid back to the Company prior to their 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 the Company is pursuing repayment of the loan. Accrued interest is generally reversed when a loan is placed on non-accrual. 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.

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.

Organization and Offering Expenses

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs 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% 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, 2016 or 2015. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. If the Company had sold the maximum amount of the Offering, it anticipated that such expenses would have equaled approximately 1.25% of the gross proceeds raised. However, such expenses will exceed this percentage because the Primary Offering is now due to terminate on March 31, 2017. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets.

We may reimburse our dealer manager for certain expenses that are deemed underwriting compensation. Assuming an aggregate selling commission and a dealer manager fee of 9.75% of the gross offering proceeds (which assumes all offering proceeds come from Class A units), we would reimburse the dealer manager in an amount up to 0.25% of the gross offering proceeds. Because the

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aggregate selling commission and dealer manager fees will be less than 9.75% of the gross offering proceeds (due to a portion of the offering proceeds coming from the sale of Class C and Class I units), we may reimburse the dealer manager for expenses in an amount greater than 0.25% of the gross offering proceeds, provided that we will not pay or reimburse any of the foregoing costs to the extent such payment would cause total underwriting compensation to exceed 10.0% of the gross proceeds of the primary offering as of the termination of the offering, as required by the rules of FINRA.

Expense Responsibility Agreement

Pursuant to the terms of the Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”), the Sponsor has paid expenses on behalf of the Company through December 31, 2016 and will additionally pay the accrued operating expenses of the Company as of December 31, 2016 on behalf of the Company. Such expenses may not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds, provided any such reimbursement will not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit (the “NAV Hurdle”). While the Company has raised gross proceeds of over $200 million in the Primary Offering as of December 31, 2016, any such reimbursement would cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit. Thus, such amounts are not yet payable by the Company to the Sponsor and expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of December 31, 2016. 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. Following the end of the Primary Offering, the Sponsor could demand the reimbursement of operating expenses covered by the Responsibility Agreement if it does not cause a drop in the net asset value per unit.

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

The Company’s net asset value is calculated on a quarterly basis and commenced with respect to the first full quarter after the Company commenced operations. The Company calculates its 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. The net asset value per Class A, Class C and Class I units are calculated on a pro-rata basis based on units outstanding.

Value Determinations in Connection with this Offering

We are offering our units on a continuous basis at an offering price of $10.00 per Class A unit, $9.576 per Class C unit and $9.025 per Class I unit; however, to the extent that our net asset value on the most recent valuation date increases above or decreases below our net proceeds per unit as stated in the Company’s prospectus for the Primary Offering, our board of managers will adjust the offering prices of all classes of units to ensure that no unit is sold at a price, after deduction of selling commissions, dealer manager fees and organization and offering expenses, that is above or below our net asset value per unit as of such valuation date.

Promptly following any such adjustment to the offering prices per unit, we will file a prospectus supplement or post-effective amendment to the registration statement with the SEC disclosing the adjusted offering prices, and we will also post the updated information on our website at www.trilincglobalimpactfund.com. The adjusted offering prices will become effective five business days after our board of managers determines to set the new prices and we publicly disclose such prices.

Based on the valuation with respect to the quarter ended December 31, 2016, the offering prices of our Class A and C units have not changed from the prior quarter and we are continuing to sell them at $10.00 per Class A unit and $9.576 per Class C unit. Effective October 13, 2016, the Company and the dealer manager agreed to waive the dealer manager fee on all future sales of Class I units resulting in a reduction in Class I unit offering price from $9.186 to $9.025. However, the valuation and the offering prices would have decreased for all unit classes if the Sponsor had not made capital contributions in the aggregate amount of $82,784 as of December 31, 2015 and had not absorbed and deferred reimbursement for substantially all of the Company’s operating expenses since it began its operations.

Recently Issued Accounting Pronouncements

Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. We are choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, our financial statements may not be

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comparable to those of companies that comply with public company effective dates. There are no new or revised accounting standards that we have not adopted.

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. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The adoption of the amended guidance in ASU 2014-09 is not expected to have a significant effect on the Company’s financial statements.

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40).” ASU 2014-15 addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter. Management has adopted this guidance effective for the fourth quarter of 2016.

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. Early adoption is permitted. The guidance requires companies to apply the requirements retrospectively to all prior periods presented. If it is impracticable for a company to apply ASU 2016-15 retrospectively, requirements may be applied prospectively as of the earliest date practicable. We are currently evaluating the potential impact of the pending adoption of ASU 2016-15 on our consolidated financial statements.

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

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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, 2016. 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
	2017			2018			2019		2020			2021			Total			Fair Value (a)
Fixed rate investments	$	127,298,311		$	15,783,837		$	33,634,726	$	8,390,574		$	5,386,822		$	190,494,270		$	190,435,193
Weighted average interest rate (b)		11.32	%		14.61	%		13.10%		12.95	%		13.35	%		12.04	%
Variable rate investments	$	2,850,408		$	2,850,408		$	2,850,408	$	2,850,408		$	1,958,988		$	13,360,620		$	13,360,620
Weighted average interest rate (b)		15.80	%		15.80%			15.80%		15.80	%		15.80	%		15.80	%

(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, 2016.

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, 2016 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION

On March 28, 2016, our board of managers approved and ratified the second amendment and restatement of the Company’s Limited Liability Company Operating Agreement (the “Operating Agreement”). The Operating Agreement was amended and restated in order to amend Section 7.4. Section 7.4 previously provided that subject to compliance with applicable state securities laws and regulations, the Offering shall terminate two (2) years from the original effective date of the Company’s prospectus for the Offering unless fully subscribed at an earlier date or terminated on an earlier date by the board of managers, or unless extended by the board of managers for up to an additional eighteen (18) months. As amended, Section 7.4 provides that the subject to compliance with applicable state securities laws and regulations, the Offering shall terminate two (2) years from the original effective date of the prospectus unless fully subscribed at an earlier date or terminated on an earlier date by the board of managers, or unless extended by the board of managers in accordance with applicable federal securities laws and regulations. There were no other amendments to the Operating Agreement. A copy of the Second Amended and Restated Limited Liability Company Operating Agreement is included as an exhibit to this Annual Report on Form 10-K.

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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 2016, the board of managers held 16 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		55	Chairman of our Board of Managers,  Chief Executive Officer,  President and Affiliated Manager
Brent L. VanNorman		56	Chief Operating Officer, Chief Financial Officer, Chief Compliance Officer and Affiliated Manager
Paul Sanford		41	Chief Investment Officer
Terry Otton		63	Independent Manager
Cynthia Hostetler		54	Independent Manager
R. Michael Barth		67	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 had 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 TriLinc, 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 Operating Officer, Chief Financial Officer, Chief Compliance Officer, Secretary and Manager

Brent L. VanNorman has served as our Chief Financial Officer since August 2014 and as our Chief Operating Officer, Chief Compliance Officer and Secretary, as Chief Operating Officer and Chief Financial Officer of our Advisor since October 2013, and as President of our Sponsor since November 2015. 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.

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 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 fourteen 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 served as Chief Executive Officer of RS Investments from September 2005 until his retirement in March 2012 and as President and Trustee of RS Investment Trust and RS Variable Products Trust since April 2004 and May 2006 until March 2012, respectively. Mr. Otton re-joined RS Investments in 2004 and became Chief Executive Officer in September 2005. Mr. Otton has 30 years of experience in the investment management and securities industry, having previously served since 2001 as a Managing Director of the mergers and acquisition practice at Putnam Lovell NBF Group, an investment banking firm focused on the investment management and securities industry. Previously, Mr. Otton spent more than 10 years as a Managing Director and CFO of Robertson, Stephens & Company and Robertson Stephens Investment Management, the predecessor to RS Investments. Mr. Otton was one of the principal founders of Robertson Stephens Investment Management in 1986. Mr. Otton serves on the Board of Trustees of the Children’s Hospital and Research Center Foundation and as a Board member and past President of the Foundation of City College of San Francisco and serves on the Board of Trustees of the Cal State East Bay Educational Foundation Board. Mr. Otton holds a

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Bachelor of Science degree in Business Administration from the University of California at 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 most 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 perspective on the state of the investment management industry. He is also able to provide valuable insight with regard to our investment strategy, regulatory and compliance oversight and operational processes.

Cynthia Hostetler, Independent Manager

Cynthia Hostetler has been an independent trustee of the Artio Global Investment Funds since November 2011 and an independent director of Artio Global Equity Fund Inc. since November 2010 until 2013, when Artio Global was acquired by Aberdeen Asset Management. Since 2013, Ms. Hostetler has served as an independent trustee of the Aberdeen Investment Funds. Ms. Hostetler also served from May 2012 as an independent director of Edgen Group (NYSE:EDG), an energy infrastructure company until EDG was acquired by Sumitomo Corporation in late 2013. Additionally, Ms. Hostetler serves on the Board of Directors of Vulcan Materials Company (NYSE: VMC), a producer of construction aggregates and other construction materials, since July 2014.  From August 2001 until her retirement in January 2009, Ms. Hostetler was the Head of Private Equity and Vice President 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, and 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 experience in investing and development in the geographic regions in which TriLinc operates, as well as her extensive experience in the banking and investment industries. As TriLinc seeks to establish and leverage relationships with DFIs, Ms. Hostetler’s seven years 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.

R. Michael Barth, Independent Manager

R. Michael Barth has been 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 100% subsidiary of Franklin Templeton Investments, including Senior Advisor, Business Development from January 2011 until January 2012, Senior Director, Business Development from January 2009 until January 2011, Senior Managing Director, Global Investment from March 2007 until January 2009 and Managing Director, 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 emerging markets development and investment. His qualifications to serve on the Company’s board of managers span more than 30 years’ of relevant experience in development/emerging markets, including serving as Chief Executive Officer of FMO (Netherlands Development Finance Company), Director of the Capital Markets Development Department at the World Bank and 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., part of the AfricInvest Group, and is also a member of the Boards of Directors of FINCA Microfinance Holding and SNV (USA). He is also a member of the Investment Committee of the MPEF III fund of private equity manager Tuninvest /Africinvest and is on the Advisory Committee of CASF and African River Funds. Additionally, he is Senior Advisor of the Emerging Markets Private Equity Association (EMPEA); Senior Advisor to McKinsey and Company; a non-resident Associate of the Center for Strategic and International Studies; and a member of the International Council of the Bretton Woods Committee. Previously, he has held several board positions, including of EMPEA and the Emerging Markets Growth Fund.

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 our 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.

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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.

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 2016, our Audit Committee had four 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 one meeting in 2016. 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.

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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.

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.

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During 2016, we compensated each of our independent managers with an annual retainer of $50,000. On March 3, 2017, the board approved an increase in annual retainer to $60,000 commencing with respect to 2017, which will be pro-rated in the event of a partial term. In addition, we pay our independent managers fees for participating on committees of the board as follows:

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

• the chairman of the audit committee receives an additional annual retainer of $10,000 and the chairman of any other committee receives an additional annual retainer of $2,500, each of which will be pro-rated in the event of a partial term.

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, 2016:

Name	Fees Earned or Paid in Cash		All Other Compensation		Total
Terry Otton	$	70,000		—	$	70,000
Cynthia Hostetler	$	57,500		—	$	57,500
R. Michael Barth	$	60,000			$	60,000

The Company did not have any outstanding equity awards as of December 31, 2016.

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, 2016 and 2015, 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, 2016 and 2015, 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.

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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 units, 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.

Name of Beneficial Owner (1)	Number of Units Beneficially Owned (2)			Percent of All Units
TriLinc Global, LLC		316,898	(3)		2.0	%
TriLinc Advisors, LLC		22,161	(3)		*
Gloria S. Nelund		—	(3)		*
Paul Sanford		—			—
Brent VanNorman		1,379	(3)		*
Terry Otton		—			—
Cynthia Hostetler		—			—
R. Michael Barth		—			—
All manager and officers as a group		340,330			2.1	%

* 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, 2016.

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, our dealer manager for the Offering.

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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.

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 managers 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,

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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 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. 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, 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

As of December 31, 2016, pursuant to the terms of the Operating Expense Responsibility Agreement, the Sponsor has assumed approximately $12,830,000 of management fees, incentive fees, and operating expenses on behalf of the Company. Such expenses will be expensed and payable by the Company to the Sponsor once the Company has raised gross proceeds of $200 million, provided any such reimbursement will not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit (the “NAV Hurdle”). While the Company has raised gross proceeds of over $200 million in the primary offering as of December 31, 2016, any such reimbursement would cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per

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unit. Thus, such amounts are not yet payable by the Company to the Sponsor. Following the end of the Primary Offering, the Sponsor could demand the reimbursement of operating expenses covered by the Responsibility Agreement if it does not cause a drop in the net asset value per unit.

For the years ended December 31, 2016 and 2015, the Company paid $4,172,643 and $2,006,532, respectively, in management fees and $3,319,149 and $1,576,895, respectively, in incentive fees to our Advisor.

As of December 31, 2016, the Sponsor has paid approximately $14,307,000 of offering costs and $236,000 of organization costs, all of which were paid directly by the Sponsor on behalf of the Company, and will be reimbursed to the Sponsor. Such amounts include approximately $4,540,000 and $2,945,000, respectively, of offering costs, which were incurred by the Sponsor during the years ended December 31, 2016 and 2015. During the years ended December 31, 2016 and 2015, the Company paid $6,721,325 and $4,383,644 respectively, in reimbursement of offering costs to the Sponsor. As of December 31, 2016, there is no remaining balance of offering and organization costs due to the Sponsor.

For the years ended December 31, 2016 and 2015, the Company paid $1,938,827 and $1,374,301, respectively, in dealer manager fees and $6,744,561 and $5,413,957, respectively, in selling commission to our dealer manager, SC Distributors.

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.

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 2016 and 2015 was approximately $228,100 and $134,900, 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 2016 and 2015.

Tax Fees

There were approximately $169,100 and $156,500 in tax fees billed by Deloitte Tax, LLP to the Company for fiscal years 2016 and 2015, 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

There were no other fees billed by Moss Adams or Deloitte Tax, LLP to the Company for fiscal years 2016 or 2015.

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

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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 February 2, 2015, 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 2014 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, 2016 and 2015

• Consolidated Statements of Assets and Liabilities as of December 31, 2016 and 2015

• Consolidated Statements of Operations for the years ended December 31, 2016 and 2015

• Consolidated Statements of Changes in Net Assets for the years ended December 31, 2016 and 2015

• Consolidated Statements of Cash Flows for the years ended December 31, 2016 and 2015

• Consolidated Schedules of Investments as of December 31, 2016 and 2015

• 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*	Second Amended and Restated Limited Liability Company Operating Agreement, date March 28, 2016, by TriLinc Advisors, LLC.
4.1	Second Amended and Restated Distribution Reinvestment Plan. Incorporated by reference to Exhibit 4.1 to Form 8-K filed with the SEC on March 14, 2017.
4.2	Second Amended and Restated Unit Repurchase Program. Incorporated by reference to Exhibit 4.2 to Form 8-K filed with the SEC on March 14, 2017.
10.1	Amended and Restated Advisory Agreement between TriLinc Advisors, LLC and TriLinc Global Impact Fund, LLC, dated February 25, 2014. Incorporated by reference to Exhibit 10.6 to Post-Effective Amendment No. 1 to the Registration Statement on Form S-1 (File No. 333-185676) filed with the SEC on April 9, 2014.
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	Escrow Agreement by and among TriLinc Global Impact Fund, LLC, SC Distributors, LLC and UMB Bank, N.A. Incorporated by reference to Exhibit 10.3 to Amendment No. 1.
10.5*	Amended and Restated Operating Expense Responsibility Agreement among TriLinc Global Impact Fund, LLC, TriLinc Global, LLC and TriLinc Advisors, LLC dated March 25, 2017.
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, 2016, filed on March 31, 2017, 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

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TRILINC GLOBAL IMPACT FUND, LLC

INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm (Moss Adams, LLP	F-2
Consolidated Statements of Assets and Liabilities as of December 31, 2016 and 2015	F-3
Consolidated Statements of Operations for the years ended December 31, 2016 and 2015	F-4
Consolidated Statements of Changes in Net Assets for the years ended December 31, 2016 and 2015	F-5
Consolidated Statements of Cash Flows for the years ended December 31, 2016 and 2015	F-6
Consolidated Schedule of Investments as of December 31, 2016	F-7
Consolidated Schedule of Investments as of December 31, 2015	F-9
Notes to the Consolidated Financial Statements	F-11

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Managers

TriLinc Global Impact Fund, LLC

We have audited the accompanying consolidated statements of assets and liabilities of TriLinc Global Impact Fund, LLC and subsidiaries (the “Company”) as of December 31, 2016 and 2015, including the consolidated schedules of investments,and the related consolidated statements of operations, the consolidated statements of changes in net assets, and the consolidated statements of cash flows for the years then ended. These consolidated financial statements are the responsibility of the Company’s Management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). 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. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, 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. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of TriLinc Global Impact Fund, LLC as of December 31, 2016 and 2015, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Moss Adams LLP

San Francisco, California

March 30, 2017

F-2

TriLinc Global Impact Fund, LLC

Consolidated Statements of Assets and Liabilities

	As of
	December 31,			December 31,
	2016			2015
ASSETS
Investments owned, at fair value (amortized cost of $203,854,890 and $101,346,528, respectively)	$	203,795,813		$	101,028,104
Cash		44,790,312			33,246,769
Interest receivable		6,866,432			3,580,530
Due from affiliates (see Note 5)		3,175,656			1,874,932
Prepaid expenses		50,122			53,181
Total assets		258,678,335			139,783,516
LIABILITIES
Due to unitholders		934,805			548,700
Management fee payable		1,166,147			135,863
Notes payable		1,635,000			—
Unit repurchases payable		2,158,255			—
Due to affiliates (see Note 5)		68,312			472,057
Accrued distribution fees		1,907,000			—
Other payables		52,901			6,289
Total liabilities		7,922,420			1,162,909
Commitments and Contingencies (see Note 5)
NET ASSETS	$	250,755,915		$	138,620,607
ANALYSIS OF NET ASSETS:
Net capital paid in on Class A units	$	138,912,711		$	87,625,105
Net capital paid in on Class C units		59,498,965			9,689,230
Net capital paid in on Class I units		66,887,930			49,128,638
Offering costs		(14,543,691	)		(7,822,366	)
Net assets (equivalent to $8.469 and $8.543, respectively per unit based    on total units outstanding of 29,607,381 and 16,226,368, respectively)	$	250,755,915		$	138,620,607
Net assets, Class A (units outstanding of 15,391,991 and 9,709,153, respectively)	$	131,351,882		$	82,944,542
Net assets, Class C (units outstanding of 6,803,985 and 1,073,599, respectively)		56,156,722			9,171,672
Net assets, Class I (units outstanding of 7,411,405 and 5,443,616, respectively)		63,247,311			46,504,393
NET ASSETS	$	250,755,915		$	138,620,607

See accompanying notes to the consolidated financial statements.

F-3

TriLinc Global Impact Fund, LLC

Consolidated Statements of Operations

	Year Ended
	December 31,			December 31,
	2016			2015
INVESTMENT INCOME
Interest income	$	20,130,867		$	9,568,481
Interest from cash		309,495			88,582
Total investment income		20,440,362			9,657,063
EXPENSES
Management fees		4,172,643			2,006,532
Incentive fees		3,319,149			1,576,895
Professional fees		903,896			740,057
General and administrative expenses		943,814			645,747
Board of managers fees		187,500			187,500
Total expenses		9,527,002			5,156,731
Expense support payment from Sponsor		(5,333,530	)		(3,384,145	)
Net expenses		4,193,472			1,772,586
NET INVESTMENT INCOME		16,246,890			7,884,477
Net change in unrealized appreciation (depreciation) on investments		259,347			(318,424	)
NET INCREASE IN NET ASSETS RESULTING  FROM OPERATIONS	$	16,506,237		$	7,566,053
NET INVESTMENT INCOME PER UNITS - BASIC AND DILUTED	$	0.77		$	0.75
EARNINGS PER UNITS - BASIC AND DILUTED	$	0.78		$	0.72
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED		21,194,302			10,511,262

See accompanying notes to the consolidated financial statements.

F-4

TriLinc Global Impact Fund, LLC

Consolidated Statements of Changes in Net Assets

	Year Ended
	December 31,			December 31,
	2016			2015
INCREASE FROM OPERATIONS
Net investment income	$	16,246,890		$	7,884,477
Net change in unrealized depreciation on investments		259,347			(318,424	)
Net increase from operations		16,506,237			7,566,053
DECREASE FROM DISTRIBUTIONS
Distributions to Class A unitholders		(8,848,988	)		(3,788,489	)
Distributions to Class C unitholders		(2,985,015	)		(494,174	)
Distributions to Class I unitholders		(4,636,668	)		(3,282,647	)
Net decrease from distributions		(16,470,671	)		(7,565,310	)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of  Class A units		56,387,454			60,273,070
Issuance of  Class C units		51,799,543			5,926,766
Issuance of  Class I units		22,903,945			14,685,208
Repurchase of units		(10,362,875	)		(171,528	)
Class C units distribution fee		(1,907,000	)		—
Offering costs		(6,721,325	)		(4,383,644	)
Net increase from capital transactions		112,099,742			76,329,872
NET INCREASE IN NET ASSETS		112,135,308			76,330,615
Net assets at beginning of year		138,620,607			62,289,992
Net assets at end of year	$	250,755,915		$	138,620,607

See accompanying notes to the consolidated financial statements.

F-5

TriLinc Global Impact Fund, LLC

Consolidated Statements of Cash Flows

	Year Ended
	December 31,			December 31,
	2016			2015
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,506,237		$	7,566,053
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING    FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES
Purchase of investments		(252,220,803	)		(138,143,039	)
Maturity of investments		150,208,509			90,475,779
Payment-in-kind interest		—			(225,993	)
Net change in unrealized depreciation on investments		(259,347	)		318,424
Accretion of discounts on investments		(496,068	)		(5,833	)
Increase in interest receivable		(3,285,902	)		(2,816,217	)
Increase in due from affiliates		(1,300,724	)		(1,083,844	)
Increase in prepaid expenses		3,059			(2,794	)
Increase in due to unitholders		386,105			254,840
Increase (decrease) in management and incentive fees payable		1,030,284			(177,627	)
Increase in other payable		46,612			3,973
NET CASH USED IN OPERATING ACTIVITIES		(89,382,038	)		(43,836,278	)
Cash flows from financing activities
Net proceeds from issuance of units		123,878,440			78,128,092
Distributions paid to unitholders		(9,258,169	)		(4,808,358	)
Payments of offering costs		(7,125,070	)		(3,941,076	)
Repurchase of units		(8,204,620	)		(171,528	)
Proceeds from issuance of notes payable		1,635,000			—
NET CASH PROVIDED BY FINANCING ACTIVITIES		100,925,581			69,207,130
TOTAL INCREASE IN CASH		11,543,543			25,370,852
Cash at beginning of period		33,246,769			7,875,917
Cash at end of period	$	44,790,312		$	33,246,769
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	$	7,212,502		$	2,756,952
Accrual of Class C unit distribution fee	$	1,907,000		$	—

See accompanying notes to the consolidated financial statements.

F-6

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

December 31, 2016

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 (13)	Programming and Data Processing	IT Service Provider		13.50%		2.0	%	10/31/2019	$	10,292,686	N/A		$	10,236,013	$	10,236,013		4.0	%
Indonesia	Other Investments (14)	Primary Nonferrous Metals	Tin Producer		12.00%		0.0	%	6/30/2020		3,000,000	N/A			3,000,000		3,000,000		1.2	%
Peru	Pure Biofuels del Peru S.A.C. (10)	Bulk Fuel Stations and Terminals	Clean Diesel Distributor		11.50%		0.0	%	8/1/2019		15,000,000		30%		15,437,474		15,437,474		6.2	%
Total Senior Secured Term Loan (1)															28,673,487		28,673,487		11.4	%
Senior Secured Term Loan Participations (1)
Brazil	Usivale Industria E Commercio (6)	Agricultural Products	Sugar Producer		12.43%		0.0	%	2/28/2021		2,851,296		100%		2,851,296		2,851,296		1.1	%
Cabo Verde	TRG Cape Verde Holdings Limited (14)	Hotels and Motels	Hospitality Service Provider		13.50%		0.0	%	8/21/2021		17,000,000		100%		17,000,000		17,000,000		6.8	%
Indonesia	PT Titan Mining Indonesia (14)	Street Construction	Infrastructure and Logistics Provider		18.00%		0.0	%	11/22/2019		15,000,000		75%		14,927,195		14,927,195		6.0	%
Nigeria	Helios Maritime I Ltd. (8)	Water Transportation	Marine Logistics Provider		15.80%		0.8	%	9/16/2020		13,434,786		100%		13,360,620		13,360,620		5.3	%
Peru	Corporacion Prodesa S.R.L. (5)	Consumer Products	Diaper Manufacturer	11.50% - 13.50%			0.0	%	12/22/2016 - 7/05/2017		3,900,000		100%		3,900,000		3,900,000		1.6	%
South Africa	Other Investments (14)	Rental of Railroad Cars	Railway Equipment Provider		12.00%		0.0	%	1/31/2020		4,411,650		98%		4,411,650		4,411,650		1.8	%
Zambia	Other Investments (14)	Soap, Detergents, and Cleaning	FMCG Manufacturer		11.00%		0.0	%	11/16/2019		2,000,000		16%		2,000,000		2,000,000		0.8	%
Total Senior Secured Term Loan Participations															58,450,761		58,450,761		23.3	%
Senior Secured Trade Finance Participations (1)
Argentina	Other Investments (15)	Agricultural Products	Agriculture Distributor		9.00%		0.0	%	7/16/2017		10,000,000		67%		10,000,000		10,000,000		4.0	%
Argentina	Other Investments (15), (18)	Consumer Products	Dairy Co-Operative		10.67%		0.0	%	7/29/2017		6,000,000		17%		6,000,000		6,000,000		2.4	%
Argentina	Other Investments (16)	Meat, Poultry & Fish	Beef Exporter		11.50%		0.0	%	6/30/2017		9,000,000		32%		9,000,000		9,000,000		3.6	%
Argentina	Other Investments (16)	Fats and Oils	Oilseed Distributor		8.75%		0.0	%	10/15/2016 - 12/15/2016		6,000,000		100%		6,000,000		6,000,000		2.4	%
Chile	Other Investments (15)	Farm Products	Chia Seed Exporter		10.90%		0.0	%	12/11/2016		2,234,915		100%		2,234,915		2,234,915		0.9	%
Ecuador	Other Investments (15)	Fresh or Frozen Packaged Fish	Shrimp Exporter		9.25%		0.0	%	6/6/2017 - 7/24/2017		5,037,134		46%		5,037,134		5,037,134		2.0	%
Ecuador	Other Investments (15)	Commercial Fishing	Fish Processor & Exporter		9.00%		0.0	%	6/19/2017		1,058,273		100%		1,058,273		1,058,273		0.4	%
Ghana	Genser Energy Ghana Ltd. (17)	Electric Services	Power Producer		11.50%		0.0	%	3/10/2017 - 10/9/2017		19,500,000		49%		19,500,000		19,500,000		7.8	%
Guatemala	Other Investments (11)	Farm Products	Sesame Seed Exporter		12.00%		0.0	%	3/31/2016		907,565		24%		907,565		907,565		0.4	%
Kenya	Other Investments (17)	Miscellaneous Plastics Products	Plastic Products Manufacturer		11.50%		0.0	%	10/9/2017		161,018		27%		161,018		161,018		0.1	%
Mauritius	Other Investments (17)	Groceries and Related Products	Vanilla Exporter	10.98% - 11.10%			0.0	%	7/31/2017 - 11/23/2017		11,195,862		74%		11,195,862		11,195,862		4.5	%
Morocco	Other Investments (17)	Secondary Nonferrous Metals	Scrap Metal Recycler		11.00%		0.0	%	7/17/2017		7,649,945		83%		7,649,945		7,649,945		3.1	%
Namibia	Other Investments (16)	Packaged Foods & Meats	Consumer Goods Distributor		12.00%		0.0	%	10/29/2017		500,000		26%		500,000		500,000		0.2	%

F-7

Singapore	Other Investments (7) (17)	Agricultural Products	Agricultural Products Exporter		11.50%	0.0	%	07/02/17	10,000,000	25%		10,000,000		10,000,000	4.0	%
South Africa	Other Investments (17)	Communications Equipment	Electronics Assembler	12.00% - 13.00%		0.0	%	5/21/2017 - 11/20/2017	6,111,941	23%		6,111,941		6,111,941	2.4	%
South Africa	Other Investments (17)	Meat, Poultry & Fish	Meat Processor		14.50%	0.0	%	5/19/2017	675,717	40%		675,717		675,717	0.3	%
South Africa	Other Investments (9)	Food Products	Fruit & Nut Distributor		12.00%	0.0	%	5/22/2015	799,767	18%		799,767		740,690	0.3	%
South Africa	Other Investments (16)	Metals & Mining	Mine Remediation Company		17.50%	0.0	%	6/15/2016 - 8/15/2016	2,234,145	22%		2,234,145		2,234,145	0.9	%
United Kingdom	Other Investments (17)	Coal and Other Minerals and Ores	Metals Trader	9.43% - 9.83%		0.0	%	2/25/2017 - 12/31/17	6,574,351	91%		6,574,351		6,574,351	2.6	%
United Kingdom	Other Investments (17)	Machinery, Equipment, and Supplies	Machinery and Equipment Provider		12.00%	0.0	%	1/29/2017	11,483	1%		11,483		11,483	0.0	%
Zambia	Other Investments (12)	Fertilizer & Agricultural Chemicals	Farm Supplies Distributor	12.08% - 12.50%		0.0	%	10/07/15 - 5/3/2016	5,078,526	24%		5,078,526		5,078,526	2.0	%
Zambia	Other Investments (15)	Primary Metal Industries	Integrated Steel Producer		13.00%	0.0	%	8/14/2017 - 9/2/2017	6,000,000	86%		6,000,000		6,000,000	2.4	%
Total Senior Secured Trade Finance Participations												116,730,642		116,671,565	46.5	%
Total Investments											$	203,854,890	$	203,795,813

See accompanying notes to the consolidated financial statements.

¹ Refer to Note 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 While the original maturity date for the $750,000 warrant facility was 2/15/2015, the maturity date was extended to 12/22/2016 in connection with a restructure of the underlying facility.  While the original maturity date for the $1,750,000 inventory facility was 9/30/2016, the maturity date was extended to 12/31/2020 in connection with a restructure of the underlying facility. Please refer to Note 3 for additional information.

⁶ Principal and interest paid annually. While the original maturity date was 5/15/2017, the maturity date was extended to 2/28/2021 in connection with a restructure of the loan.  Refer to Note 3 for additional information.

⁷ The transaction is secured by specific collateral held by the borrower’s subsidiaries in Kenya, Tanzania, and Zambia.

⁸ 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.

⁹ The Company, together with its Sub-Advisor, have agreed to extend the principal maturity date to facilitate the strategic sale of this borrower. The borrower has been experiencing some cash flow difficulties, but has made some partial payments of principal. The amortized cost includes $152,923 of interest which was capitalized as of March 31, 2016.  This investment was on non-accrual status as of December 31, 2016.  Refer to Note 3 for additional information.

₁₀ This loan was issued at a discount. The entire principal, amounting to $18,462,024, is due at maturity. Interest is paid quarterly.

₁₁ Refer to Note 3 for additional information.

₁₂ $4.1 million of this investment has a maturity date of 10/25/15.  The Zambian government, as the purchaser of fertilizer from the borrower, is responsible for the repayment of this trade finance transaction.  The Company has access to credit insurance should the Zambian government not pay.  In addition, the Company ultimately has recourse to the borrower for repayment. This investment was on non-accrual status as of December 31, 2016. Refer to Note 3 for additional information.

₁₃ Principal and interest paid monthly.

₁₄ Principal and interest paid quarterly.

₁₅ Monthly interest only payment. Principal due at maturity.

₁₆ Quarterly interest only payment. Principal due at maturity.

₁₇ Principal and interest paid at maturity.

₁₈ While the original maturity date was 10/27/2016, the maturity date was extended to 7/29/2017 in connection with a restructure of the underlying facility.  Please refer to Note 3 for additional information.

F-8

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

December 31, 2015

Investment Type / Country	Portfolio Company	Sector	Description	Interest		Fees (2)			Maturity (3)	Principal Amount		Current Commitment (4)		Amortized Cost		Fair Value		% of Net Assets
Senior Secured Term Loan (1)
Brazil	Other Investments	Programing and Data Processing	IT Service Provider		13.50%		0.0	%	10/31/2019	$	5,474,534	$	14,000,000	$	5,474,534	$	5,474,534		3.9	%
Total Senior Secured Term Loan (1)															5,474,534		5,474,534		3.9	%
Senior Secured Term Loan    Participations (1)
Brazil	Usivale Industria E Commercio (6)	Agricultural Products	Sugar Producer		17.43%		0.0	%	12/15/2016-5/15/2017		3,000,000		3,000,000		3,000,000		2,681,576		1.9	%
Nigeria	Helios Maritime I Ltd. (8)	Water Transportation	Marine Logistics Provider		15.42%		0.8	%	9/16/2020		12,956,833		16,050,000		12,862,666		12,862,666		9.3	%
Peru	Corporacion Prodesa S.R.L. (5)	Consumer Products	Diaper Manufacturer	15.50%-15.60%			0.0	%	12/22/2016-6/15/2017		2,940,000		3,250,000		2,940,000		2,940,000		2.1	%
Total Senior Secured Term Loan    Participations															18,802,666		18,484,242		13.3	%
Senior Secured Trade Finance    Participations (1)
Argentina	Compania Argentina De Granos	Agricultural Products	Agriculture Distributor		9.00%		0.0	%	12/15/2015 - 9/23/16		9,700,000		13,000,000		9,700,000		9,700,000		7.0	%
Argentina	Other Investments	Consumer Products	Dairy Co-Operative		10.90%		0.0	%	2/25/16 - 3/31/16		6,000,000		6,000,000		6,000,000		6,000,000		4.3	%
Argentina	Frigorifico Regional Industrias Alimenticias S.A.	Meat, Poultry & Fish	Beef Exporter		11.98%		0.0	%	4/30/2016		9,000,000		9,000,000		9,000,000		9,000,000		6.5	%
Argentina	Other Investments	Fats and Oils	Oilseed Distributor		8.89%		0.0	%	2/3/2016		3,100,000		3,100,000		3,100,000		3,100,000		2.2	%
Chile	Other Investments	Farm Products	Chia Seed Exporter		11.50%		0.0	%	12/11/2016		1,900,000		2,000,000		1,900,000		1,900,000		1.4	%
Ecuador	Other Investments	Commercial Fishing	Fish Processor & Exporter		9.00%		0.0	%	6/19/2016		1,756,243		2,000,000		1,756,243		1,756,243		1.3	%
Guatemala	Other Investments	Farm Products	Sesame Seed Exporter		12.00%		0.0	%	3/31/2016		1,000,000		2,000,000		1,000,000		1,000,000		0.7	%
Kenya	Other Investments	Cash Grains	Rice Importer		11.33%		0.0	%	2/18/2016		375,182		1,000,000		375,182		375,182		0.3	%
Namibia	Other Investments	Packaged Foods & Meats	Consumer Goods Distributor		12.00%		0.0	%	3/03/16		1,000,000		2,000,000		1,000,000		1,000,000		0.7	%
Singapore	Export Trading Group Pte. Ltd. (7)	Agricultural Products	Agricultural Products Exporter		11.50%		0.0	%	2/7/2016		10,000,000		10,000,000		10,000,000		10,000,000		7.2	%
South Africa	Other Investments	Communications equipment	Electronics Assembler		13.00%		0.0	%	1/29/16 - 4/15/16		5,918,086		11,000,000		5,918,086		5,918,086		4.3	%
South Africa	Other Investments	Meat, Poultry & Fish	Meat Processor		14.50%		0.0	%	12/22/15 - 1/31/16		2,524,816		4,300,000		2,524,816		2,524,816		1.8	%
South Africa	Other Investments (9)	Food Products	Fruit & Nut Distributor		17.50%		0.0	%	5/22/2015		667,838		1,250,000		667,838		667,838		0.5	%
South Africa	Other Investments	Textiles, Apparel & Luxury Goods	Textile Distributor		15.00%		0.0	%	1/13/16 - 2/11/16		724,219		2,500,000		724,219		724,219		0.5	%
South Africa	Other Investments	Construction Materials	Construction Materials Distributor		12.75%		0.0	%	7/1/2015		181,943		750,000		181,943		181,943		0.1	%
South Africa	Other Investments	Metals & Mining	Mine Remediation Company		17.50%		0.0	%	6/15/16 - 8/15/16		2,500,000		2,500,000		2,500,000		2,500,000		1.8	%
South Africa	Other Investments	Agricultural Products	Agricultural Supplies Distributor		10.38%		0.0	%	1/14/2016		5,071,000		10,000,000		5,071,000		5,071,000		3.7	%

F-9

South Africa	Other Investments	Fertilizer & Agricultural Chemicals	Farm Supplies Wholesaler		12.50%	0.0	%	10/17/15 - 12/03/15	1,250,000	1,500,000		1,250,000		1,250,000	0.9	%
Tanzania	Other Investments	Cash Grains	Rice Producer		11.50%	0.0	%	10/26/2015	3,900,000	3,900,000		3,900,000		3,900,000	2.8	%
Zambia	Other Investments	Fertilizer & Agricultural Chemicals	Farm Supplies Distributor	12.08%-12.50%		0.0	%	10/25/2015	4,500,000	10,000,000		4,500,000		4,500,000	3.2	%
Zambia	Other Investments	Primary Metal Industries	Integrated Steel Producer		13.00%	0.0	%	2/14/2016	6,000,000	6,000,000		6,000,000		6,000,000	4.3	%
Total Senior Secured Trade Finance Participations												77,069,328		77,069,328	55.6	%
Total Investments											$	101,346,528	$	101,028,104

See accompanying notes to the consolidated financial statements.

¹ Refer to Note 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 Loan commitments are subject to the availability of funds and do not represent a contractual obligation to provide funding to the borrower.

⁵ The interest rate includes 2.5% of deferred interest.

⁶ Interest includes 5.0% of penalty interest due to the borrower missing eight interest payments. This investment was on non-accrual status as of December 31, 2015. See Note 3.

⁷ The transaction is secured by specific collateral held by the borrower’s subsidiaries in Kenya, Tanzania, and Zambia.

⁸ 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.

⁹ The Company, together with its Sub-Advisor, have agreed to extend the principal maturity date to facilitate the strategic sale of this borrower. The borrower has been experiencing some cash flow difficulties but has made some partial payments of principal.

F-10

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. 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 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. 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. In February 2015, the Company elected to extend its current offering period for up to an additional one year period, expiring on February 25, 2016. On November 18, 2015, the Company elected to extend its current offering for up to an additional six month period, expiring August 25, 2016. On February 19, 2016, the Company elected to extend its current offering to December 31, 2016. On September 20, 2016, the Company elected to further extend its current offering to March 31, 2017. The Company’s offering period will terminate on March 31, 2017.

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, 2016, 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 – Asia II, Ltd.

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

• TriLinc Global Impact Fund – Cayman, Ltd.

F-11

Through December 31, 2016, 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.

Certain prior year amounts have been reclassified to conform to the current year presentation.

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.

Prepaid expenses

Prepaid expenses represent prepaid insurance paid by the Company during 2016. Prepaid insurance is being amortized over the term of the insurance policy, which is one year. The amortization of prepaid expense for the years ended December 31, 2016 and 2015, is reimbursable to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement.

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. Accrued interest is generally reversed when a loan is placed on non-accrual. 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, 2016, two portfolio companies were on non-accrual status with an aggregate fair value of $5,819,216 or 2.9% of the fair value of the Company’s total investments. At December 31, 2015, one portfolio company was on non-accrual status with a fair value of $2,681,576 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 $449,927 and $184,500 respectively, for the years ended December 31, 2016 and 2015.

F-12

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 3.

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 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 which include a disclaimer that the broker would not be held to such a price in an actual transaction. 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 Duff & Phelps, LLC (“Duff & Phelps”) to conduct 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, and provide an opinion that the Advisor’s estimate of fair value for each investment is reasonable;

3. The audit committee of the Company’s board of managers reviews and discuss the preliminary valuation prepared by the Advisor and any opinion rendered by Duff & Phelps; and

4. Our board of managers discuss the valuations and determine the fair value of each investment in the Company’s portfolio in good faith based on the input of the Advisor, Duff & Phelps and the audit committee. The board of managers is 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 our investments.

Fixed income investments are typically valued utilizing a market approach, income approach, cost 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

F-13

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) 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. The cost approach is a valuation technique that uses the concept of replacement cost as an indicator of value.  The premise of the cost approach holds that a prudent investor would pay no more for an asset than the amount for which the asset could be replaced.  To clarify, the cost approach as a method for valuing an investment is to be distinguished from holding an investment at cost as of the initial investment date. 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

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 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.

