10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended June 30, 2014

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 333-185676

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  x    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  x    No  ¨

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

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	x  (Do not check if a smaller reporting company)	Smaller reporting company	¨

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

Table of Contents

Part I. Financial Information	3
Item 1. Consolidated Financial Statements	3
Consolidated Statements of Assets and Liabilities as of June 30, 2014 (unaudited) and December 31, 2013	3
Consolidated Statements of Operations for the three and six months ended June 30, 2014 and 2013 (unaudited)	4
Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2014 and 2013 (unaudited)	5
Consolidated Statements of Cash Flows for the six months ended June 30, 2014 and 2013 (unaudited)	6
Consolidated Schedule of Investments as of June 30, 2014 (unaudited) and December 31, 2013	7-8
Notes to Financial Statements (unaudited)	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3. Quantitative and Qualitative Disclosures About Market Risk	30
Item 4. Controls and Procedures	30
Part II. Other Information	30
Item 1. Legal Proceedings	30
Item 1A. Risk Factors	30
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	31
Item 3. Defaults Upon Senior Securities	32
Item 4. Mine Safety Disclosures	32
Item 5. Other Information	32
Item 6. Exhibits	33

2

Part I. Financial Information

Item 1. Consolidated Financial Statements.

TriLinc Global Impact Fund, LLC

Consolidated Statements of Assets and Liabilities

	As of
	June 30,			December 31,
	2014			2013
	(Unaudited)
ASSETS
Investments owned, at fair value (amortized cost of $17,993,558 and $6,547,061, respectively)	$	17,993,558		$	6,547,061
Cash		10,981,833			6,666,659
Interest receivable		239,778			114,809
Due from affiliates (see Note 5)		814,394			79,109
Prepaid expenses		7,740			54,180
Total assets		30,037,303			13,461,818
LIABILITIES
Due to unitholders		128,489			65,015
Management fee payable		149,467			—
Due to affiliates (see Note 6)		15,480			31,391
Other payables		—			149
Total liabilities		293,436			96,555
NET ASSETS	$	29,743,867		$	13,365,263
ANALYSIS OF NET ASSETS:
Net capital paid in on Class A units	$	12,599,702		$	3,405,283
Net capital paid in on Class C units		1,704,981			385,565
Net capital paid in on Class I units		17,058,237			10,280,361
Offering costs		(1,619,053	)		(705,946	)
Net assets (equivalent to $8.559 and $8.572, respectively per Class A, Class C and Class I unit based on units outstanding of 3,475,116.678 and 1,559,136.769, respectively)	$	29,743,867		$	13,365,263
Net assets, Class A (units outstanding of 1,396,088.817 and 377,316.669, respectively)	$	11,949,262		$	3,234,442
Net assets, Class C (units outstanding of 188,917.532 and 42,721.867, respectively)		1,616,964			366,221
Net assets, Class I (units outstanding of 1,890,110.329 and 1,139,098.233, respectively)		16,177,641			9,764,600
Net assets	$	29,743,867		$	13,365,263

See accompanying notes to the consolidated financial statements.

3

TriLinc Global Impact Fund, LLC

Consolidated Statements of Operations

(Unaudited)

	Three months ended					Six months ended
	June 30, 2014			June 30, 2013		June 30, 2014			June 30, 2013
INVESTMENT INCOME
Interest income	$	656,910		$	3,674	$	946,684		$	3,674
Interest from cash		651			—		651			39
Total investment income		657,561			3,674		947,335			3,713
EXPENSES
Management fees		149,467			3,090		258,546			3,090
Incentive fees		99,663			—		157,618			—
Operating expenses		9,780			—		9,780			—
Total expenses		258,910			3,090		425,944			3,090
Expense support payment from Sponsor		(99,663	)		—		(266,697	)		—
Net expenses		159,247			3,090		159,247			3,090
NET INVESTMENT INCOME		498,314			584		788,088			623
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	498,314		$	584	$	788,088		$	623
NET INCOME PER UNITS - BASIC AND DILUTED	$	0.17		$	0.01	$	0.32		$	0.01
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED		2,906,193.746			91,828.126		2,493,438.210			57,186.847

See accompanying notes to the consolidated financial statements.

4

TriLinc Global Impact Fund, LLC

Consolidated Statements of Changes in Net Assets

(Unaudited)

	Six months ended
	June 30, 2014			June 30, 2013
INCREASE FROM OPERATIONS
Net investment income	$	788,088		$	623
Net increase from operations		788,088			623
DECREASE FROM DISTRIBUTIONS
Distributions to Class A unitholders		(269,458	)		—
Distributions to Class C unitholders		(28,208	)		—
Distributions to Class I unitholders		(522,111	)		—
Net decrease from distributions		(819,777	)		—
INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS
Issuance of Class A units		9,194,335			2,900,000
Issuance of Class C units		1,319,449			—
Issuance of Class I units		6,777,866			19,650
Contribution from Sponsor		31,750			—
Offering costs		(913,107	)		(155,983	)
Net increase from capital transactions		16,410,293			2,763,667
Net increase in net assets		16,378,604			2,764,290
Net assets at beginning of period		13,365,263			199,862
Net assets at end of period	$	29,743,867		$	2,964,152

See accompanying notes to the consolidated financial statements.

5

TriLinc Global Impact Fund, LLC

Consolidated Statements of Cash Flows

(Unaudited)

	Six months ended
	June 30, 2014			June 30, 2013
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	788,088		$	623
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES
Purchase of investments		(17,465,336	)		(737,325	)
Maturity of investments		6,121,226
Accretion of discounts on investments		(102,387	)		—
Increase in interest receivable		(124,969	)		(3,237	)
Increase in due from affiliates		(754,569	)		—
Decrease in prepaid expenses		46,440			—
Increase in due to unitholders		63,474			—
Increase in management fee payable		149,467			3,090
Decrease in due to affiliates		—			350
Decrease in other payable		(149	)		—
NET CASH USED IN OPERATING ACTIVITIES		(11,278,715	)		(736,499	)
Cash flows from financing activities
Proceeds from issuance of units		17,068,565			2,919,650
Distributions paid to unitholders		(596,692	)		—
Payments of offering costs		(929,018	)		(155,983	)
Capital contribution from our Sponsor		51,034			—
NET CASH PROVIDED BY FINANCING ACTIVITIES		15,593,889			2,763,667
TOTAL INCREASE IN CASH		4,315,174			2,027,168
CASH AT BEGINNING OF THE PERIOD		6,666,659			200,114
CASH AT END OF THE PERIOD	$	10,981,833		$	2,227,282
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	$	223,085		$	—
Capital contribution from our Sponsor		31,750

See accompanying notes to the consolidated financial statements.

6

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

As of June 30, 2014

(Unaudited)

Investment Type / Country	Portfolio Company	Sector	Description	Interest			Fees (2)			Maturity (3)		Principal Amount		Current Commitment (4)		Amortized Cost		Fair Value		% of Net Assets
Senior Secured Term Loan Participations (1)
Peru	Corporacion Prodesa S.R.L.	Consumer Products	Diaper Manufacturer		13.00 13.10	%-  %		0.0	%		2/15/2015- 7/12/2016		2,750,000		2,750,000		2,750,000		2,750,000		9.2	%
Brazil	Usivale Industria y Commercio	Agricultural Products	Sugar Producer		12.43	%		0.0	%		12/15/2014- 12/15/2016		3,000,000		3,000,000		3,000,000		3,000,000		10.1	%
Peru	Phoenix Foods, S.A.C.	Food Products	Food Processor		13.00	%		0.0	%		11/29/2014		464,000		464,000		464,000		464,000		1.6	%
Total Senior Secured Term Loan Participations																	6,214,000		6,214,000		20.9	%
Senior Secured Trade Finance Participations (1)
Argentina	Compania Argentina De Granos	Agricultural Products	Agriculture Distributor		9.41	%		0.0	%		4/2/2015		3,136,738		5,000,000		3,136,738		3,136,738		10.5	%
Argentina	Sancor Coop Unidas Ltd.	Consumer Products	Dairy Co- Operative		10.33	%		0.0	%		8/1/2014		3,142,820		5,000,000		3,142,820		3,142,820		10.6	%
Peru	Conductores y Cables del Peru	Electrical Equipment	Insulated Wire Manufacturer		8.00	%		0.0	%		9/25/2014		1,500,000		3,000,000		1,500,000		1,500,000		5.0	%
Argentina	Frigorifico Regional Industrias Alimenticias S.A.	Meat, Poultry & Fish	Beef Exporter		11.98	%		0.0	%		6/5/2015		4,000,000		5,000,000		4,000,000		4,000,000		13.4	%
Total Senior Secured Trade Finance Participations																	11,779,558		11,779,558		39.5	%
Total Investments																$	17,993,558	$	17,993,558

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.

³  Given the nature of trade finance contracts, trade finance borrowers typically have a 30 day grace period relative to the maturity date.

⁴  Loan commitments are subject to the availability of funds and do not represent a contractual obligation to provide funding to the borrower.

7

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

December 31, 2013

Investment Type / Country	Portfolio Company	Sector	Description	Interest			Fees (2)			Maturity		Principal Amount		Current Commitment (3)		Amortized Cost		Fair Value		% of Net Assets
Secured Mezzanine Term Loan (1)
Indonesia	PT Indah Global Semesta (IGS) (4)	Consumer Electronics	Electronics Retailer		10.00	%		4.50	%		7/26/2014	$	3,000,000		3,000,000	$	2,952,836	$	2,952,836		22.1	%
Total Secured Mezzanine Term Loan																	2,952,836		2,952,836		22.1	%
Senior Secured Term Loan Participations (1)
Peru	Corporacion Prodesa S.R.L.	Consumer Products	Diaper Manufacturer		13.10	%		0.0	%		7/12/2016		500,000		500,000		500,000		500,000		3.7	%
Brazil	Usivale Industria y Commercio	Agricultural Products	Sugar Producer		12.43	%		0.0	%		12/15/2014- 12/15/2016		2,500,000		2,500,000		2,500,000		2,500,000		18.7	%
Total Senior Secured Term Loan Participations																	3,000,000		3,000,000		22.4	%
Senior Secured Trade Finance Participations (1)
Chile	Forestal Rio Calle Calle S.A.	Forest Products	Sustainable Timber Exporter		9.85	%		0.0	%		1/14/2014		500,000		500,000		500,000		500,000		3.7	%
Ecuador	Gondi. S.A.	Meat, Poultry & Fish	Other		12.46 12.55	%-  %		0.0	%		8/08/2014- 9/21/2014		94,225		500,000		94,225		94,225		0.7	%
Total Senior Secured Trade Finance Participations																	594,225		594,225		4.4	%
Total Investments																$	6,547,061	$	6,547,061

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.

³  Other than the IGS loan facility, all other loan commitments are subject to the availability of funds and do not represent a contractual obligation to provide funding to the borrower.

⁴  Subject to the Advisor’s approval, the borrower has the option to extend the loan for 3 years at 12-month intervals.

8

TRILINC GLOBAL IMPACT FUND, LLC

Notes to Consolidated Financial Statements

June 30, 2014

(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, primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company uses the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. 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 in the State of California.

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 22,160.665 Class A units for aggregate gross proceeds of $200,000. The Company commenced its initial public offering of up to $1,500,000,000 in units of limited liability company interest (the “Offering”) on February 25, 2013. On June 11, 2013, the Company satisfied its minimum offering requirement of $2,000,000 when the Sponsor purchased 321,329.639 Class A units for aggregate gross proceeds of $2,900,000 and the Company commenced operations. The Company’s offering period is currently scheduled to terminate two years after the initial offering date, or February 25, 2015, unless extended.

Although the Company was organized and intends to conduct its business in a manner so that it is not required to register as an investment company under the Investment Company Act of 1940, as amended, the consolidated financial statements are prepared using the specialized accounting principles of the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. Overall, the Company’s management believes the use of investment company accounting makes the Company’s financial statements more useful to investors and other financial statement users since it allows a more appropriate basis of comparison to other entities with similar objectives.

To assist the Company in achieving its investment objective, the Company makes investments via wholly owned subsidiaries. As of June 30, 2014, the Company’s subsidiaries are TriLinc Global Impact Fund – Asia, Ltd. (“TGIF-A”), TriLinc Global Impact Fund – Latin America, Ltd. (“TGIF-LA”), TriLinc Global Impact Fund – Trade Finance, Ltd. (“TGIF-TF”), and TriLinc Global Impact Fund – African Trade Finance, Ltd. (“TGIF-ATF”) (which was organized on June 20, 2014), all of which are Cayman Islands exempted companies. To assist the Advisor in managing the Company and its subsidiaries, the Advisor may provide services via TriLinc Advisors International, Ltd. (“TAI”), a Cayman Islands exempted company that is wholly owned by TriLinc Advisors, LLC. As of June 30, 2014, the Company has made, through its subsidiaries, loans in several countries located in South America and Asia.

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 preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These financial statements are presented in United States dollars.

9

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, 2013, which was filed with the Securities and Exchange Commission (“SEC”) on March 31, 2014.

The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2014.

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

Prepaid expenses

Prepaid expenses represent prepaid insurance paid by the Company during 2013. Prepaid insurance is being amortized over the term of the insurance policy, which is one year. The amortization of prepaid expense for the three and six months ended June 30, 2014, is reimbursable to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement.

Revenue Recognition

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

The Company 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. 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.

Valuation of Investments

The Company applies fair value accounting to all of its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company has categorized its investments into a three-level fair value hierarchy as discussed in Note 3.

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

10

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

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

Investments for which market quotations are readily available are valued at those quotations. Most of our 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, our board of managers has approved a multi-step valuation process to be followed each fiscal quarter, as described below:

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

2. For all investments with a maturity of greater than 12 months, we have engaged Duff & Phelps, LLC (“Duff & Phelps”) to conduct a review on the reasonableness of our internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually, and provide an opinion that the Advisor’s estimate of fair value for each investment is reasonable;

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

4. Our board of managers discusses the valuations and determines 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, an income approach, or both approaches, 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). 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. In following these approaches, the types of factors that we may take into account in valuing our investments include, as applicable: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the borrower’s ability to make payments, its earnings and discounted cash flows, the markets in which the Company does business, comparisons of financial ratios of peer companies that are public, the principal market for the borrower’s securities and an estimate of the borrower’s enterprise value, among other factors.

Equity interests in portfolio companies for which there is no liquid public market are valued at fair value. The board of managers, in its analysis of fair value, may consider various factors, such as multiples of EBITDA, cash flows, net income,

11

revenues or in limited instances book value or liquidation value. All of these factors may be subject to adjustments based upon the particular circumstances of a portfolio company or our actual investment position. For example, adjustments to EBITDA may take into account compensation to previous owners or the effects of acquisitions, recapitalizations, restructurings or other similar items.

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.

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.

Income Taxes

The Company, as a limited liability company, allocates all income or loss to its unitholders according to their respective percentage of ownership. 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.

At June 30, 2014, no tax liability for uncertain tax provision has 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, 2012.

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

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis and commenced with respect to the first full quarter after the Company commenced operations. The Company calculates its net asset value per unit by subtracting total liabilities from the total value of the Company’s assets on the date of valuation and dividing the result by the total number of outstanding units on the date of valuation. The net asset value per Class A, Class C and Class I units are calculated on a pro-rata basis based on total units outstanding.

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Net Income (Loss) per Unit

Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at June 30, 2014 and 2013.

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 up to 5.00% 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 June 30, 2014 or December 31, 2013. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. If the Company sells the maximum amount of the Offering, it anticipates that such expenses will equal approximately 1.25% of the gross proceeds raised.

