10-Q

 6

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended September 30, 2017

OR

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

For the transition period from to

Commission File Number 000-55432

TriLinc Global Impact Fund, LLC

(Exact name of registrant as specified in its charter)

Delaware	36-4732802
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1230 Rosecrans Avenue, Suite 605,

Manhattan Beach, CA 90266

(Address of principal executive offices)

(310) 997-0580

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically 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 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 whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐  (Do not check if a smaller reporting company)	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No   ☒

As of November 10, 2017, the Company had outstanding 18,242,645 Class A units, 8,370,085 Class C units, 10,403,858 Class I units, 0 Class W units and 896,608 Class Y units.

Table of Contents

Part I. Financial Information	1
Item 1. Consolidated Financial Statements	1
Consolidated Statements of Assets and Liabilities as of September 30, 2017 (unaudited) and December 31, 2016	1
Consolidated Statements of Operations for the three and nine months ended September 30, 2017 and 2016 (unaudited)	2
Consolidated Statements of Changes in Net Assets for the nine months ended September 30, 2017 and 2016 (unaudited)	3
Consolidated Statements of Cash Flows for the nine months ended September 30, 2017 and 2016 (unaudited)	4
Consolidated Schedules of Investments as of September 30, 2017 (unaudited) and December 31, 2016	5-8
Notes to Consolidated Financial Statements (unaudited)	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3. Quantitative and Qualitative Disclosures About Market Risk	45
Item 4. Controls and Procedures	45
Part II. Other Information	46
Item 1. Legal Proceedings	46
Item 1A. Risk Factors	46
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	46
Item 3. Defaults Upon Senior Securities	47
Item 4. Mine Safety Disclosures	47
Item 5. Other Information	47
Item 6. Exhibits	47

Part I. Financial Information

Item 1. Consolidated Financial Statements.

TriLinc Global Impact Fund, LLC

Consolidated Statements of Assets and Liabilities

	As of
	September 30,			December 31,
	2017			2016
	(Unaudited)
ASSETS
Investments owned, at fair value (amortized cost of $312,423,713 and $203,854,890, respectively)	$	312,364,636		$	203,795,813
Cash		10,859,240			44,790,312
Interest receivable		9,629,592			6,866,432
Due from affiliates (see Note 5)		4,063,517			3,175,656
Prepaid expenses		108,390			50,122
Total assets		337,025,375			258,678,335
LIABILITIES
Due to unitholders		1,181,228			934,805
Management fee payable		1,658,315			1,166,147
Incentive fee payable		574,501			—
Notes payable		17,360,000			1,635,000
Unit repurchases payable		1,964,876			2,158,255
Due to affiliates (see Note 5)		—			68,312
Accrued distribution and other fees		1,961,000			1,907,000
Other payables		255,431			52,901
Total liabilities		24,955,351			7,922,420
Commitments and Contingencies (see Note 5)
NET ASSETS	$	312,070,024		$	250,755,915
ANALYSIS OF NET ASSETS:
Net capital paid in on Class A units	$	162,281,834		$	138,912,711
Net capital paid in on Class C units		74,193,251			59,498,965
Net capital paid in on Class I units		90,161,060			66,887,930
Net capital paid in on Class Y units		2,513,410			—
Offering costs		(17,079,531	)		(14,543,691	)
Net assets (equivalent to $8.507 and $8.469, respectively per unit based    on total units outstanding of 36,914,426 and 29,607,381, respectively)	$	312,070,024		$	250,755,915
Net assets, Class A (units outstanding of 18,185,979 and 15,391,991, respectively)	$	153,867,563		$	131,351,882
Net assets, Class C (units outstanding of 8,313,782 and 6,803,985, respectively)		70,346,638			56,156,722
Net assets, Class I (units outstanding of 10,117,022 and 7,411,405, respectively)		85,480,126			63,247,311
Net assets, Class Y (units outstanding of 297,643 and 0, respectively)		2,375,697			—
NET ASSETS	$	312,070,024		$	250,755,915

See accompanying notes to the consolidated financial statements.

1

TriLinc Global Impact Fund, LLC

Consolidated Statements of Operations

(Unaudited)

	Three months ended						Nine months ended
	September 30,			September 30,			September 30,			September 30,
	2017			2016			2017			2016
INVESTMENT INCOME
Interest income	$	9,659,965		$	6,356,418		$	23,039,392		$	14,322,752
Interest from cash		82,008			58,767			331,827			215,016
Total investment income		9,741,973			6,415,185			23,371,219			14,537,768
EXPENSES
Management fees		1,658,314			1,122,904			4,721,832			2,913,146
Incentive fees		1,447,154			971,204			3,276,012			2,367,279
Professional fees		254,790			150,309			923,991			692,004
General and administrative expenses		323,273			239,075			989,505			677,190
Interest expense		215,449			-			256,540			-
Board of managers fees		54,375			46,875			163,125			140,625
Total expenses		3,953,355			2,530,367			10,331,005			6,790,244
Expense support payment from Sponsor		(872,653	)		(622,347	)		(3,831,414	)		(3,740,015	)
Net expenses		3,080,702			1,908,020			6,499,591			3,050,229
NET INVESTMENT INCOME		6,661,271			4,507,165			16,871,628			11,487,539
Net change in unrealized depreciation on investments		—			—			—			(59,077	)
NET INCREASE IN NET ASSETS RESULTING  FROM OPERATIONS	$	6,661,271		$	4,507,165		$	16,871,628		$	11,428,462
NET INVESTMENT INCOME PER UNITS - BASIC AND DILUTED	$	0.18		$	0.20		$	0.49		$	0.56
EARNINGS PER UNITS - BASIC AND DILUTED	$	0.18		$	0.20		$	0.49		$	0.56
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED		36,665,626			23,074,683			34,744,363			20,576,797

See accompanying notes to the consolidated financial statements.

2

TriLinc Global Impact Fund, LLC

Consolidated Statements of Changes in Net Assets

(Unaudited)

	Nine Months Ended
	September 30,			September 30,
	2017			2016
INCREASE FROM OPERATIONS
Net investment income	$	16,871,628		$	11,487,539
Net change in unrealized depreciation on investments		—			(59,077	)
Net increase from operations		16,871,628			11,428,462
DECREASE FROM DISTRIBUTIONS
Distributions to Class A unitholders		(9,426,222	)		(6,224,615	)
Distributions to Class C unitholders		(4,235,682	)		(1,848,115	)
Distributions to Class I unitholders		(4,976,674	)		(3,339,374	)
Distributions to Class Y unitholders		(28,456	)		—
Net decrease from distributions		(18,667,034	)		(11,412,104	)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of  Class A units		27,716,101			43,872,717
Issuance of  Class C units		13,970,490			43,992,197
Issuance of  Class I units		28,009,931			11,893,457
Issuance of  Class Y units		2,543,399			—
Repurchase of units		(6,540,566	)		(8,204,619	)
Class C units distribution fee		(54,000	)		(1,759,000	)
Offering costs		(2,535,840	)		(5,322,398	)
Net increase from capital transactions		63,109,515			84,472,354
NET INCREASE IN NET ASSETS		61,314,109			84,488,712
Net assets at beginning of period		250,755,915			138,620,607
Net assets at end of period	$	312,070,024		$	223,109,319

See accompanying notes to the consolidated financial statements.

3

TriLinc Global Impact Fund, LLC

Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended
	September 30,			September 30,
	2017			2016
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	16,871,628		$	11,428,462
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING    FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES
Purchase of investments		(255,465,273	)		(185,153,644	)
Maturity of investments		148,468,117			117,906,927
Payment-in-kind interest		(667,792	)		—
Net change in unrealized depreciation on investments		—			59,077
Accretion of discounts on investments		(903,875	)		(204,010	)
Increase in interest receivable		(2,763,160	)		(1,493,218	)
Increase in due from affiliates		(887,861	)		(851,829	)
Increase in prepaid expenses		(58,268	)		(2,916	)
Increase in due to unitholders		246,423			285,021
Increase in management and incentive fees payable		1,066,669			1,335,900
Increase in other payable		202,530			24,769
NET CASH USED IN OPERATING ACTIVITIES		(93,890,862	)		(56,665,461	)
Cash flows from financing activities
Net proceeds from issuance of units		63,918,126			94,821,463
Distributions paid to unitholders		(10,345,239	)		(6,475,196	)
Payments of offering costs		(2,604,152	)		(5,690,400	)
Repurchase of units		(6,733,945	)		(4,727,281	)
Proceeds from issuance of notes payable		15,725,000			—
NET CASH PROVIDED BY FINANCING ACTIVITIES		59,959,790			77,928,586
TOTAL INCREASE (DECREASE) IN CASH		(33,931,072	)		21,263,125
Cash at beginning of period		44,790,312			33,246,769
Cash at end of period	$	10,859,240		$	54,509,894
Supplemental information
Cash paid during the period for interest	$	57,374		$	-
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	$	8,321,794		$	4,936,908
Change in accrual of Class C unit distribution fee	$	54,000		$	1,759,000

See accompanying notes to the consolidated financial statements.

4

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

As of September 30, 2017

(Unaudited)

Investment Type / Country	Portfolio Company	Sector	Description	Interest		Fees (2)			Maturity (3)	Principal Amount		Participation % (4)		Amortized Cost		Fair Value		% of Net Assets
Senior Secured Term Loan (1)
Brazil	Other Investments (13)	Programming and Data Processing	IT Service Provider		13.50%		2.0	%	10/31/2019	$	14,066,706	N/A		$	14,034,469	$	14,034,469		4.5	%
China	Other Investments (14)	Secondary Nonferrous Metals	Minor Metals Resource Trader		12.00%		0.0	%	6/22/2021		10,000,000	N/A			10,000,000		10,000,000		3.2	%
Columbia	Other Investments (13)	Personal Credit Institutions	Consumer Lender		11.50%		0.0	%	8/1/2021		1,479,786	N/A			1,479,786		1,479,786		0.5	%
Indonesia	Other Investments (14)	Primary Nonferrous Metals	Tin Producer		12.00%		0.0	%	6/30/2020		2,372,297	N/A			2,372,297		2,372,297		0.8	%
Malaysia	Other Investments (14)	Chemicals and Allied Products	Wholesale Distributor		12.00%		0.0	%	6/30/2020		15,000,000	N/A			15,000,000		15,000,000		4.8	%
New Zealand	Other Investments (12)	Logging	Sustainable Timber Exporter		11.50%		0.0	%	2/10/2021		3,700,000	N/A			3,700,000		3,700,000		1.2	%
Peru	Pure Biofuels del Peru S.A.C. (10), (16)	Bulk Fuel Stations and Terminals	Clean Diesel Distributor		11.50%		0.0	%	8/1/2019		15,000,000	N/A			16,259,084		16,259,084		5.2	%
Total Senior Secured Term Loan (1)															62,845,636		62,845,636		20.2	%
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		0.9	%
Cabo Verde	TRG Cape Verde Holdings Limited (14)	Hotels and Motels	Hospitality Service Provider		13.50%		0.0	%	8/21/2021		15,667,791		100%		15,667,791		15,667,791		5.0	%
Ghana	Other Investments (14)	Petroleum and Petroleum Products	Tank Farm Operator		12.00%		0.0	%	8/10/2021		15,500,000		100%		15,500,000		15,500,000		5.0	%
Indonesia	PT Titan Mining Indonesia (14)	Street Construction	Infrastructure and Logistics Provider		18.00%		0.0	%	11/22/2019		12,273,000		100%		12,218,917		12,218,917		3.9	%
Indonesia	Other Investments (16)	Metals & Mining	Vessel Operator		11.00%		0.0	%	3/5/2018 - 6/8/2020		5,332,336		100%		5,332,336		5,332,336		1.7	%
Kenya	Other Investments (14)	Freight Transportation Arrangement	Freight and Cargo Transporter		12.80%		0.0	%	3/31/2023		15,000,000		59%		15,000,000		15,000,000		4.8	%
Namibia	Trustco Group Limited (7)	Land Subdividers and Developers	Property Developer		12.50%		0.0	%	8/15/2021		15,000,000		100%		14,874,108		14,874,108		4.8	%
Nigeria	Other Investments (8)	Water Transportation	Marine Logistics Provider		16.42%		0.8	%	9/16/2020		13,591,070		100%		13,531,903		13,531,903		4.3	%
Peru	Corporacion Prodesa S.R.L. (5)	Consumer Products	Diaper Manufacturer	12.00% - 13.00%			0.0	%	7/28/2021		5,080,000		100%		5,080,000		5,080,000		1.6	%
South Africa	Other Investments (14)	Rental of Railroad Cars	Railway Equipment Provider		12.00%		0.0	%	1/31/2020		3,513,291		84%		3,513,291		3,513,291		1.1	%
Zambia	Other Investments (14)	Soap, Detergents, and Cleaning	FMCG Manufacturer		11.00%		0.0	%	11/16/2019		1,511,446		15%		1,511,446		1,511,446		0.5	%
Total Senior Secured Term Loan Participations															105,081,088		105,081,088		33.6	%
Senior Secured Trade Finance Participations (1)
Argentina	Other Investments (15), (18)	Agricultural Products	Agriculture Distributor		9.00%		0.0	%	12/31/2017		12,500,000		83%		12,500,000		12,500,000		4.0	%
Argentina	Other Investments (15), (19)	Consumer Products	Dairy Co-Operative		10.67%		0.0	%	9/30/2018		6,000,000		17%		6,000,000		6,000,000		1.9	%
Argentina	Other Investments (16)	Meat, Poultry & Fish	Beef Exporter		11.50%		0.0	%	11/29/2017		9,000,000		32%		9,000,000		9,000,000		2.9	%
Argentina	Other Investments (16)	Fats and Oils	Oilseed Distributor	8.75% - 9.00%			0.0	%	8/31/2017 - 2/22/2018		12,000,000		100%		12,000,000		12,000,000		3.8	%
Chile	Other Investments (15)	Farm Products	Chia Seed Exporter		10.90%		0.0	%	3/4/2018		1,326,687		100%		1,326,687		1,326,687		0.4	%
Ecuador	Other Investments (15)	Fresh or Frozen Packaged Fish	Shrimp Exporter		9.25%		0.0	%	9/4/2018 - 10/22/2018		2,087,005		62%		2,087,005		2,087,005		0.7	%
Ecuador	Other Investments (15)	Commercial Fishing	Fish Processor & Exporter		9.00%		0.0	%	8/18/2018		437,814		100%		437,814		437,814		0.1	%
Ghana	Genser Energy Ghana Ltd. (17), (21)	Electric Services	Power Producer		11.50%		0.0	%	2/21/2018 - 6/1/2018		11,500,000		47%		11,500,000		11,500,000		3.7	%
Guatemala	Other Investments (11)	Farm Products	Sesame Seed Exporter		12.00%		0.0	%	3/31/2016		907,565		24%		907,565		907,565		0.3	%
Hong Kong	Other Investments (16)	Telephone and Telegraph Apparatus	Mobile Phone Distributor		10.00%		0.0	%	10/29/2017 - 12/28/2017		8,322,775		72%		8,322,775		8,322,775		2.7	%
Hong Kong	Other Investments (17)	Coal and Other Minerals and Ores	Non-Ferrous Metal Trader		9.50%		0.0	%	1/4/2018 - 2/19/2018		15,000,000		100%		15,000,000		15,000,000		4.8	%
Hong Kong	Other Investments (16)	Coal and Other Minerals and Ores	Resource Trader		10.00%		0.0	%	11/16/2017 - 12/6/2017		13,600,000		100%		13,600,000		13,600,000		4.4	%
Mauritius	Other Investments (17)	Groceries and Related Products	Vanilla Exporter		11.82%		0.0	%	11/23/2017		1,476,825		36%		1,476,825		1,476,825		0.5	%
Mauritius	Other Investments (17)	Agricultural Products	Agricultural Products Exporter		7.50%		0.0	%	2/28/2018		5,000,000		12%		5,000,000		5,000,000		1.6	%
Morocco	Other Investments (17)	Secondary Nonferrous Metals	Scrap Metal Recycler		11.00%		0.0	%	7/17/2018		7,349,626		79%		7,349,626		7,349,626		2.4	%

5

Investment Type / Country	Portfolio Company	Sector	Description	Interest		Fees (2)			Maturity (3)	Principal Amount		Participation % (4)		Amortized Cost		Fair Value		% of Net Assets
Namibia	Other Investments (16)	Packaged Foods & Meats	Consumer Goods Distributor		12.00%		0.0	%	10/29/2017		500,000		25%		500,000		500,000		0.2	%
South Africa	Other Investments (9)	Food Products	Fruit & Nut Distributor		12.00%		0.0	%	5/22/2015		785,806		13%		785,806		726,729		0.2	%
South Africa	Other Investments (16)	Metals & Mining	Mine Remediation Company		17.50%		0.0	%	9/28/2017		1,234,145		11%		1,234,145		1,234,145		0.4	%
United Arab Emirates	Other Investments (15)	Drugs, Proprietaries, and Sundries	Pharmaceuticals Distributor		14.60%		0.0	%	1/30/2018		1,080,000		60%		1,080,000		1,080,000		0.3	%
United Kingdom	Other Investments (17)	Coal and Other Minerals and Ores	Metals Trader	9.50% - 10.14%			0.0	%	12/31/2017 - 5/8/2018		2,333,254		56%		2,333,254		2,333,254		0.7	%
Uganda	Other Investments (17)	Farm Products	Grain Processor		11.30%		0.0	%	12/31/17 - 2/28/2018		545,942		50%		545,942		545,942		0.2	%
Uruguay	Other Investments (15)	Food Products	Citrus Producer		9.00%		0.0	%	2/3/2018 - 7/26/2018		509,545		100%		509,545		509,545		0.2	%
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		1.9	%
Total Senior Secured Trade Finance Participations															119,496,989		119,437,912		38.3	%
Short Term Notes (1)
Cayman Islands	Other Investments (20)	Financial Services	Investment Fund		7.50%		0.0	%	2/28/2018		10,000,000	N/A			10,000,000		10,000,000		3.2	%
United Kingdom	Other Investments (17)	Petroleum and Petroleum Products			8.88%		0.0	%	1/31/2018		15,000,000		16%		15,000,000		15,000,000		4.8	%
Total Short Term Notes															25,000,000		25,000,000
Total Investments														$	312,423,713	$	312,364,636

See accompanying notes to the consolidated financial statements.

¹ Refer to Notes 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 In connection with a restructure of the underlying facilities, all maturity dates were extended to 7/28/21. 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 Quarterly payments of principal and interest in the amount of $2,143,500 are due starting on 2/15/2020.

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 September 30, 2017.  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. This investment was placed on non-accrual on July 1, 2017.

₁₂  One third of the principal and accrued interest to be paid on the 18^th, 30^th, and 42^nd months after original drawdown date of 8/10/2017.

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 7/18/2017, the maturity date was extended to 12/31/2017 during August 2017 to account for the delays in shipments.

₁₉ While the original maturity date was 7/29/2017, the maturity date was extended to 09/30/2018 during August 2017 to assist in facilitating a strategic sale of the borrower.

₂₀  Secured short term note receivable from Barak Mikopo Leveraged Structured Credit Fund SP, which is managed by Barak Fund Management Ltd., a sub-advisor to the Company. Principal and accrued interest are due at maturity.  

₂₁ While the original maturity dates ranged from 3/10/2017 to 10/9/2017, during July 2017 the maturity dates were extended to 2/21/2018 to 6/1/2018.

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	%	11/29/2017		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	%
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	%

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Investment Type / Country	Portfolio Company	Sector	Description	Interest		Fees (2)			Maturity (3)	Principal Amount		Participation % (4)		Amortized Cost		Fair Value		% of Net Assets
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 Notes 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.

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TRILINC GLOBAL IMPACT FUND, LLC

Notes to Consolidated Financial Statements

September 30, 2017

(Unaudited)

Note 1. Organization and Operations of the Company

TriLinc Global Impact Fund, LLC (the “Company”) was organized as a Delaware limited liability company on April 30, 2012 and formally commenced operations on June 11, 2013. The Company makes impact investments in Small and Medium Enterprises, known as SMEs, which the Company defines as those business having less than 500 employees, primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company uses the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, loan participations, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. To a lesser extent, the Company may also make impact investments in companies that may not meet the Company’s technical definition of SMEs due to a larger number of employees but that also provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company generally expects that such investments will have similar investment characteristics as SMEs as defined by the Company. The Company’s investment objectives are to generate current income, capital preservation and modest capital appreciation primarily through investments in SMEs. The Company is externally managed by TriLinc Advisors, LLC (the “Advisor”). The Advisor is an investment advisor registered with the Securities and Exchange Commission (“SEC”).

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

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 $1.5 billion in units of limited liability company interest (the “Offering”) on February 25, 2013. On June 11, 2013, the Company satisfied its minimum offering requirement of $2,000,000 when the Sponsor purchased 321,330 Class A units for aggregate gross proceeds of $2,900,000 and the Company commenced operations. The primary offering terminated on March 31, 2017. The Company continues to offer and sell units pursuant to its Distribution Reinvestment Plan (“DRP”). Through the termination of the primary offering, the Company raised approximately $361,700,000 in gross proceeds, including approximately $13,337,000 raised through the DRP.

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 (“FASB”) Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. Overall, the Company’s management believes the use of investment company accounting makes the Company’s financial statements more useful to investors and other financial statement users since it allows a more appropriate basis of comparison to other entities with similar objectives.

To assist the Company in achieving its investment objective, the Company makes investments via wholly owned subsidiaries (each a “Subsidiary” and collectively, the “Subsidiaries”), all of which are Cayman Islands exempted companies. In June 2016, the Companycreated 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 September 30, 2017, the Company’s Subsidiaries are as follows:

• TriLinc Global Impact Fund – Asia, Ltd.

• TriLinc Global Impact Fund – Latin America, Ltd.

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• TriLinc Global Impact Fund – Trade Finance, Ltd.

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

• TriLinc Global Impact Fund – Africa, Ltd.

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

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

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

• TriLinc Global Impact Fund – Asia II, Ltd.

• TriLinc Global Impact Fund – Asia III, Ltd.

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

• TriLinc Global Impact Fund – Cayman, Ltd.

Through September 30, 2017, the Company has made, through its Subsidiaries, loans in several countries located in South America, Asia, Africa, and Europe.

Note 2. Significant Accounting Policies

Basis of Presentation

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

The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP is not required for interim reporting purposes and has been omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the SEC on March 31, 2017.

The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2017.

The accompanying consolidated financial statements include the accounts of the Company and its Subsidiaries, which were established to hold certain investments of the Company. The Company owns 100% of each Subsidiary and, as such, the Subsidiaries are consolidated into the Company’s consolidated financial statements. Transactions between Subsidiaries, to the extent they occur, are eliminated in consolidation. The consolidated financial statements reflect all adjustments, consisting solely of normal recurring accruals, that, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition as of and for the periods presented.

Cash

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

Prepaid expenses

Prepaid expenses represent prepaid insurance which is being amortized over the term of the insurance policy, which is one year. The amortization of prepaid expenses for the three and nine months ended September 30, 2017 and 2016 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

10

interest. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight line basis, which the Company has determined not to be materially different from the effective yield method.

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

The Company generally places loans on non-accrual status when 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 September 30, 2017, two portfolio companies were on non-accrual status with an aggregate fair value of $1,634,294 or 0.5% of the fair value of the Company’s total investments. 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. Interest income not recorded relative to the original terms of the loans to the two companies on non-accrual status as of September 30, 2017 amounted to approximately $62,975 and $132,257, respectively, for the three and nine months ended September 30, 2017.

Valuation of Investments

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

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

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

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

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

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

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

Investments for which market quotations are readily available are valued at those quotations. Most of the Company’s investments are loans to private companies, which are not actively traded in any market and for which quotations are not available.

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For those investments for which market quotations are not readily available, or when such market quotations are deemed by the Advisor not to represent fair value, the Company’s board of managers has approved a multi-step valuation process to be followed each fiscal quarter, as described below:

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

2. For all investments with a stated maturity of greater than 12 months, the Company has engaged 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 discusses the preliminary valuation prepared by the Advisor and any opinion rendered by Duff & Phelps; and

4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the 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 the Company’s 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 and value) that supports the investment

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

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

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

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.

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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 and Ongoing Dealer Manager Fees

The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. In addition, the Company pays an ongoing dealer manager fee for each Class I unit sold pursuant to a private placement. The aggregate amount of underwriting compensation for each public and private offering of the Class A, Class C, Class I, Class Y and Class W units, including any applicable distribution fee and ongoing dealer manager fee, , cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The distribution fees and ongoing dealer manager fees are not paid at the time of purchase.  Such fees are payable monthly in arrears, as they become contractually due.

In prior periods, the Company had been recording distribution fees as a periodic charge to equity as they are incurred.  Starting in June 2016, the Company determined to account for the distribution fees as a charge to equity at the time each Class C unit is sold in its Offering and record a corresponding liability for the estimated amount to be paid in future periods.  The Company accounts for the ongoing dealer manager fees paid in connection with the sale of Class I units in the private placement in the same manner. At September 30, 2017, the estimated unpaid aggregate distribution fee for Class C units amounted to $1,939,000 and the unpaid dealer manager fee for Class I units amounted to $22,000.

Income Taxes

The Company is classified as a partnership for U.S. federal income tax purposes. As such, the Company allocates all income or loss to its unitholders according to their respective percentage of ownership, and is generally not subject to tax at the entity level. Therefore, no provision for federal or state income taxes has been included in these financial statements.

The Company may be subject to withholding taxes on income and capital gains imposed by certain countries in which the Company invests. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability.

The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes. This guidance requires the Company to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including the resolution of any related appeals or litigation processes, based on the technical merits of the position.

As of September 30, 2017, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 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. As of September 30, 2017, the Company has five classes of units: Class A units, Class C units, Class I units, Class W units and Class Y units, with only Class A units, Class C units, Class I units and Class Y units outstanding. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, effective June 30, 2016, the Company records liabilities for distribution fees that the Company (i) currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the dealer manager in future periods. As of September 30, 2017, under GAAP, the Company recorded a liability in the amount of $1,961,000 for the estimated future amount of Class C unit distribution fee and Class I unit dealer manager fee payable. The Company is not required to determine its net asset value under GAAP and thus, the Company’s determination of net asset value per share for Class C units now varies from GAAP. In the prior periods, the Company deducted the liability for the estimated future distribution fees in the Company’s net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than Class C units with the difference being the result of the future distribution fee deduction for Class C units. The Company has determined that such approach is not the most appropriate for determining net asset value per share for Class C units and, beginning with the net asset value determination as of June 30, 2017, the Company will not deduct the liability for estimated future distribution fees in its

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calculation of net asset value per share for Class C units. Further, the Company will not deduct the liability for estimated future dealer manager fees in its calculation of the net asset value per share for Class I units. The Company believes this approach is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of September 30, 2017, each of the Class A, Class C, Class I and Class Y units have the same net asset value per unit of $8.507. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). The increase in the net asset value per Class C unit from $8.267 as of March 31, 2017 to $8.507 as of September 30, 2017 is solely as a result of the change in the treatment of future distribution fees in the net asset value calculation discussed above and is not reflective of any increase in the value of the Company’s assets. Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.022 from $8.529 as of March 31, 2017 to $8.507 as of September 30, 2017 as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses during the second quarter of 2017. In addition, the Company failed to realize sufficient investment income during the second quarter of 2017, as a result of delays in finding suitable investments, to cover operating expenses.  

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 September 30, 2017 and 2016.

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 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of September 30, 2017 and December 31, 2016. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses equaled to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering  costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution and dealer manager fee to the dealer manager for certain sales pursuant to a private placement.  As of September 30, 2017 the Sponsor has incurred $115,730 in organization and offering costs on behalf of the Company related to a private placement of the Company’s units.  As of September 30, 2017, the Company has reimbursed $17,972 of the organization and offering incurred relating to such private placement.      

Operating Expense Responsibility Agreement

On November 10, 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 September 30, 2017. Since the inception of the Company through September 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,347,400 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,313,400 of expenses, which have been accrued by the Sponsor as of September 30, 2017. The Sponsor will only be entitled to reimbursement of the cumulative Company expenses to the extent the Company’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Company’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). To the extent the Company is not successful in satisfying the Reimbursement Hurdle, no amount will be payable in that quarter by the Company for reimbursement to the Sponsor of the cumulative Company expenses. The Company has not met the Reimbursement Hurdle for the quarter ended September 30, 2017. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of September 30, 2017. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become

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both probable and estimable.  The Sponsor may demand the reimbursement of cumulative Company expenses covered by the Responsibility Agreement to the extent the Company exceeds the Reimbursement Hurdle during any quarter.

Recently Issued Accounting Pronouncements

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 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 guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the Company does not expect the new revenue recognition guidance to have a material impact on the elements of its consolidated statements of operations, most closely associated with financial instruments, including interest and fees income. The Company plans to adopt the revenue recognition guidance in the first quarter of 2018.

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.

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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 and is dependent on the Sponsor for financial support.

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 September 30, 2017, all 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 September 30, 2017, the Company’s investment portfolio included 43 companies and was comprised of $62,845,636 or 20.2% in senior secured term loans, $105,081,088 or 33.6% in senior secured term loan participations, $119,437,912 or 38.2% in senior secured trade finance participations, and $25,000,000 or 8.0% in short term notes. The Company’s largest loan by value was $16,259,084 or 5.2% of total investments. The Company’s 5 largest loans by value comprised 24.8% of the Company’s portfolio at September 30, 2017. Participation in loans amounted to 71.8% of the Company’s total portfolio at September 30, 2017. 