Distribution Fee and Out-of-Period Adjustment

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. The aggregate amount of underwriting compensation for the Class A, Class C and Class I units, including the distribution fee for the Class C units, cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The distribution fee is not paid at the time of purchase of Class C units. The distribution fee is payable monthly in arrears, as it becomes contractually due.

In prior periods, the Company had been recording the fees as a periodic charge to equity as they are incurred. Starting in June 2016, the Company determined to account for the 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. At December 31, 2016, the estimated unpaid distribution fee amounts to $1,907,000. The adjustments for the amounts of distribution fees which were not previously recorded as a liability amounted to approximately $812,000 and $366,000, respectively, as of March 31, 2016 and December 31, 2015 and were deemed immaterial.

F-14

Income Taxes

The Company is classified as a partnership for U.S. Federal income tax purposes. As such, it 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, 2016 and 2015, 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, 2013.

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 and commenced with respect to the first full quarter after the Company commenced operations. The Company calculates its 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. The net asset value per Class A, Class C and Class I units is calculated on a pro-rata basis based on units outstanding.

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, 2016 and 2015.

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs 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% 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, 2016 and 2015. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. If the Company had sold the maximum amount of the Offering, it had anticipated that such expenses would have equaled approximately 1.25% of the gross proceeds raised. However, such expenses will exceed this percentage because the Primary Offering is now due to terminate on March 31, 2017. Through December 31, 2016, such expenses equaled to 4.9% of the gross proceeds. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets.

The Company may reimburse the dealer manager for certain expenses that are deemed underwriting compensation. Assuming an aggregate selling commission and a dealer manager fee of 9.75% of the gross offering proceeds (which assumes all offering proceeds come from Class A units), the Company would reimburse the dealer manager in an amount up to 0.25% of the gross offering proceeds. Because the aggregate selling commission and dealer manager fees will be less than 9.75% of the gross offering proceeds due to a portion of the offering proceeds coming from the sale of Class C and Class I units, the Company may reimburse the dealer manager for expenses in an amount greater than 0.25% of the gross offering proceeds, provided that the Company will not pay or reimburse any of the foregoing costs to the extent such payment would cause total underwriting compensation to exceed 10.0% of the gross proceeds of the primary offering as of the termination of the Offering, as required by the rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”).

F-15

Operating Expense Responsibility Agreement

On March 25, 2017, 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, 2016. Pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $9,496,400 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $3,333,600 of expenses, which have been accrued by the Sponsor as of December 31, 2016. Such expenses will not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds, provided any such reimbursement during the period in which the Company is offering units in the Offering will not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit (the “NAV Hurdle”).  While the Company has raised gross proceeds of over $200 million in the primary offering as of December 31, 2016, any such reimbursement would cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit. Thus, such amounts are not yet payable by the Company to the Sponsor. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of December 31, 2016. 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. Following the end of the Primary Offering, the Sponsor could demand the reimbursement of operating expenses covered by the Responsibility Agreement if it does not cause a drop in the net asset value per unit.

Recently Issued Accounting Pronouncements

Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The Company is choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, the Company’s financial statements may not be comparable to those of companies that comply with public company effective dates. There are no new or revised relevant accounting standards that the Company has not adopted.

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. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The adoption of the amended guidance in ASU 2014-09 is not expected to have a significant effect on the Company’s financial statements.

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40).” ASU 2014-15 addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter. Management has adopted this guidance effective for the fourth quarter of 2016.

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

F-16

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. Early adoption is permitted. The guidance requires companies to apply the requirements retrospectively to all prior periods presented. If it is impracticable for a company to apply ASU 2016-15 retrospectively, requirements may be applied prospectively as of the earliest date practicable. We are currently evaluating the potential impact of the pending adoption of ASU 2016-15 on our consolidated financial statements.

Risk Factors

The Company has limited operating history and is subject to the business risks and uncertainties associated with any new business. As an externally-managed Company, the Company is largely dependent on the efforts of the Advisor and other service providers.

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’s investments consist of loans, loan participations and trade finance 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, 2016, all 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, 2016, the Company’s investment portfolio included 32 companies and was comprised of $28,673,487 or 14.1% in senior secured term loans, $58,450,761 or 28.7% in senior secured term loan participations, $116,671,565 or 57.2% in senior secured trade finance participations. At December 31, 2016, the Company’s largest loan by value was $19,500,000 or 9.6% of the total portfolio and the Company’s 5 largest loans by value amounted to an aggregate of $80,225,289, representing 39.4% of total investments. Participation in loans amounted to 85.9% of the Company’s total portfolio at December 31, 2016.

Note 3. Investments

As of December 31, 2016, the Company’s investments consisted of the following:

	Amortized		Fair		Percentage
	Cost		Value		of Total
Senior secured term loans	$	28,673,487	$	28,673,487		14.1	%
Senior secured term loan participations		58,450,761		58,450,761		28.7	%
Senior secured trade finance participations		116,730,642		116,671,565		57.2	%
Total investments	$	203,854,890	$	203,795,813		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. 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 limitations, all corresponding rights in payments, collaterals, guaranties, and any other security interests obtained 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 300 days of accrued interest receivable as of December 31, 2016.  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

F-17

December 31, 2016 and 2015 amounted to $1,403,416 and $393,430, respectively. The Company’s interest receivable balances at December 31, 2016 and 2015 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 trade finance position typically fall into two broad categories: pre-export financing and receivable/inventory financing. Pre-export financing represent advances to borrower based on proven orders from buyers. For trade finance, the structure and terms vary according to the nature of the transaction being financed. The structure can take the form of a revolver (up to one year) with draw requests with maturity 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 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 that a borrower or counterparty 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.

Prodesa

As of December 31, 2016, the Company’s investment in Corporacion Prodesa S.R.L. (“Prodesa”) is comprised of two senior secured term loan participations with an aggregate balance of $2,150,000 and $1,750,000 due under a senior secured purchase order revolving credit facility.  In March and April 2015, Prodesa did not timely make the payments that were due under the two term loans because of economic difficulties.  Since then, the Company has been working with Prodesa to remedy the default and bring the loans to a current status.  On May 6, 2015, the Company entered into a short term forbearance agreement (the “Forbearance Agreement”) with Prodesa to provide Prodesa with temporary loan payment relief while a longer term plan is negotiated.  Under the terms of the Forbearance Agreement, the Company agreed to accept partial interest payments, amounting to 50% of the required interest payments, for the months of March 2015 to December 2015. Through October 2015, Prodesa had made all interest payments required under the

F-18

Forbearance Agreement. Interest payments required under the term loans for the months subsequent to October 2015 had not been made by Prodesa due to Prodesa being placed into bankruptcy in November 2015 as described further below. In April 2016, Prodesa exited the bankruptcy process and Prodesa started once again to make interest payments. During the period from July 2016 to December 2016, the Company has received $200,000 in principal payments and approximately $237,000 in interest payments from Prodesa. Accordingly, the Company is still accruing interest, which amounted to approximately $482,600 as of December 31, 2016, on the Prodesa loans. In addition, during January and February 2017, the Company received $100,000 in principal payments and approximately $78,000 in interest payments and expects that Prodesa will continue to make regular principal and interest payments. The Company has estimated the fair value of the Prodesa loans as of December 31, 2016 at $3,900,000 based on the income valuation approach as further described in Note 4.  

During 2015, Prodesa underwent a change in ownership. Through the month of September 2015, the new ownership had injected over $830,000 in Prodesa for working capital purposes. The Company has been working with Prodesa to re-align its operations and, on October 5, 2015, the Company funded a $400,000 senior secured purchase order revolving credit facility to Prodesa.  The purchase order facility is secured by specific purchase orders from customers of Prodesa, as well as pledges of additional unencumbered assets and all shares of Prodesa. On November 6, 2015, Prodesa paid back to the Company the entire $400,000 and related interest owed under the purchase order facility. On November 20, 2015, the Company funded a second draw under the purchase order facility in the amount of $190,000 which was repaid in full on February 29, 2016. During the year ended December 31, 2016, the Company funded seven additional draws under the purchase order facility for an aggregate of $1,750,000.  

On November 23, 2015, Prodesa was placed into bankruptcy by the Peruvian bankruptcy authority. At the end of August 2015, a supplier of Prodesa had filed an unpaid payable claim for just over $141,000 with the authority. While Prodesa’s management responded to the filing with a proposal to pay the claim off in full by December 2015, Prodesa’s counsel did not follow the necessary filing protocol. Unknown to management, this failure triggered Prodesa being placed into bankruptcy. Prodesa’s counsel has since been replaced. During the filing, the Company and all key creditors and vendors continued to support Prodesa as usual and the initial $141,000 claim has been settled in full. Prodesa exited the bankruptcy process on April 22, 2016 and made a principal payment to the Company of $400,000 on April 29, 2016.

Usivale

In May 2015, one of the Company’s borrowers, Usivale Industria E Commercio (“Usivale”), with an aggregate principal balance of $3,000,000, notified the Company that it would be unable to make its monthly interest payment for May 2015 and requested the deferment of interest payments until October 2015. Usivale is a sugar producer located in Brazil that has been in business since 1958.  Usivale’s business is highly cyclical and it generates the majority of its revenues during the first and fourth quarters of any calendar year.  In accordance with the terms of the loans, the Company originally increased the annual interest rate charged Usivale from 12.43% to 17.43%.  On August 27, 2015, Usivale filed for judicial recuperation or recovery (the “Filing”) with the local court in Brazil.  The Filing was led by the ongoing pricing pressure within the sugar market, leading up to the material drop in the month of August, when prices reached a seven year low. The Filing provided for a 180 day “standstill” period relative to any claim for payment by Usivale’s creditors. During this period, Usivale was permitted to operate as usual, but was required to develop and present a recovery plan to its creditors to allow it to emerge from judicial recovery. Usivale submitted an initial plan to the judicial court for review at the end of November 2015, which was published by the court on January 19, 2016. Creditors had 30 days to review and either approve or reject the plan. As the only secured creditor within the greater credit group, the Company’s acceptance of any plan was required.  The Company placed Usivale on non-accrual status effective August 27, 2015, the date of the judicial recovery filing.

On February 17, 2016, the Company filed a rejection of the plan presented by Usivale. In accordance with the judicial recovery process, a general assembly of Usivale’s creditors was held on June 14, 2016 and an agreed upon restructure plan was submitted to the court and subsequently approved by the court on October 7, 2016. Under the restructure plan, interest on the principal started accruing effective July 1, 2016 at an annual rate of 12.43% and Usivale is required to make annual principal payments starting in the fourth quarter of 2016. On November 10, 2016, the Company received payments of principal and interest of $316,777 and $144,390, respectively.  The Company recorded the $144,390 payment as interest income and stated accruing interest on the unpaid principal effective November 10, 2016. As of December 31, 2016, the principal balance of the Usivale loans amounted to $2,851,296 and the Company has estimated the fair value of the Usivale loans at $2,851,296, which is based on a discounted cash flow analysis (income approach).  Accordingly, the Company recorded an unrealized gain of $318,424 during the year ended December 31, 2016.

Fruit and Nut Distributor

The Company has a trade finance participation with a fruit and nut distributor (“the Distributor”) located in South Africa, with a total balance outstanding of $799,767 of as December 31, 2016. The Distributor trade finance has a stated maturity date of May 22, 2015, which the Company agreed to extend. The Distributor had made partial payments of principal during 2015 and 2016 (the original loan from the Company to the Distributor was for $1,250,000), with the most recent payment being made on October 2016.

F-19

Through the latter part of 2015, the depreciation in the South African Rand had proven to be problematic for the Distributor given that it has to purchase its inventory in U.S. Dollars and then sells in South African Rand. This situation has led the Distributor to experience some cash flow difficulties and operating losses. As of December 31, 2016, the Company, together with its sub-advisor, had agreed to extend further the principal maturity date to facilitate the strategic sale of the Distributor, which closed in June 2016.  As a result of the sale, one of the Company’s sub-advisor now owns 40% of the Distributor. 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 $127,400 for the year ended December 31, 2016. Based on the information available to the Company and according to its valuation policies, the Company had estimated the fair value of its investment in the Distributor to be $740,690 as of December 31, 2016 and recorded an unrealized depreciation adjustment of $59,077 for the year ended December 31, 2016.

Farm Supplies Distributor

The Company has several trade finance participations in a facility to a farm supplies distributor, Neria Investment Ltd. (“Neria”), located in Zambia with an aggregate principal balance of $5,078,526 and net accrued interest of $550,370 as of December 31, 2016. The participations have maturity dates ranging from October 25, 2015 to May 3, 2016.  The facility serves to finance the shipment of fertilizer to the Zambian government and is secured by receivables.  The delay in repayment is due to slow payment of the receivables by the Zambian Government caused by a national budget deficit.  The Company placed this participation on non-accrual status effective July 1, 2016 and interest not recorded relative to the original terms of this participation amounted to approximately $322,600 for the year ended December 31, 2016.  In addition, during the year ended December 31, 2016, the Company reversed $550,370 of interest income that had been previously accrued. On December 1, 2016, the Company’s sub-advisor declared an event of default and filed a claim against the credit insurance policy. The insurer has 180 days from time of filing (June 1, 2017) to conclude their collection process and make payment against the policy. The Company has determined that there is sufficient collateral, including a credit insurance policy, should the Zambian government or subsequently Neria not pay, to cover the entire principal and interest balance due from Neria and has determined, in accordance with its valuation policy, that the fair value should remain at $5,078,526 as of December 31, 2016.

Sesame Seed Exporter

The Company has a trade finance participation with a Sesame Seed Exporter (“the Exporter”) located in Guatemala, with a principal balance outstanding of $907,565 and accrued interest of $99,780 as of December 31, 2016. The participation has a maturity date of March 31, 2016 and is secured by inventory. During 2016, the Exporter lost a major customer, which resulted in a slowdown in business, affecting its ability to repay the amount due under the participation.  However, the Exporter has been able to secure new customers to replace the lost order(s), which will enable the Exporter to start making payments to the Company.  In addition, the Exporter has made three principal payments totaling $92,435 during October and November 2016.  The Company has determined that there is sufficient collateral to support the repayment of this participation and has determined, in accordance with its valuation policy, that the fair value of this investment should remain at $907,565 as of December 31, 2016.

As of December 31, 2015, the Company’s investments consisted of the following:

	Amortized		Fair		Percentage
	Cost		Value		of Total
Senior secured term loan	$	5,474,534	$	5,474,534		5.4	%
Senior secured term loan participations		18,802,666		18,484,242		18.3	%
Senior secured trade finance participations		77,069,328		77,069,328		76.3	%
Total investments	$	101,346,528	$	101,028,104		100.0	%

F-20

The industry composition of the Company’s portfolio, at fair market value as of December 31, 2016 and 2015, was as follows:

	As of  December 31, 2016					As of December 31, 2015
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	22,851,296		11.2	%	$	27,452,577		27.2	%
Bulk Fuel Stations and Terminals		15,437,474		7.6	%		—		—
Cash Grains		—		—			4,275,182		4.2	%
Coal and Other Minerals and Ores		6,574,351		3.2	%		—		—
Commercial Fishing		1,058,273		0.5	%		1,756,243		1.7	%
Communications Equipment		6,111,941		3.0	%		5,918,086		5.9	%
Construction Materials		—		—			181,943		0.2	%
Consumer Products		9,900,000		4.9	%		8,940,000		8.8	%
Electric Services		19,500,000		9.6	%		—		—
Farm Products		3,142,480		1.5	%		2,900,000		2.9	%
Fats and Oils		6,000,000		2.9	%		3,100,000		3.1	%
Fertilizer & Agricultural Chemicals		5,078,526		2.5	%		5,750,000		5.7	%
Fresh or Frozen Packaged Fish		5,037,134		2.5	%		—		—
Food Products		740,690		0.4	%		667,838		0.7	%
Groceries and Related Products		11,195,862		5.5	%		—		—
Hotels and Motels		17,000,000		8.3	%		—		—
Machinery, Equipment, and Supplies		11,483		0.0	%		—		—
Meat, Poultry & Fish		9,675,717		4.7	%		11,524,816		11.4	%
Metals & Mining		2,234,145		1.1	%		2,500,000		2.5	%
Miscellaneous Plastics Products		161,018		0.1	%		—
Packaged Foods & Meats		500,000		0.2	%		1,000,000		1.0	%
Primary Nonferrous Metals		3,000,000		1.5	%		—		—
Primary Metal Industries		6,000,000		2.9	%		6,000,000		5.9	%
Programming and Data Processing		10,236,013		5.0	%		5,474,534		5.4	%
Rental of Railroad Cars		4,411,650		2.2	%		—		—
Secondary Nonferrous Metals		7,649,945		3.8	%		—		—
Soap, Detergents, and Cleaning		2,000,000		1.0	%		—		—
Street Construction		14,927,195		7.3	%		—		—
Textiles, Apparel & Luxury Goods		—		—			724,219		0.7	%
Water Transportation		13,360,620		6.6	%		12,862,666		12.7	%
Total	$	203,795,813		100.0	%	$	101,028,104		100.0	%

F-21

The table below shows the portfolio composition by geographic classification at fair value as of December 31, 2016 and 2015:

	As of  December 31, 2016					As of December 31, 2015
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	31,000,000		15.3	%	$	27,800,000		27.5	%
Brazil		13,087,309		6.4	%		8,156,110		8.1	%
Cabo Verde		17,000,000		8.3	%		—		—
Chile		2,234,915		1.1	%		1,900,000		1.9	%
Ecuador		6,095,407		3.0	%		1,756,243		1.7	%
Ghana		19,500,000		9.6	%		—		—
Guatemala		907,565		0.4	%		1,000,000		1.0	%
Indonesia		17,927,195		8.8	%		—		—
Kenya		161,018		—			375,182		0.4	%
Mauritius		11,195,862		5.5	%		—		—
Morocco		7,649,945		3.8	%		—		—
Namibia		500,000		0.2	%		1,000,000		1.0	%
Nigeria		13,360,620		6.6	%		12,862,666		12.7	%
Peru		19,337,474		9.5	%		2,940,000		2.9	%
Singapore		10,000,000		4.9	%		10,000,000		9.9	%
South Africa		14,174,143		7.0	%		18,837,903		18.6	%
Tanzania		—		—			3,900,000		3.9	%
United Kingdom		6,585,834		3.2	%		—		—
Zambia		13,078,526		6.4	%		10,500,000		10.4	%
Total	$	203,795,813		100.0	%	$	101,028,104		100.0	%

Note 4. Fair Value Measurements

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2016:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	28,673,487	$	—	$	—	$	28,673,487
Senior secured term loan participations		58,450,761		—		—		58,450,761
Senior secured trade finance participations		116,671,565		—		—		116,671,565
Total	$	203,795,813	$	—	$	—	$	203,795,813

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2015:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan	$	5,474,534	$	—	$	—	$	5,474,534
Senior secured term loan participations	$	18,484,242						18,484,242
Senior secured trade finance participations		77,069,328		—		—		77,069,328
Total	$	101,028,104	$	—	$	—	$	101,028,104

F-22

The following is a reconciliation of activity for the year ended December 31, 2016, of investments classified as Level 3:

	Fair Value at December 31, 2015		Purchases		Maturities or Prepayments			Accretion of discounts		Net change in unrealized appreciation (depreciation)			Fair Value at December 31, 2016
Senior secured term loans	$	5,474,534	$	24,200,000	$	(1,381,848	)	$	380,801	$	—		$	28,673,487
Senior secured term loan participations		18,484,242		42,170,621		(2,637,793	)		115,267		318,424			58,450,761
Senior secured trade finance participations		77,069,328		165,850,182		(126,188,868	)		—		(59,077	)		116,671,565
Unsecured short term note receivable		—		20,000,000		(20,000,000	)		—		—			-
Total	$	101,028,104	$	252,220,803	$	(150,208,509	)	$	496,068	$	259,347		$	203,795,813

The following is a reconciliation of activity for the year ended December 31, 2015 of investments classified as Level 3:

	Fair Value at December 31, 2014		Purchases		Maturities or Prepayments			Accretion of discounts		Net change in unrealized appreciation (depreciation)			Fair Value at December 31, 2015
Senior secured term loan	$	—	$	5,500,000	$	(25,466	)	$	—	$	—		$	5,474,534
Senior secured term loan participations		5,750,000		13,446,833		(400,000	)		5,833		(318,424	)		18,484,242
Senior secured trade finance participations		47,697,442		119,422,199		(90,050,313	)		—		—			77,069,328
Unsecured short term note receivable		—							—		—			—
Total	$	53,447,442	$	138,369,032	$	(90,475,779	)	$	5,833	$	(318,424	)	$	101,028,104

There were no realized gains or losses for any of our investments classified as Level 3 during the years ended December 31, 2016 and 20154.

As of December 31, 2016, 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, 2016:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	115,930,875	Cost Approach	Recent transactions	N/A
Senior secured trade finance participations (2)	$	740,690	Income approach (DCF)	Yield		15.75%
Senior secured term loans	$	28,673,487	Income approach (DCF)	Yield	11.50% - 13.50% (12.50%)
Senior secured term loan participations (3)	$	58,450,761	Income approach  (DCF)	Yield	11.50% - 15.70% (13.99%)

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.

(1) Given the short duration (less than one year) and nature of trade finance positions, the Company uses the cost approach to determine the fair value of trade finance positions, unless circumstances would indicate that another approach would be more appropriate.

(2) Income approach used for the Fruit and Nut Distributor based on expected terms as listed in Note 3 above.

(3) As of December 31, 2016, with respect to the loans to Prodesa, the Company has returned to using an income approach to estimate their fair value. As of December 31, 2015, the Company had chosen to determine their estimated fair value based on a collateral valuation approach.  The Company’s decision to do so was not based upon a belief that the Company will need to liquidate the collateral securing the loans to Prodesa, but rather because the Company considered the collateral valuation approach to be the most appropriate due to the availability and reliability of inputs. In addition, the Company is working with Prodesa to re-align its operations and restructure the loans (see Note 3).

F-23

As of December 31, 2015, 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, 2015:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations	$	77,069,328	Income approach	Market yield	8.89% – 17.50% (12.04%)
Senior secured term loan	$	5,474,534	Income approach	Market yield		13.50%
Senior secured term loan participations	$	15,544,242	Income approach	Market yield	15.83% - 17.43%(16.13%)
Senior secured term loan participations	$	2,940,000	Collateral based approach	Value of collateral	N/A

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

On March 3, 2017, the Company’s board of managers determined to extend the Amended and Restated Advisory Agreement, (the “Advisory Agreement”) until February 25, 2018.  

Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Advisory Agreement between the Company and the Advisor. Asset management fees are paid to the Advisor in exchange for fund management and administrative services. Although the Advisor manages, on the Company’s behalf, many of the risks associated with global investments in developing economies, management fees do not include the cost of any hedging instruments or insurance policies that may be required to appropriately manage the Company’s risk.  

If certain financial goals are reached by the Company, the Company is required to pay the Advisor an incentive fee 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 for the years ended December 31, 2016 and 2015.

Transactions

As discussed in Note 2, for the year ended December 31, 2016 and 2015, the Sponsor assumed responsibility for $5,333,530 and $3,384,145 of the Company’s operating expenses, management and incentive fees, which are deferred under the Responsibility Agreement.

For the years ended December 31, 2016 and 2015, the Advisor earned $4,172,643 and $2,006,532, respectively, in management fees and $3,319,149 and $1,576,895, respectively, in incentive fees.

F-24

Since the inception of the Company through December 31, 2016, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $9,496,400 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $3,333,600 of expenses, which have been accrued by the Sponsor as of December 31, 2016. Such expenses, in the aggregate of $12,830,000 since the Company’s inception, will be expensed and payable by the Company to the Sponsor once the Company has raised gross proceeds of $200 million as further described in Note 2.

As of December 31, 2016 and 2015, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $3,175,656 and $1,874,932, 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, 2016 and 2015, the Company paid $1,938,827 and $1,374,301, respectively, in dealer manager fees and $6,744,561 and $5,413,957, respectively, in selling commission to our 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.

As of December 31, 2016 and 2015, due to affiliates, which were related to reimbursement of offering expenses to the Company’s Sponsor, amounted to $68,312 and $472,057, respectively.

Note 6. Organization and Offering Costs

As of December 31, 2016, the Sponsor has paid approximately $14,307,400 of offering costs and $236,000 of organization costs, all of which were paid directly by the Sponsor on behalf of the Company, and will be reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $4,540,000 and $2,945,300, respectively, of offering costs, which were incurred by the Sponsor during the years ended December 31, 2016 and 2015. During the years ended December 31, 2016 and 2015, the Company paid $6,721,325 and $4,383,644, 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.

Since the Company started operations to December 31, 2016, the Company has reimbursed the Sponsor a total of $14,543,691 of offering costs and there is no remaining balance of offering and organization costs due the Sponsor as December 31, 2016.

Note 7. 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 LIBOR (1.59%) and will be 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.

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.

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 all of the issued and outstanding shares of the Subsidiaries.

For the year ended December 31, 2016, the Company recognized $16,228 in interest expense.

Note 8. Unit Capital

The Company has three classes of units: Class A units, Class C units and Class I units. The unit classes have different sales commissions and dealer manager fees, and there is an ongoing distribution fee with respect to Class C units. As of December 31,

F-25

2016, the Company recorded a liability in the amount of $1,907,000 for the estimated future amount of Class C distribution fee payable. The estimated liability is calculated based on a net asset value per Class C unit of $9.025 with distribution fees of 0.8% per annum applied to the net asset value, during the period that the expected period that Class C unit remains 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. As of December 31, 2016 the Class A and I units have a net asset value per unit of $8.534 and the Class C units have a net asset value per unit of $8.254.

The following table is a summary of transactions with respect to the Company’s units during the year ended December 31, 2016:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			December 31,
	2015		the Period		the Period			2016
Class A units		9,709,153		6,248,387		(565,549	)		15,391,991
Class C units		1,073,599		5,739,329		(8,943	)		6,803,985
Class I units		5,443,616		2,541,539		(573,750	)		7,411,405
Total		16,226,368		14,529,254		(1,148,241	)		29,607,381

The total of 14,529,254 units issued during the year ended December 31, 2016 included 799,069 units issued under the Amended and Restated Distribution Reinvestment Plan (“Distribution Reinvestment Plan”) at a value of $7,212,502.

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 then current offering price less the sales fees associated with that class of units. The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of our 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 we can repurchase with the proceeds we receive from the sale of units under the 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.

For the year ended December 31, 2016, the Company had received and processed 31 repurchase requests. The Company repurchased an aggregate of 565,549 Class A units, 8,943 Class C units, and 573,750 Class I units at a price of $9.025 per unit for a total of $10,362,875.

For the year ended December 31, 2015, the Company had received and processed 6 repurchase requests. The Company repurchased an aggregate of 6,491 Class A units, 2,374 Class C units, and 10,141 Class I units at a price of $9.025 per unit for a total of $171,528.

The following table is a summary of the units issued during the year ended December 31, 2015:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			December 31,
	2014		the Period		the Period			2015
Class A units		3,037,222		6,678,422		(6,491	)		9,709,153
Class C units		419,282		656,691		(2,374	)		1,073,599
Class I units		3,826,456		1,627,301		(10,141	)		5,443,616
Total		7,282,960		8,962,414		(19,006	)		16,226,368

Note 9. Distributions

Starting in July 2013, the Company has paid monthly distributions for all classes of units. From July 2013 through April 2014, the distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (“Distribution rate”) (less the distribution fee for Class C Units). From May 2014 to December 2015, the Distribution rate was increased to $0.00197808 per unit per day. Starting in January 2016, the distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197268 per unit per day (less the distribution fee for Class C units). For the years ended

F-26

December 31, 2016 and 2015, $9,258,169 and $4,808,358, respectively, of these distributions were paid in cash and $7,212,502 and $2,756,952, respectively, were reinvested in units for those unitholders participating in the Company Distribution Reinvestment Plan.

The following table summarizes the distributions paid for the years ended December 31, 2016 and 2015.

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2016	January 19, 2016	$	0.00197268	$	590,074	$	421,766	$	1,011,840
February 29, 2016	February 19, 2016	$	0.00197268		592,036		427,352		1,019,388
March 31, 2016	March 28, 2016	$	0.00197268		675,639		482,207		1,157,846
April 30, 2016	April 19, 2016	$	0.00197268		654,356		506,242		1,160,598
May 31, 2016	May 6, 2016	$	0.00197268		715,936		554,319		1,270,255
June 30, 2016	June 21, 2016	$	0.00197268		731,881		561,652		1,293,533
July 31, 2016	July 19, 2016	$	0.00197268		803,571		630,142		1,433,713
August 31, 2016	August 11, 2016	$	0.00197268		846,924		674,120		1,521,044
September 30, 2016	September 20, 2016	$	0.00197268		864,779		679,108		1,543,887
October 31, 2016	October 18, 2016	$	0.00197268		903,797		730,203		1,634,000
November 30, 2016	November 10, 2016	$	0.00197268		907,698		743,078		1,650,776
December 31, 2016	December 20, 2016	$	0.00197268		971,478		802,313		1,773,791
Total for 2016				$	9,258,169	$	7,212,502	$	16,470,671
January 31, 2015	January 20, 2015	$	0.00197808	$	312,366	$	142,891	$	455,257
February 28, 2015	February 17, 2015	$	0.00197808		291,738		138,924		430,662
March 31, 2015	March 24, 2015	$	0.00197808		340,746		159,495		500,241
April 30, 2015	April 22, 2015	$	0.00197808		342,816		169,835		512,651
May 31, 2015	May 11, 2015	$	0.00197808		367,424		189,037		556,461
June 30, 2015	June 12, 2015	$	0.00197808		369,596		197,201		566,797
July 31, 2015	July 21, 2015	$	0.00197808		403,067		226,381		629,448
August 31, 2015	August 7, 2015	$	0.00197808		426,556		250,001		676,557
September 30, 2015	September 22, 2015	$	0.00197808		434,227		268,521		702,748
October 31, 2015	October 20, 2015	$	0.00197808		471,260		304,156		775,416
November 30, 2015	November 10, 2015	$	0.00197808		493,573		326,731		820,304
December 31, 2015	December 17, 2015	$	0.00197808		554,989		383,779		938,768
Total for 2015				$	4,808,358	$	2,756,952	$	7,565,310

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Note 10. Financial Highlights

The following is a schedule of financial highlights of the Company for the years ended December 31, 2016 and 2015. 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,
	2016			2015
Per unit data (1):
Net proceeds before offering costs (2)	$	9.025		$	9.025
Offering costs		(0.491	)		(0.482	)
Net Proceeds after offering costs		8.534			8.543
Net investment income		0.767			0.750
Net change in unrealized depreciation on investments		0.012			(0.030	)
Distributions		(0.777	)		(0.720	)
Net change in accrued distribution fees		(0.064	)		—
Net increase/(decrease) in net assets		(0.062	)		—
Net asset value at end of period		8.472			8.543
Total return based on net asset value (3)(4)		9.13	%		8.42	%
Net assets at end of period	$	250,755,915		$	138,620,607
Units Outstanding at end of period		29,607,381			16,226,368
Ratio/Supplemental data (annualized) (4)(5):
Ratio of net investment income to average net assets		8.52	%		8.47	%
Ratio of net operating expenses to average net assets		2.17	%		1.98	%

¹ The per unit data was derived by using the weighted average units outstanding during the years ended December 31, 2016 and 2015, which were 21,194,302 and 10,511,262, respectively.

² Represents net asset value at the beginning of the period.

³ Net asset value would have been lower for all unit classes if the Sponsor had not made capital contributions as of March 31, 2014, and December 31, 2013, of $31,750 and $51,034, respectively, or had not absorbed and deferred reimbursement for a substantial portion of the Company’s operating expenses since the Company began operations.

⁴ Total return, ratio of net investment income and ratio of operating expenses to average net assets for the years ended December 31, 2016 and 2015, prior to the effect of the Responsibility Agreement were as follows: total return: 6.18% and 4.66%, ratio of net investment income: 5.77% and 4.68%, and ratio of net expenses to average net assets: 4.92% and 5.77%, respectively.

Note 11. Selected Quarterly Data (Unaudited)

	2016
	Q4		Q3		Q2		Q1
Total investment income	$	5,902,594	$	6,415,185	$	4,780,729	$	3,341,854
Net investment income	$	4,759,351	$	4,507,165	$	3,728,632	$	3,251,742
Net change in unrealized appreciation (depreciation) on investments	$	318,424	$	—	$	—	$	(59,077	)
Net increase in net assets resulting from operations	$	5,077,775	$	4,507,165	$	3,728,632	$	3,192,665
Basic and diluted earnings per unit	$	0.22	$	0.20	$	0.18	$	0.18
Net asset value per unit as of the end of the quarter	$	8.469	$	8.460	$	8.473	$	8.530

	2015
	Q4			Q3		Q2		Q1
Total investment income	$	2,987,504		$	2,733,420	$	2,149,657	$	1,786,482
Net investment income	$	2,853,465		$	2,008,560	$	1,636,553	$	1,385,899
Net change in unrealized depreciation on investments	$	(318,424	)	$	—	$	—	$	—
Net increase in net assets resulting from operations	$	2,535,041		$	2,008,560	$	1,636,553	$	1,385,899
Basic and diluted earnings per unit	$	0.18		$	0.18	$	0.18	$	0.18
Net asset value per unit as of the end of the quarter	$	8.543		$	8.546	$	8.549	$	8.551

F-28

Note 12. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. 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, 2016, except as discussed below.

Distributions

On January 19, 2017, 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 January 31, 2017. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On February 1, 2017, $963,250 of these distributions were paid in cash and on January 31, 2017, $837,472 were reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan.

On February 23, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from February 1 through February 28, 2017. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On March 1, 2017, $908,110 of these distributions were paid in cash and on February 28, 2017, $782,125 were reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan.

On March 25, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from March 1 through March 31, 2017. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). These distributions will be paid in cash or reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan on or about April 3, 2017.

Status of the Offering

Subsequent to December 31, 2016 through March 24, 2017, the Company sold approximately 3.64 million units in the Offering (including units issued pursuant to the DRIP) for approximately $34.7 million in gross proceeds. As of March 24, 2017, the Company had received approximately $330.9 million in total gross offering proceeds through the issuance of approximately 34.42 million total units in the Offering (including units issued pursuant to the DRIP).

Unit Offering Price

Subsequent to December 31, 2016, the Company continued to sell units at a price of $10.00 per Class A unit, $9.576 per Class C unit and $9.025 per Class I unit. The Company’s net asset value and the offering prices would have decreased for unit classes if the Sponsor had not made a capital contribution in the amount of $31,750 and $51,034 in the quarters ended March 31, 2014 and December 31, 2013, respectively, or had not absorbed and deferred reimbursement for a substantial portion of the Company’s operating expenses since the Company began its operations.

Investments

Subsequent to December 31, 2016 through March 24, 2017, the Company funded approximately $67.2 million in new loans and received proceeds from repayment of loans of approximately $48.5 million.

Amendments to Prodesa Loans

On January 31, 2017, the Company entered into a series of loan amendments with Prodesa. First, the $2,000,000 term loan facility with an original maturity date of July 15, 2016 was amended to increase the commitment to $3,540,000 to finance the acquisition of additional machinery and equipment and refinance existing property. As part of the amendment, the loan facility also extended the maturity date to July 28, 2021, and amended the interest rate on the $3,540,000 loan to 12.00% per annum, reflecting the increased and improved collateral supporting the loan facility.

Separately, the Company simultaneously entered into amendments for the $750,000 inventory loan facility and the $1,750,000 purchase order facility to extend those facilities to mature concurrently with the amended term loan facility above, as each facility is cross-defaulted and cross-collateralized.  The $750,000 inventory loan, with an original maturity date February 15, 2015 and previously extended to December 22, 2016, now matures on July 28, 2021. The $1,750,000 purchase order facility, with an original maximum term of December 31, 2020, now matures on July 28, 2021.

F-29

Agreements

On March 3, 2017, the Company’s board of managers determined to extend the Advisory Agreement until February 25, 2018.

Promissory Notes

On February 17, 2017, TGIFC, a wholly owned subsidiary of the Company, issued $0.225 million in the second series of notes pursuant a private offering of senior secured promissory notes.  Such notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and may be comprised of up to four different series with four different issuance and maturity dates.  The notes issued on February 17, 2017 comprised the second series of the notes with the first series having closed on October 14, 2016.These notes are collateralized with shares of the Company’s subsidiary that hold all the Company’s investments

F-30

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 30, 2017.

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 30, 2017
Gloria S. Nelund
/s/ Brent L. VanNorman	Chief Financial Officer, Manager (principal financial and accounting officer)	March 30, 2017
Brent L. VanNorman
/s/ Terry Otton	Manager	March 30, 2017
Terry Otton
/s/ Cynthia Hostetler	Manager	March 30, 2017
Cynthia Hostetler
/s/ R. Michael Barth	Manager	March 30, 2017
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-3.2

Exhibit 3.2

SECOND AMENDED AND RESTATED

LIMITED LIABILITY COMPANY OPERATING AGREEMENT

OF

TRILINC GLOBAL IMPACT FUND, LLC

A Delaware Limited Liability Company

THIS SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT (this “Agreement”) of TRILINC GLOBAL IMPACT FUND, LLC (the “Company”) is made and entered into as of the 28th of March, 2016, by TriLinc Advisors, LLC, a Delaware limited liability company (the “Initial Member”).

*    *    *

Article I

ORGANIZATION

The Company has been organized as a Delaware limited liability company by filing its Certificate with the Secretary of State of the State of Delaware on April 30, 2012, pursuant to and in accordance with the Act.

Article II

NAME AND CERTAIN DEFINITIONS

Section 2.1. Name. The name of the Company is “TriLinc Global Impact Fund, LLC”. The Board of Managers of the Company (the “Board of Managers”) may determine that the Company may use any other designation or name for
the Company.

Section 2.2. Certain Definitions. As used in this Agreement, the terms set forth below shall have the following
respective meanings:

“Act ” means the Delaware Limited Liability Company Act, 6 Del. C. §§ 18-101 et. seq., as the same may be amended from time to time. All references herein to sections of the Act shall include any corresponding provisions of succeeding law.

“Acquisition Expenses” means expenses, including but not limited to legal fees and expenses, travel and communication expenses, costs of appraisals, non-refundable option payments on assets not acquired, accounting fees and expenses, and miscellaneous expenses relating to the purchase or acquisition of assets, whether or not acquired.

“Acquisition Fee” means the total of all fees and commissions paid by any party to any party other than to the Company, in connection with the initial purchase or acquisition of assets by the Company. Included in the computation of such fees or commissions shall be any commission, selection fee, supervision fee, financing fee, non-recurring management fee or any fee of a similar nature, however designated.

“Adjusted Capital Account” means, with respect to any Member for any taxable year or other period, the balance, if any, in such Member’s Capital Account as of the end of such year or other period, after giving effect to the
following adjustments:

(a) Credit to such Capital Account any amounts that such Member is obligated to restore or is deemed obligated to restore as described in the penultimate sentence of the Treasury Regulations Section 1.704-2(g)(1) and Regulations Section 1.704-2(i)(5); and

(b) Debit to such Capital Account the items described in the Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5), and (6).

A-1

The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations to the extent relevant thereto and shall be interpreted consistently therewith.

“Adjusted Capital Account Deficit” means, with respect to any Member for any taxable year or other period, the deficit Adjusted Capital Account balance, if any, of such Member as of the end of such year or other period.

“Administrator” means the official or agency administering the securities laws of a state, province, or commonwealth.

“Advisor ” or “Advisors” means the Person or Persons, if any, appointed, employed or contracted with by the Company pursuant to Article XIV hereof and responsible for directing or performing the day-to-day business affairs of the Company, including any Person to whom the Advisor subcontracts substantially all of such functions.

“Advisory Agreement” is defined in Section 14.2.

“Affiliate” means (A) any Person directly or indirectly owning, controlling, or holding, with power to vote, ten percent (10%) or more of the outstanding voting securities of such other Person, (B) any Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held, with the power to vote, by such other Person, (C) any Person directly or indirectly controlling, controlled by, or under common control with such other Person, (D) any executive officer, director, trustee or general partner of such other person, or (E) any legal entity for which such Person acts as an executive officer, director, trustee or general partner.

“Affiliated Person” means the Sponsor, the Advisor, a Manager or any Affiliate of the foregoing.

“Assessment” means additional amounts of capital which may be mandatorily required of, or paid voluntarily by, a Member beyond his or her subscription commitment excluding deferred payments.

“Agreement ” is defined in the preamble.

“Asset” means any investments (other than investments in bank accounts, money market funds or other current assets) owned by the Company, directly or indirectly.

“Benefit Plan Investor” means a Member who is subject to ERISA or to the prohibited transaction provisions of Section 4975 of the Code.

“Board of Managers” is defined in Section 2.1.

“Book Value” means, with respect to any Company property, the Company’s adjusted basis for federal income tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulation
Section 1.704-l(b)(2)(iv)(d)-(g).

“Business Day” shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York City are authorized or required by law, regulation or executive order to close.

“Capital Account” is defined in Section 8.2.