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

Operating Expense Responsibility Agreement

On August 8, 2014, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement effective as of June 11, 2013 and covering expenses through June 30, 2014. Pursuant to the terms of the Amended and Restated Operating Expense Responsibility Agreement, the Sponsor has paid expenses on behalf of the Company through June 30, 2014 and will additionally pay the accrued operating expenses of the Company as of June 30, 2014 on behalf of the Company. Such expenses will not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds and, therefore, have not been recorded as expenses of the Company as of June 30, 2014. 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.

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 we have not adopted.

In June 2013, the FASB issued ASU 2013-08, Financial Services—Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 amends the current criteria for an entity to qualify as an investment company, creates new disclosure requirements and amends the measurement criteria for certain interests in other investment companies. ASU 2013-08 was effective on January 1, 2014, and did not have a material effect on the Company’s 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.

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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.

At June 30, 2014, the Company’s investment portfolio included 7 companies and was comprised of $6,214,000 or 34.5% in senior secured term loan participations, and $11,779,558 or 65.5% in senior secured trade finance participations. The Company’s largest loan by value was $4,000,000 or 22.2% of total investments. Participation in loans amounted to 100% of the Company’s total portfolio at June 30, 2014.

Note 3. Fair Value Measurements

The following table summarizes the fair value of the Company’s investments based on the inputs at June 30, 2014:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan participations	$	6,214,000	$	—	$	—	$	6,214,000
Senior secured trade finance participations		11,779,558		—		—		11,779,558
Total	$	17,993,558	$	—	$	—	$	17,993,558
The following table summarizes the fair value of the Company’s investments based on the inputs at December 31, 2013:
	Fair Value		Level 1		Level 2		Level 3
Senior secured term loan participations	$	3,000,000	$	—	$	—	$	3,000,000
Secured mezzanine term loan		2,952,836		—		—		2,952,836
Senior secured trade finance participations		594,225		—		—		594,225
Total	$	6,547,061	$	—	$	—	$	6,547,061

The following is a reconciliation for the six months ended June 30, 2014, of investments for which Level 3 inputs were used in determining fair value:

	Fair Value at December 31, 2013		Purchases		Maturities or Prepayments			Amortization		Fair Value at June 30, 2014
Senior secured term loan participations	$	3,000,000	$	3,326,000	$	(112,000	)	$	—	$	6,214,000
Senior mezzanine term loan		2,952,836		1,944,777		(5,000,000	)		102,387		—
Senior secured trade finance participations		594,225		12,194,559		(1,009,226	)		—		11,779,558
Total	$	6,547,061	$	17,465,336	$	(6,121,226	)	$	102,387	$	17,993,558

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As of June 30, 2014, 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 June 30, 2014:

	Fair value		Valuation technique		Unobservable input		Range (weighted average)
Senior secured trade finance participations	$	11,779,558		Income approach		Market yield	9.41% - 11.98% (10.54%)
Senior secured term loan participations	$	6,326,000		Income approach		Market yield	12.43% - 13.10% (12.77%)

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

For details of the country-specific risk concentrations for the Company’s investments, refer to the Consolidated Schedule of Investments and Note 4.

Note 4. Investments

As of June 30, 2014, one of the Company’s borrowers, Corporacion Prodesa S.R.L. (“Prodesa”), was late in making a $200,000 principal payment on one of the Company’s term loans. Prodesa has continued to make the required interest payments under the loan but has been unable to make the principal payment. The Company’s investment in Prodesa is comprised of two loans: 1) a $2,000,000 participation in a senior secured term loan requiring $200,000 quarterly principal payments and maturing in July 2016 and 2) a $750,000 participation in a loan secured by inventory maturing in February 2015. As of July 30, 2014, the Company and Prodesa have agreed to restructure the terms of the loans as follows: extend the maturity of the $2,000,000 loan to June 2017 with equal monthly principal payment starting March 2015; extend the maturity of the $750,000 loan to December 2016 with equal monthly principal payment starting January 2016; assess to both loans additional deferred interest or PIK of 1.75%; the pledge of additional collateral securing the loans; and increased reporting requirements including biannual audited financial statements and monthly internal financial statements. At closing of the restructure, Prodesa will pay the Company a restructuring fee of $46,250. Prodesa has also agreed to secure a $400,000 equity injection. If Prodesa fails to secure the $400,000 equity injection, the deferred interest rate will increase to 2.5%. The Company has determined that no concessions were granted to Prodesa and, therefore, the restructure is not considered a troubled debt restructuring.

As of June 30, 2014, the Company’s investments consisted of the following:

	Amortized		Fair		Percentage
	Cost		Value		of Total
Senior secured term loan participations	$	6,214,000	$	6,214,000		34.5	%
Senior secured trade finance participations		11,779,558		11,779,558		65.5	%
Total	$	17,993,558	$	17,993,558		100.0	%

As of December 31, 2013, the Company’s investments consisted of the following:

	Amortized Cost		Fair Value		Percentage of Total
Senior secured term loan participations	$	3,000,000	$	3,000,000		45.8	%
Secured mezzanine term loan		2,952,836		2,952,836		45.1	%
Senior secured trade finance participations		594,225		594,225		9.1	%
Total investments	$	6,547,061	$	6,547,061		100.0	%

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The industry composition of the Company’s portfolio, at fair market value, as of June 30, 2014, and December 31, 2013, was as follows:

	As of June 30, 2014					As of December 31, 2013
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	6,136,738		34.1	%		2,500,000		38.3	%
Consumer Electronics		—		0.0	%	$	2,952,836		45.1	%
Electrical Equipment		1,500,000		8.3	%		—		0.0	%
Food Products		464,000		2.6	%		—		0.0	%
Forest Products		—		0.0	%		500,000		7.6	%
Meat, Poultry & Fish		4,000,000		22.2	%		94,225		1.4	%
Personal and Nondurable Consumer Products		5,892,820		32.7	%		500,000		7.6	%
Total	$	17,993,558		100.0	%	$	6,547,061		100.0	%

The table below shows the portfolio composition by geography classification at fair value as of June 30, 2014, and December, 31, 2013:

	As of June 30, 2014					As of December 31, 2013
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Indonesia	$	—		0.0	%	$	2,952,836		45.1	%
Peru		4,714,000		26.2	%		500,000		7.6	%
Argentina		10,279,558		57.1	%		—		0.0	%
Brazil		3,000,000		16.7	%		2,500,000		38.2	%
Chile		—		0.0	%		500,000		7.6	%
Ecuador		—		0.0	%		94,225		1.4	%
Total	$	17,993,558		100.0	%	$	6,547,061		100.0	%

Note 5. Related Parties

Agreements

Advisory Agreement

In February 2014, the Company entered into an Amended and Restated Advisory Agreement with the Advisor to renew the Company’s arrangement with the Advisor for an additional year.

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 Amended and Restated 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 on net investment income and an incentive fee on capital gains. The incentive fee on net investment income, or 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 incentive fee on income equals 20% of the amount of the Company’s pre-incentive fee net investment income.

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An incentive fee on capital gains will be earned on investments sold and shall be determined and payable to the Advisor in arrears as of the end of each calendar year. The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company had no capital gains and therefore did not accrue an incentive fee for the three and six months ended June 30, 2014.

Transactions

For the three and six months ended June 30, 2014, the Company incurred $456,835 and $973,573, respectively, in operating expenses excluding the management and incentive fees earned by the Advisor. As discussed in Note 2, for the six months ended June 30, 2014, the Sponsor assumed responsibility for $966,793 of the Company’s operating expenses under the Amended and Restated Operating Expense Responsibility Agreement.

For the three and six months ended June 30, 2014, the Advisor earned $149,467 and $258,546, respectively, in management fees and $99,663 and $157,618, respectively, in incentive fees. For the six months ended June 30, 2014, the Sponsor paid an aggregate of $266,697 in management and incentive fees under the Amended and Restated Operating Expense Responsibility Agreement.

As of June 30, 2014, pursuant to the terms of the Amended and Restated Operating Expense Responsibility Agreement, the Sponsor has paid approximately $1,936,600 of operating expenses on behalf of the Company and will pay or reimburse to us an additional $1,078,500 of expenses, which have been accrued by the Sponsor as of June 30, 2014. Such expenses will be expensed and payable by the Company to the Sponsor once the Company has raised gross proceeds of $200 million.

On March 31, 2014, the Sponsor made a permanent capital contribution to the Company in the amount of $31,750 to cover the amount of distributions paid by the Company that were in excess of net investment income. This contribution is not covered by the Amended and Restated Operating Expense Responsibility Agreement and thus will not be repaid to the Sponsor by the Company.

Due from affiliates on the Consolidated Statement of Assets and Liabilities in the amount of $814,394 is comprised of $782,644 due from the Sponsor in connection with the Amended and Restated Operating Expense Responsibility Agreement and $31,750, in capital contribution due from the Sponsor. The $782,644 in operating expenses were paid by the Company during the six months ended June 30, 2014, but under the terms of the Amended and Restated Operating Expense Responsibility Agreement are the responsibility of the Sponsor. The amount due from affiliates is payable at the discretion of the Sponsor. On July 31, 2014, the Sponsor made a payment to the Company for the $31,750 capital contribution.

For the six months ended June 30, 2014, the Company paid a total of $1,032,623 in dealer manager fees and selling commissions to the Company’s dealer manager, SC Distributors. 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 statement of operations.

Note 6. Organization and Offering Costs

As of June 30, 2014, the Sponsor has paid approximately $5.6 million of offering costs and $236,000 of organization costs, all of which were paid directly by the Sponsor on behalf of the Company, and will be reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $782,000 of offering costs, which were incurred by the Sponsor during the six months ended June 30, 2014. During the six months ended June 30, 2014, $929,018 was reimbursed to the Sponsor. In addition, as of June 30, 2014, $15,480 was accrued towards the reimbursement of offering costs and is reflected in the statement of assets and liabilities as due to affiliate. The total reimbursement to the Sponsor for the six months ended June 30, 2014 of $913,107 is included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. As of June 30, 2014, the Company has reimbursed the Sponsor a total of $1,619,053 of offering costs.

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Note 7. Unit Capital

The Company has three classes of units: Class A units, Class C units and Class I units. The unit classes have different sales commissions and dealer manager fees, and there is an ongoing distribution fee with respect to Class C units. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding and therefore have the same net asset value per unit. The following table is a summary of the units issued during the six months ended June 30, 2014:

	Units Outstanding as of December 31, 2013		Units Issued During the Period		Units Outstanding as of June 30, 2014
Class A units		377,316.669		1,018,772.148		1,396,088.817
Class C units		42,721.867		146,195.665		188,917.532
Class I units		1,139,098.233		751,012.096		1,890,110.329
Total		1,559,136.769		1,915,979.909		3,475,116.678

The total of 1,915,979.909 units issued during the six months ended June 30, 2014 includes 24,718.535 units issued under the Distribution Reinvestment Plan at a value of $223,085.

Note 8. Distributions

On January 28, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from January 1 through January 31, 2014. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (less the distribution fee with respect to Class C units). On February 4, 2014, $71,184 of these distributions were paid in cash and on January 31, 2014, $21,091 were reinvested in units for those unitholders participating in the Amended and Restated Distribution Reinvestment Plan (“Distribution Reinvestment Plan”).

On February 24, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from February 1 through February 28, 2014. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (less the distribution fee with respect to Class C units). On March 3, 2014, $83,752 of these distributions were paid in cash and on February 28, 2014, $19,925 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

On March 25, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from March 1 through March 31, 2014. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (less the distribution fee with respect to Class C units). On April 3, 2014, $95,043 of these distributions were paid in cash and on March 31, 2014, $30,466 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

On April 21, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from April 1 through April 30, 2014. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (less the distribution fee with respect to Class C units). On May 1, 2014, $97,345 of these distributions were paid in cash and on April 30, 2014, $40,089 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

On May 25, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from May 1 through May 31, 2014. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On June 1, 2014, $120,880 of these distributions were paid in cash and on May 31, 2014, $51,552 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

On June 25, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from June 1 through June 30, 2014. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On July 1, 2014, $128,489 of these distributions were paid in cash and on June 30, 2014, $59,962 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

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Note 9. Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2014 and 2013. The Company’s income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I units, as applicable, and, therefore, the financial highlights are equal for each of the outstanding classes.

	2014			2013
Per unit data (1):
Net proceeds before offering costs (2)	$	9.025		$	9.025
Offering costs		(0.466	)		—
Net Proceeds after offering costs		8.559			9.025
Net investment income/(loss)		0.316			0.002
Distributions		(0.329	)		—
Capital contribution		0.013			—
Net increase/(decrease) in net assets		0.000			0.002
Net asset value at end of period		8.559			9.027
Total return based on net asset value (3)		3.842	%		0.022	%
Net assets at end of period	$	29,743,867		$	2,964,152
Units Outstanding at end of period		3,475,116.678			345,667.530
Ratio/Supplemental data (annualized) (4)(5):
Ratio of net investment income/(loss) to average net assets		7.34	%		0.40	%
Ratio of operating expenses to average net assets		1.48	%		0.00	%

¹  The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2014, which was 2,493,438.

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

³  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.

⁴  Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2014 and 2013, prior to the effect of the Amended and Restated Operating Expense Responsibility Agreement were as follows; total return: (1.92%) and (8.84%), ratio of net investment income/(loss): (4.12%) and (17.23%), and ratio of net expenses to average net assets: 11.46% and 17.27%, respectively.

⁵  The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of a full fiscal year.

Note 10. 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 six months ended June 30, 2014, except as discussed below.

Distributions

On July 22, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from July 1 through July 31, 2014. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On August 4, 2014, $152,386 of these distributions were paid in cash and on July 31, 2014, $71,215 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

Status of the Offering

For the period from July 1, 2014 through August 11, 2014, the Company sold approximately 975,694 units in the Offering (including units issued pursuant to the Distribution Reinvestment Plan) for approximately $9,284,000 in gross proceeds. As of August 11, 2014, the Company had received approximately $41.7 million in total gross offering proceeds through the issuance of approximately 4.5 million total units in the Offering (including units issued pursuant to the Distribution Reinvestment Plan).

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Unit Offering Price

Pursuant to the net asset value determination by the Company’s board of managers, the value has not increased above nor decreased below the Company’s net proceeds per unit; therefore, the Company will continue to sell units at a price of $10.00 per Class A unit, $9.576 per Class C unit and $9.186 per Class I unit. The Company’s net asset value and the offering prices would have decreased if the Sponsor had not made a capital contribution in the amount of $31,750 in the quarter ended March 31, 2014, or had not absorbed and deferred reimbursement for a substantial portion of the Company’s operating expenses since the Company began its operations.

Investments

For the period from July 1, 2014 through August 11, 2014, the Company funded approximately $11 million in new loans. On August 1, 2014, the Company received a repayment of $2.3 million on a maturing trade finance participation.

Agreements

On July 1, 2014, TriLinc Global Impact Fund – African Trade Finance, Ltd. and TriLinc Advisors International, Ltd entered into a sub-advisory agreement with Barak Fund Management Ltd. to become a sub-advisor with respect to the Company’s investments in Sub-Saharan Africa.

On August 8, 2014, the Company entered into an Amended and Restated Operating Expense 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 June 30, 2014, including the incentive fee earned by the Advisor during the quarter ended June 30, 2014. For additional information regarding the Amended and Restated Operating Expense Responsibility Agreement refer to Notes 2 and 5.

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 raise capital in our public offering;

• 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;

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

• 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;

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

• our expected financings and investments;

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• the adequacy of our cash resources and working capital; and

• the timing of cash flows, if any, from the operations of our borrowers.

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.

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 in the future may file with the SEC.