Note 3. Investments

As of September 30, 2017, the Company’s investments consisted of the following: 

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	62,845,636	$	62,845,636		20.2	%
Senior secured term loan participations		105,081,088		105,081,088		33.6	%
Senior secured trade finance participations		119,496,989		119,437,912		38.2	%
Short term notes		25,000,000		25,000,000		8.0	%
Total investments	$	312,423,713	$	312,364,636		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 trade finance investments have up to 300 days of accrued interest receivable as of September 30, 2017.  In addition, certain of the Company’s investments in term loans accrue deferred interest, which is not payable until the maturity of the loans.  Accrued deferred interest included in the interest receivable balance as of September 30, 2017 and December 31, 2016 amounted to $2,269,845 and $1,403,416, respectively. The Company’s interest receivable balances at September 30, 2017 and December 31, 2016 are recorded at the amounts that the Company expects to collect.

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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 positions typically fall into two broad categories: pre-export financing and receivable/inventory financing. Pre-export financing represent advances to borrowers 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.

Short Term Investments

Short term note investments are defined by the Company as investments that generally meet the standard underwriting guidelines for trade finance and term loan transactions and that also have the following characteristics: (1) maturity of less than one year, (2) loans to borrowers to whom, at the time of funding, the Company does not expect to re-lend. Impact data is not tracked for short term investments. In the prior periodic reports, the Company included Short Term Investments within the Trade Finance section of the Schedule of Investments.  Due to Short Term Investments’ unique characteristics, the Company has determined to present these investments separately.

Prodesa

As of September 30, 2017, 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 $3,330,000 and $1,750,000 due under a senior secured purchase order revolving credit facility.  The Company has been working with Prodesa to re-align its operations since 2015, starting with a senior secured purchase order revolving credit facility.  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. A number of draws and repayments have

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occurred under this facility. For example, 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 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.

The Company has estimated the fair value of the Prodesa loans as of September 30, 2017 at $5,080,000 based on the income valuation approach as further described in Note 4.

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 September 30, 2017, 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).  Due to the ongoing volatility, the Company continues to closely monitor sugar prices and the associated impact on Usivale.

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 $785,806 of as September 30, 2017. The Distributor’s trade finance participation 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 in January 2017. Through the latter part of 2015, the depreciation in the South African Rand has 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 September 30, 2017, 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.  The interest rate has been fixed at 10%, with quarterly payments against the facility due based upon 50% percent of the Distributor’s quarterly profits. As a result of the sale, one of the Company’s sub-advisors now owns 50% 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 $34,800 and $69,300, respectively, for the three and nine months ended September 30, 2017. The Company anticipates the Distributor will make additional payments in late fourth quarter of 2017 or early 2018 following seasonal sales of some of the Distributors newly released higher end products. Based on the information available to

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the Company and according to its valuation policies, the Company had estimated the fair value of its investment in the Distributor to be $726,729 as of September 30, 2017.

 Farm Supplies Distributor

The Company had 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 June 30, 2017. The Company placed this participation on non-accrual status effective July 1, 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 had 180 days from time of filing (June 1, 2017) to conclude its initial review, acceptance of the claim and waiting period. Following expiration of the waiting period, a formal demand letter was sent to the Zambian government. During the quarter ended September 30, 2017, the Company received a payment from Neria of $6,981,578, which was comprised of the entire principal balance of $5,078,526 and interest of $1,903,052.  Accordingly the Company recorded additional interest income of $1,352,682 during the three months ended September 30, 2017.  

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 $55,746 as of September 30, 2017. 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 should enable the Exporter to make payments to the Company.  However, the Exporter had a shipment rejected and returned, which now is in the repurposing process and as a result, the Exporter has been unable to make payments since February 2017. The Exporter has made three principal payments totaling $92,435 during October and November 2016, an interest payment of $90,402 in February 2017, an interest payment of $8,388 in July 2017 and an interest payment of $23,014 in October 2017.  Additional interest payments are expected in mid-November and before year end, such that the Exporter will be current with all interest payments. The Company has determined that there are sufficient cash flows 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 September 30, 2017. The Company has, however, placed this position on non-accrual as of July 1, 2017.

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

					Percentage
	Amortized Cost		Fair Value		of Total Investments
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	%

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The industry composition of the Company’s portfolio, at fair market value as of September 30, 2017 and December 31, 2016, was as follows:

	As of  September 30, 2017					As of December 31, 2016
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	20,351,296		6.4	%	$	22,851,296		11.2	%
Bulk Fuel Stations and Terminals		16,259,084		5.2	%		15,437,474		7.6	%
Chemicals and Allied Products		15,000,000		4.8	%		—		—
Coal and Other Minerals and Ores		30,933,254		9.9	%		6,574,351		3.2	%
Commercial Fishing		437,814		0.1	%		1,058,273		0.5	%
Communications Equipment		—		0.0	%		6,111,941		3.0	%
Consumer Products		11,080,000		3.5	%		9,900,000		4.9	%
Drugs, Proprietaries, and Sundries		1,080,000		0.3	%		—		—
Electric Services		11,500,000		3.7	%		19,500,000		9.6	%
Farm Products		2,780,194		0.9	%		3,142,480		1.5	%
Fats and Oils		12,000,000		3.8	%		6,000,000		2.9	%
Fertilizer & Agricultural Chemicals		—		0.0	%		5,078,526		2.5	%
Financial services		10,000,000		3.2	%		—		—
Freight Transportation Arrangement		15,000,000		4.8	%		—		—
Fresh or Frozen Packaged Fish		2,087,005		0.7	%		5,037,134		2.5	%
Food Products		1,236,274		0.4	%		740,690		0.4	%
Groceries and Related Products		1,476,825		0.5	%		11,195,862		5.5	%
Hotels and Motels		15,667,791		5.0	%		17,000,000		8.3	%
Land Subdividers and Developers		14,874,108		4.8	%		—		—
Logging		3,700,000		1.2	%		—		—
Lumber and Other Construction Materials		—		0.0	%		11,483		0.0	%
Meat, Poultry & Fish		9,000,000		2.9	%		9,675,717		4.7	%
Metals & Mining		6,566,481		2.1	%		2,234,145		1.1	%
Miscellaneous Plastics Products		—		0.0	%		161,018		0.1	%
Packaged Foods & Meats		500,000		0.2	%		500,000		0.2	%
Personal Credit Institutions		1,479,786		0.5	%		—		—
Petroleum and Petroleum Products		30,500,000		9.8	%		—		—
Primary Nonferrous Metals		2,372,297		0.8	%		3,000,000		1.5	%
Primary Metal Industries		6,000,000		1.9	%		6,000,000		2.9	%
Programming and Data Processing		14,034,469		4.5	%		10,236,013		5.0	%
Rental of Railroad Cars		3,513,291		1.1	%		4,411,650		2.2	%
Secondary Nonferrous Metals		17,349,626		5.6	%		7,649,945		3.8	%
Soap, Detergents, and Cleaning		1,511,446		0.5	%		2,000,000		1.0	%
Street Construction		12,218,917		3.9	%		14,927,195		7.3	%
Telephone and Telegraph Apparatus		8,322,775		2.7	%		—		—
Water Transportation		13,531,903		4.3	%		13,360,620		6.6	%
Total	$	312,364,636		100.0	%	$	203,795,813		100.0	%

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The table below shows the portfolio composition by geographic classification at fair value as of September 30, 2017 and December 31, 2016:

	As of  September 30, 2017					As of December 31, 2016
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	39,500,000		12.7	%	$	31,000,000		15.2	%
Brazil		16,885,765		5.4	%		13,087,309		6.4	%
Cabo Verde		15,667,791		5.0	%		17,000,000		8.3	%
Cayman Islands		10,000,000		3.2	%		—		—
Chile		1,326,687		0.4	%		2,234,915		1.1	%
China		10,000,000		3.2	%		—		—
Columbia		1,479,786		0.5	%		—		—
Ecuador		2,524,819		0.8	%		6,095,407		3.0	%
Ghana		27,000,000		8.6	%		19,500,000		9.6	%
Guatemala		907,565		0.3	%		907,565		0.4	%
Hong Kong		36,922,775		11.8	%		—		—
Indonesia		19,923,550		6.4	%		17,927,195		8.8	%
Kenya		15,000,000		4.8	%		161,018		0.1	%
Malaysia		15,000,000		4.8	%		—		—
Mauritius		6,476,825		2.1	%		11,195,862		5.5	%
Morocco		7,349,626		2.4	%		7,649,945		3.8	%
Namibia		15,374,108		4.9	%		500,000		0.2	%
New Zealand		3,700,000		1.2	%		—		—
Nigeria		13,531,903		4.3	%		13,360,620		6.6	%
Peru		21,339,084		6.8	%		19,337,474		9.5	%
Singapore		-		—			10,000,000		4.9	%
South Africa		5,474,165		1.8	%		14,174,143		7.0	%
United Arab Emirates		1,080,000		0.4	%		—		—
United Kingdom		17,333,254		5.6	%		6,585,834		3.2	%
Zambia		7,511,446		2.4	%		13,078,526		6.4	%
Uganda		545,942		0.2	%		—		—
Uruguay		509,545		0.2	%		—		—
Total	$	312,364,636		100.0	%	$	203,795,813		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 September 30, 2017:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	62,845,636	$	—	$	—	$	62,845,636
Senior secured term loan participations		105,081,088		—		—		105,081,088
Senior secured trade finance participations		119,437,912		—		—		119,437,912
Short term notes		25,000,000		—		—		25,000,000
Total	$	312,364,636	$	—	$	—	$	312,364,636

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 loan	$	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

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The following is a reconciliation of activity for the nine months ended September 30, 2017, of investments classified as Level 3: 

	Fair Value at December 31, 2016		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in unrealized appreciation (depreciation)		Fair Value at September 30, 2017
Senior secured term loans	$	28,673,487	$	38,132,590	$	(4,806,488	)	$	846,047	$	—	$	62,845,636
Senior secured term loan participations		58,450,761		52,742,336		(6,837,629	)		725,620		—		105,081,088
Senior secured trade finance participations		116,671,565		139,590,347		(136,824,000	)		—		—		119,437,912
Short term notes		—		25,000,000		—			—		—		25,000,000
Total	$	203,795,813	$	255,465,273	$	(148,468,117	)	$	1,571,667	$	—	$	312,364,636

There were no realized gains or losses for any of the Company’s investments classified as Level 3 during the three and nine months ended September 30, 2017 and 2016.

As of September 30, 2017, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of September 30, 2017:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	118,711,183	Cost  Approach	Recent transactions	N/A
Senior secured trade finance participations (2)	$	726,729	Income approach (DCF)	Market yield		15.75%
Senior secured term loans	$	62,845,636	Income approach (DCF)	Market yield	11.50% - 13.50% (12.50%)
Senior secured term loan participations	$	105,081,088	Income approach  (DCF)	Market 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.     

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)	Market Yield		15.75%
Senior secured term loans	$	28,673,487	Income approach (DCF)	Market Yield	11.50% - 13.50% (12.50%)
Senior secured term loan participations	$	58,450,761	Income approach  (DCF)	Market 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.

The significant unobservable Level 3 inputs used in the fair value measurement of the Company’s investments are market yields. Significant increases in market yields would result in significantly lower fair value measurements.

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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 that is comprised of two parts: (i) a subordinated fee on net investment income and (ii) an incentive fee on capital gains. The subordinated incentive fee on income is calculated and payable quarterly in arrears and is based upon the Company’s pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee is earned by the Advisor in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the quarterly preferred return rate of 1.50% (6.00% annualized) (the “Preferred Return”). In any quarter, all of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly Preferred Return, but is less than or equal to 1.875% (7.50% annualized) at the end of the immediately preceding fiscal quarter, is payable to the Advisor. For any quarter in which the Company’s pre-incentive fee net investment income exceeds 1.875% on its net assets at the end of the immediately preceding fiscal quarter, the subordinated incentive fee on income equals 20% of the amount of the Company’s pre-incentive fee net investment income.

An incentive fee on capital gains will be earned on investments sold and shall be determined and payable to the Advisor in arrears as of the end of each calendar year. The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company had no capital gains and therefore did not accrue an incentive fee on capital gains for the three and nine months ended September 30, 2017 and 2016.

Transactions

As discussed in Note 2, for the three months ended September 30, 2017 and 2016, the Sponsor assumed responsibility for $872,653 and $622,347, respectively, of the Company’s operating expenses, management fees and incentive fees, which are deferred under the Responsibility Agreement.  For the nine months ended September 30, 2017 and 2016, the Sponsor assumed responsibility for $3,831,414 and $3,740,015, respectively, of the Company’s operating expenses, management fees and incentive fees.

For the three months ended September 30, 2017 and 2016, the Advisor earned $1,658,314, and $1,122,904, respectively, in management fees and $1,447,154 and $971,204, respectively, in incentive fees. For the nine months ended September 30, 2017 and 2016, the Advisor earned $4,721,832 and $2,913,946, respectively, in management fees and $3,276,012 and $2,367,279, respectively, in incentive fees.

Since the inception of the Company through September 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,347,400 of operating expenses, management fees and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,313,400 of expenses, which have been accrued by the Sponsor as of September 30, 2017. Such expenses, in the aggregate of $16,660,800 since the Company’s inception, may be expensed and payable by the Company to the Sponsor only if the Company satisfies the Reimbursement Hurdle as further described in Note 2.

As of September 30, 2017 and December 31, 2016, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $4,063,517 and $3,175,656, 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.

As of September 30, 2017 and December 31, 2016, due to affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $0 and $68,312, respectively, was due to the Sponsor for reimbursements of offering costs.

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For the three months ended September 30, 2017 and 2016, the Company paid $3,000 and $577,112, respectively, in dealer manager fees and $4,500 and $1,756,410, respectively, in selling commissions to the Company’s dealer manager, SC Distributors, LLC. For the nine months ended September 30, 2017 and 2016, the Company paid $639,088 and $1,545,731, respectively, in dealer manager fees and $2,469,610 and $5,117,824, respectively, in selling commissions. These fees and commissions were paid in connection with the sales of the Company’s 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 Statements of Operations.

Note 6. Organization and Offering Costs

As of September 30, 2017, the Sponsor has paid approximately $16,828,000 of offering costs and $236,000 of organization costs relating to the Offering, all of which were paid directly by the Sponsor on behalf of the Company, and were reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $2,504,267 and $3,247,000 of offering costs, which were incurred by the Sponsor during the nine months ended September 30, 2017 and 2016, respectively. During the nine months ended September 30, 2017 and 2016, the Company paid $2,468,849 and $5,322,398, 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 September 30, 2017, the Company has reimbursed the Sponsor a total of approximately $17,079,500 of offering costs and there is no remaining balance of offering and organization costs due to the Sponsor.

The Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units. As of September 30, 2017 the Sponsor has incurred $115,730 in organization and offering costs on behalf of the Company related to a private placement of the Company’s units.  As of September 30, 2017, the Company has reimbursed $17,972 of the organization and offering costs incurred relating to such private placement and $97,760 remains due and payable.  

Note 7. Notes Payable

The Company notes payable consist of the following:

	September 30, 2017		December 31, 2016
	Outstanding Balance		Outstanding Balance
Promissory notes	$	1,860,000	$	1,635,000
Symbiotics facility		10,500,000		-
Christian Super promissory note		5,000,000		-
Total notes payable	$	17,360,000	$	1,635,000

Promissory Notes

On October 14, 2016, TGIFC issued $1.635 million in the first series of notes pursuant to a private offering of senior secured promissory notes (the “Notes”). The Notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of four different series with four different issuance and maturity dates.  The Notes issued on October 14, 2016 comprised the first series of the Notes.

The Notes have an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59%) 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.

On February 17, 2017, TGIFC issued $0.225 million in the second series of the Notes pursuant to such private offering. The notes issued on February 17, 2017 comprised the second series of the Notes and bear interest at a rate of 3.0% per annum plus one year LIBOR (1.74%) as determined on their issuance date.

The entire principal balance of each Note (and any unpaid interest) is due in one balloon payment on the “Maturity Date,” which is the first anniversary of the issuance date that either TGIFC or the applicable noteholder has designated as the Maturity Date by not less than 30 days’ prior written notice to the other party. The principal balance of each Note may not be prepaid, in whole or in part, prior to the Maturity Date.

In October, 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC.  The Subsidiaries own all of the Company’s investments. TGIFC’s obligations under the Notes are secured by an equitable mortgage

24

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.

Symbiotics Facility

On July 3, 2017, TGIFC entered into a $10.5 million Facility Agreement (the “Facility Agreement”) with Micro, Small & Medium Enterprises Bonds S.A. (“MSMEB”) as Lender and Symbiotics SA as Servicer.  TGIFC may request an additional $39.5 million under the Facility Agreement, subject to the conditions precedent set forth in the Facility Agreement, including availability of funding.  

The Facility Agreement has an interest rate of 4.65% per annum plus the three month LIBOR (1.30% as of September 30, 2017) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the note.

The entire principal balance under the Facility Agreement (and any unpaid interest) is due in one balloon payment on July 7, 2020 (the “Maturity Date”). The principal balance under the Facility Agreement may be voluntarily prepaid, in whole or in part, prior to the Maturity Date, subject to a prepayment premium of 1.00% of the prepayment amount if the voluntary prepayment is made prior to July 3, 2019.

TGIFC’s obligations under the Facility Agreement is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and MSMEB, dated as of July 3, 2017 (the “Equitable Mortgage”) granting the holders of the Facility Agreement a mortgage over a pro rata amount of the issued and outstanding shares of the Subsidiaries. While the collateral initially pledged under the Equitable Mortgage greatly exceeds the amount funded under the Facility Agreement based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the Facility Agreement.  The Facility Agreement and the Equitable Mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.

Christian Super Promissory Note

On August 7, 2017, TGIFC issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering (the “CS Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”). The CS Note was issued pursuant to an ongoing private offering targeting $25 million in the aggregate amount and will be comprised of up to five different series with five different issuance dates, but likely the same maturity date (collectively “the CS Notes”).  The CS Note issued on August 7, 2017 comprised the first series of the CS Notes.Borrowings from the CS Notes offering will be used to pursue the Company’s investment strategy and for general corporate purposes.  

The CS Notes have an interest rate of 4.0% per annum plus the one year LIBOR (1.73%) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note.

The entire principal balance under the CS Note (and any unpaid interest) is due in one balloon payment on August 7, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty.

  TGIFC’s obligations under the CS Notes is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Notes a mortgage over 5shares out of a total of 17.36 of the issued and outstanding shares of the Subsidiaries. While the collateral initially pledged under the CS Equitable Mortgage greatly exceeds the amount funded under the CS Notes based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the CS Notes.  The CS Note and the CS Equitable Mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.

For the three and nine months ended September 30, 2017, the Company recognized $215,449 and $256,540, respectively, in interest expense. The Company did not incur any interest expense during the three and nine months periods ended September 30, 2016.

The principal payments due on borrowings for each of the next five years ending December 31 and thereafter, are as follows:

25

Year ending December 31:	Principal payments
2017	$	1,635,000
2018		225,000
2019		-
2020		10,500,000
2021		5,000,000
	$	17,360,000

Note 8. Unit Capital

As of September 30, 2017, the Company has five classes of units: Class A, Class C, Class I, Class W and Class Y units, with only Class A, Class C, Class I and Class Y units outstanding. The unit classes have different upfront sales commissions and dealer manager fees and there are ongoing distribution fees, dealer manager fees and/or service fees with respect to certain classes of units, including a distribution fee with respect to Class C units, an ongoing dealer manager fee with respect to Class I and Class W units, and an ongoing service fee with respect to Class W units. As of September 30, 2017, the Company recorded a liability in the aggregate amount of $1,961,000 for the estimated future amount of Class C unit distribution fee payable and Class I unit dealer manager fee payable. The estimated liability is calculated based on a net asset value per Class C and Class I units of $9.025 with distribution and dealer manager fees of 0.8% and 0.5%, respectively, per annum applied to the net asset value, during the expected period that Class C and Class I units remain outstanding, and discounted using an annual rate of 4%. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding.    The following table is a summary of unit activity during the nine months ended September 30, 2017:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			September 30,
	2016		the Period		the Period			2017
Class A units		15,391,991		3,072,172		(278,184	)		18,185,979
Class C units		6,803,985		1,548,378		(38,581	)		8,313,782
Class I units		7,411,405		3,113,568		(407,951	)		10,117,022
Class Y units		-		297,643		-			297,643
Total		29,607,381		8,031,761		(724,716	)		36,914,426

          The total of 8,031,761 units issued during the nine months ended September 30, 2017 included 922,746 units issued under the DRP at a value of $8,321,794. As of September 30, 2017, no Class W units have been issued.

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 greater of the unit’s net asset value or $9.025. The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of the Company’s unitholders to sell their units. Unless the Company’s board of managers determines otherwise, the Company will limit the number of units to be repurchased during any calendar year to the number of units that can be repurchased with the proceeds the Company receives from the sale of units under the Company’s DRP. At the sole discretion of the Company’s board of managers, the Company may also use cash on hand, cash available from borrowings and cash from the repayment or liquidation of investments as of the end of the applicable quarter to repurchase units.

During the nine months ended September 30, 2017, the Company received 98 repurchase requests for a total of 724,716 units at a repurchase price of $9.025 per unit. As of September 30, 2017, 52 of these repurchase requests were pending processing and were completed by the Company between October 5 to October 11, 2017.

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Note 9. Distributions

Starting in July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the nine months ended September 30, 2017:

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2017	January 19, 2017	$	0.00197808	$	1,002,022	$	837,472	$	1,839,494
February 28, 2017	February 23, 2017	$	0.00197808		944,453		782,125		1,726,578
March 31, 2017	March 3, 2017	$	0.00197808		1,114,222		885,439		1,999,661
April 30, 2017	April 18, 2017	$	0.00197808		1,148,147		929,660		2,077,807
May 31, 2017	May 10, 2017	$	0.00197808		1,220,942		987,576		2,208,518
June 30, 2017	June 12, 2017	$	0.00197808		1,194,793		960,134		2,154,927
July 31, 2017	July 11, 2017	$	0.00197808		1,238,624		986,918		2,225,542
August 31, 2017	August 10, 2017	$	0.00197808		1,254,262		991,320		2,245,582
September 30, 2017	September 11, 2017	$	0.00197808		1,227,774		961,150		2,188,924
Total for 2017				$	10,345,239	$	8,321,794	$	18,667,033

Note 10. Financial Highlights

The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2017 and 2016.          

	Nine Months Ended
	September 30,			September 30,
	2017			2016
Per unit data (1):
Net asset value at beginning of period	$	8.47		$	8.54
Net investment income	$	0.49		$	0.56
Net change in unrealized depreciation on investments	$	-		$	(0.00	)
Net increase in net assets resulting from operations	$	0.49		$	0.56
Net change in offering costs	$	0.03		$	(0.02	)
Distributions	$	(0.54	)	$	(0.56	)
Net change in accrued distribution and other fees	$	0.01		$	(0.07	)
Net decrease in net assets	$	(0.02	)	$	(0.08	)
Net asset value at end of period (2) (3)	$	8.45		$	8.46
Total return based on net asset value (4)(5)		5.74	%		6.50	%
Net assets at end of period	$	312,070,024		$	223,109,319
Units Outstanding at end of period		36,914,426			26,372,641
Ratio/Supplemental data (annualized) (5)(6):
Ratio of net investment income to average net assets		7.70	%		8.51	%
Ratio of net operating expenses to average net assets		2.96	%		2.27	%

1 The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2017 and 2016 which were 34,744,363 and 20,576,797.

2 For financial statement reporting purposes under GAAP, as of September 30, 2017, the Company recorded a liability in the amount of $1,961,000 for the estimated future amount of Class C Distribution Fees and Class I Dealer Manager Fees payable. This liability is reflected in this table, which is consistent with the financial statements.  While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C Distribution Fees and Class I Dealer Manager Fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. As of September 30, 2017, based on the new approach to the treatment of future Class C Distribution Fees and Class I Dealer Manager Fees, the Company has calculated the net asset value to be $8.507 for all units.  If the Company would have used the same approach for presentation in determining the net asset value as of September 30, 2016, the net asset value per unit would have been $8.527.

3 The reduction in net asset value is due to the Sponsor absorbing less of the Company’s operating expenses.

4 Net asset value would have been lower 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.

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5 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the nine months ended September 30, 2017 and 2016, prior to the effect of the Responsibility Agreement were as follows; total return: 4.43% and 4.38%, ratio of net investment income; 5.95% and 5.73%, and ratio of operating expenses to average net assets: 4.71% and 5.06%.

6 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year.

Note 11. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three and nine months ended September 30, 2017, except as discussed below.

Distributions

On October 10, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for Class A, Class C, Class I, Class Y and Class W units for the period from October 1 through October 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 , an ongoing dealer manager fee with respect to certain Class I units and Class W units, and an ongoing service fee with respect to Class W units).. On November 1, 2017, $1,257,414 of these distributions were paid in cash and on October 31, 2017, $990,942 were reinvested in units for those unitholders participating in the DRP.

On November 10, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for Class A, Class C, Class I, Class Y and Class W units for the period from November 1 through November 30, 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 , an ongoing dealer manager fee with respect to certain Class I units and Class W units, and an ongoing service fee with respect to Class W units). These distributions will be paid in cash or reinvested in units, for those unitholders participating in the DRP on or about December 1, 2017.

 Investments

Subsequent to September 30, 2017 through November 10, 2017, the Company funded approximately $19.1 million in new investments and received proceeds from repayment of investments of approximately $16.2 million.

Operating Expense Responsibility Agreement

On November 10, 2017, the Company entered into an Amended and Restated Operating Expenses Responsibility Agreement with the Company’s Sponsor and Advisor. Pursuant to the terms of this agreement, the Sponsor agreed to be responsible for the Company’s cumulative operating expenses incurred through September 30, 2017, including management and incentive fees earned by the Advisor during the quarter ended September 30, 2017. For additional information refer to Notes 2 and 5.

Mac Z Group SARL

The Company has a $9,000,000 trade finance position with Mac Z Group SARL (“Mac Z”), a scrap metal recycler in Morocco. As of September 30, 2017, the outstanding balance on this position is $7,349,626. The primary collateral securing this position is 1,970 tons of copper scrap.  In late October, the designated Collateral Manager for Mac Z notified the sub-advisor of an investigation into a 1,820 ton, approximately $13.3 million, shortage of copper scrap inventory physically held in the warehouse. The copper scrap is pledged to the Company and serves as the primary collateral for this position. In addition to conducting its investigation, the sub-advisor has issued an Event of Default and is taking steps to enforce the Corporate Guarantee, Personal Guarantee and relevant pledges, which include two insurance policies. The sub-advisor has placed a blocking notice on all of the borrower’s bank accounts and has requested a freeze order from the Moroccan local courts on the physical assets of the company. Mac Z has an estimated $12 million in Zinc Ore inventory, which may serve as secondary collateral for this position. The Company is working with the sub-advisor and is investigating the issue. Based on the results of the initial investigation, the Company believes there is sufficient collateral available to cover both the outstanding principal balance and the accrued interest. The Company is placing the position on non-accrual effective October 1, 2017 and believes no adjustment to fair value is necessary.

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Second Symbiotics Facility Agreement

On November 2, 2017, TGIFC entered into a second Facility Agreement to receive an additional $9.75 million in the second tranche of financing with MSMEB as Lender and Symbiotics SA as Servicer described in Note 7 above.  After receiving this second tranche, TGIFS has $20.25 million total outstanding under Symbiotics facility and may request an additional $20 million, subject to the conditions precedent set forth in the second Facility Agreement, including availability of funding. For more information about the Symbiotics facility, please see “Note 7. Notes Payable—Symbiotics Facility.”

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

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

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

Forward Looking Statements

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

• our future operating results;

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

• our business prospects and the prospects of our borrowers;

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

• our contractual arrangements and relationships with third parties;

• our ability to make distributions to our unitholders;

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

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

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

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

• the ability of our borrowers to make required payments;

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

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

• our limited operating history;

• our ability to borrow funds;

• our expected financings and investments;

• the adequacy of our cash resources and working capital;

• performance of our investments relative to our expectations and the impact on our actual return on invested equity, as well as the cash provided by these investments;

• any failure in our Advisor’s or sub-advisors’ due diligence to identify all relevant facts in our underwriting process or otherwise;

• the ability of our sub-advisors and borrowers to achieve their objectives;

• the effectiveness of our portfolio management techniques and strategies;

• failure to maintain effective internal controls; and

• the loss of our exemption from the definition of an “investment company” under the Investment Company Act of 1940, as amended.

We use words such as “anticipates,” “believes,” “expects,” “intends” and similar expressions to identify forward-looking statements. Our actual results could differ materially from those projected in the forward-looking statements for any reason.

The foregoing list of factors is not exhaustive. We have based the forward-looking statements included in this report on information available to us on the date of this report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we may file in the future with the SEC.

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Overview

We make impact investments in SMEs that provide the opportunity to achieve both competitive financial returns and positive measurable impact. We were organized as a Delaware limited liability company on April 30, 2012. We have operated and intend to continue to operate our business in a manner that will permit us to maintain our exemption from registration under the Investment Company Act of 1940, as amended. We use the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, loan participations, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. A substantial portion of our assets consists of collateralized private debt instruments, which we believe offer opportunities for competitive risk-adjusted returns and income generation. We are externally managed and advised by TriLinc Advisors, LLC, or the Advisor. The Advisor is an investment advisor registered with the SEC.

