10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended September 30, 2016

OR

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

For the transition period from to

Commission File Number 000-55432

TriLinc Global Impact Fund, LLC

(Exact name of registrant as specified in its charter)

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

1230 Rosecrans Avenue, Suite 605,

Manhattan Beach, CA 90266

(Address of principal executive offices)

(310) 997-0580

(Registrant’s telephone number, including area code)

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

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

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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	☐  (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   ☒

Table of Contents

Part I. Financial Information	1
Item 1. Consolidated Financial Statements	1
Consolidated Statements of Assets and Liabilities as of September 30, 2016 (unaudited) and December 31, 2015	1
Consolidated Statements of Operations for the three and nine months ended September 30, 2016 and 2015 (unaudited)	2
Consolidated Statements of Changes in Net Assets for the nine months ended September 30, 2016 and 2015 (unaudited)	3
Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 and 2015 (unaudited)	4
Consolidated Schedules of Investments as of September 30, 2016 (unaudited) and December 31, 2015	5-8
Notes to Consolidated Financial Statements (unaudited)	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3. Quantitative and Qualitative Disclosures About Market Risk	41
Item 4. Controls and Procedures	41
Part II. Other Information	43
Item 1. Legal Proceedings	43
Item 1A. Risk Factors	43
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	44
Item 3. Defaults Upon Senior Securities	45
Item 4. Mine Safety Disclosures	45
Item 5. Other Information	45
Item 6. Exhibits	45

Part I. Financial Information

Item 1. Consolidated Financial Statements.

TriLinc Global Impact Fund, LLC

Consolidated Statements of Assets and Liabilities

	As of
	September 30,			December 31,
	2016			2015
	(Unaudited)
ASSETS
Investments owned, at fair value (amortized cost of $168,797,255 and $101,346,528, respectively)	$	168,419,754		$	101,028,104
Cash		54,509,894			33,246,769
Interest receivable		5,073,748			3,580,530
Due from affiliates (see Note 5)		2,726,761			1,874,932
Prepaid expenses		56,097			53,181
Total assets		230,786,254			139,783,516
LIABILITIES
Due to unitholders		833,721			548,700
Management fee payable		1,122,906			135,863
Incentive fee payable		348,857			—
Unit repurchases payable		3,477,338			—
Due to affiliates (see Note 5)		104,055			472,057
Accrued distribution fees		1,759,000			—
Other payables		31,058			6,289
Total liabilities		7,676,935			1,162,909
Commitments and Contingencies (see Note 5)
NET ASSETS	$	223,109,319		$	138,620,607
ANALYSIS OF NET ASSETS:
Net capital paid in on Class A units	$	123,294,802		$	87,625,105
Net capital paid in on Class C units		51,920,679			9,689,230
Net capital paid in on Class I units		61,038,602			49,128,638
Offering costs		(13,144,764	)		(7,822,366	)
Net assets (equivalent to $8.460 and $8.543, respectively per unit based    on total units outstanding of 26,372,641 and 16,226,368, respectively)	$	223,109,319		$	138,620,607
Net assets, Class A (units outstanding of 13,661,474 and 9,709,153, respectively)	$	116,485,593		$	82,944,542
Net assets, Class C (units outstanding of 5,947,887 and 1,073,599, respectively)		48,956,107			9,171,672
Net assets, Class I (units outstanding of 6,763,280 and 5,443,616, respectively)		57,667,619			46,504,393
NET ASSETS	$	223,109,319		$	138,620,607

See accompanying notes to the consolidated financial statements.

1

TriLinc Global Impact Fund, LLC

Consolidated Statements of Operations

(Unaudited)

	Three months ended						Nine Months Ended
	September 30,			September 30,			September 30,			September 30,
	2016			2015			2016			2015
INVESTMENT INCOME
Interest income	$	6,356,418		$	2,715,510		$	14,322,752		$	6,622,527
Interest from cash		58,767			17,910			215,016			47,032
Total investment income		6,415,185			2,733,420			14,537,768			6,669,559
EXPENSES
Management fees		1,122,904			526,824			2,913,146			1,312,759
Incentive fees		971,204			401,712			2,367,279			1,006,202
Professional fees		150,309			113,310			692,004			560,853
General and administrative expenses		239,075			142,716			677,190			471,618
Board of managers fees		46,875			46,875			140,625			140,625
Total expenses		2,530,367			1,231,437			6,790,244			3,492,057
Expense support payment from Sponsor		(622,347	)		(506,577	)		(3,740,015	)		(1,853,510	)
Net expenses		1,908,020			724,860			3,050,229			1,638,547
NET INVESTMENT INCOME		4,507,165			2,008,560			11,487,539			5,031,012
Net change in unrealized depreciation on investments		—			—			(59,077	)		—
NET INCREASE IN NET ASSETS RESULTING  FROM OPERATIONS	$	4,507,165		$	2,008,560		$	11,428,462		$	5,031,012
NET INVESTMENT INCOME PER UNITS - BASIC AND DILUTED	$	0.20		$	0.18		$	0.56		$	0.54
EARNINGS PER UNITS - BASIC AND DILUTED	$	0.20		$	0.18		$	0.56		$	0.54
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED		23,074,683			11,072,604			20,576,797			9,341,204

See accompanying notes to the consolidated financial statements.