Overview

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

Our business strategy is to generate competitive financial returns and positive economic, social and environmental impact by providing financing to SMEs, primarily in developing economies. 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 believe we are enabling job creation and stimulating economic growth.

We commenced the Offering on February 25, 2013. Pursuant to the Offering, we are offering on a continuous basis up to $1.5 billion in units of our limited liability company interest, consisting of up to $1.25 billion of units in the primary Offering consisting of Class A units at an initial offering price of $10.00 per unit, Class C units at $9.576 per unit and Class I units at $9.186 per unit, and up to $250 million of units pursuant to the Distribution Reinvestment Plan. SC Distributors, LLC is the dealer manager for the Offering. The Company’s offering period is currently scheduled to terminate two years after the initial offering date, or February 25, 2015, unless extended.

In May 2012, the Advisor purchased 22,160.665 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 321,329.639 Class A units for aggregate gross proceeds of $2.9 million and we commenced operations. As of June 30, 2014, we had received subscriptions for and issued 3,475,116.678 of our units, including 30,287.784 units issued under our Distribution Reinvestment Plan, for gross proceeds of $32,440,973 including $273,347 reinvested under our Distribution Reinvestment Plan (before dealer-manager fees of $257,451 and selling commissions of $820,568, for net proceeds of $31,362,954).

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 four 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 $1-10 million. We seek to protect and grow investor capital by: (1) targeting countries with favorable economic growth and investor protections; (2) partnering with sub-advisors with significant experience in local markets; (3) focusing on creditworthy lending targets who have at least 3-year operating histories and demonstrated cash flows enabling loan repayment; (4) making primarily debt investments, backed by collateral and borrower guarantees; (5) employing best practices in our due diligence and risk mitigation processes; and (6) monitoring our portfolio on an ongoing basis.

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

Revenues

Since we anticipate that the majority of our assets will continue to consist of term loans and trade finance instruments, 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 Amended and Restated Advisory Agreement. We bear all other costs and expenses of our operations and transactions.

Since our inception through June 30, 2014, our Sponsor has assumed substantially all our operating expenses under the terms of the Amended and Restated Operating Expense Responsibility Agreement.

Portfolio and Investment Activity

During the six months ended June 30, 2014, we invested, either through direct loans or loans participation, $17,465,336 across 9 portfolio companies, including 5 new and 4 existing portfolio companies. The new investments consisted of senior secured term loan participations and senior secured trade finance participations. Additionally, we received proceeds from repayment of investment principal of $6,121,226. For the six months ended June 30, 2013, we invested $737,325 in loan participations with 2 companies.

At June 30, 2014, the Company’s investment portfolio included loans to 7 companies and was comprised of $6,214,000 or 34.5% in senior secured term loan participations, and $11,779,558 or 65.5% in senior secured trade finance participations. The Company’s largest loan by value was $4,000,000 or 22.2% of total investments. Participation in loans amounted to 100% of the Company’s total portfolio at June 30, 2014.

The weighted average yield of our senior secured term loan participations and senior secured trade finance participations at their current cost basis were 12.8% and 10.5%, respectively at June 30, 2014.

Results of Operations

Revenues. For the three months ended June 30, 2014, investment income totaled $657,561. Interest income from loan participations and direct loans amounted to $410,532 and $178,000, respectively. Interest income also included $68,378 in amortization of upfront fees paid on our secured mezzanine term loan position and $651 in interest earned on our cash balance.

For the six months ended June 30, 2014, investment income totaled $947,335. Interest income from loan participations and direct loans amounted to $549,964 and $294,333, respectively. Interest income also included $102,387 in amortization of upfront fees paid on our secured mezzanine term loan position and $651 in interest earned on our cash balance.

For the three and six months ended June 30, 2013, interest income from loan participations amounted to $3,674. We also earned $39 in interest on our cash balance.

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Expenses. For the three months ended June 30, 2014, the management and incentive fees amounted to $149,467 and $99,663, respectively. The entire amount of the incentive fee was paid by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement. We incurred $9,780 in operating expenses. In addition, the Sponsor assumed responsibility for our operating expenses in the aggregate amount of $447,055 under the Amended and Restated Operating Expense Responsibility Agreement for expenses paid or incurred by the Company.

For the six months ended June 30, 2014, the management and incentive fees amounted to $258,546 and $157,618, respectively. An aggregate of $266,697 of the management and incentive fees was paid by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement. We incurred $9,780 in operating expenses. In addition, the Sponsor assumed responsibility for our operating expenses in the aggregate amount of $963,793 under the Amended and Restated Operating Expense Responsibility Agreement for expenses paid or incurred by the Company.

For the three and six months ended June 30, 2013, we incurred a management fee of $3,090.

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 or unrealized gains or losses for the three and six months ended June 30, 2014 and 2013.

Changes in Net Assets from Operations. For the six months ended June 30, 2014, and 2013, we recorded a net increase in net assets resulting from operations of $788,088 and $623, respectively.

Financial Condition, Liquidity and Capital Resources

As of June 30, 2014, we had $11 million in cash. We generate cash primarily from the net proceeds from the sale of units, from cash flows from interest, dividends and fees earned from our investments and principal repayments and proceeds from sales of our investments. We may also generate cash in the future from debt financing. Our primary use of cash is to make loans, either directly or through participations, payments of our expenses, repayment of debt, if any, and cash distributions to our unitholders. We expect to maintain cash reserves from time to time for investment opportunities, working capital and distributions. We sell our units on a continuous basis at initial offering prices of $10.00 per Class A unit, $9.576 per Class C unit, and $9.186 per Class I unit; however, to the extent that our net asset value on the most recent valuation date increases above or decreases below our net proceeds per unit as stated in the Company’s prospectus, our board of managers will adjust the offering prices of all classes of units to ensure that no unit is sold at a price, after deduction of selling commissions, dealer manager fees and organization and offering expenses, that is above or below our net asset value per unit as of such valuation date.

Based on the valuation with respect to the quarter ended June 30, 2014, the offering price of our units has not changed and we are continuing to sell our units at their original prices. However, the valuation and the offering prices would have decreased 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.

As of June 30, 2014, the Company had sold approximately 3.48 million total units in the Offering (including units pursuant to the Distribution Reinvestment Plan) for total gross offering proceeds of approximately $32.4 million.

We may borrow funds to make investments, including before we have fully invested the proceeds raised from the issuance of units, to the extent we determine that leveraging our portfolio would be appropriate. We have not decided whether, and to what extent, we will finance portfolio investments using debt or the specific form that any such financing would take. 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. As of June 30, 2014, we had no debt outstanding and no available sources of debt financing.

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Contractual Obligations and Commitments

The Company does not include a contractual obligations table herein because 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. On February 25, 2013, we entered into the Advisory Agreement with the Advisor. The Advisory Agreement was effective as of February 25, 2013, the date that the Company’s registration statement was declared effective by the SEC. In February 2014, we entered into an Amended and Restated Advisory Agreement with the Advisor to renew our arrangement with the Advisor for an additional year. The Advisor serves as our advisor in accordance with the terms of our Amended and Restated Advisory Agreement. Payments under our Amended and Restated Advisory Agreement in each reporting period 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.

We also had unfunded commitments to three trade finance borrowers of $4 million as of June 30, 2014. These commitments expire in August and October 2014, and are subject to approval by our Advisor and the availability of funds. Our secured mezzanine term loan borrower, with an outstanding balance of zero as of June 30, 2014, has the option, based upon Company approval, to extend the maturity of the loan for 3 years in 12-month increments. Each extension requires the secured mezzanine term loan borrower to meet the extension criteria in the loan agreement and to pay a fee of 2.5% of the loan balance at the time of extension.

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 Amended and Restated 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 such reimbursement does not exceed 5.0% of the gross offering proceeds raised from the offering. As of June 30, 2014, the total amount that would be due to be reimbursed to the Sponsor is approximately $4.2 million.

Pursuant to the terms of an Amended and Restated Operating Expense Responsibility Agreement between the Company, the Advisor and the Sponsor, the Sponsor has paid expenses on behalf of the Company through June 30, 2014, and will pay additional accrued operating expenses of the Company, which will not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds in the Offering. Such expenses will be expensed and payable by the Company in the period they become reimbursable and are estimated to be approximately $3.0 million through June 30, 2014.

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 with respect to the Class C units are lower than the cash distributions with respect to Class A and Class I units because of the distribution fee relating to Class C units, which is allocated as a Class C specific expense. 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 Distribution Reinvestment Plan. For the six months ended June 30, 2014 we have paid a total of $819,777 in distributions, comprised of $596,692 paid in cash and $223,085 reinvested under our Distribution Reinvestment Plan.

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The table below contains additional information regarding distributions to our unitholders:

									Sources
Months ended	Amount per Unit		Cash Distributions		Distributions Reinvested		Total Declared		Cash Flows from Operating Activities		Cash Flows from Financing Activities (1)
January 31, 2014	$	0.05366	$	71,183		21,091		92,274	$	71,183	$	—
February 28, 2014	$	0.04846		83,752		19,925		103,677		83,752		—
March 31, 2014	$	0.05366		95,044		30,466		125,510		63,294		31,750
April 30, 2014	$	0.05192		97,345		40,089		137,434		97,345		—
May 31, 2014	$	0.05986		120,880		51,552		172,432		120,880		—
June 30, 2014	$	0.05792		128,488		59,962		188,450		128,488		—
Total for 2014			$	596,692	$	223,085	$	819,777	$	564,942	$	31,750
July 31, 2013	$	0.05366	$	857	$	18,547	$	19,404	$	857	$	—
August 31, 2013	$	0.05366		22,932		1,452		24,384		22,932		—
September 30, 2013	$	0.05192		22,892		1,771		24,663		22,892		—
October 31, 2013	$	0.05366		47,409		6,287		53,696		47,409		—
November 30, 2013	$	0.05192		57,275		9,370		66,645		57,275		—
December 31, 2013	$	0.05366		65,015		12,835		77,850		13,981		51,034
Total for 2013			$	216,380	$	50,262	$	266,642	$	165,346	$	51,034

(1) Capital contribution from our Sponsor

Related Party Transactions

For the three and six months ended June 30, 2014, the Company incurred $456,835 and $973,573, respectively, in operating expenses excluding the management and incentive fees earned by the Advisor. For the six months ended June 30, 2014, the Sponsor assumed responsibility for $966,793 of the Company’s operating expenses under the Amended and Restated Operating Expense Responsibility Agreement.

For the three and six months ended June 30, 2014, the Advisor earned $149,467 and $258,546, respectively, in management fees and $99,663 and $157,618, respectively, in incentive fees. For the six months ended June 30, 2014, the Sponsor paid an aggregate of $266,697 in management and incentive fees under the Amended and Restated Operating Expense Responsibility Agreement.

As of June 30, 2014, pursuant to the terms of the Amended and Restated Operating Expense Responsibility Agreement, the Sponsor has paid approximately $1,936,600 of operating expenses on behalf of the Company and will pay or reimburse to us an additional $1,078,500 of expenses, which have been accrued by the Sponsor as of June 30, 2014. Such expenses will be expensed and payable by the Company to the Sponsor once the Company has raised gross proceeds of $200 million.

On March 31, 2014, the Sponsor made a permanent capital contribution to the Company in the amount of $31,750 to cover the amount of distributions paid by the Company that were in excess of net investment income.

Due from affiliates on the Consolidated Statement of Assets and Liabilities in the amount of $814,394 is comprised of $782,644 due from the Sponsor in connection with the Amended and Restated Operating Expense Responsibility Agreement and $31,750, in capital contribution due from the Sponsor. The $782,644 in operating expenses were paid by the Company during the six months ended June 30, 2014, but under the terms of the Amended and Restated Operating Expense Responsibility Agreement are the responsibility of the Sponsor.

For the six month ended June 30, 2014, the Company paid a total of $1,032,623 in dealer manager fees and selling commissions to the Company’s dealer manager, SC Distributors. These fees and commissions were paid in connection with the sales of the Company’s units to investors.

Legal Proceedings

The Company is not party to any legal proceedings.

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Subsequent Events

There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three months ended June 30, 2014, except as discussed below.

Distributions

On July 22, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from July 1 through July 31, 2014. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00193082 per unit per day (less the distribution fee with respect to Class C units). On August 4, 2014, $152,386 of these distributions were paid in cash and on July 31, 2014, $71,215 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

Status of the Offering

For the period from July 1, 2014 through August 11, 2014, the Company sold approximately 975,694 units in the Offering (including shares issued pursuant to the Distribution Reinvestment Plan) for approximately $9,284,000 in gross proceeds. As of August 11, 2014, the Company had received $41.7 million in total gross offering proceeds through the issuance of approximately 4.5 million total units in the Offering (including shares issued pursuant to the Distribution Reinvestment Plan).

Unit Offering Price

Based on the Company’s net asset value of $29,743,867 as of June 30, 2014, our board of managers has determined that no change to the offering price of our units is required and we are continuing to sell our units at their original price of $10.00 per Class A unit, $9.576 per Class C unit and $9.186 per Class I unit. Our net asset value and the offering prices would have decreased if the Sponsor had not made a capital contribution in the amount of $31,750 and $51,034 in the quarters ended March 31, 2014, and December 31, 2013, respectively, or had not absorbed and deferred reimbursement for a substantial portion of our operating expenses since we began our operations.

Investments

For the period from July 1, 2014 through August 11, 2014, the Company funded approximately $11 million in new loans.

Agreements

On July 1, 2014, the Company’s wholly-owned subsidiary, TriLinc Global Impact Fund – African Trade Finance, Ltd. and TriLinc Advisors International, Ltd entered into a sub-advisory agreement with Barak Fund Management Ltd. to become a sub-advisor with respect to the Company’s investments in Sub-Saharan Africa.

On August 8, 2014, we entered into an Amended and Restated Operating Expenses Responsibility Agreement with our Sponsor and Advisor. Pursuant to the term of this agreement, our Sponsor agreed to be responsible for our cumulative operating expenses incurred through June 30, 2014, including management fees earned by the Advisor during the quarter ended June 30, 2014.

Critical Accounting Policies and Use of Estimates

The following discussion addresses the initial accounting policies that we utilize based on our current expectations of our 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.

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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 intend to conduct our business in a manner so that we are not required to register as an investment company under the Investment Company Act of 1940, our financial statements are prepared using the specialized accounting principles of the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. Overall, we believe that the use of investment company accounting makes our financial statements more useful to investors and other financial statement users since it allows a more appropriate basis of comparison to other entities with similar objectives.

Valuation of Investments

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

ASC 820 establishes a hierarchal disclosure framework that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally 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 income 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 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 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, our board of managers has approved a multi-step valuation process to be followed each fiscal quarter, as described below:

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

2. For all investments with a maturity of greater than 12 months, we have engaged Duff & Phelps, LLC (“Duff & Phelps”) to conduct a review on the reasonableness of our internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually, and provide an opinion that the Advisor’s estimate of fair value for each investment is reasonable;

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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 determines 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, an income approach, or both approaches, 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). 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. In following these approaches, the types of factors that we may take into account in valuing our investments include, as applicable: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the borrower’s ability to make payments, its earnings and discounted cash flows, the markets in which the company does business, comparisons of financial ratios of peer companies that are public, the principal market for the borrower’s securities and an estimate of the borrower’s enterprise value, among other factors.

Equity interests in portfolio companies for which there is no liquid public market are valued at fair value. The board of managers, in its analysis of fair value, may consider various factors, such as multiples of EBITDA, cash flows, net income, revenues or in limited instances book value or liquidation value. All of these factors may be subject to adjustments based upon the particular circumstances of a portfolio company or our actual investment position. For example, adjustments to EBITDA may take into account compensation to previous owners or the effects of acquisitions, recapitalizations, restructurings or other similar items.