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

We commenced the Offering on February 25, 2013. Pursuant to the Offering, we were offering on a continuous basis up to $1.5 billion in units of our limited liability company interest, consisting of up to $1.25 billion of units in the primary offering consisting of Class A and Class C units at initial offering prices of $10.00 and $9.576 per unit, respectively, and Class I units at $9.025 per unit, and up to $250 million of units pursuant to the DRP. SC Distributors, LLC was the dealer manager for the Offering. In May 2012, the Advisor purchased 22,161 Class A units for aggregate gross proceeds of $200,000. On June 11, 2013, we satisfied the minimum offering requirement of $2,000,000 when the Sponsor purchased 321,330 Class A units for aggregate gross proceeds of $2,900,000 and we commenced operations. Our primary offering terminated on March 31, 2017.  We continue to offer and sell units pursuant to our DRP. Through the termination of the primary offering, we raised approximately $361,700,000 in gross proceeds, including approximately $13,337,000 raised through the DRP. For the three months ended September 30, 2017, we issued 325,694 of our units pursuant to our DRP for gross proceeds of approximately $2,939,400. In addition, for the three months ended September 30, 2017, we issued 473,307 of our units for gross proceeds of approximately $4,047,100 pursuant to a private placement.

As of September 30, 2017, we had issued 38,813,662 of our units, including 2,122,911 units issued under our DRP, for gross proceeds of approximately $370,697,000 including approximately $19,954,000 reinvested under our DRP (before dealer manager fees of approximately $4,776,000 and selling commissions of $16,812,000, for net proceeds of $349,109,000).

We are offering a maximum of $75,000,000 in Class A, Class C and Class I units of our limited liability company interest to our existing unitholders pursuant to the DRP. Units issued pursuant to the DRP are being offered at the greater of $9.025 per unit or the most recently determined net asset value per unit of each class of units, which as of September 30, 2017 was $8.507 for Class A, Class C, and I units. Accordingly, units are currently offered pursuant to the DRP at $9.025 per Class A, Class C and Class I units.

We will offer units pursuant to the DRP until we sell all $75,000,000 worth of units in this offering, although our board may determine to terminate this offering prior thereto.  This offering must be registered or exempt from registration in every state in which we offer or sell units. If this offering is not exempt from registration, the required registration generally is for a period of one year. Therefore, we may have to stop selling units in any state in which the registration is not renewed annually and the offering is not otherwise exempt from registration.

 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 nine 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

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demonstrated cash flows enabling loan repayment; (4) making primarily debt investments, backed by collateral and borrower guarantees; (5) employing best practices in our due diligence and risk mitigation processes; and (6) monitoring our portfolio on an ongoing basis.

Investments will continue to be primarily credit facilities to developing economy SMEs, including trade finance and term loans, through the Advisor’s team of professional sub-advisors with a local presence in the markets where they invest. As of September 30, 2017, more than a majority of our investments were in the form of participations and we expect that future investments will continue to be primarily participations. We typically provide financing that is collateralized, has a short to medium-term maturity and is self-liquidating through the repayment of principal. By providing additional liquidity to growing small businesses, we believe we support both economic growth and the expansion of the global middle class.

Revenues

Since we anticipate that the majority of our assets will 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.

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 through September 30, 2017, our Sponsor has assumed the majority of our operating expenses under the terms of the Responsibility Agreement. As of September 30, 2017, the Sponsor has agreed to pay a cumulative total of approximately $16.7 million of operating expenses.

Portfolio and Investment Activity

During the nine months ended September 30, 2017, we invested approximately $255,615,000 across 29 separate portfolio companies, including 16 new borrowers. Our investments consisted of senior secured trade finance participations, senior secured term loan participations, senior secured term loans, and short term notes. Additionally, we received proceeds from repayments of investment principal of approximately $148,468,000.

At September 30, 2017 and December 31, 2016, the Company’s investment portfolio included 43 and 32 companies, respectively, and the fair value of our portfolio was comprised of the following:

	As of September 30, 2017					As of December 31, 2016
	Investments		Percentage of			Investments		Percentage of
	at Fair Value		Total Investments			at Fair Value		Total Investments
Senior secured term loans	$	62,845,636		20.2	%	$	28,673,487		14.1	%
Senior secured term loan participations		105,081,088		33.6	%		58,450,761		28.7	%
Senior secured trade finance participations		119,437,912		38.2	%		116,671,565		57.2	%
Short term notes		25,000,000		8.0	%		-		-
Total investments	$	312,364,636		100.0	%	$	203,795,813		100.0	%

 As of September 30, 2017, the weighted average yields, based upon the cost of our portfolio, on trade finance participations, term loan participations, senior secured term loans, and short term notes were 10.4%, 13.7%, 12.2%, and 8.3%, respectively, for a weighted average yield on investments of approximately 11.7% on our total portfolio.  

As of December 31, 2016, the weighted average yields, 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.

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Concentration Limits

As previously disclosed, the Company is subject to the following concentration limits upon termination of the Offering once the proceeds are fully invested:

• Maximum 45% regional exposure

• Maximum 20% country exposure

• Maximum 5% individual investment exposure

As of September 30, 2017, the proceeds were fully invested and the Company was in compliance with all of the above concentration limits.

Short Term Investments

Short term note investments are defined by the Company as investments that generally meet the standard underwriting guidelines for trade finance and term loan transactions and that also have the following characteristics: (1) maturity of less than one year, (2) loans to borrowers to whom, at the time of funding, the Company does not expect to re-lend. Impact data is not tracked for short term investments.

Prodesa

As of September 30, 2017, 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 $3,330,000 and $1,750,000 due under a senior secured purchase order revolving credit facility.  The Company has been working with Prodesa to re-align its operations since 2015, starting with a senior secured purchase order revolving credit facility.  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. A number of draws and repayments have occurred under this facility. For example, 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 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.

The Company has estimated the fair value of the Prodesa loans as of September 30, 2017 at $5,080,000 based on the income valuation approach as further described in Note 4 to the financial statements.  

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.

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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 September 30, 2017, 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). Due to the ongoing volatility, the Company continues to closely monitor sugar prices and the associated impact on Usivale.

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 $785,806 of as September 30, 2017. The Distributor’s trade finance participation 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 in January 2017. 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 September 30, 2017, 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.  The interest rate has been fixed at 10%, with quarterly payments against the facility due based upon 50% percent of the Distributor’s quarterly profits.  As a result of the sale, one of the Company’s sub-advisors now owns 50% 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 $34,800 and $69,300, respectively, for the three and nine months ended September 30, 2017. The Company anticipates the Distributor will make additional payments in late Q4 2017 or early 2018 following seasonal sales of some of the Distributors newly released higher end products. 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 $726,729 as of September 30, 2017.

Farm Supplies Distributor

The Company had 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 June 30, 2017. The Company placed this participation on non-accrual status effective July 1, 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 had 180 days from time of filing (June 1, 2017) to conclude its initial review, acceptance of the claim and waiting period. Following expiration of the waiting period, a formal demand letter was sent to the Zambian government. During the quarter ended September 30, 2017, the Company received a payment from Neria of $6,981,578 which was comprised of the entire principal balance of $5,078,526 and interest of $1,903,052.  Accordingly the Company recorded additional interest income of $1,352,682 during the three months ended September 30, 2017.

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 $55,746 as of September 30, 2017. 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 should enable the Exporter to make payments to the Company.  However, the Exporter had a shipment rejected and returned, which now is in the repurposing process and as a result, the Exporter has been unable to make payments since February 2017. The Exporter has made three principal payments totaling $92,435 during October and November 2016, an interest payment of $90,402 in February 2017, an interest payment of $8,388 in July 2017 and an interest payment of $23,014 in October 2017.  Additional interest payments are expected in mid-November and before year end, such that the Exporter will be current with all interest payments. The Company has determined that there are sufficient cash flows 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 September 30, 2017. The Company has, however, placed this position on non-accrual as of July 1, 2017.

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Results of Operations

Consolidated operating results for the three and nine months ended September 30, 2017 and 2016 are as follows:

	Three months ended						Nine Months Ended
	September 30, 2017			September 30, 2016			September 30, 2017			September 30, 2016
Interest income	$	9,659,965		$	6,356,418		$	23,039,392		$	14,322,752
Interest from cash		82,008			58,767			331,827			215,016
Total investment income		9,741,973			6,415,185			23,371,219			14,537,768
Management fees		1,658,314			1,122,904			4,721,832			2,913,146
Incentive fees		1,447,154			971,204			3,276,012			2,367,279
Professional fees		254,790			150,309			923,991			692,004
General and administrative expenses		323,273			239,075			989,505			677,190
Interest expense		215,449			-			256,540			-
Board of managers fees		54,375			46,875			163,125			140,625
Total expenses		3,953,355			2,530,367			10,331,005			6,790,244
Expense support payment from Sponsor		(872,653	)		(622,347	)		(3,831,414	)		(3,740,015	)
Net expenses		3,080,702			1,908,020			6,499,591			3,050,229
Net investment income	$	6,661,271		$	4,507,165		$	16,871,628		$	11,487,539

Revenues

Three months ended September 30, 2017 and 2016

For the three months ended September 30, 2017 and 2016, total investment income amounted to $9,741,973 and $6,415,185, respectively.  Interest income increased by $3,303,547 during the three months ended September 30, 2017 from the same period in 2016 as a result of an increase in our weighted average investment portfolio of approximately $101,259,000 offset by a decrease in the weighted average yield of approximately 0.5% from a weighted average yield of 14.2% for the three months ended September 30, 2016 to approximately 13.7% for the three months ended September 30, 2017. The decrease in yield was primarily due to a change in the mix of our investment portfolio.

During the three months ended September 30, 2017, $7,398,310 or 76.6% of the interest income earned came from loan participations and $2,260,570 or 23.4% came from direct loans. In addition, we earned $82,008 in interest income on our cash balances.  

During the three months ended September 30, 2016, $3,817,430 or 60.1% of the interest income earned came from loan participations and $2,538,990 or 39.9% came from direct loans. In addition, we earned $58,767 in interest income on our cash balances.

Nine months ended September 30, 2017 and 2016

For the nine months ended September 30, 2017 and 2016, total investment income amounted to $23,371,219 and $14,537,768, respectively.  Interest income increased by $8,716,640 during the nine months ended September 30, 2017 from the same period in 2016 as a result of an increase in our weighted average investment portfolio of approximately $99,565,000 offset by a decrease in the weighted average yield of approximately 0.7% from a weighted average yield of 13.5% for the nine months ended September 30, 2016 to approximately 12.8% for the nine months ended September 30, 2017. The decrease in yield was primarily due to a change in the mix of our investment portfolio.

During the nine months ended September 30, 2017, $18,549,103 or 80.5% of the interest income earned came from loan and trade finance participations and $4,489,204 or 19.5% came from direct loans. In addition, we earned $331,827 in interest income on our cash balances.

During the nine months ended September 30, 2016, $10,497,370 or 73.3% of the interest income earned came from loan participations and $3,825,383 or 26.7% came from direct loans. In addition, we earned $215,016 in interest income on our cash balances.  

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Expenses

Three months ended September 30, 2017 and 2016

Total operating expenses, excluding the management and incentive fees, incurred for the three months ended September 30, 2017 increased by $411,628 to $847,887 from $436,259 for the three months ended September 30, 2016.  The increase was primarily due to the following: 1) an increase in interest expense of $215,449, which was attributable to the addition of leverage, 2) an increase in general and administrative expenses of $84,198, which was attributable to increases in a number of expenses, the largest being a $38,853 increase in travel expenses, $25,765 increase in expenses reimbursements to our sub-advisors, and $15,043 increase in fund accounting; and 3) an increase in professional fees of $104,481.

For the three months ended September 30, 2017 and 2016, the management fees amounted to $1,658,314 and $1,122,904, respectively. The incentive fees for the three months ended September 30, 2017 and 2016 amounted to $1,447,154 and $971,204, respectively.  For the three months ended September 30, 2017 and 2016, none of the management fee was assumed by our Sponsor under the Responsibility Agreement. For the three months ended September 30, 2017 and 2016, $872,653 and $622,347, respectively, of the incentive fees were assumed by the Sponsor under the Responsibility Agreement.

Nine months ended September 30, 2017 and 2016

Total operating expenses, excluding the management and incentive fees, incurred for the nine months ended September 30, 2017 increased by $823,342 to $2,333,161 from $1,509,819 for the nine months ended September 30, 2016.  The increase was primarily due to the following: 1) an increase in interest expense of $256,540, which was attributable to the addition of leverage, 2) an increase in general and administrative expenses of $312,315, which was attributable to increases in a number of expenses, the largest being a $110.953 increase in fees paid to our transfer agent,  $52,060 increase in fund accounting, and $57,649 increase in expenses reimbursements to our sub-advisors; and 3) an increase in professional fees of $231,987. Our Sponsor assumed responsibility for our operating expenses in the amount of $1,129,903 and $995,379 under the Responsibility Agreement for expenses paid or incurred by the Company for the nine months ended September 30, 2017 and 2016, respectively.

For the nine months ended September 30, 2017 and 2016, the management fees amounted to $4,721,832 and $2,913,946, respectively. The incentive fees for the nine months ended September 30, 2017 and 2016 amounted to $3,276,012 and $2,367,279, respectively.  A portion of the management fees, amounting to $726,214 was assumed by our Sponsor under the Responsibility Agreement for the nine months ended September 30, 2016, while none of the management fee was assumed for the nine months ended September 30, 2017.  In addition, for the nine months ended September 30, 2017 and 2016, $2,701,511 and $2,018,422, respectively, of the incentive fees were assumed by the Sponsor under the Responsibility 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 of an investment and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. We had no realized gains or losses for the three and nine months ended September 30, 2017 and 2016. We had no unrealized gains or losses for the three and nine months ended September 30, 2017. We recorded a $59,077 unrealized loss for the nine months ended September 30, 2016.

Changes in Net Assets from Operations. For the three months ended September 30, 2017 and 2016, we recorded a net increase in net assets resulting from operations, which consisted entirely of net investment income, of $6,662,166 and $4,507,165, respectively.

For the nine months ended September 30, 2017 and 2016, we recorded a net increase in net assets resulting from operations, which consisted entirely of net investment income, of $16,872,523 and $11,428,462, respectively.

Financial Condition, Liquidity and Capital Resources

As of September 30, 2017, we had approximately $10.9 million in cash. We generate cash primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, and proceeds from sales of our investments and from sales of promissory notes. We may also generate cash in the future from debt financing. Our primary use of cash will 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 in the amount of approximately $167 million. The Company may only reimburse the Sponsor for expenses covered under the Responsibility Agreement to the extent the Company’s investment income in any quarter, as

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reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Fund’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). To the extent the Company is not successful in satisfying the Reimbursement Hurdle, no amount will be payable in that quarter by the Company for reimbursement to the Sponsor of the cumulative Company Expenses.  The Company has not met the Reimbursement Hurdle for the quarter ended September 30, 2017. Thus, such amounts are not yet payable by the Company to the Sponsor. Following the end of the primary offering, which terminated on March 31, 2017, the Sponsor can 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 would affect the amount of cash available to the Company to pay distributions and/or make investments.

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, and still are, actively seeking further financing through both development banks and several commercial banks. Accordingly, we cannot predict with certainty what terms any such financing would have or the costs we would incur in connection with any such arrangement. On October 14, 2016, TriLinc Global Impact Fund Cayman, Ltd. (“TGIFC”), a wholly owned subsidiary of the Company, issued $1.635 million in the first series of four issuances of notes pursuant to an ongoing private offering of senior secured promissory notes targeting $100 million. On February 17, 2017, TGIFC issued an additional $225,000 in the second series of notes under the private offering. As of September 30, 2017, we had raised $1.86 million in the note offering and such debt was outstanding.On July 3, 2017, TGIFC entered into a $10.5 million facility agreement with Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer (“Symbiotics Facility”). TGIFC may request an additional $39.5 million under Symbiotics Facility, subject to the conditions precedent set forth in the facility agreement, including availability of funding.  For more information on this facility, please see “Notes to the Consolidated Financial Statements— Note 7. Notes Payable— Symbiotics Facility.” On August 7, 2017, TGIFC issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering to State Street Australia Ltd ACF Christian Super. For more information on this note, please see “Notes to the Consolidated Financial Statements— Note 7. Notes Payable—Christian Super Promissory Note.” As of September 30, 2017, we have $17,360,000 debt outstanding with a debt ratio of 5.6%.

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 approved an interim extension of our Advisory Agreement until March 3, 2017.  On March 3, 2017, our board of managers determined to 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 15.0 % of the gross offering proceeds raised from the offering. As of September 30, 2017, there was no amount that would be due to be reimbursed to the Sponsor.

Pursuant to the terms of the Responsibility Agreement between the Company, the Advisor and the Sponsor, the Sponsor has paid expenses on behalf of the Company through September 30, 2017 and will pay additional accrued operating expenses of the Company, which may not be reimbursable to the Sponsor if the Company does not satisfy the Reimbursement Hurdle. Such expenses will be expensed and payable by the Company in the period they become reimbursable and are estimated to be approximately $16.7 million through September 30, 2017.

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Distributions

We have paid distributions commencing with the month beginning July 1, 2013, and we intend to continue to pay distributions on a monthly basis. From time to time, we may also pay interim distributions at the discretion of our board. Distributions are subject to the board of managers’ discretion and applicable legal restrictions and accordingly, there can be no assurance that we will make distributions at a specific rate or at all. Distributions are made on all classes of our units at the same time. The cash distributions received by our unitholders with respect to the Class C units, Class W units and certain Class I units, are and will continue to be lower than the cash distributions with respect to Class A and certain other Class I units because of the distribution fee relating to Class C units, the ongoing dealer manager fee relating to Class W units and Class I units issued pursuant to a private placement and the ongoing service fee relating to the Class W units, which are expenses specific to those classes of units. Amounts distributed to each class are allocated among the unitholders in such class in proportion to their units. Distributions are paid in cash or reinvested in units, for those unitholders participating in the DRP. For the three months ended September 30, 2017, we paid a total of $18,667,033 in distributions, comprised of $10,345,239 paid in cash and $8,321,794 reinvested under our DRP.

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 DRP:

									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, 2017	$	0.17377	$	3,060,697	$	2,505,036	$	5,565,733	$	3,060,697	$	—
June 30, 2017	$	0.17570		3,563,882		2,877,370		6,441,252		3,563,882		—
September 30, 2017	$	0.17570		3,720,660		2,939,388		6,660,048		3,720,660		—
Total for 2017			$	10,345,239	$	8,321,794	$	18,667,033	$	10,345,239	$	—
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	$	—

Related Party Transactions

For the nine months ended September 30, 2017 and 2016, the Sponsor assumed responsibility for $3,831,414 and $3,740,015 of the Company’s operating expenses, management fees and incentive fees, which are deferred under the Responsibility Agreement.

For the nine months ended September 30, 2017 and 2016, the Advisor earned $4,721,832 and $2,913,146, respectively, in management fees and $3,276,012 and $2,367,279, respectively, in incentive fees.

Since the inception of the Company through September 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,347,400 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,313,400 of expenses, which have been accrued by the Sponsor as of September 30, 2017. Such expenses, in the aggregate of $16,660,800 since the Company’s inception, may be expensed and payable by the Company to the Sponsor only if the Company satisfies the Reimbursement Hurdle.

As of September 30, 2017 and December 31, 2016, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $4,063,517 and $3,175,656, 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.

As September 30, 2017 and December 31, 2016, due to affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $0 and $68,312, respectively, was due to the Sponsor for reimbursements of offering costs.

For the nine months ended September 30, 2017 and 2016, the Company paid $639,088 and $1,545,731, respectively, in dealer manager fees and $2,469,610 and $5,117,824, respectively, in selling commissions to the Company’s dealer manager, SC Distributors, LLC. All of the selling commissions in the amount of $3,000 and the dealer manager fees in the amount of $4,500 paid during the three months ended September 30, 2017 were paid in connection with a private placement of the Company’s units. These fees and

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commissions were paid in connection with the sales of the Company’s 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.

Legal Proceedings

The Company is not party to any material legal proceedings.

Subsequent Events

 Distributions

On October 10, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for Class A, Class C, Class I, Class Y, and Class W units for the period from October 1 through October 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, an ongoing dealer manager fee with respect to certain Class I units and Class W units and an ongoing service fee with respect to Class W units). On November 1, 2017, $1,257,414 of these distributions were paid in cash and on October 31, 2017, $990,942 were reinvested in units for those unitholders participating in the DRP.

On November 10, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for Class A, Class C, Class I, Class Y, and Class W units for the period from November 1 through November 30, 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, an ongoing dealer manager fee with respect to certain Class I units and Class W units and an ongoing service fee with respect to Class W units). These distributions will be paid in cash or reinvested in units, for those unitholders participating in the DRP on or about December 1, 2017.

Investments

Subsequent to September 30, 2017 through November 10, 2017, the Company funded approximately $19.1 million in new trade finance participations and received proceeds from repayment of trade finance participations of approximately $16.2 million.

Operating Expense Responsibility Agreement

On November 10, 2017, the Company entered into an Amended and Restated Operating Expenses Responsibility Agreement with the Company’s Sponsor and Advisor. Pursuant to the terms of this agreement, the Sponsor agreed to be responsible for the Company’s cumulative operating expenses incurred through September 30, 2017, including management and incentive fees earned by the Advisor during the quarter ended September 30, 2017. For additional information refer to Notes 2 and 5.

Mac Z Group SARL

The Company has a $9,000,000 trade finance position with Mac Z Group SARL (“Mac Z”), a scrap metal recycler in Morocco. As of September 30, 3017, the outstanding balance on this position is $7,349,626. The primary collateral securing this position is 1,970 tons of copper scrap. In late October, the designated Collateral Manager for Mac Z Group SARL (“Mac Z”) notified the sub-advisor of an investigation into a 1,820 ton, approximately $13.3 million shortage of copper scrap inventory physically held in the warehouse. The copper scrap is pledged to the Company and serves as the primary collateral for this position. In addition to conducting its investigation, the sub-advisor has issued an Event of Default and is taking steps to enforce the Corporate Guarantee, Personal Guarantee and relevant pledges, which include two insurance policies. The sub-advisor has placed a blocking notice on all of the borrower’s bank accounts and has requested a freeze order from the Moroccan local courts on the physical assets of the company. Mac Z has an estimated $12 million in Zinc Ore inventory, which may serve as secondary collateral for this position. The Company is working with the sub-advisor and is investigating the issue. Based on the results of the initial investigation, the Company believes there is sufficient collateral available to cover both the outstanding principal balance and the accrued interest. The Company is placing the position on non-accrual effective October 1, 2017 and believes no adjustment to fair value is necessary.

Second Symbiotics Facility Agreement

On November 2, 2017, TGIFC entered into a second Facility Agreement to receive an additional $9.75 million in the second tranche of financing with MSMEB as Lender and Symbiotics SA as Servicer pursuant to the Symbiotics facility. After receiving this second tranche, TGIFS has $20.25 million total outstanding under Symbiotics facility and may request an additional $20 million, subject to the conditions precedent set forth in the second Facility Agreement, including availability of funding. For more information about the Symbiotics facility, please see “Notes to the Consolidated Financial Statements—Note 7. Notes Payable—Symbiotics Facility.”

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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, as amended, our financial statements are prepared using the specialized accounting principles of the FASB 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.

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

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not to represent fair value, our board of managers has approved a multi-step valuation process to be followed each fiscal quarter, as described below:

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

2. For all investments with a stated maturity of greater than 12 months, we have engaged 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 and value) that supports the investment

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

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

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

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

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.

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

We generally place loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that we will collect principal or interest. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period 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

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current over the remainder of the term. At September 30, 2017, two portfolio companies were on non-accrual status with an aggregate fair value of $1,634,294 or 0.5% of the fair value of the Company’s total investments. 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. Interest income not recorded relative to the original terms of the two companies on non-accrual status as of September 30, 2017 amounted to approximately $62,975 and $132,257, respectively for the three and nine months ended September 30, 2017.

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

We measure net realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, including unamortized upfront fees and prepayment penalties. Realized gains or losses on the disposition of an investment are calculated using the first in first out (FIFO) method, utilizing the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

Payment-in-Kind Interest

We may have investments that contain a payment-in-kind, or PIK, interest provision. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as income, if the valuation indicates that such interest is collectible.

Distribution and Ongoing Dealer Manager Fees

The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. In addition, the Company pays an ongoing dealer manager fee for each Class I unit sold pursuant to a private placement. The aggregate amount of underwriting compensation for each public and private offering of the Class A, Class C, Class I, Class Y and Class W units, including any applicable distribution fee and ongoing dealer manager fee, cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The distribution fees and ongoing dealer manager fees are not paid at the time of purchase. Such fees are payable monthly in arrears, as they become contractually due.

In prior periods, the Company had been recording distribution fees as a periodic charge to equity as they are incurred.  Starting in June 2016, the Company determined to account for the distribution fees as a charge to equity at the time each Class C unit is sold in its Offering and record a corresponding liability for the estimated amount to be paid in future periods. The Company accounts for the ongoing dealer manager fees paid in connection with the sale of Class I units in the private placement in the same manner. At September 30, 2017, the estimated unpaid aggregate distribution fee for Class C units amounted to $1,939,000 and the unpaid dealer manager fee for Class I units amounted to $22,000.

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 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of September 30, 2017 and December 31, 2016. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers.  Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses equaled to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering.The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering  costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution and dealer manager fee to the dealer manager for certain sales pursuant to a private placement.  As of September 30, 2017 the Sponsor has incurred $115,730 in organization and offering costs on behalf of the Company related to a private placement of the Company’s units.  As of September 30, 2017, the Company has reimbursed $17,972 of the organization and offering incurred relating to such private placement.

42

Expense Responsibility Agreement

On November 10, 2017, the Company, the 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 September 30, 2017. Since the inception of the Company through September 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,347,400 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,313,400 of expenses, which have been accrued by the Sponsor as of September 30, 2017. The Sponsor will only be entitled to reimbursement of the cumulative Company expenses to the extent the Fund’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Fund’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). To the extent the Company is not successful in satisfying the Reimbursement Hurdle, no amount will be payable in that quarter by the Company for reimbursement to the Sponsor of the cumulative Company expenses.  The Company has not met the Reimbursement Hurdle for the quarter ended September 30, 2017. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of September 30, 2017. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable and estimable.  The Sponsor may demand the reimbursement of cumulative Company expenses covered by the Responsibility Agreement to the extent the Company exceeds the Reimbursement Hurdle during any quarter.

Income Taxes

We believe 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. As of September 30, 2017, the Company has five classes of units: Class A units, Class C units, Class I units, Class W units and Class Y units, with only Class A units, Class C units, Class I and Class Y units outstanding. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, effective June 30, 2016, the Company records liabilities for distribution fees that the Company (i) currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the dealer manager in future periods. As of September 30, 2017, under GAAP, the Company recorded a liability in the aggregate amount of $1,961,000 for the estimated future amount of Class C units distribution fee and Class I units dealer manager fee payable. The Company is not required to determine its net asset value under GAAP and thus, the Company’s determination of net asset value per share for Class C units now varies from GAAP. In the prior periods, the Company deducted the liability for the estimated future distribution fees in the Company’s net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than Class C units with the difference being the result of the future distribution fee deduction for Class C units. The Company has determined that such approach is not the most appropriate for determining net asset value per share for Class C units and, beginning with the net asset value determination as of June 30, 2017, the Company will not deduct the liability for estimated future distribution fees in its calculation of net asset value per share for Class C units. The Company believes this approach is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of September 30, 2017, each of the Class A, Class C and Class I units have the same net asset value per unit of $8.507. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). The increase in the net asset value per Class C unit from $8.267 as of March 31, 2017 to $8.507 as of September 30, 2017 is solely as a result of the change in the treatment of future distribution fees in the net asset value calculation discussed above and is not reflective of any increase in the value of the Company’s assets. Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.022 from $8.529 as of March 31, 2017 to $8.507 as of September 30, 2017 as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses during the second quarter of 2017. In addition, the Company failed to realize sufficient investment income during the second quarter of 2017 to cover operating expenses.  

In addition, the Company’s net asset value would have decreased for all unit classes in all prior quarters 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 December 31, 2013 and had not absorbed and deferred reimbursement for substantially all of the Company’s operating expenses since it began its operations.

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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 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 guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the Company does not expect the new revenue recognition guidance to have a material impact on the elements of its consolidated statements of operations, most closely associated with financial instruments, including interest and fees income. The Company plans to adopt the revenue recognition guidance in the first quarter of 2018.

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 3. 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, 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.

44

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

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

Item 4. Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that the disclosure controls and procedures are effective.

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

45

Part II. Other Information

Item 1. Legal Proceedings.

There are no pending material legal proceedings to which the Company or any of our Subsidiaries or any of our property is subject.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, Item 1A, “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 31, 2017 (“2016 Form 10-K”), which could materially affect our business, financial condition, and/or future results. The risks described in our 2016 Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results.

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

During the three months ended September 30, 2017, we sold an aggregate of 473,309 units of Class A, Class C, Class I and Class Y units to accredited investors for an aggregate amount of $4,047,068 pursuant to a private placement. SC Distributors, LLC served as the dealer manager in connection with the private placement. The units were issued pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), for transactions not involving a public offering.

Unit Repurchase Program

Beginning June 11, 2014, we commenced a unit repurchase program pursuant to which we may 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 greater of the unit’s net asset value or $9.025. Our unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of our unitholders 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 DRP. 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.

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.

The above description of the unit repurchase program is a summary of certain of the terms of the unit repurchase program, which was amended effective September 30, 2017. Please see the full text of the unit repurchase program, which was filed as Exhibit 4.2 to a current report on Form 8-K filed with the SEC on March 14, 2017, for all the terms and conditions.