2

TriLinc Global Impact Fund, LLC

Consolidated Statements of Changes in Net Assets

(Unaudited)

	Nine Months Ended
	September 30,			September 30,
	2016			2015
INCREASE FROM OPERATIONS
Net investment income	$	11,487,539		$	5,031,012
Net change in unrealized depreciation on investments		(59,077	)		—
Net increase from operations		11,428,462			5,031,012
DECREASE FROM DISTRIBUTIONS
Distributions to Class A unitholders		(6,224,615	)		(2,361,144	)
Distributions to Class C unitholders		(1,848,115	)		(326,829	)
Distributions to Class I unitholders		(3,339,374	)		(2,342,435	)
Net decrease from distributions		(11,412,104	)		(5,030,408	)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of  Class A units		43,872,717			31,621,717
Issuance of  Class C units		43,992,197			3,629,503
Issuance of  Class I units		11,893,457			9,847,059
Repurchase of units		(8,204,619	)		(116,556	)
Class C units distribution fee		(1,759,000	)		—
Offering costs		(5,322,398	)		(2,434,489	)
Net increase from capital transactions		84,472,354			42,547,234
NET INCREASE IN NET ASSETS		84,488,712			42,547,838
Net assets at beginning of period		138,620,607			62,289,992
Net assets at end of period	$	223,109,319		$	104,837,830

See accompanying notes to the consolidated financial statements.

3

TriLinc Global Impact Fund, LLC

Consolidated Statements of Cash Flows

(Unaudited)

	Nine Months Ended
	September 30,			September 30,
	2016			2015
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	11,428,462		$	5,031,012
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING    FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES
Purchase of investments		(185,153,644	)		(94,049,094	)
Maturity of investments		117,906,927			54,704,983
Payment-in-kind interest		—			(225,993	)
Net change in unrealized depreciation on investments		59,077			—
Accretion of discounts on investments		(204,010	)		(833	)
Increase in interest receivable		(1,493,218	)		(2,241,977	)
Increase in due from affiliates		(851,829	)		(695,749	)
Increase in prepaid expenses		(2,916	)		(10,081	)
Increase in due to unitholders		285,021			135,665
Increase in management and incentive fees payable		1,335,900			213,333
Increase in other payable		24,769			2,386
NET CASH USED IN OPERATING ACTIVITIES		(56,665,461	)		(37,136,348	)
Cash flows from financing activities
Net proceeds from issuance of units		94,821,463			43,260,862
Distributions paid to unitholders		(6,475,196	)		(3,288,122	)
Payments of offering costs		(5,690,400	)		(2,391,132	)
Repurchase of units		(4,727,281	)		(21,425	)
NET CASH PROVIDED BY FINANCING ACTIVITIES		77,928,586			37,560,183
TOTAL INCREASE IN CASH		21,263,125			423,835
Cash at beginning of period		33,246,769			7,875,917
Cash at end of period	$	54,509,894		$	8,299,752
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	$	4,936,908		$	1,742,286
Accrual of Class C unit distribution fee	$	1,759,000		$	—

See accompanying notes to the consolidated financial statements.

4

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

As of September 30, 2016

(Unaudited)