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

Revenue Recognition

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

We 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. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Advisor’s judgment, is likely to remain current over the remainder of the term.

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

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

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Payment-in-Kind Interest

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

Organization Expenses

Organization expenses, together with offering expenses, are reimbursable to the Sponsor up to 5.00% 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 June 30, 2014 and December 31, 2013. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. If the Company sells the maximum amount of the Offering, it anticipates that such expenses will equal approximately 1.25% of the gross proceeds raised.

Offering Expenses

Offering expenses, which consist of fees paid in relation to items such as legal, accounting, regulatory and printing work incurred related to our offering, are charged directly against the proceeds of the offering. Offering expenses, together with organization expenses, are reimbursable to the Sponsor up to the O&O Reimbursement Limit 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 June 30, 2014 and December 31, 2013. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. If the Company sells the maximum amount of the Offering, it anticipates that such expenses will equal approximately 1.25% of the gross proceeds raised.

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

Expense Responsibility Agreement

Pursuant to the terms of the Amended and Restated Operating Expense Responsibility Agreement, the Sponsor has paid expenses on behalf of the Company through June 30, 2014, and will additionally pay the accrued operating expenses of the Company as of June 30, 2014, on behalf of the Company. Such expenses will not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds and, therefore, have not been recorded as expenses of the Company as of June 30, 2014. 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.

Income Taxes

We are characterized as a partnership for U.S. federal income tax purposes.

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis and commenced with respect to the first full quarter after the Company commenced operations. The Company calculates its net asset value per unit by subtracting total liabilities from the total value of the Company’s assets on the date of valuation and dividing the result by the total number of outstanding units on the date of valuation. The net asset value per Class A, Class C and Class I units are calculated on a pro-rata basis based on units outstanding.

29

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 June 2013, the FASB issued ASU 2013-08, Financial Services—Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 amends the current criteria for an entity to qualify as an investment company, creates new disclosure requirements and amends the measurement criteria for certain interests in other investment companies. ASU 2013-08 is effective on January 1, 2014, and did not have a material effect on the Company’s 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 further, interest income will not decrease from current levels. To the extent that interest rates go up substantially, these investments will accrue higher amounts of income than currently being realized. Returns on investments that carry fixed rates are not subject to fluctuations in interest rates, and will not adjust should rates move up or down.

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

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

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.

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, 2013, filed with the SEC on March 31, 2014 (“2013 Form 10-K”), which could materially affect our business, financial condition, and/or future results. The risks described in our 2013 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.

30

With the exception of the revised risk factors set forth below, there have been no material changes to the risk factors disclosed in our 2013 Form 10-K.

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

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

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

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

All of our fixed-income investments are subject to the risk that a borrower will fail to repay a portion or all of periodically scheduled interest and/or principal and, as of the June 30, 2014, one of our borrowers was in default in making a $200,000 principal payment. When this occurs, we fail to realize expected income and in some instances this could possibly result in a write-down of the value of under-performing loans as well as our net asset value.

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

During the three months ended June 30, 2014, we did not sell or issue any equity securities that were not registered under the Securities Act.

Use of Proceeds from Registered Securities

On February 25, 2013, the Registration Statement on Form S-1, File No. 333-185676 covering the Offering, of up to $1.5 billion in units of our limited liability company interest, was declared effective under the Securities Act of 1933 by the SEC. The Offering commenced on February 25, 2013, and is currently expected to terminate on or before February 24, 2015, unless extended by our board of managers.

Through SC Distributors, LLC, the dealer manager for the Offering, we are offering to the public on a best efforts basis up to $1.25 billion of units, consisting of Class A units at $10.00 per unit, Class C units at $9.576 per unit and Class I units at $9.186 per unit.

We are also offering up to $250 million of units to be issued pursuant to our Distribution Reinvestment Plan. Units issued under the Distribution Reinvestment Plan are offered at a price equal to the then current offering price per unit less the sales fees associated with that class of units in the Primary Offering. The units being offered can be reallocated among the different classes and between the primary Offering and the Distribution Reinvestment Plan.

As of June 30, 2014, we had received subscriptions for and issued 3,475,116.678 of our units, including 30,287.784 units issued under our Distribution Reinvestment Plan, for gross proceeds of $32,440,973 including $273,347 reinvested under our Distribution Reinvestment Plan, (before dealer-manager fees of $257,451 and selling commissions of $820,568, for net proceeds of $31,362,954). From the net offering proceeds, we paid and accrued a total of $1,619,053 towards reimbursement to our Sponsor for our organization and offering costs. With net offering proceeds, we have financed a total of $17,993,558 in senior secured trade finance and senior secured term loan transactions.

31

As of June 30, 2014, approximately $4.2 million remained payable to our Sponsor for costs related to our organization and offering.

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 then current offering price less the sales fees associated with that class of units. Our unit repurchase program includes numerous restrictions, including a one-year holding period, that limit 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 distribution reinvestment plan. At the sole discretion of our board of managers, we may also use cash on hand, cash available from borrowings and cash from liquidation of investments as of the end of the applicable quarter to repurchase units.

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. Please see the full text of the unit repurchase program, which is incorporated by reference as Exhibit 4.3 to this Quarterly Report on Form 10-Q, for all the terms and conditions.

As of June 30, 2014, the Company has not received any redemption request eligible for redemption prior to June 30, 2014.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

32

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	Amended and Restated Limited Liability Company Operating Agreement. Incorporated by reference to Appendix A to the Prospectus filed pursuant to Rule 424(b)(3) with the SEC on February 27, 2013.
4.1	Amended and Restated Distribution Reinvestment Plan. Incorporated by reference to Appendix C to the Prospectus filed pursuant to Rule 424(b)(3) with the SEC on February 27, 2013.
4.3	Unit Repurchase Program. Incorporated by reference to Appendix D to the Prospectus filed pursuant to Rule 424(b)(3) with the SEC on February 27, 2013 as supplemented by the Prospectus Supplement No. 8 filed pursuant to Rule 424(b)(3) with the SEC on October 4, 2013.
10.1*	Amended and Restated Operating Expense Responsibility Agreement among TriLinc Global Impact Fund, LLC, TriLinc Global, LLC and TriLinc Advisors, LLC dated August 8, 2014.
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 Interim 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 June 30, 2014, filed on August 12, 2014, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Assets and Liabilities, (ii) Consolidated Statement of Operations, (iii) Consolidated Statement of Changes in Net Assets, (iv) Consolidated Statements of Cash Flows, and (v) Notes to the Consolidated Financial Statements.

* Filed herewith

** In accordance with Rule 406T of Regulation S-T, the information in these exhibits is furnished and deemed not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Exchange Act of 1934, and otherwise is not subject to liability under these sections and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.

33

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.
August 12, 2014	By:	/s/ Gloria S. Nelund
		Gloria S. Nelund
		Chief Executive Officer
August 12, 2014	By:	/s/ Brent L. VanNorman
		Brent L. VanNorman
		Chief Financial Officer

34

EX-10.1

Exhibit 10.1

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 June 30, 2014 (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 not seek reimbursement of the Fund Expenses until the Fund has raised at least $200 million of gross proceeds (the “Gross Proceeds Hurdle”) in the Company’s public offering of units of its limited liability company interest pursuant to the Registration Statement on Form S-1 (File No. 333-185676), as declared effective by the Securities and Exchange Commission on February 25, 2013. To the extent the Fund is not successful in satisfying the Gross Proceeds Hurdle, no amount will be payable by the Fund for reimbursement to the Sponsor of the Fund Expenses.

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

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

[Signature Page Follows]

IN WITNESS WHEREOF, the parties have executed this Agreement on August 8, 2014

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 June 30, 2014

Vendor	Description of Services	Amount
AccuConference	Communications	$	1,610
ANDE	2013-2014 Membership		5,000
ASTA	Document Translation		1,167
Bank of NY Mellon	Fund Administration		90,000
Bank of NY Mellon	Bank fees		17,055
Board of Managers	Board Wages		276,500
Board of Managers	Board Meeting		46,590
Credit Cards	Travel - Dead deal costs		62,987
Deloitte & Touche	Audit		383,015
Deloitte & Touche	Tax services		96,977
DST Systems, Inc.	Transfer Agent		255,579
Duff & Phelps	Valuation services		10,225
Emtek Solutions, LLC	PAES/TAS		7,875
Federal Agent	PAES/TAS		12,750
Greenberg Traurig	Legal Services		268,786
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
Lewis Kopp	Expense reimbursement		14,348
Maples and Calder	Legal Services		10,138
MF Analytics	PAES/TAS		65,159
PathNorth	2013 Core Membership		4,167
Paul Sanford	Travel expenses		5,212
Payroll	PAES/TAS		150,091
Pinnacle Fund Administration, LLC	Fund Administration		7,000
Robert Mora	PAES/TAS		97,791
Rothstein Kass	SOX Implementation/Compliance		62,077
RR Donnelley	10-Q & 8-K Processing		77,883
Spolin Cohen	Legal Services		30,818
State of California	Franchise fees		1,695
State of Delaware	Franchise fees		250
Steve Napleton	Travel expenses		8,979
Tanir Helayel	PAES/TAS		6,779
Trilinc Advisors, LLC	Copies, postage and miscellaneous		12,878
Trilinc Advisors, LLC	eFront		72,253
Trilinc Advisors, LLC	Management fees		175,805
Trilinc Advisors, LLC	Incentive fees		197,069
Troy Wiseman	Expense reimbursement		9,701
Trustees of Tufts College	PAES/TAS		18,150
Various	PAES/TAS		14,601
Willis	Fund Insurance		77,005
		$	3,014,805

EX-31.1

Exhibit 31.1

Certification of Chief Executive Officer

Pursuant to Rule 13a-14(a) and Rule 15d-14(a)

I, Gloria S. Nelund, certify that:

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

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)) 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) Intentionally omitted;

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: August 12, 2014

/s/ Gloria S. Nelund

Gloria S. Nelund

Chief Executive Officer

EX-31.2

Exhibit 31.2

Certification of Chief Financial Officer

Pursuant to Rule 13a-14(a) and Rule 15d-14(a)

I, Brent L. VanNorman, certify that:

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

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)) 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) Intentionally omitted;

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: August 12, 2014

/s/ Brent L. VanNorman

Brent L. VanNorman

Chief Financial 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

In connection with the Quarterly Report on Form 10-Q of TriLinc Global Impact Fund, LLC (the “Company”) for the quarterly period ended June 30, 2014, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, Gloria S. Nelund and Brent L. VanNorman, Chief Executive Officer and Chief Financial Officer, respectively, of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to our 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 as of the dates and for the periods expressed in the Report.

Dated: August 12, 2014	By	/s/ Gloria S. Nelund
		Gloria S. Nelund
		Chief Executive Officer
	By	/s/ Brent L. VanNorman
		Brent L. VanNorman
		Chief Financial Officer

XML

Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) (USD $)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Schedule Of Financial Highlights [Line Items]
Weighted average units outstanding	2,906,193.746		91,828.126	2,493,438.210	57,186.847
Contributions from Sponsor		$ 31,750		$ 31,750		$ 51,034
Ratio of net investment income/ (loss) to average net assets				7.34%	0.40%
Ratio of net expenses to average net assets				1.48%	0.00%
Scenario, Previously Reported [Member]
Schedule Of Financial Highlights [Line Items]
Total return to average net assets				(1.92%)	(8.84%)
Ratio of net investment income/ (loss) to average net assets				(4.12%)	(17.23%)
Ratio of net expenses to average net assets				11.46%	17.27%

XML

Related Parties - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended			6 Months Ended			1 Months Ended		6 Months Ended
	Mar. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Jul. 31, 2014 Subsequent Event [Member]	Jun. 30, 2014 Amended And Restated [Member]	Jun. 30, 2014 TriLinc Advisors, LLC [Member] Investment Advisory Management And Administrative Fees [Member]	Jun. 30, 2014 TriLinc Advisors, LLC [Member] Incentive Fees [Member]	Jun. 30, 2014 TriLinc Global, LLC [Member]	Jun. 30, 2014 TriLinc Global, LLC [Member] Operating Expense [Member]	Jun. 30, 2014 TriLinc Global, LLC [Member] Other Expense [Member]
Related Party Transaction [Line Items]
Intercompany agreement 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 Amended and Restated Advisory Agreement between the Company and the Advisor.	The incentive fee on net investment income, or 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 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.
Percentage of incentive fee on income					20.00%
Percentage of incentive fee on capital gains					20.00%
Investment fee on capital gain percentage					The incentive fee on capital gains is equal to 20% of the Company's realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains.
Capital gains		$ 0			$ 0
Accrued incentive fee		0			0
Additional operating expenses paid by Sponsor on behalf of company		456,835			456,835				966,793				1,936,600	1,078,500
Advisor earned management fees		149,467		3,090	258,546	3,090
Advisor earned incentive fees		99,663			157,618
Management and incentive fees					266,697
Reimbursement of operating expenses incurred by Sponsor													200,000,000
Contribution from Sponsor	31,750		31,750		31,750			31,750
Due from affiliates		814,394			814,394		79,109					782,644
Operating expense		159,247		3,090	159,247	3,090						782,644
Payable of dealer manager fees and selling commissions		$ 1,032,623			$ 1,032,623