During the three months ended September 30, 2017, we fulfilled the following requests pursuant to our unit repurchase program:

Period	Total Number of Units Purchased		Average Price Paid Per Unit		Total Number of Units Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Units that May Yet be Purchased Under the Program
07/01/2017 - 07/31/2017		160,723	$	9.025		160,723		991,217
08/01/2017 - 08/31/2017		—		—		—		991,217
09/01/2017 - 09/30/2017		—		—		—		991,217
Total		160,723	$	9.025		160,723

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During the three months ended September 30, 2017, we repurchased 160,723 units for a total of $1,450,525.  In addition, as of September 30, 2017, there were 52 repurchase requests for a total of 217,715 units that were pending which were processed by the Company between October 5 to October 11, 2017 at a price of $9.025 per unit.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Not applicable.

Item 6. Exhibits.

Number	Description
3.1	Certificate of Formation of TriLinc Global Impact Fund, LLC. Incorporated by reference to Exhibit 3.1 to the Draft Registration Statement on Form S-1 (File No. 377-00015) filed with the Securities and Exchange Commission (the “SEC”) on November 1, 2012.
3.2	Third Amended and Restated Limited Liability Company Operating Agreement. Incorporated by reference to Exhibit 3.1 to the Form 8-K filed with the SEC on April 19, 2017.
4.1	Second Amended and Restated Distribution Reinvestment Plan. Incorporated by reference to Exhibit 4.1 to the 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 D to the Form 8-K filed with the SEC on March 14, 2017.
10.1	Dealer Manager Agreement, dated as of May 19, 2017, by and among TriLinc Global Impact Fund, LLC and SC Distributors, LLC.
10.2*	Amended and Restated Operating Expense Responsibility Agreement among TriLinc Global Impact Fund, LLC, TriLinc Global, LLC and TriLinc Advisors, LLC dated November 10, 2017.
10.3	Series 1 Senior Secured Promissory Note among TriLinc Global Impact Fund Cayman, Ltd. and State Street Australia Ltd ACF Christian Super, dated as of August 7, 2017. Incorporated by reference to Exhibit 10.3 to the Form 10-Q filed with the SEC on August 11, 2017.
10.4	Equitable Mortgage Over Shares by and between TriLinc Global Impact Fund Cayman, Ltd. and Series 1 Senior Secured Promissory Noteholders, dated as of August 7, 2017. Incorporated by reference to Exhibit 10.4 to the Form 10-Q filed with the SEC on August 11, 2017.
10.5	Facility Agreement among TriLinc Global Impact Fund Cayman, Ltd., Micro, Small & Medium Enterprises Bonds S.A., and Symbiotics SA, dated as of July 3, 2017. Incorporated by reference to Exhibit 10.1 to the Form 8-K filed with the SEC on July 10, 2017.
10.6	Equitable Mortgage Over Shares by and between TriLinc Global Impact Fund Cayman, Ltd. and Micro, Small & Medium Enterprises Bonds S.A., dated as of July 3, 2017. Incorporated by reference to Exhibit 10.2 to the Form 8-K filed with the SEC on July 10, 2017.
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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, filed on November 13, 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.

47

* Filed herewith

48

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	TRILINC GLOBAL IMPACT FUND, LLC.
November 13, 2017	By:	/s/ Gloria S. Nelund
		Gloria S. Nelund
		Chief Executive Officer
November 13, 2017	By:	/s/ Brent L. VanNorman
		Brent L. VanNorman
		Chief Financial Officer

49

EX-10.2

Exhibit 10.2

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 September 30, 2017, 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”).

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 only be entitled to reimbursement of the Fund Expenses for any particular quarter to the extent the Fund’s investment income as reflected on the statement of operations exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Fund’s expenses as reflected on the statement of operations (the “Reimbursement Hurdle”). To the extent the Fund is not successful in satisfying the Reimbursement 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 November 10, 2017

TRILINC GLOBAL, LLC

By:

Name:

Title:

TRILINC ADVISORS, LLC

By:

Name:

Title:

TRILINC GLOBAL IMPACT FUND, LLC

By:

Name:

Title:

Exhibit A

Schedule of Services Incurred by TriLinc Global Impact Fund, LLC through September 30, 2017

Vendor	Description of Services	Amount
ANDE	2013-2014 Membership	$	5,000
ASTA	Document Translation		3,186
Apex Fund Services	Fund Administration		293,490
Bank of NY Mellon	Fund Administration		90,000
Bank of NY Mellon	Bank fees		17,277
Board of Managers	Board Wages		715,364
Board of Managers	Board Meeting expenses		128,939
Credit Cards	Travel - Dead deal costs		62,987
Deloitte & Touche	Audit		401,400
Deloitte & Touche	Tax services		483,132
Delphos International	Consulting		10,000
DST Systems, Inc.	Transfer Agent		1,127,551
Duff & Phelps	Valuation services		65,831
Emtek Solutions, LLC	PAES/TAS		7,875
Federal Agent	PAES/TAS		12,750
Greenberg Traurig	Legal Services		809,329
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		47,573
Lewis Kopp	Expense reimbursement		14,348
Lincoln National Insurance	Keyman insurance		8,558
Maples and Calder	Legal Services		118,288
Moss Adams	Audit and 10-Q review		439,538
MF Analytics	PAES/TAS		65,159
O'Connor Davies	SOX Compliance		80,659
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		252,190
Spolin Cohen	Legal Services		83,699
State of California & Delaware	Franchise fees		2,350
Steve Napleton	Travel expenses		8,979
Tanir Helayel	PAES/TAS		6,779
Trilinc Advisors, LLC	Copies, postage and miscellaneous		92,579
Trilinc Advisors, LLC	eFront		349,656
Trilinc Advisors, LLC	Management fees		1,717,750
Trilinc Advisors, LLC	Incentive fees		7,832,296
Trilinc Advisors, LLC	Due Diligence		131,628
Trilinc Advisors, LLC	Travel expenses		97,660
Trilinc Advisors, LLC	Legal expenses		219,418
Troy Wiseman	Expense reimbursement		9,701
Trustees of Tufts College	PAES/TAS		18,150
Various	PAES/TAS		14,601
Willis	Fund Insurance		153,695
		$	16,660,767

EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Gloria S. Nelund, certify that:

1) I have reviewed this quarterly report on Form 10-Q of TriLinc Global Impact Fund, LLC (the “registrant”);

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in registrant’s internal control over financial reporting that occurred during registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5) The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 13, 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 quarterly report on Form 10-Q of TriLinc Global Impact Fund, LLC (the “registrant”);

2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3) Based on my knowledge, the consolidated financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4) The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in registrant’s internal control over financial reporting that occurred during registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5) The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting that are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 13, 2017

/s/ Brent L. VanNorman

Brent L. VanNorman

Chief Financial Officer

(Principal Financial Officer and Principal Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Certification of Principal Executive Officer

In connection with the Quarterly Report on Form 10-Q of TriLinc Global Impact Fund, LLC (the “Company”) for the quarterly period ended September 30, 2017, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gloria S. Nelund, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 13, 2017	By	/s/ Gloria S. Nelund
		Gloria S. Nelund
		Chief Executive Officer (Principal Executive Officer)

Certification of Principal Financial Officer

In connection with the Quarterly Report on Form 10-Q of TriLinc Global Impact Fund, LLC (the “Company”) for the quarterly period ended September 30, 2017, 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. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: November 13, 2017	By	/s/ Brent L. VanNorman
		Brent L. VanNorman
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

XML

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 10, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Trading Symbol	trilinc
Entity Registrant Name	TriLinc Global Impact Fund LLC
Entity Central Index Key	0001550453
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Class A Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,242,645
Class C Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,370,085
Class I Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,403,858
Class W Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Class Y Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		896,608

XML

Consolidated Statements of Assets and Liabilities - USD ($)	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Investments owned, at fair value (amortized cost of $312,423,713 and $203,854,890, respectively)	$ 312,364,636	$ 203,795,813
Cash	10,859,240	44,790,312
Interest receivable	9,629,592	6,866,432
Due from affiliates (see Note 5)	4,063,517	3,175,656
Prepaid expenses	108,390	50,122
Total assets	337,025,375	258,678,335
LIABILITIES
Due to unitholders	1,181,228	934,805
Management fee payable	1,658,315	1,166,147
Incentive fee payable	574,501
Notes payable	17,360,000	1,635,000
Unit repurchases payable	1,964,876	2,158,255
Due to affiliates (see Note 5)		68,312
Accrued distribution and other fees	1,961,000	1,907,000
Other payables	255,431	52,901
Total liabilities	24,955,351	7,922,420
Commitments and Contingencies (see Note 5)
NET ASSETS	312,070,024	250,755,915
ANALYSIS OF NET ASSETS:
Offering costs	(17,079,531)	(14,543,691)
Class A Units [Member]
LIABILITIES
NET ASSETS	153,867,563	131,351,882
ANALYSIS OF NET ASSETS:
Net capital paid	162,281,834	138,912,711
Class C Units [Member]
LIABILITIES
NET ASSETS	70,346,638	56,156,722
ANALYSIS OF NET ASSETS:
Net capital paid	74,193,251	59,498,965
Class I Units [Member]
LIABILITIES
NET ASSETS	85,480,126	63,247,311
ANALYSIS OF NET ASSETS:
Net capital paid	90,161,060	$ 66,887,930
Class Y Units [Member]
LIABILITIES
NET ASSETS	2,375,697
ANALYSIS OF NET ASSETS:
Net capital paid	$ 2,513,410

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)	Sep. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Investments owned, amortized cost	$ 312,423,713		$ 203,854,890
Net assets, per unit	$ 8.507		$ 8.469
Net assets, units outstanding	36,914,426		29,607,381	26,372,641
Class A Units [Member]
Net assets, per unit	$ 8.507	$ 8.529		$ 8.527
Net assets, units outstanding	18,185,979		15,391,991
Class C Units [Member]
Net assets, per unit	$ 8.507	8.267		8.527
Net assets, units outstanding	8,313,782		6,803,985
Class Y Units [Member]
Net assets, per unit	$ 8.507			8.527
Net assets, units outstanding	297,643		0
Class I Units [Member]
Net assets, per unit	$ 8.507	$ 8.529		$ 8.527
Net assets, units outstanding	10,117,022		7,411,405

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
INVESTMENT INCOME
Interest income	$ 9,659,965	$ 6,356,418	$ 23,039,392	$ 14,322,752
Interest from cash	82,008	58,767	331,827	215,016
Total investment income	9,741,973	6,415,185	23,371,219	14,537,768
EXPENSES
Management fees	1,658,314	1,122,904	4,721,832	2,913,146
Incentive fees	1,447,154	971,204	3,276,012	2,367,279
Professional fees	254,790	150,309	923,991	692,004
General and administrative expenses	323,273	239,075	989,505	677,190
Interest expense	215,449		256,540
Board of managers fees	54,375	46,875	163,125	140,625
Total expenses	3,953,355	2,530,367	10,331,005	6,790,244
Expense support payment from Sponsor	(872,653)	(622,347)	(3,831,414)	(3,740,015)
Net expenses	3,080,702	1,908,020	6,499,591	3,050,229
NET INVESTMENT INCOME	6,661,271	4,507,165	16,871,628	11,487,539
Net change in unrealized depreciation on investments				(59,077)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 6,661,271	$ 4,507,165	$ 16,871,628	$ 11,428,462
NET INVESTMENT INCOME PER UNITS - BASIC AND DILUTED	$ 0.18	$ 0.20	$ 0.49	$ 0.56
EARNINGS PER UNITS - BASIC AND DILUTED	$ 0.18	$ 0.20	$ 0.49	$ 0.56
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED	36,665,626	23,074,683	34,744,363	20,576,797

XML

Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
INCREASE FROM OPERATIONS
Net investment income	$ 16,871,628	$ 11,487,539
Net change in unrealized depreciation on investments		(59,077)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	16,871,628	11,428,462
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(18,667,034)	(11,412,104)
INCREASE FROM CAPITAL TRANSACTIONS
Repurchase of units	(6,540,566)	(8,204,619)
Offering costs	(2,535,840)	(5,322,398)
Net increase from capital transactions	63,109,515	84,472,354
NET INCREASE IN NET ASSETS	61,314,109	84,488,712
Net assets at beginning of period	250,755,915	138,620,607
Net assets at end of period	312,070,024	223,109,319
Class A Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(9,426,222)	(6,224,615)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units	27,716,101	43,872,717
Net assets at beginning of period	131,351,882
Net assets at end of period	153,867,563
Class C Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(4,235,682)	(1,848,115)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units	13,970,490	43,992,197
Distribution fee	(54,000)	(1,759,000)
Net assets at beginning of period	56,156,722
Net assets at end of period	70,346,638
Class I Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(4,976,674)	(3,339,374)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units	28,009,931	$ 11,893,457
Net assets at beginning of period	63,247,311
Net assets at end of period	85,480,126
Class Y Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(28,456)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units	2,543,399
Net assets at end of period	$ 2,375,697

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 16,871,628	$ 11,428,462
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES
Purchase of investments	(255,465,273)	(185,153,644)
Maturity of investments	148,468,117	117,906,927
Payment-in-kind interest	(667,792)
Net change in unrealized depreciation on investments		59,077
Accretion of discounts on investments	(903,875)	(204,010)
Increase in interest receivable	(2,763,160)	(1,493,218)
Increase in due from affiliates	(887,861)	(851,829)
Increase in prepaid expenses	(58,268)	(2,916)
Increase in due to unitholders	246,423	285,021
Increase in management and incentive fees payable	1,066,669	1,335,900
Increase in other payable	202,530	24,769
NET CASH USED IN OPERATING ACTIVITIES	(93,890,862)	(56,665,461)
Cash flows from financing activities
Net proceeds from issuance of units	63,918,126	94,821,463
Distributions paid to unitholders	(10,345,239)	(6,475,196)
Payments of offering costs	(2,604,152)	(5,690,400)
Repurchase of units	(6,733,945)	(4,727,281)
Proceeds from issuance of notes payable	15,725,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	59,959,790	77,928,586
TOTAL INCREASE (DECREASE) IN CASH	(33,931,072)	21,263,125
Cash at beginning of period	44,790,312	33,246,769
Cash at end of period	10,859,240	54,509,894
Supplemental information
Cash paid during the period for interest	57,374
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	8,321,794	4,936,908
Class C Units [Member]
Supplemental non-cash information
Change in accrual of distribution fee	$ 54,000	$ 1,759,000