“Capital Contributions” means the total investment, including the original investment and amounts reinvested pursuant to the Reinvestment Plan, by a Member or by all Members, as the case may be.

“Cash Available for Distribution” means Cash Flow plus cash funds available from distribution from the Company reserves less amounts set aside for restoration or creation of reserves.

“Cash Flow” means cash funds provided from operations, without deduction for depreciation, but after deducting cash funds used to pay all other expenses, debt payments, capital improvements and replacements. Cash withdrawn from reserves shall not be included in Cash Flow.

“Certificate” means the Certificate of Formation of the Company and any and all amendments thereto and restatements thereof filed on behalf of the Company with the office of the Secretary of State of the State of Delaware pursuant to the Act.

A-2

“Class ” means any of Class A, Class C, Class I Units or any other class of Units that the Board of Managers may authorize from time to time pursuant to this Agreement.

“Class A Units” is defined in Section 7.1.

“Class C Units” is defined in Section 7.1.

“Class I Units” is defined in Section 7.1.

“Code” means the Internal Revenue Code of 1986, as amended, or any successor statute.

“Commencement of the Initial Public Offering” means the date that the Securities and Exchange Commission declares effective the registration statement filed under the Securities Act for the Initial Public Offering.

“Company” is defined in the preamble.

“Company Minimum Gain” means “partnership minimum gain” as defined in the Treasury Regulations Section 1.704-2(b)(2) and as computed in accordance with the Treasury Regulations Section 1.704-2(d).

“Company NAV” means the net fair market value of all of the Company’s assets, including investments in bank accounts, money market funds or other current assets, as determined by the Board of Managers from time to time pursuant to this Agreement.

“Dealer Manager” means SC Distributors, LLC, an Affiliate of the Advisor, or such other Person or entity selected by the Board of Managers to act as the dealer manager for the offering of the Units. SC Distributors, LLC is a member of the Financial Industry Regulatory Authority.

“Distribution Fee” is defined in Section 7.1(b)

“Distributions” means any distributions of money or other property by the Company to owners of Units, including distributions of Cash Available for Distributions, distributions of cash from capital events and distributions that may constitute a return of capital for federal income tax purposes.

“Economic Interest” means a Person’s right to share in the income, gains, losses, deductions, credits, or similar items of the Company, and to receive Distributions from the Company, but excluding any other rights of a Member, including the right to vote or to participate in management, or, except as may be provided in the Act, any right to information concerning the business and affairs of the Company.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, or any successor
statute thereto.

“Front End Fees” means all fees and expenses paid by any party for any services rendered to organize the Company and to acquire assets for the Company, including Organization and Offering Expenses, Acquisition Fees, Acquisition Expenses, and any other similar fees, however designated by the Advisor or the Sponsor.

“Gross Proceeds” means the aggregate purchase price of all Units sold for the account of the Company, without deduction for Selling Commissions, volume discounts, any marketing support and due diligence expense reimbursement, fees paid to the Dealer Manager or other Organization and Offering Expenses. For the purposes of computing Gross Proceeds, the purchase price of any Unit for which reduced Selling Commissions are paid to the Dealer Manager or a Soliciting Dealer (where net proceeds to the Company are not reduced) shall be deemed to be the full amount of the offering price per Unit pursuant to the Prospectus for such Offering without reduction.

“Indemnitee” is defined in Section 17.2(b).

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“Independent Expert” means a Person with no material current or prior business or personal relationship with the Advisor or the Sponsor who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is qualified to perform such work.

“Independent Manager” means a Manager who is not, and within the last two (2) years has not been, directly or indirectly associated with the Advisor or Sponsor by virtue of (i) ownership of an interest in the Advisor or Sponsor or their Affiliates, other than any compensation received for being a manager or director of the Company or of up to two (2) other funds described in subsection (iii) below, (ii) employment by the Advisor or Sponsor or their Affiliates, (iii) service as an officer, director or manager of the Sponsor, the Advisor or any of their Affiliates, other than as a manager or director for the Company and up to two (2) other funds organized by the Sponsor or advised by the Advisor with securities registered under the federal securities laws, (iv) performance of services, other than as a Manager, or (v) maintenance of a material business or professional relationship with the Advisor or Sponsor or any of their Affiliates. An indirect association with the Advisor or Sponsor shall include circumstances in which a Manager’s spouse, parents, children, siblings, mothers- or fathers-in-law, sons- or daughters-in-law or brothers- or sisters-in-law is or has been associated with the Advisor or Sponsor or any of their Affiliates or the Company. A business or professional relationship is considered “material” if the prospective Independent Manager received more than five percent (5%) of his annual gross income in the last two (2) years from the Sponsor, the Advisor or any Affiliate of the Sponsor or the Advisor, or if more than five percent (5%) of his Net Worth, on a fair market value basis, has come from the Sponsor, the Advisor or any Affiliate of the Sponsor or the Advisor.

“Initial Public Offering” means the first Offering pursuant to an effective registration statement filed under the Securities Act.

“Investment in Company Assets” means the amount of capital contributions actually paid or allocated to the origination or purchase of assets by the Company (including working capital reserves allocable thereto, except that working capital reserves in excess of three percent (3%) shall not be included) and other cash payments such as interest and taxes, but excluding Front End Fees.

“Joint Ventures” means those joint venture or partnership arrangements in which the Company or any of its subsidiaries is a co-venturer or general partner in an entity established to acquire or hold Assets.

“Listing” means the listing of the Units on a national securities exchange. Upon such Listing, the Units shall be deemed Listed.

“Loss” for any period means all items of Company loss, deduction and expense for such period determined according to Section 8.3.

“Majority of the Members” means Members holding more than fifty percent (50%) of the total outstanding Percentage Interests of the Company as of a particular date (or if no date is specified, the first day of the then current calendar month).

“Manager” is defined in Section 5.3(a).

“Members List” is defined in Section 13.2(a).

“Members” means the holders of record of Units.

“Member Nonrecourse Debt” means “partner nonrecourse debt” as defined in the Treasury Regulations
Section 1.704-2(b)(4).

“Member Nonrecourse Debt Minimum Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with the Treasury Regulations Section 1.704-2(i)(3).

“Member Nonrecourse Deductions” means “partnership nonrecourse deductions” as defined in Treasury Regulations Section 1.704-2(i)(1) and as computed in accordance with the Treasury Regulations Section 1.704-2(i)(2).

For any taxable year or other period, the amount of Member Nonrecourse Deductions with respect to a Member Nonrecourse Debt equals the excess, if any, of the net increase, if any, in the amount of the Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt over the aggregate amount of any distributions during such year to the Member that bears the economic risk of loss for such Member Nonrecourse Debt to the extent such distributions

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are from proceeds of such Member Nonrecourse Debt and are allocable to an increase in Member Nonrecourse Debt Minimum Gain, determined according to the provisions of the Treasury Regulations Section 1.704-2(i)(2).

“Membership Interest” means a Member’s rights in one or more Units at any particular time, including the Member’s Economic Interest in the Company, any right to vote or participate in management of the Company and any right to information concerning the business and affairs of the Company provided by this Agreement or the Act.

“Minimum Offering” means the receipt and acceptance by the Managers of subscriptions for Units aggregating at least two million dollars ($2,000,000) in Offering proceeds.

“Minimum Offering Expiration Date” means the one (1) year anniversary of the date of the Prospectus.

“NASAA Omnibus Guidelines” means the NASAA Omnibus Guidelines adopted by the North American Securities Administrators Association, Inc., on March 29, 1992, as amended on May 7, 2007.

“Net Cash Distribution” is defined in Section 9.2(a)(iv).

“Net Worth” means the excess of total assets over total liabilities as determined by generally accepted
accounting principles.

“Non-Compliant Tender Offer” is defined in Section 11.5.

“Nonrecourse Deductions” has the meaning set forth in the Treasury Regulations Section 1.704-2(b)(1). The amount of Nonrecourse Deductions for a given period equals the excess, if any, of the net increase, if any, in the amount of Company Minimum Gain during such period, over the aggregate amount of any distributions during such period of proceeds of a Nonrecourse Liability that are allocable to an increase in Company Minimum Gain, determined according to the provisions of the Treasury Regulations Section 1.704-2(c).

“Nonrecourse Liability” has the meaning set forth in the Treasury Regulations Section 1.704-2(b)(3).

“Offering” means any offering and sale of Units, including pursuant to the Reinvestment Plan.

“Organization and Offering Expenses” means all costs and expenses incurred by and to be paid by the Company in connection with the formation of the Company and the qualification and registration of an Offering, including, but not limited to, total underwriting compensation, legal, accounting, printing, mailing and filing fees, charges of the escrow holder and transfer agent, charges of the Advisor for administrative services related to the issuance of Units in the Offering, reimbursement of bona fide due diligence expenses of broker-dealers, reimbursement of the Advisor for costs in connection with preparing sales materials and the expenses of qualification and sale of the Units under federal and state laws.

“Percentage Interest” means, unless specifically provided otherwise, the percentage ownership interest of any Member determined at any time by dividing a Member’s current Units by the total outstanding Units of all Members. If specifically provided otherwise, the determination of a member’s Percentage Interest may be made on a Class-by-Class basis by dividing a Member’s current Units by the total outstanding Units in a given Class of all Members in that Class. For the avoidance of doubt, the Percentage Interest referred to in Section 9.2(b)(ii) shall be made on a Class-by-Class basis.

“Person” means any natural person, partnership, corporation, association, trust or other legal entity.

“Profit” for any period means all items of Company income and gain for such period determined according to Section 8.3.

“Program” means a limited or general partnership, joint venture, unincorporated association or similar organization other than a corporation formed and operated for the primary purpose of investment in and the operation of or gain from and interest in the assets to be acquired by such entity.

“Prospectus” means the same as that term is defined in Section 2(10) of the Securities Act, including a preliminary prospectus, an offering circular as described in Rule 256 of the General Rules and Regulations under the Securities Act, or, in the case of an intrastate offering, any document by whatever name known, utilized for the purpose of offering and selling Securities to the public.

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“Regulatory Allocations” is defined in Section 9.5.

“Reinvestment Plan” is defined in Section 7.11.

“Relative NAV” means the Company NAV multiplied by the percentage obtained by dividing the current issued and outstanding Units within each of Class A Units, Class C Units and Class I Units by the total issued and outstanding Units of all Members.

“Roll-Up Entity” means a partnership, corporation, trust or similar entity that would be created or would survive after the successful completion of a proposed Roll-Up Transaction.

“Roll-up Transaction” means a transaction involving the acquisition, merger, conversion, or consolidation, directly or indirectly, of the Company and the issuance of securities of a Roll-Up Entity. Such term does not include: (i) a transaction involving securities of the Company that have been listed on a national securities exchange or that are traded through the National Association of Securities Dealers Automated Quotation for at least 12 months, or (ii) a transaction involving the conversion to a corporation, partnership, trust, or association form of only the Company if, as a consequence of the transaction, there will be no significant adverse change in the voting rights of the holders of the Units, the term of existence of the Company, compensation to the Advisor or Sponsor or the investment objectives of the Company.

“Securities” means Units, stock, membership interests or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, stock or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing.

“Securities Act” means the Securities Act of 1933, as amended.

“Selling Commissions” means any and all commissions payable to underwriters, dealer managers or other Soliciting Dealers in connection with the sale of Units, including, without limitation, commissions payable to the Dealer Manager.

“Soliciting Dealers” means those broker-dealers that are members of the Financial Industry Regulatory Authority or that are exempt from broker-dealer registration, and that, in either case, enter into participating broker or other selling agreements with the Dealer Manager to sell Units.

“Sponsor” means any Person directly or indirectly instrumental in organizing, wholly or in part, the Company or any Person who will control, manage or participate in the management of the Company, and any Affiliate of such Person. Sponsor does not include wholly independent third parties, including attorneys, sub-advisors, accountants and underwriters whose only compensation is for professional services. A Person may also be deemed a Sponsor of the Company by:

(a) taking the initiative, directly or indirectly, in founding or organizing the business or enterprise of the Company, either alone or in conjunction with one or more other Persons;

(b) receiving a material participation in the Company in connection with the founding or organizing of the business of the Company, in consideration of services or property, or both services and property;

(c) having a substantial number of relationships and contacts with the Company;

(d) possessing significant rights to control Company properties;

(e) receiving fees for providing services to the Company which are paid on a basis that is not customary in the Company’s industry; or

(f) providing goods or services to the Company on a basis which was not negotiated at arm’s length with the Company.

“Subscription Agreement” means the document that a Person who buys Units of the Company must execute and deliver with full payment for the Units and which, among other provisions, contains the written consent of each Member to the adoption of this Agreement.

“Treasury Regulations” means the Treasury Regulations promulgated under the Code.

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“Units” is defined in Section 7.1.

Article III

POWERS AND PURPOSE

Section 3.1. Purpose. The purposes and powers of the Company shall be to engage in any lawful business or activity that may be engaged in by a limited liability company formed under the Act, as such businesses or other activities may be determined by the Board of Managers from time to time.

Section 3.2. No State Law Partnership. The Company is a Delaware limited liability company that will be treated as a partnership only for federal income tax purposes, and if applicable, state tax purposes, and no Member shall be deemed to be a partner or joint venturer of any other Member, for any purposes other than federal income tax purposes and, if applicable, state tax purposes, and this Agreement shall not be construed to suggest otherwise. The Members intend that the Company shall be treated as a partnership for federal and, if applicable, state income tax purposes, and each Member and the Company shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent with
such treatment.

Section 3.3. Authority. (a) By executing the Subscription Agreement and subscribing for Units, each Member hereby agrees to be bound by the terms of this Agreement and any amendments or supplements thereto or cancellations thereof and authorizes the Company to make all filings of any and all certificates, instruments, agreements or other documents, whether related to this Agreement or otherwise, as may be required or advisable under the laws of the State of Delaware. Each Member hereby agrees to execute and deliver to the Managers within five (5) days after receipt of the Managers’ written request therefore, such other and further statements of interest and holdings, designations, and further statements of interest and holdings, designations, powers of attorney and other instruments that the Managers deem necessary to comply with any laws, rules or regulations relating to the Company’s activities.

Article IV

RESIDENT AGENT AND PRINCIPAL OFFICE

The name of the registered agent of the Company in the State of Delaware is The Corporation Trust Company, whose address is 1209 Orange Street, Wilmington, Delaware 19801. The registered agent is a Delaware corporation. The address of the principal office of the Company is 1230 Rosecrans Avenue, Suite 605, Manhattan Beach, California 90266. The Company may have such other offices or places of business as the Board of Managers may from time to time determine.

Article V

BOARD OF MANAGERS

Section 5.1. Powers.

(a) Subject to the delegation of rights and powers as provided for herein, the Board of Managers shall have the sole right to manage the business of the Company and shall have all powers and rights necessary, appropriate or advisable to effectuate and carry out the purposes and business of the Company. No Member, by reason of its status as such, shall have any authority to act for or bind the Company but shall have only the right to vote on or approve the actions specified herein or in the Act to be voted on or approved by the Members. At any time that there is only one Member, any and all action provided for herein to be taken or approved by the Members shall be taken or approved by the sole Member.

(b) The Company shall have such officers as are provided for in Article VI. The Board of Managers may appoint, employ, or otherwise contract with such other persons or entities for the transaction of the business of the Company or the performance of services for or on behalf of the Company as it shall determine in its sole discretion. The Board of Managers may delegate to any officer of the Company or to any such other person or entity such authority to act on behalf of the Company as the Board of Managers may from time to time deem appropriate in its sole discretion.

(c) Except as otherwise provided by the Board of Managers, when the taking of such action has been authorized by the Board of Managers, any Manager or officer of the Company, or any other person specifically authorized by the Board of Managers, may execute any contract or other agreement or document on behalf of the Company and may

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execute on behalf of the Company and file with the Secretary of State of the State of Delaware any certificates or filings provided for in the Act.

Section 5.2. Limitation on Powers of the Managers. Without the affirmative vote or consent of the Majority of the Members, the Board of Managers shall not:

(a) amend this Agreement, except for amendments which do not adversely affect the rights of the Members, subject to Article XVIII.

(b) sell all or substantially all of the Company’s Assets other than in the ordinary course of the business of the Company, or

(c) cause a merger in which the Company is not the surviving entity or other reorganization; provided that the Board of Managers, upon advice of counsel, may restructure the Company (including the creation or liquidation of subsidiary entities) and / or enter into any agreements the Board of Managers deems necessary, without the prior approval of the Members, if such activities are reasonably determined by the Board of Managers, in its sole discretion, to avoid the characterization under the Code of the Company as a publicly traded partnership that is taxable as
a corporation.

Section 5.3. Number and Classification.

(a) The Board of Managers has five (5) members (the “Managers”). The number of Managers may be increased or decreased from time to time by the Board of Managers; provided, however, that upon Commencement of the Initial Public Offering, the total number of Managers shall be five (5) and shall never be fewer than three (3) nor more than ten (10).

(b) The name and address of the Managers who shall serve on the Board of Managers are:

Name	Address
Gloria S. Nelund	c/o 1230 Rosecrans Avenue, Suite 605, Manhattan Beach, California 90266
Brent L. VanNorman	c/o 1230 Rosecrans Ave, Suite 605, Manhattan Beach, California 90266
Terry Otton	c/o 1230 Rosecrans Ave, Suite 605, Manhattan Beach, California 90266
Cynthia Hostetler	c/o 1230 Rosecrans Ave, Suite 605, Manhattan Beach, California 90266
R. Michael Barth	c/o 1230 Rosecrans Ave, Suite 605, Manhattan Beach, California 90266

(c) The Managers may increase the number of Managers and fill any vacancy, whether resulting from an increase in the number of Managers or otherwise, on the Board of Managers. Any and all vacancies on the Board of Managers may be filled by the affirmative vote of a majority of the remaining Managers in office, even if the remaining Managers do not constitute a quorum, or by the affirmative vote or consent of a majority of the Members in accordance with Section 11.1. Notwithstanding the foregoing sentence, the Independent Managers who remain on the Board of Managers shall nominate replacements for vacancies among the Independent Managers’ positions.

(d) Upon the Commencement of the Initial Public Offering, a majority of the Board of Managers will be Independent Managers except for a period of sixty (60) days after the death, removal or resignation of an Independent Manager. Any vacancies will be filled by the affirmative vote of a majority of the remaining Managers, though less than a quorum. No reduction in the number of Managers shall cause the removal of any Manager from office prior to the expiration of his term.

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Section 5.4. Committees. The Managers may establish such committees as they deem appropriate, and may delegate to such committees such powers as the Managers deem appropriate, in their discretion, provided that at least a majority of the members of each committee are Independent Managers.

Section 5.5. Audit Committee. The Audit Committee of the Board of Managers shall consist solely of Independent Managers, at least one of whom will be deemed an “audit committee financial expert” in accordance with the applicable regulations of the Securities and Exchange Commission. The Audit Committee shall assist the Board of Managers in overseeing the following: (i) accounting and financial reporting policies; (ii) the integrity and audits of the Company’s financial information; (iii) compliance with legal and regulatory requirements; (iv) any quarterly valuations of the Company’s investment portfolio; and (v) the performance of the Company’s risk management function and independent auditors. The Audit Committee shall select the independent public accountants to audit the Company’s annual financial statements, review with the independent public accountants the plans and results of the audit engagement, and consider and approve the audit and non-audit services provided by the independent public accountants. The Audit Committee may retain its own legal, accounting or other advisors.

Section 5.6. Corporate Governance and Conflicts Committee. The Corporate Governance and Conflicts Committee of the Board of Managers shall consist solely of Independent Managers. The Corporate Governance and Conflicts Committee may review and pass on corporate governance issues and any conflict-of-interest issues. The Corporate Governance and Conflicts Committee may retain its own legal or financial advisors.

Section 5.7. Fiduciary Obligations. The Managers serve in a fiduciary capacity to the Company and have a fiduciary duty to the Members, including, a specific fiduciary duty to supervise the relationship of the Company with the Advisor. The Managers shall have a fiduciary responsibility for the safekeeping and use of all funds and Assets of the Company and shall not employ or permit another to employ such funds or Assets in any manner except for the exclusive benefit of the Company.

Section 5.8. Resignation or Removal.

(a) Any Manager may resign by written notice to the Board of Managers, effective upon execution and delivery to the Company of such written notice or upon any future date specified in the notice. Any Manager, or the entire Board of Managers, may be removed from office at any time, with or without cause, by the affirmative vote of a Majority of the Members (excluding any Units or Percentage Interest of any affiliated Manager being removed) without the necessity for concurrence by the Managers.

(b) Any Manager may be removed, by the affirmative vote of a majority of the Managers (excluding the Manager being removed), for “Cause.” The following, as determined by the remaining Managers in their reasonable judgment, shall constitute “Cause” for such removal:

(i) Such Manager’s conviction of or plea of guilty or nolo contendere to any crime constituting a felony in the jurisdiction involved;

(ii) Such Manager’s willful failure or refusal materially to perform his or her duties and responsibilities as a Manager, as set forth in this Agreement;

(iii) Such Manager commits an act of fraud, misappropriation of funds of the Company, embezzlement or intentional dishonesty in connection with his or her functions as a Manager; and

(iv) Such Manager engages in any drug, alcohol or other substance abuse, or any other act or course of conduct involving moral turpitude that is materially injurious to the business or reputation of the Company or any of its Affiliates.

Section 5.9. Approval by Independent Managers. A majority of Independent Managers must approve all applicable matters as specified in Sections 14.2, 15.1, 15.2, 16.1, 16.3, 16.4, 16.5 and 16.6.

Section 5.10. Certain Determinations by Board of Managers. The determination as to any of the following matters, made in good faith by or pursuant to the direction of the Board of Managers consistent with this Agreement, shall be final and conclusive and shall be binding upon the Company and every holder of Units: the amount of the net income for any period and the amount of Assets at any time legally available for the payment of distributions or redemption of Units, the amount of net assets, annual or other cash flow, funds from operations or net profit; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); any interpretation of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of any class or series of Units; the fair value, or any sale, bid or asked

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price to be applied in determining the fair value, of any Asset owned or held by the Company or any Units; the number of Units of any class of the Company; any matter relating to the acquisition, holding and disposition of any Assets by the Company; any conflict between the Act and the provisions set forth in the NASAA Omnibus Guidelines; or any other matter relating to the business and affairs of the Company or required or permitted by applicable law, this Agreement or otherwise to be determined by the Board of Managers; provided, however, that any determination by the Board of Managers as to any of the preceding matters shall not render invalid or improper any action taken or omitted prior to such determination and no Manager shall be liable for making or failing to make such a determination; and provided, further, that to the extent the Board determines that the Act conflicts with the provisions set forth in the NASAA Omnibus Guidelines, the NASAA Omnibus Guidelines control to the extent any provisions of the Act are not mandatory.

Section 5.11. Place of Meetings and Meetings by Telephone. All meetings of the Managers may be held at any place that has been designated from time to time by resolution of the Managers. In the absence of such a designation, regular meetings shall be held at the principal place of business of the Company. Any meeting, regular or special, may be held by conference telephone or similar communication equipment so long as all Managers participating in the meeting can hear one another, and all Managers participating by telephone or similar communication equipment shall be deemed to be present in person at the meeting.

Section 5.12. Regular Meetings. Regular meetings of the Managers shall be held at such times and at such places as shall be fixed by unanimous approval of the Managers. Such regular meetings may be held without notice.

Section 5.13. Special Meetings. Special meetings of the Managers for any purpose or purposes may be called at any time by any Manager or by the Chief Executive Officer or the President. Notice of the time and place of a special meeting shall be delivered personally or by telephone to each Manager and sent by first-class mail, by telegram or telecopy (or similar electronic means) or by nationally recognized overnight courier, charges prepaid, addressed to each Manager at that Manager’s address as it is shown on the records of the Company. In case the notice is mailed, it shall be deposited in the United States mail at least five (5) calendar days before the time of the holding of the meeting. In case the notice is delivered personally or by telephone or by telegram, telecopy (or similar electronic means) or overnight courier, it shall be given at least two (2) calendar days before the time of the holding of the meeting. Any oral notice given personally or by telephone may be communicated either to the Managers or to a person at the office of the Managers who the person giving the notice has reason to believe will promptly communicate it to the Manager. The notice need not specify the purpose of the meeting.

Section 5.14. Quorum. A majority of the authorized number of Managers shall constitute a quorum for the transaction of business, except to adjourn as provided in Section 5.16. Every act or decision done or made by the affirmative vote of a majority of the Managers present at a meeting duly held at which a quorum is present shall be regarded as the act of the Managers, except to the extent that the vote of a higher number of Managers is required by this Agreement or applicable law.

Section 5.15. Waiver of Notice. Notice of any meeting need not be given to any Manager who either before or after the meeting signs a written waiver of notice, a consent to holding the meeting, or an approval of the minutes. The waiver of notice or consent need not specify the purpose of the meeting. All such waivers, consents, and approvals shall be filed with the records of the Company or made a part of the minutes of the meeting. Notice of a meeting shall also be deemed given to any Manager who attends the meeting without protesting before or at its commencement the lack of notice to that Manager.

Section 5.16. Adjournment. A majority of the Managers present, whether or not constituting a quorum, may adjourn any meeting to another time and place. Notice of the time and place of holding an adjourned meeting need not be given unless the meeting is adjourned for more than forty-eight (48) hours, in which case notice of the time and place shall be given before the time of the adjourned meeting.

Section 5.17. Action Without a Meeting. Any action to be taken by the Managers at a meeting may be taken without such meeting by the written consent of a majority of the Managers then in office (or such higher number of Managers as is required to authorize or take such action under the terms of this Agreement or applicable law). Any such written consent may be executed and given by telecopy or similar electronic means. Such written consents shall be filed with the minutes of the proceedings of the Managers. If any action is so taken by the Managers by the written consent of less than all of the Managers, prompt notice of the taking of such action shall be furnished to each Manager who did not execute such written consent, provided that the effectiveness of such action shall not be impaired by any delay or failure to furnish such notice.

Article VI

OFFICERS

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Section 6.1. Officers. The officers of the Company shall be a Chief Executive Officer, a President, a Chief Operating Officer, a Chief Investment Officer, a Chief Financial Officer and a Secretary. The Company may also have, at the discretion of the Managers, such other officers as may be appointed in accordance with the provisions of Section 6.3. Any number of offices may be held by the same person. Each of the officers of the Company may but need not be a Manager.

Section 6.2. Election of Officers. The officers of the Company, except such officers as may be appointed in accordance with the provisions of Section 6.3 or Section 6.5, shall be chosen by the Managers, and each shall serve at the pleasure of
the Managers.

Section 6.3. Subordinate Officers. The Managers may appoint and may empower the Chief Executive Officer to appoint such other officers as the business of the Company may require, each of whom shall hold office for such period, have such authority and perform such duties as are provided in this Agreement or as the Managers (or, to the extent the power to prescribe authorities and duties of subordinate officers is delegated to him or her, the Chief Executive Officer) may from time to time determine.

Section 6.4. Removal and Resignation of Officers. Any officer may be removed, with or without cause, by the Managers at any regular or special meeting of the Managers or by such officer, if any, upon whom such power of removal may be conferred by the Managers. Any officer may resign at any time by giving written notice to the Company. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice; and unless otherwise specified in notice of a resignation, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Company under any contract to which the officer is a party.

Section 6.5. Vacancies in Offices. A vacancy in any office because of death, resignation, removal, disqualification or other cause shall be filled in the manner prescribed in this Agreement for regular appointment to that office. The Chief Executive Officer may make temporary appointments to a vacant office pending action by the Managers.

Section 6.6. Chief Executive Officer. The Chief Executive Officer shall have general responsibility for implementation of the policies of the Company, as determined by the Managers, and for the management of the business and affairs of the Company. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Managers or by this Agreement to some other officer or agent of the Company or shall be required by law to be otherwise executed; and in general shall perform all duties incident to the office of chief executive officer and such other duties as may be prescribed by the Managers from time to time.

Section 6.7. President. In the absence of a Chief Executive Officer, the President shall in general supervise and control all of the business and affairs of the Company. In the absence of a designation of a Chief Operating Officer by the Managers, the President shall be the Chief Operating Officer. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Board of Managers or by this Agreement to some other officer or agent of the Company or shall be required by law to be otherwise executed; and in general shall perform all duties incident to the office of President and such other duties as may be prescribed by the Managers from time to time.

Section 6.8. Chief Investment Officer. The Chief Investment Officer shall serve as the Chairman of the Investment Committee of the Advisor and shall be responsible for the development, implementation and oversight of the firm’s investment strategy, including global macro portfolio optimization, investment implementation and risk management policy. To the extent sub-advisors are used in the investment implementation, the Chief Investment Officer shall be responsible for the development and oversight of the due diligence process, including selection and ongoing monitoring. The Chief Investment Officer shall have such other powers and perform such other duties as may be prescribed by the Managers or the Chief Executive Officer from time to time.

Section 6.9. Chief Financial Officer. The Chief Financial Officer (or Treasurer, should there be one appointed) shall keep and maintain or cause to be kept and maintained adequate and correct books and records of accounts of business transactions of the Company, including accounts of the assets, liabilities, receipts, disbursements, gains, losses, capital of the Company. The books of account shall at all reasonable times be open to inspection by any Manager. The Chief Financial Officer or Treasurer shall deposit all monies and other valuables in the name and to the credit of the Company with such depositaries as may be designated by the Managers. He or she shall disburse the funds of the Company as may be ordered by the Managers, shall render to the Chief Executive Officer and the Managers, whenever they request it, an account of all of his or her transactions as Chief Financial Officer or Treasurer and of the financial condition of the Company and shall have other powers and perform such other duties as may be prescribed by the Managers or the Chief Executive Officer or
this Agreement.

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Section 6.10. Secretary. The Secretary shall keep or cause to be kept at the principal place of business of the Company or such other place as the Managers may direct a book of minutes of all meetings and actions of Managers, committees or other delegates of Managers and Members with the time and place of holding, whether regular or special, and if special, how authorized, the notice given, the names of those present at Managers’ meetings or committee or other delegate meetings, the Percentage Interest present or represented at meetings of Members and the proceedings. The Secretary shall keep or cause to be kept at the principal place of business of the Company, a register or a duplicate register showing the names of all Members and their addresses, the number and classes of Percentage Interest held by each, the number and date of certificates issued for the same, if any, and the number and date of cancellation of every certificate surrendered for cancellation. The Secretary shall give or cause to be given notice of all meetings of the Members and of the Managers (or committees or other delegates thereof) required to be given by this Agreement or by applicable law and shall have such other powers and perform such other duties as may be prescribed by the Managers or the Chief Executive Officer or by this Agreement.

Article VII

CAPITAL CONTRIBUTIONS; UNITS

Section 7.1. Units. A Member’s Membership Interest in the Company, including such Member’s right to receive Distributions from the Company, shall be represented by the “Unit” or “Units” held by such Member. Initially, there shall be three (3) Classes of Units: (i) class A Units (“Class A Units”), (ii) class C Units (“Class C Units”), and (iii) class I Units (“Class I Units”), and such classes shall have the following commissions and fees relating to them:

(a) Each Class A Unit issued in the primary offering shall be subject to a sales commission of up to 7.00% per Unit and a Dealer Manager fee of up to 2.75% per Unit, which underwriting compensation is subject to change in subsequent offerings. No sales commissions or Dealer Manager fees shall be paid with respect to any Class A Units issued pursuant to the Reinvestment Plan.

(b) Each Class C Unit issued in the primary offering shall be subject to a sales commission of up to 3.00% per Unit and a Dealer Manager fee of up to 2.75% per Unit, which underwriting compensation is subject to change in subsequent offerings. In addition, with respect to Class C Units, the Company shall pay the Dealer Manager on a monthly basis a distribution fee (“Distribution Fee”) that accrues daily equal to 1/365th of 0.80% of the amount of the net asset value for the Class C Units for such day on a continuous basis from year to year. No sales commissions or Dealer Manager fee shall be paid with respect to any Class C Units issued pursuant to the Reinvestment Plan.

(c) Each Class I Unit issued in the primary offering shall be subject to a Dealer Manager fee of up to 1.75% per Unit, which underwriting compensation is subject to change in subsequent offerings. No Dealer Manager fees shall be paid with respect to any Class I Units issued pursuant to the Reinvestment Plan.

Section 7.2. Capital Contribution by Initial Member. The Initial Member made a cash Capital Contribution to the Company of $200,000. Except as otherwise agreed by all Members, the Initial Member shall have no right or obligation to make any further Capital Contributions to the Company, except that TriLinc Global, LLC has agreed that it or its affiliate will contribute an additional $800,000 for units in the Offering before the Company can accept $10,000,000 in subscriptions.

Section 7.3. Capital Contributions by New Members. The Managers are authorized and directed to raise capital for the Company as provided in the Prospectus by offering and selling Units to Members as follows:

(a) Each Class A Unit shall initially be issued for a purchase price of $10.00, subject to certain possible discounts, until such time as the Board of Managers adjusts the purchase price of Class A Units.

(b) Each Class C Unit shall initially be issued for a purchase price of $9.576, subject to certain possible discounts, until such time as the Board of Managers adjusts the purchase price of Class C Units.

(c) Each Class I Unit shall initially be issued for a purchase price of $9.186, subject to certain possible discounts, until such time as the Board of Managers adjusts the purchase price of Class I Units.

(d) Except as set forth below, the initial minimum purchase of Units shall be two thousand dollars ($2,000) (or such greater minimum number as may be required under applicable state or federal laws) per Member (including subscriptions from entities of which such Member is the sole beneficial owner) and any additional purchases of Units shall be five hundred dollars ($500) (or such greater minimum number as may be required under applicable state or federal laws) per Member (including subscriptions from entities of which such Member is the sole beneficial owner). Notwithstanding the foregoing, the provisions set forth above relating to the minimum number of Units which may be purchased shall not apply to purchases of Units pursuant to the Reinvestment Plan.

(e) The Managers may accept subscriptions for fractional Units in excess of the minimum subscription amount.

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(f) The Managers may refuse to accept subscriptions for Units and contributions tendered therewith for any reason whatsoever.

(g) Each Unit sold to a subscriber shall be fully paid and nonassessable.

(h) The Managers are further authorized to cause the Company to issue additional Units to Members pursuant to the terms of this Agreement, including, but not limited to, pursuant to any plan of merger, plan of exchange or plan of conversion adopted by the Company.

Section 7.4. Public Offering. Subject to compliance with applicable state securities laws and regulations, the Offering shall terminate two (2) years from the original effective date of the Prospectus unless fully subscribed at an earlier date or terminated on an earlier date by the Board of Managers, or unless extended by the Board of Managers in accordance with applicable federal securities laws and regulations. Except as otherwise provided in this Agreement, the Board of Managers shall have sole and complete discretion in determining the terms and conditions of the offer and sale of Units and are hereby authorized and directed to do all things which they deem to be necessary, convenient, appropriate and advisable in connection therewith, including, but not limited to, the preparation and filing of the Registration Statement with the Securities and Exchange Commission and the securities commissioners (or similar agencies or officers) of such jurisdictions as the Managers shall determine, and the execution or performance of agreements with selling agents and others concerning the marketing of the Units, all on such basis and upon such terms as the Managers shall determine.

Section 7.5. Minimum Capitalization. The Offering will terminate if the Company has not received and accepted subscriptions for the Minimum Offering on or before the Minimum Offering Expiration Date.

Section 7.6. Escrow Account. Until subscriptions for the Minimum Offering are received and accepted by a Manager, or until the Minimum Offering Expiration Date, whichever first occurs, all subscription proceeds shall be held in an escrow account separate and apart from all other funds and invested in obligations of, or obligations guaranteed by, the United States government, or bank money-market accounts or certificates of deposit of national or state banks that have deposits insured by the Federal Deposit Insurance Corporation (including certificates of deposit of any bank acting as a depository or custodian for any such funds), which mature on or before the Minimum Offering Expiration Date, unless such instrument cannot be readily sold or otherwise disposed of for cash by the Minimum Offering Expiration Date without any dissipation of the subscription proceeds invested, all in the discretion of such escrow agent or agents appointed by the Board of Managers. All moneys tendered by Persons whose subscriptions are rejected shall be returned, without interest, to such Persons promptly after such rejection. If subscriptions for the Minimum Offering are not received and accepted before the Minimum Offering Expiration Date, those subscriptions and funds in escrow on such date shall be returned to the subscribers, together with any interest earned thereon. Notwithstanding the above, the escrow shall be modified to reflect any particular requirements of federal law or any state in which the Units are offered. The Managers are, and any one of them is, authorized to enter into one or more escrow agreements on behalf of the Company in such form as is satisfactory to the Managers reflecting the requirements of this Section 7.6 and containing such additional terms as are not inconsistent with this Section 7.6. Upon satisfying the Minimum Offering requirement, funds shall be released from escrow to the Company within approximately thirty (30) days and investors with subscription funds held in the escrow shall be admitted as Members as soon as practicable, but in no event later than fifteen (15) days after such release.

Section 7.7. Admission of Members.

(a) No action or consent by any Members shall be required for the admission of Members to the Company. Subscriptions will be accepted or rejected within thirty (30) days of receipt of each completed Subscription Agreement by the Company and, if rejected, all funds shall be returned to such subscribers and without deduction for any expenses within ten (10) Business Days from the date the subscription is rejected. Prior to satisfying the Minimum Offering requirement, funds of subscribers for Units pursuant to the Offering shall be held in the escrow account described in Section 7.6 above. Such funds shall not be released from escrow, and no subscribers for Units shall be admitted to the Company unless and until the receipt and acceptance by the Company of the Minimum Offering. Any subscriber shall be admitted as a Member no later than the last day of the calendar month following the date his or her subscription was accepted by the Company.

(b) No Person who subscribes for Units in the Offering shall be admitted as a Member who has not executed and delivered to the Company the Subscription Agreement specified in the Prospectus, together with such other documents and instruments as the Managers may deem necessary or desirable to effect such admission.

Section 7.8. Interest on Capital Contributions. No interest shall be paid on, or in respect of, any Capital Contribution to the Company by any Member, nor shall any Member have the right to demand or receive cash or other property in return for the Member’s Capital Contribution.

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Section 7.9. Suitability Standards. Upon the Commencement of the Initial Public Offering and until Listing, the following provisions shall apply:

(a) Subject to suitability standards established by individual states or any higher standards established by the Board of Managers to become a Member of the Company, if the prospective Member is an individual (including an individual beneficiary of a purchasing Individual Retirement Account as defined in the Code), or if the prospective Member is a fiduciary (such as a trustee of a trust or corporate pension or profit sharing plan, or other tax-exempt organization, or a custodian under a Uniform Gifts to Minors Act), such individual or fiduciary, as the case may be, shall represent to the Company, among other requirements as the Company may require from time to time:

(i) that such individual (or, in the case of a fiduciary, that the fiduciary account or the donor who directly or indirectly supplies the funds to purchase the Units) has a minimum annual gross income of seventy thousand dollars ($70,000) and a Net Worth (excluding home, furnishings and automobiles) of not less than seventy thousand dollars ($70,000); or

(ii) that such individual (or, in the case of a fiduciary, that the fiduciary account or the donor who directly or indirectly supplies the funds to purchase the Units) has a Net Worth (excluding home, furnishings and automobiles) of not less than two hundred, fifty thousand dollars ($250,000).

(b) The Sponsor and each Person selling Units on behalf of the Sponsor or the Company shall make every reasonable effort to determine that the purchase of Units is a suitable and appropriate investment for each Member. In making this determination, the Sponsor or each Person selling Units on behalf of the Sponsor or the Company shall ascertain that the prospective Member:

(i) meets the minimum income and Net Worth standards established for the Company;

(ii) can reasonably benefit from the Company based on the prospective Member’s overall investment objectives and portfolio structure;

(iii) is able to bear the economic risk of the investment based on the prospective Member’s overall financial situation; and

(iv) has apparent understanding of: (1) the fundamental risks of the investment; (2) the risk that the Member may lose the entire investment; (3) the lack of liquidity of the Units; (4) the restrictions on transferability of the Units; (5) the background and qualifications of the Sponsor or the Advisor; and (6) the tax consequences of the investment. The Sponsor or each Person selling Units on behalf of the Sponsor or the Company shall make this determination on the basis of information or representations it has obtained from a prospective Member. Relevant information for this purpose will include at least the age, investment objectives, investment experiences, income, Net Worth, financial situation, and other investments of the prospective Member, as well as any other pertinent factors. The Sponsor or each Person selling Unit on behalf of the Sponsor or the Company shall maintain records of the information used to determine that an investment in Units is suitable and appropriate for a Member. The Sponsor or each Person selling Units on behalf of the Sponsor or the Company shall maintain these records or copies of representations made for at least six (6) years.

(c) Subject to certain individual state requirements, the issuance of Units under the Reinvestment Plan, or higher standards established by the Board of Managers from time to time, no Member will be permitted to make an initial investment in the Company by purchasing a number of Units valued at less than two thousand dollars ($2,000).