XML

Significant Accounting Policies - Additional Information (Detail) (USD $)	6 Months Ended		12 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
Significant Accounting Policies [Line Items]
Due date for unpaid principal and interest	90 days
Maximum investment maturity period	12 months
Tax liability for uncertain tax provision	$ 0
Interest and penalties related to unrecognized tax benefits	0
Amount of investment in loans	17,993,558		6,547,061
Percentage of Investment	100.00%		100.00%
Maximum [Member]
Significant Accounting Policies [Line Items]
Percentage of underwriting compensation	10.00%
Domestic Tax Authority [Member]
Significant Accounting Policies [Line Items]
Provision for income taxes	0
State and Local Jurisdiction [Member]
Significant Accounting Policies [Line Items]
Provision for income taxes	0
Class A Units [Member]
Significant Accounting Policies [Line Items]
Percentage of selling commission and dealer manager fee of gross offering proceeds	9.75%
Percentage of reimburse to dealer manager	0.25%
Capital Units Class C or Class I [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Percentage of selling commission and dealer manager fee of gross offering proceeds	9.75%
Capital Units Class C or Class I [Member] | Minimum [Member]
Significant Accounting Policies [Line Items]
Percentage of reimburse to dealer manager	0.25%
Indirect Loans [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment	100.00%
Direct Loans [Member]
Significant Accounting Policies [Line Items]
Amount of investment in loans	4,000,000
Percentage of Investment	22.20%
Senior Secured Term Loan Participations [Member]
Significant Accounting Policies [Line Items]
Amount of investment in loans	6,214,000	[1]	3,000,000	[1]
Percentage of Investment	34.50%		45.80%
Senior Secured Trade Finance Participations [Member]
Significant Accounting Policies [Line Items]
Amount of investment in loans	11,779,558	[1]	594,225	[1]
Percentage of Investment	65.50%		9.10%
TriLinc Global, LLC [Member] | Organization And Offering Costs [Member]
Significant Accounting Policies [Line Items]
Intercompany agreement description	Organization and offering costs on behalf of the Company. Organization and offering costs are reimbursable to the Sponsor up to 5.00% 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.
TriLinc Global, LLC [Member] | Organization And Offering Costs [Member] | Maximum [Member]
Significant Accounting Policies [Line Items]
Intercompany agreement description	If the Company sells the maximum amount of the Offering, it anticipates that such expenses will equal approximately 1.25% of the gross proceeds raised.
TriLinc Global, LLC [Member] | Operating Expense [Member]
Significant Accounting Policies [Line Items]
Reimbursement of operating expenses incurred by Sponsor	$ 200,000,000
TGIF-A [Member]
Significant Accounting Policies [Line Items]
Percentage of ownership	100.00%
TGIF-TF [Member]
Significant Accounting Policies [Line Items]
Percentage of ownership	100.00%
TAI [Member]
Significant Accounting Policies [Line Items]
Percentage of 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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Distributions - Additional Information (Detail) (USD $)	0 Months Ended												6 Months Ended
	Jun. 30, 2014	Jun. 25, 2014	Jun. 01, 2014	May 25, 2014	May 01, 2014	Apr. 21, 2014	Apr. 03, 2014	Mar. 25, 2014	Mar. 03, 2014	Feb. 24, 2014	Feb. 04, 2014	Jan. 28, 2014	Jun. 30, 2014	May 31, 2014	Apr. 30, 2014	Mar. 31, 2014	Feb. 28, 2014	Jan. 31, 2014
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Distribution declared per unit		$ 0.00197808		$ 0.00197808		$ 0.00173082		$ 0.00173082		$ 0.00173082		$ 0.00173082
Cash paid for distributions	$ 128,489		$ 120,880		$ 97,345		$ 95,043		$ 83,752		$ 71,184		$ 596,692
Reinvestment under distribution reinvestment plan	$ 59,962												$ 59,962	$ 51,552	$ 40,089	$ 30,466	$ 19,925	$ 21,091
January 28, 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividends distribution declared date													Jan. 28, 2014
February 24, 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividends distribution declared date													Feb. 24, 2014
March 25, 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividends distribution declared date													Mar. 25, 2014
April 21, 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividends distribution declared date													Apr. 21, 2014
May 25, 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividends distribution declared date													May 25, 2014
June 25 , 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividends distribution declared date													Jun. 25, 2014
Period Start [Member] | January 28, 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividend distribution period													Jan. 01, 2014
Period Start [Member] | February 24, 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividend distribution period													Feb. 01, 2014
Period Start [Member] | March 25, 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividend distribution period													Mar. 01, 2014
Period Start [Member] | April 21, 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividend distribution period													Apr. 01, 2014
Period Start [Member] | May 25, 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividend distribution period													May 01, 2014
Period Start [Member] | June 25 , 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividend distribution period													Jun. 01, 2014
Period End [Member] | January 28, 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividend distribution period													Jan. 31, 2014
Period End [Member] | February 24, 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividend distribution period													Feb. 28, 2014
Period End [Member] | March 25, 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividend distribution period													Mar. 31, 2014
Period End [Member] | April 21, 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividend distribution period													Apr. 30, 2014
Period End [Member] | May 25, 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividend distribution period													May 31, 2014
Period End [Member] | June 25 , 2014 [Member]
Incentive Distribution Made to Managing Member or General Partner [Line Items]
Dividend distribution period													Jun. 30, 2014

XML

Organization and Operations of the Company

6 Months Ended

Jun. 30, 2014

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, primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company uses the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. 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 in the State of California.

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 22,160.665 Class A units for aggregate gross proceeds of $200,000. The Company commenced its initial public offering of up to $1,500,000,000 in units of limited liability company interest (the “Offering”) on February 25, 2013. On June 11, 2013, the Company satisfied its minimum offering requirement of $2,000,000 when the Sponsor purchased 321,329.639 Class A units for aggregate gross proceeds of $2,900,000 and the Company commenced operations. The Company’s offering period is currently scheduled to terminate two years after the initial offering date, or February 25, 2015, unless extended.

Although the Company was organized and intends to conduct its business in a manner so that it is not required to register as an investment company under the Investment Company Act of 1940, as amended, the consolidated financial statements are prepared using the specialized accounting principles of the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. Overall, the Company’s management believes the use of investment company accounting makes the Company’s financial statements more useful to investors and other financial statement users since it allows a more appropriate basis of comparison to other entities with similar objectives.

To assist the Company in achieving its investment objective, the Company makes investments via wholly owned subsidiaries. As of June 30, 2014, the Company’s subsidiaries are TriLinc Global Impact Fund – Asia, Ltd. (“TGIF-A”), TriLinc Global Impact Fund – Latin America, Ltd. (“TGIF-LA”), TriLinc Global Impact Fund – Trade Finance, Ltd. (“TGIF-TF”), and TriLinc Global Impact Fund – African Trade Finance, Ltd. (“TGIF-ATF”) (which was organized on June 20, 2014), all of which are Cayman Islands exempted companies. To assist the Advisor in managing the Company and its subsidiaries, the Advisor may provide services via TriLinc Advisors International, Ltd. (“TAI”), a Cayman Islands exempted company that is wholly owned by TriLinc Advisors, LLC. As of June 30, 2014, the Company has made, through its subsidiaries, loans in several countries located in South America and Asia.

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Investments - Additional Information (Detail) (Corporacion Prodesa S.R.L. [Member], USD $)	6 Months Ended		6 Months Ended			0 Months Ended
	Jun. 30, 2014 SecurityLoan	Jun. 30, 2014 Senior secured term loan participations and Secured mezzanine term loan [Member]	Jun. 30, 2014 Senior Secured Term Loan Participations [Member]	Jun. 30, 2014 Secured Term Loan [Member]	Jun. 30, 2014 Maximum [Member]	Jul. 30, 2014 Subsequent Event [Member]	Jul. 30, 2014 Subsequent Event [Member] Senior Secured Term Loan Participations [Member]	Jul. 30, 2014 Subsequent Event [Member] Secured Term Loan [Member]
Schedule of Investments [Line Items]
Principal payment on term loans		$ 200,000
Number of loans	2
Senior secured term loan			2,000,000	750,000
Debt instrument, quarterly principal payments			200,000
Debt instrument, maturity month year			2016-07	2015-02
Debt instrument, extended maturity end date							Jun. 30, 2017	Dec. 31, 2016
Debt instrument, extended maturity start date							Mar. 01, 2015	Jan. 01, 2016
Change in deferred interest rate					2.50%	1.75%
Payment for restructuring fee	46,250
Equity injection	$ 400,000

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Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 17,993,558		$ 6,547,061
Senior Secured Trade Finance Participations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	11,779,558	[1]	594,225	[1]
Senior Secured Term Loan Participations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	6,214,000	[1]	3,000,000	[1]
Level 3 [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	17,993,558		6,547,061
Level 3 [Member] | Senior Secured Trade Finance Participations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	11,779,558		594,225
Valuation technique	Income approach
Unobservable input	Market yield
Range (weighted average)	10.54%
Level 3 [Member] | Senior Secured Term Loan Participations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Fair Value	$ 6,214,000		$ 3,000,000
Valuation technique	Income approach
Unobservable input	Market yield
Range (weighted average)	12.77%
Level 3 [Member] | Minimum [Member] | Senior Secured Trade Finance Participations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Range (weighted average)	9.41%
Level 3 [Member] | Minimum [Member] | Senior Secured Term Loan Participations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Range (weighted average)	12.43%
Level 3 [Member] | Maximum [Member] | Senior Secured Trade Finance Participations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Range (weighted average)	11.98%
Level 3 [Member] | Maximum [Member] | Senior Secured Term Loan Participations [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Range (weighted average)	13.10%

[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 $)	6 Months Ended		12 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
Schedule of Investments [Line Items]
Amortized Cost	$ 17,993,558		$ 6,547,061
Fair Value	17,993,558		6,547,061
Percentage of Total	100.00%		100.00%
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	6,214,000	[1]	3,000,000	[1]
Fair Value	6,214,000	[1]	3,000,000	[1]
Percentage of Total	34.50%		45.80%
Secured Mezzanine Term Loan [Member]
Schedule of Investments [Line Items]
Amortized Cost			2,952,836	[1]
Fair Value			2,952,836	[1]
Percentage of Total			45.10%
Senior Secured Trade Finance Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	11,779,558	[1]	594,225	[1]
Fair Value	$ 11,779,558	[1]	$ 594,225	[1]
Percentage of Total	65.50%		9.10%

[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 $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Fair Value	$ 17,993,558	$ 6,547,061
Percentage of Total	100.00%	100.00%
Agricultural Products [Member]
Schedule of Investments [Line Items]
Fair Value	6,136,738	2,500,000
Percentage of Total	34.10%	38.30%
Consumer Electronics [Member]
Schedule of Investments [Line Items]
Fair Value		2,952,836
Percentage of Total	0.00%	45.10%
Electrical Equipment [Member]
Schedule of Investments [Line Items]
Fair Value	1,500,000
Percentage of Total	8.30%	0.00%
Food Products [Member]
Schedule of Investments [Line Items]
Fair Value	464,000
Percentage of Total	2.60%	0.00%
Forest Products [Member]
Schedule of Investments [Line Items]
Fair Value		500,000
Percentage of Total	0.00%	7.60%
Meat, Poultry & Fish [Member]
Schedule of Investments [Line Items]
Fair Value	4,000,000	94,225
Percentage of Total	22.20%	1.40%
Personal and Nondurable Consumer Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,892,820	$ 500,000
Percentage of Total	32.70%	7.60%

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Consolidated Schedule of Investments (Parenthetical) (Consumer Electronics [Member], Indonesia [Member], PT Indah Global Semesta (IGS) [Member], Secured Mezzanine Term Loan [Member])	6 Months Ended
	Jun. 30, 2014
Consumer Electronics [Member] | Indonesia [Member] | PT Indah Global Semesta (IGS) [Member] | Secured Mezzanine Term Loan [Member]
Extended loan period	3 years
Loan interval	12 months

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Investments - Schedule of Investment by Geographical Classification (Detail) (USD $)	6 Months Ended	12 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Fair Value	$ 17,993,558	$ 6,547,061
Percentage of Total	100.00%	100.00%
Indonesia [Member]
Schedule of Investments [Line Items]
Fair Value		2,952,836
Percentage of Total	0.00%	45.10%
Peru [Member]
Schedule of Investments [Line Items]
Fair Value	4,714,000	500,000
Percentage of Total	26.20%	7.60%
Argentina [Member]
Schedule of Investments [Line Items]
Fair Value	10,279,558
Percentage of Total	57.10%	0.00%
Brazil [Member]
Schedule of Investments [Line Items]
Fair Value	3,000,000	2,500,000
Percentage of Total	16.70%	38.20%
Chile [Member]
Schedule of Investments [Line Items]
Fair Value		500,000
Percentage of Total	0.00%	7.60%
Ecuador [Member]
Schedule of Investments [Line Items]
Fair Value		$ 94,225
Percentage of Total	0.00%	1.40%

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Subsequent Events - Additional Information (Detail) (USD $)	0 Months Ended													3 Months Ended	6 Months Ended						6 Months Ended			0 Months Ended				1 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 25, 2014	Jun. 01, 2014	May 25, 2014	May 01, 2014	Apr. 21, 2014	Apr. 03, 2014	Mar. 31, 2014	Mar. 25, 2014	Mar. 03, 2014	Feb. 24, 2014	Feb. 04, 2014	Jan. 28, 2014	Mar. 31, 2014	Jun. 30, 2014	Jun. 30, 2013	May 31, 2014	Apr. 30, 2014	Feb. 28, 2014	Jan. 31, 2014	Jun. 30, 2014 July 21. 2014 [Member]	Jun. 30, 2014 July 21. 2014 [Member] Period Start [Member]	Jun. 30, 2014 July 21. 2014 [Member] Period End [Member]	Aug. 11, 2014 Subsequent Event [Member]	Aug. 04, 2014 Subsequent Event [Member]	Aug. 01, 2014 Subsequent Event [Member]	Jul. 22, 2014 Subsequent Event [Member]	Jul. 31, 2014 Subsequent Event [Member]	Aug. 11, 2014 Subsequent Event [Member]	Jun. 30, 2014 Class A Units [Member]	Jun. 30, 2014 Class C Units [Member]	Jun. 30, 2014 Class I Units [Member]
Subsequent Event [Line Items]
Dividends distribution declared date																					Jul. 22, 2014
Dividend distribution period																						Jul. 01, 2014	Jul. 31, 2014
Dividends declared per unit		$ 0.00197808		$ 0.00197808		$ 0.00173082			$ 0.00173082		$ 0.00173082		$ 0.00173082														$ 0.00197808
Cash paid for distributions	$ 128,489		$ 120,880		$ 97,345		$ 95,043			$ 83,752		$ 71,184			$ 596,692										$ 152,386
Reinvestment under distribution reinvestment plan														30,466	59,962		51,552	40,089	19,925	21,091								71,215
Units Issued During the Period															1,915,979.909									4,500,000					975,694	1,018,772.148	146,195.665	751,012.096
Gross proceeds from issuance of units															17,068,565	2,919,650								41,700,000					9,284,000
Offering price per unit																														$ 10.00	$ 9.576	$ 9.186
Contribution from Sponsor								31,750						31,750	31,750													31,750
Funded new loans																													11,000,000
Maturities or payments of investments															$ 6,121,226											$ 2,300,000

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Consolidated Statements of Assets and Liabilities (USD $)	Jun. 30, 2014	Dec. 31, 2013
ASSETS
Investments owned, at fair value (amortized cost of $17,993,558 and $6,547,061, respectively)	$ 17,993,558	$ 6,547,061
Cash	10,981,833	6,666,659
Interest receivable	239,778	114,809
Due from affiliates (see Note 5)	814,394	79,109
Prepaid expenses	7,740	54,180
Total assets	30,037,303	13,461,818
LIABILITIES
Due to unitholders	128,489	65,015
Management fee payable	149,467
Due to affiliates (see Note 6)	15,480	31,391
Other payables		149
Total liabilities	293,436	96,555
NET ASSETS	29,743,867	13,365,263
ANALYSIS OF NET ASSETS:
Offering costs	(1,619,053)	(705,946)
Class A Units [Member]
LIABILITIES
NET ASSETS	11,949,262	3,234,442
ANALYSIS OF NET ASSETS:
Net capital paid	12,599,702	3,405,283
Class C Units [Member]
LIABILITIES
NET ASSETS	1,616,964	366,221
ANALYSIS OF NET ASSETS:
Net capital paid	1,704,981	385,565
Class I Units [Member]
LIABILITIES
NET ASSETS	16,177,641	9,764,600
ANALYSIS OF NET ASSETS:
Net capital paid	$ 17,058,237	$ 10,280,361

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Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 788,088	$ 623
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES
Purchase of investments	(17,465,336)	(737,325)
Maturity of investments	6,121,226
Accretion of discounts on investments	(102,387)
Increase in interest receivable	(124,969)	(3,237)
Increase in due from affiliates	(754,569)
Decrease in prepaid expenses	46,440
Increase in due to unitholders	63,474
Increase in management fee payable	149,467	3,090
Decrease in due to affiliates		350
Decrease in other payable	(149)
NET CASH USED IN OPERATING ACTIVITIES	(11,278,715)	(736,499)
Cash flows from financing activities
Proceeds from issuance of units	17,068,565	2,919,650
Distributions paid to unitholders	(596,692)
Payments of offering costs	(929,018)	(155,983)
Capital contribution from our Sponsor	51,034
NET CASH PROVIDED BY FINANCING ACTIVITIES	15,593,889	2,763,667
TOTAL INCREASE IN CASH	4,315,174	2,027,168
CASH AT BEGINNING OF THE PERIOD	6,666,659	200,114
CASH AT END OF THE PERIOD	10,981,833	2,227,282
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	223,085
Capital contribution from our Sponsor	$ 31,750