Investment Type / Country	Portfolio Company	Sector	Description	Interest		Fees (2)			Maturity (3)	Principal Amount		Participation % (4)		Amortized Cost		Fair Value		% of Net Assets
Senior Secured Term Loan (1)
Brazil	Other Investments (13)	Programming and Data Processing	IT Service Provider		13.50%		2.0	%	10/31/2019	$	10,961,417	N/A		$	10,895,352	$	10,895,352		4.8	%
Indonesia	Other Investments (14)	Primary Nonferrous Metals	Tin Producer		12.00%		0.0	%	6/30/2020		3,000,000	N/A			3,000,000		3,000,000		1.3	%
Peru	Pure Biofuels del Peru S.A.C. (16)	Bulk Fuel Stations and Terminals	Clean Diesel Distributor		11.50%		0.0	%	8/1/2019		15,000,000	N/A			15,170,700		15,170,700		6.8	%
Total Senior Secured Term Loan (1)															29,066,052		29,066,052		13.0	%
Senior Secured Term Loan Participations (1)
Brazil	Usivale Industria E Commercio (6)	Agricultural Products	Sugar Producer		12.43%		0.0	%	12/15/2016 - 5/15/2017		3,000,000		100%		3,000,000		2,681,576		1.2	%
Cabo Verde	TRG Cape Verde Holdings Limited (14)	Hotels and Motels	Hospitality Service Provider		13.50%		0.0	%	8/21/2021		17,000,000		100%		17,000,000		17,000,000		7.6	%
Nigeria	Helios Maritime I Ltd. (8)	Water Transportation	Marine Logistics Provider		15.70%		0.8	%	9/16/2020		13,505,067		100%		13,425,900		13,425,900		6.0	%
Peru	Corporacion Prodesa S.R.L. (5)	Consumer Products	Diaper Manufacturer	11.50% - 13.50%			0.0	%	12/22/2016 - 7/05/2017		3,700,000		100%		3,700,000		3,700,000		1.7	%
South Africa	Other Investments (14)	Rental of Railroad Cars	Railway Equipment Provider		12.00%		0.0	%	1/31/2020		4,570,620		98%		4,570,620		4,570,620		2.0	%
Total Senior Secured Term Loan Participations															41,696,520		41,378,096		18.5	%
Senior Secured Trade Finance Participations (1)
Argentina	Other Investments (15)	Agricultural Products	Agriculture Distributor		9.00%		0.0	%	9/3/2016 - 9/30/2016		5,000,000		23%		5,000,000		5,000,000		2.2	%
Argentina	Other Investments (15)	Consumer Products	Dairy Co-Operative		10.67%		0.0	%	7/29/2017		6,000,000		17%		6,000,000		6,000,000		2.7	%
Argentina	Other Investments (16)	Meat, Poultry & Fish	Beef Exporter		11.50%		0.0	%	6/30/2017		9,000,000		32%		9,000,000		9,000,000		4.0	%
Argentina	Other Investments (16)	Fats and Oils	Oilseed Distributor		8.75%		0.0	%	10/15/2016 - 12/15/2016		6,000,000		100%		6,000,000		6,000,000		2.7	%
Chile	Other Investments (15)	Farm Products	Chia Seed Exporter		10.90%		0.0	%	12/11/2016		2,307,323		100%		2,307,323		2,307,323		1.0	%
Ecuador	Other Investments (15)	Fresh or Frozen Packaged Fish	Shrimp Exporter		9.25%		0.0	%	6/6/2017		2,209,452		20%		2,209,452		2,209,452		1.0	%
Ghana	Genser Energy Ghana Ltd. (17)	Electric Services	Power Producer		11.50%		0.0	%	3/10/2017		11,500,000		48%		11,500,000		11,500,000		5.2	%
Guatemala	Other Investments (11)	Farm Products	Sesame Seed Exporter		12.00%		0.0	%	3/31/2016		1,000,000		25%		1,000,000		1,000,000		0.4	%
Italy	Other Investments (17)	Lumber and Other Construction Materials	International Development Logistic Provider		8.50%		0.0	%	1/10/2017 - 3/31/2017		221,392		58%		221,392		221,392		0.1	%
Mauritius	Other Investments (17)	Groceries and Related Products	Vanilla Exporter	10.98% - 11.04%			0.0	%	7/27/2017 - 9/23/2017		10,464,146		77%		10,464,146		10,464,146		4.7	%
Morocco	Other Investments (17)	Secondary Nonferrous Metals	Scrap Metal Recycler		11.00%		0.0	%	7/17/2017		3,800,000		95%		3,800,000		3,800,000		1.7	%
Namibia	Other Investments (16)	Packaged Foods & Meats	Consumer Goods Distributor		12.00%		0.0	%	6/22/2017		750,000		36%		750,000		750,000		0.3	%
Singapore	Other Investments (7) (17)	Agricultural Products	Agricultural Products Exporter		11.50%		0.0	%	07/02/17		10,000,000		23%		10,000,000		10,000,000		4.5	%
South Africa	Other Investments (17)	Communications Equipment	Electronics Assembler	12.00% - 13.00%			0.0	%	4/8/2017 - 9/25/2017		5,024,882		53%		5,024,882		5,024,882		2.3	%
South Africa	Other Investments (17)	Meat, Poultry & Fish	Meat Processor		14.50%		0.0	%	5/19/2017		851,100		35%		851,100		851,100		0.4	%
South Africa	Other Investments (9)	Food Products	Fruit & Nut Distributor		12.00%		0.0	%	5/22/2015		805,343		19%		805,343		746,266		0.3	%
South Africa	Other Investments (16)	Metals & Mining	Mine Remediation Company		17.50%		0.0	%	6/15/2016 - 8/15/2016		2,234,145		23%		2,234,145		2,234,145		1.0	%
United Kingdom	Other Investments (17)	Coal and Other Minerals and Ores	Metals Trader	9.43% - 9.52%			0.0	%	1/5/2017 - 3/31/2017		3,582,028		49%		3,582,028		3,582,028		1.6	%
United Kingdom	Other Investments (17)	Machinery, Equipment, and Supplies	Machinery and Equipment Provider		12.00%		0.0	%	1/29/2017		1,206,346		90%		1,206,346		1,206,346		0.5	%
Zambia	Other Investments (12)	Fertilizer & Agricultural Chemicals	Farm Supplies Distributor	12.08% - 12.50%			0.0	%	10/25/15 - 5/3/2016		5,078,526		28%		5,078,526		5,078,526		2.3	%
Zambia	Other Investments (15)	Primary Metal Industries	Integrated Steel Producer		13.00%		0.0	%	8/14/2017 - 9/2/2017		6,000,000		86%		6,000,000		6,000,000		2.7	%
Total Senior Secured Trade Finance Participations															93,034,683		92,975,606		41.7	%
Short Term Note (1)
Mauritius	Barak Fund Management Ltd.(10), (17)	Financial Services	Investment Manager		10.00%		0.8	%	10/16/2016		5,000,000	N/A			5,000,000		5,000,000		2.2	%
Total Short Term Note															5,000,000		5,000,000		2.2	%
Total Investments														$	168,797,255	$	168,419,754

5

See accompanying notes to the consolidated financial statements.

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

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

³ Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower. The Company typically does not consider trade finance investments to be past due until they are over 90 days past the maturity date.

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

⁵ See discussion about Prodesa in Note 3.

⁶ This investment was on non-accrual status as of September 30, 2016. See Note 3.

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

⁸ Interest accrues at a variable rate of one-month Libor + 10.5%, which is paid monthly, and also includes 4.68% of deferred interest due at maturity. Monthly principal payments started in May 2016

₉ The Company, together with its Sub-Advisor, have agreed to extend the principal maturity date to facilitate the strategic sale of this borrower. The borrower has been experiencing some cash flow difficulties, but has made some partial payments of principal. The amortized cost includes $152,923 of interest which was capitalized as of March 31, 2016.  This investment was on non-accrual status as of September 30, 2016.  See Note 3.

₁₀ Barak Fund Management Ltd. (“Barak”) is a sub-advisor to the Company. This short term note is unsecured. Principal and accrued interest are due at maturity.

₁₁ See Note 3.

₁₂ $4.1 million of this investment has a maturity date of 10/25/15.  The Zambian government, as the purchaser of fertilizer from the borrower, is responsible for the repayment of this trade finance transaction.  The Company has access to credit insurance should the Zambian government not pay.  In addition, the Company ultimately has recourse to the borrower for repayment. This investment was on non-accrual status as of September 30, 2016. See Note 3.