XML

Consolidated Schedule of Investments - USD ($)		9 Months Ended		12 Months Ended
		Sep. 30, 2017		Dec. 31, 2016
Amortized Cost		$ 312,423,713		$ 203,854,890
Fair Value		312,364,636		203,795,813
Programming and Data Processing [Member]
Fair Value		14,034,469		10,236,013
Primary Nonferrous Metals [Member]
Fair Value		2,372,297		3,000,000
Bulk Fuel Stations and Terminals [Member]
Fair Value		16,259,084		15,437,474
Secondary Nonferrous Metals [Member]
Fair Value		17,349,626		7,649,945
Personal Credit Institutions [Member]
Fair Value		1,479,786
Agricultural Products [Member]
Fair Value		20,351,296		22,851,296
Water Transportation [Member]
Fair Value		13,531,903		13,360,620
Telephone and Telegraph Apparatus [Member]
Fair Value		8,322,775
Hotels and Motels [Member]
Fair Value		15,667,791		17,000,000
Consumer Products [Member]
Fair Value		11,080,000		9,900,000
Rental of Railroad Cars [Member]
Fair Value		3,513,291		4,411,650
Logging [Member]
Fair Value		3,700,000
Street Construction [Member]
Fair Value		12,218,917		14,927,195
Chemicals and Allied Products [Member]
Fair Value		15,000,000
Metals & Mining [Member]
Fair Value		6,566,481		2,234,145
Meat, Poultry & Fish [Member]
Fair Value		9,000,000		9,675,717
Land Subdividers and Developers [Member]
Fair Value		14,874,108
Fats and Oils [Member]
Fair Value		12,000,000		6,000,000
Farm Products [Member]
Fair Value		2,780,194		3,142,480
Fresh or Frozen Packaged Fish [Member]
Fair Value		2,087,005		5,037,134
Electric Services [Member]
Fair Value		11,500,000		19,500,000
Petroleum and Petroleum Products [Member]
Fair Value		30,500,000
Soap, Detergents, and Cleaning [Member]
Fair Value		1,511,446		2,000,000
Packaged Foods & Meats [Member]
Fair Value		500,000		500,000
Food Products [Member]
Fair Value		1,236,274		740,690
Groceries and Related Products [Member]
Fair Value		1,476,825		11,195,862
Commercial Fishing [Member]
Fair Value		437,814		1,058,273
Coal and Other Minerals and Ores [Member]
Fair Value		30,933,254		6,574,351
Primary Metal Industries [Member]
Fair Value		6,000,000		6,000,000
Freight Transportation Arrangement [Member]
Fair Value		15,000,000
Drugs, Proprietaries, and Sundries [Member]
Fair Value		1,080,000
Financial Services [Member]
Fair Value		$ 10,000,000
Miscellaneous Plastics Products [Member]
Fair Value				161,018
Communications Equipment [Member]
Fair Value				6,111,941
Fertilizer & Agricultural Chemicals [Member]
Fair Value				$ 5,078,526
Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Maturity		May 15, 2017		May 15, 2017
South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Amortized Cost		$ 152,923		$ 152,923
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
Morocco [Member] | Scrap Metal Recycler [Member]
Principal Amount		7,349,626
Senior Secured Term Loan [Member]
Amortized Cost	[1]	62,845,636		28,673,487
Fair Value	[1]	$ 62,845,636		$ 28,673,487
% of Net Assets	[1]	20.20%		11.40%
Senior Secured Term Loan [Member] | Brazil [Member] | Other Investments [Member] | Programming and Data Processing [Member] | IT Service Provider [Member]
Interest	[1],[2]	13.50%		13.50%
Fees	[1],[2],[3]	2.00%		2.00%
Maturity	[1],[2],[4]	Oct. 31, 2019		Oct. 31, 2019
Principal Amount	[1],[2]	$ 14,066,706		$ 10,292,686
Amortized Cost	[1],[2]	14,034,469		10,236,013
Fair Value	[1],[2]	$ 14,034,469		$ 10,236,013
% of Net Assets	[1],[2]	4.50%		4.00%
Senior Secured Term Loan [Member] | Indonesia [Member] | Other Investments [Member] | Primary Nonferrous Metals [Member] | Tin Producer [Member]
Interest	[1],[5]	12.00%		12.00%
Fees	[1],[3],[5]	0.00%		0.00%
Maturity	[1],[4],[5]	Jun. 30, 2020		Jun. 30, 2020
Principal Amount	[1],[5]	$ 2,372,297		$ 3,000,000
Amortized Cost	[1],[5]	2,372,297		3,000,000
Fair Value	[1],[5]	$ 2,372,297		$ 3,000,000
% of Net Assets	[1],[5]	0.80%		1.20%
Senior Secured Term Loan [Member] | Malaysia [Member] | Other Investments [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member]
Interest	[1],[5]	12.00%
Fees	[1],[3],[5]	0.00%
Maturity	[1],[4],[5]	Jun. 30, 2020
Principal Amount	[1],[5]	$ 15,000,000
Amortized Cost	[1],[5]	15,000,000
Fair Value	[1],[5]	$ 15,000,000
% of Net Assets	[1],[5]	4.80%
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%	[6]	11.50%
Fees	[1],[3],[7]	0.00%	[6]	0.00%
Maturity	[1],[4],[7]	Aug. 01, 2019	[6]	Aug. 01, 2019
Principal Amount	[1],[7]	$ 15,000,000	[6]	$ 15,000,000
Participation %	[1],[7],[8]			30.00%
Amortized Cost	[1],[7]	16,259,084	[6]	$ 15,437,474
Fair Value	[1],[7]	$ 16,259,084	[6]	$ 15,437,474
% of Net Assets	[1],[7]	5.20%	[6]	6.20%
Senior Secured Term Loan [Member] | China [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Minor Metals Resource Trader [Member]
Interest	[1],[5]	12.00%
Fees	[1],[3],[5]	0.00%
Maturity	[1],[4],[5]	Jun. 22, 2021
Principal Amount	[1],[5]	$ 10,000,000
Amortized Cost	[1],[5]	10,000,000
Fair Value	[1],[5]	$ 10,000,000
% of Net Assets	[1],[5]	3.20%
Senior Secured Term Loan [Member] | Columbia [Member] | Other Investments [Member] | Personal Credit Institutions [Member] | Consumer Lender [Member]
Interest	[1],[2]	11.50%
Fees	[1],[2],[3]	0.00%
Maturity	[1],[2],[4]	Aug. 01, 2021
Principal Amount	[1],[2]	$ 1,479,786
Amortized Cost	[1],[2]	1,479,786
Fair Value	[1],[2]	$ 1,479,786
% of Net Assets	[1],[2]	0.50%
Senior Secured Term Loan [Member] | New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member]
Interest	[1],[9]	11.50%
Fees	[1],[3],[9]	0.00%
Maturity	[1],[4],[9]	Feb. 10, 2021
Principal Amount	[1],[9]	$ 3,700,000
Amortized Cost	[1],[9]	3,700,000
Fair Value	[1],[9]	$ 3,700,000
% of Net Assets	[1],[9]	1.20%
Senior Secured Term Loan Participations [Member]
Amortized Cost	[1]	$ 105,081,088		$ 58,450,761
Fair Value	[1]	$ 105,081,088		$ 58,450,761
% of Net Assets	[1]	33.60%		23.30%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Interest	[1],[10]	12.43%		12.43%
Fees	[1],[3],[10]	0.00%		0.00%
Maturity	[1],[4],[10]	Feb. 28, 2021		Feb. 28, 2021
Principal Amount	[1],[10]	$ 2,851,296		$ 2,851,296
Participation %	[1],[8],[10]	100.00%		100.00%
Amortized Cost	[1],[10]	$ 2,851,296		$ 2,851,296
Fair Value	[1],[10]	$ 2,851,296		$ 2,851,296
% of Net Assets	[1],[10]	0.90%		1.10%
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | Other Investments [Member] | Metals & Mining [Member] | Vessel Operator [Member]
Interest	[1],[6]	11.00%
Fees	[1],[3],[6]	0.00%
Principal Amount	[1],[6]	$ 5,332,336
Participation %	[1],[6],[8]	100.00%
Amortized Cost	[1],[6]	$ 5,332,336
Fair Value	[1],[6]	$ 5,332,336
% of Net Assets	[1],[6]	1.70%
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | PT Titan Mining Indonesia [Member] | Street Construction [Member] | Infrastructure and Logistics Provider [Member]
Interest	[1],[5]	18.00%		18.00%
Fees	[1],[3],[5]	0.00%		0.00%
Maturity	[1],[4],[5]	Nov. 22, 2019		Nov. 22, 2019
Principal Amount	[1],[5]	$ 12,273,000		$ 15,000,000
Participation %	[1],[5],[8]	100.00%		75.00%
Amortized Cost	[1],[5]	$ 12,218,917		$ 14,927,195
Fair Value	[1],[5]	$ 12,218,917		$ 14,927,195
% of Net Assets	[1],[5]	3.90%		6.00%
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | Minimum [Member] | Other Investments [Member] | Metals & Mining [Member] | Vessel Operator [Member]
Maturity	[1],[4],[6]	Mar. 05, 2018
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | Maximum [Member] | Other Investments [Member] | Metals & Mining [Member] | Vessel Operator [Member]
Maturity	[1],[4],[6]	Jun. 08, 2020
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]
Maturity	[1],[4],[11]	Jul. 28, 2021
Principal Amount	[1]	$ 5,080,000	[11]	$ 3,900,000	[12]
Participation %	[1],[8]	100.00%	[11]	100.00%	[12]
Amortized Cost	[1]	$ 5,080,000	[11]	$ 3,900,000	[12]
Fair Value	[1]	$ 5,080,000	[11]	$ 3,900,000	[12]
% of Net Assets	[1]	1.60%	[11]	1.60%	[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]	12.00%	[11]	11.50%	[12]
Maturity	[1],[4],[12]			Dec. 22, 2016
Senior Secured Term Loan Participations [Member] | Peru [Member] | Maximum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Interest	[1]	13.00%	[11]	13.50%	[12]
Maturity	[1],[4],[12]			Jul. 05, 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],[5]	13.50%		13.50%
Fees	[1],[3],[5]	0.00%		0.00%
Maturity	[1],[4],[5]	Aug. 21, 2021		Aug. 21, 2021
Principal Amount	[1],[5]	$ 15,667,791		$ 17,000,000
Participation %	[1],[5],[8]	100.00%		100.00%
Amortized Cost	[1],[5]	$ 15,667,791		$ 17,000,000
Fair Value	[1],[5]	$ 15,667,791		$ 17,000,000
% of Net Assets	[1],[5]	5.00%		6.80%
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Other Investments [Member] | Water Transportation [Member] | Marine Logistics Provider [Member]
Interest	[1],[13]	16.42%
Fees	[1],[3],[13]	0.80%
Maturity	[1],[4],[13]	Sep. 16, 2020
Principal Amount	[1],[13]	$ 13,591,070
Participation %	[1],[8],[13]	100.00%
Amortized Cost	[1],[13]	$ 13,531,903
Fair Value	[1],[13]	$ 13,531,903
% of Net Assets	[1],[13]	4.30%
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%
Fees	[1],[3],[13]			0.80%
Maturity	[1],[4],[13]			Sep. 16, 2020
Principal Amount	[1],[13]			$ 13,434,786
Participation %	[1],[8],[13]			100.00%
Amortized Cost	[1],[13]			$ 13,360,620
Fair Value	[1],[13]			$ 13,360,620
% of Net Assets	[1],[13]			5.30%
Senior Secured Term Loan Participations [Member] | South Africa [Member] | Other Investments [Member] | Rental of Railroad Cars [Member] | Railway Equipment Provider [Member]
Interest	[1],[5]	12.00%		12.00%
Fees	[1],[3],[5]	0.00%		0.00%
Maturity	[1],[4],[5]	Jan. 31, 2020		Jan. 31, 2020
Principal Amount	[1],[5]	$ 3,513,291		$ 4,411,650
Participation %	[1],[5],[8]	84.00%		98.00%
Amortized Cost	[1],[5]	$ 3,513,291		$ 4,411,650
Fair Value	[1],[5]	$ 3,513,291		$ 4,411,650
% of Net Assets	[1],[5]	1.10%		1.80%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Trustco Group Limited [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Interest	[1],[14]	12.50%
Fees	[1],[3],[14]	0.00%
Maturity	[1],[4],[14]	Aug. 15, 2021
Principal Amount	[1],[14]	$ 15,000,000
Participation %	[1],[8],[14]	100.00%
Amortized Cost	[1],[14]	$ 14,874,108
Fair Value	[1],[14]	$ 14,874,108
% of Net Assets	[1],[14]	4.80%
Senior Secured Term Loan Participations [Member] | Ghana [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member] | Tank Farm Operator [Member]
Interest	[1],[5]	12.00%
Fees	[1],[3],[5]	0.00%
Maturity	[1],[4],[5]	Aug. 10, 2021
Principal Amount	[1],[5]	$ 15,500,000
Participation %	[1],[5],[8]	100.00%
Amortized Cost	[1],[5]	$ 15,500,000
Fair Value	[1],[5]	$ 15,500,000
% of Net Assets	[1],[5]	5.00%
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Other Investments [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member]
Interest	[1],[5]	11.00%		11.00%
Fees	[1],[3],[5]	0.00%		0.00%
Maturity	[1],[4],[5]	Nov. 16, 2019		Nov. 16, 2019
Principal Amount	[1],[5]	$ 1,511,446		$ 2,000,000
Participation %	[1],[5],[8]	15.00%		16.00%
Amortized Cost	[1],[5]	$ 1,511,446		$ 2,000,000
Fair Value	[1],[5]	$ 1,511,446		$ 2,000,000
% of Net Assets	[1],[5]	0.50%		0.80%
Senior Secured Term Loan Participations [Member] | Kenya [Member] | Other Investments [Member] | Freight Transportation Arrangement [Member] | Freight and Cargo Transporter [Member]
Interest	[1],[5]	12.80%
Fees	[1],[3],[5]	0.00%
Maturity	[1],[4],[5]	Mar. 31, 2023
Principal Amount	[1],[5]	$ 15,000,000
Participation %	[1],[5],[8]	59.00%
Amortized Cost	[1],[5]	$ 15,000,000
Fair Value	[1],[5]	$ 15,000,000
% of Net Assets	[1],[5]	4.80%
Senior Secured Trade Finance Participations [Member]
Amortized Cost	[1]	$ 119,496,989		$ 116,730,642
Fair Value	[1]	$ 119,437,912		$ 116,671,565
% of Net Assets	[1]	38.30%		46.50%
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member]
Interest	[1],[6]	10.00%
Fees	[1],[3],[6]	0.00%
Principal Amount	[1],[6]	$ 8,322,775
Participation %	[1],[6],[8]	72.00%
Amortized Cost	[1],[6]	$ 8,322,775
Fair Value	[1],[6]	$ 8,322,775
% of Net Assets	[1],[6]	2.70%
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member]
Interest	[1],[15]	9.50%
Fees	[1],[3],[15]	0.00%
Principal Amount	[1],[15]	$ 15,000,000
Participation %	[1],[8],[15]	100.00%
Amortized Cost	[1],[15]	$ 15,000,000
Fair Value	[1],[15]	$ 15,000,000
% of Net Assets	[1],[15]	4.80%
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member]
Interest	[1],[6]	10.00%
Fees	[1],[3],[6]	0.00%
Principal Amount	[1],[6]	$ 13,600,000
Participation %	[1],[6],[8]	100.00%
Amortized Cost	[1],[6]	$ 13,600,000
Fair Value	[1],[6]	$ 13,600,000
% of Net Assets	[1],[6]	4.40%
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Minimum [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member]
Maturity	[1],[4],[6]	Oct. 29, 2017
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Minimum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member]
Maturity	[1],[4],[15]	Jan. 04, 2018
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Minimum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member]
Maturity	[1],[4],[6]	Nov. 16, 2017
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Maximum [Member] | Other Investments [Member] | Telephone and Telegraph Apparatus [Member] | Mobile Phone Distributor [Member]
Maturity	[1],[4],[6]	Dec. 28, 2017
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Maximum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Non-Ferrous Metal Trader [Member]
Maturity	[1],[4],[15]	Feb. 19, 2018
Senior Secured Trade Finance Participations [Member] | Hong Kong [Member] | Maximum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Resource Trader [Member]
Maturity	[1],[4],[6]	Dec. 06, 2017
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member]
Interest	[1],[6]	17.50%		17.50%
Fees	[1],[3],[6]	0.00%		0.00%
Maturity	[1],[4],[6]	Sep. 28, 2017
Principal Amount	[1],[6]	$ 1,234,145		$ 2,234,145
Participation %	[1],[6],[8]	11.00%		22.00%
Amortized Cost	[1],[6]	$ 1,234,145		$ 2,234,145
Fair Value	[1],[6]	$ 1,234,145		$ 2,234,145
% of Net Assets	[1],[6]	0.40%		0.90%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Meat Processor [Member]
Interest	[1],[15]			14.50%
Fees	[1],[3],[15]			0.00%
Maturity	[1],[4],[15]			May 19, 2017
Principal Amount	[1],[15]			$ 675,717
Participation %	[1],[8],[15]			40.00%
Amortized Cost	[1],[15]			$ 675,717
Fair Value	[1],[15]			$ 675,717
% of Net Assets	[1],[15]			0.30%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Interest	[1]	12.00%	[16]	12.00%	[17]
Fees	[1],[3]	0.00%	[16]	0.00%	[17]
Maturity	[1],[4]	May 22, 2015	[16]	May 22, 2015	[17]
Principal Amount	[1]	$ 785,806	[16]	$ 799,767	[17]
Participation %	[1],[8]	13.00%	[16]	18.00%	[17]
Amortized Cost	[1]	$ 785,806	[16]	$ 799,767	[17]
Fair Value	[1]	$ 726,729	[16]	$ 740,690	[17]
% of Net Assets	[1]	0.20%	[16]	0.30%	[17]
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Fees	[1],[3],[15]			0.00%
Principal Amount	[1],[15]			$ 6,111,941
Participation %	[1],[8],[15]			23.00%
Amortized Cost	[1],[15]			$ 6,111,941
Fair Value	[1],[15]			$ 6,111,941
% of Net Assets	[1],[15]			2.40%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member]
Maturity	[1],[4],[6]			Jun. 15, 2016
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Interest	[1],[15]			12.00%
Maturity	[1],[4],[15]			May 21, 2017
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member]
Maturity	[1],[4],[6]			Aug. 15, 2016
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Interest	[1],[15]			13.00%
Maturity	[1],[4],[15]			Nov. 20, 2017
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Interest	[1],[18]	9.00%	[19]	9.00%
Fees	[1],[3],[18]	0.00%	[19]	0.00%
Maturity	[1],[4],[18]	Dec. 31, 2017	[19]	Jul. 16, 2017
Principal Amount	[1],[18]	$ 12,500,000	[19]	$ 10,000,000
Participation %	[1],[8],[18]	83.00%	[19]	67.00%
Amortized Cost	[1],[18]	$ 12,500,000	[19]	$ 10,000,000
Fair Value	[1],[18]	$ 12,500,000	[19]	$ 10,000,000
% of Net Assets	[1],[18]	4.00%	[19]	4.00%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member]
Interest	[1],[18]	10.67%	[20]	10.67%	[21]
Fees	[1],[3],[18]	0.00%	[20]	0.00%	[21]
Maturity	[1],[4],[18]	Sep. 30, 2018	[20]	Jul. 29, 2017	[21]
Principal Amount	[1],[18]	$ 6,000,000	[20]	$ 6,000,000	[21]
Participation %	[1],[8],[18]	17.00%	[20]	17.00%	[21]
Amortized Cost	[1],[18]	$ 6,000,000	[20]	$ 6,000,000	[21]
Fair Value	[1],[18]	$ 6,000,000	[20]	$ 6,000,000	[21]
% of Net Assets	[1],[18]	1.90%	[20]	2.40%	[21]
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Beef Exporter [Member]
Interest	[1],[6]	11.50%		11.50%
Fees	[1],[3],[6]	0.00%		0.00%
Maturity	[1],[4],[6]	Nov. 29, 2017		Nov. 29, 2017
Principal Amount	[1],[6]	$ 9,000,000		$ 9,000,000
Participation %	[1],[6],[8]	32.00%		32.00%
Amortized Cost	[1],[6]	$ 9,000,000		$ 9,000,000
Fair Value	[1],[6]	$ 9,000,000		$ 9,000,000
% of Net Assets	[1],[6]	2.90%		3.60%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member]
Interest	[1],[6]			8.75%
Fees	[1],[3],[6]	0.00%		0.00%
Principal Amount	[1],[6]	$ 12,000,000		$ 6,000,000
Participation %	[1],[6],[8]	100.00%		100.00%
Amortized Cost	[1],[6]	$ 12,000,000		$ 6,000,000
Fair Value	[1],[6]	$ 12,000,000		$ 6,000,000
% of Net Assets	[1],[6]	3.80%		2.40%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Minimum [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member]
Interest	[1],[6]	8.75%
Maturity	[1],[4],[6]	Aug. 31, 2017		Oct. 15, 2016
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Maximum [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member]
Interest	[1],[6]	9.00%
Maturity	[1],[4],[6]	Feb. 22, 2018		Dec. 15, 2016
Senior Secured Trade Finance Participations [Member] | Namibia [Member] | Other Investments [Member] | Packaged Foods & Meats [Member] | Consumer Goods Distributor [Member]
Interest	[1],[6]	12.00%		12.00%
Fees	[1],[3],[6]	0.00%		0.00%
Maturity	[1],[4],[6]	Oct. 29, 2017		Oct. 29, 2017
Principal Amount	[1],[6]	$ 500,000		$ 500,000
Participation %	[1],[6],[8]	25.00%		26.00%
Amortized Cost	[1],[6]	$ 500,000		$ 500,000
Fair Value	[1],[6]	$ 500,000		$ 500,000
% of Net Assets	[1],[6]	0.20%		0.20%
Senior Secured Trade Finance Participations [Member] | Chile [Member] | Other Investments [Member] | Farm Products [Member] | Chia Seed Exporter [Member]
Interest	[1],[18]	10.90%		10.90%
Fees	[1],[3],[18]	0.00%		0.00%
Maturity	[1],[4],[18]	Mar. 04, 2018		Dec. 11, 2016
Principal Amount	[1],[18]	$ 1,326,687		$ 2,234,915
Participation %	[1],[8],[18]	100.00%		100.00%
Amortized Cost	[1],[18]	$ 1,326,687		$ 2,234,915
Fair Value	[1],[18]	$ 1,326,687		$ 2,234,915
% of Net Assets	[1],[18]	0.40%		0.90%
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member]
Interest	[1],[18]	9.25%		9.25%
Fees	[1],[3],[18]	0.00%		0.00%
Principal Amount	[1],[18]	$ 2,087,005		$ 5,037,134
Participation %	[1],[8],[18]	62.00%		46.00%
Amortized Cost	[1],[18]	$ 2,087,005		$ 5,037,134
Fair Value	[1],[18]	$ 2,087,005		$ 5,037,134
% of Net Assets	[1],[18]	0.70%		2.00%
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member]
Interest	[1],[18]	9.00%		9.00%
Fees	[1],[3],[18]	0.00%		0.00%
Maturity	[1],[4],[18]	Aug. 18, 2018		Jun. 19, 2017
Principal Amount	[1],[18]	$ 437,814		$ 1,058,273
Participation %	[1],[8],[18]	100.00%		100.00%
Amortized Cost	[1],[18]	$ 437,814		$ 1,058,273
Fair Value	[1],[18]	$ 437,814		$ 1,058,273
% of Net Assets	[1],[18]	0.10%		0.40%
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],[18]	Sep. 04, 2018		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],[18]	Oct. 22, 2018		Jul. 24, 2017
Senior Secured Trade Finance Participations [Member] | Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member]
Interest	[1],[15]	11.50%	[22]	11.50%
Fees	[1],[3],[15]	0.00%	[22]	0.00%
Principal Amount	[1],[15]	$ 11,500,000	[22]	$ 19,500,000
Participation %	[1],[8],[15]	47.00%	[22]	49.00%
Amortized Cost	[1],[15]	$ 11,500,000	[22]	$ 19,500,000
Fair Value	[1],[15]	$ 11,500,000	[22]	$ 19,500,000
% of Net Assets	[1],[15]	3.70%	[22]	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],[15]	Feb. 21, 2018	[22]	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],[15]	Jun. 01, 2018	[22]	Oct. 09, 2017
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member]
Interest	[1],[18]	13.00%		13.00%
Fees	[1],[3],[18]	0.00%		0.00%
Principal Amount	[1],[18]	$ 6,000,000		$ 6,000,000
Participation %	[1],[8],[18]	86.00%		86.00%
Amortized Cost	[1],[18]	$ 6,000,000		$ 6,000,000
Fair Value	[1],[18]	$ 6,000,000		$ 6,000,000
% of Net Assets	[1],[18]	1.90%		2.40%
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Fees	[1],[3],[23]			0.00%
Principal Amount	[1],[23]			$ 5,078,526
Participation %	[1],[8],[23]			24.00%
Amortized Cost	[1],[23]			$ 5,078,526
Fair Value	[1],[23]			$ 5,078,526
% of Net Assets	[1],[23]			2.00%
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Minimum [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member]
Maturity	[1],[4],[18]	Aug. 14, 2017		Aug. 14, 2017
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Minimum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Interest	[1],[23]			12.08%
Maturity	[1],[4],[23]			Oct. 07, 2015
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Maximum [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member]
Maturity	[1],[4],[18]	Sep. 02, 2017		Sep. 02, 2017
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Maximum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Interest	[1],[23]			12.50%
Maturity	[1],[4],[23]			May 03, 2016
Senior Secured Trade Finance Participations [Member] | Guatemala [Member] | Other Investments [Member] | Farm Products [Member] | Sesame Seed Exporter [Member]
Interest	[1]	12.00%	[24]	12.00%	[25]
Fees	[1],[3]	0.00%	[24]	0.00%	[25]
Maturity	[1],[4]	Mar. 31, 2016	[24]	Mar. 31, 2016	[25]
Principal Amount	[1]	$ 907,565	[24]	$ 907,565	[25]
Participation %	[1],[8]	24.00%	[24]	24.00%	[25]
Amortized Cost	[1]	$ 907,565	[24]	$ 907,565	[25]
Fair Value	[1]	$ 907,565	[24]	$ 907,565	[25]
% of Net Assets	[1]	0.30%	[24]	0.40%	[25]
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Agricultural Products [Member] | Agricultural Products Exporter [Member]
Interest	[1],[15]	7.50%
Fees	[1],[3],[15]	0.00%
Maturity	[1],[4],[15]	Feb. 28, 2018
Principal Amount	[1],[15]	$ 5,000,000
Participation %	[1],[8],[15]	12.00%
Amortized Cost	[1],[15]	$ 5,000,000
Fair Value	[1],[15]	$ 5,000,000
% of Net Assets	[1],[15]	1.60%
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member]
Interest	[1],[15]	11.82%
Fees	[1],[3],[15]	0.00%		0.00%
Maturity	[1],[4],[15]	Nov. 23, 2017
Principal Amount	[1],[15]	$ 1,476,825		$ 11,195,862
Participation %	[1],[8],[15]	36.00%		74.00%
Amortized Cost	[1],[15]	$ 1,476,825		$ 11,195,862
Fair Value	[1],[15]	$ 1,476,825		$ 11,195,862
% of Net Assets	[1],[15]	0.50%		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],[15]			10.98%
Maturity	[1],[4],[15]			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],[15]			11.10%
Maturity	[1],[4],[15]			Nov. 23, 2017
Senior Secured Trade Finance Participations [Member] | Morocco [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Scrap Metal Recycler [Member]
Interest	[1],[15]	11.00%		11.00%
Fees	[1],[3],[15]	0.00%		0.00%
Maturity	[1],[4],[15]	Jul. 17, 2018		Jul. 17, 2017
Principal Amount	[1],[15]	$ 7,349,626		$ 7,649,945
Participation %	[1],[8],[15]	79.00%		83.00%
Amortized Cost	[1],[15]	$ 7,349,626		$ 7,649,945
Fair Value	[1],[15]	$ 7,349,626		$ 7,649,945
% of Net Assets	[1],[15]	2.40%		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],[15]	0.00%		0.00%
Principal Amount	[1],[15]	$ 2,333,254		$ 6,574,351
Participation %	[1],[8],[15]	56.00%		91.00%
Amortized Cost	[1],[15]	$ 2,333,254		$ 6,574,351
Fair Value	[1],[15]	$ 2,333,254		$ 6,574,351
% of Net Assets	[1],[15]	0.70%		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],[15]			12.00%
Fees	[1],[3],[15]			0.00%
Maturity	[1],[4],[15]			Jan. 29, 2017
Principal Amount	[1],[15]			$ 11,483
Participation %	[1],[8],[15]			1.00%
Amortized Cost	[1],[15]			$ 11,483
Fair Value	[1],[15]			$ 11,483
% of Net Assets	[1],[15]			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],[15]	9.50%		9.43%
Maturity	[1],[4],[15]	Dec. 31, 2017		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],[15]	10.14%		9.83%
Maturity	[1],[4],[15]	May 08, 2018		Dec. 31, 2017
Senior Secured Trade Finance Participations [Member] | Kenya [Member] | Other Investments [Member] | Miscellaneous Plastics Products [Member] | Plastic Products Manufacturer [Member]
Interest	[1],[15]			11.50%
Fees	[1],[3],[15]			0.00%
Maturity	[1],[4],[15]			Oct. 09, 2017
Principal Amount	[1],[15]			$ 161,018
Participation %	[1],[8],[15]			27.00%
Amortized Cost	[1],[15]			$ 161,018
Fair Value	[1],[15]			$ 161,018
% of Net Assets	[1],[15]			0.10%
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Other Investments [Member] | Food Products [Member] | Citrus Producer [Member]
Interest	[1],[18]	9.00%
Fees	[1],[3],[18]	0.00%
Principal Amount	[1],[18]	$ 509,545
Participation %	[1],[8],[18]	100.00%
Amortized Cost	[1],[18]	$ 509,545
Fair Value	[1],[18]	$ 509,545
% of Net Assets	[1],[18]	0.20%
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Minimum [Member] | Other Investments [Member] | Food Products [Member] | Citrus Producer [Member]
Maturity	[1],[4],[18]	Feb. 03, 2018
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Maximum [Member] | Other Investments [Member] | Food Products [Member] | Citrus Producer [Member]
Maturity	[1],[4],[18]	Jul. 26, 2018
Senior Secured Trade Finance Participations [Member] | United Arab Emirates [Member] | Other Investments [Member] | Drugs, Proprietaries, and Sundries [Member] | Pharmaceuticals Distributor [Member]
Interest	[1],[18]	14.60%
Fees	[1],[3],[18]	0.00%
Maturity	[1],[4],[18]	Jan. 30, 2018
Principal Amount	[1],[18]	$ 1,080,000
Participation %	[1],[8],[18]	60.00%
Amortized Cost	[1],[18]	$ 1,080,000
Fair Value	[1],[18]	$ 1,080,000
% of Net Assets	[1],[18]	0.30%
Senior Secured Trade Finance Participations [Member] | Uganda [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor [Member]
Interest	[1],[15]	11.30%
Fees	[1],[3],[15]	0.00%
Principal Amount	[1],[15]	$ 545,942
Participation %	[1],[8],[15]	50.00%
Amortized Cost	[1],[15]	$ 545,942
Fair Value	[1],[15]	$ 545,942
% of Net Assets	[1],[15]	0.20%
Senior Secured Trade Finance Participations [Member] | Uganda [Member] | Minimum [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor [Member]
Maturity	[1],[4],[15]	Dec. 31, 2017
Senior Secured Trade Finance Participations [Member] | Uganda [Member] | Maximum [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor [Member]
Maturity	[1],[4],[15]	Feb. 28, 2018
Senior Secured Trade Finance Participations [Member] | Singapore [Member] | Other Investments [Member] | Agricultural Products [Member] | Agricultural Products Exporter [Member]
Interest	[1],[15],[26]			11.50%
Fees	[1],[3],[15],[26]			0.00%
Maturity	[1],[4],[15],[26]			Jul. 02, 2017
Principal Amount	[1],[15],[26]			$ 10,000,000
Participation %	[1],[8],[15],[26]			25.00%
Amortized Cost	[1],[15],[26]			$ 10,000,000
Fair Value	[1],[15],[26]			$ 10,000,000
% of Net Assets	[1],[15],[26]			4.00%
Short Term Notes [Member]
Amortized Cost		$ 25,000,000
Fair Value		25,000,000
Short Term Notes [Member] | Investment Fund [Member]
Amortized Cost	[1]	25,000,000
Fair Value	[1]	$ 25,000,000
Short Term Notes [Member] | United Kingdom [Member] | Other Investments [Member] | Petroleum and Petroleum Products [Member]
Interest	[1],[15]	8.88%
Fees	[1],[3],[15]	0.00%
Maturity	[1],[4],[15]	Jan. 31, 2018
Principal Amount	[1],[15]	$ 15,000,000
Participation %	[1],[8],[15]	16.00%
Amortized Cost	[1],[15]	$ 15,000,000
Fair Value	[1],[15]	$ 15,000,000
% of Net Assets	[1],[15]	4.80%
Short Term Notes [Member] | Cayman Islands [Member] | Other Investments [Member] | Financial Services [Member]
Interest	[1],[27]	7.50%
Fees	[1],[3],[27]	0.00%
Maturity	[1],[4],[27]	Feb. 28, 2018
Principal Amount	[1],[27]	$ 10,000,000
Amortized Cost	[1],[27]	10,000,000
Fair Value	[1],[27]	$ 10,000,000
% of Net Assets	[1],[27]	3.20%

[1] Refer to Notes 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] Principal and interest paid quarterly.

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

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

[10] 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.

[11] In connection with a restructure of the underlying facilities, all maturity dates were extended to 7/28/21. Please refer to Note 3 for additional information.

[12] 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.

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

[15] Principal and interest paid at maturity.

[16] 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 September 30, 2017. Refer to Note 3 for additional information.

[17] 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.

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

[19] While the original maturity date was 7/18/2017, the maturity date was extended to 12/31/2017 during August 2017 to account for the delays in shipments.

[20] While the original maturity date was 7/29/2017, the maturity date was extended to 09/30/2018 during August 2017 to assist in facilitating a strategic sale of the borrower.

[21] 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.

[22] While the original maturity dates ranged from 3/10/2017 to 10/9/2017, during July 2017 the maturity dates were extended to 2/21/2018 to 6/1/2018.

[23] $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.

[24] Refer to Note 3 for additional information. This investment was placed on non-accrual on July 1, 2017.

[25] Refer to Note 3 for additional information.

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

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

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Consolidated Schedule of Investments (Parenthetical) - USD ($)		9 Months Ended		12 Months Ended
		Sep. 30, 2017		Dec. 31, 2016
Amortized Cost		$ 312,423,713		$ 203,854,890
Senior Secured Term Loan [Member]
Amortized Cost	[1]	62,845,636		28,673,487
Senior Secured Trade Finance Participations [Member]
Amortized Cost	[1]	$ 119,496,989		$ 116,730,642
Nigeria [Member] | Helios Maritime I Ltd [Member] | Water Transportation [Member] | Marine Logistics Provider [Member]
Deferred interest rate included in investment interest accruing		4.68%		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%		10.50%
South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Amortized Cost		$ 152,923		$ 152,923
South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member] | Senior Secured Trade Finance Participations [Member]
Maturity	[1],[3]	May 22, 2015	[2]	May 22, 2015	[4]
Amortized Cost	[1]	$ 785,806	[2]	$ 799,767	[4]
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Inventory Facility [Member]
Extended maturity date		Jul. 28, 2021		Dec. 31, 2020
Maturity				Sep. 30, 2016
Amortized Cost				$ 1,750,000
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Warrant Facility [Member]
Extended maturity date				Dec. 22, 2016
Maturity				Feb. 15, 2015
Amortized Cost				$ 750,000
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		$ 18,462,024
Peru [Member] | Pure Biofuels del Peru S.A.C. [Member] | Bulk Fuel Stations and Terminals [Member] | Clean Diesel Distributor [Member] | Senior Secured Term Loan [Member]
Maturity	[1],[3],[6]	Aug. 01, 2019	[5]	Aug. 01, 2019
Amortized Cost	[1],[6]	$ 16,259,084	[5]	$ 15,437,474
Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Extended maturity date		Feb. 28, 2021		Feb. 28, 2021
Maturity		May 15, 2017		May 15, 2017
Namibia [Member] | Trustco Group Limited [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Entire principal amount		$ 2,143,500
Principal and interest starting date		Feb. 15, 2020
New Zealand [Member] | Other Investments [Member] | Logging [Member] | Sustainable Timber Exporter [Member] | Senior Secured Term Loan [Member]
Maturity	[1],[3],[7]	Feb. 10, 2021
Amortized Cost	[1],[7]	$ 3,700,000
Principal and accrued interest payment description		One third of the principal and accrued interest to be paid on the 18th, 30th, and 42nd months after original drawdown date of 8/10/2017.
Original drawdown date		Aug. 10, 2017
Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member]
Extended maturity date				Jul. 29, 2017
Maturity				Oct. 27, 2016
Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | Senior Secured Trade Finance Participations [Member]
Maturity	[1],[3],[8]	Sep. 30, 2018	[9]	Jul. 29, 2017	[10]
Amortized Cost	[1],[8]	$ 6,000,000	[9]	$ 6,000,000	[10]
Argentina [Member] | Other Investments [Member] | Agricultural Products [Member] | Agriculture Distributor [Member] | Senior Secured Trade Finance Participations [Member]
Maturity	[1],[3],[8]	Dec. 31, 2017	[11]	Jul. 16, 2017
Amortized Cost	[1],[8]	$ 12,500,000	[11]	$ 10,000,000
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Trade Finance Participations [Member]
Amortized Cost	[1],[12]	$ 11,500,000	[13]	$ 19,500,000
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity	[1],[3],[12]	Feb. 21, 2018	[13]	Mar. 10, 2017
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity	[1],[3],[12]	Jun. 01, 2018	[13]	Oct. 09, 2017
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Maturity				Oct. 25, 2015
Amortized Cost				$ 4,100,000
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | Senior Secured Trade Finance Participations [Member]
Amortized Cost	[1],[14]			$ 5,078,526
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity	[1],[3],[14]			Oct. 07, 2015
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity	[1],[3],[14]			May 03, 2016

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

[2] 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 September 30, 2017. Refer to Note 3 for additional information.

[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] 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.

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

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

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

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

[9] While the original maturity date was 7/29/2017, the maturity date was extended to 09/30/2018 during August 2017 to assist in facilitating a strategic sale of the borrower.

[10] 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.

[11] While the original maturity date was 7/18/2017, the maturity date was extended to 12/31/2017 during August 2017 to account for the delays in shipments.

[12] Principal and interest paid at maturity.

[13] While the original maturity dates ranged from 3/10/2017 to 10/9/2017, during July 2017 the maturity dates were extended to 2/21/2018 to 6/1/2018.

[14] $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.

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Organization and Operations of the Company

9 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

Organization and Operations of the Company

Note 1. Organization and Operations of the Company

TriLinc Global Impact Fund, LLC (the “Company”) was organized as a Delaware limited liability company on April 30, 2012 and formally commenced operations on June 11, 2013. The Company makes impact investments in Small and Medium Enterprises, known as SMEs, which the Company defines as those business having less than 500 employees, primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company uses the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, loan participations, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. To a lesser extent, the Company may also make impact investments in companies that may not meet the Company’s technical definition of SMEs due to a larger number of employees but that also provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company generally expects that such investments will have similar investment characteristics as SMEs as defined by the Company. The Company’s investment objectives are to generate current income, capital preservation and modest capital appreciation primarily through investments in SMEs. The Company is externally managed by TriLinc Advisors, LLC (the “Advisor”). The Advisor is an investment advisor registered with the Securities and Exchange Commission (“SEC”).

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

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 $1.5 billion in units of limited liability company interest (the “Offering”) on February 25, 2013. On June 11, 2013, the Company satisfied its minimum offering requirement of $2,000,000 when the Sponsor purchased 321,330 Class A units for aggregate gross proceeds of $2,900,000 and the Company commenced operations. The primary offering terminated on March 31, 2017. The Company continues to offer and sell units pursuant to its Distribution Reinvestment Plan (“DRP”). Through the termination of the primary offering, the Company raised approximately $361,700,000 in gross proceeds, including approximately $13,337,000 raised through the DRP.

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 (“FASB”) Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. Overall, the Company’s management believes the use of investment company accounting makes the Company’s financial statements more useful to investors and other financial statement users since it allows a more appropriate basis of comparison to other entities with similar objectives.

To assist the Company in achieving its investment objective, the Company makes investments via wholly owned subsidiaries (each a “Subsidiary” and collectively, the “Subsidiaries”), all of which are Cayman Islands exempted companies. In June 2016, the Companycreated 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 September 30, 2017, the Company’s Subsidiaries are as follows:

• TriLinc Global Impact Fund – Asia, Ltd.

• TriLinc Global Impact Fund – Latin America, Ltd.

• TriLinc Global Impact Fund – Trade Finance, Ltd.

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

• TriLinc Global Impact Fund – Africa, Ltd.

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

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

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

• TriLinc Global Impact Fund – Asia II, Ltd.

• TriLinc Global Impact Fund – Asia III, Ltd.

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

• TriLinc Global Impact Fund – Cayman, Ltd.

Through September 30, 2017, the Company has made, through its Subsidiaries, loans in several countries located in South America, Asia, Africa, and Europe.

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Significant Accounting Policies

9 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

Basis of Presentation

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

The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP is not required for interim reporting purposes and has been omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the SEC on March 31, 2017.

The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2017.

The accompanying consolidated financial statements include the accounts of the Company and its Subsidiaries, which were established to hold certain investments of the Company. The Company owns 100% of each Subsidiary and, as such, the Subsidiaries are consolidated into the Company’s consolidated financial statements. Transactions between Subsidiaries, to the extent they occur, are eliminated in consolidation. The consolidated financial statements reflect all adjustments, consisting solely of normal recurring accruals, that, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition as of and for the periods presented.

Cash

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

Prepaid expenses

Prepaid expenses represent prepaid insurance which is being amortized over the term of the insurance policy, which is one year. The amortization of prepaid expenses for the three and nine months ended September 30, 2017 and 2016 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 the Company has determined not to be materially different from the effective yield method.

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

The Company generally places loans on non-accrual status when 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 September 30, 2017, two portfolio companies were on non-accrual status with an aggregate fair value of $1,634,294 or 0.5% of the fair value of the Company’s total investments. 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. Interest income not recorded relative to the original terms of the loans to the two companies on non-accrual status as of September 30, 2017 amounted to approximately $62,975 and $132,257, respectively, for the three and nine months ended September 30, 2017.

Valuation of Investments

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

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

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

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

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

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

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

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

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

2. For all investments with a stated maturity of greater than 12 months, the Company has engaged 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 discusses the preliminary valuation prepared by the Advisor and any opinion rendered by Duff & Phelps; and

4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the 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 the Company’s 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 and value) that supports the investment

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

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

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

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 and Ongoing Dealer Manager Fees

The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. In addition, the Company pays an ongoing dealer manager fee for each Class I unit sold pursuant to a private placement. The aggregate amount of underwriting compensation for each public and private offering of the Class A, Class C, Class I, Class Y and Class W units, including any applicable distribution fee and ongoing dealer manager fee, , cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The distribution fees and ongoing dealer manager fees are not paid at the time of purchase.  Such fees are payable monthly in arrears, as they become contractually due.

In prior periods, the Company had been recording distribution fees as a periodic charge to equity as they are incurred.  Starting in June 2016, the Company determined to account for the distribution fees as a charge to equity at the time each Class C unit is sold in its Offering and record a corresponding liability for the estimated amount to be paid in future periods.  The Company accounts for the ongoing dealer manager fees paid in connection with the sale of Class I units in the private placement in the same manner. At September 30, 2017, the estimated unpaid aggregate distribution fee for Class C units amounted to $1,939,000 and the unpaid dealer manager fee for Class I units amounted to $22,000.

Income Taxes

The Company is classified as a partnership for U.S. federal income tax purposes. As such, the Company allocates all income or loss to its unitholders according to their respective percentage of ownership, and is generally not subject to tax at the entity level. Therefore, no provision for federal or state income taxes has been included in these financial statements.

The Company may be subject to withholding taxes on income and capital gains imposed by certain countries in which the Company invests. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability.

The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes. This guidance requires the Company to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including the resolution of any related appeals or litigation processes, based on the technical merits of the position.