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Unit Capital - Summary of Capital Units Issued (Detail)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	1,559,136.769	345,667.530
Units Issued During the Period	1,915,979.909
Units Outstanding, Ending Balance	3,475,116.678	345,667.530
Class A Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	377,316.669
Units Issued During the Period	1,018,772.148
Units Outstanding, Ending Balance	1,396,088.817
Class C Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	42,721.867
Units Issued During the Period	146,195.665
Units Outstanding, Ending Balance	188,917.532
Class I Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	1,139,098.233
Units Issued During the Period	751,012.096
Units Outstanding, Ending Balance	1,890,110.329

XML

Unit Capital (Tables)

6 Months Ended

Jun. 30, 2014

Text Block [Abstract]

Summary of Capital Units Issued

The following table is a summary of the units issued during the six months ended June 30, 2014:

	Units Outstanding as of December 31, 2013		Units Issued During the Period		Units Outstanding as of June 30, 2014
Class A units		377,316.669		1,018,772.148		1,396,088.817
Class C units		42,721.867		146,195.665		188,917.532
Class I units		1,139,098.233		751,012.096		1,890,110.329
Total		1,559,136.769		1,915,979.909		3,475,116.678

XML

Unit Capital - Additional Information (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Capital Unit [Line Items]
Units Issued During the Period	1,915,979.909
Units Issued During the Period, value	$ 16,410,293	$ 2,763,667
Distribution Reinvestment Plan [Member]
Capital Unit [Line Items]
Units Issued During the Period	24,718.535
Units Issued During the Period, value	$ 223,085

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Organization and Operations of the Company - Additional Information (Detail) (USD $)	6 Months Ended				0 Months Ended	1 Months Ended	0 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014 Class A Units [Member]	Jun. 30, 2013 Class A Units [Member]	Feb. 25, 2013 Offering [Member]	May 31, 2012 TriLinc Advisors, LLC [Member] Class A Units [Member]	Jun. 11, 2013 TriLinc Global, LLC [Member] Class A Units [Member]	Jun. 11, 2013 TriLinc Global, LLC [Member] Minimum [Member] Class A Units [Member]	Jun. 30, 2014 TriLinc Global, LLC [Member] TriLinc Advisors, LLC [Member]	Jun. 30, 2014 Strategic Capital Advisory Services, LLC [Member] TriLinc Advisors, LLC [Member]
Organization And Nature Of Operations [Line Items]
Percentage of ownership									85.00%	15.00%
Aggregate gross proceeds on units purchased	$ 16,410,293	$ 2,763,667	$ 9,194,335	$ 2,900,000		$ 200,000	$ 2,900,000
Shares purchased under equity transaction	1,915,979.909		1,018,772.148			22,160.665	321,329.639
Proceeds from initial public offering					1,500,000,000
Minimum offering requirement								$ 2,000,000
Offering period, description	The Company's offering period is currently scheduled to terminate two years after the initial offering date, or February 25, 2015, unless extended.

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Consolidated Schedule of Investments (USD $)	6 Months Ended		12 Months Ended
	Jun. 30, 2014		Dec. 31, 2013
Amortized Cost	$ 17,993,558		$ 6,547,061
Fair Value	17,993,558		6,547,061
Consumer Electronics [Member]
Fair Value			2,952,836
Agricultural Products [Member]
Fair Value	6,136,738		2,500,000
Electrical Equipment [Member]
Fair Value	1,500,000
Meat, Poultry & Fish [Member]
Fair Value	4,000,000		94,225
Forest Products [Member]
Fair Value			500,000
Indonesia [Member]
Fair Value			2,952,836
Peru [Member]
Fair Value	4,714,000		500,000
Brazil [Member]
Fair Value	3,000,000		2,500,000
Argentina [Member]
Fair Value	10,279,558
Chile [Member]
Fair Value			500,000
Ecuador [Member]
Fair Value			94,225
Secured Mezzanine Term Loan [Member]
Amortized Cost			2,952,836	[1]
Fair Value			2,952,836	[1]
% of Net Assets			22.10%	[1]
Secured Mezzanine Term Loan [Member] | Indonesia [Member] | PT Indah Global Semesta (IGS) [Member] | Consumer Electronics [Member]
Description			Electronics Retailer	[1],[2]
Interest			10.00%	[1],[2]
Fees			4.50%	[1],[2],[3]
Maturity			Jul. 26, 2014	[1],[2]
Principal Amount			3,000,000	[1],[2]
Current Commitment			3,000,000	[1],[2],[4]
Amortized Cost			2,952,836	[1],[2]
Fair Value			2,952,836	[1],[2]
% of Net Assets			22.10%	[1],[2]
Senior Secured Term Loan Participations [Member]
Amortized Cost	6,214,000	[1]	3,000,000	[1]
Fair Value	6,214,000	[1]	3,000,000	[1]
% of Net Assets	20.90%	[1]	22.40%	[1]
Senior Secured Term Loan Participations [Member] | Peru [Member] | Corporation Prodesa S.R.L. [Member] | Consumer Products [Member]
Description	Diaper Manufacturer	[1]	Diaper Manufacturer	[1]
Interest			13.10%	[1]
Fees	0.00%	[1],[3]	0.00%	[1],[3]
Maturity			Jul. 12, 2016	[1]
Principal Amount	2,750,000	[1]	500,000	[1]
Current Commitment	2,750,000	[1],[5]	500,000	[1],[4]
Amortized Cost	2,750,000	[1]	500,000	[1]
Fair Value	2,750,000	[1]	500,000	[1]
% of Net Assets	9.20%	[1]	3.70%	[1]
Senior Secured Term Loan Participations [Member] | Peru [Member] | Corporation Prodesa S.R.L. [Member] | Consumer Products [Member] | Minimum [Member]
Interest	13.00%	[1]
Maturity	Feb. 15, 2015	[1],[6]
Senior Secured Term Loan Participations [Member] | Peru [Member] | Corporation Prodesa S.R.L. [Member] | Consumer Products [Member] | Maximum [Member]
Interest	13.10%	[1]
Maturity	Jul. 12, 2016	[1],[6]
Senior Secured Term Loan Participations [Member] | Peru [Member] | Phoenix Foods, S.A.C. [Member] | Food Products [Member]
Description	Food Processor	[1]
Interest	13.00%	[1]
Fees	0.00%	[1],[3]
Maturity	Nov. 29, 2014	[1],[6]
Principal Amount	464,000	[1]
Current Commitment	464,000	[1],[5]
Amortized Cost	464,000	[1]
Fair Value	464,000	[1]
% of Net Assets	1.60%	[1]
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Usivale Industria y Commercio [Member] | Agricultural Products [Member]
Description	Sugar Producer	[1]	Sugar Producer	[1]
Interest	12.43%	[1]	12.43%	[1]
Fees	0.00%	[1],[3]	0.00%	[1],[3]
Principal Amount	3,000,000	[1]	2,500,000	[1]
Current Commitment	3,000,000	[1],[5]	2,500,000	[1],[4]
Amortized Cost	3,000,000	[1]	2,500,000	[1]
Fair Value	3,000,000	[1]	2,500,000	[1]
% of Net Assets	10.10%	[1]	18.70%	[1]
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Usivale Industria y Commercio [Member] | Agricultural Products [Member] | Minimum [Member]
Maturity	Dec. 15, 2014	[1],[6]	Dec. 15, 2014	[1]
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Usivale Industria y Commercio [Member] | Agricultural Products [Member] | Maximum [Member]
Maturity	Dec. 15, 2016	[1],[6]	Dec. 15, 2016	[1]
Senior Secured Trade Finance Participations [Member]
Amortized Cost	11,779,558	[1]	594,225	[1]
Fair Value	11,779,558	[1]	594,225	[1]
% of Net Assets	39.50%	[1]	4.40%	[1]
Senior Secured Trade Finance Participations [Member] | Peru [Member] | Conductoresy Cablesdel Peru [Member] | Electrical Equipment [Member]
Description	Insulated Wire Manufacturer	[1]
Interest	8.00%	[1]
Fees	0.00%	[1],[3]
Maturity	Sep. 25, 2014	[1],[6]
Principal Amount	1,500,000	[1]
Current Commitment	3,000,000	[1],[5]
Amortized Cost	1,500,000	[1]
Fair Value	1,500,000	[1]
% of Net Assets	5.00%	[1]
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Compania Argentina De Granos [Member] | Agricultural Products [Member]
Description	Agriculture Distributor	[1]
Interest	9.41%	[1]
Fees	0.00%	[1],[3]
Maturity	Apr. 02, 2015	[1],[6]
Principal Amount	3,136,738	[1]
Current Commitment	5,000,000	[1],[5]
Amortized Cost	3,136,738	[1]
Fair Value	3,136,738	[1]
% of Net Assets	10.50%	[1]
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Sancor Coop Unidas Ltd [Member] | Consumer Products [Member]
Description	Dairy Co- Operative	[1]
Interest	10.33%	[1]
Fees	0.00%	[1],[3]
Maturity	Aug. 01, 2014	[1],[6]
Principal Amount	3,142,820	[1]
Current Commitment	5,000,000	[1],[5]
Amortized Cost	3,142,820	[1]
Fair Value	3,142,820	[1]
% of Net Assets	10.60%	[1]
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Frigorifico Regional Industrias Alimenticis Sa [Member] | Meat, Poultry & Fish [Member]
Description	Beef Exporter	[1]
Interest	11.98%	[1]
Fees	0.00%	[1],[3]
Maturity	Jun. 05, 2015	[1],[6]
Principal Amount	4,000,000	[1]
Current Commitment	5,000,000	[1],[5]
Amortized Cost	4,000,000	[1]
Fair Value	4,000,000	[1]
% of Net Assets	13.40%	[1]
Senior Secured Trade Finance Participations [Member] | Chile [Member] | Forestal Rio Calle Calle S.A. [Member] | Forest Products [Member]
Description			Sustainable Timber Exporter	[1]
Interest			9.85%	[1]
Fees			0.00%	[1],[3]
Maturity			Jan. 14, 2014	[1]
Principal Amount			500,000	[1]
Current Commitment			500,000	[1],[4]
Amortized Cost			500,000	[1]
Fair Value			500,000	[1]
% of Net Assets			3.70%	[1]
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Gondi S.A. [Member] | Meat, Poultry & Fish [Member]
Description			Other	[1]
Fees			0.00%	[1],[3]
Principal Amount			94,225	[1]
Current Commitment			500,000	[1],[4]
Amortized Cost			94,225	[1]
Fair Value			$ 94,225	[1]
% of Net Assets			0.70%	[1]
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Gondi S.A. [Member] | Meat, Poultry & Fish [Member] | Minimum [Member]
Interest			12.46%	[1]
Maturity			Aug. 08, 2014	[1]
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Gondi S.A. [Member] | Meat, Poultry & Fish [Member] | Maximum [Member]
Interest			12.55%	[1]
Maturity			Sep. 21, 2014	[1]

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

[2] Subject to the Advisor's approval, the borrower has the option to extend the loan for 3 years at 12-month intervals.

[3] Fees may include upfront, origination, commitment, facility and/or other fees that the borrower must contractually pay to the Company.

[4] Other than the IGS loan facility, all other loan commitments are subject to the availability of funds and do not represent a contractual obligation to provide funding to the borrower.

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

[6] Given the nature of trade finance contracts, trade finance borrowers typically have a 30 day grace period relative to the maturity date.

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Consolidated Statements of Assets and Liabilities (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Investments owned, amortized cost	$ 17,993,558	$ 6,547,061
Net assets, units outstanding	3,475,116.678	1,559,136.769
Class A Units [Member]
Net assets, per unit	$ 8.559	$ 8.572
Net assets, units outstanding	1,396,088.817	377,316.669
Class C Units [Member]
Net assets, per unit	$ 8.559	$ 8.572
Net assets, units outstanding	188,917.532	42,721.867
Class I Units [Member]
Net assets, per unit	$ 8.559	$ 8.572
Net assets, units outstanding	1,890,110.329	1,139,098.233

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Financial Highlights

6 Months Ended

Jun. 30, 2014

Text Block [Abstract]

Financial Highlights

Note 9. Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2014 and 2013. The Company’s income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I units, as applicable, and, therefore, the financial highlights are equal for each of the outstanding classes.

	2014			2013
Per unit data (1):
Net proceeds before offering costs (2)	$	9.025		$	9.025
Offering costs		(0.466	)		—
Net Proceeds after offering costs		8.559			9.025
Net investment income/(loss)		0.316			0.002
Distributions		(0.329	)		—
Capital contribution		0.013			—
Net increase/(decrease) in net assets		0.000			0.002
Net asset value at end of period		8.559			9.027
Total return based on net asset value (3)		3.842	%		0.022	%
Net assets at end of period	$	29,743,867		$	2,964,152
Units Outstanding at end of period		3,475,116.678			345,667.530
Ratio/Supplemental data (annualized) (4)(5):
Ratio of net investment income/(loss) to average net assets		7.34	%		0.40	%
Ratio of operating expenses to average net assets		1.48	%		0.00	%

¹  The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2014, which was 2,493,438.

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

³  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.

⁴  Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2014 and 2013, prior to the effect of the Amended and Restated Operating Expense Responsibility Agreement were as follows; total return: (1.92%) and (8.84%), ratio of net investment income/(loss): (4.12%) and (17.23%), and ratio of net expenses to average net assets: 11.46% and 17.27%, respectively.

⁵  The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of a full fiscal year.

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Document and Entity Information	6 Months Ended
	Jun. 30, 2014
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q2
Trading Symbol	CK0001550453
Entity Registrant Name	TriLinc Global Impact Fund LLC
Entity Central Index Key	0001550453
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0

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Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

Note 10. 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 six months ended June 30, 2014, except as discussed below.

Distributions

On July 22, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from July 1 through July 31, 2014. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On August 4, 2014, $152,386 of these distributions were paid in cash and on July 31, 2014, $71,215 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

Status of the Offering

For the period from July 1, 2014 through August 11, 2014, the Company sold approximately 975,694 units in the Offering (including units issued pursuant to the Distribution Reinvestment Plan) for approximately $9,284,000 in gross proceeds. As of August 11, 2014, the Company had received approximately $41.7 million in total gross offering proceeds through the issuance of approximately 4.5 million total units in the Offering (including units issued pursuant to the Distribution Reinvestment Plan).

Unit Offering Price

Pursuant to the net asset value determination by the Company’s board of managers, the value has not increased above nor decreased below the Company’s net proceeds per unit; therefore, the Company will continue to sell units at a price of $10.00 per Class A unit, $9.576 per Class C unit and $9.186 per Class I unit. The Company’s net asset value and the offering prices would have decreased if the Sponsor had not made a capital contribution in the amount of $31,750 in the quarter ended March 31, 2014, or had not absorbed and deferred reimbursement for a substantial portion of the Company’s operating expenses since the Company began its operations.

Investments

For the period from July 1, 2014 through August 11, 2014, the Company funded approximately $11 million in new loans. On August 1, 2014, the Company received a repayment of $2.3 million on a maturing trade finance participation.

Agreements

On July 1, 2014, TriLinc Global Impact Fund – African Trade Finance, Ltd. and TriLinc Advisors International, Ltd entered into a sub-advisory agreement with Barak Fund Management Ltd. to become a sub-advisor with respect to the Company’s investments in Sub-Saharan Africa.

On August 8, 2014, the Company entered into an Amended and Restated Operating Expense 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 June 30, 2014, including the incentive fee earned by the Advisor during the quarter ended June 30, 2014. For additional information regarding the Amended and Restated Operating Expense Responsibility Agreement refer to Notes 2 and 5.