₁₃ Principal and interest paid monthly.

₁₄ Principal and interest paid quarterly.

₁₅ Monthly interest only payment. Principal due at maturity.

₁₆ Quarterly interest only payment. Principal due at maturity.

₁₇ Principal and interest paid at maturity.

6

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

December 31, 2015

Investment Type / Country	Portfolio Company	Sector	Description	Interest		Fees (2)			Maturity (3)	Principal Amount		Current Commitment (4)		Amortized Cost		Fair Value		% of Net Assets
Senior Secured Term Loan (1)
Brazil	Other Investments	Programing and Data Processing	IT Service Provider		13.50%		0.0	%	10/31/2019	$	5,474,534	$	14,000,000	$	5,474,534	$	5,474,534		3.9	%
Total Senior Secured Term Loan (1)															5,474,534		5,474,534		3.9	%
Senior Secured Term Loan    Participations (1)
Brazil	Usivale Industria E Commercio (6)	Agricultural Products	Sugar Producer		17.43%		0.0	%	12/15/2016-5/15/2017		3,000,000		3,000,000		3,000,000		2,681,576		1.9	%
Nigeria	Helios Maritime I Ltd. (8)	Water Transportation	Marine Logistics Provider		15.42%		0.8	%	9/16/2020		12,956,833		16,050,000		12,862,666		12,862,666		9.3	%
Peru	Corporacion Prodesa S.R.L. (5)	Consumer Products	Diaper Manufacturer	15.50%-15.60%			0.0	%	12/22/2016-6/15/2017		2,940,000		3,250,000		2,940,000		2,940,000		2.1	%
Total Senior Secured Term Loan    Participations															18,802,666		18,484,242		13.3	%
Senior Secured Trade Finance    Participations (1)
Argentina	Compania Argentina De Granos	Agricultural Products	Agriculture Distributor		9.00%		0.0	%	12/15/2015 - 9/23/16		9,700,000		13,000,000		9,700,000		9,700,000		7.0	%
Argentina	Other Investments	Consumer Products	Dairy Co-Operative		10.90%		0.0	%	2/25/16 - 3/31/16		6,000,000		6,000,000		6,000,000		6,000,000		4.3	%
Argentina	Frigorifico Regional Industrias Alimenticias S.A.	Meat, Poultry & Fish	Beef Exporter		11.98%		0.0	%	4/30/2016		9,000,000		9,000,000		9,000,000		9,000,000		6.5	%
Argentina	Other Investments	Fats and Oils	Oilseed Distributor		8.89%		0.0	%	2/3/2016		3,100,000		3,100,000		3,100,000		3,100,000		2.2	%
Chile	Other Investments	Farm Products	Chia Seed Exporter		11.50%		0.0	%	12/11/2016		1,900,000		2,000,000		1,900,000		1,900,000		1.4	%
Ecuador	Other Investments	Commercial Fishing	Fish Processor & Exporter		9.00%		0.0	%	6/19/2016		1,756,243		2,000,000		1,756,243		1,756,243		1.3	%
Guatemala	Other Investments	Farm Products	Sesame Seed Exporter		12.00%		0.0	%	3/31/2016		1,000,000		2,000,000		1,000,000		1,000,000		0.7	%
Kenya	Other Investments	Cash Grains	Rice Importer		11.33%		0.0	%	2/18/2016		375,182		1,000,000		375,182		375,182		0.3	%
Namibia	Other Investments	Packaged Foods & Meats	Consumer Goods Distributor		12.00%		0.0	%	3/03/16		1,000,000		2,000,000		1,000,000		1,000,000		0.7	%
Singapore	Export Trading Group Pte. Ltd. (7)	Agricultural Products	Agricultural Products Exporter		11.50%		0.0	%	2/7/2016		10,000,000		10,000,000		10,000,000		10,000,000		7.2	%
South Africa	Other Investments	Communications equipment	Electronics Assembler		13.00%		0.0	%	1/29/16 - 4/15/16		5,918,086		11,000,000		5,918,086		5,918,086		4.3	%
South Africa	Other Investments	Meat, Poultry & Fish	Meat Processor		14.50%		0.0	%	12/22/15 - 1/31/16		2,524,816		4,300,000		2,524,816		2,524,816		1.8	%
South Africa	Other Investments (9)	Food Products	Fruit & Nut Distributor		17.50%		0.0	%	5/22/2015		667,838		1,250,000		667,838		667,838		0.5	%
South Africa	Other Investments	Textiles, Apparel & Luxury Goods	Textile Distributor		15.00%		0.0	%	1/13/16 - 2/11/16		724,219		2,500,000		724,219		724,219		0.5	%
South Africa	Other Investments	Construction Materials	Construction Materials Distributor		12.75%		0.0	%	7/1/2015		181,943		750,000		181,943		181,943		0.1	%
South Africa	Other Investments	Metals & Mining	Mine Remediation Company		17.50%		0.0	%	6/15/16 - 8/15/16		2,500,000		2,500,000		2,500,000		2,500,000		1.8	%
South Africa	Other Investments	Agricultural Products	Agricultural Supplies Distributor		10.38%		0.0	%	1/14/2016		5,071,000		10,000,000		5,071,000		5,071,000		3.7	%
South Africa	Other Investments	Fertilizer & Agricultural Chemicals	Farm Supplies Wholesaler		12.50%		0.0	%	10/17/15 - 12/03/15		1,250,000		1,500,000		1,250,000		1,250,000		0.9	%
Tanzania	Other Investments	Cash Grains	Rice Producer		11.50%		0.0	%	10/26/2015		3,900,000		3,900,000		3,900,000		3,900,000		2.8	%
Zambia	Other Investments	Fertilizer & Agricultural Chemicals	Farm Supplies Distributor	12.08%-12.50%			0.0	%	10/25/2015		4,500,000		10,000,000		4,500,000		4,500,000		3.2	%
Zambia	Other Investments	Primary Metal Industries	Integrated Steel Producer		13.00%		0.0	%	2/14/2016		6,000,000		6,000,000		6,000,000		6,000,000		4.3	%
Total Senior Secured Trade Finance Participations															77,069,328		77,069,328		55.6	%
Total Investments														$	101,346,528	$	101,028,104

See accompanying notes to the consolidated financial statements.