As of September 30, 2017, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 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. As of September 30, 2017, the Company has five classes of units: Class A units, Class C units, Class I units, Class W units and Class Y units, with only Class A units, Class C units, Class I units and Class Y units outstanding. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, effective June 30, 2016, the Company records liabilities for distribution fees that the Company (i) currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the dealer manager in future periods. As of September 30, 2017, under GAAP, the Company recorded a liability in the amount of $1,961,000 for the estimated future amount of Class C unit distribution fee and Class I unit dealer manager fee payable. The Company is not required to determine its net asset value under GAAP and thus, the Company’s determination of net asset value per share for Class C units now varies from GAAP. In the prior periods, the Company deducted the liability for the estimated future distribution fees in the Company’s net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than Class C units with the difference being the result of the future distribution fee deduction for Class C units. The Company has determined that such approach is not the most appropriate for determining net asset value per share for Class C units and, beginning with the net asset value determination as of June 30, 2017, the Company will not deduct the liability for estimated future distribution fees in its calculation of net asset value per share for Class C units. Further, the Company will not deduct the liability for estimated future dealer manager fees in its calculation of the net asset value per share for Class I units. The Company believes this approach is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of September 30, 2017, each of the Class A, Class C, Class I and Class Y units have the same net asset value per unit of $8.507. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). The increase in the net asset value per Class C unit from $8.267 as of March 31, 2017 to $8.507 as of September 30, 2017 is solely as a result of the change in the treatment of future distribution fees in the net asset value calculation discussed above and is not reflective of any increase in the value of the Company’s assets. Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.022 from $8.529 as of March 31, 2017 to $8.507 as of September 30, 2017 as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses during the second quarter of 2017. In addition, the Company failed to realize sufficient investment income during the second quarter of 2017, as a result of delays in finding suitable investments, to cover operating expenses.   

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 September 30, 2017 and 2016.

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 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of September 30, 2017 and December 31, 2016. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses equaled to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering  costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution and dealer manager fee to the dealer manager for certain sales pursuant to a private placement.  As of September 30, 2017 the Sponsor has incurred $115,730 in organization and offering costs on behalf of the Company related to a private placement of the Company’s units.  As of September 30, 2017, the Company has reimbursed $17,972 of the organization and offering incurred relating to such private placement.      

Operating Expense Responsibility Agreement

On November 10, 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 September 30, 2017. Since the inception of the Company through September 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,347,400 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,313,400 of expenses, which have been accrued by the Sponsor as of September 30, 2017. The Sponsor will only be entitled to reimbursement of the cumulative Company expenses to the extent the Company’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Company’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). To the extent the Company is not successful in satisfying the Reimbursement Hurdle, no amount will be payable in that quarter by the Company for reimbursement to the Sponsor of the cumulative Company expenses. The Company has not met the Reimbursement Hurdle for the quarter ended September 30, 2017. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of September 30, 2017. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable and estimable.  The Sponsor may demand the reimbursement of cumulative Company expenses covered by the Responsibility Agreement to the extent the Company exceeds the Reimbursement Hurdle during any quarter.

Recently Issued Accounting Pronouncements

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 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 guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the Company does not expect the new revenue recognition guidance to have a material impact on the elements of its consolidated statements of operations, most closely associated with financial instruments, including interest and fees income. The Company plans to adopt the revenue recognition guidance in the first quarter of 2018.

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 and is dependent on the Sponsor for financial support.

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 September 30, 2017, all 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 September 30, 2017, the Company’s investment portfolio included 43 companies and was comprised of $62,845,636 or 20.2% in senior secured term loans, $105,081,088 or 33.6% in senior secured term loan participations, $119,437,912 or 38.2% in senior secured trade finance participations, and $25,000,000 or 8.0% in short term notes. The Company’s largest loan by value was $16,259,084 or 5.2% of total investments. The Company’s 5 largest loans by value comprised 24.8% of the Company’s portfolio at September 30, 2017. Participation in loans amounted to 71.8% of the Company’s total portfolio at September 30, 2017. 

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Investments

9 Months Ended

Sep. 30, 2017

Investments Debt And Equity Securities [Abstract]

Investments

Note 3. Investments

As of September 30, 2017, the Company’s investments consisted of the following: 

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	62,845,636	$	62,845,636		20.2	%
Senior secured term loan participations		105,081,088		105,081,088		33.6	%
Senior secured trade finance participations		119,496,989		119,437,912		38.2	%
Short term notes		25,000,000		25,000,000		8.0	%
Total investments	$	312,423,713	$	312,364,636		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 trade finance investments have up to 300 days of accrued interest receivable as of September 30, 2017.  In addition, certain of the Company’s investments in term loans accrue deferred interest, which is not payable until the maturity of the loans.  Accrued deferred interest included in the interest receivable balance as of September 30, 2017 and December 31, 2016 amounted to $2,269,845 and $1,403,416, respectively. The Company’s interest receivable balances at September 30, 2017 and December 31, 2016 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 positions typically fall into two broad categories: pre-export financing and receivable/inventory financing. Pre-export financing represent advances to borrowers 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.

Short Term Investments

Short term note investments are defined by the Company as investments that generally meet the standard underwriting guidelines for trade finance and term loan transactions and that also have the following characteristics: (1) maturity of less than one year, (2) loans to borrowers to whom, at the time of funding, the Company does not expect to re-lend. Impact data is not tracked for short term investments. In the prior periodic reports, the Company included Short Term Investments within the Trade Finance section of the Schedule of Investments.  Due to Short Term Investments’ unique characteristics, the Company has determined to present these investments separately.

Prodesa

As of September 30, 2017, 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 $3,330,000 and $1,750,000 due under a senior secured purchase order revolving credit facility.  The Company has been working with Prodesa to re-align its operations since 2015, starting with a senior secured purchase order revolving credit facility.  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. A number of draws and repayments have occurred under this facility. For example, 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 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.

The Company has estimated the fair value of the Prodesa loans as of September 30, 2017 at $5,080,000 based on the income valuation approach as further described in Note 4.

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 September 30, 2017, 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).  Due to the ongoing volatility, the Company continues to closely monitor sugar prices and the associated impact on Usivale.

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 $785,806 of as September 30, 2017. The Distributor’s trade finance participation 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 in January 2017. Through the latter part of 2015, the depreciation in the South African Rand has 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 September 30, 2017, 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.  The interest rate has been fixed at 10%, with quarterly payments against the facility due based upon 50% percent of the Distributor’s quarterly profits. As a result of the sale, one of the Company’s sub-advisors now owns 50% 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 $34,800 and $69,300, respectively, for the three and nine months ended September 30, 2017. The Company anticipates the Distributor will make additional payments in late fourth quarter of 2017 or early 2018 following seasonal sales of some of the Distributors newly released higher end products. 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 $726,729 as of September 30, 2017.

 Farm Supplies Distributor

The Company had 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 June 30, 2017. The Company placed this participation on non-accrual status effective July 1, 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 had 180 days from time of filing (June 1, 2017) to conclude its initial review, acceptance of the claim and waiting period. Following expiration of the waiting period, a formal demand letter was sent to the Zambian government. During the quarter ended September 30, 2017, the Company received a payment from Neria of $6,981,578, which was comprised of the entire principal balance of $5,078,526 and interest of $1,903,052.  Accordingly the Company recorded additional interest income of $1,352,682 during the three months ended September 30, 2017.  

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 $55,746 as of September 30, 2017. 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 should enable the Exporter to make payments to the Company.  However, the Exporter had a shipment rejected and returned, which now is in the repurposing process and as a result, the Exporter has been unable to make payments since February 2017. The Exporter has made three principal payments totaling $92,435 during October and November 2016, an interest payment of $90,402 in February 2017, an interest payment of $8,388 in July 2017 and an interest payment of $23,014 in October 2017.  Additional interest payments are expected in mid-November and before year end, such that the Exporter will be current with all interest payments. The Company has determined that there are sufficient cash flows 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 September 30, 2017. The Company has, however, placed this position on non-accrual as of July 1, 2017.

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

					Percentage
	Amortized Cost		Fair Value		of Total Investments
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	%

The industry composition of the Company’s portfolio, at fair market value as of September 30, 2017 and December 31, 2016, was as follows:

	As of  September 30, 2017					As of December 31, 2016
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	20,351,296		6.4	%	$	22,851,296		11.2	%
Bulk Fuel Stations and Terminals		16,259,084		5.2	%		15,437,474		7.6	%
Chemicals and Allied Products		15,000,000		4.8	%		—		—
Coal and Other Minerals and Ores		30,933,254		9.9	%		6,574,351		3.2	%
Commercial Fishing		437,814		0.1	%		1,058,273		0.5	%
Communications Equipment		—		0.0	%		6,111,941		3.0	%
Consumer Products		11,080,000		3.5	%		9,900,000		4.9	%
Drugs, Proprietaries, and Sundries		1,080,000		0.3	%		—		—
Electric Services		11,500,000		3.7	%		19,500,000		9.6	%
Farm Products		2,780,194		0.9	%		3,142,480		1.5	%
Fats and Oils		12,000,000		3.8	%		6,000,000		2.9	%
Fertilizer & Agricultural Chemicals		—		0.0	%		5,078,526		2.5	%
Financial services		10,000,000		3.2	%		—		—
Freight Transportation Arrangement		15,000,000		4.8	%		—		—
Fresh or Frozen Packaged Fish		2,087,005		0.7	%		5,037,134		2.5	%
Food Products		1,236,274		0.4	%		740,690		0.4	%
Groceries and Related Products		1,476,825		0.5	%		11,195,862		5.5	%
Hotels and Motels		15,667,791		5.0	%		17,000,000		8.3	%
Land Subdividers and Developers		14,874,108		4.8	%		—		—
Logging		3,700,000		1.2	%		—		—
Lumber and Other Construction Materials		—		0.0	%		11,483		0.0	%
Meat, Poultry & Fish		9,000,000		2.9	%		9,675,717		4.7	%
Metals & Mining		6,566,481		2.1	%		2,234,145		1.1	%
Miscellaneous Plastics Products		—		0.0	%		161,018		0.1	%
Packaged Foods & Meats		500,000		0.2	%		500,000		0.2	%
Personal Credit Institutions		1,479,786		0.5	%		—		—
Petroleum and Petroleum Products		30,500,000		9.8	%		—		—
Primary Nonferrous Metals		2,372,297		0.8	%		3,000,000		1.5	%
Primary Metal Industries		6,000,000		1.9	%		6,000,000		2.9	%
Programming and Data Processing		14,034,469		4.5	%		10,236,013		5.0	%
Rental of Railroad Cars		3,513,291		1.1	%		4,411,650		2.2	%
Secondary Nonferrous Metals		17,349,626		5.6	%		7,649,945		3.8	%
Soap, Detergents, and Cleaning		1,511,446		0.5	%		2,000,000		1.0	%
Street Construction		12,218,917		3.9	%		14,927,195		7.3	%
Telephone and Telegraph Apparatus		8,322,775		2.7	%		—		—
Water Transportation		13,531,903		4.3	%		13,360,620		6.6	%
Total	$	312,364,636		100.0	%	$	203,795,813		100.0	%

The table below shows the portfolio composition by geographic classification at fair value as of September 30, 2017 and December 31, 2016:

	As of  September 30, 2017					As of December 31, 2016
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	39,500,000		12.7	%	$	31,000,000		15.2	%
Brazil		16,885,765		5.4	%		13,087,309		6.4	%
Cabo Verde		15,667,791		5.0	%		17,000,000		8.3	%
Cayman Islands		10,000,000		3.2	%		—		—
Chile		1,326,687		0.4	%		2,234,915		1.1	%
China		10,000,000		3.2	%		—		—
Columbia		1,479,786		0.5	%		—		—
Ecuador		2,524,819		0.8	%		6,095,407		3.0	%
Ghana		27,000,000		8.6	%		19,500,000		9.6	%
Guatemala		907,565		0.3	%		907,565		0.4	%
Hong Kong		36,922,775		11.8	%		—		—
Indonesia		19,923,550		6.4	%		17,927,195		8.8	%
Kenya		15,000,000		4.8	%		161,018		0.1	%
Malaysia		15,000,000		4.8	%		—		—
Mauritius		6,476,825		2.1	%		11,195,862		5.5	%
Morocco		7,349,626		2.4	%		7,649,945		3.8	%
Namibia		15,374,108		4.9	%		500,000		0.2	%
New Zealand		3,700,000		1.2	%		—		—
Nigeria		13,531,903		4.3	%		13,360,620		6.6	%
Peru		21,339,084		6.8	%		19,337,474		9.5	%
Singapore		-		—			10,000,000		4.9	%
South Africa		5,474,165		1.8	%		14,174,143		7.0	%
United Arab Emirates		1,080,000		0.4	%		—		—
United Kingdom		17,333,254		5.6	%		6,585,834		3.2	%
Zambia		7,511,446		2.4	%		13,078,526		6.4	%
Uganda		545,942		0.2	%		—		—
Uruguay		509,545		0.2	%		—		—
Total	$	312,364,636		100.0	%	$	203,795,813		100.0	%

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Fair Value Measurements

9 Months Ended

Sep. 30, 2017

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 September 30, 2017:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	62,845,636	$	—	$	—	$	62,845,636
Senior secured term loan participations		105,081,088		—		—		105,081,088
Senior secured trade finance participations		119,437,912		—		—		119,437,912
Short term notes		25,000,000		—		—		25,000,000
Total	$	312,364,636	$	—	$	—	$	312,364,636

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 loan	$	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 is a reconciliation of activity for the nine months ended September 30, 2017, of investments classified as Level 3: 

	Fair Value at December 31, 2016		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in unrealized appreciation (depreciation)		Fair Value at September 30, 2017
Senior secured term loans	$	28,673,487	$	38,132,590	$	(4,806,488	)	$	846,047	$	—	$	62,845,636
Senior secured term loan participations		58,450,761		52,742,336		(6,837,629	)		725,620		—		105,081,088
Senior secured trade finance participations		116,671,565		139,590,347		(136,824,000	)		—		—		119,437,912
Short term notes		—		25,000,000		—			—		—		25,000,000
Total	$	203,795,813	$	255,465,273	$	(148,468,117	)	$	1,571,667	$	—	$	312,364,636

There were no realized gains or losses for any of the Company’s investments classified as Level 3 during the three and nine months ended September 30, 2017 and 2016.

As of September 30, 2017, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of September 30, 2017:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	118,711,183	Cost  Approach	Recent transactions	N/A
Senior secured trade finance participations (2)	$	726,729	Income approach (DCF)	Market yield		15.75%
Senior secured term loans	$	62,845,636	Income approach (DCF)	Market yield	11.50% - 13.50% (12.50%)
Senior secured term loan participations	$	105,081,088	Income approach  (DCF)	Market 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.     

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)	Market Yield		15.75%
Senior secured term loans	$	28,673,487	Income approach (DCF)	Market Yield	11.50% - 13.50% (12.50%)
Senior secured term loan participations	$	58,450,761	Income approach  (DCF)	Market 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.

The significant unobservable Level 3 inputs used in the fair value measurement of the Company’s 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

9 Months Ended

Sep. 30, 2017

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 that is comprised of two parts: (i) a subordinated fee on net investment income and (ii) an incentive fee on capital gains. The subordinated incentive fee on income is calculated and payable quarterly in arrears and is based upon the Company’s pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee is earned by the Advisor in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the quarterly preferred return rate of 1.50% (6.00% annualized) (the “Preferred Return”). In any quarter, all of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly Preferred Return, but is less than or equal to 1.875% (7.50% annualized) at the end of the immediately preceding fiscal quarter, is payable to the Advisor. For any quarter in which the Company’s pre-incentive fee net investment income exceeds 1.875% on its net assets at the end of the immediately preceding fiscal quarter, the subordinated incentive fee on income equals 20% of the amount of the Company’s pre-incentive fee net investment income.

An incentive fee on capital gains will be earned on investments sold and shall be determined and payable to the Advisor in arrears as of the end of each calendar year. The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company had no capital gains and therefore did not accrue an incentive fee on capital gains for the three and nine months ended September 30, 2017 and 2016.

Transactions

As discussed in Note 2, for the three months ended September 30, 2017 and 2016, the Sponsor assumed responsibility for $872,653 and $622,347, respectively, of the Company’s operating expenses, management fees and incentive fees, which are deferred under the Responsibility Agreement.  For the nine months ended September 30, 2017 and 2016, the Sponsor assumed responsibility for $3,831,414 and $3,740,015, respectively, of the Company’s operating expenses, management fees and incentive fees.

For the three months ended September 30, 2017 and 2016, the Advisor earned $1,658,314, and $1,122,904, respectively, in management fees and $1,447,154 and $971,204, respectively, in incentive fees. For the nine months ended September 30, 2017 and 2016, the Advisor earned $4,721,832 and $2,913,946, respectively, in management fees and $3,276,012 and $2,367,279, respectively, in incentive fees.

Since the inception of the Company through September 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,347,400 of operating expenses, management fees and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,313,400 of expenses, which have been accrued by the Sponsor as of September 30, 2017. Such expenses, in the aggregate of $16,660,800 since the Company’s inception, may be expensed and payable by the Company to the Sponsor only if the Company satisfies the Reimbursement Hurdle as further described in Note 2.

As of September 30, 2017 and December 31, 2016, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $4,063,517 and $3,175,656, 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.

As of September 30, 2017 and December 31, 2016, due to affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $0 and $68,312, respectively, was due to the Sponsor for reimbursements of offering costs.

For the three months ended September 30, 2017 and 2016, the Company paid $3,000 and $577,112, respectively, in dealer manager fees and $4,500 and $1,756,410, respectively, in selling commissions to the Company’s dealer manager, SC Distributors, LLC. For the nine months ended September 30, 2017 and 2016, the Company paid $639,088 and $1,545,731, respectively, in dealer manager fees and $2,469,610 and $5,117,824, respectively, in selling commissions. These fees and commissions were paid in connection with the sales of the Company’s 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 Statements of Operations.

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Organization and Offering Costs

9 Months Ended

Sep. 30, 2017

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Offering Costs

Note 6. Organization and Offering Costs

As of September 30, 2017, the Sponsor has paid approximately $16,828,000 of offering costs and $236,000 of organization costs relating to the Offering, all of which were paid directly by the Sponsor on behalf of the Company, and were reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $2,504,267 and $3,247,000 of offering costs, which were incurred by the Sponsor during the nine months ended September 30, 2017 and 2016, respectively. During the nine months ended September 30, 2017 and 2016, the Company paid $2,468,849 and $5,322,398, 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 September 30, 2017, the Company has reimbursed the Sponsor a total of approximately $17,079,500 of offering costs and there is no remaining balance of offering and organization costs due to the Sponsor.

The Sponsor has and may continue to incur organization and offering costs on behalf of the Company in connection with private placements of the Company’s units. As of September 30, 2017 the Sponsor has incurred $115,730 in organization and offering costs on behalf of the Company related to a private placement of the Company’s units.  As of September 30, 2017, the Company has reimbursed $17,972 of the organization and offering costs incurred relating to such private placement and $97,760 remains due and payable.  

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Notes Payable

9 Months Ended

Sep. 30, 2017

Debt Instruments [Abstract]

Promissory Notes

Note 7. Notes Payable

The Company notes payable consist of the following:

	September 30, 2017		December 31, 2016
	Outstanding Balance		Outstanding Balance
Promissory notes	$	1,860,000	$	1,635,000
Symbiotics facility		10,500,000		-
Christian Super promissory note		5,000,000		-
Total notes payable	$	17,360,000	$	1,635,000

Promissory Notes

On October 14, 2016, TGIFC issued $1.635 million in the first series of notes pursuant to a private offering of senior secured promissory notes (the “Notes”). The Notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of four different series with four different issuance and maturity dates.  The Notes issued on October 14, 2016 comprised the first series of the Notes.

The Notes have an interest rate of 3.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) (1.59%) 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.

On February 17, 2017, TGIFC issued $0.225 million in the second series of the Notes pursuant to such private offering. The notes issued on February 17, 2017 comprised the second series of the Notes and bear interest at a rate of 3.0% per annum plus one year LIBOR (1.74%) as determined on their issuance date.

The entire principal balance of each Note (and any unpaid interest) is due in one balloon payment on the “Maturity Date,” which is the first anniversary of the issuance date that either TGIFC or the applicable noteholder has designated as the Maturity Date by not less than 30 days’ prior written notice to the other party. The principal balance of each Note may not be prepaid, in whole or in part, prior to the Maturity Date.

In October, 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC.  The Subsidiaries own all of the Company’s investments. TGIFC’s obligations under the Notes are secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over all of the issued and outstanding shares of the Subsidiaries.

Symbiotics Facility

On July 3, 2017, TGIFC entered into a $10.5 million Facility Agreement (the “Facility Agreement”) with Micro, Small & Medium Enterprises Bonds S.A. (“MSMEB”) as Lender and Symbiotics SA as Servicer.  TGIFC may request an additional $39.5 million under the Facility Agreement, subject to the conditions precedent set forth in the Facility Agreement, including availability of funding.  

The Facility Agreement has an interest rate of 4.65% per annum plus the three month LIBOR (1.30% as of September 30, 2017) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the note.

The entire principal balance under the Facility Agreement (and any unpaid interest) is due in one balloon payment on July 7, 2020 (the “Maturity Date”). The principal balance under the Facility Agreement may be voluntarily prepaid, in whole or in part, prior to the Maturity Date, subject to a prepayment premium of 1.00% of the prepayment amount if the voluntary prepayment is made prior to July 3, 2019.

TGIFC’s obligations under the Facility Agreement is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and MSMEB, dated as of July 3, 2017 (the “Equitable Mortgage”) granting the holders of the Facility Agreement a mortgage over a pro rata amount of the issued and outstanding shares of the Subsidiaries. While the collateral initially pledged under the Equitable Mortgage greatly exceeds the amount funded under the Facility Agreement based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the Facility Agreement.  The Facility Agreement and the Equitable Mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.

Christian Super Promissory Note

On August 7, 2017, TGIFC issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering (the “CS Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”). The CS Note was issued pursuant to an ongoing private offering targeting $25 million in the aggregate amount and will be comprised of up to five different series with five different issuance dates, but likely the same maturity date (collectively “the CS Notes”).  The CS Note issued on August 7, 2017 comprised the first series of the CS Notes.Borrowings from the CS Notes offering will be used to pursue the Company’s investment strategy and for general corporate purposes.  

The CS Notes have an interest rate of 4.0% per annum plus the one year LIBOR (1.73%) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note.

The entire principal balance under the CS Note (and any unpaid interest) is due in one balloon payment on August 7, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty.

  TGIFC’s obligations under the CS Notes is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Notes a mortgage over 5shares out of a total of 17.36 of the issued and outstanding shares of the Subsidiaries. While the collateral initially pledged under the CS Equitable Mortgage greatly exceeds the amount funded under the CS Notes based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of the Subsidiaries to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the CS Notes.  The CS Note and the CS Equitable Mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.

For the three and nine months ended September 30, 2017, the Company recognized $215,449 and $256,540, respectively, in interest expense. The Company did not incur any interest expense during the three and nine months periods ended September 30, 2016.

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Unit Capital

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Unit Capital

Note 8. Unit Capital

As of September 30, 2017, the Company has five classes of units: Class A, Class C, Class I, Class W and Class Y units, with only Class A, Class C, Class I and Class Y units outstanding. The unit classes have different upfront sales commissions and dealer manager fees and there are ongoing distribution fees, dealer manager fees and/or service fees with respect to certain classes of units, including a distribution fee with respect to Class C units, an ongoing dealer manager fee with respect to Class I and Class W units, and an ongoing service fee with respect to Class W units. As of September 30, 2017, the Company recorded a liability in the aggregate amount of $1,961,000 for the estimated future amount of Class C unit distribution fee payable and Class I unit dealer manager fee payable. The estimated liability is calculated based on a net asset value per Class C and Class I units of $9.025 with distribution and dealer manager fees of 0.8% and 0.5%, respectively, per annum applied to the net asset value, during the expected period that Class C and Class I units remain outstanding, and discounted using an annual rate of 4%. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding.    The following table is a summary of unit activity during the nine months ended September 30, 2017:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			September 30,
	2016		the Period		the Period			2017
Class A units		15,391,991		3,072,172		(278,184	)		18,185,979
Class C units		6,803,985		1,548,378		(38,581	)		8,313,782
Class I units		7,411,405		3,113,568		(407,951	)		10,117,022
Class Y units		-		297,643		-			297,643
Total		29,607,381		8,031,761		(724,716	)		36,914,426

          The total of 8,031,761 units issued during the nine months ended September 30, 2017 included 922,746 units issued under the DRP at a value of $8,321,794. As of September 30, 2017, no Class W units have been issued.

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 greater of the unit’s net asset value or $9.025. The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of the Company’s unitholders to sell their units. Unless the Company’s board of managers determines otherwise, the Company will limit the number of units to be repurchased during any calendar year to the number of units that can be repurchased with the proceeds the Company receives from the sale of units under the Company’s DRP. At the sole discretion of the Company’s board of managers, the Company may also use cash on hand, cash available from borrowings and cash from the repayment or liquidation of investments as of the end of the applicable quarter to repurchase units.

During the nine months ended September 30, 2017, the Company received 98 repurchase requests for a total of 724,716 units at a repurchase price of $9.025 per unit. As of September 30, 2017, 52 of these repurchase requests were pending processing and were completed by the Company between October 5 to October 11, 2017.

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Distributions

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Distributions

Note 9. Distributions

Starting in July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the nine months ended September 30, 2017:

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2017	January 19, 2017	$	0.00197808	$	1,002,022	$	837,472	$	1,839,494
February 28, 2017	February 23, 2017	$	0.00197808		944,453		782,125		1,726,578
March 31, 2017	March 3, 2017	$	0.00197808		1,114,222		885,439		1,999,661
April 30, 2017	April 18, 2017	$	0.00197808		1,148,147		929,660		2,077,807
May 31, 2017	May 10, 2017	$	0.00197808		1,220,942		987,576		2,208,518
June 30, 2017	June 12, 2017	$	0.00197808		1,194,793		960,134		2,154,927
July 31, 2017	July 11, 2017	$	0.00197808		1,238,624		986,918		2,225,542
August 31, 2017	August 10, 2017	$	0.00197808		1,254,262		991,320		2,245,582
September 30, 2017	September 11, 2017	$	0.00197808		1,227,774		961,150		2,188,924
Total for 2017				$	10,345,239	$	8,321,794	$	18,667,033

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Financial Highlights

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Financial Highlights

Note 10. Financial Highlights

The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2017 and 2016.          

	Nine Months Ended
	September 30,			September 30,
	2017			2016
Per unit data (1):
Net asset value at beginning of period	$	8.47		$	8.54
Net investment income	$	0.49		$	0.56
Net change in unrealized depreciation on investments	$	-		$	(0.00	)
Net increase in net assets resulting from operations	$	0.49		$	0.56
Net change in offering costs	$	0.03		$	(0.02	)
Distributions	$	(0.54	)	$	(0.56	)
Net change in accrued distribution and other fees	$	0.01		$	(0.07	)
Net decrease in net assets	$	(0.02	)	$	(0.08	)
Net asset value at end of period (2) (3)	$	8.45		$	8.46
Total return based on net asset value (4)(5)		5.74	%		6.50	%
Net assets at end of period	$	312,070,024		$	223,109,319
Units Outstanding at end of period		36,914,426			26,372,641
Ratio/Supplemental data (annualized) (5)(6):
Ratio of net investment income to average net assets		7.70	%		8.51	%
Ratio of net operating expenses to average net assets		2.96	%		2.27	%

1 The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2017 and 2016 which were 34,744,363 and 20,576,797.

2 For financial statement reporting purposes under GAAP, as of September 30, 2017, the Company recorded a liability in the amount of $1,961,000 for the estimated future amount of Class C Distribution Fees and Class I Dealer Manager Fees payable. This liability is reflected in this table, which is consistent with the financial statements.  While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C Distribution Fees and Class I Dealer Manager Fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. As of September 30, 2017, based on the new approach to the treatment of future Class C Distribution Fees and Class I Dealer Manager Fees, the Company has calculated the net asset value to be $8.507 for all units.  If the Company would have used the same approach for presentation in determining the net asset value as of September 30, 2016, the net asset value per unit would have been $8.527.

3 The reduction in net asset value is due to the Sponsor absorbing less of the Company’s operating expenses.

4 Net asset value would have been lower 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.

5 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the nine months ended September 30, 2017 and 2016, prior to the effect of the Responsibility Agreement were as follows; total return: 4.43% and 4.38%, ratio of net investment income; 5.95% and 5.73%, and ratio of operating expenses to average net assets: 4.71% and 5.06%.

6 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year.

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Subsequent Events

9 Months Ended

Sep. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

Note 11. Subsequent Events

The Company’s management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three and nine months ended September 30, 2017, except as discussed below.

Distributions

On October 10, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for Class A, Class C, Class I, Class Y and Class W units for the period from October 1 through October 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 , an ongoing dealer manager fee with respect to certain Class I units and Class W units, and an ongoing service fee with respect to Class W units).. On November 1, 2017, $1,257,414 of these distributions were paid in cash and on October 31, 2017, $990,942 were reinvested in units for those unitholders participating in the DRP.

On November 10, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for Class A, Class C, Class I, Class Y and Class W units for the period from November 1 through November 30, 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 , an ongoing dealer manager fee with respect to certain Class I units and Class W units, and an ongoing service fee with respect to Class W units). These distributions will be paid in cash or reinvested in units, for those unitholders participating in the DRP on or about December 1, 2017.

 Investments

Subsequent to September 30, 2017 through November 10, 2017, the Company funded approximately $19.1 million in new investments and received proceeds from repayment of investments of approximately $16.2 million.