Section 7.10. Repurchase of Units. The Board of Managers may establish, from time to time, a program or programs by which the Company voluntarily repurchases Units from its Members, provided, however, that such repurchase does not impair the capital or operations of the Company. The Sponsor, the Advisor, the Managers or any Affiliates thereof may not receive any fees on the repurchase of Units by the Company.

Section 7.11. Distribution Reinvestment Plans. The Board of Managers may establish, from time to time, a distribution reinvestment plan or plans (a “Reinvestment Plan”) if all of the following conditions are met: (i) The Company and any subsequent entities in which the Members reinvest are registered or exempted under applicable state securities laws; (ii) Except as otherwise provided herein, no sales commissions or fees shall be deducted directly or indirectly from the reinvested funds by the Advisor; (iii) Any subsequent entities in which the Members reinvest has substantially identical investment objectives as the Company; (iv) The Members are free to elect or revoke reinvestment within a reasonable time and such right is fully disclosed in the offering documents; (v) The Members shall have received a Prospectus, which is current as of the date of each such reinvestment; and (vi) The broker-dealer or the issuer assumes responsibility for blue sky compliance and performance of due diligence responsibilities and has contacted the Members to ascertain whether the Members continue to meet the applicable states’ suitability standard for participation in each reinvestment.

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Section 7.12. Assessments. Mandatory Assessments of any kind shall be prohibited.

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Article VIII

CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS

Section 8.1. Company Capital. No Member shall be paid interest on any Capital Contribution to the Company or on such Member’s Capital Account, and no Member shall have any right (i) to demand the return of such Member’s Capital Contribution or any other distribution from the Company (whether upon resignation, withdrawal or otherwise), except upon dissolution of the Company pursuant to Section 20.3 hereof, (ii) to cause a partition of the Company’s assets, or (iii) to own or use any particular or individual assets of the Company.

Section 8.2. Establishment and Determination of Capital Accounts. A capital account (“Capital Account”) shall be established for each Member. The Capital Account of each Member shall consist of his, her or its initial Capital Contribution and shall be (i) increased by (a) any additional Capital Contributions made by such Member pursuant to the terms of this Agreement, (b) the amount of any Company liabilities that are assumed by such Member, and (c) such Member’s share of Profits allocated to such Member pursuant to Section 9.4, (ii) decreased by (a) such Member’s share of Losses allocated to such Member pursuant to Section 9.4 and (b) any Distributions to such Member (net of liabilities assumed by such Member and liabilities to which such property is subject) distributed to such Member and (iii) adjusted as otherwise required by the Code and the regulations thereunder, including but not limited to, the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). Any references in this Agreement to the Capital Account of a Member shall be deemed to refer to such Capital Account as the same may be increased or decreased from time to time as set forth above.

Section 8.3. Computation of Amounts. For purposes of computing the amount of any item of income, gain, loss, deduction or expense to be reflected in Capital Accounts, the determination, recognition and classification of each such item shall be the same as its determination, recognition and classification for federal income tax purposes; provided that:

(i) any income that is exempt from Federal income tax shall be added to such taxable income or losses;

(ii) any expenditures of the Company described in Section 705(a)(2)(B) of the Code or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(i), shall be subtracted from such taxable income or losses;

(iii) if the Book Value of any Company property is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e) (in connection with a distribution of such property) or (f) (in connection with a revaluation of Capital Accounts), then the amount of such adjustment shall be taken into account as gain or loss from the disposition of
such property;

(iv) if property that is reflected on the books of the Company has a Book Value that differs from the adjusted tax basis of such property, then depreciation, amortization and gain or loss with respect to such property shall be determined by reference to such Book Value; and

(v) the computation of all items of income, gain, loss, deduction and expense shall be made without regard to any election pursuant to Section 754 of the Code that may be made by the Company, unless the adjustment to basis of Company property pursuant to such election is reflected in Capital Accounts pursuant to Treasury Regulation
Section 1.704-l(b)(2)(iv)(m).

Section 8.4. Negative Capital Accounts. No Member shall be required to pay to the Company or any other Member any deficit or negative balance which may exist from time to time in such Member’s Capital Account.

Section 8.5. Adjustments to Book Value. The Company shall adjust the Book Value of its assets to fair market value in accordance with Treasury Regulation Section l.704-l(b)(2)(iv)(f) as of the following times: (a) at the Manager’s discretion, in connection with the issuance of Membership Interests in the Company and the computation of Company NAV; (b) at the Manager’s discretion, in connection with the Distribution by the Company to a Member of more than a de minimis amount of Company assets, including cash, if as a result of such Distribution, such Member’s interest in the Company is reduced (including a redemption); and (c) the liquidation of the Company within the meaning of Treasury Regulation Section 1.704-1 (b)(2)(ii)(g). Any such increase or decrease in Book Value of an asset made pursuant to Section 8.5(a) or (b) shall, as a matter of administrative convenience, occur on a quarterly basis to take into consideration the contributions by and distributions to Members over the course of a given quarter, Furthermore, any such increase or decrease in Book Value of an asset shall be allocated as a Profit or Loss to the Capital Accounts of the Members under Section 9.4 (determined immediately prior to the issuance of the new Membership Interests or the distribution of assets in an ownership reduction transaction).

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Section 8.6. Compliance With Section 1.704-1(b). The provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Section 1.704-1(b) of the Treasury Regulations, and shall be interpreted and applied in a manner consistent with such Treasury Regulations. If the Managers determine that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto (including debits or credits relating to liabilities which are secured by contributed or distributed property or which are assumed by the Company or any Member), are computed in order to comply with such regulation, the Managers may make such modification, provided that it is not likely to have a material effect on the amount distributable to any Member pursuant to Section 9.2 on the dissolution of the Company. The Managers also shall (a) make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Members and the amount of Company capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance with Treasury Regulation Section 1.704-1(b)(iv)(g), and (b) make any appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Treasury Regulation Section 1.704-1(b).

Section 8.7. Transfer of Capital Accounts. The original Capital Account established for each substituted Member shall be in the same amount as the Capital Account of the Member (or portion thereof) to which such substituted Member succeeds, at the time such substituted Member is admitted to the Company. The Capital Account of any Member whose interest in the Company shall be increased or decreased by means of the transfer of Membership Interests to or from such Member shall be appropriately adjusted to reflect such transfer. Any reference in this Agreement to a Capital Contribution of or Distribution to a Member that has succeeded any other Member shall include any Capital Contributions or Distributions previously made by or to the former Member on account of the Membership Interests of such former Member transferred to such Member.

Article IX

DISTRIBUTIONS; ALLOCATIONS OF PROFITS AND LOSSES

Section 9.1. Generally. Subject to the provisions of Section 18-607 of the Act, the Managers shall have sole discretion regarding the amounts and timing of distributions to Members, in each case subject to the retention of, or payment to third parties of, such funds or reserves as it deems necessary with respect to anticipated business needs of the Company which shall include (but not by way of limitation) the payment or the making of provision for the payment when due of Company obligations, including the payment of any management or administrative fees and expenses or any other obligations.

Section 9.2. Distributions.

(a) From time to time and not less than quarterly, the Board of Managers shall review the Company’s accounts to determine whether the Company has available cash which is not necessary to retain and can be distributed to its Members. In no event, however, shall funds be advanced or borrowed for purpose of Distributions, if the amount of such Distributions would exceed the Company’s accrued and received revenues for the previous four (4) quarters, less paid and accrued operating costs with respect to such revenues and costs shall be made in accordance with generally accepted accounting principles, consistently applied. Cash Distributions from the Company to the Sponsor shall only be made in conjunction with Distributions to Members and only out of funds properly allocated to the Sponsor’s account. The Board of Managers shall cause the Company to set aside adequate reserves for normal replacements and contingencies (but not for the payment of fees payable to the Advisor). The Company shall make Distributions to the Members pursuant to this Section 9.2 as follows:

(b)

(i) First, Company NAV shall be determined pursuant to this Agreement and Distributions shall be allocated among the Class A Units, the Class C Units and the Class I Units (as well as any subsequently authorized Class) pro rata in proportion to the Relative NAV of each Class;

(ii) Second, the Distributions allocable to any given Class pursuant to Section 9.2(b)(i) shall be allocated and distributed among the respective holders of Units of such Class pro rata based on their Percentage Interests of such Class (with the amount of the Distribution Fee payable by the Company with respect to Class C Units being deducted from the Distributions available to Class C Units pursuant to Section 9.2(b)(i) and reserved by the Company for payment or paid by the Company to the Dealer Manager, which amounts shall be deemed distributed to such holders of Class C Units).

(c) The Company will make no Distributions of in-kind property except for Distributions of readily marketable securities, distributions of beneficial interests in a liquidating trust established for the dissolution of the Company or Distributions in connection with the liquidation of the Assets in accordance with the terms of this Agreement unless: (i) the Board of Managers advises each Member of the risks associated with direct ownership of the property, (ii) the

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Board of Managers offers each Member the election of receiving in-kind property Distributions, and (iii) the Company distributes in-kind property only to those Members who accept such offer by the Board of Managers.

Section 9.3. Form of Distribution. A Member, regardless of the nature of the Member’s Capital Contribution, has no right to demand and receive any distribution from the Company in any form other than money.

Section 9.4. Allocation of Profit and Loss. For each fiscal year of the Company, after adjusting each Member’s Capital Account for all Capital Contributions and distributions during such fiscal year and all special allocations pursuant to Section 9.5 with respect to such fiscal year, all Profits and Losses (including special allocations of Distribution Fees and other than Profits and Losses specially allocated pursuant to Section 9.5) shall be allocated to the Members’ Capital Accounts in a manner such that, as of the end of such fiscal year, the Capital Account of each Member (which may be either a positive or negative balance) shall be equal to the amount which would be distributed to such Member if the Company were to liquidate all of its assets for the Book Value thereof and distributed the proceeds thereof pursuant to the order of priorities set forth in Section 9.2(b) hereof.

Section 9.5. Special Allocations. Notwithstanding the provisions of Section 9.4:

(i) Nonrecourse Deductions shall be allocated to the Members, pro rata in proportion to the Relative NAV of each Unit. If there is a net decrease in Company Minimum Gain during any Taxable Year, each Member shall be specially allocated items of taxable income or gain for such Taxable Year (and, if necessary, subsequent Taxable Years) in an amount equal to such Member’s share of the net decrease in Company Minimum Gain, determined in accordance with Treasury Regulation Section 1.704-2(g) (subject to the exceptions thereunder). The items to be so allocated shall be determined in accordance with Treasury Regulation Section 1.704-2(f)(6). This paragraph is intended to comply with the minimum gain chargeback requirements in Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith.

(ii) Member Nonrecourse Deductions shall be allocated in the manner required by Treasury Regulation Section 1.704-2(i). Except as otherwise provided in Treasury Regulation Section 1.704-2(i)(4), if there is a net decrease in Member Minimum Gain during any Taxable Year, each Member that has a share of such Member Minimum Gain shall be specially allocated items of taxable income or gain for such Taxable Year (and, if necessary, subsequent Taxable Years) in an amount equal to that Member’s share of the net decrease in Member Minimum Gain (subject to the exceptions thereunder). Items to be allocated pursuant to this paragraph shall be determined in accordance with Treasury Regulation Sections 1.704-2(i)(4) and 1.704-2(j)(2). This paragraph is intended to comply with the minimum gain chargeback requirements in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

(iii) If any Member unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation Section 1.704-l(b)(2)(ii)(d)(4), (5) or (6), items of taxable income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate the adjusted capital account deficit (determined according to Treasury Regulation Section 1.704-1(b)(2)(ii)(d)) created by such adjustments, allocations or distributions as quickly as possible. This paragraph is intended to comply with the qualified income offset requirements in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

(iv) No allocation of Loss shall be made pursuant to Section 9.4 to the extent that it causes or increases a deficit balance in any Member’s Adjusted Capital Account. To the extent any allocation of Loss would cause the Adjusted Capital Account balance of any of the Members to have a deficit balance, such Loss shall be allocated to the Members with positive balances in their Adjusted Capital Accounts in proportion with such relative positive Adjusted Capital Account balances.

(v) The allocations set forth in paragraphs (i), (ii), (iii) and (iv) above (the “Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations under Code Section 704. Notwithstanding any other provisions of this Section 9.5 (other than the Regulatory Allocations), the Regulatory Allocations shall be taken into account in allocating Profits and Losses among Members so that, to the extent possible, the net amount of such allocations of Profits and Losses and other items and the Regulatory Allocations (including Regulatory Allocations that, although not yet made, are expected to be made in the future) to each Member shall be equal to the net amount that would have been allocated to such Member if the Regulatory Allocations had not occurred.

Section 9.6. Amounts Withheld. All amounts withheld pursuant to Sections 9.2(b)(ii) or 9.11 from any distribution to a Member shall be treated as amounts distributed to such Member pursuant to Section 9.2 for all purposes under
this Agreement.

Section 9.7. Tax Allocations: Code Section 704(c).

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(i) The income, gains, losses, deductions and expenses of the Company shall be allocated, for federal, state and local income tax purposes, among the Members in accordance with the allocation of such income, gains, losses, deductions and expenses among the Members for computing their Capital Accounts, except that if any such allocation is not permitted by the Code or other applicable law, the Company’s subsequent income, gains, losses, deductions and expenses shall be allocated among the Members so as to reflect as nearly as possible the allocations set forth herein in computing their
Capital Accounts.

(ii) In accordance with Code Section 704(c) and the Treasury Regulations thereunder, income, gain, loss, deduction and expense with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its fair market value at the time of contribution using any reasonable method (including the “Traditional Method”) provided for in the Treasury Regulations as selected by the Managers in their sole
and discretion.

(iii) If the Book Value of any Company asset is adjusted pursuant to Section 8.5, subsequent allocations of items of taxable income, gain, loss, deduction and expense with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Book Value in the same manner as under Code Section 704(c). Any elections or other decisions relating to such allocations shall be made by the Board of Managers in any manner that reasonably reflects the purpose and intent of this Agreement. Allocations pursuant to this Section 9.7 are solely for purposes of federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Profits, Losses, other items or Distributions pursuant to any provisions of
this Agreement.

Section 9.8. Preparation of Tax Returns. The Board of Managers shall arrange for the preparation and timely filing of all returns with respect to Company income, gains, deductions, losses and other items required of the Company for federal and state income tax purposes and shall use all reasonable effort to furnish the tax information reasonably required by Members for federal and state income tax reporting purposes pursuant to Section 13.3.

Section 9.9. Tax Elections. Except as otherwise provided herein, the Board of Managers shall, in its sole and absolute discretion, determine whether to make any available election pursuant to the Code. The Board of Managers shall have the right to seek to revoke any such election upon the Board of Manager’s determination in its sole and absolute discretion that such revocation is in the best interests of the Members.

Section 9.10. Tax Matters.

(a) The Board of Managers is authorized, but not required:

(i) to enter into any settlement with the Internal Revenue Service with respect to any administrative or judicial proceedings for the adjustment of Company items (such administrative proceedings being referred to as a “tax audit” and such judicial proceedings being referred to as “judicial review”);

(ii) to seek judicial review of any adjustment with the United States Tax Court or the United States Claims Court, or the filing of a complaint for refund with the District Court of the United States for the district in which the Company’s principal place of business is located;

(iii) to enter into an agreement with the Internal Revenue Service to extend the period for assessing any tax; and

(iv) to take any other action on behalf of the Company in connection with any tax audit or judicial review proceeding to the extent permitted by applicable law or regulations.

The taking of any action and the incurring of any expense by the Board of Managers in connection with any such proceeding, except to the extent required by law, is a matter in the sole and absolute discretion of the Board of Managers and the indemnification provisions set forth in Article XVII, hereof shall be fully applicable with respect to such actions.

Section 9.11. Withholding. Each Member hereby authorizes the Company to withhold from or pay on behalf of or with respect to such Member any amount of federal, state, local or foreign taxes that the Board of Managers determines, in its sole and absolute discretion, that the Company is required to withhold or pay with respect to any amount distributable to such Member pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid by the Company pursuant to sections 1441, 1442 or 1445 of the Code.

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Article X

RESTRICTION ON TRANSFER AND OWNERSHIP OF UNITS

Section 10.1. Transfer of Membership Interest.

(a) A Member may assign its Economic Interests by a duly executed, written instrument of assignment, the terms of which are not in contravention of any of the provisions of this Agreement and which contains the provisions required by the Board of Managers to effectuate the assignment.

(b) In the case of an assignment by a Member of its Economic Interests where the assignee does not become a substituted Member pursuant to Section 10.2 below, the Company shall recognize the assignment not later than the last day of the calendar month following receipt of notice of the assignment and any other required documentation.

Section 10.2. Substituted Members. No assignee of the whole or any portion of a Membership Interest in the Company shall have the right to become a substituted Member in place of his or her assignor, unless the following conditions are first met:

(a) The assignor shall designate such intention in a written instrument of assignment, which shall be in a form and substance reasonably satisfactory to the Managers;

(b) The written consent of the Managers to such substitution shall be obtained, which consent shall not be unreasonably withheld, but which, in any event, shall not be given if the Managers determine that such sale or transfer (i) is to a minor or incompetent (unless a guardian, custodian or conservator has been appointed to handle the affairs of such person); (ii) may jeopardize the continued ability of the Company to qualify as a “partnership” for federal income tax purposes; (iii) may violate any applicable laws, including, without limitation, applicable federal and state securities laws (including any investment suitability standards); or (iv) would jeopardize the Company’s existence or qualification as a limited liability company under Delaware law and or under the applicable laws of any other jurisdiction in which the Company is then conducting business. In the case of a Member who is a Benefit Plan Investor, the consent of the Managers to any substitution for all or part of such Benefit Plan Investor’s Units shall not be withheld unless the Managers believe in good faith that (i) the assignee is a minor or incompetent (unless a guardian, custodian or conservator has been appointed to handle the affairs of such person); (ii) such sale or transfer may jeopardize the continued ability of the Company to qualify as a “partnership” for federal income tax purposes or that such sale or transfer may violate any applicable federal or state securities laws (including any investment suitability standards); or (iii) one of the other conditions in Sections 10.2 or 10.3 hereof would not be met;

(c) The assignor and assignee named therein shall execute and acknowledge such other instruments as the Managers may deem necessary to effectuate such substitution;

(d) The assignee shall accept, adopt and approve in writing all of the terms and provisions of this Agreement as the same may have been amended;

(e) Such assignee shall pay or obligate himself to pay all reasonable expenses connected with such substitution, including but not limited to reasonable attorneys’ fees associated therewith; and

The Company has received, if required by the Managers, a legal opinion satisfactory to the Managers that such transfer will not violate the registration provisions of the Securities Act, which opinion shall be furnished at the Member’s expense. The Company shall amend its records at least once each calendar quarter to effect the substitution of a substituted Member.

Section 10.3. Further Restrictions on Transfers. Notwithstanding any provision to the contrary contained herein, the following restrictions shall also apply to any and all proposed sales, assignments and transfer of Membership Interests or Economic Interests, and any proposed sale, assignment or transfer in violation of same shall be void ab initio.

(a) No Member shall make any transfer or assignment of all or any part of his Membership Interest or Economic Interest if said transfer or assignment, when considered with all other transfers during the same applicable twelve (12) month period, would, in the opinion of the Board of Managers, result in the termination of the Company’s status as a partnership for federal or state income tax purposes.

(b) No Member shall make any transfer or assignment of all or any of his Membership Interest or Economic Interest if the Managers determine such transfer or assignment would result in the Company being classified as an association taxable as a corporation or a “publicly traded partnership” within the meaning of Section 7704(b) of the Code (determined without reference to Code Section 469(i)) or any rules, regulations or safe-harbor guidelines promulgated thereunder.

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(c) No Member shall make any transfer or assignment of all or any of his Membership Interest or Economic Interest unless the transferee that would have been qualified to purchase Units in the Offering and no transferee may acquire or hold fewer than two hundred (200) Units.

(d) Each Member that is a legal entity (other than a Benefit Plan Investor) acknowledges that its management shall have a fiduciary responsibility for the safekeeping and use of all funds and assets of any assignee to all or a portion of its interest as a Member, and that the management of each Member that is a legal entity (other than a Benefit Plan Investor) shall not employ, or permit another to employ such funds or assets that are attributable to any assignee of all or a portion of such Member’s interest as a Member in any manner except for the exclusive benefit of the assignee. Each Member, other than a Benefit Plan Investor, agrees that it will not contract away the foregoing
fiduciary duty.

Section 10.4. Elimination or Modification of Restrictions. Notwithstanding any of the foregoing provisions of this Article X, the Managers shall amend this Agreement to eliminate or modify any restriction on substitution or assignment at such time as the restriction is no longer necessary or advisable.

ARTICLE XI

MEMBERS

Section 11.1. Voting and Other Rights of Members. The Members shall have the right to take any of the following actions upon the affirmative vote or consent of the Majority of the Members, without the concurrence of the Board of Managers:

(a) amend this Agreement,

(b) dissolve the Company,

(c) remove a Manager and elect a new Manager, and

(d) approve or disapprove the sale of all or substantially all of the Assets of the Company, when such sale is to be made other than in the ordinary course of the Company’s business.

Section 11.2. Limited Liability of Members. No Member shall be liable for any debts or obligations of the Company beyond the amount of the Capital Contributions made by such Member.

Section 11.3. Representation of Company. Each of the Members hereby acknowledges and agrees that the attorneys representing the Company and the Managers and their Affiliates do not represent and shall not be deemed under the applicable codes of professional responsibility to have represented or be representing any or all of the Members in any respect at any time. Each of the Members further acknowledges and agrees that such attorneys shall have no obligation to furnish the Members with any information or documents obtained, received or created in connection with the representation of the Company, the Managers and/or their Affiliates.

Section 11.4. Preemptive Rights. Except as may be provided by the Board of Managers, or as may otherwise be provided by contract approved by the Board of Managers, no holder of Units shall, as such holder, have any preemptive right to purchase or subscribe for any additional Units or any other Securities which the Company may issue or sell.

Section 11.5. Tender Offers. If any Person makes a tender offer, including, without limitation, a “mini-tender” offer, such Person must comply with all of the provisions set forth in Regulation 14D of the Exchange Act, including, without limitation, disclosure and notice requirements, that would be applicable if the tender offer was for more than five percent (5%) of the outstanding Units; provided, however, that such documents are not required to be filed with the Securities and Exchange Commission. In addition, any such Person must provide notice to the Company at least ten (10) Business Days prior to initiating any such tender offer. Any Person who initiates a tender offer without complying with the provisions set forth above (a “Non-Compliant Tender Offer”), shall be responsible for all expenses incurred by the Company in connection with the enforcement of the provisions of this Section 11.5, including without limitation, expenses incurred in connection with the review of all documents related to such tender offer. In addition, the Company may seek injunctive relief, including, without limitation, a temporary or permanent restraining order, in connection with any Non-Compliant Tender Offer. This Section 11.5 shall be of no force or effect with respect to any Units that are then listed.

Article XII

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MEETINGS OF MEMBERS

Section 12.1. Meetings. The Managers, or Members representing ten percent (10%) of the outstanding Units, may call a meeting of the Company for any matters for which Members may vote as set forth in this Agreement. If Members representing the requisite Units present to the Managers a written request stating the purpose of the meeting, the Managers shall fix a date for such meeting and shall, within ten (10) days after receipt of such request, provide written notice in accordance with Section 12.3 below to all of the Members of the date of such meeting and the purpose for which it has been called. With respect to a meeting duly requested by Members, such meeting shall be held at a date not less than fifteen (15) and not more than sixty (60) days after the Company’s receipt of the Members’ written request for the meeting, and, unless otherwise specified in the notice for such meeting, the meeting shall be held at 2:00 p.m. on such date at the principal place of business of the Company as set forth in Article V. At any meeting of the Company, Members may vote in person or by proxy. A Majority of the Members, present in person or by proxy, shall constitute a quorum at any Company meeting. Any question relating to the Company which may be considered and acted upon by the Members hereunder may be considered and acted upon by vote at a Company meeting, and any consent required to be in writing shall be deemed given by a vote by written ballot. Except as expressly provided above, additional meeting and voting procedures shall be in conformity with Section 18-302 of the Act.

Section 12.2. Manner of Giving Notice. Notice of any meeting of Members shall be given personally or by telephone to each Member or sent by first class mail, by telegram or telecopy (or similar electronic means) or by a nationally recognized overnight courier, charges prepaid, addressed to the Member at the address of that Member appearing on the books of the Company or given by the Member to the Company for the purpose of notice. Notice shall be deemed to have been given at the time when delivered either personally or by telephone, or at the time when deposited in the mail or with a nationally recognized overnight courier, or when sent by telegram or telecopy (or similar electronic means).

Section 12.3. Adjourned Meeting; Notice. Any meeting of Members, whether or not a quorum is present, may be adjourned from time to time by the vote of a majority of the Percentage Interests represented at that meeting, either in person or by proxy. When any meeting of Members is adjourned to another time or place, notice need not be given of the adjourned meeting, unless a new record date of the adjourned meeting is fixed or unless the adjournment is for more than sixty (60) days from the date set for the original meeting. At any adjourned meeting, the Company may transact any business that might have been transacted at the original meeting.

Section 12.4. Record Date for Member Notice, Voting and Giving Consents.

(a) For purposes of determining the Members entitled to vote or act at any meeting or adjournment thereof, the Board of Managers may fix in advance a record date which shall not be greater than ninety (90) days nor fewer than ten (10) days before the date of any such meeting. If the Board of Managers do not so fix a record date, the record date for determining Members entitled to notice of or to vote at a meeting of Members shall be at the close of business on the Business Day immediately preceding the day on which notice is given, or if notice is waived, at the close of business on the Business Day next preceding the day on which the meeting is held.

(b) Only Members of record on the record date as herein determined shall have any right to vote or to act at any meeting or give consent to any action relating to such record date, provided that no Member who transfers all or part of such Member’s Membership Interest after a record date (and no transferee of such Membership Interest) shall have the right to vote or act with respect to the transferred Membership Interest as regards the matter for which the record date was set.

Section 12.5. Proxies. Every Member entitled to vote or act on any matter at a meeting of Members shall have the right to do so either in person or by proxy, provided that an instrument authorizing such a proxy to act is executed by the Member in writing and dated not more than eleven (11) months before the meeting, unless the instrument specifically provides for a longer period. A proxy shall be deemed executed by a Member if the Member’s name is placed on the proxy (whether by manual signature, typewriting, telegraphic transmission or otherwise) by the Member or the Member’s attorney-in-fact. A valid proxy that does not state that it is irrevocable shall continue in full force and effect unless (i) revoked by the person executing it before the vote pursuant to that proxy by a writing delivered to the Company stating that the proxy is revoked, by a subsequent proxy executed by the person who executed the earlier proxy or by attendance at the meeting and voting in person by the person who executed the earlier proxy or (ii) written notice of the death or incapacity of the maker of that proxy is received by the Company before the vote pursuant to that proxy is counted. A proxy purporting to be executed by the person who executed that proxy or on behalf of a Member shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger.

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Article XIII

BOOKS AND RECORDS, REPORTS AND RETURNS

Section 13.1. Right of Inspection. As permitted hereunder, any Member and any designated representative thereof shall be permitted access to the records of the Company at all reasonable times, and may inspect and copy any of them for a reasonable charge. Inspection of the Company’s books and records by the office or agency administering the securities laws of a jurisdiction shall be provided upon reasonable notice and during normal business hours.

Section 13.2. Access to Members List.

(a) An alphabetical list of the names, addresses and telephone number of the Members of the Company, along with the number of Units held by each of them (the “Members List”), shall be maintained as part of the books and records of the Company and shall be available for inspection by any Member or the Member’s designated agent at the home office of the Company upon the request of the Member. For any of the purposes described below, the Members List shall be updated at least quarterly to reflect changes in the information contained therein. A copy of such list, for any of the purposes described below, shall be mailed to any Member so requesting within ten (10) days of receipt by the Company of the request. The copy of the Members List shall be printed in alphabetical order, on white paper, and in a readily readable type size (in no event smaller than 10-point type). The Company may impose a reasonable charge for postage costs and expenses incurred in reproduction pursuant to the Member request. A Member may request a copy of the Members List in connection with matters relating to Member’s voting rights and the exercise of Member rights under federal proxy laws.

(b) If the Managers neglect or refuse to exhibit, produce or mail a copy of the Members List as requested, the Advisor and/or the Managers shall be liable to any Member requesting the list for the costs, including reasonable attorney’s fees, incurred by that Member for compelling the production of the Members List, and for actual damages suffered by any Member by reason of such refusal or neglect. It shall be a defense that the actual purpose and reason for the requests for inspection or for a copy of the Members List is to secure such list of Members or other information for the purpose of selling such list or copies thereof, or of using the same for a commercial purpose, other than in the interest of the applicant as a Member relative to the affairs of the Company. The Company may require the Member requesting the Members List to represent that the list is not requested for a commercial purpose unrelated to the Member’s Membership Interest in the Company. The remedies provided hereunder to Members requesting copies of the Members List are in addition to and shall not in any way limit other remedies available to Members under federal law, or the laws of any state.

Section 13.3. Tax Information. The Managers shall use commercially reasonable efforts, at the Company’s expense, to cause to be prepared and distributed to the Members not later than seventy-five (75) days after the end of the Company’s fiscal year, all information necessary for the preparation of the Members’ federal income tax returns.

Section 13.4. Annual Report. The Managers shall cause to be prepared at least annually, at Company expense, within one hundred and twenty (120) days after the end of the Company’s fiscal year, an annual report, which will include financial statements audited and reported upon by the Company’s independent public accountants, and will contain: (A) a balance sheet as of the end of each fiscal year and statements of income, Members’ equity, and cash flow, for the year then ended, all of which shall be prepared in accordance with generally accepted accounting principles and accompanied by an auditor’s report containing an opinion of an independent certified public accountant; (B) a report of the activities of the Company during the period covered by the report; (C) where forecasts have been provided to the Members, a table comparing the forecasts previously provided with the actual results during the period covered by the report; and (D) a report setting forth Distributions to Members for the period covered thereby and separately identifying Distributions from: (i) Cash Flow from operations during the period, (ii) Cash Flow from operations during a prior period which have been held as reserves, (iii) proceeds from disposition of Assets and (iv) reserves from the Gross Proceeds of the Offering originally obtained from the Members. The annual report may also contain an estimated value per Unit, the method by which that value was determined, and the date of the data used to develop the estimated value. The Managers shall take reasonable steps to ensure that, (i) within the scope of the annual audit of the Sponsor’s financial statements, the independent certified public accountants preparing such annual report will issue a special report on the allocation of such costs to the Company in accordance with the Advisory Agreement, (ii) the special report shall be in accordance with the American Institute of Certified Public Accountants United States Auditing Standards relating to special reports, (iii) the additional costs of such special report will be itemized and may be reimbursed to the Sponsor by the Company in accordance with this Section 13.4(a) only to the extent that such reimbursement, when added to the cost for administrative services rendered, does not exceed the competitive rate for such services as determined above, (iv) the special report shall at minimum provide: a review of the time records of individual employees, the costs of whose services were reimbursed; and a review of the specific nature of the work performed by each such employee, and (v) the prospectus, prospectus supplement or periodic report as

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filed with the SEC shall disclose in tabular form an itemized estimate of such proposed expenses for the next fiscal year together with a breakdown by year of such expenses reimbursed in each of the last five public programs formed by the Sponsor, if any.

Section 13.5. Quarterly Reports. If and for as long as the Company is required to file quarterly reports on Form 10-Q with the Securities and Exchange Commission, the information contained in each such report shall be furnished or made available to Members (in a form and manner consistent with then-current requirements of the Securities and Exchange Commission) after such report is filed with the Securities and Exchange Commission, but no later than forty-five (45) days after the end of the relevant quarter for the quarterly report on Form 10-Q. If and when such reports are not required to be filed, each Member will be furnished (in a form and manner consistent with then-current requirements of the Securities and Exchange Commission), within sixty (60) days after the end of the first six (6) months of the Company’s fiscal year, an unaudited financial report for that period including a balance sheet, a statement of income, a statement of members’ equity and a cash flow statement. Such reports shall also include such other information as is deemed reasonably necessary by the Managers to advise the Members of the activities of the Company during the quarter covered by the report.

Section 13.6. Filings. The Managers, at Company expense, shall use commercially reasonable efforts to cause the income tax returns for the Company to be prepared and timely filed with the appropriate authorities (with due regard for any extension of time for filing any such income tax returns as elected by the Managers). The Managers, at Company expense, shall also use commercially reasonable efforts to cause to be prepared and timely filed, with appropriate federal and state regulatory and administrative bodies, all reports required to be filed with those entities under then current applicable laws, rules and regulations. The reports shall be prepared by the accounting or reporting basis required by the regulatory bodies. Any Member shall be provided with a copy of any of the reports upon request without expense to him or her. The Managers, at Company expense, shall file, with the Administrators for the various states in which this Company is registered, as required by such states, a copy of each report referred to in this Article XIII.

Section 13.7. Method of Accounting. The accrual method of accounting in accordance with accounting principles generally accepted in the United States shall be used for both income tax purposes and financial reporting purposes; provided, however, the Managers reserve the right to change the method of accounting from time to time, provided that such change is permitted (under the Code and accounting principles generally accepted in the United States) and disclosed in a report publicly filed by the Company with the Securities and Exchange Commission or is disclosed in a written notice sent to Members.

Article XIV

ADVISOR

Section 14.1. Appointment and Initial Investment of Advisor. The Board of Managers is responsible for setting the general policies of the Company and for the general supervision of the Company’s business conducted by officers, agents, employees, advisors or independent contractors of the Company. However, the Managers are not required personally to conduct the business of the Company, and they may (but need not) appoint, employ or contract with any Person (including a Person Affiliated with any Manager) as an Advisor and may grant or delegate such authority to the Advisor as the Board of Managers may, in its sole discretion, deem necessary or desirable. The term of retention of any Advisor shall not exceed one (1) year, although there is no limit to the number of times that a particular Advisor may be retained. The Advisor or its Affiliates have made an initial aggregate investment of $200,000 in the Company. The Advisor or any such Affiliate may not sell this initial investment while the Advisor remains the Advisor but may transfer the initial investment to other Affiliates.

Section 14.2. Supervision of Advisor Compensation and the Advisor.

(a) The Board of Managers shall review and evaluate the qualifications of the Advisor before entering into, and shall evaluate the performance of the Advisor before renewing, an Advisory Agreement and the criteria used in such evaluation shall be reflected in the minutes of meetings of the Board of Managers. All agreements between the Advisor and the Company must be approved by a majority of the Independent Managers. The Board of Managers may exercise broad discretion in allowing the Advisor to administer and regulate the operations of the Company, to act as agent for the Company, to execute documents on behalf of the Company and to make executive decisions that conform to general policies and principles established by the Board of Managers. The Board of Managers shall monitor the Advisor to assure that the administrative procedures, operations and programs of the Company are in the best interests of the Members and are fulfilled and that (i) the expenses incurred are reasonable in light of the investment performance of the Company, its net assets and net income, (ii) all Front End Fees shall be reasonable and shall not exceed eighteen percent (18%) of the Gross Proceeds of any offering, regardless of the source of payment, and (iii) the percentage of Gross Proceeds of any offering committed to Investment in Company Assets shall be at least eighty-two percent (82%). All items of compensation to underwriters or

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dealers, including, but not limited to, selling commissions, expenses, rights of first refusal, consulting fees, finders’ fees and all other items of compensation of any kind or description paid by the Company, directly or indirectly, shall be taken into consideration in computing the amount of allowable Front End Fees.

(b) The Board of Managers is responsible for determining that compensation paid to the Advisor is reasonable in relation to the nature and quality of services performed and the investment performance of the Company and that the provisions of the Advisory Agreement entered into with the Advisor (the “Advisory Agreement”) are being carried out. All agreements between the Advisor and the Company must be approved by a majority of the Independent Managers. The Board of Managers may consider all factors that they deem relevant in making these determinations.

Section 14.3. Fiduciary Obligations. Any investment advisory agreement with the Advisor shall provide that the Advisor has a fiduciary responsibility to the Company and to the Members.

Section 14.4. Termination. The Advisor may not voluntarily withdraw from the Company without one hundred and twenty (120) days prior written notice. If the Advisor fails to give such notice, the withdrawing Advisor shall pay all expenses incurred as a result of its withdrawal. Upon termination of the Advisory Agreement, the Company may be required to pay to the terminated Advisor all amounts then accrued and owing.

Section 14.5. Organization and Offering Expenses Limitation. Unless otherwise provided in any resolution adopted by the Board of Managers, the Company shall reimburse the Advisor and its Affiliates for Organization and Offering Expenses incurred by the Advisor or its Affiliates; provided, however, that the total amount of all Organization and Offering Expenses shall be reasonable and shall be included in Front End Fees for purposes of the limit on such Front End Fees set forth in Section 14.2.

Section 14.6. Reimbursement for Operating Expenses.

(a) Unless otherwise provided in any resolution adopted by the Board of Managers, and subject to Section 14.6(b) below, the Company may reimburse the Advisor or its Affiliates, at the end of each fiscal quarter, for goods and services, including, but not limited to, impact monitoring services and Acquisition Expenses. The Advisor may be reimbursed for the administrative services necessary to the prudent operation of the Company; provided, the reimbursement shall be the lower of the Advisor’s actual cost or the amount the Company would be required to pay Persons other than the Advisor’s Affiliates for comparable administrative services in the same geographic location; and provided, further, that such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other method conforming with generally accepted accounting principles. Except as otherwise provided herein, no reimbursement shall be permitted for services for which the Advisor is entitled to compensation by way of a
separate fee.

(b) Excluded from the allowable reimbursement shall be: (i) rent or depreciation, utilities, capital equipment and similar items; and (ii) salaries, fringe benefits, travel expenses and similar items incurred or allocated to any controlling person of the Advisor. For purposes of this Section 14.6, “controlling person” means persons with responsibilities similar to those of an executive, or a member of the Board of Managers, or any person who holds more than ten percent (10%) of the Advisor’s equity securities or who has the power to control the Advisor.

Section 14.7. Section 707 Compliance. Any fees paid to a Member (including those pursuant to this Article XIV) shall be treated as payments governed by Section 707 of the Code.

Article XV

INVESTMENT POLICIES AND LIMITATIONS

Section 15.1. Review of Policies. The Independent Managers shall review the investment and borrowing policies of the Company with sufficient frequency (and, upon Commencement of the Initial Public Offering, at least annually) to determine that the policies being followed by the Company at any time are in the best interests of its Members. Each such determination and the basis therefor shall be set forth in the minutes of the meetings of the Board of Managers.

Section 15.2. Certain Permitted Investments. Until such time as the Units are Listed, the Company may invest in Joint Ventures with an Affiliated Person if a majority of Managers (including a majority of Independent Managers) not otherwise interested in the transaction, approve such investment as being fair and reasonable to the Company and on terms substantially similar to the terms of third parties making comparable investments.

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Section 15.3. Reinvestment of Proceeds. Reinvestment of proceeds resulting from the sale or refinancing of a Company Asset may take place if sufficient cash will be distributed to pay federal income tax, if any (assuming investors are in a specified tax bracket) created by the sale or refinancing of such Asset. To the extent that any cash available for distribution is reinvested, such reinvested cash shall not be considered “investments” in the Company for the purposes of calculating
Capital Contributions.

Section 15.4. Investments in Other Programs

(a) The Company shall not invest in general partnerships or joint ventures with non-Affiliates that own and operate specific assets, unless the Company, alone or together with any publicly registered Affiliate of the Company meeting the requirements of subsection (b) below, acquires a controlling interest in such a general partnership or joint venture, but in no event shall the Advisor be entitled to duplicate fees; provided, however that the foregoing is not intended to prevent the Company from investing and reinvesting its assets in securities of other issuers. For purposes of this Section 15.4, “controlling interest” means an equity interest possessing the power to direct or cause the direction of the management and policies of the general partnership or joint venture, including the authority to: (i) review all contracts entered into by the general partnership or joint venture that will have a material effect on its business or assets; (ii) cause a sale or refinancing of the assets or its interest therein subject, in certain cases where required by the partnership or joint venture agreement, to limits as to time, minimum amounts and/or a right of first refusal by the joint venture partner or consent of the joint venture partner; (iii) approve budgets and major capital expenditures, subject to a stated minimum amount; (iv) veto any sale or refinancing of the assets, or alternatively, to receive a specified preference on sale or refinancing proceeds; and (v) exercise a right of first refusal on any desired sale or refinancing by the joint venture partner of its interest in the assets, except for transfer to an Affiliate of the joint venture partner.

(b) The Company shall have the authority to invest in general partnerships or joint ventures with other publicly registered Affiliates of the Company if all of the following conditions are met: (i) the Affiliate and the Company have substantially identical investment objectives; (ii) there are no duplicate fees to the Advisor; (iii) the compensation payable by the general partnership or joint venture to the Advisor and the Sponsors of each Affiliate that invests in such partnership or joint venture is substantially identical; (iv) each of the Company and the Affiliate has a right of first refusal to buy if the other party wishes to sell assets held in the joint venture; (v) the investment of each of the Company and its Affiliate is on substantially the same terms and conditions; and (vi) any prospectus of the Company in use or proposed to be used when such an investment has been made or is contemplated discloses the potential risk of impasse on joint venture decisions since neither the Company nor its Affiliate controls the partnership or joint venture, and the potential risk that while a the Company or its Affiliate may have the right to buy the assets from the partnership or joint venture, it may not have the resources
to do so.