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

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

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

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

⁵ Interest accruing includes 2.5% of deferred interest due at maturity.

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

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

₈ Interest accrues at a variable rate of one-month Libor + 10.5%, which is paid currently, and also includes 4.68% of deferred interest due at maturity.

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

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TRILINC GLOBAL IMPACT FUND, LLC

Notes to Consolidated Financial Statements

September 30, 2016

(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 with the SEC.

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

In May 2012, the Advisor purchased 22,161 Class A units for aggregate gross proceeds of $200,000. The Company commenced its initial public offering of up to $1.5 billion in units of limited liability company interest (the “Offering”) on February 25, 2013. On June 11, 2013, the Company satisfied its minimum offering requirement of $2,000,000 when the Sponsor purchased 321,330 Class A units for aggregate gross proceeds of $2,900,000 and the Company commenced operations. In February 2015, the Company elected to extend its current offering period for up to an additional one year period, expiring on February 25, 2016. On November 18, 2015, the Company elected to extend its current offering for up to an additional six month period, expiring August 25, 2016. On February 19, 2016, the Company elected to extend its current offering to December 31, 2016. On September 20, 2016, the Company elected to further extend its current offering to March 31, 2017. Our board has the right to further extend or terminate the Offering at any time.

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, all of which are Cayman Islands exempted companies. As of September 30, 2016, the Company’s subsidiaries are as follows:

• TriLinc Global Impact Fund – Asia, Ltd.

• TriLinc Global Impact Fund – Latin America, Ltd.

• TriLinc Global Impact Fund – Trade Finance, Ltd.

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

• TriLinc Global Impact Fund – Africa, Ltd.

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

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

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

• TriLinc Global Impact Fund – Asia II, Ltd.

Through September 30, 2016, the Company has made, through its subsidiaries, loans in several countries located in South America, Asia, Africa, and Europe.

Note 2. Significant Accounting Policies

Basis of Presentation

The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company follows the accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946 — Financial Services, Investment Companies (“ASC 946”). The

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

The 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, 2015, which was filed with the Securities and Exchange Commission (“SEC”) on March 30, 2016.

The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2016.

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.

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

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 which is being amortized over the term of the insurance policy which is one year. The amortization of prepaid expenses for the three and nine months ended September 30, 2016 and 2015 is reimbursable to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement.

Revenue Recognition

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

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

The Company generally places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. At September 30, 2016, three portfolio companies were on non-accrual status with an aggregate fair value of $8,506,368 or 5.1% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the three companies on non-accrual status amounted to approximately $322,700 and $635,800 respectively, for the three and nine months ended September 30, 2016.

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Valuation of Investments

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

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

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

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

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

• Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the market or 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. Certain investments may be valued based upon estimated value of underlying collateral and include adjustments deemed necessary for estimates of costs to obtain control and liquidate available collateral. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence.

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

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

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

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

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

4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the input of the Advisor, Duff & Phelps and the audit committee. The board of managers is ultimately responsible for the determination, in good faith, of the fair value of each investment.

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

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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 the Company may take into account in valuing the Company’s 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.

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

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

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

Payment-in-Kind Interest

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

Distribution Fee and Out-of-Period Adjustment

The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering. The aggregate amount of underwriting compensation for the Class A, Class C and Class I units, including the distribution fee for the Class C units, cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The distribution fee is not paid at the time of purchase. The distribution fee is payable monthly in arrears, as it becomes contractually due.

In prior periods, the Company had been recording the fees as a periodic charge to equity as they are incurred. Starting in June 2016, the Company determined to account for the fees as a charge to equity at the time each Class C unit is sold in its Offering and record a corresponding liability for the estimated amount to be paid in future periods. At September 30, 2016, the estimated unpaid distribution fee amounts to $1,759,000. The adjustments for the amounts of distribution fees which were not previously recorded as a liability amounted to approximately $812,000 and $366,000, respectively, as of March 31, 2016 and December 31, 2015 and were deemed immaterial.

Income Taxes

The Company, 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

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by the applicable taxing authority, including the resolution of any related appeals or litigation processes, based on the technical merits of the position.

As of September 30, 2016, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 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 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 September 30, 2016 and 2015.

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of September 30, 2016 and December 31, 2015. 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 anticipated that such expenses would have equaled approximately 1.25% of the gross proceeds raised. However, such expenses are likely to exceed this percentage because the Offering is now due to terminate on March 31, 2017. Through September 30, 2016, such expenses equaled to 5% of the gross proceeds. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets.

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

Operating Expense Responsibility Agreement

On November 10, 2016, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through September 30, 2016. Since the inception of the Company through September 30, 2016, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $8,361,900 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $2,874,600 of expenses, which have been accrued by the Sponsor as of September 30, 2016. Such expenses may not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds in the primary offering and such reimbursement does not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit (the “Gross Proceeds Hurdle”). To the extent the Company does not meet the Gross Proceeds Hurdle in any quarter, no amount will be payable by the Company for reimbursement to the Sponsor. While the Company

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has raised over $200 million of gross proceeds in the primary offering as of September 30, 2016, the Company has not met the Gross Proceeds Hurdle for the quarter ended September 30, 2016 because any reimbursement would have caused the Company’s net assets value per unit to fall below the prior quarter. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of September 30, 2016. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable and estimable.