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Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
INVESTMENT INCOME
Interest income	$ 656,910	$ 3,674	$ 946,684	$ 3,674
Interest from cash	651		651	39
Total investment income	657,561	3,674	947,335	3,713
EXPENSES
Management fees	149,467	3,090	258,546	3,090
Incentive fees	99,663		157,618
Operating expenses	9,780		9,780
Total expenses	258,910	3,090	425,944	3,090
Total expenses	258,910	3,090	425,944	3,090
Expense support payment from Sponsor	(99,663)		(266,697)
Net expenses	159,247	3,090	159,247	3,090
Net expenses	159,247	3,090	159,247	3,090
NET INVESTMENT INCOME	498,314	584	788,088	623
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 498,314	$ 584	$ 788,088	$ 623
NET INCOME PER UNITS - BASIC AND DILUTED	$ 0.17	$ 0.01	$ 0.32	$ 0.01
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED	2,906,193.746	91,828.126	2,493,438.210	57,186.847

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Investments

6 Months Ended

Jun. 30, 2014

Investments Debt And Equity Securities [Abstract]

Investments

Note 4. Investments

As of June 30, 2014, one of the Company’s borrowers, Corporacion Prodesa S.R.L. (“Prodesa”), was late in making a $200,000 principal payment on one of the Company’s term loans. Prodesa has continued to make the required interest payments under the loan but has been unable to make the principal payment. The Company’s investment in Prodesa is comprised of two loans: 1) a $2,000,000 participation in a senior secured term loan requiring $200,000 quarterly principal payments and maturing in July 2016 and 2) a $750,000 participation in a loan secured by inventory maturing in February 2015. As of July 30, 2014, the Company and Prodesa have agreed to restructure the terms of the loans as follows: extend the maturity of the $2,000,000 loan to June 2017 with equal monthly principal payment starting March 2015; extend the maturity of the $750,000 loan to December 2016 with equal monthly principal payment starting January 2016; assess to both loans additional deferred interest or PIK of 1.75%; the pledge of additional collateral securing the loans; and increased reporting requirements including biannual audited financial statements and monthly internal financial statements. At closing of the restructure, Prodesa will pay the Company a restructuring fee of $46,250. Prodesa has also agreed to secure a $400,000 equity injection. If Prodesa fails to secure the $400,000 equity injection, the deferred interest rate will increase to 2.5%. The Company has determined that no concessions were granted to Prodesa and, therefore, the restructure is not considered a troubled debt restructuring.

As of June 30, 2014, the Company’s investments consisted of the following:

	Amortized		Fair		Percentage
	Cost		Value		of Total
Senior secured term loan participations	$	6,214,000	$	6,214,000		34.5	%
Senior secured trade finance participations		11,779,558		11,779,558		65.5	%
Total	$	17,993,558	$	17,993,558		100.0	%

As of December 31, 2013, the Company’s investments consisted of the following:

	Amortized Cost		Fair Value		Percentage of Total
Senior secured term loan participations	$	3,000,000	$	3,000,000		45.8	%
Secured mezzanine term loan		2,952,836		2,952,836		45.1	%
Senior secured trade finance participations		594,225		594,225		9.1	%
Total investments	$	6,547,061	$	6,547,061		100.0	%

The industry composition of the Company’s portfolio, at fair market value, as of June 30, 2014, and December 31, 2013, was as follows:

	As of June 30, 2014					As of December 31, 2013
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	6,136,738		34.1	%		2,500,000		38.3	%
Consumer Electronics		—		0.0	%	$	2,952,836		45.1	%
Electrical Equipment		1,500,000		8.3	%		—		0.0	%
Food Products		464,000		2.6	%		—		0.0	%
Forest Products		—		0.0	%		500,000		7.6	%
Meat, Poultry & Fish		4,000,000		22.2	%		94,225		1.4	%
Personal and Nondurable Consumer Products		5,892,820		32.7	%		500,000		7.6	%
Total	$	17,993,558		100.0	%	$	6,547,061		100.0	%

The table below shows the portfolio composition by geography classification at fair value as of June 30, 2014, and December, 31, 2013:

	As of June 30, 2014					As of December 31, 2013
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Indonesia	$	—		0.0	%	$	2,952,836		45.1	%
Peru		4,714,000		26.2	%		500,000		7.6	%
Argentina		10,279,558		57.1	%		—		0.0	%
Brazil		3,000,000		16.7	%		2,500,000		38.2	%
Chile		—		0.0	%		500,000		7.6	%
Ecuador		—		0.0	%		94,225		1.4	%
Total	$	17,993,558		100.0	%	$	6,547,061		100.0	%

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Fair Value Measurements

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

The following table summarizes the fair value of the Company’s investments based on the inputs at June 30, 2014:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan participations	$	6,214,000	$	—	$	—	$	6,214,000
Senior secured trade finance participations		11,779,558		—		—		11,779,558
Total	$	17,993,558	$	—	$	—	$	17,993,558
The following table summarizes the fair value of the Company’s investments based on the inputs at December 31, 2013:
	Fair Value		Level 1		Level 2		Level 3
Senior secured term loan participations	$	3,000,000	$	—	$	—	$	3,000,000
Secured mezzanine term loan		2,952,836		—		—		2,952,836
Senior secured trade finance participations		594,225		—		—		594,225
Total	$	6,547,061	$	—	$	—	$	6,547,061

The following is a reconciliation for the six months ended June 30, 2014, of investments for which Level 3 inputs were used in determining fair value:

	Fair Value at December 31, 2013		Purchases		Maturities or Prepayments			Amortization		Fair Value at June 30, 2014
Senior secured term loan participations	$	3,000,000	$	3,326,000	$	(112,000	)	$	—	$	6,214,000
Senior mezzanine term loan		2,952,836		1,944,777		(5,000,000	)		102,387		—
Senior secured trade finance participations		594,225		12,194,559		(1,009,226	)		—		11,779,558
Total	$	6,547,061	$	17,465,336	$	(6,121,226	)	$	102,387	$	17,993,558

As of June 30, 2014, 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 June 30, 2014:

	Fair value		Valuation technique		Unobservable input		Range (weighted average)
Senior secured trade finance participations	$	11,779,558		Income approach		Market yield	9.41% - 11.98% (10.54%)
Senior secured term loan participations	$	6,326,000		Income approach		Market yield	12.43% - 13.10% (12.77%)

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

For details of the country-specific risk concentrations for the Company’s investments, refer to the Consolidated Schedule of Investments and Note 4.

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2014

Text Block [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2014 and 2013. The Company’s income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I units, as applicable, and, therefore, the financial highlights are equal for each of the outstanding classes.

	2014			2013
Per unit data (1):
Net proceeds before offering costs (2)	$	9.025		$	9.025
Offering costs		(0.466	)		—
Net Proceeds after offering costs		8.559			9.025
Net investment income/(loss)		0.316			0.002
Distributions		(0.329	)		—
Capital contribution		0.013			—
Net increase/(decrease) in net assets		0.000			0.002
Net asset value at end of period		8.559			9.027
Total return based on net asset value (3)		3.842	%		0.022	%
Net assets at end of period	$	29,743,867		$	2,964,152
Units Outstanding at end of period		3,475,116.678			345,667.530
Ratio/Supplemental data (annualized) (4)(5):
Ratio of net investment income/(loss) to average net assets		7.34	%		0.40	%
Ratio of operating expenses to average net assets		1.48	%		0.00	%

¹  The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2014, which was 2,493,438.

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

³  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.

⁴  Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2014 and 2013, prior to the effect of the Amended and Restated Operating Expense Responsibility Agreement were as follows; total return: (1.92%) and (8.84%), ratio of net investment income/(loss): (4.12%) and (17.23%), and ratio of net expenses to average net assets: 11.46% and 17.27%, respectively.

⁵  The Company’s net investment income has been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of a full fiscal year.

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2014

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 preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These financial statements are presented in United States dollars.

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, 2013, which was filed with the Securities and Exchange Commission (“SEC”) on March 31, 2014.

The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2014.

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

Prepaid expenses

Prepaid expenses

Prepaid expenses represent prepaid insurance paid by the Company during 2013. Prepaid insurance is being amortized over the term of the insurance policy, which is one year. The amortization of prepaid expense for the three and six months ended June 30, 2014, is reimbursable to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement.

Revenue Recognition

Revenue Recognition

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

The Company 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. 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.

Valuation of Investments

Valuation of Investments

The Company applies fair value accounting to all of its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company has categorized its investments into a three-level fair value hierarchy as discussed in Note 3.

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

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

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

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

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

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

Investments for which market quotations are readily available are valued at those quotations. Most of our 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, our board of managers has approved a multi-step valuation process to be followed each fiscal quarter, as described below:

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

2. For all investments with a maturity of greater than 12 months, we have engaged Duff & Phelps, LLC (“Duff & Phelps”) to conduct a review on the reasonableness of our internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually, and provide an opinion that the Advisor’s estimate of fair value for each investment is reasonable;

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

4. Our board of managers discusses the valuations and determines 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, an income approach, or both approaches, 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). 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. In following these approaches, the types of factors that we may take into account in valuing our investments include, as applicable: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the borrower’s ability to make payments, its earnings and discounted cash flows, the markets in which the Company does business, comparisons of financial ratios of peer companies that are public, the principal market for the borrower’s securities and an estimate of the borrower’s enterprise value, among other factors.

Equity interests in portfolio companies for which there is no liquid public market are valued at fair value. The board of managers, in its analysis of fair value, may consider various factors, such as multiples of EBITDA, cash flows, net income, revenues or in limited instances book value or liquidation value. All of these factors may be subject to adjustments based upon the particular circumstances of a portfolio company or our actual investment position. For example, adjustments to EBITDA may take into account compensation to previous owners or the effects of acquisitions, recapitalizations, restructurings or other similar items.

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.

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.

Income Taxes

Income Taxes

The Company, as a limited liability company, allocates all income or loss to its unitholders according to their respective percentage of ownership. 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.

At June 30, 2014, no tax liability for uncertain tax provision has 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, 2012.

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

Calculation of Net Asset Value

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis and commenced with respect to the first full quarter after the Company commenced operations. The Company calculates its net asset value per unit by subtracting total liabilities from the total value of the Company’s assets on the date of valuation and dividing the result by the total number of outstanding units on the date of valuation. The net asset value per Class A, Class C and Class I units are calculated on a pro-rata basis based on total units outstanding.

Net Income (Loss) per Unit

Net Income (Loss) per Unit

Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at June 30, 2014 and 2013.

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 up to 5.00% 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 June 30, 2014 or December 31, 2013. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. If the Company sells the maximum amount of the Offering, it anticipates that such expenses will equal approximately 1.25% of the gross proceeds raised.

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

Operating Expense Responsibility Agreement

Operating Expense Responsibility Agreement

On August 8, 2014, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement effective as of June 11, 2013 and covering expenses through June 30, 2014. Pursuant to the terms of the Amended and Restated Operating Expense Responsibility Agreement, the Sponsor has paid expenses on behalf of the Company through June 30, 2014 and will additionally pay the accrued operating expenses of the Company as of June 30, 2014 on behalf of the Company. Such expenses will not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds and, therefore, have not been recorded as expenses of the Company as of June 30, 2014. 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.

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 we have not adopted.

In June 2013, the FASB issued ASU 2013-08, Financial Services—Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 amends the current criteria for an entity to qualify as an investment company, creates new disclosure requirements and amends the measurement criteria for certain interests in other investment companies. ASU 2013-08 was effective on January 1, 2014, and did not have a material effect on the Company’s consolidated financial statements.

Risk Factors

Risk Factors

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

The Company is subject to financial market risks, including changes in interest rates. Global economies and capital markets can and have experienced significant volatility, which has increased the risks associated with investments in collateralized private debt instruments. Investment in the Company carries risk and there are no guarantees that the Company’s investment objectives will be achieved. The Company is also exposed to credit risk related to maintaining all of its cash at a major financial institution.

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

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

At June 30, 2014, the Company’s investment portfolio included 7 companies and was comprised of $6,214,000 or 34.5% in senior secured term loan participations, and $11,779,558 or 65.5% in senior secured trade finance participations. The Company’s largest loan by value was $4,000,000 or 22.2% of total investments. Participation in loans amounted to 100% of the Company’s total portfolio at June 30, 2014.

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Unit Capital

6 Months Ended

Jun. 30, 2014

Text Block [Abstract]

Unit Capital

Note 7. Unit Capital

The Company has three classes of units: Class A units, Class C units and Class I units. The unit classes have different sales commissions and dealer manager fees, and there is an ongoing distribution fee with respect to Class C units. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding and therefore have the same net asset value per unit. The following table is a summary of the units issued during the six months ended June 30, 2014:

	Units Outstanding as of December 31, 2013		Units Issued During the Period		Units Outstanding as of June 30, 2014
Class A units		377,316.669		1,018,772.148		1,396,088.817
Class C units		42,721.867		146,195.665		188,917.532
Class I units		1,139,098.233		751,012.096		1,890,110.329
Total		1,559,136.769		1,915,979.909		3,475,116.678

The total of 1,915,979.909 units issued during the six months ended June 30, 2014 includes 24,718.535 units issued under the Distribution Reinvestment Plan at a value of $223,085.

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Related Parties

6 Months Ended

Jun. 30, 2014

Related Party Transactions [Abstract]

Related Parties

Note 5. Related Parties

Agreements

Advisory Agreement

In February 2014, the Company entered into an Amended and Restated Advisory Agreement with the Advisor to renew the Company’s arrangement with the Advisor for an additional year.

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 Amended and Restated 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 on net investment income and an incentive fee on capital gains. The incentive fee on net investment income, or 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 incentive fee on income equals 20% of the amount of the Company’s pre-incentive fee net investment income.

An incentive fee on capital gains will be earned on investments sold and shall be determined and payable to the Advisor in arrears as of the end of each calendar year. The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company had no capital gains and therefore did not accrue an incentive fee for the three and six months ended June 30, 2014.

Transactions

For the three and six months ended June 30, 2014, the Company incurred $456,835 and $973,573, respectively, in operating expenses excluding the management and incentive fees earned by the Advisor. As discussed in Note 2, for the six months ended June 30, 2014, the Sponsor assumed responsibility for $966,793 of the Company’s operating expenses under the Amended and Restated Operating Expense Responsibility Agreement.

For the three and six months ended June 30, 2014, the Advisor earned $149,467 and $258,546, respectively, in management fees and $99,663 and $157,618, respectively, in incentive fees. For the six months ended June 30, 2014, the Sponsor paid an aggregate of $266,697 in management and incentive fees under the Amended and Restated Operating Expense Responsibility Agreement.

As of June 30, 2014, pursuant to the terms of the Amended and Restated Operating Expense Responsibility Agreement, the Sponsor has paid approximately $1,936,600 of operating expenses on behalf of the Company and will pay or reimburse to us an additional $1,078,500 of expenses, which have been accrued by the Sponsor as of June 30, 2014. Such expenses will be expensed and payable by the Company to the Sponsor once the Company has raised gross proceeds of $200 million.

On March 31, 2014, the Sponsor made a permanent capital contribution to the Company in the amount of $31,750 to cover the amount of distributions paid by the Company that were in excess of net investment income. This contribution is not covered by the Amended and Restated Operating Expense Responsibility Agreement and thus will not be repaid to the Sponsor by the Company.

Due from affiliates on the Consolidated Statement of Assets and Liabilities in the amount of $814,394 is comprised of $782,644 due from the Sponsor in connection with the Amended and Restated Operating Expense Responsibility Agreement and $31,750, in capital contribution due from the Sponsor. The $782,644 in operating expenses were paid by the Company during the six months ended June 30, 2014, but under the terms of the Amended and Restated Operating Expense Responsibility Agreement are the responsibility of the Sponsor. The amount due from affiliates is payable at the discretion of the Sponsor. On July 31, 2014, the Sponsor made a payment to the Company for the $31,750 capital contribution.