(c) The Company shall have the authority to invest in general partnerships or joint ventures with Affiliates other than publicly registered Affiliates of the Company only if all of the following conditions are met: (i) the investment is necessary to relieve the Advisor from any commitment to purchase the assets prior to the closing of the offering period of the Company; (ii) there are no duplicate fees to the Advisor; (iii) the investment of each entity is on substantially the same terms and conditions; (iv) the Company has a right of first refusal to buy if the Advisor wishes to sell assets held in the joint venture; and (v) any prospectus of the Company in use or proposed to be used when such an investment has been made or is contemplated discloses the potential risk of impasse on joint venture decisions.

(d) The Company may be structured to conduct operations through separate single-purpose entities managed by the Advisor (multi-tier arrangements); provided that the terms of any such arrangements do not result in the circumvention of any of the requirements or prohibitions contained herein. Any agreements regarding such arrangements shall accompany any prospectus of the Company, if such agreement is then available, and the terms of such agreement shall contain provisions assuring that all of the following restrictions apply: (i) there will be no duplication or increase in Organization and Offering Expenses, fees payable to the Advisor, program expenses or other fees and costs; (ii) there will be no substantive alteration in the fiduciary and contractual relationship between the Advisor, the Company and the Members and (iii) there will be no diminishment in the voting rights of the Members.

(e) Other than as specifically permitted in subsections (b), (c) and (d) above, the Company shall not invest in general partnerships or joint ventures with Affiliates.

(f) The Company shall be permitted to invest in general partnership interests of limited partnerships only if the Company, alone or together with any publicly registered Affiliate of the Company meeting the requirements of subsection (b) above, acquires a “controlling interest” as defined in subsection (a) above, the Advisor is not entitled to any duplicate

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fees, no additional compensation beyond that permitted under applicable law is paid to the Advisor, and the agreement of limited partnership or other applicable agreement complies with this Section 15.4.

Article XVI

CONFLICTS OF INTEREST

Section 16.1. Investments with Affiliates. The Company shall not invest in any asset or company in which the Advisor, any of the Managers or officers or any of their Affiliates has a direct economic interest without a determination by a majority of the Board of Managers (including a majority of the Independent Managers) that such an investment is fair and reasonable to the Company. In addition, with respect to any potential debt investment in a portfolio company in which a sub-advisor has an equity interest, the 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.

Section 16.2. Voting of Units Owned by Affiliates. The Advisor, the Sponsor, the Managers and officers, and their Affiliates may not vote their Units regarding the removal of any of Affiliates or any other transaction between such Affiliates and the Company. All Units owned by the Advisor, the Sponsor, the Managers and officers, and their Affiliates shall be excluded in determining the requisite percentage of interest in Units necessary to approve a matter on which the Advisor, the Sponsor, the Managers and officers, and their Affiliates, as applicable, may not vote or consent.

Section 16.3. Purchase of Assets from Affiliates. The Company shall not purchase Assets from the Sponsor, the Advisor, the Managers or any of their Affiliates unless a majority of the Board of Managers (including a majority of the Independent Managers) not otherwise interested in the transaction determines that such transaction is fair and reasonable to the Company and at a price to the Company 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 shall the cost of such asset to the Company exceed its current appraised value.

Section 16.4. Sale of Assets to Affiliates. The Company shall not sell or lease Assets to the Sponsor, the Advisor, the Managers or any of their Affiliates without a determination by a majority of the Board of Managers (including a majority of the Independent Managers) not otherwise interested in the transaction, that such transaction is fair and reasonable to
the Company.

Section 16.5. Loans to Affiliates.Except for the advancement of funds pursuant to Section 17.3, no loans, credit facilities, credit agreements or otherwise shall be made by the Company to the Advisor or any Affiliate thereof.

Section 16.6. Other Transactions with Affiliates.The Company shall not engage in a transaction with an Affiliated Person unless a majority of the Board of Managers (including a majority of the Independent Managers) not otherwise interested in the transaction concludes that such transactions between the Company and the Sponsor, the Advisor, any of the Managers or any of their Affiliates are fair and reasonable to the Company and on terms and conditions not less favorable to the Company 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 the Company by the Advisor, shall be embodied in a written contract, the material terms of which must be fully disclosed to the Members.

Section 16.7. Exchange of Interests in the Company. The Company may not acquire Assets in exchange for Units or other indicia of ownership in the Company.

Section 16.8. Exclusive Agreement. The Company shall not give the Advisor an exclusive right to sell or exclusive employment to sell Assets for the Company.

Section 16.9. Commissions on Financing, Refinancing or Reinvestment. The Sponsor and the Advisor may only receive commissions on the reinvestment of Cash Flow or proceeds from the sale, exchange or refinancing of Assets to the extent permitted under Section 14.2 and 14.6.

Section 16.10. Rebates, Kickbacks and Reciprocal Arrangements.

(a) No rebates or give-ups may be received by the Sponsor nor may the Sponsor participate in any reciprocal business arrangements which would circumvent the NASAA Omnibus Guidelines or the provisions contained in
this Agreement.

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(b) The Sponsor may only pay underwriting compensation to a registered broker-dealer or other properly licensed Person.

Section 16.11. Commingling. The funds of the Company shall not be commingled with the funds of any other Person; provided, however, that the foregoing shall not prohibit the Advisor from establishing a master fiduciary account pursuant to which separate subtrust accounts are established for the benefit of Affiliated Programs, if Company funds are protected from claims of such other Programs and/or creditors. The foregoing prohibition shall not apply to investments described in Section 15.2.

Section 16.12. Lending Practices. The Company may not borrow money from the Sponsor, the Advisor, the Managers, or any of their Affiliates, unless a majority of the Board of Managers (including a majority of Independent Managers) not otherwise interested in such transaction approve the transaction as being fair, competitive, and commercially reasonable and no less favorable to the Company than loans between unaffiliated parties under the same circumstances.

Section 16.13. No Permanent Financing. The Advisor shall be prohibited from providing permanent financing for the Company. For purposes of this Section 16.13, “permanent financing” shall mean any financing with a term in excess
of 12 months.

Article XVII

LIABILITY LIMITATION, INDEMNIFICATION

AND TRANSACTIONS WITH THE COMPANY

Section 17.1. Limitation of Member Liability. No Member shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to the Company by reason of being a Member, nor shall any Member be subject to any personal liability whatsoever, in tort, contract or otherwise, to any person in connection with the property or the affairs of the Company by reason of being a Member.

Section 17.2. Limitation of Liability.

(a) Subject to any non-waivable limitations set forth under Delaware law or in paragraph (b), no Manager or officer of the Company shall be liable to the Company or its Members for money damages. Neither the amendment nor repeal of this Section 17.2(a), nor the adoption or amendment of any other provision of this Agreement inconsistent with this Section 17.2(a), shall apply to or affect in any respect the applicability of the preceding sentence with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.

(b) Notwithstanding anything to the contrary contained in paragraph (a) above, the Company shall not provide that the Sponsor, a Manager, the Advisor or any Affiliate of the Advisor (the “Indemnitee”) be held harmless for any loss or liability suffered by the Company, unless all of the following conditions are met:

(i) The Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company.

(ii) The Indemnitee was acting on behalf of or performing services for the Company.

(iii) Such liability or loss was not the result of (A) negligence or misconduct, in the case that the Indemnitee is a Manager (other than an Independent Manager), the Advisor or an Affiliate of the Advisor or (B) gross negligence or willful misconduct, in the case that the Indemnitee is an Independent Manager.

(iv) Such agreement to hold harmless is recoverable only out of the Company’s assets and not from
the Members.

Section 17.3. Indemnification.

(a) Subject to any non-waivable limitations set forth under Delaware law or in paragraph (b) or (c) below, the Company 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 (i) any individual who is a present or former Manager or officer of the Company and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity, (ii) any individual who, while a Manager or officer of the Company and at the request of

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the Company, serves or has 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 threatened to be made a party to the proceeding by reason of his or her service in that capacity or (iii) the Advisor or any of its Affiliates acting as an agent of the Company. The rights to indemnification and advance of expenses provided hereby shall vest immediately upon appointment of a Manager, officer, Advisor or an Affiliate. The Company may, with the approval of the Board of Managers or any duly authorized committee thereof, provide such indemnification and advance for expenses. The Board of Managers may take such action as is necessary to carry out this Section 17.3(a). No amendment of this Agreement or repeal of any of its provisions shall limit or eliminate the right of indemnification provided hereunder with respect to acts or omissions occurring prior to such amendment
or repeal.

(b) Notwithstanding anything to the contrary contained in paragraph (a) above, the Company shall not provide indemnification for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the Indemnitee, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the 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 authority in which Securities were offered or sold as to indemnification for violations of securities laws.

(c) The Company may not incur the cost of that portion of liability insurance which insures the Advisor or its Affiliates for any liability as to which the Advisor or its Affiliates is prohibited from being indemnified under this section.

(d) The advancement of Company 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 satisfied:

(i) The legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Company or its subsidiaries.

(ii) The legal action is initiated by a third party who is not a Member or, if by a Member acting in his or her capacity as such, a court of competent jurisdiction approves such advancement.

(iii) The Advisor or its Affiliates undertake to repay the advanced funds to the Company, together with the applicable legal rate of interest thereon, in cases in which found not to be entitled to indemnification.

Section 17.4. Express Exculpatory Clauses in Instruments. Neither the Members nor the Managers, officers, employees or agents of the Company shall be liable under any written instrument creating an obligation of the Company by reason of their being Members, Managers, officers, employees or agents of the Company, and all Persons shall look solely to the Company’s Assets for the payment of any claim under or for the performance of that instrument. The omission of the foregoing exculpatory language from any instrument shall not affect the validity or enforceability of such instrument and shall not render any Member, Manager, officer, employee or agent liable thereunder to any third party, nor shall the Managers or any officer, employee or agent of the Company be liable to anyone as a result of such omission.

Article XVIII

AMENDMENTS

This Agreement is subject to amendment by the affirmative vote or consent of the Majority of the Members in accordance with Sections 5.2 and 11.1, except for amendments which do not adversely affect the rights of the Members; provided, however, that no such amendment shall be permitted if the effect of such amendment would be to increase the duties or liabilities of any Manager or Member or diminish the rights or benefits to which any Manager or Member is entitled under this Agreement, without the affirmative vote or consent of a majority of the Percentage Interests held by the Members who would be adversely affected thereby (or the consent of a Manager if it will be adversely affected thereby). This Agreement shall in no event be amended to change the limited liability of the Members without the affirmative vote or consent of all of the Members. Any amendment to this Agreement modifying the compensation or Distributions to which the Managers are entitled or which affects the duties of the Managers shall require the consent of the Managers. In addition, and notwithstanding anything to the contrary contained in this Agreement, the Managers shall have the right to amend this Agreement, without the vote or consent of any of the Members, when:

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(a) There is a change in the name of the Company or the amount of the contribution of any Member;

(b) A Person is substituted as a Member;

(c) An additional Member is admitted;

(d) A Person is admitted as a successor or additional Manager in accordance with the terms of this Agreement;

(e) To cure any ambiguity, to correct or supplement any provision which may be inconsistent with any other provision, or to make any other provisions with respect to matters or questions arising under this Agreement which will not be inconsistent with the provisions of this Agreement;

(f) To delete or add any provision of this Agreement required to be so deleted or added by the Staff of the Securities and Exchange Commission or by a State “Blue Sky” Administrator or similar official, which request will be accepted as a determination by such Administrator or officer that such change is required by the Administrator or official for the benefit or protection of the Members;

(g) To elect for the Company to be governed by any successor Delaware statute governing limited
liability companies;

(h) To modify provisions of this Agreement to cause this Agreement to comply with Treasury Regulation Section 1.704-1(b); and

(i) To improve, upon advice of counsel, the Company’s position in avoiding being treated as a publicly traded partnership taxable as a corporation under the Code or any other tax position of the Company.

The Managers shall notify the Members within a reasonable time of the adoption of any such amendment, provided that such notice shall be deemed to have been given if the adopted amendment is disclosed in a report that the Company publicly files with the Securities and Exchange Commission.

Article XIX

ROLL-UP TRANSACTIONS

In connection with any proposed Roll-Up Transaction, an appraisal of all of the Company’s Assets shall be obtained from an Independent Expert. The Company’s Assets shall be appraised on a consistent basis, and the appraisal shall be based on the evaluation of all relevant information and shall indicate the value of the Assets as of a date immediately prior to the announcement of the proposed Roll-Up Transaction. The appraisal shall assume an orderly liquidation of the Assets over a 12-month period. The terms of the engagement of the Independent Expert shall clearly state that the engagement is for the benefit of the Company and the Members. A summary of the appraisal, indicating all material assumptions underlying the appraisal, shall be included in a report to Members in connection with a proposed Roll-Up Transaction. If the appraisal will be included in a prospectus used to offer the securities of a Roll-up Entity, the appraisal will be filed as an exhibit to the registration statement with the Securities and Exchange Commission and with any state where such securities are registered. In connection with a proposed Roll-Up Transaction, the Person sponsoring the Roll-Up Transaction shall offer to holder of Units who vote against the proposed Roll-Up Transaction the choice of:

(a) accepting the securities of a Roll-Up Entity offered in the proposed Roll-Up Transaction; or

(b) one of the following:

(i) remaining as Members of the Company and preserving their interests therein on the same terms and conditions as existed previously; or

(ii) receiving cash in an amount equal to the Members’ pro rata share of the appraised value of the net assets of the Company.

The Company is prohibited from participating in any proposed Roll-Up Transaction:

(c) that would result in the holder of Units having voting rights in a Roll-Up Entity that are less than the rights provided for in Sections 11.1 and 12.1 of this Agreement;

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(d) which includes provisions that would operate as a material impediment to, or frustration of, the accumulation of Units by any purchaser of the securities of the Roll-Up Entity (except to the minimum extent necessary to preserve the tax status of the Roll-Up Entity), or which would limit the ability of an investor to exercise the voting rights of its securities of the Roll-Up Entity on the basis of the number of Units held by that investor;

(e) in which investor’s rights to access of records of the Roll-Up Entity will be less than those required by the laws of the state in which the Roll-Up Entity was formed; or

(f) in which any of the costs of the Roll-Up Transaction would be borne by the Company if the Roll-Up Transaction is rejected by the holders of Units.

Article XX

DURATION AND DISSOLUTION OF THE COMPANY

Section 20.1. Duration. The Company shall continue perpetually unless terminated pursuant to Section 20.3 or pursuant to any applicable provision of the Act.

Section 20.2. Authority of Managers. Subject to the provisions of any class or series of Units at the time outstanding, the Board of Managers shall have the power to dissolve or liquidate the Company; provided; however, that except as otherwise permitted by law, such action shall have been approved, at a meeting of the Members called for that purpose, by the affirmative vote of the holders of not less than a majority of the Units then outstanding and entitled to vote thereon (other than a sale in the ordinary course of the Company’s business, as to which no such vote is required).

Section 20.3. Dissolution.

(a) The Company may be dissolved upon the affirmative vote of the holders of a majority of the outstanding Units entitled to vote thereon. Upon the dissolution of the Company:

(i) The Company shall carry on no business except for the purpose of winding up its affairs.

(ii) The Board of Managers shall proceed to wind up the affairs of the Company and all of the powers of the Board of Managers under this Agreement shall continue, including the powers to fulfill or discharge the Company’s contracts, collect its Assets, sell, convey, assign, exchange, transfer or otherwise dispose of all or any part of the remaining property of the Company to one or more persons at public or private sale for consideration which may consist in whole or in part of cash, securities or other property of any kind, discharge or pay its liabilities and do all other acts appropriate to liquidate its business.

(iii) In connection with the winding up of the affairs of the Company, the Board of Managers shall liquidate the Assets as promptly as is consistent with obtaining current fair market value of such Assets.

(iv) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and agreements as they deem necessary for their protection, the Company may distribute the remaining property of the Company among the Members so that after payment in full or the setting apart for payment of such preferential amounts, if any, to which the holders of any Units at the time outstanding shall be entitled, the remaining property of the Company shall, subject to any participating or similar rights of Units at the time outstanding, be distributed among the holders of Units at the time outstanding pursuant to the priorities set forth in Section 9.2(b) of this Agreement.

(b) Upon completion of the distribution of the Company property as provided in Section 20.3(a), the Board of Managers shall cause the filing of a certificate of cancellation with the Secretary of State of the State of Delaware and of all qualifications and registrations of the Company as a foreign limited liability company in jurisdictions in which the Company shall be qualified to transact business, and shall take such other actions as may be necessary to terminate the Company.

Article XXI

MISCELLANEOUS

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Section 21.1. Covenant to Sign Documents. Each Member covenants, for himself or herself and his or her successors and assigns, to execute, with acknowledgment or verification, if required, any and all certificates, documents and other writings which may be necessary or expedient to form the Company and to achieve its purposes, including, without limitation, the Certificate and all amendments thereto, and all such filings, records or publications necessary or appropriate laws of any jurisdiction in which the Company shall conduct its business.

Section 21.2. Notices. Except as otherwise expressly provided for in this Agreement, all notices which any Member may desire or may be required to give any other Members shall be in writing and shall be deemed duly given when delivered personally or when deposited in the United States mail, first-class postage pre-paid. Notices to Members shall be addressed to the Members at the last address shown on the Company records. Notices to the Managers or to the Company shall be delivered to the Company’s principal place of business, as set forth in Article V above or as hereafter charged as
provided herein.

Section 21.3. Entire Agreement. This Agreement constitutes the entire Agreement between the parties and supersedes any and all prior agreements and representations, either oral or in writing, between the parties hereto with respect to the subject matter contained herein.

Section 21.4. Waiver. No waiver by any party hereto of any breach of, or default under, this Agreement by any other party shall be construed or deemed a waiver of any other breach of or default under this Agreement, and shall not preclude any party from exercising or asserting any rights under this Agreement with respect to any other.

Section 21.5. Severability. If any term, provision, covenant or condition of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the provisions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

Section 21.6. Application of Delaware law. This Agreement and the application or interpretation thereof shall be governed, construed, and enforced exclusively by its terms and by the law of the State of Delaware applicable to contracts to be made and performed entirely in such state.

Section 21.7. Captions. Section titles or captions contained in this Agreement are inserted only as a matter of convenience and for reference and in no way define, limit, extend or describe the scope of this Agreement.

Section 21.8. Number and Gender. Whenever the singular number is used in this Agreement and when required by the context, the same shall include the plural, and the masculine gender shall include the feminine and neuter genders.

Section 21.9. Counterparts. This Agreement may be executed in counterparts, any or all of which may be signed by a Manager on behalf of the Members as their attorney-in-fact.

Section 21.10. Waiver of Action for Partition. Each of the parties hereto irrevocably waives during the term of the Company any right that it may have to maintain any action for partition with respect to any property of the Company or to cause the Company to be dissolved or liquidated.

Section 21.11. Assignability. Each and all of the covenants, terms, provisions and arguments herein contained shall be binding upon and inure to the benefit of the successors and assigns of the respective parties hereto, subject to the requirements of Article X.

Section 21.12. No Third Party Beneficiaries. For the avoidance of doubt, except for the Indemnitees, there are no intended or unintended third party beneficiaries of this Agreement (it being understood that each Indemnitee is an express third party beneficiary with respect to the provisions of this Agreement applicable to them as if they were parties to this Agreement).

[signature page follows]

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IN WITNESS WHEREOF, the undersigned has caused this Second Amended and Restated Limited Liability Company Operating Agreement to be signed, and attested to, on this 28th day of March, 2016.

MEMBER:
TriLinc Advisors, LLC
By:	/s/ Gloria S. Nelund
Name:	Gloria S. Nelund
Title:	Chairman & Chief Executive Officer

ATTEST: NOTARY PUBLIC

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EX-10.5

Exhibit 10.5

AMENDED AND RESTATED OPERATING EXPENSE RESPONSIBILITY AGREEMENT

This Amended and Restated Operating Expense Responsibility Agreement, entered into on the date set forth below, is by and among TriLinc Global, LLC, a Delaware limited liability company (“Sponsor”), TriLinc Advisors, LLC, a Delaware limited liability company (“Advisor”), and TriLinc Global Impact Fund, LLC, a Delaware limited liability company (“Fund” and together with the Sponsor and the Advisor, the “Parties”).

WHEREAS, the Sponsor has agreed to be responsible for the payment of the Fund’s cumulative operating costs paid through and including December 31, 2016, including all management fees due to the Advisor that have not been paid by the Fund, (collectively as set forth in Exhibit A hereto and referred to as “Fund Expenses”); and

NOW, THEREFORE, in consideration of the mutual promises and covenants set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1. Expense Responsibility for Fund Expenses. The Sponsor shall pay the Fund Expenses and will not seek reimbursement of the Fund Expenses until the Fund has raised at least $200 million of gross proceeds (the “Gross Proceeds Hurdle”) in the Company’s public offering (the “Offering”) of units of its limited liability company interest (“Units”) pursuant to the Registration Statement on Form S-1 (File No. 333-185676), as declared effective by the Securities and Exchange Commission on February 25, 2013, provided any such reimbursement will not cause the Fund’s Net Asset Value per unit to fall below the prior quarter’s Net Asset Value per unit. To the extent the Fund is not successful in satisfying the Gross Proceeds Hurdle, no amount will be payable by the Fund for reimbursement to the Sponsor of the Fund Expenses.

2. Entire Agreement. This Agreement sets forth the entire agreement of the Parties with respect to the matters contained herein and no prior or contemporaneous agreement or understanding pertaining to any such matter shall be effective for any purpose.

3. Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware, without regard to its principles of conflicts of laws.

[Signature Page Follows]

IN WITNESS WHEREOF, the parties have executed this Agreement on March 25, 2017

TRILINC GLOBAL, LLC
By:
Name:	Brent L. VanNorman
Title:	COO and CFO
TRILINC ADVISORS, LLC
By:
Name:	Brent L. VanNorman
Title:	COO and CFO
TRILINC GLOBAL IMPACT FUND, LLC
By:
Name:	Gloria S. Nelund
Title:	Chairman and CEO

Attachment A

Schedule of Services Incurred by TriLinc Global Impact Fund, LLC through December 31, 2016

Vendor	Description of Services	Amount
ANDE	2013-2014 Membership		5,000
ASTA	Document Translation		3,186
Apex Fund Services	Fund Administration		216,639
Bank of NY Mellon	Fund Administration		90,000
Bank of NY Mellon	Bank fees		17,277
Board of Managers	Board Wages		633,457
Board of Managers	Board Meeting expenses		113,347
Credit Cards	Travel - Dead deal costs		62,987
Deloitte & Touche	Audit		401,400
Deloitte & Touche	Tax services		392,717
DST Systems, Inc.	Transfer Agent		870,742
Duff & Phelps	Valuation services		29,849
Emtek Solutions, LLC	PAES/TAS		7,875
Federal Agent	PAES/TAS		12,750
Greenberg Traurig	Legal Services		615,085
IDB Bank	Due Diligence		50,000
iUVO Talent	PAES/TAS		12,318
Josh Zuckerwise	Travel expenses		4,023
Legatum Global Development Limited	PAES/TAS		292,500
Leverages Notes	Interest		16,228
Lewis Kopp	Expense reimbursement		14,348
Lincoln National Insurance	Keyman insurance		8,558
Maples and Calder	Legal Services		103,911
Moss Adams	Audit and 10-Q review		356,943
MF Analytics	PAES/TAS		65,159
O'Connor Davies	SOX Compliance		60,744
PathNorth	2013 Core Membership		4,167
Paul Sanford	Travel expenses		5,212
Payroll	PAES/TAS		150,091
Pickwick Capital Partners	Leverage		4,270
Robert Mora	PAES/TAS		97,791
Rothstein Kass	SOX Implementation/Compliance		41,027
RR Donnelley	10-K, 10-Q & 8-K Processing		197,885
Spolin Cohen	Legal Services		81,564
State of California & Delaware	Franchise fees		1,945
Steve Napleton	Travel expenses		8,979
Tanir Helayel	PAES/TAS		6,779
Trilinc Advisors, LLC	Copies, postage and miscellaneous		52,998
Trilinc Advisors, LLC	eFront		304,775
Trilinc Advisors, LLC	Management fees		1,717,750
Trilinc Advisors, LLC	Incentive fees		5,130,786
Trilinc Advisors, LLC	Due Diligence		131,628
Trilinc Advisors, LLC	Travel expenses		77,792
Trilinc Advisors, LLC	Legal expenses		180,410
Troy Wiseman	Expense reimbursement		9,701
Trustees of Tufts College	PAES/TAS		18,150
Various	PAES/TAS		14,601
Willis	Fund Insurance		134,675
		$	12,830,019

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 – Asia II, 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 30, 2017	/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, Brent L. VanNorman, 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 30, 2017	/s/ BRENT L. VANNORMAN
	Brent L. VanNorman
	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, 2016, 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 30, 2017	/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, 2016, 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 30, 2017	/s/ BRENT L. VANNORMAN
	Brent L. VanNorman
	Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

XML

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 24, 2017	Jun. 30, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2016
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	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 0
Class A Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		16,890,678
Class C Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,724,769
Class I Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,633,674

XML

Consolidated Statements of Assets and Liabilities - USD ($)	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Investments owned, at fair value (amortized cost of $203,854,890 and $101,346,528, respectively)	$ 203,795,813	$ 101,028,104
Cash	44,790,312	33,246,769
Interest receivable	6,866,432	3,580,530
Due from affiliates (see Note 5)	3,175,656	1,874,932
Prepaid expenses	50,122	53,181
Total assets	258,678,335	139,783,516
LIABILITIES
Due to unitholders	934,805	548,700
Management fee payable	1,166,147	135,863
Notes payable	1,635,000
Unit repurchases payable	2,158,255
Due to affiliates (see Note 5)	68,312	472,057
Accrued distribution fees	1,907,000
Other payables	52,901	6,289
Total liabilities	7,922,420	1,162,909
Commitments and Contingencies (see Note 5)
NET ASSETS	250,755,915	138,620,607
ANALYSIS OF NET ASSETS:
Offering costs	(14,543,691)	(7,822,366)
Class A Units [Member]
LIABILITIES
NET ASSETS	131,351,882	82,944,542
ANALYSIS OF NET ASSETS:
Net capital paid	138,912,711	87,625,105
Class C Units [Member]
LIABILITIES
Accrued distribution fees	1,907,000
NET ASSETS	56,156,722	9,171,672
ANALYSIS OF NET ASSETS:
Net capital paid	59,498,965	9,689,230
Class I Units [Member]
LIABILITIES
NET ASSETS	63,247,311	46,504,393
ANALYSIS OF NET ASSETS:
Net capital paid	$ 66,887,930	$ 49,128,638

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Investments owned, amortized cost	$ 203,854,890				$ 101,346,528
Net assets, per unit	$ 8.469	$ 8.460	$ 8.473	$ 8.530	$ 8.543	$ 8.546	$ 8.549	$ 8.551
Net assets, units outstanding	29,607,381				16,226,368				7,282,960
Class A Units [Member]
Net assets, per unit	$ 8.534
Net assets, units outstanding	15,391,991				9,709,153				3,037,222
Class C Units [Member]
Net assets, per unit	$ 8.254
Net assets, units outstanding	6,803,985				1,073,599				419,282
Class I Units [Member]
Net assets, per unit	$ 8.534
Net assets, units outstanding	7,411,405				5,443,616				3,826,456

XML

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
INVESTMENT INCOME
Interest income	$ 20,130,867	$ 9,568,481
Interest from cash	309,495	88,582
Total investment income	20,440,362	9,657,063
EXPENSES
Management fees	4,172,643	2,006,532
Incentive fees	3,319,149	1,576,895
Professional fees	903,896	740,057
General and administrative expenses	943,814	645,747
Board of managers fees	187,500	187,500
Total expenses	9,527,002	5,156,731
Expense support payment from Sponsor	(5,333,530)	(3,384,145)
Net expenses	4,193,472	1,772,586
NET INVESTMENT INCOME	16,246,890	7,884,477
Net change in unrealized appreciation (depreciation) on investments	259,347	(318,424)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 16,506,237	$ 7,566,053
NET INVESTMENT INCOME PER UNITS - BASIC AND DILUTED	$ 0.767	$ 0.750
EARNINGS PER UNITS - BASIC AND DILUTED	$ 0.78	$ 0.72
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED	21,194,302	10,511,262

XML

Consolidated Statements of Changes in Net Assets - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
INCREASE FROM OPERATIONS
Net investment income	$ 4,759,351	$ 4,507,165	$ 3,728,632	$ 3,251,742	$ 2,853,465	$ 2,008,560	$ 1,636,553	$ 1,385,899	$ 16,246,890	$ 7,884,477
Net change in unrealized depreciation on investments	318,424			(59,077)	(318,424)				259,347	(318,424)
Net increase from operations	5,077,775	$ 4,507,165	$ 3,728,632	$ 3,192,665	2,535,041	$ 2,008,560	$ 1,636,553	$ 1,385,899	16,506,237	7,566,053
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders									(16,470,671)	(7,565,310)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units									112,099,742	76,329,872
Repurchase of units									(10,362,875)	(171,528)
Offering costs									(6,721,325)	(4,383,644)
NET INCREASE IN NET ASSETS									112,135,308	76,330,615
NET ASSETS	250,755,915				138,620,607				250,755,915	138,620,607	$ 62,289,992
Class A Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders									(8,848,988)	(3,788,489)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units									56,387,454	60,273,070
NET ASSETS	131,351,882				82,944,542				131,351,882	82,944,542
Class C Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders									(2,985,015)	(494,174)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units									51,799,543	5,926,766
Distribution fee									(1,907,000)
NET ASSETS	56,156,722				9,171,672				56,156,722	9,171,672
Class I Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders									(4,636,668)	(3,282,647)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units									22,903,945	14,685,208
NET ASSETS	$ 63,247,311				$ 46,504,393				$ 63,247,311	$ 46,504,393

XML

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 16,506,237	$ 7,566,053
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES
Purchase of investments	(252,220,803)	(138,143,039)
Maturity of investments	150,208,509	90,475,779
Payment-in-kind interest		(225,993)
Net change in unrealized depreciation on investments	(259,347)	318,424
Accretion of discounts on investments	(496,068)	(5,833)
Increase in interest receivable	(3,285,902)	(2,816,217)
Increase in due from affiliates	(1,300,724)	(1,083,844)
Increase in prepaid expenses	3,059	(2,794)
Increase in due to unitholders	386,105	254,840
Increase (decrease) in management and incentive fees payable	1,030,284	(177,627)
Increase in other payable	46,612	3,973
NET CASH USED IN OPERATING ACTIVITIES	(89,382,038)	(43,836,278)
Cash flows from financing activities
Net proceeds from issuance of units	123,878,440	78,128,092
Distributions paid to unitholders	(9,258,169)	(4,808,358)
Payments of offering costs	(7,125,070)	(3,941,076)
Repurchase of units	(8,204,620)	(171,528)
Proceeds from issuance of notes payable	1,635,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	100,925,581	69,207,130
TOTAL INCREASE IN CASH	11,543,543	25,370,852
Cash at beginning of period	33,246,769	7,875,917
Cash at end of period	44,790,312	33,246,769
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	7,212,502	$ 2,756,952
Class C Units [Member]
Supplemental non-cash information
Accrual of distribution fee	$ 1,907,000