Recently Issued Accounting Pronouncements

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

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The adoption of the amended guidance in ASU 2014-09 is not expected to have a significant effect on the Company’s financial statements.

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

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: (i) debt prepayment or debt extinguishment, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method invitees, (vii) beneficial interest in securitizations transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The guidance requires companies to apply the requirements retrospectively to all prior periods presented. If it is impracticable for a company to apply ASU 2016-15 retrospectively, requirements may be applied prospectively as of the earliest date practicable. We are currently evaluating the potential impact of the pending adoption of ASU 2016-15 on our consolidated financial statements.

Risk Factors

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

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

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

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. In addition, as of September 30, 2016, all the Company’s investment are denominated in U.S. dollars. If the U.S. dollar rises, it may become more difficult for borrowers to make loan payments if the borrowers are operating in markets where the local currencies are depreciating relative the U.S. dollar.

At September 30, 2016, the Company’s investment portfolio included 30 companies and was comprised of $29,066,052 or 17.3% in senior secured term loans, $41,378,096 or 24.5% in senior secured term loan participations, $92,975,606 or 55.2% in senior secured trade finance participations, and $5,000,000 or 3.0% in a short term note and a bridge loan. The Company’s largest loan by value was $17,000,000 or 10.1% of total investments. The Company’s 5 largest loans by value comprised 40.4% of the Company’s portfolio at September 30, 2016. Participation in loans amounted to 79.7% of the Company’s total portfolio at September 30, 2016.

Note 3. Investments

As of September 30, 2016, the Company’s investments consisted of the following:

	Amortized		Fair		Percentage
	Cost		Value		of Total
Senior secured term loans	$	29,066,052	$	29,066,052		17.3	%
Senior secured term loan participations		41,696,520		41,378,096		24.5	%
Senior secured trade finance participations		93,034,683		92,975,606		55.2	%
Short term note		5,000,000		5,000,000		3.0	%
Total investments	$	168,797,255	$	168,419,754		100.0	%

Participations

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

Interest Receivable

Depending on the specific terms of the Company’s investments, interest earned by the Company is payable either monthly, quarterly, or, in the case of most trade finance investments, at maturity.  As such, some of the Company’s trade finance investments have up to 300 days of accrued interest receivable as of September 30, 2016.  In addition, certain of the Company’s investment in term loans accrue deferred interest which is not payable until the maturity of the loans.  Accrued deferred interest included in the interest receivable balance as of September 30, 2016 and December 31, 2015 amounted to $887,020 and $393,430, respectively. The Company’s interest receivable balances at September 30, 2016 and December 31, 2015 are recorded at the amounts that the Company expects to collect.

Trade Finance

Trade finance encompasses a variety of lending structures that support the export, import or sale of goods between producers and buyers in various countries and across various jurisdictions. The strategy is most prevalent in the financing of commodities. The Company’s trade finance position typically fall into two broad categories: Pre-export financing and receivable/inventory financing. Pre-export financing represent advances to borrower based on proven orders from buyers. For trade finance, the structure and terms vary according to the nature of the transaction being financed. The structure can take the form of a revolver (up to one year) with draw requests with maturity up to one year based on collateral and performance requirements. The structure can also be specific to the individual transaction being financed, which typically have shorter duration of 60 – 180 days. In terms of underwriting, particular consideration is given to the following:

• nature of the goods or transaction being financed,

15

• the terms associated with the sale and repayment of the goods,

• the execution risk associated with producing, storing and shipment of the goods,

• the financial and performance profile of both the borrower and end buyer(s),

• the underlying advance rate and subsequent LTV associated with lending against the goods that serve to secure the facility or transaction,

• collateral and financial controls (collection accounts and inventory possession),

• third party inspections and insurance, and

• the region, country or jurisdiction in which the financing is being completed.

Collateral varies by transaction, but is typically raw or finished goods inventory, and/or receivables.  In the case of pre-export finance, the transaction is secured by purchase orders from buyers or offtake contracts, which are agreements between a buyer and seller to purchase/sell a future product.

Terms depend on the nature of the facility or transaction being financed. As such, they depend on the credit profile of the underlying financing, as well as the speed and detail associated with the request for financing. Interest can be paid as often as monthly or quarterly on revolving facilities (one year in duration) or at maturity when dealing with specific transactions with shorter duration, which is the case for the majority of the Company’s trade finance positions. At times, settlement can be delayed due to documentation, shipment, transportation or port clearing issues, delays associated with the end buyer or off-taker assuming possession, possible changes to contract or offtake terms, and the aggregation of settlement of multiple individual transactions. Conversely, at times payments are made ahead of schedule as transactions either clear faster than expected, borrowers decide to prepay or pay down ahead of schedule, counterparties clear multiple individual transactions in one settlement, or less expensive financing is secured by the borrower.

On occasion, the Company may receive notice that a borrower or counterparty intends to pay ahead of schedule or in one lump sum (settling multiple draw requests all at once). Depending on timing and the ability to redeploy these funds, combined with projected inflows of fund capital, these outsize payments can negatively impact the Company’s performance. In these situations, the credit profile of the borrower, and the transaction in general, is reviewed with the sub-advisor and a request may be made to either stagger payments, where at all possible, or request that payment only be made at the end of that specific financial quarter. These requests or accommodations, which happen very rarely, will only be made where the Company has strong comfort in and around the credit profile of the transaction or borrower.