For the six months ended June 30, 2014, the Company paid a total of $1,032,623 in dealer manager fees and selling commissions to the Company’s dealer manager, SC Distributors. 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 statement of operations.

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Organization and Offering Costs

6 Months Ended

Jun. 30, 2014

Text Block [Abstract]

Organization and Offering Costs

Note 6. Organization and Offering Costs

As of June 30, 2014, the Sponsor has paid approximately $5.6 million of offering costs and $236,000 of organization costs, all of which were paid directly by the Sponsor on behalf of the Company, and will be reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $782,000 of offering costs, which were incurred by the Sponsor during the six months ended June 30, 2014. During the six months ended June 30, 2014, $929,018 was reimbursed to the Sponsor. In addition, as of June 30, 2014, $15,480 was accrued towards the reimbursement of offering costs and is reflected in the statement of assets and liabilities as due to affiliate. The total reimbursement to the Sponsor for the six months ended June 30, 2014 of $913,107 is included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. As of June 30, 2014, the Company has reimbursed the Sponsor a total of $1,619,053 of offering costs.

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Distributions

6 Months Ended

Jun. 30, 2014

Text Block [Abstract]

Distributions

Note 8. Distributions

On January 28, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from January 1 through January 31, 2014. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (less the distribution fee with respect to Class C units). On February 4, 2014, $71,184 of these distributions were paid in cash and on January 31, 2014, $21,091 were reinvested in units for those unitholders participating in the Amended and Restated Distribution Reinvestment Plan (“Distribution Reinvestment Plan”).

On February 24, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from February 1 through February 28, 2014. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (less the distribution fee with respect to Class C units). On March 3, 2014, $83,752 of these distributions were paid in cash and on February 28, 2014, $19,925 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

On March 25, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from March 1 through March 31, 2014. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (less the distribution fee with respect to Class C units). On April 3, 2014, $95,043 of these distributions were paid in cash and on March 31, 2014, $30,466 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

On April 21, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from April 1 through April 30, 2014. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00173082 per unit per day (less the distribution fee with respect to Class C units). On May 1, 2014, $97,345 of these distributions were paid in cash and on April 30, 2014, $40,089 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

On May 25, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from May 1 through May 31, 2014. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On June 1, 2014, $120,880 of these distributions were paid in cash and on May 31, 2014, $51,552 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

On June 25, 2014, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from June 1 through June 30, 2014. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On July 1, 2014, $128,489 of these distributions were paid in cash and on June 30, 2014, $59,962 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

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Organization and Offering Costs - Additional Information (Detail) (USD $)	6 Months Ended			0 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Jun. 30, 2014 TriLinc Global, LLC [Member]	Jun. 30, 2014 TriLinc Global, LLC [Member]
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	$ 1,619,053		$ 705,946		$ 5,600,000
Organization costs paid by the Sponsor on behalf of the Company					236,000
Reimbursement of offering costs incurred by Sponsor	913,107	155,983			782,000
Reimbursement of organization costs incurred by Sponsor				1,619,053
Reduction to net assets	929,018	155,983			929,018
Offering costs payable to sponsor	$ 15,480		$ 31,391

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Investments (Tables)

6 Months Ended

Jun. 30, 2014

Investments Debt And Equity Securities [Abstract]

Schedule of Investments

As of June 30, 2014, the Company’s investments consisted of the following:

	Amortized		Fair		Percentage
	Cost		Value		of Total
Senior secured term loan participations	$	6,214,000	$	6,214,000		34.5	%
Senior secured trade finance participations		11,779,558		11,779,558		65.5	%
Total	$	17,993,558	$	17,993,558		100.0	%

As of December 31, 2013, the Company’s investments consisted of the following:

	Amortized Cost		Fair Value		Percentage of Total
Senior secured term loan participations	$	3,000,000	$	3,000,000		45.8	%
Secured mezzanine term loan		2,952,836		2,952,836		45.1	%
Senior secured trade finance participations		594,225		594,225		9.1	%
Total investments	$	6,547,061	$	6,547,061		100.0	%

Components of Investment Portfolio, Fair Value

The industry composition of the Company’s portfolio, at fair market value, as of June 30, 2014, and December 31, 2013, was as follows:

	As of June 30, 2014					As of December 31, 2013
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	6,136,738		34.1	%		2,500,000		38.3	%
Consumer Electronics		—		0.0	%	$	2,952,836		45.1	%
Electrical Equipment		1,500,000		8.3	%		—		0.0	%
Food Products		464,000		2.6	%		—		0.0	%
Forest Products		—		0.0	%		500,000		7.6	%
Meat, Poultry & Fish		4,000,000		22.2	%		94,225		1.4	%
Personal and Nondurable Consumer Products		5,892,820		32.7	%		500,000		7.6	%
Total	$	17,993,558		100.0	%	$	6,547,061		100.0	%

Schedule of Investment by Geographical Classification

The table below shows the portfolio composition by geography classification at fair value as of June 30, 2014, and December, 31, 2013:

	As of June 30, 2014					As of December 31, 2013
Country	Fair Value		Percentage of Total			Fair Value		Percentage of Total
Indonesia	$	—		0.0	%	$	2,952,836		45.1	%
Peru		4,714,000		26.2	%		500,000		7.6	%
Argentina		10,279,558		57.1	%		—		0.0	%
Brazil		3,000,000		16.7	%		2,500,000		38.2	%
Chile		—		0.0	%		500,000		7.6	%
Ecuador		—		0.0	%		94,225		1.4	%
Total	$	17,993,558		100.0	%	$	6,547,061		100.0	%

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Fair Value Measurements - Summary of Fair Value of Investments Based on Inputs (Detail) (USD $)	Jun. 30, 2014		Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, fair value	$ 17,993,558		$ 6,547,061
Senior Secured Term Loan Participations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, fair value	6,214,000	[1]	3,000,000	[1]
Secured Mezzanine Term Loan [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, fair value			2,952,836	[1]
Senior Secured Trade Finance Participations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, fair value	11,779,558	[1]	594,225	[1]
Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, fair value	17,993,558		6,547,061
Level 3 [Member] | Senior Secured Term Loan Participations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, fair value	6,214,000		3,000,000
Level 3 [Member] | Secured Mezzanine Term Loan [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, fair value			2,952,836
Level 3 [Member] | Senior Secured Trade Finance Participations [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investments, fair value	$ 11,779,558		$ 594,225

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

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Consolidated Statements of Changes in Net Assets (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
INCREASE FROM OPERATIONS
Net investment income	$ 788,088	$ 623
Net increase from operations	788,088	623
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(819,777)
INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS
Contribution from Sponsor	31,750
Offering costs	(913,107)	(155,983)
Issuance of capital units	16,410,293	2,763,667
Net increase in net assets	16,378,604	2,764,290
Net assets at beginning of period	13,365,263	199,862
Net assets at end of period	29,743,867	2,964,152
Class A Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(269,458)
INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS
Issuance of capital units	9,194,335	2,900,000
Net assets at beginning of period	3,234,442
Net assets at end of period	11,949,262
Class C Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(28,208)
INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS
Issuance of capital units	1,319,449
Net assets at beginning of period	366,221
Net assets at end of period	1,616,964
Class I Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(522,111)
INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS
Issuance of capital units	6,777,866	19,650
Net assets at beginning of period	9,764,600
Net assets at end of period	$ 16,177,641

XML

Significant Accounting Policies

6 Months Ended

Jun. 30, 2014

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 preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. These financial statements are presented in United States dollars.

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, 2013, which was filed with the Securities and Exchange Commission (“SEC”) on March 31, 2014.

The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2014.

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

Prepaid expenses

Prepaid expenses represent prepaid insurance paid by the Company during 2013. Prepaid insurance is being amortized over the term of the insurance policy, which is one year. The amortization of prepaid expense for the three and six months ended June 30, 2014, is reimbursable to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement.

Revenue Recognition

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

The Company 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. 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.

Valuation of Investments

The Company applies fair value accounting to all of its investments in accordance with ASC Topic 820, Fair Value Measurement (“ASC 820”). ASC 820 requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC 820, fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In accordance with ASC 820, the Company has categorized its investments into a three-level fair value hierarchy as discussed in Note 3.

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

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

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

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

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

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

Investments for which market quotations are readily available are valued at those quotations. Most of our 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, our board of managers has approved a multi-step valuation process to be followed each fiscal quarter, as described below:

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

2. For all investments with a maturity of greater than 12 months, we have engaged Duff & Phelps, LLC (“Duff & Phelps”) to conduct a review on the reasonableness of our internal estimates of fair value on each asset on a quarterly rotating basis, with each of such investments being reviewed at least annually, and provide an opinion that the Advisor’s estimate of fair value for each investment is reasonable;

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

4. Our board of managers discusses the valuations and determines 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, an income approach, or both approaches, 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). 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. In following these approaches, the types of factors that we may take into account in valuing our investments include, as applicable: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the borrower’s ability to make payments, its earnings and discounted cash flows, the markets in which the Company does business, comparisons of financial ratios of peer companies that are public, the principal market for the borrower’s securities and an estimate of the borrower’s enterprise value, among other factors.

Equity interests in portfolio companies for which there is no liquid public market are valued at fair value. The board of managers, in its analysis of fair value, may consider various factors, such as multiples of EBITDA, cash flows, net income, revenues or in limited instances book value or liquidation value. All of these factors may be subject to adjustments based upon the particular circumstances of a portfolio company or our actual investment position. For example, adjustments to EBITDA may take into account compensation to previous owners or the effects of acquisitions, recapitalizations, restructurings or other similar items.

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.

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.

Income Taxes

The Company, as a limited liability company, allocates all income or loss to its unitholders according to their respective percentage of ownership. 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.

At June 30, 2014, no tax liability for uncertain tax provision has 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, 2012.

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

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis and commenced with respect to the first full quarter after the Company commenced operations. The Company calculates its net asset value per unit by subtracting total liabilities from the total value of the Company’s assets on the date of valuation and dividing the result by the total number of outstanding units on the date of valuation. The net asset value per Class A, Class C and Class I units are calculated on a pro-rata basis based on total units outstanding.

Net Income (Loss) per Unit

Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at June 30, 2014 and 2013.

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 up to 5.00% 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 June 30, 2014 or December 31, 2013. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. If the Company sells the maximum amount of the Offering, it anticipates that such expenses will equal approximately 1.25% of the gross proceeds raised.

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

Operating Expense Responsibility Agreement

On August 8, 2014, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement effective as of June 11, 2013 and covering expenses through June 30, 2014. Pursuant to the terms of the Amended and Restated Operating Expense Responsibility Agreement, the Sponsor has paid expenses on behalf of the Company through June 30, 2014 and will additionally pay the accrued operating expenses of the Company as of June 30, 2014 on behalf of the Company. Such expenses will not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds and, therefore, have not been recorded as expenses of the Company as of June 30, 2014. 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.

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 we have not adopted.

In June 2013, the FASB issued ASU 2013-08, Financial Services—Investment Companies: Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 amends the current criteria for an entity to qualify as an investment company, creates new disclosure requirements and amends the measurement criteria for certain interests in other investment companies. ASU 2013-08 was effective on January 1, 2014, and did not have a material effect on the Company’s consolidated financial statements.

Risk Factors

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

The Company is subject to financial market risks, including changes in interest rates. Global economies and capital markets can and have experienced significant volatility, which has increased the risks associated with investments in collateralized private debt instruments. Investment in the Company carries risk and there are no guarantees that the Company’s investment objectives will be achieved. The Company is also exposed to credit risk related to maintaining all of its cash at a major financial institution.

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

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

At June 30, 2014, the Company’s investment portfolio included 7 companies and was comprised of $6,214,000 or 34.5% in senior secured term loan participations, and $11,779,558 or 65.5% in senior secured trade finance participations. The Company’s largest loan by value was $4,000,000 or 22.2% of total investments. Participation in loans amounted to 100% of the Company’s total portfolio at June 30, 2014.

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Fair Value Measurements - Summary of Investments of Level 3 Inputs (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014		Jun. 30, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	$ 6,547,061
Purchases of investments	17,465,336		737,325
Maturities or payments of investments	(6,121,226)
Amortization of investments	102,387
Investment owned at Fair value, ending balance	17,993,558
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	3,000,000	[1]
Purchases of investments	3,326,000
Maturities or payments of investments	(112,000)
Investment owned at Fair value, ending balance	6,214,000	[1]
Senior Mezzanine Term Loan [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	2,952,836
Purchases of investments	1,944,777
Maturities or payments of investments	(5,000,000)
Amortization of investments	102,387
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	594,225	[1]
Purchases of investments	12,194,559
Maturities or payments of investments	(1,009,226)
Investment owned at Fair value, ending balance	$ 11,779,558	[1]

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

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Financial Highlights - Schedule of Financial Highlights (Detail) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Dec. 31, 2012
Equity [Abstract]
Net proceeds before offering costs	$ 9.025	$ 9.025
Offering costs	$ (0.466)
Net Proceeds after offering costs	$ 8.559	$ 9.025
Net investment income/(loss)	$ 0.316	$ 0.002
Distributions	$ (0.329)
Capital contribution	$ 0.013
Net increase/(decrease) in net assets	$ 0.000	$ 0.002
Net asset value at end of period	$ 8.559	$ 9.027
Total return based on net asset value	3.842%	0.022%
Net assets at end of period	$ 29,743,867	$ 2,964,152	$ 13,365,263	$ 199,862
Units Outstanding at end of period	3,475,116.678	345,667.530	1,559,136.769
Ratio/Supplemental data (annualized) :
Ratio of net investment income/(loss) to average net assets	7.34%	0.40%
average net assets	1.48%	0.00%

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Summary of Fair Value of Investments Based on Inputs

The following table summarizes the fair value of the Company’s investments based on the inputs at June 30, 2014:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loan participations	$	6,214,000	$	—	$	—	$	6,214,000
Senior secured trade finance participations		11,779,558		—		—		11,779,558
Total	$	17,993,558	$	—	$	—	$	17,993,558
The following table summarizes the fair value of the Company’s investments based on the inputs at December 31, 2013:
	Fair Value		Level 1		Level 2		Level 3
Senior secured term loan participations	$	3,000,000	$	—	$	—	$	3,000,000
Secured mezzanine term loan		2,952,836		—		—		2,952,836
Senior secured trade finance participations		594,225		—		—		594,225
Total	$	6,547,061	$	—	$	—	$	6,547,061

Summary of Investments of Level 3 Inputs

The following is a reconciliation for the six months ended June 30, 2014, of investments for which Level 3 inputs were used in determining fair value:

	Fair Value at December 31, 2013		Purchases		Maturities or Prepayments			Amortization		Fair Value at June 30, 2014
Senior secured term loan participations	$	3,000,000	$	3,326,000	$	(112,000	)	$	—	$	6,214,000
Senior mezzanine term loan		2,952,836		1,944,777		(5,000,000	)		102,387		—
Senior secured trade finance participations		594,225		12,194,559		(1,009,226	)		—		11,779,558
Total	$	6,547,061	$	17,465,336	$	(6,121,226	)	$	102,387	$	17,993,558

Summary of Quantitative Information of Fair Value Measurements of Investments

The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of June 30, 2014:

	Fair value		Valuation technique		Unobservable input		Range (weighted average)
Senior secured trade finance participations	$	11,779,558		Income approach		Market yield	9.41% - 11.98% (10.54%)
Senior secured term loan participations	$	6,326,000		Income approach		Market yield	12.43% -13.10% (12.77%)