XML

Consolidated Schedule of Investments - USD ($)		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015
Amortized Cost		$ 203,854,890		$ 101,346,528
Fair Value		203,795,813		101,028,104
Programming and Data Processing [Member]
Fair Value		10,236,013		5,474,534
Primary Nonferrous Metals [Member]
Fair Value		3,000,000
Bulk Fuel Stations and Terminals [Member]
Fair Value		15,437,474
Agricultural Products [Member]
Fair Value		22,851,296		27,452,577
Water Transportation [Member]
Fair Value		13,360,620		12,862,666
Consumer Products [Member]
Fair Value		9,900,000		8,940,000
Hotels and Motels [Member]
Fair Value		17,000,000
Street Construction [Member]
Fair Value		14,927,195
Meat, Poultry & Fish [Member]
Fair Value		9,675,717		11,524,816
Soap, Detergents, and Cleaning [Member]
Fair Value		2,000,000
Fats and Oils [Member]
Fair Value		6,000,000		3,100,000
Farm Products [Member]
Fair Value		3,142,480		2,900,000
Fresh or Frozen Packaged Fish [Member]
Fair Value		5,037,134
Miscellaneous Plastics Products [Member]
Fair Value		161,018
Packaged Foods & Meats [Member]
Fair Value		500,000		1,000,000
Communications Equipment [Member]
Fair Value		6,111,941		5,918,086
Commercial Fishing [Member]
Fair Value		1,058,273		1,756,243
Food Products [Member]
Fair Value		740,690		667,838
Electric Services [Member]
Fair Value		19,500,000
Metals & Mining [Member]
Fair Value		2,234,145		2,500,000
Rental of Railroad Cars [Member]
Fair Value		4,411,650
Groceries and Related Products [Member]
Fair Value		11,195,862
Secondary Nonferrous Metals [Member]
Fair Value		7,649,945
Fertilizer & Agricultural Chemicals [Member]
Fair Value		5,078,526		5,750,000
Primary Metal Industries [Member]
Fair Value		6,000,000		6,000,000
Coal and Other Minerals and Ores [Member]
Fair Value		6,574,351
Machinery, Equipment, and Supplies [Member]
Fair Value		$ 11,483
Cash Grains [Member]
Fair Value				4,275,182
Textiles, Apparel & Luxury Goods [Member]
Fair Value				724,219
Construction Materials [Member]
Fair Value				181,943
Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Maturity		May 15, 2017
Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member]
Maturity		Oct. 27, 2016
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Maturity		Oct. 25, 2015
Amortized Cost		$ 4,100,000
South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Amortized Cost		152,923
Senior Secured Term Loan [Member]
Amortized Cost	[1]	28,673,487		5,474,534
Fair Value	[1]	$ 28,673,487		$ 5,474,534
% of Net Assets	[1]	11.40%		3.90%
Senior Secured Term Loan [Member] | Brazil [Member] | Other Investments [Member] | Programming and Data Processing [Member] | IT Service Provider [Member]
Interest	[1]	13.50%	[2]	13.50%
Fees	[1],[3]	2.00%	[2]	0.00%
Maturity	[1],[4]	Oct. 31, 2019	[2]	Oct. 31, 2019
Principal Amount	[1]	$ 10,292,686	[2]	$ 5,474,534
Current Commitment	[1],[5]			14,000,000
Amortized Cost	[1]	10,236,013	[2]	5,474,534
Fair Value	[1]	$ 10,236,013	[2]	$ 5,474,534
% of Net Assets	[1]	4.00%	[2]	3.90%
Senior Secured Term Loan [Member] | Indonesia [Member] | Other Investments [Member] | Primary Nonferrous Metals [Member] | Tin Producer [Member]
Interest	[1],[6]	12.00%
Fees	[1],[3],[6]	0.00%
Maturity	[1],[4],[6]	Jun. 30, 2020
Principal Amount	[1],[6]	$ 3,000,000
Amortized Cost	[1],[6]	3,000,000
Fair Value	[1],[6]	$ 3,000,000
% of Net Assets	[1],[6]	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],[7]	11.50%
Fees	[1],[3],[7]	0.00%
Maturity	[1],[4],[7]	Aug. 01, 2019
Principal Amount	[1],[7]	$ 15,000,000
Participation %	[1],[7],[8]	30.00%
Amortized Cost	[1],[7]	$ 15,437,474
Fair Value	[1],[7]	$ 15,437,474
% of Net Assets	[1],[7]	6.20%
Senior Secured Term Loan Participations [Member]
Amortized Cost	[1]	$ 58,450,761		$ 18,802,666
Fair Value	[1]	$ 58,450,761		$ 18,484,242
% of Net Assets	[1]	23.30%		13.30%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Interest	[1]	12.43%	[9]	17.43%	[10]
Fees	[1],[3]	0.00%	[9]	0.00%	[10]
Maturity	[1],[4],[9]	Feb. 28, 2021
Principal Amount	[1]	$ 2,851,296	[9]	$ 3,000,000	[10]
Current Commitment	[1],[5],[10]			3,000,000
Participation %	[1],[8],[9]	100.00%
Amortized Cost	[1]	$ 2,851,296	[9]	3,000,000	[10]
Fair Value	[1]	$ 2,851,296	[9]	$ 2,681,576	[10]
% of Net Assets	[1]	1.10%	[9]	1.90%	[10]
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Minimum [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Maturity	[1],[4],[10]			Dec. 15, 2016
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Maximum [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Maturity	[1],[4],[10]			May 15, 2017
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],[6]	13.50%
Fees	[1],[3],[6]	0.00%
Maturity	[1],[4],[6]	Aug. 21, 2021
Principal Amount	[1],[6]	$ 17,000,000
Participation %	[1],[6],[8]	100.00%
Amortized Cost	[1],[6]	$ 17,000,000
Fair Value	[1],[6]	$ 17,000,000
% of Net Assets	[1],[6]	6.80%
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | PT Titan Mining Indonesia [Member] | Street Construction [Member] | Infrastructure and Logistics Provider [Member]
Interest	[1],[6]	18.00%
Fees	[1],[3],[6]	0.00%
Maturity	[1],[4],[6]	Nov. 22, 2019
Principal Amount	[1],[6]	$ 15,000,000
Participation %	[1],[6],[8]	75.00%
Amortized Cost	[1],[6]	$ 14,927,195
Fair Value	[1],[6]	$ 14,927,195
% of Net Assets	[1],[6]	6.00%
Senior Secured Term Loan Participations [Member] | Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Fees	[1],[3]	0.00%	[11]	0.00%	[12]
Principal Amount	[1]	$ 3,900,000	[11]	$ 2,940,000	[12]
Current Commitment	[1],[5],[12]			3,250,000
Participation %	[1],[8],[11]	100.00%
Amortized Cost	[1]	$ 3,900,000	[11]	2,940,000	[12]
Fair Value	[1]	$ 3,900,000	[11]	$ 2,940,000	[12]
% of Net Assets	[1]	1.60%	[11]	2.10%	[12]
Senior Secured Term Loan Participations [Member] | Peru [Member] | Minimum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Interest	[1]	11.50%	[11]	15.50%	[12]
Maturity	[1],[4]	Dec. 22, 2016	[11]	Dec. 22, 2016	[12]
Senior Secured Term Loan Participations [Member] | Peru [Member] | Maximum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Interest	[1]	13.50%	[11]	15.60%	[12]
Maturity	[1],[4]	Jul. 05, 2017	[11]	Jun. 15, 2017	[12]
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Helios Maritime I Ltd. [Member] | Water Transportation [Member] | Marine Logistics Provider [Member]
Interest	[1],[13]	15.80%		15.42%
Fees	[1],[3],[13]	0.80%		0.80%
Maturity	[1],[4],[13]	Sep. 16, 2020		Sep. 16, 2020
Principal Amount	[1],[13]	$ 13,434,786		$ 12,956,833
Current Commitment	[1],[5],[13]			16,050,000
Participation %	[1],[8],[13]	100.00%
Amortized Cost	[1],[13]	$ 13,360,620		12,862,666
Fair Value	[1],[13]	$ 13,360,620		$ 12,862,666
% of Net Assets	[1],[13]	5.30%		9.30%
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Other Investments [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member]
Interest	[1],[6]	11.00%
Fees	[1],[3],[6]	0.00%
Maturity	[1],[4],[6]	Nov. 16, 2019
Principal Amount	[1],[6]	$ 2,000,000
Participation %	[1],[6],[8]	16.00%
Amortized Cost	[1],[6]	$ 2,000,000
Fair Value	[1],[6]	$ 2,000,000
% of Net Assets	[1],[6]	0.80%
Senior Secured Term Loan Participations [Member] | South Africa [Member] | Other Investments [Member] | Rental of Railroad Cars [Member] | Railway Equipment Provider [Member]
Interest	[1],[6]	12.00%
Fees	[1],[3],[6]	0.00%
Maturity	[1],[4],[6]	Jan. 31, 2020
Principal Amount	[1],[6]	$ 4,411,650
Participation %	[1],[6],[8]	98.00%
Amortized Cost	[1],[6]	$ 4,411,650
Fair Value	[1],[6]	$ 4,411,650
% of Net Assets	[1],[6]	1.80%
Senior Secured Trade Finance Participations [Member]
Amortized Cost	[1]	$ 116,730,642		$ 77,069,328
Fair Value	[1]	$ 116,671,565		$ 77,069,328
% of Net Assets	[1]	46.50%		55.60%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Interest	[1],[14]	9.00%
Fees	[1],[3],[14]	0.00%
Maturity	[1],[4],[14]	Jul. 16, 2017
Principal Amount	[1],[14]	$ 10,000,000
Participation %	[1],[8],[14]	67.00%
Amortized Cost	[1],[14]	$ 10,000,000
Fair Value	[1],[14]	$ 10,000,000
% of Net Assets	[1],[14]	4.00%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member]
Interest	[1]	10.67%	[14],[15]	10.90%
Fees	[1],[3]	0.00%	[14],[15]	0.00%
Maturity	[1],[4],[14],[15]	Jul. 29, 2017
Principal Amount	[1]	$ 6,000,000	[14],[15]	$ 6,000,000
Current Commitment	[1],[5]			6,000,000
Participation %	[1],[8],[14],[15]	17.00%
Amortized Cost	[1]	$ 6,000,000	[14],[15]	6,000,000
Fair Value	[1]	$ 6,000,000	[14],[15]	$ 6,000,000
% of Net Assets	[1]	2.40%	[14],[15]	4.30%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Beef Exporter [Member]
Interest	[1],[16]	11.50%
Fees	[1],[3],[16]	0.00%
Maturity	[1],[4],[16]	Jun. 30, 2017
Principal Amount	[1],[16]	$ 9,000,000
Participation %	[1],[8],[16]	32.00%
Amortized Cost	[1],[16]	$ 9,000,000
Fair Value	[1],[16]	$ 9,000,000
% of Net Assets	[1],[16]	3.60%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member]
Interest	[1]	8.75%	[16]	8.89%
Fees	[1],[3]	0.00%	[16]	0.00%
Maturity	[1],[4]			Feb. 03, 2016
Principal Amount	[1]	$ 6,000,000	[16]	$ 3,100,000
Current Commitment	[1],[5]			3,100,000
Participation %	[1],[8],[16]	100.00%
Amortized Cost	[1]	$ 6,000,000	[16]	3,100,000
Fair Value	[1]	$ 6,000,000	[16]	$ 3,100,000
% of Net Assets	[1]	2.40%	[16]	2.20%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Compania Argentina De Granos [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Interest	[1]			9.00%
Fees	[1],[3]			0.00%
Principal Amount	[1]			$ 9,700,000
Current Commitment	[1],[5]			13,000,000
Amortized Cost	[1]			9,700,000
Fair Value	[1]			$ 9,700,000
% of Net Assets	[1]			7.00%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Frigorifico Regional Industrias Alimenticias S.A. [Member] | Meat, Poultry & Fish [Member] | Beef Exporter [Member]
Interest	[1]			11.98%
Fees	[1],[3]			0.00%
Maturity	[1],[4]			Apr. 30, 2015
Principal Amount	[1]			$ 9,000,000
Current Commitment	[1],[5]			9,000,000
Amortized Cost	[1]			9,000,000
Fair Value	[1]			$ 9,000,000
% of Net Assets	[1]			6.50%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Minimum [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member]
Maturity	[1],[4]			Feb. 25, 2016
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Minimum [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member]
Maturity	[1],[4],[16]	Oct. 15, 2016
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Minimum [Member] | Compania Argentina De Granos [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Maturity	[1],[4]			Dec. 15, 2015
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Maximum [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member]
Maturity	[1],[4]			Mar. 31, 2016
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Maximum [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member]
Maturity	[1],[4],[16]	Dec. 15, 2016
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Maximum [Member] | Compania Argentina De Granos [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Maturity	[1],[4]			Sep. 23, 2016
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Fees	[1],[3]	0.00%	[17]	0.00%
Maturity	[1],[4]			Oct. 25, 2015
Principal Amount	[1]	$ 5,078,526	[17]	$ 4,500,000
Current Commitment	[1],[5]			10,000,000
Participation %	[1],[8],[17]	24.00%
Amortized Cost	[1]	$ 5,078,526	[17]	4,500,000
Fair Value	[1]	$ 5,078,526	[17]	$ 4,500,000
% of Net Assets	[1]	2.00%	[17]	3.20%
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member]
Interest	[1]	13.00%	[14]	13.00%
Fees	[1],[3]	0.00%	[14]	0.00%
Maturity	[1],[4]			Feb. 14, 2016
Principal Amount	[1]	$ 6,000,000	[14]	$ 6,000,000
Current Commitment	[1],[5]			6,000,000
Participation %	[1],[8],[14]	86.00%
Amortized Cost	[1]	$ 6,000,000	[14]	6,000,000
Fair Value	[1]	$ 6,000,000	[14]	$ 6,000,000
% of Net Assets	[1]	2.40%	[14]	4.30%
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Minimum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Interest	[1]	12.08%	[17]	12.08%
Maturity	[1],[4],[17]	Oct. 07, 2015
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Minimum [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member]
Maturity	[1],[4],[14]	Aug. 14, 2017
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Maximum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Interest	[1]	12.50%	[17]	12.50%
Maturity	[1],[4],[17]	May 03, 2016
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Maximum [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member]
Maturity	[1],[4],[14]	Sep. 02, 2017
Senior Secured Trade Finance Participations [Member] | Chile [Member] | Other Investments [Member] | Farm Products [Member] | Chia Seed Exporter [Member]
Interest	[1]	10.90%	[14]	11.50%
Fees	[1],[3]	0.00%	[14]	0.00%
Maturity	[1],[4]	Dec. 11, 2016	[14]	Dec. 11, 2016
Principal Amount	[1]	$ 2,234,915	[14]	$ 1,900,000
Current Commitment	[1],[5]			2,000,000
Participation %	[1],[8],[14]	100.00%
Amortized Cost	[1]	$ 2,234,915	[14]	1,900,000
Fair Value	[1]	$ 2,234,915	[14]	$ 1,900,000
% of Net Assets	[1]	0.90%	[14]	1.40%
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member]
Interest	[1],[14]	9.25%
Fees	[1],[3],[14]	0.00%
Principal Amount	[1],[14]	$ 5,037,134
Participation %	[1],[8],[14]	46.00%
Amortized Cost	[1],[14]	$ 5,037,134
Fair Value	[1],[14]	$ 5,037,134
% of Net Assets	[1],[14]	2.00%
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member]
Interest	[1]	9.00%	[14]	9.00%
Fees	[1],[3]	0.00%	[14]	0.00%
Maturity	[1],[4]	Jun. 19, 2017	[14]	Jun. 19, 2016
Principal Amount	[1]	$ 1,058,273	[14]	$ 1,756,243
Current Commitment	[1],[5]			2,000,000
Participation %	[1],[8],[14]	100.00%
Amortized Cost	[1]	$ 1,058,273	[14]	1,756,243
Fair Value	[1]	$ 1,058,273	[14]	$ 1,756,243
% of Net Assets	[1]	0.40%	[14]	1.30%
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Minimum [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member]
Maturity	[1],[4],[14]	Jun. 06, 2017
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Maximum [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member]
Maturity	[1],[4],[14]	Jul. 24, 2017
Senior Secured Trade Finance Participations [Member] | Guatemala [Member] | Other Investments [Member] | Farm Products [Member] | Sesame Seed Exporter [Member]
Interest	[1]	12.00%	[18]	12.00%
Fees	[1],[3]	0.00%	[18]	0.00%
Maturity	[1],[4]	Mar. 31, 2016	[18]	Mar. 31, 2016
Principal Amount	[1]	$ 907,565	[18]	$ 1,000,000
Current Commitment	[1],[5]			2,000,000
Participation %	[1],[8],[18]	24.00%
Amortized Cost	[1]	$ 907,565	[18]	1,000,000
Fair Value	[1]	$ 907,565	[18]	$ 1,000,000
% of Net Assets	[1]	0.40%	[18]	0.70%
Senior Secured Trade Finance Participations [Member] | Kenya [Member] | Other Investments [Member] | Miscellaneous Plastics Products [Member] | Plastic Products Manufacturer [Member]
Interest	[1],[19]	11.50%
Fees	[1],[3],[19]	0.00%
Maturity	[1],[4],[19]	Oct. 09, 2017
Principal Amount	[1],[19]	$ 161,018
Participation %	[1],[8],[19]	27.00%
Amortized Cost	[1],[19]	$ 161,018
Fair Value	[1],[19]	$ 161,018
% of Net Assets	[1],[19]	0.10%
Senior Secured Trade Finance Participations [Member] | Kenya [Member] | Other Investments [Member] | Cash Grains [Member] | Rice Importer [Member]
Interest	[1]			11.33%
Fees	[1],[3]			0.00%
Maturity	[1],[4]			Feb. 18, 2016
Principal Amount	[1]			$ 375,182
Current Commitment	[1],[5]			1,000,000
Amortized Cost	[1]			375,182
Fair Value	[1]			$ 375,182
% of Net Assets	[1]			0.30%
Senior Secured Trade Finance Participations [Member] | Namibia [Member] | Other Investments [Member] | Packaged Foods & Meats [Member] | Consumer Goods Distributor [Member]
Interest	[1]	12.00%	[16]	12.00%
Fees	[1],[3]	0.00%	[16]	0.00%
Maturity	[1],[4]	Oct. 29, 2017	[16]	Mar. 03, 2016
Principal Amount	[1]	$ 500,000	[16]	$ 1,000,000
Current Commitment	[1],[5]			2,000,000
Participation %	[1],[8],[16]	26.00%
Amortized Cost	[1]	$ 500,000	[16]	1,000,000
Fair Value	[1]	$ 500,000	[16]	$ 1,000,000
% of Net Assets	[1]	0.20%	[16]	0.70%
Senior Secured Trade Finance Participations [Member] | Singapore [Member] | Other Investments [Member] | Agricultural Products [Member] | Agricultural Products Exporter [Member]
Interest	[1],[19],[20]	11.50%
Fees	[1],[3],[19],[20]	0.00%
Maturity	[1],[4],[19],[20]	Jul. 02, 2017
Principal Amount	[1],[19],[20]	$ 10,000,000
Participation %	[1],[8],[19],[20]	25.00%
Amortized Cost	[1],[19],[20]	$ 10,000,000
Fair Value	[1],[19],[20]	$ 10,000,000
% of Net Assets	[1],[19],[20]	4.00%
Senior Secured Trade Finance Participations [Member] | Singapore [Member] | Export Trading Group Pte. Ltd. [Member] | Agricultural Products [Member] | Agricultural Products Exporter [Member]
Interest	[1],[20]			11.50%
Fees	[1],[3],[20]			0.00%
Maturity	[1],[4],[20]			Feb. 07, 2016
Principal Amount	[1],[20]			$ 10,000,000
Current Commitment	[1],[5],[20]			10,000,000
Amortized Cost	[1],[20]			10,000,000
Fair Value	[1],[20]			$ 10,000,000
% of Net Assets	[1],[20]			7.20%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Agricultural Products [Member] | Agricultural Supplies Distributor [Member]
Interest	[1]			10.38%
Fees	[1],[3]			0.00%
Maturity	[1],[4]			Jan. 14, 2016
Principal Amount	[1]			$ 5,071,000
Current Commitment	[1],[5]			10,000,000
Amortized Cost	[1]			5,071,000
Fair Value	[1]			$ 5,071,000
% of Net Assets	[1]			3.70%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Meat Processor [Member]
Interest	[1]	14.50%	[19]	14.50%
Fees	[1],[3]	0.00%	[19]	0.00%
Maturity	[1],[4],[19]	May 19, 2017
Principal Amount	[1]	$ 675,717	[19]	$ 2,524,816
Current Commitment	[1],[5]			4,300,000
Participation %	[1],[8],[19]	40.00%
Amortized Cost	[1]	$ 675,717	[19]	2,524,816
Fair Value	[1]	$ 675,717	[19]	$ 2,524,816
% of Net Assets	[1]	0.30%	[19]	1.80%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Interest	[1]			13.00%
Fees	[1],[3]	0.00%	[19]	0.00%
Principal Amount	[1]	$ 6,111,941	[19]	$ 5,918,086
Current Commitment	[1],[5]			11,000,000
Participation %	[1],[8],[19]	23.00%
Amortized Cost	[1]	$ 6,111,941	[19]	5,918,086
Fair Value	[1]	$ 6,111,941	[19]	$ 5,918,086
% of Net Assets	[1]	2.40%	[19]	4.30%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Interest	[1]	12.00%	[21]	17.50%	[22]
Fees	[1],[3]	0.00%	[21]	0.00%	[22]
Maturity	[1],[4]	May 22, 2015	[21]	May 22, 2015	[22]
Principal Amount	[1]	$ 799,767	[21]	$ 667,838	[22]
Current Commitment	[1],[5],[22]			1,250,000
Participation %	[1],[8],[21]	18.00%
Amortized Cost	[1]	$ 799,767	[21]	667,838	[22]
Fair Value	[1]	$ 740,690	[21]	$ 667,838	[22]
% of Net Assets	[1]	0.30%	[21]	0.50%	[22]
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member]
Interest	[1]	17.50%	[16]	17.50%
Fees	[1],[3]	0.00%	[16]	0.00%
Principal Amount	[1]	$ 2,234,145	[16]	$ 2,500,000
Current Commitment	[1],[5]			2,500,000
Participation %	[1],[8],[16]	22.00%
Amortized Cost	[1]	$ 2,234,145	[16]	2,500,000
Fair Value	[1]	$ 2,234,145	[16]	$ 2,500,000
% of Net Assets	[1]	0.90%	[16]	1.80%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Wholesaler [Member]
Interest	[1]			12.50%
Fees	[1],[3]			0.00%
Principal Amount	[1]			$ 1,250,000
Current Commitment	[1],[5]			1,500,000
Amortized Cost	[1]			1,250,000
Fair Value	[1]			$ 1,250,000
% of Net Assets	[1]			0.90%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Textiles, Apparel & Luxury Goods [Member] | Textile Distributor [Member]
Interest	[1]			15.00%
Fees	[1],[3]			0.00%
Principal Amount	[1]			$ 724,219
Current Commitment	[1],[5]			2,500,000
Amortized Cost	[1]			724,219
Fair Value	[1]			$ 724,219
% of Net Assets	[1]			0.50%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Construction Materials [Member] | Construction Materials Distributor [Member]
Interest	[1]			12.75%
Fees	[1],[3]			0.00%
Maturity	[1],[4]			Jul. 01, 2015
Principal Amount	[1]			$ 181,943
Current Commitment	[1],[5]			750,000
Amortized Cost	[1]			181,943
Fair Value	[1]			$ 181,943
% of Net Assets	[1]			0.10%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Meat Processor [Member]
Maturity	[1],[4]			Dec. 22, 2015
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Interest	[1],[19]	12.00%
Maturity	[1],[4]	May 21, 2017	[19]	Jan. 29, 2016
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member]
Maturity	[1],[4]	Jun. 15, 2016	[16]	Jun. 15, 2016
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Wholesaler [Member]
Maturity	[1],[4]			Oct. 17, 2015
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Textiles, Apparel & Luxury Goods [Member] | Textile Distributor [Member]
Maturity	[1],[4]			Jan. 13, 2016
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Meat Processor [Member]
Maturity	[1],[4]			Jan. 31, 2016
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Interest	[1],[19]	13.00%
Maturity	[1],[4]	Nov. 20, 2017	[19]	Apr. 15, 2016
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member]
Maturity	[1],[4]	Aug. 15, 2016	[16]	Aug. 15, 2016
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Wholesaler [Member]
Maturity	[1],[4]			Dec. 03, 2015
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Textiles, Apparel & Luxury Goods [Member] | Textile Distributor [Member]
Maturity	[1],[4]			Feb. 11, 2016
Senior Secured Trade Finance Participations [Member] | Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member]
Interest	[1],[19]	11.50%
Fees	[1],[3],[19]	0.00%
Principal Amount	[1],[19]	$ 19,500,000
Participation %	[1],[8],[19]	49.00%
Amortized Cost	[1],[19]	$ 19,500,000
Fair Value	[1],[19]	$ 19,500,000
% of Net Assets	[1],[19]	7.80%
Senior Secured Trade Finance Participations [Member] | Ghana [Member] | Minimum [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member]
Maturity	[1],[4],[19]	Mar. 10, 2017
Senior Secured Trade Finance Participations [Member] | Ghana [Member] | Maximum [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member]
Maturity	[1],[4],[19]	Oct. 09, 2017
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member]
Fees	[1],[3],[19]	0.00%
Principal Amount	[1],[19]	$ 11,195,862
Participation %	[1],[8],[19]	74.00%
Amortized Cost	[1],[19]	$ 11,195,862
Fair Value	[1],[19]	$ 11,195,862
% of Net Assets	[1],[19]	4.50%
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Minimum [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member]
Interest	[1],[19]	10.98%
Maturity	[1],[4],[19]	Jul. 31, 2017
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Maximum [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member]
Interest	[1],[19]	11.10%
Maturity	[1],[4],[19]	Nov. 23, 2017
Senior Secured Trade Finance Participations [Member] | Morocco [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Scrap Metal Recycler [Member]
Interest	[1],[19]	11.00%
Fees	[1],[3],[19]	0.00%
Maturity	[1],[4],[19]	Jul. 17, 2017
Principal Amount	[1],[19]	$ 7,649,945
Participation %	[1],[8],[19]	83.00%
Amortized Cost	[1],[19]	$ 7,649,945
Fair Value	[1],[19]	$ 7,649,945
% of Net Assets	[1],[19]	3.10%
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member]
Fees	[1],[3],[19]	0.00%
Principal Amount	[1],[19]	$ 6,574,351
Participation %	[1],[8],[19]	91.00%
Amortized Cost	[1],[19]	$ 6,574,351
Fair Value	[1],[19]	$ 6,574,351
% of Net Assets	[1],[19]	2.60%
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Other Investments [Member] | Machinery, Equipment, and Supplies [Member] | Machinery and Equipment Provider [Member]
Interest	[1],[19]	12.00%
Fees	[1],[3],[19]	0.00%
Maturity	[1],[4],[19]	Jan. 29, 2017
Principal Amount	[1],[19]	$ 11,483
Participation %	[1],[8],[19]	1.00%
Amortized Cost	[1],[19]	$ 11,483
Fair Value	[1],[19]	$ 11,483
% of Net Assets	[1],[19]	0.00%
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Minimum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member]
Interest	[1],[19]	9.43%
Maturity	[1],[4],[19]	Feb. 25, 2017
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Maximum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member]
Interest	[1],[19]	9.83%
Maturity	[1],[4],[19]	Dec. 31, 2017
Senior Secured Trade Finance Participations [Member] | Tanzania [Member] | Other Investments [Member] | Cash Grains [Member] | Rice Producer [Member]
Interest	[1]			11.50%
Fees	[1],[3]			0.00%
Maturity	[1],[4]			Oct. 26, 2015
Principal Amount	[1]			$ 3,900,000
Current Commitment	[1],[5]			3,900,000
Amortized Cost	[1]			3,900,000
Fair Value	[1]			$ 3,900,000
% of Net Assets	[1]			2.80%

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

[2] Principal and interest paid monthly.

[3] 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.

[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] Loan commitments are subject to the availability of funds and do not represent a contractual obligation to provide funding to the borrower.

[6] Principal and interest paid quarterly.

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

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

[9] Principal and interest paid annually. While the original maturity date was 5/15/2017, the maturity date was extended to 2/28/2021 in connection with a restructure of the loan. Refer to Note 3 for additional information.

[10] Interest includes 5.0% of penalty interest due to the borrower missing eight interest payments. This investment was on non-accrual status as of December 31, 2015. See Note 3.

[11] While the original maturity date for the $750,000 warrant facility was 2/15/2015, the maturity date was extended to 12/22/2016 in connection with a restructure of the underlying facility. While the original maturity date for the $1,750,000 inventory facility was 9/30/2016, the maturity date was extended to 12/31/2020 in connection with a restructure of the underlying facility. Please refer to Note 3 for additional information.

[12] The interest rate includes 2.5% of deferred interest.

[13] 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.

[14] Monthly interest only payment. Principal due at maturity.

[15] While the original maturity date was 10/27/2016, the maturity date was extended to 7/29/2017 in connection with a restructure of the underlying facility. Please refer to Note 3 for additional information.

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

[17] $4.1 million of this investment has a maturity date of 10/25/15. The Zambian government, as the purchaser of fertilizer from the borrower, is responsible for the repayment of this trade finance transaction. The Company has access to credit insurance should the Zambian government not pay. In addition, the Company ultimately has recourse to the borrower for repayment. This investment was on non-accrual status as of December 31, 2016. Refer to Note 3 for additional information.

[18] Refer to Note 3 for additional information.

[19] Principal and interest paid at maturity.

[20] The transaction is secured by specific collateral held by the borrower’s subsidiaries in Kenya, Tanzania, and Zambia.

[21] The Company, together with its Sub-Advisor, have agreed to extend the principal maturity date to facilitate the strategic sale of this borrower. The borrower has been experiencing some cash flow difficulties, but has made some partial payments of principal. The amortized cost includes $152,923 of interest which was capitalized as of March 31, 2016. This investment was on non-accrual status as of December 31, 2016. Refer to Note 3 for additional information.

[22] The Company, together with its Sub-Advisor, have agreed to extend the principal maturity date to facilitate the strategic sale of this borrower. The borrower has been experiencing some cash flow difficulties but has made some partial payments of principal.

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Consolidated Schedule of Investments (Parenthetical)	12 Months Ended
	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) Payment
Amortized Cost	$ 203,854,890	$ 101,346,528
Corporacion Prodesa S.R.L. [Member] | Inventory Facility [Member]
Maturity	Feb. 15, 2015
Extended maturity date	Jul. 28, 2021
Nigeria [Member] | Helios Maritime I Ltd. [Member] | Water Transportation [Member] | Marine Logistics Provider [Member]
Variable interest rate		4.68%
Deferred interest rate included in investment interest accruing	4.68%
Nigeria [Member] | Helios Maritime I Ltd. [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | One-Month Libor [Member]
Variable interest rate	10.50%
Deferred interest rate included in investment interest accruing		10.50%
South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Amortized Cost	$ 152,923
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Amortized Cost	$ 4,100,000
Maturity	Oct. 25, 2015
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Deferred interest rate included in investment interest accruing		2.50%
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Warrant Facility [Member]
Amortized Cost	$ 750,000
Maturity	Feb. 15, 2015
Extended maturity date	Dec. 22, 2016
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Inventory Facility [Member]
Amortized Cost	$ 1,750,000
Maturity	Sep. 30, 2016
Extended maturity date	Dec. 31, 2020
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
Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Maturity	May 15, 2017
Extended maturity date	Feb. 28, 2021
Penalty interest accruing		5.00%
Number of missing interest payments | Payment		8
Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co Operative
Maturity	Oct. 27, 2016
Extended maturity date	Jul. 29, 2017

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Organization and Operations of the Company

12 Months Ended

Dec. 31, 2016

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. 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 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. 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. In February 2015, the Company elected to extend its current offering period for up to an additional one year period, expiring on February 25, 2016. On November 18, 2015, the Company elected to extend its current offering for up to an additional six month period, expiring August 25, 2016. On February 19, 2016, the Company elected to extend its current offering to December 31, 2016. On September 20, 2016, the Company elected to further extend its current offering to March 31, 2017. The Company’s offering period will terminate on March 31, 2017.

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, 2016, 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 – Asia II, Ltd.

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

• TriLinc Global Impact Fund – Cayman, Ltd.

Through December 31, 2016, 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, 2016

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.

Certain prior year amounts have been reclassified to conform to the current year presentation.

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.

Prepaid expenses

Prepaid expenses represent prepaid insurance paid by the Company during 2016. Prepaid insurance is being amortized over the term of the insurance policy, which is one year. The amortization of prepaid expense for the years ended December 31, 2016 and 2015, is reimbursable to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement.

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. Accrued interest is generally reversed when a loan is placed on non-accrual. 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, 2016, two portfolio companies were on non-accrual status with an aggregate fair value of $5,819,216 or 2.9% of the fair value of the Company’s total investments. At December 31, 2015, one portfolio company was on non-accrual status with a fair value of $2,681,576 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 $449,927 and $184,500 respectively, for the years ended December 31, 2016 and 2015.

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 3.

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 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 which include a disclaimer that the broker would not be held to such a price in an actual transaction. 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 Duff & Phelps, LLC (“Duff & Phelps”) to conduct 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, and provide an opinion that the Advisor’s estimate of fair value for each investment is reasonable;

3. The audit committee of the Company’s board of managers reviews and discuss the preliminary valuation prepared by the Advisor and any opinion rendered by Duff & Phelps; and

4. Our board of managers discuss the valuations and determine the fair value of each investment in the Company’s portfolio in good faith based on the input of the Advisor, Duff & Phelps and the audit committee. The board of managers is 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 our investments.

Fixed income investments are typically valued utilizing a market approach, income approach, cost 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) 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. The cost approach is a valuation technique that uses the concept of replacement cost as an indicator of value.  The premise of the cost approach holds that a prudent investor would pay no more for an asset than the amount for which the asset could be replaced.  To clarify, the cost approach as a method for valuing an investment is to be distinguished from holding an investment at cost as of the initial investment date. 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

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 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.

Distribution Fee and Out-of-Period Adjustment

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. The aggregate amount of underwriting compensation for the Class A, Class C and Class I units, including the distribution fee for the Class C units, cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The distribution fee is not paid at the time of purchase of Class C units. The distribution fee is payable monthly in arrears, as it becomes contractually due.

In prior periods, the Company had been recording the fees as a periodic charge to equity as they are incurred. Starting in June 2016, the Company determined to account for the 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. At December 31, 2016, the estimated unpaid distribution fee amounts to $1,907,000. The adjustments for the amounts of distribution fees which were not previously recorded as a liability amounted to approximately $812,000 and $366,000, respectively, as of March 31, 2016 and December 31, 2015 and were deemed immaterial.

Income Taxes

The Company is classified as a partnership for U.S. Federal income tax purposes. As such, it 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, 2016 and 2015, 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, 2013.

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 and commenced with respect to the first full quarter after the Company commenced operations. The Company calculates its 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. The net asset value per Class A, Class C and Class I units is calculated on a pro-rata basis based on units outstanding.

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, 2016 and 2015.

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs 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% 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, 2016 and 2015. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. If the Company had sold the maximum amount of the Offering, it had anticipated that such expenses would have equaled approximately 1.25% of the gross proceeds raised. However, such expenses will exceed this percentage because the Primary Offering is now due to terminate on March 31, 2017. Through December 31, 2016, such expenses equaled to 4.9% of the gross proceeds. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets.

The Company may reimburse the dealer manager for certain expenses that are deemed underwriting compensation. Assuming an aggregate selling commission and a dealer manager fee of 9.75% of the gross offering proceeds (which assumes all offering proceeds come from Class A units), the Company would reimburse the dealer manager in an amount up to 0.25% of the gross offering proceeds. Because the aggregate selling commission and dealer manager fees will be less than 9.75% of the gross offering proceeds due to a portion of the offering proceeds coming from the sale of Class C and Class I units, the Company may reimburse the dealer manager for expenses in an amount greater than 0.25% of the gross offering proceeds, provided that the Company will not pay or reimburse any of the foregoing costs to the extent such payment would cause total underwriting compensation to exceed 10.0% of the gross proceeds of the primary offering as of the termination of the Offering, as required by the rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”).

Operating Expense Responsibility Agreement

On March 25, 2017, 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, 2016. Pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $9,496,400 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $3,333,600 of expenses, which have been accrued by the Sponsor as of December 31, 2016. Such expenses will not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds, provided any such reimbursement during the period in which the Company is offering units in the Offering will not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit (the “NAV Hurdle”).  While the Company has raised gross proceeds of over $200 million in the primary offering as of December 31, 2016, any such reimbursement would cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit. Thus, such amounts are not yet payable by the Company to the Sponsor. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of December 31, 2016. 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. Following the end of the Primary Offering, the Sponsor could demand the reimbursement of operating expenses covered by the Responsibility Agreement if it does not cause a drop in the net asset value per unit.

Recently Issued Accounting Pronouncements

Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The Company is choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, the Company’s financial statements may not be comparable to those of companies that comply with public company effective dates. There are no new or revised relevant accounting standards that the Company has not adopted.

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. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The adoption of the amended guidance in ASU 2014-09 is not expected to have a significant effect on the Company’s financial statements.

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40).” ASU 2014-15 addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter. Management has adopted this guidance effective for the fourth quarter of 2016.

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 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. Early adoption is permitted. The guidance requires companies to apply the requirements retrospectively to all prior periods presented. If it is impracticable for a company to apply ASU 2016-15 retrospectively, requirements may be applied prospectively as of the earliest date practicable. We are currently evaluating the potential impact of the pending adoption of ASU 2016-15 on our consolidated financial statements.

Risk Factors

The Company has limited operating history and is subject to the business risks and uncertainties associated with any new business. As an externally-managed Company, the Company is largely dependent on the efforts of the Advisor and other service providers.

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’s investments consist of loans, loan participations and trade finance 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, 2016, all 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, 2016, the Company’s investment portfolio included 32 companies and was comprised of $28,673,487 or 14.1% in senior secured term loans, $58,450,761 or 28.7% in senior secured term loan participations, $116,671,565 or 57.2% in senior secured trade finance participations. At December 31, 2016, the Company’s largest loan by value was $19,500,000 or 9.6% of the total portfolio and the Company’s 5 largest loans by value amounted to an aggregate of $80,225,289, representing 39.4% of total investments. Participation in loans amounted to 85.9% of the Company’s total portfolio at December 31, 2016.

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Investments

12 Months Ended

Dec. 31, 2016

Investments Debt And Equity Securities [Abstract]

Investments

Note 3. Investments

As of December 31, 2016, the Company’s investments consisted of the following:

	Amortized		Fair		Percentage
	Cost		Value		of Total
Senior secured term loans	$	28,673,487	$	28,673,487		14.1	%
Senior secured term loan participations		58,450,761		58,450,761		28.7	%
Senior secured trade finance participations		116,730,642		116,671,565		57.2	%
Total investments	$	203,854,890	$	203,795,813		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. 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 limitations, all corresponding rights in payments, collaterals, guaranties, and any other security interests obtained 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 300 days of accrued interest receivable as of December 31, 2016.  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, 2016 and 2015 amounted to $1,403,416 and $393,430, respectively. The Company’s interest receivable balances at December 31, 2016 and 2015 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 trade finance position typically fall into two broad categories: pre-export financing and receivable/inventory financing. Pre-export financing represent advances to borrower based on proven orders from buyers. For trade finance, the structure and terms vary according to the nature of the transaction being financed. The structure can take the form of a revolver (up to one year) with draw requests with maturity 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 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 that a borrower or counterparty 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.

Prodesa

As of December 31, 2016, the Company’s investment in Corporacion Prodesa S.R.L. (“Prodesa”) is comprised of two senior secured term loan participations with an aggregate balance of $2,150,000 and $1,750,000 due under a senior secured purchase order revolving credit facility.  In March and April 2015, Prodesa did not timely make the payments that were due under the two term loans because of economic difficulties.  Since then, the Company has been working with Prodesa to remedy the default and bring the loans to a current status.  On May 6, 2015, the Company entered into a short term forbearance agreement (the “Forbearance Agreement”) with Prodesa to provide Prodesa with temporary loan payment relief while a longer term plan is negotiated.  Under the terms of the Forbearance Agreement, the Company agreed to accept partial interest payments, amounting to 50% of the required interest payments, for the months of March 2015 to December 2015. Through October 2015, Prodesa had made all interest payments required under the Forbearance Agreement. Interest payments required under the term loans for the months subsequent to October 2015 had not been made by Prodesa due to Prodesa being placed into bankruptcy in November 2015 as described further below. In April 2016, Prodesa exited the bankruptcy process and Prodesa started once again to make interest payments. During the period from July 2016 to December 2016, the Company has received $200,000 in principal payments and approximately $237,000 in interest payments from Prodesa. Accordingly, the Company is still accruing interest, which amounted to approximately $482,600 as of December 31, 2016, on the Prodesa loans. In addition, during January and February 2017, the Company received $100,000 in principal payments and approximately $78,000 in interest payments and expects that Prodesa will continue to make regular principal and interest payments. The Company has estimated the fair value of the Prodesa loans as of December 31, 2016 at $3,900,000 based on the income valuation approach as further described in Note 4.  

During 2015, Prodesa underwent a change in ownership. Through the month of September 2015, the new ownership had injected over $830,000 in Prodesa for working capital purposes. The Company has been working with Prodesa to re-align its operations and, on October 5, 2015, the Company funded a $400,000 senior secured purchase order revolving credit facility to Prodesa.  The purchase order facility is secured by specific purchase orders from customers of Prodesa, as well as pledges of additional unencumbered assets and all shares of Prodesa. On November 6, 2015, Prodesa paid back to the Company the entire $400,000 and related interest owed under the purchase order facility. On November 20, 2015, the Company funded a second draw under the purchase order facility in the amount of $190,000 which was repaid in full on February 29, 2016. During the year ended December 31, 2016, the Company funded seven additional draws under the purchase order facility for an aggregate of $1,750,000.  

On November 23, 2015, Prodesa was placed into bankruptcy by the Peruvian bankruptcy authority. At the end of August 2015, a supplier of Prodesa had filed an unpaid payable claim for just over $141,000 with the authority. While Prodesa’s management responded to the filing with a proposal to pay the claim off in full by December 2015, Prodesa’s counsel did not follow the necessary filing protocol. Unknown to management, this failure triggered Prodesa being placed into bankruptcy. Prodesa’s counsel has since been replaced. During the filing, the Company and all key creditors and vendors continued to support Prodesa as usual and the initial $141,000 claim has been settled in full. Prodesa exited the bankruptcy process on April 22, 2016 and made a principal payment to the Company of $400,000 on April 29, 2016.

Usivale

In May 2015, one of the Company’s borrowers, Usivale Industria E Commercio (“Usivale”), with an aggregate principal balance of $3,000,000, notified the Company that it would be unable to make its monthly interest payment for May 2015 and requested the deferment of interest payments until October 2015. Usivale is a sugar producer located in Brazil that has been in business since 1958.  Usivale’s business is highly cyclical and it generates the majority of its revenues during the first and fourth quarters of any calendar year.  In accordance with the terms of the loans, the Company originally increased the annual interest rate charged Usivale from 12.43% to 17.43%.  On August 27, 2015, Usivale filed for judicial recuperation or recovery (the “Filing”) with the local court in Brazil.  The Filing was led by the ongoing pricing pressure within the sugar market, leading up to the material drop in the month of August, when prices reached a seven year low. The Filing provided for a 180 day “standstill” period relative to any claim for payment by Usivale’s creditors. During this period, Usivale was permitted to operate as usual, but was required to develop and present a recovery plan to its creditors to allow it to emerge from judicial recovery. Usivale submitted an initial plan to the judicial court for review at the end of November 2015, which was published by the court on January 19, 2016. Creditors had 30 days to review and either approve or reject the plan. As the only secured creditor within the greater credit group, the Company’s acceptance of any plan was required.  The Company placed Usivale on non-accrual status effective August 27, 2015, the date of the judicial recovery filing.

On February 17, 2016, the Company filed a rejection of the plan presented by Usivale. In accordance with the judicial recovery process, a general assembly of Usivale’s creditors was held on June 14, 2016 and an agreed upon restructure plan was submitted to the court and subsequently approved by the court on October 7, 2016. Under the restructure plan, interest on the principal started accruing effective July 1, 2016 at an annual rate of 12.43% and Usivale is required to make annual principal payments starting in the fourth quarter of 2016. On November 10, 2016, the Company received payments of principal and interest of $316,777 and $144,390, respectively.  The Company recorded the $144,390 payment as interest income and stated accruing interest on the unpaid principal effective November 10, 2016. As of December 31, 2016, the principal balance of the Usivale loans amounted to $2,851,296 and the Company has estimated the fair value of the Usivale loans at $2,851,296, which is based on a discounted cash flow analysis (income approach).  Accordingly, the Company recorded an unrealized gain of $318,424 during the year ended December 31, 2016.

Fruit and Nut Distributor

The Company has a trade finance participation with a fruit and nut distributor (“the Distributor”) located in South Africa, with a total balance outstanding of $799,767 of as December 31, 2016. The Distributor trade finance has a stated maturity date of May 22, 2015, which the Company agreed to extend. The Distributor had made partial payments of principal during 2015 and 2016 (the original loan from the Company to the Distributor was for $1,250,000), with the most recent payment being made on October 2016. Through the latter part of 2015, the depreciation in the South African Rand had proven to be problematic for the Distributor given that it has to purchase its inventory in U.S. Dollars and then sells in South African Rand. This situation has led the Distributor to experience some cash flow difficulties and operating losses. As of December 31, 2016, the Company, together with its sub-advisor, had agreed to extend further the principal maturity date to facilitate the strategic sale of the Distributor, which closed in June 2016.  As a result of the sale, one of the Company’s sub-advisor now owns 40% of the Distributor. 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 $127,400 for the year ended December 31, 2016. Based on the information available to the Company and according to its valuation policies, the Company had estimated the fair value of its investment in the Distributor to be $740,690 as of December 31, 2016 and recorded an unrealized depreciation adjustment of $59,077 for the year ended December 31, 2016.

Farm Supplies Distributor

The Company has several trade finance participations in a facility to a farm supplies distributor, Neria Investment Ltd. (“Neria”), located in Zambia with an aggregate principal balance of $5,078,526 and net accrued interest of $550,370 as of December 31, 2016. The participations have maturity dates ranging from October 25, 2015 to May 3, 2016.  The facility serves to finance the shipment of fertilizer to the Zambian government and is secured by receivables.  The delay in repayment is due to slow payment of the receivables by the Zambian Government caused by a national budget deficit.  The Company placed this participation on non-accrual status effective July 1, 2016 and interest not recorded relative to the original terms of this participation amounted to approximately $322,600 for the year ended December 31, 2016.  In addition, during the year ended December 31, 2016, the Company reversed $550,370 of interest income that had been previously accrued. On December 1, 2016, the Company’s sub-advisor declared an event of default and filed a claim against the credit insurance policy. The insurer has 180 days from time of filing (June 1, 2017) to conclude their collection process and make payment against the policy. The Company has determined that there is sufficient collateral, including a credit insurance policy, should the Zambian government or subsequently Neria not pay, to cover the entire principal and interest balance due from Neria and has determined, in accordance with its valuation policy, that the fair value should remain at $5,078,526 as of December 31, 2016.

Sesame Seed Exporter

The Company has a trade finance participation with a Sesame Seed Exporter (“the Exporter”) located in Guatemala, with a principal balance outstanding of $907,565 and accrued interest of $99,780 as of December 31, 2016. The participation has a maturity date of March 31, 2016 and is secured by inventory. During 2016, the Exporter lost a major customer, which resulted in a slowdown in business, affecting its ability to repay the amount due under the participation.  However, the Exporter has been able to secure new customers to replace the lost order(s), which will enable the Exporter to start making payments to the Company.  In addition, the Exporter has made three principal payments totaling $92,435 during October and November 2016.  The Company has determined that there is sufficient collateral to support the repayment of this participation and has determined, in accordance with its valuation policy, that the fair value of this investment should remain at $907,565 as of December 31, 2016.