Prodesa

During 2014, the Company restructured two loans with one of its borrowers, Corporacion Prodesa S.R.L. (“Prodesa”).  As of September 30, 2016, the Company’s investment in Prodesa is comprised of two senior secured term loan participations with an aggregate balance of $2,300,000 and $1,400,000 due under a senior secured purchase order revolving credit facility.  Prodesa did not timely make the payments that were due in March and April 2015 under the two loans due to economic difficulties.  The Company has been working with Prodesa to remedy the default and bring the loans to a current status.  On May 6, 2015, the Company entered into a short term forbearance agreement (the “Forbearance Agreement”) with Prodesa to provide Prodesa with temporary loan payment relief while a longer term plan is negotiated.  Under the terms of the Forbearance Agreement, the Company agreed to accept partial interest payments, amounting to 50% of the required interest payments, for the months of March 2015 to December 2015. The unpaid interest will be included as part of the longer term plan. Through October 2015, Prodesa had made all interest payments required under the Forbearance Agreement. Interest payments required under the term loans for the months subsequent to October 2015 had not been made by Prodesa due to Prodesa being placed into bankruptcy in November 2015 as described further below. Now that Prodesa has exited the bankruptcy process, Prodesa can once again make interest payments. During July and August 2016, the Company has received $121,894 in interest and $50,000 in principal payments from Prodesa. Accordingly, the Company is still accruing interest, which amounted to approximately $474,900 as of September 30, 2016, on the Prodesa loans. On November 4, 2016, the Company received $100,000 in principal and $77,854 in interest payments. In addition, the Company is currently working on amending the term loans, and expects that Prodesa will continue to make regular principal and interest payments. The Company has estimated the fair value of the Prodesa loans as of September 30, 2016 at $3,700,000 based on the income valuation approach as further described in Note 4.

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

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amount of $190,000 which was repaid in full on February 29, 2016. During the nine months ended September 30, 2016, the Company funded five additional draws under the purchase order facility for an aggregate of $1,400,000.

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

Usivale

In May 2015, one of the Company’s borrowers, Usivale Industria E Commercio (“Usivale”), notified the Company that it would be unable to make its monthly interest payment for May 2015 and requested the deferment of interest payments until October 2015. Usivale is a sugar producer located in Brazil that has been in business since 1958.  Usivale’s business is highly cyclical and it generates the majority of its revenues during the first and fourth quarters of any calendar year.  In accordance with the terms of the loans, with an aggregate principal balance of $3,000,000 as of September 30, 2016, the Company originally increased the annual interest rate charged Usivale from 12.43% to 17.43%.  However, as of September 30, 2016, the Company had placed Usivale on non-accrual status effective August 27, 2015, the date of the judicial recovery filing which is described further below and Usivale remains on non-accrual status as of September 30, 2016. Interest not recorded relative to the original terms of the Usivale loans amounted to approximately $132,200 and $396,600, respectively for the three and nine months ended September 30, 2016. The Company has estimated the fair value of the Usivale loans as of September 30, 2016 at $2,681,576, based on a discounted cash flow analysis (income approach), which is unchanged from the estimated fair value as of December 31, 2015.

On August 27, 2015, Usivale filed for judicial recuperation or recovery (the “Filing”) with the local court in Brazil.  The Filing was led by the ongoing pricing pressure within the sugar market, leading up to the material drop in the month of August, when prices reached a seven year low. The Filing provided for a 180 day “standstill” period relative to any claim for payment by Usivale’s creditors. During this period, Usivale was permitted to operate as usual, but was required to develop and present a recovery plan to its creditors to allow it to emerge from judicial recovery. Usivale submitted an initial plan to the judicial court for review at the end of November 2015, which was published by the court on January 19, 2016. Creditors had 30 days to review and either approve or reject the plan. As the only secured creditor within the greater credit group, the Company’s acceptance of any plan was required.  On February 17, 2016, the Company filed a rejection of the plan presented by Usivale. In accordance with the judicial recovery process, a general assembly of Usivale’s creditors was held on June 14, 2016 and an agreed upon restructure plan was submitted to the court and subsequently approved by the court on October 7, 2016. Under the restructure plan, interest on the principal started accruing effective July 1, 2016 at an annual rate of 12.43% and Usivale will start making periodic principal payments in the fourth quarter of 2016. Since August of 2015, the price of sugar has significantly improved and as a result, Usivale’s cash flows should permit it to meet its payment requirements under the restructure.

Fruit and Nut Distributor

The Company has a trade finance participation with a fruit and nut distributor (“the Distributor”) located in South Africa, with a total balance outstanding of $805,343 of as September 30, 2016. The Distributor trade finance has a stated maturity date of May 22, 2015, which the Company agreed to extend. The Distributor had made partial payments of principal during 2015 (the original loan from the Company to the Distributor was for $1,250,000), with the most recent payment being made on October 27, 2015. Through the latter part of 2015, the depreciation in the South African Rand has proven to be problematic for the Distributor given that it has to purchase its inventory in U.S. Dollars and then sells in South African Rand. This situation has led the Distributor to experience some cash flow difficulties and operating losses. As of September 30, 2016, the Company, together with its sub-advisor, had agreed to extend further the principal maturity date to facilitate the strategic sale of the Distributor, which closed in June 2016.  As a result of the sale, one of the Company’s sub-advisor now owns 40% of the Distributor. The Company expects to restructure the loan as follows: Principal balance of $805,343, which includes capitalized accrued interest through January 31, 2016 amounting to $152,923; annual interest rate of 12% starting May 1, 2016; and repayment terms of five years. Accordingly, the Company placed this participation on non-accrual status effective February 1, 2016 and interest not recorded relative to the original terms of this participation amounted to approximately $29,200 and $77,900, respectively, for the three and nine months ended September, 2016. Based on the information available to the Company and according to its valuation policies, the Company had estimated the fair value of its investment in the Distributor to be $761,684 as of March 31, 2016 and recorded an unrealized depreciation adjustment of $59,077 for the three months ended March 31, 2016.