Operating Expense Responsibility Agreement

On November 10, 2017, the Company entered into an Amended and Restated Operating Expenses Responsibility Agreement with the Company’s Sponsor and Advisor. Pursuant to the terms of this agreement, the Sponsor agreed to be responsible for the Company’s cumulative operating expenses incurred through September 30, 2017, including management and incentive fees earned by the Advisor during the quarter ended September 30, 2017. For additional information refer to Notes 2 and 5.

Mac Z Group SARL

The Company has a $9,000,000 trade finance position with Mac Z Group SARL (“Mac Z”), a scrap metal recycler in Morocco. As of September 30, 2017, the outstanding balance on this position is $7,349,626. The primary collateral securing this position is 1,970 tons of copper scrap.  In late October, the designated Collateral Manager for Mac Z notified the sub-advisor of an investigation into a 1,820 ton, approximately $13.3 million, shortage of copper scrap inventory physically held in the warehouse. The copper scrap is pledged to the Company and serves as the primary collateral for this position. In addition to conducting its investigation, the sub-advisor has issued an Event of Default and is taking steps to enforce the Corporate Guarantee, Personal Guarantee and relevant pledges, which include two insurance policies. The sub-advisor has placed a blocking notice on all of the borrower’s bank accounts and has requested a freeze order from the Moroccan local courts on the physical assets of the company. Mac Z has an estimated $12 million in Zinc Ore inventory, which may serve as secondary collateral for this position. The Company is working with the sub-advisor and is investigating the issue. Based on the results of the initial investigation, the Company believes there is sufficient collateral available to cover both the outstanding principal balance and the accrued interest. The Company is placing the position on non-accrual effective October 1, 2017 and believes no adjustment to fair value is necessary.

Second Symbiotics Facility Agreement

On November 2, 2017, TGIFC entered into a second Facility Agreement to receive an additional $9.75 million in the second tranche of financing with MSMEB as Lender and Symbiotics SA as Servicer described in Note 7 above.  After receiving this second tranche, TGIFS has $20.25 million total outstanding under Symbiotics facility and may request an additional $20 million, subject to the conditions precedent set forth in the second Facility Agreement, including availability of funding. For more information about the Symbiotics facility, please see “Note 7. Notes Payable—Symbiotics Facility.”

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

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

The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP is not required for interim reporting purposes and has been omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, which was filed with the SEC on March 31, 2017.

The results of operations for the three and nine months ended September 30, 2017 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2017.

The accompanying consolidated financial statements include the accounts of the Company and its Subsidiaries, which were established to hold certain investments of the Company. The Company owns 100% of each Subsidiary and, as such, the Subsidiaries are consolidated into the Company’s consolidated financial statements. Transactions between Subsidiaries, to the extent they occur, are eliminated in consolidation. The consolidated financial statements reflect all adjustments, consisting solely of normal recurring accruals, that, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition as of and for the periods presented.

Cash

Cash

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

Prepaid Expenses

Prepaid expenses

Prepaid expenses represent prepaid insurance which is being amortized over the term of the insurance policy, which is one year. The amortization of prepaid expenses for the three and nine months ended September 30, 2017 and 2016 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 the Company has determined not to be materially different from the effective yield method.

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

The Company generally places loans on non-accrual status when 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 September 30, 2017, two portfolio companies were on non-accrual status with an aggregate fair value of $1,634,294 or 0.5% of the fair value of the Company’s total investments. 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. Interest income not recorded relative to the original terms of the loans to the two companies on non-accrual status as of September 30, 2017 amounted to approximately $62,975 and $132,257, respectively, for the three and nine months ended September 30, 2017.

Valuation of Investments

Valuation of Investments

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

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

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

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

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

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

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

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

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

2. For all investments with a stated maturity of greater than 12 months, the Company has engaged 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 discusses the preliminary valuation prepared by the Advisor and any opinion rendered by Duff & Phelps; and

4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the 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 the Company’s 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 and value) that supports the investment

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

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

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

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 and Ongoing Dealer Manager Fees

Distribution and Ongoing Dealer Manager Fees

The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. In addition, the Company pays an ongoing dealer manager fee for each Class I unit sold pursuant to a private placement. The aggregate amount of underwriting compensation for each public and private offering of the Class A, Class C, Class I, Class Y and Class W units, including any applicable distribution fee and ongoing dealer manager fee, , cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The distribution fees and ongoing dealer manager fees are not paid at the time of purchase.  Such fees are payable monthly in arrears, as they become contractually due.

In prior periods, the Company had been recording distribution fees as a periodic charge to equity as they are incurred.  Starting in June 2016, the Company determined to account for the distribution fees as a charge to equity at the time each Class C unit is sold in its Offering and record a corresponding liability for the estimated amount to be paid in future periods.  The Company accounts for the ongoing dealer manager fees paid in connection with the sale of Class I units in the private placement in the same manner. At September 30, 2017, the estimated unpaid aggregate distribution fee for Class C units amounted to $1,939,000 and the unpaid dealer manager fee for Class I units amounted to $22,000.

Income Taxes

Income Taxes

The Company is classified as a partnership for U.S. federal income tax purposes. As such, the Company allocates all income or loss to its unitholders according to their respective percentage of ownership, and is generally not subject to tax at the entity level. Therefore, no provision for federal or state income taxes has been included in these financial statements.

The Company may be subject to withholding taxes on income and capital gains imposed by certain countries in which the Company invests. The withholding tax on income is netted against the income accrued or received. Any reclaimable taxes are recorded as income. The withholding tax on realized or unrealized gain is recorded as a liability.

The Company follows the guidance for uncertainty in income taxes included in the ASC 740, Income Taxes. This guidance requires the Company to determine whether a tax position of the Company is more likely than not to be sustained upon examination by the applicable taxing authority, including the resolution of any related appeals or litigation processes, based on the technical merits of the position.

As of September 30, 2017, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 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. As of September 30, 2017, the Company has five classes of units: Class A units, Class C units, Class I units, Class W units and Class Y units, with only Class A units, Class C units, Class I units and Class Y units outstanding. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, effective June 30, 2016, the Company records liabilities for distribution fees that the Company (i) currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the dealer manager in future periods. As of September 30, 2017, under GAAP, the Company recorded a liability in the amount of $1,961,000 for the estimated future amount of Class C unit distribution fee and Class I unit dealer manager fee payable. The Company is not required to determine its net asset value under GAAP and thus, the Company’s determination of net asset value per share for Class C units now varies from GAAP. In the prior periods, the Company deducted the liability for the estimated future distribution fees in the Company’s net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than Class C units with the difference being the result of the future distribution fee deduction for Class C units. The Company has determined that such approach is not the most appropriate for determining net asset value per share for Class C units and, beginning with the net asset value determination as of June 30, 2017, the Company will not deduct the liability for estimated future distribution fees in its calculation of net asset value per share for Class C units. Further, the Company will not deduct the liability for estimated future dealer manager fees in its calculation of the net asset value per share for Class I units. The Company believes this approach is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of September 30, 2017, each of the Class A, Class C, Class I and Class Y units have the same net asset value per unit of $8.507. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). The increase in the net asset value per Class C unit from $8.267 as of March 31, 2017 to $8.507 as of September 30, 2017 is solely as a result of the change in the treatment of future distribution fees in the net asset value calculation discussed above and is not reflective of any increase in the value of the Company’s assets. Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.022 from $8.529 as of March 31, 2017 to $8.507 as of September 30, 2017 as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses during the second quarter of 2017. In addition, the Company failed to realize sufficient investment income during the second quarter of 2017, as a result of delays in finding suitable investments, to cover operating expenses.   

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 September 30, 2017 and 2016.

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 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of September 30, 2017 and December 31, 2016. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses equaled to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement relating to the Offering. The Company will continue to incur certain organization and offering costs associated with the DRP and ongoing distribution fees on Class C units. In addition, the Sponsor has and may continue to incur organization and offering  costs on behalf of the Company in connection with private placements of the Company’s units and the Company will pay selling commissions, dealer manager fees and ongoing distribution and dealer manager fee to the dealer manager for certain sales pursuant to a private placement.  As of September 30, 2017 the Sponsor has incurred $115,730 in organization and offering costs on behalf of the Company related to a private placement of the Company’s units.  As of September 30, 2017, the Company has reimbursed $17,972 of the organization and offering incurred relating to such private placement.      

Operating Expense Responsibility Agreement

Operating Expense Responsibility Agreement

On November 10, 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 September 30, 2017. Since the inception of the Company through September 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $12,347,400 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,313,400 of expenses, which have been accrued by the Sponsor as of September 30, 2017. The Sponsor will only be entitled to reimbursement of the cumulative Company expenses to the extent the Company’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Company’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). To the extent the Company is not successful in satisfying the Reimbursement Hurdle, no amount will be payable in that quarter by the Company for reimbursement to the Sponsor of the cumulative Company expenses. The Company has not met the Reimbursement Hurdle for the quarter ended September 30, 2017. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of September 30, 2017. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable and estimable.  The Sponsor may demand the reimbursement of cumulative Company expenses covered by the Responsibility Agreement to the extent the Company exceeds the Reimbursement Hurdle during any quarter.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

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 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 guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the Company does not expect the new revenue recognition guidance to have a material impact on the elements of its consolidated statements of operations, most closely associated with financial instruments, including interest and fees income. The Company plans to adopt the revenue recognition guidance in the first quarter of 2018.

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 and is dependent on the Sponsor for financial support.

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 September 30, 2017, all 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 September 30, 2017, the Company’s investment portfolio included 43 companies and was comprised of $62,845,636 or 20.2% in senior secured term loans, $105,081,088 or 33.6% in senior secured term loan participations, $119,437,912 or 38.2% in senior secured trade finance participations, and $25,000,000 or 8.0% in short term notes. The Company’s largest loan by value was $16,259,084 or 5.2% of total investments. The Company’s 5 largest loans by value comprised 24.8% of the Company’s portfolio at September 30, 2017. Participation in loans amounted to 71.8% of the Company’s total portfolio at September 30, 2017. 

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Investments (Tables)

9 Months Ended

Sep. 30, 2017

Investments Debt And Equity Securities [Abstract]

Schedule of Investments

As of September 30, 2017, the Company’s investments consisted of the following: 

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	62,845,636	$	62,845,636		20.2	%
Senior secured term loan participations		105,081,088		105,081,088		33.6	%
Senior secured trade finance participations		119,496,989		119,437,912		38.2	%
Short term notes		25,000,000		25,000,000		8.0	%
Total investments	$	312,423,713	$	312,364,636		100.0	%

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

					Percentage
	Amortized Cost		Fair Value		of Total Investments
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	%

Components of Investment Portfolio, Fair Value

The industry composition of the Company’s portfolio, at fair market value as of September 30, 2017 and December 31, 2016, was as follows:

	As of  September 30, 2017					As of December 31, 2016
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	20,351,296		6.4	%	$	22,851,296		11.2	%
Bulk Fuel Stations and Terminals		16,259,084		5.2	%		15,437,474		7.6	%
Chemicals and Allied Products		15,000,000		4.8	%		—		—
Coal and Other Minerals and Ores		30,933,254		9.9	%		6,574,351		3.2	%
Commercial Fishing		437,814		0.1	%		1,058,273		0.5	%
Communications Equipment		—		0.0	%		6,111,941		3.0	%
Consumer Products		11,080,000		3.5	%		9,900,000		4.9	%
Drugs, Proprietaries, and Sundries		1,080,000		0.3	%		—		—
Electric Services		11,500,000		3.7	%		19,500,000		9.6	%
Farm Products		2,780,194		0.9	%		3,142,480		1.5	%
Fats and Oils		12,000,000		3.8	%		6,000,000		2.9	%
Fertilizer & Agricultural Chemicals		—		0.0	%		5,078,526		2.5	%
Financial services		10,000,000		3.2	%		—		—
Freight Transportation Arrangement		15,000,000		4.8	%		—		—
Fresh or Frozen Packaged Fish		2,087,005		0.7	%		5,037,134		2.5	%
Food Products		1,236,274		0.4	%		740,690		0.4	%
Groceries and Related Products		1,476,825		0.5	%		11,195,862		5.5	%
Hotels and Motels		15,667,791		5.0	%		17,000,000		8.3	%
Land Subdividers and Developers		14,874,108		4.8	%		—		—
Logging		3,700,000		1.2	%		—		—
Lumber and Other Construction Materials		—		0.0	%		11,483		0.0	%
Meat, Poultry & Fish		9,000,000		2.9	%		9,675,717		4.7	%
Metals & Mining		6,566,481		2.1	%		2,234,145		1.1	%
Miscellaneous Plastics Products		—		0.0	%		161,018		0.1	%
Packaged Foods & Meats		500,000		0.2	%		500,000		0.2	%
Personal Credit Institutions		1,479,786		0.5	%		—		—
Petroleum and Petroleum Products		30,500,000		9.8	%		—		—
Primary Nonferrous Metals		2,372,297		0.8	%		3,000,000		1.5	%
Primary Metal Industries		6,000,000		1.9	%		6,000,000		2.9	%
Programming and Data Processing		14,034,469		4.5	%		10,236,013		5.0	%
Rental of Railroad Cars		3,513,291		1.1	%		4,411,650		2.2	%
Secondary Nonferrous Metals		17,349,626		5.6	%		7,649,945		3.8	%
Soap, Detergents, and Cleaning		1,511,446		0.5	%		2,000,000		1.0	%
Street Construction		12,218,917		3.9	%		14,927,195		7.3	%
Telephone and Telegraph Apparatus		8,322,775		2.7	%		—		—
Water Transportation		13,531,903		4.3	%		13,360,620		6.6	%
Total	$	312,364,636		100.0	%	$	203,795,813		100.0	%

Schedule of Investment by Geographical Classification

The table below shows the portfolio composition by geographic classification at fair value as of September 30, 2017 and December 31, 2016:

	As of  September 30, 2017					As of December 31, 2016
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	39,500,000		12.7	%	$	31,000,000		15.2	%
Brazil		16,885,765		5.4	%		13,087,309		6.4	%
Cabo Verde		15,667,791		5.0	%		17,000,000		8.3	%
Cayman Islands		10,000,000		3.2	%		—		—
Chile		1,326,687		0.4	%		2,234,915		1.1	%
China		10,000,000		3.2	%		—		—
Columbia		1,479,786		0.5	%		—		—
Ecuador		2,524,819		0.8	%		6,095,407		3.0	%
Ghana		27,000,000		8.6	%		19,500,000		9.6	%
Guatemala		907,565		0.3	%		907,565		0.4	%
Hong Kong		36,922,775		11.8	%		—		—
Indonesia		19,923,550		6.4	%		17,927,195		8.8	%
Kenya		15,000,000		4.8	%		161,018		0.1	%
Malaysia		15,000,000		4.8	%		—		—
Mauritius		6,476,825		2.1	%		11,195,862		5.5	%
Morocco		7,349,626		2.4	%		7,649,945		3.8	%
Namibia		15,374,108		4.9	%		500,000		0.2	%
New Zealand		3,700,000		1.2	%		—		—
Nigeria		13,531,903		4.3	%		13,360,620		6.6	%
Peru		21,339,084		6.8	%		19,337,474		9.5	%
Singapore		-		—			10,000,000		4.9	%
South Africa		5,474,165		1.8	%		14,174,143		7.0	%
United Arab Emirates		1,080,000		0.4	%		—		—
United Kingdom		17,333,254		5.6	%		6,585,834		3.2	%
Zambia		7,511,446		2.4	%		13,078,526		6.4	%
Uganda		545,942		0.2	%		—		—
Uruguay		509,545		0.2	%		—		—
Total	$	312,364,636		100.0	%	$	203,795,813		100.0	%

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

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 September 30, 2017:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	62,845,636	$	—	$	—	$	62,845,636
Senior secured term loan participations		105,081,088		—		—		105,081,088
Senior secured trade finance participations		119,437,912		—		—		119,437,912
Short term notes		25,000,000		—		—		25,000,000
Total	$	312,364,636	$	—	$	—	$	312,364,636

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 loan	$	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

Summary of Investments Classified as Level 3

The following is a reconciliation of activity for the nine months ended September 30, 2017, of investments classified as Level 3: 

	Fair Value at December 31, 2016		Purchases		Maturities or Prepayments			Accretion of discounts / Payment-in-kind interest		Net change in unrealized appreciation (depreciation)		Fair Value at September 30, 2017
Senior secured term loans	$	28,673,487	$	38,132,590	$	(4,806,488	)	$	846,047	$	—	$	62,845,636
Senior secured term loan participations		58,450,761		52,742,336		(6,837,629	)		725,620		—		105,081,088
Senior secured trade finance participations		116,671,565		139,590,347		(136,824,000	)		—		—		119,437,912
Short term notes		—		25,000,000		—			—		—		25,000,000
Total	$	203,795,813	$	255,465,273	$	(148,468,117	)	$	1,571,667	$	—	$	312,364,636

Summary of Quantitative Information of Fair Value Measurements of Investments

As of September 30, 2017, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of September 30, 2017:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	118,711,183	Cost  Approach	Recent transactions	N/A
Senior secured trade finance participations (2)	$	726,729	Income approach (DCF)	Market yield		15.75%
Senior secured term loans	$	62,845,636	Income approach (DCF)	Market yield	11.50% - 13.50% (12.50%)
Senior secured term loan participations	$	105,081,088	Income approach  (DCF)	Market 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.     

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)	Market Yield		15.75%
Senior secured term loans	$	28,673,487	Income approach (DCF)	Market Yield	11.50% - 13.50% (12.50%)
Senior secured term loan participations	$	58,450,761	Income approach  (DCF)	Market 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.

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Notes Payable (Tables)

9 Months Ended

Sep. 30, 2017

Debt Instruments [Abstract]

Summary of Notes Payable

The Company notes payable consist of the following:

	September 30, 2017		December 31, 2016
	Outstanding Balance		Outstanding Balance
Promissory notes	$	1,860,000	$	1,635,000
Symbiotics facility		10,500,000		-
Christian Super promissory note		5,000,000		-
Total notes payable	$	17,360,000	$	1,635,000

Summary of Principal Payments Due on Borrowings

The principal payments due on borrowings for each of the next five years ending December 31 and thereafter, are as follows:

Year ending December 31:	Principal payments
2017	$	1,635,000
2018		225,000
2019		-
2020		10,500,000
2021		5,000,000
	$	17,360,000

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Unit Capital (Tables)

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Summary of Transactions with Respect to the Company's Units

The following table is a summary of unit activity during the nine months ended September 30, 2017:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			September 30,
	2016		the Period		the Period			2017
Class A units		15,391,991		3,072,172		(278,184	)		18,185,979
Class C units		6,803,985		1,548,378		(38,581	)		8,313,782
Class I units		7,411,405		3,113,568		(407,951	)		10,117,022
Class Y units		-		297,643		-			297,643
Total		29,607,381		8,031,761		(724,716	)		36,914,426

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Distributions (Tables)

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Summary of Distributions Paid

Starting in July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the nine months ended September 30, 2017:

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2017	January 19, 2017	$	0.00197808	$	1,002,022	$	837,472	$	1,839,494
February 28, 2017	February 23, 2017	$	0.00197808		944,453		782,125		1,726,578
March 31, 2017	March 3, 2017	$	0.00197808		1,114,222		885,439		1,999,661
April 30, 2017	April 18, 2017	$	0.00197808		1,148,147		929,660		2,077,807
May 31, 2017	May 10, 2017	$	0.00197808		1,220,942		987,576		2,208,518
June 30, 2017	June 12, 2017	$	0.00197808		1,194,793		960,134		2,154,927
July 31, 2017	July 11, 2017	$	0.00197808		1,238,624		986,918		2,225,542
August 31, 2017	August 10, 2017	$	0.00197808		1,254,262		991,320		2,245,582
September 30, 2017	September 11, 2017	$	0.00197808		1,227,774		961,150		2,188,924
Total for 2017				$	10,345,239	$	8,321,794	$	18,667,033

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Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2017 and 2016.          

	Nine Months Ended
	September 30,			September 30,
	2017			2016
Per unit data (1):
Net asset value at beginning of period	$	8.47		$	8.54
Net investment income	$	0.49		$	0.56
Net change in unrealized depreciation on investments	$	-		$	(0.00	)
Net increase in net assets resulting from operations	$	0.49		$	0.56
Net change in offering costs	$	0.03		$	(0.02	)
Distributions	$	(0.54	)	$	(0.56	)
Net change in accrued distribution and other fees	$	0.01		$	(0.07	)
Net decrease in net assets	$	(0.02	)	$	(0.08	)
Net asset value at end of period (2) (3)	$	8.45		$	8.46
Total return based on net asset value (4)(5)		5.74	%		6.50	%
Net assets at end of period	$	312,070,024		$	223,109,319
Units Outstanding at end of period		36,914,426			26,372,641
Ratio/Supplemental data (annualized) (5)(6):
Ratio of net investment income to average net assets		7.70	%		8.51	%
Ratio of net operating expenses to average net assets		2.96	%		2.27	%

1 The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2017 and 2016 which were 34,744,363 and 20,576,797.

2 For financial statement reporting purposes under GAAP, as of September 30, 2017, the Company recorded a liability in the amount of $1,961,000 for the estimated future amount of Class C Distribution Fees and Class I Dealer Manager Fees payable. This liability is reflected in this table, which is consistent with the financial statements.  While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C Distribution Fees and Class I Dealer Manager Fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. As of September 30, 2017, based on the new approach to the treatment of future Class C Distribution Fees and Class I Dealer Manager Fees, the Company has calculated the net asset value to be $8.507 for all units.  If the Company would have used the same approach for presentation in determining the net asset value as of September 30, 2016, the net asset value per unit would have been $8.527.

3 The reduction in net asset value is due to the Sponsor absorbing less of the Company’s operating expenses.

4 Net asset value would have been lower 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.

5 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the nine months ended September 30, 2017 and 2016, prior to the effect of the Responsibility Agreement were as follows; total return: 4.43% and 4.38%, ratio of net investment income; 5.95% and 5.73%, and ratio of operating expenses to average net assets: 4.71% and 5.06%.

6 The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year.

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Organization and Operations of the Company - Additional Information (Detail)				1 Months Ended	9 Months Ended
	Jun. 11, 2013 USD ($) shares	Feb. 25, 2013 USD ($)	May 31, 2012 USD ($) shares	Mar. 31, 2017 USD ($)	Sep. 30, 2017 USD ($) Employee shares	Sep. 30, 2016 USD ($)
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction | shares					8,031,761
Offering period, description					The primary offering terminated on March 31, 2017.
Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased					$ 27,716,101	$ 43,872,717
Shares purchased under equity transaction | shares					3,072,172
Offering [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased		$ 1,500,000,000
Distribution Reinvestment Plan [Member]
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction | shares					922,746
Aggregate gross proceeds on units purchased					$ 8,321,794
Termination of Primary Offering [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased				$ 361,700,000
Termination of Primary Offering [Member] | Distribution Reinvestment Plan [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased				$ 13,337,000
TriLinc Advisors, LLC [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased			$ 200,000
Shares purchased under equity transaction | shares			22,161
TriLinc Global, LLC [Member]
Organization And Nature Of Operations [Line Items]
Formation date of limited liability company					Apr. 30, 2012
Primary offering termination date					Mar. 31, 2017
TriLinc Global, LLC [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction | shares	321,330
Aggregate gross proceeds on units purchased	$ 2,900,000
TriLinc Global, LLC [Member] | TriLinc Advisors, LLC [Member]
Organization And Nature Of Operations [Line Items]
Percentage of ownership					85.00%
TriLinc Global, LLC [Member] | Maximum [Member]
Organization And Nature Of Operations [Line Items]
Number of employees for investments in SMEs | Employee					500
TriLinc Global, LLC [Member] | Minimum [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Minimum offering requirement	$ 2,000,000
Strategic Capital Advisory Services, LLC [Member] | TriLinc Advisors, LLC [Member]
Organization And Nature Of Operations [Line Items]
Percentage of ownership					15.00%

XML

Significant Accounting Policies - Additional Information (Detail)		3 Months Ended		9 Months Ended		12 Months Ended	65 Months Ended
		Sep. 30, 2017 USD ($) Company $ / shares	Sep. 30, 2016 USD ($) $ / shares	Sep. 30, 2017 USD ($) Company Loans $ / shares	Sep. 30, 2016 USD ($) $ / shares	Dec. 31, 2016 USD ($) Company $ / shares	Sep. 30, 2017 USD ($) Company $ / shares	Mar. 31, 2017 $ / shares
Significant Accounting Policies [Line Items]
Prepaid insurance amortization period				1 year
Due date for unpaid principal and interest				90 days
Fair Value		$ 312,364,636		$ 312,364,636		$ 203,795,813	$ 312,364,636
Percentage of investment in loans				100.00%		100.00%
Number of companies on non-accrual status | Company		2		2		2	2
Number of companies on non-accrual status in unrecorded interest income | Company		2		2			2
Unrecorded investment interest income		$ 9,659,965	$ 6,356,418	$ 23,039,392	$ 14,322,752
Minimum investment maturity period				12 months
Tax liability for uncertain tax provision		0		$ 0			$ 0
Interest and penalties related to unrecognized tax benefits				0
Distribution and dealer manager fee payable		$ 1,961,000		$ 1,961,000		$ 1,907,000	$ 1,961,000
Net assets value per unit | $ / shares		$ 8.507		$ 8.507		$ 8.469	$ 8.507
Organization and offering expenses				4.70%
Number of companies included in investment portfolio | Company		43		43			43
Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 16,259,084		$ 16,259,084			$ 16,259,084
Five Largest Loans by Value [Member]
Significant Accounting Policies [Line Items]
Number of investment loans | Loans				5
Investment Concentration [Member] | Investment Portfolio [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment				71.80%
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment				5.20%
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment				24.80%
TriLinc Global, LLC [Member] | Responsibility Agreement [Member]
Significant Accounting Policies [Line Items]
Expenses paid by the sponsor on behalf of company							12,347,400
Expenses accrued by the sponsor on behalf of company		4,313,400		$ 4,313,400			4,313,400
TriLinc Global, LLC [Member] | Private Placement [Member]
Significant Accounting Policies [Line Items]
Organization and offering costs incurred by the Sponsor on behalf of the company		$ 115,730		115,730			$ 115,730
Reimbursement of organization and offering costs incurred by Sponsor				$ 17,972
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 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit.
Earliest tax year [Member]
Significant Accounting Policies [Line Items]
Open tax year				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		$ 1,939,000		$ 1,939,000			$ 1,939,000
Net assets value per unit | $ / shares		$ 8.507	$ 8.527	$ 8.507	$ 8.527		$ 8.507	$ 8.267
Blended net asset value per unit | $ / shares								8.467
Class I Units [Member]
Significant Accounting Policies [Line Items]
Unpaid dealer manager fee		$ 22,000		$ 22,000			$ 22,000
Net assets value per unit | $ / shares		$ 8.507	8.527	$ 8.507	8.527		$ 8.507	8.529
Decrease in net asset value per unit | $ / shares		$ 0.022		$ 0.022			$ 0.022
Class C Units and Class I Units [Member]
Significant Accounting Policies [Line Items]
Distribution and dealer manager fee payable		$ 1,961,000		$ 1,961,000			$ 1,961,000
Class A Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares		$ 8.507	8.527	$ 8.507	8.527		$ 8.507	$ 8.529
Decrease in net asset value per unit | $ / shares		0.022		0.022			0.022
Class Y Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares		$ 8.507	$ 8.527	$ 8.507	$ 8.527		$ 8.507
Maximum [Member]
Significant Accounting Policies [Line Items]
Organization and offering reimbursement limit				15.00%
Maximum [Member] | Class C Units [Member]
Significant Accounting Policies [Line Items]
Percentage of cap on underwriting compensation		10.00%		10.00%			10.00%
Non-Accrual Status [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 1,634,294		$ 1,634,294		$ 5,819,216	$ 1,634,294
Percentage of investment in loans				0.50%		2.90%
Unrecorded investment interest income		62,975		$ 132,257
Senior Secured Term Loans [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	62,845,636		$ 62,845,636		$ 28,673,487	62,845,636
Percentage of investment in loans				20.20%		14.10%
Senior Secured Term Loan Participations [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	105,081,088		$ 105,081,088		$ 58,450,761	105,081,088
Percentage of investment in loans				33.60%		28.70%
Senior Secured Trade Finance Participations [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	119,437,912		$ 119,437,912		$ 116,671,565	119,437,912
Percentage of investment in loans				38.20%		57.20%
Short Term Notes [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 25,000,000		$ 25,000,000			$ 25,000,000
Percentage of investment in loans				8.00%
TGIF-A [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership				100.00%
TGIF-TF [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership				100.00%
TAI [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership				100.00%
TGIF-LA [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership				100.00%
TGIF-ATF [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership				100.00%

[1] Refer to Notes 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 ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Amortized Cost		$ 312,423,713	$ 203,854,890
Fair Value		$ 312,364,636	$ 203,795,813
Percentage of Total Investments		100.00%	100.00%
Senior Secured Term Loans [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 62,845,636	$ 28,673,487
Fair Value	[1]	$ 62,845,636	$ 28,673,487
Percentage of Total Investments		20.20%	14.10%
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 105,081,088	$ 58,450,761
Fair Value	[1]	$ 105,081,088	$ 58,450,761
Percentage of Total Investments		33.60%	28.70%
Senior Secured Trade Finance Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 119,496,989	$ 116,730,642
Fair Value	[1]	$ 119,437,912	$ 116,671,565
Percentage of Total Investments		38.20%	57.20%
Short Term Notes [Member]
Schedule of Investments [Line Items]
Amortized Cost		$ 25,000,000
Fair Value		$ 25,000,000
Percentage of Total Investments		8.00%

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

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Investments - Additional Information (Detail) - USD ($)						1 Months Ended			2 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
		Jan. 31, 2017	Nov. 10, 2016	Jan. 19, 2016	Aug. 27, 2015	Oct. 31, 2017	Jul. 31, 2017	Feb. 28, 2017	Nov. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Jun. 30, 2017	Jul. 01, 2016	May 31, 2015
Schedule of Investments [Line Items]
Accrued deferred interest										$ 2,269,845		$ 2,269,845		$ 1,403,416
Short term investments maturity period												less than one year
Funded to senior secured credit purchase												$ 255,465,273	$ 185,153,644
Fair Value										312,364,636		312,364,636		203,795,813
Interest income										9,659,965	$ 6,356,418	23,039,392	14,322,752
Net accrued interest										9,629,592		9,629,592		6,866,432
Interest income reversed that had been previously accrued												2,763,160	1,493,218
Maturity of investments												148,468,117	$ 117,906,927
Fruit & Nut Distributor [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance										1,250,000		1,250,000
Fair Value										$ 726,729		$ 726,729
Annual interest rate charged										10.00%		10.00%
Trade financing participation, total balance outstanding										$ 785,806		$ 785,806
Interest on loans amount										$ 34,800		$ 69,300
Fruit & Nut Distributor [Member] | Extended Maturity [Member] | Sub-advisor [Member]
Schedule of Investments [Line Items]
Ownership percentage held in distributor										50.00%		50.00%
Farm Supplies Distributor [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance															$ 5,078,526
Proceeds from principal										$ 5,078,526
Proceeds from Interest										1,903,052
Interest income										1,352,682
Net accrued interest															$ 550,370
Interest income reversed that had been previously accrued														550,370
Waiting period available to insurer for initial review and acceptance of claim												180 days
Maturity of investments										6,981,578
Sesame Seed Exporter [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance										907,565		$ 907,565
Fair Value										907,565		907,565
Proceeds from principal									$ 92,435
Proceeds from Interest							$ 8,388	$ 90,402
Net accrued interest										55,746		55,746
Sesame Seed Exporter [Member] | Subsequent Event [Member]
Schedule of Investments [Line Items]
Proceeds from Interest						$ 23,014
Term Loan Facility [Member] | Corporacion Prodesa S.R.L. [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance		$ 2,000,000
Extended principal amount		$ 3,540,000
Interest		12.00%
Maturity		Jul. 15, 2016
Extended maturity date		Jul. 28, 2021
Inventory Facility [Member] | Corporacion Prodesa S.R.L. [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance		$ 750,000
Maturity		Feb. 15, 2015
Extended maturity date		Jul. 28, 2021
Purchase Order Facility [Member] | Corporacion Prodesa S.R.L. [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance		$ 1,750,000
Maturity		Dec. 31, 2020
Extended maturity date		Jul. 28, 2021
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Fair Value	[1]									105,081,088		105,081,088		58,450,761
Corporacion Prodesa S.R.L. [Member]
Schedule of Investments [Line Items]
Fair Value										5,080,000		5,080,000
Corporacion Prodesa S.R.L. [Member] | Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Senior secured term loan										3,330,000		3,330,000
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
Corporacion Prodesa S.R.L. [Member] | Senior Secured Purchase Order Revolving Credit Facility [Member] | Forbearance Agreement [Member]
Schedule of Investments [Line Items]
Funded to senior secured credit purchase														$ 1,750,000
Usivale Industria E Commercio [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance										2,851,296		2,851,296
Fair Value										$ 2,851,296		$ 2,851,296
Aggregate principal amount																	$ 3,000,000
Annual interest rate charged										17.43%	12.43%	17.43%	12.43%			12.43%
Standstill Period					180 days
Creditors review period				30 days
Proceeds from principal			$ 316,777
Proceeds from Interest			144,390
Interest income			$ 144,390
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 Notes 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.