As of December 31, 2015, the Company’s investments consisted of the following:

	Amortized		Fair		Percentage
	Cost		Value		of Total
Senior secured term loan	$	5,474,534	$	5,474,534		5.4	%
Senior secured term loan participations		18,802,666		18,484,242		18.3	%
Senior secured trade finance participations		77,069,328		77,069,328		76.3	%
Total investments	$	101,346,528	$	101,028,104		100.0	%

The industry composition of the Company’s portfolio, at fair market value as of December 31, 2016 and 2015, was as follows:

	As of  December 31, 2016					As of December 31, 2015
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	22,851,296		11.2	%	$	27,452,577		27.2	%
Bulk Fuel Stations and Terminals		15,437,474		7.6	%		—		—
Cash Grains		—		—			4,275,182		4.2	%
Coal and Other Minerals and Ores		6,574,351		3.2	%		—		—
Commercial Fishing		1,058,273		0.5	%		1,756,243		1.7	%
Communications Equipment		6,111,941		3.0	%		5,918,086		5.9	%
Construction Materials		—		—			181,943		0.2	%
Consumer Products		9,900,000		4.9	%		8,940,000		8.8	%
Electric Services		19,500,000		9.6	%		—		—
Farm Products		3,142,480		1.5	%		2,900,000		2.9	%
Fats and Oils		6,000,000		2.9	%		3,100,000		3.1	%
Fertilizer & Agricultural Chemicals		5,078,526		2.5	%		5,750,000		5.7	%
Fresh or Frozen Packaged Fish		5,037,134		2.5	%		—		—
Food Products		740,690		0.4	%		667,838		0.7	%
Groceries and Related Products		11,195,862		5.5	%		—		—
Hotels and Motels		17,000,000		8.3	%		—		—
Machinery, Equipment, and Supplies		11,483		0.0	%		—		—
Meat, Poultry & Fish		9,675,717		4.7	%		11,524,816		11.4	%
Metals & Mining		2,234,145		1.1	%		2,500,000		2.5	%
Miscellaneous Plastics Products		161,018		0.1	%		—
Packaged Foods & Meats		500,000		0.2	%		1,000,000		1.0	%
Primary Nonferrous Metals		3,000,000		1.5	%		—		—
Primary Metal Industries		6,000,000		2.9	%		6,000,000		5.9	%
Programming and Data Processing		10,236,013		5.0	%		5,474,534		5.4	%
Rental of Railroad Cars		4,411,650		2.2	%		—		—
Secondary Nonferrous Metals		7,649,945		3.8	%		—		—
Soap, Detergents, and Cleaning		2,000,000		1.0	%		—		—
Street Construction		14,927,195		7.3	%		—		—
Textiles, Apparel & Luxury Goods		—		—			724,219		0.7	%
Water Transportation		13,360,620		6.6	%		12,862,666		12.7	%
Total	$	203,795,813		100.0	%	$	101,028,104		100.0	%

The table below shows the portfolio composition by geographic classification at fair value as of December 31, 2016 and 2015:

	As of  December 31, 2016					As of December 31, 2015
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	31,000,000		15.3	%	$	27,800,000		27.5	%
Brazil		13,087,309		6.4	%		8,156,110		8.1	%
Cabo Verde		17,000,000		8.3	%		—		—
Chile		2,234,915		1.1	%		1,900,000		1.9	%
Ecuador		6,095,407		3.0	%		1,756,243		1.7	%
Ghana		19,500,000		9.6	%		—		—
Guatemala		907,565		0.4	%		1,000,000		1.0	%
Indonesia		17,927,195		8.8	%		—		—
Kenya		161,018		—			375,182		0.4	%
Mauritius		11,195,862		5.5	%		—		—
Morocco		7,649,945		3.8	%		—		—
Namibia		500,000		0.2	%		1,000,000		1.0	%
Nigeria		13,360,620		6.6	%		12,862,666		12.7	%
Peru		19,337,474		9.5	%		2,940,000		2.9	%
Singapore		10,000,000		4.9	%		10,000,000		9.9	%
South Africa		14,174,143		7.0	%		18,837,903		18.6	%
Tanzania		—		—			3,900,000		3.9	%
United Kingdom		6,585,834		3.2	%		—		—
Zambia		13,078,526		6.4	%		10,500,000		10.4	%
Total	$	203,795,813		100.0	%	$	101,028,104		100.0	%

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Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2016:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	28,673,487	$	—	$	—	$	28,673,487
Senior secured term loan participations		58,450,761		—		—		58,450,761
Senior secured trade finance participations		116,671,565		—		—		116,671,565
Total	$	203,795,813	$	—	$	—	$	203,795,813

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2015:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan	$	5,474,534	$	—	$	—	$	5,474,534
Senior secured term loan participations	$	18,484,242						18,484,242
Senior secured trade finance participations		77,069,328		—		—		77,069,328
Total	$	101,028,104	$	—	$	—	$	101,028,104

The following is a reconciliation of activity for the year ended December 31, 2016, of investments classified as Level 3:

	Fair Value at December 31, 2015		Purchases		Maturities or Prepayments			Accretion of discounts		Net change in unrealized appreciation (depreciation)			Fair Value at December 31, 2016
Senior secured term loans	$	5,474,534	$	24,200,000	$	(1,381,848	)	$	380,801	$	—		$	28,673,487
Senior secured term loan participations		18,484,242		42,170,621		(2,637,793	)		115,267		318,424			58,450,761
Senior secured trade finance participations		77,069,328		165,850,182		(126,188,868	)		—		(59,077	)		116,671,565
Unsecured short term note receivable		—		20,000,000		(20,000,000	)		—		—			-
Total	$	101,028,104	$	252,220,803	$	(150,208,509	)	$	496,068	$	259,347		$	203,795,813

The following is a reconciliation of activity for the year ended December 31, 2015 of investments classified as Level 3:

	Fair Value at December 31, 2014		Purchases		Maturities or Prepayments			Accretion of discounts		Net change in unrealized appreciation (depreciation)			Fair Value at December 31, 2015
Senior secured term loan	$	—	$	5,500,000	$	(25,466	)	$	—	$	—		$	5,474,534
Senior secured term loan participations		5,750,000		13,446,833		(400,000	)		5,833		(318,424	)		18,484,242
Senior secured trade finance participations		47,697,442		119,422,199		(90,050,313	)		—		—			77,069,328
Unsecured short term note receivable		—							—		—			—
Total	$	53,447,442	$	138,369,032	$	(90,475,779	)	$	5,833	$	(318,424	)	$	101,028,104

There were no realized gains or losses for any of our investments classified as Level 3 during the years ended December 31, 2016 and 20154.

As of December 31, 2016, 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, 2016:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	115,930,875	Cost Approach	Recent transactions	N/A
Senior secured trade finance participations (2)	$	740,690	Income approach (DCF)	Yield		15.75%
Senior secured term loans	$	28,673,487	Income approach (DCF)	Yield	11.50% - 13.50% (12.50%)
Senior secured term loan participations (3)	$	58,450,761	Income approach  (DCF)	Yield	11.50% - 15.70% (13.99%)

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.

(1) Given the short duration (less than one year) and nature of trade finance positions, the Company uses the cost approach to determine the fair value of trade finance positions, unless circumstances would indicate that another approach would be more appropriate.

(2) Income approach used for the Fruit and Nut Distributor based on expected terms as listed in Note 3 above.

(3) As of December 31, 2016, with respect to the loans to Prodesa, the Company has returned to using an income approach to estimate their fair value. As of December 31, 2015, the Company had chosen to determine their estimated fair value based on a collateral valuation approach.  The Company’s decision to do so was not based upon a belief that the Company will need to liquidate the collateral securing the loans to Prodesa, but rather because the Company considered the collateral valuation approach to be the most appropriate due to the availability and reliability of inputs. In addition, the Company is working with Prodesa to re-align its operations and restructure the loans (see Note 3).

As of December 31, 2015, 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, 2015:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations	$	77,069,328	Income approach	Market yield	8.89% – 17.50% (12.04%)
Senior secured term loan	$	5,474,534	Income approach	Market yield		13.50%
Senior secured term loan participations	$	15,544,242	Income approach	Market yield	15.83% - 17.43%(16.13%)
Senior secured term loan participations	$	2,940,000	Collateral based approach	Value of collateral	N/A

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, 2016

Related Party Transactions [Abstract]

Related Parties

Note 5. Related Parties

Agreements

Advisory Agreement

On March 3, 2017, the Company’s board of managers determined to extend the Amended and Restated Advisory Agreement, (the “Advisory Agreement”) until February 25, 2018.  

Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Advisory Agreement between the Company and the Advisor. Asset management fees are paid to the Advisor in exchange for fund management and administrative services. Although the Advisor manages, on the Company’s behalf, many of the risks associated with global investments in developing economies, management fees do not include the cost of any hedging instruments or insurance policies that may be required to appropriately manage the Company’s risk.

If certain financial goals are reached by the Company, the Company is required to pay the Advisor an incentive fee 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 for the years ended December 31, 2016 and 2015.

Transactions

As discussed in Note 2, for the year ended December 31, 2016 and 2015, the Sponsor assumed responsibility for $5,333,530 and $3,384,145 of the Company’s operating expenses, management and incentive fees, which are deferred under the Responsibility Agreement.

For the years ended December 31, 2016 and 2015, the Advisor earned $4,172,643 and $2,006,532, respectively, in management fees and $3,319,149 and $1,576,895, respectively, in incentive fees.

Since the inception of the Company through December 31, 2016, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $9,496,400 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $3,333,600 of expenses, which have been accrued by the Sponsor as of December 31, 2016. Such expenses, in the aggregate of $12,830,000 since the Company’s inception, will be expensed and payable by the Company to the Sponsor once the Company has raised gross proceeds of $200 million as further described in Note 2.

As of December 31, 2016 and 2015, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $3,175,656 and $1,874,932, 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, 2016 and 2015, the Company paid $1,938,827 and $1,374,301, respectively, in dealer manager fees and $6,744,561 and $5,413,957, respectively, in selling commission to our 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.

As of December 31, 2016 and 2015, due to affiliates, which were related to reimbursement of offering expenses to the Company’s Sponsor, amounted to $68,312 and $472,057, respectively.

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Organization and Offering Costs

12 Months Ended

Dec. 31, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Offering Costs

Note 6. Organization and Offering Costs

As of December 31, 2016, the Sponsor has paid approximately $14,307,400 of offering costs and $236,000 of organization costs, all of which were paid directly by the Sponsor on behalf of the Company, and will be reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $4,540,000 and $2,945,300, respectively, of offering costs, which were incurred by the Sponsor during the years ended December 31, 2016 and 2015. During the years ended December 31, 2016 and 2015, the Company paid $6,721,325 and $4,383,644, 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.

Since the Company started operations to December 31, 2016, the Company has reimbursed the Sponsor a total of $14,543,691 of offering costs and there is no remaining balance of offering and organization costs due the Sponsor as December 31, 2016.

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Promissory Notes

12 Months Ended

Dec. 31, 2016

Debt Instruments [Abstract]

Promissory Notes

Note 7. 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 LIBOR (1.59%) and will be 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.

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.

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 all of the issued and outstanding shares of the Subsidiaries.

For the year ended December 31, 2016, the Company recognized $16,228 in interest expense.

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Unit Capital

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Unit Capital

Note 8. Unit Capital

The Company has three classes of units: Class A units, Class C units and Class I units. The unit classes have different sales commissions and dealer manager fees, and there is an ongoing distribution fee with respect to Class C units. As of December 31, 2016, the Company recorded a liability in the amount of $1,907,000 for the estimated future amount of Class C distribution fee payable. The estimated liability is calculated based on a net asset value per Class C unit of $9.025 with distribution fees of 0.8% per annum applied to the net asset value, during the period that the expected period that Class C unit remains 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. As of December 31, 2016 the Class A and I units have a net asset value per unit of $8.534 and the Class C units have a net asset value per unit of $8.254.

The following table is a summary of transactions with respect to the Company’s units during the year ended December 31, 2016:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			December 31,
	2015		the Period		the Period			2016
Class A units		9,709,153		6,248,387		(565,549	)		15,391,991
Class C units		1,073,599		5,739,329		(8,943	)		6,803,985
Class I units		5,443,616		2,541,539		(573,750	)		7,411,405
Total		16,226,368		14,529,254		(1,148,241	)		29,607,381

The total of 14,529,254 units issued during the year ended December 31, 2016 included 799,069 units issued under the Amended and Restated Distribution Reinvestment Plan (“Distribution Reinvestment Plan”) at a value of $7,212,502.

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 then current offering price less the sales fees associated with that class of units. The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of our 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 we can repurchase with the proceeds we receive from the sale of units under the 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.

For the year ended December 31, 2016, the Company had received and processed 31 repurchase requests. The Company repurchased an aggregate of 565,549 Class A units, 8,943 Class C units, and 573,750 Class I units at a price of $9.025 per unit for a total of $10,362,875.

For the year ended December 31, 2015, the Company had received and processed 6 repurchase requests. The Company repurchased an aggregate of 6,491 Class A units, 2,374 Class C units, and 10,141 Class I units at a price of $9.025 per unit for a total of $171,528.

The following table is a summary of the units issued during the year ended December 31, 2015:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			December 31,
	2014		the Period		the Period			2015
Class A units		3,037,222		6,678,422		(6,491	)		9,709,153
Class C units		419,282		656,691		(2,374	)		1,073,599
Class I units		3,826,456		1,627,301		(10,141	)		5,443,616
Total		7,282,960		8,962,414		(19,006	)		16,226,368

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Distributions

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Distributions

Note 9. Distributions

Starting in July 2013, the Company has paid monthly distributions for all classes of units. From July 2013 through April 2014, the distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (“Distribution rate”) (less the distribution fee for Class C Units). From May 2014 to December 2015, the Distribution rate was increased to $0.00197808 per unit per day. Starting in January 2016, the distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197268 per unit per day (less the distribution fee for Class C units). For the years ended December 31, 2016 and 2015, $9,258,169 and $4,808,358, respectively, of these distributions were paid in cash and $7,212,502 and $2,756,952, respectively, were reinvested in units for those unitholders participating in the Company Distribution Reinvestment Plan.

The following table summarizes the distributions paid for the years ended December 31, 2016 and 2015.

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2016	January 19, 2016	$	0.00197268	$	590,074	$	421,766	$	1,011,840
February 29, 2016	February 19, 2016	$	0.00197268		592,036		427,352		1,019,388
March 31, 2016	March 28, 2016	$	0.00197268		675,639		482,207		1,157,846
April 30, 2016	April 19, 2016	$	0.00197268		654,356		506,242		1,160,598
May 31, 2016	May 6, 2016	$	0.00197268		715,936		554,319		1,270,255
June 30, 2016	June 21, 2016	$	0.00197268		731,881		561,652		1,293,533
July 31, 2016	July 19, 2016	$	0.00197268		803,571		630,142		1,433,713
August 31, 2016	August 11, 2016	$	0.00197268		846,924		674,120		1,521,044
September 30, 2016	September 20, 2016	$	0.00197268		864,779		679,108		1,543,887
October 31, 2016	October 18, 2016	$	0.00197268		903,797		730,203		1,634,000
November 30, 2016	November 10, 2016	$	0.00197268		907,698		743,078		1,650,776
December 31, 2016	December 20, 2016	$	0.00197268		971,478		802,313		1,773,791
Total for 2016				$	9,258,169	$	7,212,502	$	16,470,671
January 31, 2015	January 20, 2015	$	0.00197808	$	312,366	$	142,891	$	455,257
February 28, 2015	February 17, 2015	$	0.00197808		291,738		138,924		430,662
March 31, 2015	March 24, 2015	$	0.00197808		340,746		159,495		500,241
April 30, 2015	April 22, 2015	$	0.00197808		342,816		169,835		512,651
May 31, 2015	May 11, 2015	$	0.00197808		367,424		189,037		556,461
June 30, 2015	June 12, 2015	$	0.00197808		369,596		197,201		566,797
July 31, 2015	July 21, 2015	$	0.00197808		403,067		226,381		629,448
August 31, 2015	August 7, 2015	$	0.00197808		426,556		250,001		676,557
September 30, 2015	September 22, 2015	$	0.00197808		434,227		268,521		702,748
October 31, 2015	October 20, 2015	$	0.00197808		471,260		304,156		775,416
November 30, 2015	November 10, 2015	$	0.00197808		493,573		326,731		820,304
December 31, 2015	December 17, 2015	$	0.00197808		554,989		383,779		938,768
Total for 2015				$	4,808,358	$	2,756,952	$	7,565,310

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Financial Highlights

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015. 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,
	2016			2015
Per unit data (1):
Net proceeds before offering costs (2)	$	9.025		$	9.025
Offering costs		(0.491	)		(0.482	)
Net Proceeds after offering costs		8.534			8.543
Net investment income		0.767			0.750
Net change in unrealized depreciation on investments		0.012			(0.030	)
Distributions		(0.777	)		(0.720	)
Net change in accrued distribution fees		(0.064	)		—
Net increase/(decrease) in net assets		(0.062	)		—
Net asset value at end of period		8.472			8.543
Total return based on net asset value (3)(4)		9.13	%		8.42	%
Net assets at end of period	$	250,755,915		$	138,620,607
Units Outstanding at end of period		29,607,381			16,226,368
Ratio/Supplemental data (annualized) (4)(5):
Ratio of net investment income to average net assets		8.52	%		8.47	%
Ratio of net operating expenses to average net assets		2.17	%		1.98	%

¹ The per unit data was derived by using the weighted average units outstanding during the years ended December 31, 2016 and 2015, which were 21,194,302 and 10,511,262, respectively.

² Represents net asset value at the beginning of the period.

³ Net asset value would have been lower for all unit classes if the Sponsor had not made capital contributions as of March 31, 2014, and December 31, 2013, of $31,750 and $51,034, respectively, or had not absorbed and deferred reimbursement for a substantial portion of the Company’s operating expenses since the Company began operations.

⁴ Total return, ratio of net investment income and ratio of operating expenses to average net assets for the years ended December 31, 2016 and 2015, prior to the effect of the Responsibility Agreement were as follows: total return: 6.18% and 4.66%, ratio of net investment income: 5.77% and 4.68%, and ratio of net expenses to average net assets: 4.92% and 5.77%, respectively.

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Selected Quarterly Data

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Data

Note 11. Selected Quarterly Data (Unaudited)

	2016
	Q4		Q3		Q2		Q1
Total investment income	$	5,902,594	$	6,415,185	$	4,780,729	$	3,341,854
Net investment income	$	4,759,351	$	4,507,165	$	3,728,632	$	3,251,742
Net change in unrealized appreciation (depreciation) on investments	$	318,424	$	—	$	—	$	(59,077	)
Net increase in net assets resulting from operations	$	5,077,775	$	4,507,165	$	3,728,632	$	3,192,665
Basic and diluted earnings per unit	$	0.22	$	0.20	$	0.18	$	0.18
Net asset value per unit as of the end of the quarter	$	8.469	$	8.460	$	8.473	$	8.530

	2015
	Q4			Q3		Q2		Q1
Total investment income	$	2,987,504		$	2,733,420	$	2,149,657	$	1,786,482
Net investment income	$	2,853,465		$	2,008,560	$	1,636,553	$	1,385,899
Net change in unrealized depreciation on investments	$	(318,424	)	$	—	$	—	$	—
Net increase in net assets resulting from operations	$	2,535,041		$	2,008,560	$	1,636,553	$	1,385,899
Basic and diluted earnings per unit	$	0.18		$	0.18	$	0.18	$	0.18
Net asset value per unit as of the end of the quarter	$	8.543		$	8.546	$	8.549	$	8.551

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Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Note 12. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. 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, 2016, except as discussed below.

Distributions

On January 19, 2017, 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 January 31, 2017. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On February 1, 2017, $963,250 of these distributions were paid in cash and on January 31, 2017, $837,472 were reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan.

On February 23, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from February 1 through February 28, 2017. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On March 1, 2017, $908,110 of these distributions were paid in cash and on February 28, 2017, $782,125 were reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan.

On March 25, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from March 1 through March 31, 2017. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). These distributions will be paid in cash or reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan on or about April 3, 2017.

Status of the Offering

Subsequent to December 31, 2016 through March 24, 2017, the Company sold approximately 3.64 million units in the Offering (including units issued pursuant to the DRIP) for approximately $34.7 million in gross proceeds. As of March 24, 2017, the Company had received approximately $330.9 million in total gross offering proceeds through the issuance of approximately 34.42 million total units in the Offering (including units issued pursuant to the DRIP).

Unit Offering Price

Subsequent to December 31, 2016, the Company continued to sell units at a price of $10.00 per Class A unit, $9.576 per Class C unit and $9.025 per Class I unit. The Company’s net asset value and the offering prices would have decreased for unit classes if the Sponsor had not made a capital contribution in the amount of $31,750 and $51,034 in the quarters ended March 31, 2014 and December 31, 2013, respectively, or had not absorbed and deferred reimbursement for a substantial portion of the Company’s operating expenses since the Company began its operations.

Investments

Subsequent to December 31, 2016 through March 24, 2017, the Company funded approximately $67.2 million in new loans and received proceeds from repayment of loans of approximately $48.5 million.

Amendments to Prodesa Loans

On January 31, 2017, the Company entered into a series of loan amendments with Prodesa. First, the $2,000,000 term loan facility with an original maturity date of July 15, 2016 was amended to increase the commitment to $3,540,000 to finance the acquisition of additional machinery and equipment and refinance existing property. As part of the amendment, the loan facility also extended the maturity date to July 28, 2021, and amended the interest rate on the $3,540,000 loan to 12.00% per annum, reflecting the increased and improved collateral supporting the loan facility.

Separately, the Company simultaneously entered into amendments for the $750,000 inventory loan facility and the $1,750,000 purchase order facility to extend those facilities to mature concurrently with the amended term loan facility above, as each facility is cross-defaulted and cross-collateralized.  The $750,000 inventory loan, with an original maturity date February 15, 2015 and previously extended to December 22, 2016, now matures on July 28, 2021. The $1,750,000 purchase order facility, with an original maximum term of December 31, 2020, now matures on July 28, 2021.

Agreements

On March 3, 2017, the Company’s board of managers determined to extend the Advisory Agreement until February 25, 2018.

Promissory Notes

On February 17, 2017, TGIFC, a wholly owned subsidiary of the Company, issued $0.225 million in the second series of notes pursuant a private offering of senior secured promissory notes.  Such notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and may be comprised of up to four different series with four different issuance and maturity dates.  The notes issued on February 17, 2017 comprised the second series of the notes with the first series having closed on October 14, 2016.These notes are collateralized with shares of the Company’s subsidiary that hold all the Company’s investments

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Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2016

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.

Certain prior year amounts have been reclassified to conform to the current year presentation.

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.

Prepaid Expenses

Prepaid expenses

Prepaid expenses represent prepaid insurance paid by the Company during 2016. Prepaid insurance is being amortized over the term of the insurance policy, which is one year. The amortization of prepaid expense for the years ended December 31, 2016 and 2015, is reimbursable to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement.

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. Accrued interest is generally reversed when a loan is placed on non-accrual. 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, 2016, two portfolio companies were on non-accrual status with an aggregate fair value of $5,819,216 or 2.9% of the fair value of the Company’s total investments. At December 31, 2015, one portfolio company was on non-accrual status with a fair value of $2,681,576 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 $449,927 and $184,500 respectively, for the years ended December 31, 2016 and 2015.

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 3.

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 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 which include a disclaimer that the broker would not be held to such a price in an actual transaction. 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 Duff & Phelps, LLC (“Duff & Phelps”) to conduct 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, and provide an opinion that the Advisor’s estimate of fair value for each investment is reasonable;

3. The audit committee of the Company’s board of managers reviews and discuss the preliminary valuation prepared by the Advisor and any opinion rendered by Duff & Phelps; and

4. Our board of managers discuss the valuations and determine the fair value of each investment in the Company’s portfolio in good faith based on the input of the Advisor, Duff & Phelps and the audit committee. The board of managers is 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 our investments.

Fixed income investments are typically valued utilizing a market approach, income approach, cost 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) 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. The cost approach is a valuation technique that uses the concept of replacement cost as an indicator of value.  The premise of the cost approach holds that a prudent investor would pay no more for an asset than the amount for which the asset could be replaced.  To clarify, the cost approach as a method for valuing an investment is to be distinguished from holding an investment at cost as of the initial investment date. 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

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 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.

Distribution Fee and Out-of-Period Adjustment

Distribution Fee and Out-of-Period Adjustment

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. The aggregate amount of underwriting compensation for the Class A, Class C and Class I units, including the distribution fee for the Class C units, cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The distribution fee is not paid at the time of purchase of Class C units. The distribution fee is payable monthly in arrears, as it becomes contractually due.

In prior periods, the Company had been recording the fees as a periodic charge to equity as they are incurred. Starting in June 2016, the Company determined to account for the 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. At December 31, 2016, the estimated unpaid distribution fee amounts to $1,907,000. The adjustments for the amounts of distribution fees which were not previously recorded as a liability amounted to approximately $812,000 and $366,000, respectively, as of March 31, 2016 and December 31, 2015 and were deemed immaterial.

Income Taxes

Income Taxes

The Company is classified as a partnership for U.S. Federal income tax purposes. As such, it 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, 2016 and 2015, 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, 2013.

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 and commenced with respect to the first full quarter after the Company commenced operations. The Company calculates its 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. The net asset value per Class A, Class C and Class I units is calculated on a pro-rata basis based on units outstanding.

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, 2016 and 2015.

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 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% 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, 2016 and 2015. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. If the Company had sold the maximum amount of the Offering, it had anticipated that such expenses would have equaled approximately 1.25% of the gross proceeds raised. However, such expenses will exceed this percentage because the Primary Offering is now due to terminate on March 31, 2017. Through December 31, 2016, such expenses equaled to 4.9% of the gross proceeds. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets.

The Company may reimburse the dealer manager for certain expenses that are deemed underwriting compensation. Assuming an aggregate selling commission and a dealer manager fee of 9.75% of the gross offering proceeds (which assumes all offering proceeds come from Class A units), the Company would reimburse the dealer manager in an amount up to 0.25% of the gross offering proceeds. Because the aggregate selling commission and dealer manager fees will be less than 9.75% of the gross offering proceeds due to a portion of the offering proceeds coming from the sale of Class C and Class I units, the Company may reimburse the dealer manager for expenses in an amount greater than 0.25% of the gross offering proceeds, provided that the Company will not pay or reimburse any of the foregoing costs to the extent such payment would cause total underwriting compensation to exceed 10.0% of the gross proceeds of the primary offering as of the termination of the Offering, as required by the rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”).

Operating Expense Responsibility Agreement

Operating Expense Responsibility Agreement

On March 25, 2017, 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, 2016. Pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $9,496,400 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $3,333,600 of expenses, which have been accrued by the Sponsor as of December 31, 2016. Such expenses will not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds, provided any such reimbursement during the period in which the Company is offering units in the Offering will not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit (the “NAV Hurdle”).  While the Company has raised gross proceeds of over $200 million in the primary offering as of December 31, 2016, any such reimbursement would cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit. Thus, such amounts are not yet payable by the Company to the Sponsor. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of December 31, 2016. 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. Following the end of the Primary Offering, the Sponsor could demand the reimbursement of operating expenses covered by the Responsibility Agreement if it does not cause a drop in the net asset value per unit.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Under the Jumpstart Our Business Startups Act (the “JOBS Act”), emerging growth companies can delay the adoption of new or revised accounting standards until such time as those standards apply to private companies. The Company is choosing to take advantage of the extended transition period for complying with new or revised accounting standards. As a result, the Company’s financial statements may not be comparable to those of companies that comply with public company effective dates. There are no new or revised relevant accounting standards that the Company has not adopted.

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. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The adoption of the amended guidance in ASU 2014-09 is not expected to have a significant effect on the Company’s financial statements.

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40).” ASU 2014-15 addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods thereafter. Management has adopted this guidance effective for the fourth quarter of 2016.

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 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. Early adoption is permitted. The guidance requires companies to apply the requirements retrospectively to all prior periods presented. If it is impracticable for a company to apply ASU 2016-15 retrospectively, requirements may be applied prospectively as of the earliest date practicable. We are currently evaluating the potential impact of the pending adoption of ASU 2016-15 on our consolidated financial statements.

Risk Factors

Risk Factors

The Company has limited operating history and is subject to the business risks and uncertainties associated with any new business. As an externally-managed Company, the Company is largely dependent on the efforts of the Advisor and other service providers.

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’s investments consist of loans, loan participations and trade finance 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, 2016, all 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, 2016, the Company’s investment portfolio included 32 companies and was comprised of $28,673,487 or 14.1% in senior secured term loans, $58,450,761 or 28.7% in senior secured term loan participations, $116,671,565 or 57.2% in senior secured trade finance participations. At December 31, 2016, the Company’s largest loan by value was $19,500,000 or 9.6% of the total portfolio and the Company’s 5 largest loans by value amounted to an aggregate of $80,225,289, representing 39.4% of total investments. Participation in loans amounted to 85.9% of the Company’s total portfolio at December 31, 2016.

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Investments (Tables)

12 Months Ended

Dec. 31, 2016

Investments Debt And Equity Securities [Abstract]

Schedule of Investments

As of December 31, 2016, the Company’s investments consisted of the following:

	Amortized		Fair		Percentage
	Cost		Value		of Total
Senior secured term loans	$	28,673,487	$	28,673,487		14.1	%
Senior secured term loan participations		58,450,761		58,450,761		28.7	%
Senior secured trade finance participations		116,730,642		116,671,565		57.2	%
Total investments	$	203,854,890	$	203,795,813		100.0	%

As of December 31, 2015, the Company’s investments consisted of the following:

	Amortized		Fair		Percentage
	Cost		Value		of Total
Senior secured term loan	$	5,474,534	$	5,474,534		5.4	%
Senior secured term loan participations		18,802,666		18,484,242		18.3	%
Senior secured trade finance participations		77,069,328		77,069,328		76.3	%
Total investments	$	101,346,528	$	101,028,104		100.0	%

Components of Investment Portfolio, Fair Value

The industry composition of the Company’s portfolio, at fair market value as of December 31, 2016 and 2015, was as follows:

	As of  December 31, 2016					As of December 31, 2015
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	22,851,296		11.2	%	$	27,452,577		27.2	%
Bulk Fuel Stations and Terminals		15,437,474		7.6	%		—		—
Cash Grains		—		—			4,275,182		4.2	%
Coal and Other Minerals and Ores		6,574,351		3.2	%		—		—
Commercial Fishing		1,058,273		0.5	%		1,756,243		1.7	%
Communications Equipment		6,111,941		3.0	%		5,918,086		5.9	%
Construction Materials		—		—			181,943		0.2	%
Consumer Products		9,900,000		4.9	%		8,940,000		8.8	%
Electric Services		19,500,000		9.6	%		—		—
Farm Products		3,142,480		1.5	%		2,900,000		2.9	%
Fats and Oils		6,000,000		2.9	%		3,100,000		3.1	%
Fertilizer & Agricultural Chemicals		5,078,526		2.5	%		5,750,000		5.7	%
Fresh or Frozen Packaged Fish		5,037,134		2.5	%		—		—
Food Products		740,690		0.4	%		667,838		0.7	%
Groceries and Related Products		11,195,862		5.5	%		—		—
Hotels and Motels		17,000,000		8.3	%		—		—
Machinery, Equipment, and Supplies		11,483		0.0	%		—		—
Meat, Poultry & Fish		9,675,717		4.7	%		11,524,816		11.4	%
Metals & Mining		2,234,145		1.1	%		2,500,000		2.5	%
Miscellaneous Plastics Products		161,018		0.1	%		—
Packaged Foods & Meats		500,000		0.2	%		1,000,000		1.0	%
Primary Nonferrous Metals		3,000,000		1.5	%		—		—
Primary Metal Industries		6,000,000		2.9	%		6,000,000		5.9	%
Programming and Data Processing		10,236,013		5.0	%		5,474,534		5.4	%
Rental of Railroad Cars		4,411,650		2.2	%		—		—
Secondary Nonferrous Metals		7,649,945		3.8	%		—		—
Soap, Detergents, and Cleaning		2,000,000		1.0	%		—		—
Street Construction		14,927,195		7.3	%		—		—
Textiles, Apparel & Luxury Goods		—		—			724,219		0.7	%
Water Transportation		13,360,620		6.6	%		12,862,666		12.7	%
Total	$	203,795,813		100.0	%	$	101,028,104		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, 2016 and 2015:

	As of  December 31, 2016					As of December 31, 2015
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	31,000,000		15.3	%	$	27,800,000		27.5	%
Brazil		13,087,309		6.4	%		8,156,110		8.1	%
Cabo Verde		17,000,000		8.3	%		—		—
Chile		2,234,915		1.1	%		1,900,000		1.9	%
Ecuador		6,095,407		3.0	%		1,756,243		1.7	%
Ghana		19,500,000		9.6	%		—		—
Guatemala		907,565		0.4	%		1,000,000		1.0	%
Indonesia		17,927,195		8.8	%		—		—
Kenya		161,018		—			375,182		0.4	%
Mauritius		11,195,862		5.5	%		—		—
Morocco		7,649,945		3.8	%		—		—
Namibia		500,000		0.2	%		1,000,000		1.0	%
Nigeria		13,360,620		6.6	%		12,862,666		12.7	%
Peru		19,337,474		9.5	%		2,940,000		2.9	%
Singapore		10,000,000		4.9	%		10,000,000		9.9	%
South Africa		14,174,143		7.0	%		18,837,903		18.6	%
Tanzania		—		—			3,900,000		3.9	%
United Kingdom		6,585,834		3.2	%		—		—
Zambia		13,078,526		6.4	%		10,500,000		10.4	%
Total	$	203,795,813		100.0	%	$	101,028,104		100.0	%

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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Summary of Valuation of Investments by Fair Value Hierarchy Levels

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2016:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	28,673,487	$	—	$	—	$	28,673,487
Senior secured term loan participations		58,450,761		—		—		58,450,761
Senior secured trade finance participations		116,671,565		—		—		116,671,565
Total	$	203,795,813	$	—	$	—	$	203,795,813

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2015:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan	$	5,474,534	$	—	$	—	$	5,474,534
Senior secured term loan participations	$	18,484,242						18,484,242
Senior secured trade finance participations		77,069,328		—		—		77,069,328
Total	$	101,028,104	$	—	$	—	$	101,028,104

Summary of Investments Classified as Level 3

The following is a reconciliation of activity for the year ended December 31, 2016, of investments classified as Level 3:

	Fair Value at December 31, 2015		Purchases		Maturities or Prepayments			Accretion of discounts		Net change in unrealized appreciation (depreciation)			Fair Value at December 31, 2016
Senior secured term loans	$	5,474,534	$	24,200,000	$	(1,381,848	)	$	380,801	$	—		$	28,673,487
Senior secured term loan participations		18,484,242		42,170,621		(2,637,793	)		115,267		318,424			58,450,761
Senior secured trade finance participations		77,069,328		165,850,182		(126,188,868	)		—		(59,077	)		116,671,565
Unsecured short term note receivable		—		20,000,000		(20,000,000	)		—		—			-
Total	$	101,028,104	$	252,220,803	$	(150,208,509	)	$	496,068	$	259,347		$	203,795,813

The following is a reconciliation of activity for the year ended December 31, 2015 of investments classified as Level 3:

	Fair Value at December 31, 2014		Purchases		Maturities or Prepayments			Accretion of discounts		Net change in unrealized appreciation (depreciation)			Fair Value at December 31, 2015
Senior secured term loan	$	—	$	5,500,000	$	(25,466	)	$	—	$	—		$	5,474,534
Senior secured term loan participations		5,750,000		13,446,833		(400,000	)		5,833		(318,424	)		18,484,242
Senior secured trade finance participations		47,697,442		119,422,199		(90,050,313	)		—		—			77,069,328
Unsecured short term note receivable		—							—		—			—
Total	$	53,447,442	$	138,369,032	$	(90,475,779	)	$	5,833	$	(318,424	)	$	101,028,104

Summary of Quantitative Information of Fair Value Measurements of Investments

As of December 31, 2016, 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, 2016:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	115,930,875	Cost Approach	Recent transactions	N/A
Senior secured trade finance participations (2)	$	740,690	Income approach (DCF)	Yield		15.75%
Senior secured term loans	$	28,673,487	Income approach (DCF)	Yield	11.50% - 13.50% (12.50%)
Senior secured term loan participations (3)	$	58,450,761	Income approach  (DCF)	Yield	11.50% - 15.70% (13.99%)

(1) Given the short duration (less than one year) and nature of trade finance positions, the Company uses the cost approach to determine the fair value of trade finance positions, unless circumstances would indicate that another approach would be more appropriate.

(2) Income approach used for the Fruit and Nut Distributor based on expected terms as listed in Note 3 above.

(3) As of December 31, 2016, with respect to the loans to Prodesa, the Company has returned to using an income approach to estimate their fair value. As of December 31, 2015, the Company had chosen to determine their estimated fair value based on a collateral valuation approach.  The Company’s decision to do so was not based upon a belief that the Company will need to liquidate the collateral securing the loans to Prodesa, but rather because the Company considered the collateral valuation approach to be the most appropriate due to the availability and reliability of inputs. In addition, the Company is working with Prodesa to re-align its operations and restructure the loans (see Note 3).

As of December 31, 2015, 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, 2015:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations	$	77,069,328	Income approach	Market yield	8.89% – 17.50% (12.04%)
Senior secured term loan	$	5,474,534	Income approach	Market yield		13.50%
Senior secured term loan participations	$	15,544,242	Income approach	Market yield	15.83% - 17.43%(16.13%)
Senior secured term loan participations	$	2,940,000	Collateral based approach	Value of collateral	N/A

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Unit Capital (Tables)

12 Months Ended

Dec. 31, 2016

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, 2016:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			December 31,
	2015		the Period		the Period			2016
Class A units		9,709,153		6,248,387		(565,549	)		15,391,991
Class C units		1,073,599		5,739,329		(8,943	)		6,803,985
Class I units		5,443,616		2,541,539		(573,750	)		7,411,405
Total		16,226,368		14,529,254		(1,148,241	)		29,607,381

The following table is a summary of the units issued during the year ended December 31, 2015:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			December 31,
	2014		the Period		the Period			2015
Class A units		3,037,222		6,678,422		(6,491	)		9,709,153
Class C units		419,282		656,691		(2,374	)		1,073,599
Class I units		3,826,456		1,627,301		(10,141	)		5,443,616
Total		7,282,960		8,962,414		(19,006	)		16,226,368

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Distributions (Tables)

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Summary Of Distributions Paid

The following table summarizes the distributions paid for the years ended December 31, 2016 and 2015.

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2016	January 19, 2016	$	0.00197268	$	590,074	$	421,766	$	1,011,840
February 29, 2016	February 19, 2016	$	0.00197268		592,036		427,352		1,019,388
March 31, 2016	March 28, 2016	$	0.00197268		675,639		482,207		1,157,846
April 30, 2016	April 19, 2016	$	0.00197268		654,356		506,242		1,160,598
May 31, 2016	May 6, 2016	$	0.00197268		715,936		554,319		1,270,255
June 30, 2016	June 21, 2016	$	0.00197268		731,881		561,652		1,293,533
July 31, 2016	July 19, 2016	$	0.00197268		803,571		630,142		1,433,713
August 31, 2016	August 11, 2016	$	0.00197268		846,924		674,120		1,521,044
September 30, 2016	September 20, 2016	$	0.00197268		864,779		679,108		1,543,887
October 31, 2016	October 18, 2016	$	0.00197268		903,797		730,203		1,634,000
November 30, 2016	November 10, 2016	$	0.00197268		907,698		743,078		1,650,776
December 31, 2016	December 20, 2016	$	0.00197268		971,478		802,313		1,773,791
Total for 2016				$	9,258,169	$	7,212,502	$	16,470,671
January 31, 2015	January 20, 2015	$	0.00197808	$	312,366	$	142,891	$	455,257
February 28, 2015	February 17, 2015	$	0.00197808		291,738		138,924		430,662
March 31, 2015	March 24, 2015	$	0.00197808		340,746		159,495		500,241
April 30, 2015	April 22, 2015	$	0.00197808		342,816		169,835		512,651
May 31, 2015	May 11, 2015	$	0.00197808		367,424		189,037		556,461
June 30, 2015	June 12, 2015	$	0.00197808		369,596		197,201		566,797
July 31, 2015	July 21, 2015	$	0.00197808		403,067		226,381		629,448
August 31, 2015	August 7, 2015	$	0.00197808		426,556		250,001		676,557
September 30, 2015	September 22, 2015	$	0.00197808		434,227		268,521		702,748
October 31, 2015	October 20, 2015	$	0.00197808		471,260		304,156		775,416
November 30, 2015	November 10, 2015	$	0.00197808		493,573		326,731		820,304
December 31, 2015	December 17, 2015	$	0.00197808		554,989		383,779		938,768
Total for 2015				$	4,808,358	$	2,756,952	$	7,565,310

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Financial Highlights (Tables)

12 Months Ended

Dec. 31, 2016

Equity [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights of the Company for the years ended December 31, 2016 and 2015. 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,
	2016			2015
Per unit data (1):
Net proceeds before offering costs (2)	$	9.025		$	9.025
Offering costs		(0.491	)		(0.482	)
Net Proceeds after offering costs		8.534			8.543
Net investment income		0.767			0.750
Net change in unrealized depreciation on investments		0.012			(0.030	)
Distributions		(0.777	)		(0.720	)
Net change in accrued distribution fees		(0.064	)		—
Net increase/(decrease) in net assets		(0.062	)		—
Net asset value at end of period		8.472			8.543
Total return based on net asset value (3)(4)		9.13	%		8.42	%
Net assets at end of period	$	250,755,915		$	138,620,607
Units Outstanding at end of period		29,607,381			16,226,368
Ratio/Supplemental data (annualized) (4)(5):
Ratio of net investment income to average net assets		8.52	%		8.47	%
Ratio of net operating expenses to average net assets		2.17	%		1.98	%

¹ The per unit data was derived by using the weighted average units outstanding during the years ended December 31, 2016 and 2015, which were 21,194,302 and 10,511,262, respectively.

² Represents net asset value at the beginning of the period.

³ Net asset value would have been lower for all unit classes if the Sponsor had not made capital contributions as of March 31, 2014, and December 31, 2013, of $31,750 and $51,034, respectively, or had not absorbed and deferred reimbursement for a substantial portion of the Company’s operating expenses since the Company began operations.

⁴ Total return, ratio of net investment income and ratio of operating expenses to average net assets for the years ended December 31, 2016 and 2015, prior to the effect of the Responsibility Agreement were as follows: total return: 6.18% and 4.66%, ratio of net investment income: 5.77% and 4.68%, and ratio of net expenses to average net assets: 4.92% and 5.77%, respectively.