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Investments - Components of Investment Portfolio, Fair Value (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Fair Value	$ 312,364,636	$ 203,795,813
Percentage of Total Investments	100.00%	100.00%
Agricultural Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 20,351,296	$ 22,851,296
Percentage of Total Investments	6.40%	11.20%
Bulk Fuel Stations and Terminals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 16,259,084	$ 15,437,474
Percentage of Total Investments	5.20%	7.60%
Chemicals and Allied Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,000,000
Percentage of Total Investments	4.80%
Coal and Other Minerals and Ores [Member]
Schedule of Investments [Line Items]
Fair Value	$ 30,933,254	$ 6,574,351
Percentage of Total Investments	9.90%	3.20%
Commercial Fishing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 437,814	$ 1,058,273
Percentage of Total Investments	0.10%	0.50%
Communications Equipment [Member]
Schedule of Investments [Line Items]
Fair Value		$ 6,111,941
Percentage of Total Investments	0.00%	3.00%
Consumer Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 11,080,000	$ 9,900,000
Percentage of Total Investments	3.50%	4.90%
Drugs, Proprietaries, and Sundries [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,080,000
Percentage of Total Investments	0.30%
Electric Services [Member]
Schedule of Investments [Line Items]
Fair Value	$ 11,500,000	$ 19,500,000
Percentage of Total Investments	3.70%	9.60%
Farm Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,780,194	$ 3,142,480
Percentage of Total Investments	0.90%	1.50%
Fats and Oils [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,000,000	$ 6,000,000
Percentage of Total Investments	3.80%	2.90%
Fertilizer & Agricultural Chemicals [Member]
Schedule of Investments [Line Items]
Fair Value		$ 5,078,526
Percentage of Total Investments	0.00%	2.50%
Financial Services [Member]
Schedule of Investments [Line Items]
Fair Value	$ 10,000,000
Percentage of Total Investments	3.20%
Freight Transportation Arrangement [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,000,000
Percentage of Total Investments	4.80%
Fresh or Frozen Packaged Fish [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,087,005	$ 5,037,134
Percentage of Total Investments	0.70%	2.50%
Food Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,236,274	$ 740,690
Percentage of Total Investments	0.40%	0.40%
Groceries and Related Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,476,825	$ 11,195,862
Percentage of Total Investments	0.50%	5.50%
Hotels and Motels [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,667,791	$ 17,000,000
Percentage of Total Investments	5.00%	8.30%
Land Subdividers and Developers [Member]
Schedule of Investments [Line Items]
Fair Value	$ 14,874,108
Percentage of Total Investments	4.80%
Logging [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,700,000
Percentage of Total Investments	1.20%
Lumber and Other Construction Materials [Member]
Schedule of Investments [Line Items]
Fair Value		$ 11,483
Percentage of Total Investments	0.00%	0.00%
Meat, Poultry & Fish [Member]
Schedule of Investments [Line Items]
Fair Value	$ 9,000,000	$ 9,675,717
Percentage of Total Investments	2.90%	4.70%
Metals & Mining [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,566,481	$ 2,234,145
Percentage of Total Investments	2.10%	1.10%
Miscellaneous Plastics Products [Member]
Schedule of Investments [Line Items]
Fair Value		$ 161,018
Percentage of Total Investments	0.00%	0.10%
Packaged Foods & Meats [Member]
Schedule of Investments [Line Items]
Fair Value	$ 500,000	$ 500,000
Percentage of Total Investments	0.20%	0.20%
Personal Credit Institutions [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,479,786
Percentage of Total Investments	0.50%
Petroleum and Petroleum Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 30,500,000
Percentage of Total Investments	9.80%
Primary Nonferrous Metals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,372,297	$ 3,000,000
Percentage of Total Investments	0.80%	1.50%
Primary Metal Industries [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,000,000	$ 6,000,000
Percentage of Total Investments	1.90%	2.90%
Programming and Data Processing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 14,034,469	$ 10,236,013
Percentage of Total Investments	4.50%	5.00%
Rental of Railroad Cars [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,513,291	$ 4,411,650
Percentage of Total Investments	1.10%	2.20%
Secondary Nonferrous Metals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,349,626	$ 7,649,945
Percentage of Total Investments	5.60%	3.80%
Soap, Detergents, and Cleaning [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,511,446	$ 2,000,000
Percentage of Total Investments	0.50%	1.00%
Street Construction [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,218,917	$ 14,927,195
Percentage of Total Investments	3.90%	7.30%
Telephone and Telegraph Apparatus [Member]
Schedule of Investments [Line Items]
Fair Value	$ 8,322,775
Percentage of Total Investments	2.70%
Water Transportation [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,531,903	$ 13,360,620
Percentage of Total Investments	4.30%	6.60%

XML

Investments - Schedule of Investment by Geographical Classification (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Fair Value	$ 312,364,636	$ 203,795,813
Percentage of Total Investments	100.00%	100.00%
Argentina [Member]
Schedule of Investments [Line Items]
Fair Value	$ 39,500,000	$ 31,000,000
Percentage of Total Investments	12.70%	15.20%
Brazil [Member]
Schedule of Investments [Line Items]
Fair Value	$ 16,885,765	$ 13,087,309
Percentage of Total Investments	5.40%	6.40%
Cabo Verde [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,667,791	$ 17,000,000
Percentage of Total Investments	5.00%	8.30%
Cayman Islands [Member]
Schedule of Investments [Line Items]
Fair Value	$ 10,000,000
Percentage of Total Investments	3.20%
Chile [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,326,687	$ 2,234,915
Percentage of Total Investments	0.40%	1.10%
China [Member]
Schedule of Investments [Line Items]
Fair Value	$ 10,000,000
Percentage of Total Investments	3.20%
Columbia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,479,786
Percentage of Total Investments	0.50%
Ecuador [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,524,819	$ 6,095,407
Percentage of Total Investments	0.80%	3.00%
Ghana [Member]
Schedule of Investments [Line Items]
Fair Value	$ 27,000,000	$ 19,500,000
Percentage of Total Investments	8.60%	9.60%
Guatemala [Member]
Schedule of Investments [Line Items]
Fair Value	$ 907,565	$ 907,565
Percentage of Total Investments	0.30%	0.40%
Hong Kong [Member]
Schedule of Investments [Line Items]
Fair Value	$ 36,922,775
Percentage of Total Investments	11.80%
Indonesia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 19,923,550	$ 17,927,195
Percentage of Total Investments	6.40%	8.80%
Kenya [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,000,000	$ 161,018
Percentage of Total Investments	4.80%	0.10%
Malaysia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,000,000
Percentage of Total Investments	4.80%
Mauritius [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,476,825	$ 11,195,862
Percentage of Total Investments	2.10%	5.50%
Morocco [Member]
Schedule of Investments [Line Items]
Fair Value	$ 7,349,626	$ 7,649,945
Percentage of Total Investments	2.40%	3.80%
Namibia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,374,108	$ 500,000
Percentage of Total Investments	4.90%	0.20%
New Zealand [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,700,000
Percentage of Total Investments	1.20%
Nigeria [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,531,903	$ 13,360,620
Percentage of Total Investments	4.30%	6.60%
Peru [Member]
Schedule of Investments [Line Items]
Fair Value	$ 21,339,084	$ 19,337,474
Percentage of Total Investments	6.80%	9.50%
Singapore [Member]
Schedule of Investments [Line Items]
Fair Value		$ 10,000,000
Percentage of Total Investments		4.90%
South Africa [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,474,165	$ 14,174,143
Percentage of Total Investments	1.80%	7.00%
United Arab Emirates [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,080,000
Percentage of Total Investments	0.40%
United Kingdom [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,333,254	$ 6,585,834
Percentage of Total Investments	5.60%	3.20%
Zambia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 7,511,446	$ 13,078,526
Percentage of Total Investments	2.40%	6.40%
Uganda [Member]
Schedule of Investments [Line Items]
Fair Value	$ 545,942
Percentage of Total Investments	0.20%
Uruguay [Member]
Schedule of Investments [Line Items]
Fair Value	$ 509,545
Percentage of Total Investments	0.20%

XML

Fair Value Measurements - Summary of Valuation of Investments by Fair Value Hierarchy Levels (Detail) - USD ($)		Sep. 30, 2017	Dec. 31, 2016
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		$ 312,364,636	$ 203,795,813
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	62,845,636	28,673,487
Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	105,081,088	58,450,761
Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	119,437,912	116,671,565
Short Term Notes [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		25,000,000
Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		312,364,636	203,795,813
Level 3 [Member] | Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		62,845,636	28,673,487
Level 3 [Member] | Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		105,081,088	58,450,761
Level 3 [Member] | Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		119,437,912	$ 116,671,565
Level 3 [Member] | Short Term Notes [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		$ 25,000,000

[1] Refer to Notes 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 ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	$ 203,795,813
Purchases of investments	255,465,273
Maturities or Prepayments of investments	(148,468,117)
Accretion of discounts / Payment-in-kind interest	1,571,667
Net change in unrealized appreciation (depreciation) on investments		$ (59,077)
Investment owned at Fair value, ending balance	312,364,636
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	28,673,487
Purchases of investments	38,132,590
Maturities or Prepayments of investments	(4,806,488)
Accretion of discounts / Payment-in-kind interest	846,047
Investment owned at Fair value, ending balance	62,845,636
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	58,450,761
Purchases of investments	52,742,336
Maturities or Prepayments of investments	(6,837,629)
Accretion of discounts / Payment-in-kind interest	725,620
Investment owned at Fair value, ending balance	105,081,088
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	116,671,565
Purchases of investments	139,590,347
Maturities or Prepayments of investments	(136,824,000)
Investment owned at Fair value, ending balance	119,437,912
Short Term Notes [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases of investments	25,000,000
Investment owned at Fair value, ending balance	$ 25,000,000

XML

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Realized gains or losses on investments	$ 0	$ 0	$ 0	$ 0

XML

Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Detail) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2017	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 312,364,636	$ 203,795,813
Senior Secured Trade Finance Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	119,437,912	116,671,565
Senior Secured Term Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	62,845,636	28,673,487
Senior Secured Term Loan Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	105,081,088	58,450,761
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		312,364,636	203,795,813
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		119,437,912	116,671,565
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]	$ 118,711,183	$ 115,930,875
Unobservable input	[2]	Recent transactions	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	[3]	$ 726,729	$ 740,690
Unobservable input	[3]	Market yield	Market Yield
Range (weighted average)	[3]	15.75%	15.75%
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		$ 62,845,636	$ 28,673,487
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		$ 62,845,636	$ 28,673,487
Unobservable input		Market yield	Market Yield
Range (weighted average)		12.50%	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%	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%	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		$ 105,081,088	$ 58,450,761
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		$ 105,081,088	$ 58,450,761
Unobservable input		Market yield	Market Yield
Range (weighted average)		13.99%	13.99%
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%	11.50%
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%	15.70%

[1] Refer to Notes 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.

XML

Related Parties - Additional Information (Detail) - USD ($)		3 Months Ended		9 Months Ended		65 Months Ended
	Mar. 03, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Accrued incentive fee on capital gains		$ 574,501		$ 574,501		$ 574,501
Advisor earned management fees		1,658,314	$ 1,122,904	4,721,832	$ 2,913,146
Advisor earned incentive fees		1,447,154	971,204	3,276,012	2,367,279
Due to affiliates							$ 68,312
Due from affiliates		4,063,517		$ 4,063,517		4,063,517	3,175,656
TriLinc Advisors, LLC [Member]
Related Party Transaction [Line Items]
Advisory agreement, extended maturity date	Feb. 25, 2018
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	$ 0	0
Accrued incentive fee on capital gains		0	0	0	0	0
Advisor earned management fees		1,658,314	1,122,904	4,721,832	2,913,946
Advisor earned incentive fees		1,447,154	971,204	3,276,012	2,367,279
TriLinc Global, LLC [Member]
Related Party Transaction [Line Items]
Due to affiliates		0		0		0	68,312
Due from affiliates		4,063,517		4,063,517		4,063,517	$ 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		872,653	622,347	3,831,414	3,740,015
Expenses paid by the sponsor on behalf of company						12,347,400
Expenses accrued by the sponsor on behalf of company		4,313,400		4,313,400		4,313,400
Due to affiliates		16,660,800		16,660,800		$ 16,660,800
SC Distributors, LLC [Member]
Related Party Transaction [Line Items]
Dealer manager fees paid		3,000	577,112	639,088	1,545,731
Selling commissions paid		$ 4,500	$ 1,756,410	$ 2,469,610	$ 5,117,824

XML

Organization and Offering Costs - Additional Information (Detail) - USD ($)	9 Months Ended		65 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Dec. 31, 2016
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	$ 17,079,531		$ 17,079,531	$ 14,543,691
Reimbursement of offering costs incurred by Sponsor	2,535,840	$ 5,322,398
Payment for reimbursement of offering costs incurred by Sponsor	2,604,152	5,690,400
TriLinc Global, LLC [Member]
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	16,828,000		16,828,000
Organization costs paid by the Sponsor on behalf of the Company	236,000		236,000
Reimbursement of offering costs incurred by Sponsor	2,504,267	3,247,000
Payment for reimbursement of offering costs incurred by Sponsor	2,468,849	$ 5,322,398
Reimbursement of organization costs incurred by Sponsor			17,079,500
Remaining balance of offering and organization costs due to the Sponsor	0		0
TriLinc Global, LLC [Member] | Private Placement [Member]
Organization And Offering Costs [Line Items]
Remaining balance of offering and organization costs due to the Sponsor	97,760		97,760
Organization and offering costs incurred by the Sponsor on behalf of the company	115,730		$ 115,730
Reimbursement of organization and offering costs incurred by Sponsor	$ 17,972

XML

Notes Payable - Summary of Notes Payable (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Outstanding Balance, notes payable	$ 17,360,000	$ 1,635,000
Promissory Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable	1,860,000	$ 1,635,000
Christian Super [Member] | Promissory Notes [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable	5,000,000
Facility Agreement [Member] | Symbiotics Facility [Member]
Debt Instrument [Line Items]
Outstanding Balance, notes payable	$ 10,500,000

XML

Notes Payable - Additional Information (Detail) - USD ($)			3 Months Ended		9 Months Ended
	Aug. 07, 2017	Jul. 03, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Feb. 17, 2017	Oct. 14, 2016
Debt Instrument [Line Items]
Debt instrument, frequency of periodic payment					quarterly in arrears within 15 days after the end of each calendar quarter.
Interest expense recognized			$ 215,449		$ 256,540
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Facility Agreement [Member] | Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member]
Debt Instrument [Line Items]
Issuance of notes		$ 10,500,000
Notes issuance, interest rate terms					The Facility Agreement has an interest rate of 4.65% per annum plus the three month LIBOR (1.30% as of September 30, 2017) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the note.
Notes issuance, payment terms					The entire principal balance under the Facility Agreement (and any unpaid interest) is due in one balloon payment on July 7, 2020 (the “Maturity Date”). The principal balance under the Facility Agreement may be voluntarily prepaid, in whole or in part, prior to the Maturity Date, subject to a prepayment premium of 1.00% of the prepayment amount if the voluntary prepayment is made prior to July 3, 2019.
Additional borrowing facility requirement		$ 39,500,000
Maturity date		Jul. 07, 2020
Percentage of prepayment premium		1.00%
Prepayment date		Jul. 03, 2019
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Three Month LIBOR [Member] | Facility Agreement [Member] | Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member]
Debt Instrument [Line Items]
Annual interest rate charged		4.65%
Description of variable interest rate					three month
Variable interest rate			1.30%		1.30%
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member]
Debt Instrument [Line Items]
Issuance of notes							$ 225,000	$ 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 London Interbank Offered Rate (“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			$ 215,449	$ 0	$ 256,540	$ 0
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Issuance of notes	$ 5,000,000
Target issuance of notes aggregate amount	$ 25,000,000
Notes issuance, interest rate terms					The CS Notes have an interest rate of 4.0% per annum plus the one year LIBOR (1.73%) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the CS Note
Notes issuance, payment terms					The entire principal balance under the CS Note (and any unpaid interest) is due in one balloon payment on August 7, 2021, which is the fourth anniversary of the issuance date. The principal balance of the CS Note may be prepaid prior to the maturity date without premium or penalty.
Transferred shares, description					TGIFC’s obligations under the CS Notes is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”), granting the holder of the CS Notes a mortgage over 5 shares out of a total of 17.36 of the issued and outstanding shares of the Subsidiaries.
Shares mortgaged from subsidiaries shares issued and outstanding	5
Shares available for mortgage	17.36
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | One Year LIBOR [Member]
Debt Instrument [Line Items]
Annual interest rate charged							3.00%	3.00%
Description of variable interest rate					one year London Interbank Offered Rate (“LIBOR”)
Variable interest rate							1.74%	1.59%
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | One Year LIBOR [Member] | State Street Australia Ltd ACF Christian Super [Member]
Debt Instrument [Line Items]
Annual interest rate charged	4.00%
Description of variable interest rate					one year LIBOR
Variable interest rate	1.73%

XML

Notes Payable - Summary of Principal Payments Due on Borrowings (Detail)	Sep. 30, 2017 USD ($)
Debt Instruments [Abstract]
Principal payments, 2017	$ 1,635,000
Principal payments, 2018	225,000
Principal payments, 2020	10,500,000
Principal payments, 2021	5,000,000
Principal payments, total	$ 17,360,000

XML

Unit Capital - Additional Information (Detail) - USD ($)		9 Months Ended
	Jun. 11, 2014	Sep. 30, 2017
Capital Unit [Line Items]
Units Issued During the Period		8,031,761
Held Units For Minimum year	1 year
Unit Repurchase Price Description		price equal to the greater of the unit’s net asset value or $9.025.
Repurchase Price Per unit	$ 9.025	$ 9.025
Repurchase of Aggregate units		724,716
Maximum [Member]
Capital Unit [Line Items]
Percentage of Total	5.00%
Distribution Reinvestment Plan [Member]
Capital Unit [Line Items]
Units Issued During the Period		922,746
Units Issued During the Period, value		$ 8,321,794
Class W Units [Member]
Capital Unit [Line Items]
Units Issued During the Period		0
Class C Units [Member]
Capital Unit [Line Items]
Distribution and dealer manager fee payable		$ 1,961,000
Estimated net assets value per unit		$ 9.025
Distribution and dealer manager fee payable, discount rate		4.00%
Percentage of distribution and dealer manager fee per annum		0.80%
Units Issued During the Period		1,548,378
Class I Units [Member]
Capital Unit [Line Items]
Distribution and dealer manager fee payable		$ 1,961,000
Estimated net assets value per unit		$ 9.025
Distribution and dealer manager fee payable, discount rate		4.00%
Percentage of distribution and dealer manager fee per annum		0.50%
Units Issued During the Period		3,113,568

XML

Unit Capital - Summary of Transactions with Respect to the Company's Units (Detail)	9 Months Ended
	Sep. 30, 2017 shares
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	29,607,381
Units Issued During the Period	8,031,761
Units Repurchased During the Period	(724,716)
Units Outstanding, Ending Balance	36,914,426
Class A Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	15,391,991
Units Issued During the Period	3,072,172
Units Repurchased During the Period	(278,184)
Units Outstanding, Ending Balance	18,185,979
Class C Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	6,803,985
Units Issued During the Period	1,548,378
Units Repurchased During the Period	(38,581)
Units Outstanding, Ending Balance	8,313,782
Class I Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	7,411,405
Units Issued During the Period	3,113,568
Units Repurchased During the Period	(407,951)
Units Outstanding, Ending Balance	10,117,022
Class Y Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	0
Units Issued During the Period	297,643
Units Outstanding, Ending Balance	297,643

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Distributions - Summary of Distributions Paid (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Cash Distributions	$ 10,345,239	$ 6,475,196
Distributions Reinvested	8,321,794
Total Declared	$ 18,667,033
January 31, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jan. 19, 2017
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,002,022
Distributions Reinvested	837,472
Total Declared	$ 1,839,494
February 28, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Feb. 23, 2017
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 944,453
Distributions Reinvested	782,125
Total Declared	$ 1,726,578
March 31, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Mar. 03, 2017
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,114,222
Distributions Reinvested	885,439
Total Declared	$ 1,999,661
April 30, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Apr. 18, 2017
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,148,147
Distributions Reinvested	929,660
Total Declared	$ 2,077,807
May 31, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	May 10, 2017
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,220,942
Distributions Reinvested	987,576
Total Declared	$ 2,208,518
June 30, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jun. 12, 2017
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,194,793
Distributions Reinvested	960,134
Total Declared	$ 2,154,927
July 31, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jul. 11, 2017
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,238,624
Distributions Reinvested	986,918
Total Declared	$ 2,225,542
August 31, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Aug. 10, 2017
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,254,262
Distributions Reinvested	991,320
Total Declared	$ 2,245,582
September 30, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Sep. 11, 2017
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,227,774
Distributions Reinvested	961,150
Total Declared	$ 2,188,924

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Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Net asset value at beginning of period			$ 8.47	$ 8.54
Net investment income	$ 0.18	$ 0.20	0.49	0.56
Net change in unrealized depreciation on investments				0.00
Net increase in net assets resulting from operations			0.49	0.56
Net change in offering costs			0.03	(0.02)
Distributions			(0.54)	(0.56)
Net change in accrued distribution and other fees			0.01	(0.07)
Net decrease in net assets			(0.02)	(0.08)
Net asset value at end of period	$ 8.45	$ 8.46	$ 8.45	$ 8.46
Total return based on net asset value			5.74%	6.50%
Net assets at end of period	$ 312,070,024	$ 223,109,319	$ 312,070,024	$ 223,109,319	$ 250,755,915	$ 138,620,607
Units Outstanding at end of period	36,914,426	26,372,641	36,914,426	26,372,641	29,607,381
Ratio/Supplemental data (annualized):
Ratio of net investment income to average net assets			7.70%	8.51%
Ratio of net operating expenses to average net assets			2.96%	2.27%

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Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Mar. 31, 2014	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2013	Mar. 31, 2017	Dec. 31, 2016
Schedule Of Financial Highlights [Line Items]
Weighted average units outstanding	36,665,626	23,074,683		34,744,363	20,576,797
Net assets value per unit	$ 8.507			$ 8.507				$ 8.469
Contributions from Sponsor			$ 31,750			$ 51,034
Total return based on net asset value				5.74%	6.50%
Ratio of net investment income to average net assets				7.70%	8.51%
Ratio of net operating expenses to average net assets				2.96%	2.27%
Class C and Class I Units [Member]
Schedule Of Financial Highlights [Line Items]
Distribution and dealer manager fees payable	$ 1,961,000			$ 1,961,000
Class A Units [Member]
Schedule Of Financial Highlights [Line Items]
Net assets value per unit	$ 8.507	$ 8.527		$ 8.507	$ 8.527		$ 8.529
Class C Units [Member]
Schedule Of Financial Highlights [Line Items]
Net assets value per unit	8.507	8.527		8.507	8.527		8.267
Class I Units [Member]
Schedule Of Financial Highlights [Line Items]
Net assets value per unit	8.507	8.527		8.507	8.527		$ 8.529
Class Y Units [Member]
Schedule Of Financial Highlights [Line Items]
Net assets value per unit	$ 8.507	$ 8.527		$ 8.507	$ 8.527
Responsibility Agreement [Member]
Schedule Of Financial Highlights [Line Items]
Total return based on net asset value				4.43%	4.38%
Ratio of net investment income to average net assets				5.95%	5.73%
Ratio of net operating expenses to average net assets				4.71%	5.06%

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Subsequent Events - Additional Information (Detail)					1 Months Ended		9 Months Ended
	Nov. 10, 2017 USD ($) $ / shares	Nov. 02, 2017 USD ($)	Nov. 01, 2017 USD ($)	Oct. 10, 2017 $ / shares	Nov. 10, 2017 USD ($)	Oct. 31, 2017 USD ($) t	Sep. 30, 2017 USD ($) t	Sep. 30, 2016 USD ($)
Subsequent Event [Line Items]
Cash paid for distributions							$ 10,345,239	$ 6,475,196
Mac Z Group SARL [Member] | Morocco [Member]
Subsequent Event [Line Items]
Entire principal amount							9,000,000
Principal Amount							$ 7,349,626
Mac Z Group SARL [Member] | Copper [Member] | Morocco [Member]
Subsequent Event [Line Items]
Quantity of primary collateral securing position, scrap | t							1,970
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends distribution declared date	Nov. 10, 2017			Oct. 10, 2017
Dividend distribution period start date	Nov. 01, 2017			Oct. 01, 2017
Dividend distribution period end date	Nov. 30, 2017			Oct. 31, 2017
Dividends declared per unit | $ / shares	$ 0.00197808			$ 0.00197808
Cash paid for distributions			$ 1,257,414
Reinvestment under distribution reinvestment plan						$ 990,942
Date of distributions in cash or reinvestment in units	Dec. 01, 2017
Funded new investments	$ 19,100,000				$ 19,100,000
Proceeds from repayment of investments					$ 16,200,000
Subsequent Event [Member] | TriLinc Global Impact Fund Cayman, Ltd. [Member] | Second Tranche of Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member] | Facility Agreement [Member]
Subsequent Event [Line Items]
Debt instrument, additional borrowings		$ 9,750,000
Debt instrument, total outstanding amount		20,250,000
Additional borrowing facility requirement		$ 20,000,000
Subsequent Event [Member] | Mac Z Group SARL [Member] | Copper [Member] | Morocco [Member]
Subsequent Event [Line Items]
Shortage of scrap inventory quantity | t						1,820
Scrap collateral value						$ 13,300,000
Subsequent Event [Member] | Mac Z Group SARL [Member] | Zinc Ore Inventory [Member] | Morocco [Member]
Subsequent Event [Line Items]
Scrap collateral value						$ 12,000,000