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Selected Quarterly Data (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Summary of Selected Quarterly Data

	2016
	Q4		Q3		Q2		Q1
Total investment income	$	5,902,594	$	6,415,185	$	4,780,729	$	3,341,854
Net investment income	$	4,759,351	$	4,507,165	$	3,728,632	$	3,251,742
Net change in unrealized appreciation (depreciation) on investments	$	318,424	$	—	$	—	$	(59,077	)
Net increase in net assets resulting from operations	$	5,077,775	$	4,507,165	$	3,728,632	$	3,192,665
Basic and diluted earnings per unit	$	0.22	$	0.20	$	0.18	$	0.18
Net asset value per unit as of the end of the quarter	$	8.469	$	8.460	$	8.473	$	8.530

	2015
	Q4			Q3		Q2		Q1
Total investment income	$	2,987,504		$	2,733,420	$	2,149,657	$	1,786,482
Net investment income	$	2,853,465		$	2,008,560	$	1,636,553	$	1,385,899
Net change in unrealized depreciation on investments	$	(318,424	)	$	—	$	—	$	—
Net increase in net assets resulting from operations	$	2,535,041		$	2,008,560	$	1,636,553	$	1,385,899
Basic and diluted earnings per unit	$	0.18		$	0.18	$	0.18	$	0.18
Net asset value per unit as of the end of the quarter	$	8.543		$	8.546	$	8.549	$	8.551

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Organization and Operations of the Company - Additional Information (Detail)				12 Months Ended
	Jun. 11, 2013 USD ($) shares	Feb. 25, 2013 USD ($)	May 31, 2012 USD ($) shares	Dec. 31, 2016 USD ($) Employee shares	Dec. 31, 2015 USD ($) shares
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased				$ 112,099,742	$ 76,329,872
Shares purchased under equity transaction | shares				14,529,254	8,962,414
Offering period, description				In February 2015, the Company elected to extend its current offering period for up to an additional one year period, expiring on February 25, 2016. On November 18, 2015, the Company elected to extend its current offering for up to an additional six month period, expiring August 25, 2016. On February 19, 2016, the Company elected to extend its current offering to December 31, 2016. On September 20, 2016, the Company elected to further extend its current offering to March 31, 2017. The Company’s offering period will terminate on March 31, 2017.
Offering period termination date				Mar. 31, 2017
Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased				$ 56,387,454	$ 60,273,070
Shares purchased under equity transaction | shares				6,248,387	6,678,422
Offering [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased		$ 1,500,000,000
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
Offering period termination date				Mar. 31, 2017
TriLinc Global, LLC [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased	$ 2,900,000
Shares purchased under equity transaction | shares	321,330
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
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%

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Significant Accounting Policies - Additional Information (Detail)					12 Months Ended		56 Months Ended
		Dec. 31, 2016 USD ($) Company	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($) Company	Dec. 31, 2016 USD ($) Company Loans	Dec. 31, 2015 USD ($) Company	Dec. 31, 2016 USD ($) Company
Significant Accounting Policies [Line Items]
Prepaid insurance amortization period					1 year
Due date for unpaid principal and interest					90 days
Number of companies on non-accrual status | Company		2		1	2	1	2
Fair Value		$ 203,795,813		$ 101,028,104	$ 203,795,813	$ 101,028,104	$ 203,795,813
Percentage of investment in loans					100.00%	100.00%
Unrecorded investment interest income					$ 20,130,867	$ 9,568,481
Minimum investment maturity period					12 months
Tax liability for uncertain tax provision		$ 0		0	$ 0	0	$ 0
Interest and penalties related to unrecognized tax benefits					$ 0	0
Primary offering termination date					Mar. 31, 2017
Number of companies included in investment portfolio | Company		32			32		32
Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 19,500,000			$ 19,500,000		$ 19,500,000
Five Largest Loans by Value [Member]
Significant Accounting Policies [Line Items]
Fair Value		80,225,289			$ 80,225,289		80,225,289
Number of investment loans | Loans					5
Investment Concentration [Member] | Investment Portfolio [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment					85.90%
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment					9.60%
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment					39.40%
TriLinc Global, LLC [Member] | Responsibility Agreement [Member]
Significant Accounting Policies [Line Items]
Expenses paid by the sponsor on behalf of company					$ 9,496,400		9,496,400
Expenses accrued by the sponsor on behalf of company		3,333,600			3,333,600		3,333,600
Minimum gross proceeds that has to be raised to reimburse operating expenses incurred by the Sponsor		$ 200,000,000			$ 200,000,000		$ 200,000,000
TriLinc Global, LLC [Member] | Organization And Offering Costs [Member]
Significant Accounting Policies [Line Items]
Intercompany agreement description					Organization and offering costs 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% 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					2013
Class C Units [Member]
Significant Accounting Policies [Line Items]
Distribution fee per annum percentage of estimated value per share		0.80%			0.80%		0.80%
Distribution fee payable					$ 1,907,000
Class C Units [Member] | Restatement Adjustment [Member]
Significant Accounting Policies [Line Items]
Distribution fee payable			$ 812,000	366,000
Class A Units [Member]
Significant Accounting Policies [Line Items]
Percentage of selling commission and dealer manager fee of gross offering proceeds					9.75%
Percentage of reimburse to dealer manager					0.25%
Maximum [Member]
Significant Accounting Policies [Line Items]
Maximum anticipated organization and offering expenses		4.90%			1.25%
Organization and offering reimbursement limit					15.00%
Percentage of underwriting compensation					10.00%
Maximum [Member] | TriLinc Global, LLC [Member] | Organization And Offering Costs [Member]
Significant Accounting Policies [Line Items]
Intercompany agreement description					If the Company had sold the maximum amount of the Offering, it had anticipated that such expenses would have equaled approximately 1.25% of the gross proceeds raised.
Maximum [Member] | Class C Units [Member]
Significant Accounting Policies [Line Items]
Percentage of cap on underwriting compensation		10.00%			10.00%		10.00%
Maximum [Member] | Capital Units Class C or Class I [Member]
Significant Accounting Policies [Line Items]
Percentage of selling commission and dealer manager fee of gross offering proceeds					9.75%
Minimum [Member] | Capital Units Class C or Class I [Member]
Significant Accounting Policies [Line Items]
Percentage of reimburse to dealer manager					0.25%
Non-Accrual Status [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 5,819,216		2,681,576	$ 5,819,216	$ 2,681,576	$ 5,819,216
Percentage of investment in loans					2.90%	2.70%
Unrecorded investment interest income					$ 449,927	$ 184,500
Senior Secured Term Loans [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	28,673,487		5,474,534	$ 28,673,487	$ 5,474,534	28,673,487
Percentage of investment in loans					14.10%	5.40%
Senior Secured Term Loans [Member] | Investment Concentration [Member] | Investment Portfolio [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment					14.10%
Senior Secured Term Loan Participations [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	58,450,761		18,484,242	$ 58,450,761	$ 18,484,242	58,450,761
Percentage of investment in loans					28.70%	18.30%
Senior Secured Term Loan Participations [Member] | Investment Concentration [Member] | Investment Portfolio [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment					28.70%
Senior Secured Trade Finance Participations [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	$ 116,671,565		$ 77,069,328	$ 116,671,565	$ 77,069,328	$ 116,671,565
Percentage of investment in loans					57.20%	76.30%
Senior Secured Trade Finance Participations [Member] | Investment Concentration [Member] | Investment Portfolio [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment					57.20%
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 Note 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.

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Investments - Schedule of Investments (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Amortized Cost		$ 203,854,890	$ 101,346,528
Fair Value		$ 203,795,813	$ 101,028,104
Percentage of Total		100.00%	100.00%
Senior Secured Term Loans [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 28,673,487	$ 5,474,534
Fair Value	[1]	$ 28,673,487	$ 5,474,534
Percentage of Total		14.10%	5.40%
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 58,450,761	$ 18,802,666
Fair Value	[1]	$ 58,450,761	$ 18,484,242
Percentage of Total		28.70%	18.30%
Senior Secured Trade Finance Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 116,730,642	$ 77,069,328
Fair Value	[1]	$ 116,671,565	$ 77,069,328
Percentage of Total		57.20%	76.30%

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

XML

Investments - Additional Information (Detail)						1 Months Ended		2 Months Ended		3 Months Ended			6 Months Ended	10 Months Ended	12 Months Ended
		Nov. 10, 2016 USD ($)	Nov. 20, 2015 USD ($)	Nov. 06, 2015 USD ($)	Oct. 05, 2015 USD ($)	Oct. 31, 2015 USD ($)	Aug. 31, 2015 USD ($)	Feb. 28, 2017 USD ($)	Nov. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) SecurityLoan	Dec. 31, 2015 USD ($)	Apr. 30, 2016 USD ($)	Apr. 29, 2016 USD ($)	May 31, 2015 USD ($)	Mar. 31, 2015
Schedule of Investments [Line Items]
Deferred interest										$ 1,403,416		$ 393,430	$ 1,403,416	$ 393,430	$ 1,403,416	$ 393,430
Fair Value										203,795,813		101,028,104	203,795,813	101,028,104	203,795,813	101,028,104
Funded to senior secured credit purchase															252,220,803	138,143,039
Proceed from repayment of senior secured credit															150,208,509	90,475,779
Interest income															20,130,867	9,568,481
Net change in unrealized depreciation on investments										(318,424)	$ 59,077	318,424			(259,347)	318,424
Net accrued interest										6,866,432		3,580,530	6,866,432	3,580,530	6,866,432	3,580,530
Interest income reversed that had been previously accrued															(3,285,902)	(2,816,217)
Fruit & Nut Distributor [Member]
Schedule of Investments [Line Items]
Fair Value										740,690			740,690		740,690
Trade financing participation, total balance outstanding										799,767			799,767		799,767
Trade financing participation, principal balance										$ 1,250,000			$ 1,250,000		1,250,000
Interest on loans amount															127,400
Net change in unrealized depreciation on investments															$ 59,077
Fruit & Nut Distributor [Member] | Extended Maturity [Member] | Sub-advisor [Member]
Schedule of Investments [Line Items]
Ownership percentage held in distributor										40.00%			40.00%		40.00%
Farm Supplies Distributor [Member]
Schedule of Investments [Line Items]
Fair Value										$ 5,078,526			$ 5,078,526		$ 5,078,526
Trade financing participation, principal balance										5,078,526			5,078,526		5,078,526
Interest on loans amount															322,600
Net accrued interest										550,370			550,370		550,370
Interest income reversed that had been previously accrued															$ 550,370
Period available for insurer to make payment against credit insurance policy claim															180 days
Sesame Seed Exporter [Member]
Schedule of Investments [Line Items]
Proceeds from principal									$ 92,435
Fair Value										907,565			907,565		$ 907,565
Trade financing participation, principal balance										907,565			907,565		907,565
Net accrued interest										99,780			99,780		99,780
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Fair Value	[1]									58,450,761		$ 18,484,242	58,450,761	$ 18,484,242	58,450,761	18,484,242
Net change in unrealized depreciation on investments															(318,424)	$ 318,424
Corporacion Prodesa S.R.L. [Member]
Schedule of Investments [Line Items]
Deferred interest										482,600			482,600		482,600
Proceeds from principal													200,000
Proceeds from Interest													237,000
Fair Value										3,900,000			3,900,000		3,900,000
Filled on un payable claim							$ 141,000
Amount of claims settled																	$ 141,000
Amount of principal payment																		$ 400,000
Corporacion Prodesa S.R.L. [Member] | Subsequent Event [Member]
Schedule of Investments [Line Items]
Proceeds from principal								$ 100,000
Proceeds from Interest								$ 78,000
Corporacion Prodesa S.R.L. [Member] | Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Senior secured term loan										2,150,000			2,150,000		2,150,000
Corporacion Prodesa S.R.L. [Member] | Senior Secured Purchase Order Revolving Credit Facility [Member]
Schedule of Investments [Line Items]
Credit facility, maximum borrowing capacity										1,750,000			1,750,000		1,750,000
Corporacion Prodesa S.R.L. [Member] | Forbearance Agreement [Member]
Schedule of Investments [Line Items]
Percentage of partial interest payments														50.00%
Investment amount since change in ownership						$ 830,000
Corporacion Prodesa S.R.L. [Member] | Forbearance Agreement [Member] | Senior Secured Purchase Order Revolving Credit Facility [Member]
Schedule of Investments [Line Items]
Funded to senior secured credit purchase			$ 190,000		$ 400,000										$ 1,750,000
Proceed from repayment of senior secured credit				$ 400,000
Number of additional draws funded under purchase order facility | SecurityLoan															7
Usivale Industria E Commercio [Member]
Schedule of Investments [Line Items]
Proceeds from principal		$ 316,777
Proceeds from Interest		144,390
Fair Value										2,851,296			2,851,296		$ 2,851,296
Aggregate principal amount										$ 2,851,296			$ 2,851,296		$ 2,851,296				$ 3,000,000
Annual interest rate charged										12.43%		17.43%	12.43%	17.43%	12.43%	17.43%				12.43%
Standstill Period															180 days
Creditors review period															30 days
Interest income		$ 144,390
Unrealized gain on investments															$ 318,424
Maximum [Member]
Schedule of Investments [Line Items]
Accrued interest receivable period															300 days
Trade finance transactions period															180 days
Minimum [Member]
Schedule of Investments [Line Items]
Trade finance transactions period															60 days

[1] Refer to Note 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, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Fair Value	$ 203,795,813	$ 101,028,104
Percentage of Total	100.00%	100.00%
Agricultural Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 22,851,296	$ 27,452,577
Percentage of Total	11.20%	27.20%
Bulk Fuel Stations and Terminals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,437,474
Percentage of Total	7.60%
Cash Grains [Member]
Schedule of Investments [Line Items]
Fair Value		$ 4,275,182
Percentage of Total		4.20%
Commercial Fishing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,058,273	$ 1,756,243
Percentage of Total	0.50%	1.70%
Coal and Other Minerals and Ores [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,574,351
Percentage of Total	3.20%
Communications Equipment [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,111,941	$ 5,918,086
Percentage of Total	3.00%	5.90%
Construction Materials [Member]
Schedule of Investments [Line Items]
Fair Value		$ 181,943
Percentage of Total		0.20%
Consumer Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 9,900,000	$ 8,940,000
Percentage of Total	4.90%	8.80%
Farm Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,142,480	$ 2,900,000
Percentage of Total	1.50%	2.90%
Fats and Oils [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,000,000	$ 3,100,000
Percentage of Total	2.90%	3.10%
Electric Services [Member]
Schedule of Investments [Line Items]
Fair Value	$ 19,500,000
Percentage of Total	9.60%
Fertilizer & Agricultural Chemicals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,078,526	$ 5,750,000
Percentage of Total	2.50%	5.70%
Food Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 740,690	$ 667,838
Percentage of Total	0.40%	0.70%
Meat, Poultry & Fish [Member]
Schedule of Investments [Line Items]
Fair Value	$ 9,675,717	$ 11,524,816
Percentage of Total	4.70%	11.40%
Fresh or Frozen Packaged Fish [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,037,134
Percentage of Total	2.50%
Metals & Mining [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,234,145	$ 2,500,000
Percentage of Total	1.10%	2.50%
Packaged Foods & Meats [Member]
Schedule of Investments [Line Items]
Fair Value	$ 500,000	$ 1,000,000
Percentage of Total	0.20%	1.00%
Groceries and Related Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 11,195,862
Percentage of Total	5.50%
Primary Metal Industries [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,000,000	$ 6,000,000
Percentage of Total	2.90%	5.90%
Hotels and Motels [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,000,000
Percentage of Total	8.30%
Machinery, Equipment, and Supplies [Member]
Schedule of Investments [Line Items]
Fair Value	$ 11,483
Percentage of Total	0.00%
Textiles, Apparel & Luxury Goods [Member]
Schedule of Investments [Line Items]
Fair Value		$ 724,219
Percentage of Total		0.70%
Water Transportation [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,360,620	$ 12,862,666
Percentage of Total	6.60%	12.70%
Miscellaneous Plastics Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 161,018
Percentage of Total	0.10%
Primary Nonferrous Metals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,000,000
Percentage of Total	1.50%
Programming and Data Processing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 10,236,013	$ 5,474,534
Percentage of Total	5.00%	5.40%
Rental of Railroad Cars [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,411,650
Percentage of Total	2.20%
Secondary Nonferrous Metals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 7,649,945
Percentage of Total	3.80%
Soap, Detergents, and Cleaning [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,000,000
Percentage of Total	1.00%
Street Construction [Member]
Schedule of Investments [Line Items]
Fair Value	$ 14,927,195
Percentage of Total	7.30%

XML

Investments - Schedule of Investment by Geographical Classification (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Fair Value	$ 203,795,813	$ 101,028,104
Percentage of Total	100.00%	100.00%
Argentina [Member]
Schedule of Investments [Line Items]
Fair Value	$ 31,000,000	$ 27,800,000
Percentage of Total	15.30%	27.50%
Brazil [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,087,309	$ 8,156,110
Percentage of Total	6.40%	8.10%
Cabo Verde [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,000,000
Percentage of Total	8.30%
Chile [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,234,915	$ 1,900,000
Percentage of Total	1.10%	1.90%
Ecuador [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,095,407	$ 1,756,243
Percentage of Total	3.00%	1.70%
Guatemala [Member]
Schedule of Investments [Line Items]
Fair Value	$ 907,565	$ 1,000,000
Percentage of Total	0.40%	1.00%
Ghana [Member]
Schedule of Investments [Line Items]
Fair Value	$ 19,500,000
Percentage of Total	9.60%
Kenya [Member]
Schedule of Investments [Line Items]
Fair Value	$ 161,018	$ 375,182
Percentage of Total		0.40%
Namibia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 500,000	$ 1,000,000
Percentage of Total	0.20%	1.00%
Indonesia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,927,195
Percentage of Total	8.80%
Nigeria [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,360,620	$ 12,862,666
Percentage of Total	6.60%	12.70%
Peru [Member]
Schedule of Investments [Line Items]
Fair Value	$ 19,337,474	$ 2,940,000
Percentage of Total	9.50%	2.90%
Mauritius [Member]
Schedule of Investments [Line Items]
Fair Value	$ 11,195,862
Percentage of Total	5.50%
Singapore [Member]
Schedule of Investments [Line Items]
Fair Value	$ 10,000,000	$ 10,000,000
Percentage of Total	4.90%	9.90%
Morocco [Member]
Schedule of Investments [Line Items]
Fair Value	$ 7,649,945
Percentage of Total	3.80%
South Africa [Member]
Schedule of Investments [Line Items]
Fair Value	$ 14,174,143	$ 18,837,903
Percentage of Total	7.00%	18.60%
Tanzania [Member]
Schedule of Investments [Line Items]
Fair Value		$ 3,900,000
Percentage of Total		3.90%
Zambia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,078,526	$ 10,500,000
Percentage of Total	6.40%	10.40%
United Kingdom [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,585,834
Percentage of Total	3.20%

XML

Fair Value Measurements - Summary of Valuation of Investments by Fair Value Hierarchy Levels (Detail) - USD ($)		Dec. 31, 2016	Dec. 31, 2015
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		$ 203,795,813	$ 101,028,104
Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		203,795,813	101,028,104
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	28,673,487	5,474,534
Senior Secured Term Loans [Member] | Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		28,673,487	5,474,534
Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	58,450,761	18,484,242
Senior Secured Term Loan Participations [Member] | Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		58,450,761	18,484,242
Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	116,671,565	77,069,328
Senior Secured Trade Finance Participations [Member] | Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		$ 116,671,565	$ 77,069,328

[1] Refer to Note 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, 2016	Mar. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance		$ 101,028,104		$ 101,028,104	$ 53,447,442
Purchases of investments				252,220,803	138,369,032
Maturities or payments of investments				(150,208,509)	(90,475,779)
Accretion of discounts				496,068	5,833
Net change in unrealized appreciation (depreciation) on investments	$ 318,424	(59,077)	$ (318,424)	259,347	(318,424)
Investment owned at Fair value, ending balance	203,795,813		101,028,104	203,795,813	101,028,104
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance		5,474,534		5,474,534
Purchases of investments				24,200,000	5,500,000
Maturities or payments of investments				(1,381,848)	(25,466)
Accretion of discounts				380,801
Investment owned at Fair value, ending balance	28,673,487		5,474,534	28,673,487	5,474,534
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		18,484,242		18,484,242	5,750,000
Purchases of investments				42,170,621	13,446,833
Maturities or payments of investments				(2,637,793)	(400,000)
Accretion of discounts				115,267	5,833
Net change in unrealized appreciation (depreciation) on investments				318,424	(318,424)
Investment owned at Fair value, ending balance	58,450,761		18,484,242	58,450,761	18,484,242
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		$ 77,069,328		77,069,328	47,697,442
Purchases of investments				165,850,182	119,422,199
Maturities or payments of investments				(126,188,868)	(90,050,313)
Net change in unrealized appreciation (depreciation) on investments				(59,077)
Investment owned at Fair value, ending balance	$ 116,671,565		$ 77,069,328	116,671,565	$ 77,069,328
Unsecured Short Term Note Receivable [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases of investments				20,000,000
Maturities or payments of investments				$ (20,000,000)

XML

Fair Value Measurements - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Realized gains or losses on investments	$ 0	$ 0

XML

Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2016		Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 203,795,813		$ 101,028,104
Senior Secured Trade Finance Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	116,671,565		77,069,328
Senior Secured Term Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	28,673,487		5,474,534
Senior Secured Term Loan Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	58,450,761		18,484,242
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		203,795,813		101,028,104
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		116,671,565		77,069,328
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Cost Approach [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[2]	$ 115,930,875
Unobservable input	[2]	Recent transactions
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		$ 740,690	[3]	$ 77,069,328
Unobservable input	[3]	Yield
Range (weighted average)	[3]	15.75%
Range (weighted average)				12.04%
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)				8.89%
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)				17.50%
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		$ 28,673,487		$ 5,474,534
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		$ 28,673,487		$ 5,474,534
Unobservable input		Yield
Range (weighted average)				13.50%
Range (weighted average)		12.50%
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		11.50%
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		13.50%
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		$ 58,450,761		$ 18,484,242
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		$ 58,450,761	[4]	$ 15,544,242
Unobservable input	[4]	Yield
Range (weighted average)		13.99%	[4]	16.13%
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		11.50%	[4]	15.83%
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		15.70%	[4]	17.43%
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based Approach [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value				$ 2,940,000

[1] Refer to Note 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, the Company uses the cost approach to determine the fair value of trade finance positions, unless circumstances would indicate that another approach would be more appropriate.

[3] Income approach used for the Fruit and Nut Distributor based on expected terms as listed in Note 3 above.

[4] As of December 31, 2016, with respect to the loans to Prodesa, the Company has returned to using an income approach to estimate their fair value. As of December 31, 2015, the Company had chosen to determine their estimated fair value based on a collateral valuation approach.  The Company’s decision to do so was not based upon a belief that the Company will need to liquidate the collateral securing the loans to Prodesa, but rather because the Company considered the collateral valuation approach to be the most appropriate due to the availability and reliability of inputs. In addition, the Company is working with Prodesa to re-align its operations and restructure the loans (see Note 3).

XML

Related Parties - Additional Information (Detail) - USD ($)		12 Months Ended		56 Months Ended
	Mar. 03, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016
Related Party Transaction [Line Items]
Advisor earned management fees		$ 4,172,643	$ 2,006,532
Advisor earned incentive fees		3,319,149	1,576,895
Due to affiliates		68,312	472,057	$ 68,312
Due from affiliates		$ 3,175,656	1,874,932	3,175,656
TriLinc Advisors, LLC [Member]
Related Party Transaction [Line Items]
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 management fees		4,172,643	2,006,532
Advisor earned incentive fees		3,319,149	1,576,895
TriLinc Global, LLC [Member]
Related Party Transaction [Line Items]
Due from affiliates		3,175,656	1,874,932	3,175,656
TriLinc Global, LLC [Member] | Responsibility Agreement [Member]
Related Party Transaction [Line Items]
Additional operating expenses paid by Sponsor on behalf of company		5,333,530	3,384,145
Expenses paid by the sponsor on behalf of company		9,496,400		9,496,400
Expenses accrued by the sponsor on behalf of company		3,333,600		3,333,600
Due to affiliates		12,830,000		12,830,000
Minimum gross proceeds that has to be raised to reimburse operating expenses incurred by the Sponsor		200,000,000		200,000,000
SC Distributors, LLC [Member]
Related Party Transaction [Line Items]
Dealer manager fees paid		1,938,827	1,374,301
Selling commission paid		6,744,561	5,413,957
Affiliates [Member]
Related Party Transaction [Line Items]
Reimbursement of operating expenses incurred by Sponsor		$ 68,312	$ 472,057	$ 68,312
Subsequent Event [Member] | TriLinc Advisors, LLC [Member]
Related Party Transaction [Line Items]
Advisory agreement, extended maturity date	Feb. 25, 2018

XML

Organization and Offering Costs - Additional Information (Detail) - USD ($)	12 Months Ended		56 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	$ 14,543,691	$ 7,822,366	$ 14,543,691
Reimbursement of offering costs incurred by Sponsor	6,721,325	4,383,644
Payment for reimbursement of offering costs incurred by Sponsor	7,125,070	3,941,076
TriLinc Global, LLC [Member]
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	14,307,400		14,307,400
Organization costs paid by the Sponsor on behalf of the Company	236,000		236,000
Reimbursement of offering costs incurred by Sponsor	4,540,000	2,945,300
Payment for reimbursement of offering costs incurred by Sponsor	6,721,325	$ 4,383,644
Reimbursement of organization costs incurred by Sponsor			14,543,691
Remaining balance of offering and organization costs due the Sponsor	$ 0		$ 0

XML

Promissory Notes - Additional Information (Detail) - TriLinc Global Impact Fund Cayman, Ltd. [Member] - Senior Secured Promissory Notes [Member] - USD ($)	12 Months Ended
	Dec. 31, 2016	Oct. 14, 2016
Debt Instrument [Line Items]
Issuance of notes		$ 1,635,000
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 LIBOR (1.59%) and will be 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
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
Interest expense recognized	$ 16,228
One Year LIBOR [Member]
Debt Instrument [Line Items]
Annual interest rate charged		3.00%
Description of variable interest rate	one year LIBOR
Variable interest rate		1.59%

XML

Unit Capital - Additional Information (Detail) - USD ($)		12 Months Ended
	Jun. 11, 2014	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Capital Unit [Line Items]
Distribution fee payable		$ 1,907,000
Net assets value per unit		$ 8.469	$ 8.543	$ 8.460	$ 8.473	$ 8.530	$ 8.546	$ 8.549	$ 8.551
Units Issued During the Period		14,529,254	8,962,414
Held Units For Minimum year	1 year
Repurchase of Unit Total value		$ 10,362,875	$ 171,528
Maximum [Member]
Capital Unit [Line Items]
Percentage of Total	5.00%
Distribution Reinvestment Plan [Member]
Capital Unit [Line Items]
Units Issued During the Period		799,069
Units Issued During the Period, value		$ 7,212,502
Class C Units [Member]
Capital Unit [Line Items]
Distribution fee payable		$ 1,907,000
Net assets value per unit		$ 8.254
Estimated net assets value per unit		$ 9.025
Distribution fee payable, discount rate		4.00%
Percentage of distribution fee per annum		0.80%
Units Issued During the Period		5,739,329	656,691
Repurchase of Aggregate units		8,943	2,374
Repurchase Price Per unit		$ 9.025	$ 9.025
Class A Units [Member]
Capital Unit [Line Items]
Net assets value per unit		$ 8.534
Units Issued During the Period		6,248,387	6,678,422
Repurchase of Aggregate units		565,549	6,491
Repurchase Price Per unit		$ 9.025	$ 9.025
Class I Units [Member]
Capital Unit [Line Items]
Net assets value per unit		$ 8.534
Units Issued During the Period		2,541,539	1,627,301
Repurchase of Aggregate units		573,750	10,141
Repurchase Price Per unit		$ 9.025	$ 9.025

XML

Unit Capital - Summary of Transactions with Respect to the Company's Units (Detail) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	16,226,368	7,282,960
Units Issued During the Period	14,529,254	8,962,414
Units Repurchased During the Period	(1,148,241)	(19,006)
Units Outstanding, Ending Balance	29,607,381	16,226,368
Class A Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	9,709,153	3,037,222
Units Issued During the Period	6,248,387	6,678,422
Units Repurchased During the Period	(565,549)	(6,491)
Units Outstanding, Ending Balance	15,391,991	9,709,153
Class C Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	1,073,599	419,282
Units Issued During the Period	5,739,329	656,691
Units Repurchased During the Period	(8,943)	(2,374)
Units Outstanding, Ending Balance	6,803,985	1,073,599
Class I Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	5,443,616	3,826,456
Units Issued During the Period	2,541,539	1,627,301
Units Repurchased During the Period	(573,750)	(10,141)
Units Outstanding, Ending Balance	7,411,405	5,443,616

XML

Distributions - Additional Information (Detail) - USD ($)	10 Months Ended	12 Months Ended		20 Months Ended
	Apr. 30, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2015
Equity [Abstract]
Daily Rate Per Unit	$ 0.00173082	$ 0.00197268		$ 0.00197808
Cash paid for distributions		$ 9,258,169	$ 4,808,358
Reinvestment under distribution reinvestment plan		$ 7,212,502	$ 2,756,952

XML

Distributions - Summary Of Distributions Paid (Details) - USD ($)	10 Months Ended	12 Months Ended		20 Months Ended
	Apr. 30, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2015
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Daily Rate Per Unit	$ 0.00173082	$ 0.00197268		$ 0.00197808
Cash Distributions		$ 9,258,169	$ 4,808,358
Distributions Reinvested		7,212,502	2,756,952
Total Declared		$ 16,470,671	$ 7,565,310
January 31, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Jan. 19, 2016
Daily Rate Per Unit		$ 0.00197268
Cash Distributions		$ 590,074
Distributions Reinvested		421,766
Total Declared		$ 1,011,840
February 29, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Feb. 19, 2016
Daily Rate Per Unit		$ 0.00197268
Cash Distributions		$ 592,036
Distributions Reinvested		427,352
Total Declared		$ 1,019,388
March 31, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Mar. 28, 2016
Daily Rate Per Unit		$ 0.00197268
Cash Distributions		$ 675,639
Distributions Reinvested		482,207
Total Declared		$ 1,157,846
April 30, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Apr. 19, 2016
Daily Rate Per Unit		$ 0.00197268
Cash Distributions		$ 654,356
Distributions Reinvested		506,242
Total Declared		$ 1,160,598
May 31, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		May 06, 2016
Daily Rate Per Unit		$ 0.00197268
Cash Distributions		$ 715,936
Distributions Reinvested		554,319
Total Declared		$ 1,270,255
June 30, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Jun. 21, 2016
Daily Rate Per Unit		$ 0.00197268
Cash Distributions		$ 731,881
Distributions Reinvested		561,652
Total Declared		$ 1,293,533
July 31, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Jul. 19, 2016
Daily Rate Per Unit		$ 0.00197268
Cash Distributions		$ 803,571
Distributions Reinvested		630,142
Total Declared		$ 1,433,713
August 31, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Aug. 11, 2016
Daily Rate Per Unit		$ 0.00197268
Cash Distributions		$ 846,924
Distributions Reinvested		674,120
Total Declared		$ 1,521,044
September 30, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Sep. 20, 2016
Daily Rate Per Unit		$ 0.00197268
Cash Distributions		$ 864,779
Distributions Reinvested		679,108
Total Declared		$ 1,543,887
October 31, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Oct. 18, 2016
Daily Rate Per Unit		$ 0.00197268
Cash Distributions		$ 903,797
Distributions Reinvested		730,203
Total Declared		$ 1,634,000
November 30, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Nov. 10, 2016
Daily Rate Per Unit		$ 0.00197268
Cash Distributions		$ 907,698
Distributions Reinvested		743,078
Total Declared		$ 1,650,776
December 31, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared		Dec. 20, 2016
Daily Rate Per Unit		$ 0.00197268
Cash Distributions		$ 971,478
Distributions Reinvested		802,313
Total Declared		$ 1,773,791
January 31, 2015 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared			Jan. 20, 2015
Daily Rate Per Unit			$ 0.00197808
Cash Distributions			$ 312,366
Distributions Reinvested			142,891
Total Declared			$ 455,257
February 28, 2015 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared			Feb. 17, 2015
Daily Rate Per Unit			$ 0.00197808
Cash Distributions			$ 291,738
Distributions Reinvested			138,924
Total Declared			$ 430,662
March 31, 2015 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared			Mar. 24, 2015
Daily Rate Per Unit			$ 0.00197808
Cash Distributions			$ 340,746
Distributions Reinvested			159,495
Total Declared			$ 500,241
April 30, 2015 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared			Apr. 22, 2015
Daily Rate Per Unit			$ 0.00197808
Cash Distributions			$ 342,816
Distributions Reinvested			169,835
Total Declared			$ 512,651
May 31, 2015 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared			May 11, 2015
Daily Rate Per Unit			$ 0.00197808
Cash Distributions			$ 367,424
Distributions Reinvested			189,037
Total Declared			$ 556,461
June 30, 2015 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared			Jun. 12, 2015
Daily Rate Per Unit			$ 0.00197808
Cash Distributions			$ 369,596
Distributions Reinvested			197,201
Total Declared			$ 566,797
July 31, 2015 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared			Jul. 21, 2015
Daily Rate Per Unit			$ 0.00197808
Cash Distributions			$ 403,067
Distributions Reinvested			226,381
Total Declared			$ 629,448
August 31, 2015 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared			Aug. 07, 2015
Daily Rate Per Unit			$ 0.00197808
Cash Distributions			$ 426,556
Distributions Reinvested			250,001
Total Declared			$ 676,557
September 30, 2015 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared			Sep. 22, 2015
Daily Rate Per Unit			$ 0.00197808
Cash Distributions			$ 434,227
Distributions Reinvested			268,521
Total Declared			$ 702,748
October 31, 2015 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared			Oct. 20, 2015
Daily Rate Per Unit			$ 0.00197808
Cash Distributions			$ 471,260
Distributions Reinvested			304,156
Total Declared			$ 775,416
November 30, 2015 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared			Nov. 10, 2015
Daily Rate Per Unit			$ 0.00197808
Cash Distributions			$ 493,573
Distributions Reinvested			326,731
Total Declared			$ 820,304
December 31, 2015 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared			Dec. 17, 2015
Daily Rate Per Unit			$ 0.00197808
Cash Distributions			$ 554,989
Distributions Reinvested			383,779
Total Declared			$ 938,768

XML

Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Net proceeds before offering costs	$ 9.025	$ 9.025
Offering costs	(0.491)	(0.482)
Net Proceeds after offering costs	8.534	8.543
Net investment income	0.767	0.750
Net change in unrealized depreciation on investments	0.012	(0.030)
Distributions	(0.777)	(0.720)
Net change in accrued distribution fees	(0.064)
Net increase/(decrease) in net assets	(0.062)
Net asset value at end of period	$ 8.472	$ 8.543
Total return based on net asset value	9.13%	8.42%
Net assets at end of period	$ 250,755,915	$ 138,620,607	$ 62,289,992
Units Outstanding at end of period	29,607,381	16,226,368	7,282,960
Ratio/Supplemental data (annualized):
Ratio of net investment income to average net assets	8.52%	8.47%
Ratio of net operating expenses to average net assets	2.17%	1.98%

XML

Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2013
Schedule Of Financial Highlights [Line Items]
Weighted average units outstanding			21,194,302	10,511,262
Contributions from Sponsor	$ 31,750	$ 51,034			$ 51,034
Total return based on net asset value			9.13%	8.42%
Ratio of net investment income to average net assets			8.52%	8.47%
Ratio of net operating expenses to average net assets			2.17%	1.98%
Responsibility Agreement [Member]
Schedule Of Financial Highlights [Line Items]
Total return based on net asset value			6.18%	4.66%
Ratio of net investment income to average net assets			5.77%	4.68%
Ratio of net operating expenses to average net assets			4.92%	5.77%

XML

Selected Quarterly Data - Summary of Selected Quarterly Data (Detail) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total investment income	$ 5,902,594	$ 6,415,185	$ 4,780,729	$ 3,341,854	$ 2,987,504	$ 2,733,420	$ 2,149,657	$ 1,786,482	$ 20,440,362	$ 9,657,063
Net investment income	4,759,351	4,507,165	3,728,632	3,251,742	2,853,465	2,008,560	1,636,553	1,385,899	16,246,890	7,884,477
Net change in unrealized depreciation on investments	318,424			(59,077)	(318,424)				259,347	(318,424)
Net increase in net assets resulting from operations	$ 5,077,775	$ 4,507,165	$ 3,728,632	$ 3,192,665	$ 2,535,041	$ 2,008,560	$ 1,636,553	$ 1,385,899	$ 16,506,237	$ 7,566,053
Basic and diluted earnings per unit	$ 0.22	$ 0.20	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.78	$ 0.72
Net asset value per unit as of the end of the quarter	$ 8.469	$ 8.460	$ 8.473	$ 8.530	$ 8.543	$ 8.546	$ 8.549	$ 8.551	$ 8.469	$ 8.543

XML

Subsequent Events - Additional Information (Detail) - USD ($)										3 Months Ended			10 Months Ended	12 Months Ended			20 Months Ended
	Mar. 25, 2017	Mar. 24, 2017	Mar. 03, 2017	Mar. 01, 2017	Feb. 23, 2017	Feb. 01, 2017	Jan. 31, 2017	Jan. 19, 2017	May 31, 2012	Mar. 24, 2017	Mar. 31, 2014	Dec. 31, 2013	Apr. 30, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2013	Dec. 31, 2015	Mar. 31, 2017	Feb. 28, 2017	Feb. 17, 2017	Oct. 14, 2016
Subsequent Event [Line Items]
Dividends declared per unit													$ 0.00173082	$ 0.00197268			$ 0.00197808
Cash paid for distributions														$ 9,258,169	$ 4,808,358
Units Issued During the Period														14,529,254	8,962,414
Gross proceeds from issuance of units														$ 123,878,440	$ 78,128,092
Contribution from Sponsor											$ 31,750	$ 51,034				$ 51,034
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member]
Subsequent Event [Line Items]
Issuance of notes																					$ 1,635,000
Target issuance of notes aggregate amount																					$ 100,000,000
Term Loan Facility [Member] | Corporacion Prodesa S.R.L. [Member]
Subsequent Event [Line Items]
Maturity														Jul. 15, 2016
Extended maturity date														Jul. 28, 2021
Inventory Facility [Member] | Corporacion Prodesa S.R.L. [Member]
Subsequent Event [Line Items]
Maturity														Feb. 15, 2015
Extended maturity date														Jul. 28, 2021
Purchase Order Facility [Member] | Corporacion Prodesa S.R.L. [Member]
Subsequent Event [Line Items]
Maturity														Dec. 31, 2020
Extended maturity date														Jul. 28, 2021
Class A Units [Member]
Subsequent Event [Line Items]
Units Issued During the Period														6,248,387	6,678,422
Class A Units [Member] | TriLinc Advisors, LLC [Member]
Subsequent Event [Line Items]
Units Issued During the Period									22,161
Class C Units [Member]
Subsequent Event [Line Items]
Units Issued During the Period														5,739,329	656,691
Class I Units [Member]
Subsequent Event [Line Items]
Units Issued During the Period														2,541,539	1,627,301
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends distribution declared date	Mar. 25, 2017				Feb. 23, 2017			Jan. 19, 2017
Dividend distribution period start date	Mar. 01, 2017				Feb. 01, 2017			Jan. 01, 2017
Dividend distribution period end date	Mar. 31, 2017				Feb. 28, 2017			Jan. 31, 2017
Dividends declared per unit	$ 0.00197808				$ 0.00197808			$ 0.00197808
Cash paid for distributions				$ 908,110		$ 963,250
Reinvestment under distribution reinvestment plan							$ 837,472												$ 782,125
Units Issued During the Period		34,420,000								3,640,000
Gross proceeds from issuance of units		$ 330,900,000								$ 34,700,000
Funded new loans		$ 67,200,000								67,200,000
Proceeds from repayment of loans										$ 48,500,000
Subsequent Event [Member] | TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member]
Subsequent Event [Line Items]
Issuance of notes																				$ 225,000
Target issuance of notes aggregate amount																				$ 100,000,000
Subsequent Event [Member] | TriLinc Advisors, LLC [Member]
Subsequent Event [Line Items]
Advisory agreement, extended maturity date			Feb. 25, 2018
Subsequent Event [Member] | Term Loan Facility [Member] | Corporacion Prodesa S.R.L. [Member]
Subsequent Event [Line Items]
Principal Amount							2,000,000
Extended principal amount							$ 3,540,000
Interest							12.00%
Subsequent Event [Member] | Inventory Facility [Member] | Corporacion Prodesa S.R.L. [Member]
Subsequent Event [Line Items]
Principal Amount							$ 750,000
Subsequent Event [Member] | Purchase Order Facility [Member] | Corporacion Prodesa S.R.L. [Member]
Subsequent Event [Line Items]
Principal Amount							$ 1,750,000
Subsequent Event [Member] | Class A Units [Member]
Subsequent Event [Line Items]
Offering price per unit																		$ 10.00
Subsequent Event [Member] | Class C Units [Member]
Subsequent Event [Line Items]
Offering price per unit																		9.576
Subsequent Event [Member] | Class I Units [Member]
Subsequent Event [Line Items]
Offering price per unit																		$ 9.025