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Although the Distributor was acquired in June 2016, the restructure of the loan has not been finalized. However, as of September 30, 2016, the Company still expects to restructure the loan as described above.  In addition, subsequent to March 31, 2016, the Distributor has made payments to the Company totaling $15,418.  Accordingly, in addition to decreasing the principal outstanding by this amount, the Company also decreased the estimated fair value by $15,418 to $746,266 as of September 30, 2016.

Farm Supplies Distributor

The company has several trade finance participations in a facility to a farm supplies distributor, Neria Investment Ltd. (“Neria”), located in Zambia with an aggregate principal balance of $5,078,526 and net accrued interest of $550,370 as of September 30, 2016. The participations have maturity dates ranging from October 25, 2015 to May 3, 2016.  The facility serves to finance the shipment of fertilizer to the Zambian government and is secured by receivables.  The delay in repayment is due to slow payment of the receivables by the Zambian Government caused by a national budget deficit.  The Company placed this participation on non-accrual status effective July 1, 2016 and interest not recorded relative to the original terms of this participation amounted to approximately $161,300 for the three months ended September 30, 2016.  In addition, during the three months ended September 30, 2016, the Company reversed $550,370 of interest income that had been previously accrued. The Company has determined that there is sufficient collateral, including a credit insurance policy, should the Zambian government or subsequently Neria not pay, to cover the entire principal balance due from Neria and has determined, in accordance with its valuation policy, that the fair value should remain at $5,078,526 as of September 30, 2016.

Sesame Seed Exporter

The Company has a trade finance participation with a Sesame Seed Exporter (“the Exporter”) located in Guatemala, with a principal balance outstanding of $1,000,000 and accrued interest of $71,333 as of September 30, 2016. The participation has a maturity date of March 31, 2016 and is secured by inventory. During 2016, the Exporter lost a major customer, which resulted in a slowdown in business, affecting its ability to repay the amount due under the participation.  However, the Exporter has been able to secure new customers to replace the lost order(s), which will enable the Exporter to start making payments to the Company.  In addition, the Exporter has made three principal payments totaling $82,435 during October 2016.  The Company has determined that there is sufficient collateral to support the repayment of this participation and has determined, in accordance with its valuation policy, that the fair value of this investment should remain at $1,000,000 as of September 30, 2016.

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

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

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The industry composition of the Company’s portfolio, at fair market value as of September 30, 2016 and December 31, 2015, was as follows:

	As of  September 30, 2016					As of December 31, 2015
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	17,681,576		10.5	%	$	27,452,576		27.2	%
Bulk Fuel Stations and Terminals		15,170,700		9.0	%		—		—
Cash Grains		—		—			4,275,182		4.2	%
Coal and Other Minerals and Ores		3,582,028		2.1	%		—		—
Commercial Fishing		—		0.0	%		1,756,243		1.7	%
Communications Equipment		5,024,882		3.0	%		5,918,086		5.9	%
Construction Materials		—		—			181,943		0.2	%
Consumer Products		9,700,000		5.8	%		8,940,000		8.8	%
Electric Services		11,500,000		6.8	%		—		—
Farm Products		3,307,323		2.0	%		2,900,000		2.9	%
Fats and Oils		6,000,000		3.6	%		3,100,000		3.1	%
Financial Services		5,000,000		3.0	%		—		—
Fertilizer & Agricultural Chemicals		5,078,526		3.0	%		5,750,000		5.7	%
Fresh or Frozen Packaged Fish		2,209,452		1.3	%		—		—
Food Products		746,266		0.4	%		667,838		0.7	%
Groceries and Related Products		10,464,146		6.2	%		—		—
Hotels and Motels		17,000,000		10.1	%		—		—
Lumber and Other Construction Materials		221,392		0.1	%		—		—
Machinery, Equipment, and Supplies		1,206,346		0.7	%		—		—
Meat, Poultry & Fish		9,851,100		5.8	%		11,524,816		11.4	%
Metals & Mining		2,234,145		1.3	%		2,500,000		2.5	%
Packaged Foods & Meats		750,000		0.4	%		1,000,000		1.0	%
Primary Nonferrous Metals		3,000,000		1.8	%		—		—
Primary Metal Industries		6,000,000		3.6	%		6,000,000		5.9	%
Programming and Data Processing		10,895,352		6.5	%		5,474,534		5.4	%
Rental of Railroad Cars		4,570,620		2.7	%		—		—
Secondary Nonferrous Metals		3,800,000		2.3	%		—		—
Textiles, Apparel & Luxury Goods		—		—			724,219		0.7	%
Water Transportation		13,425,900		8.0	%		12,862,666		12.7	%
Total	$	168,419,754		100.0	%	$	101,028,104		100.0	%

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The table below shows the portfolio composition by geographic classification at fair value as of September 30, 2016 and December 31, 2015:

	As of  September 30, 2016					As of December 31, 2015
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	26,000,000		15.4	%	$	27,800,000		27.5	%
Brazil		13,576,928		8.1	%		8,156,110		8.1	%
Cabo Verde		17,000,000		10.1	%		—		—
Chile		2,307,323		1.4	%		1,900,000		1.9	%
Ecuador		2,209,452		1.3	%		1,756,243		1.7	%
Ghana		11,500,000		6.8	%		—		—
Guatemala		1,000,000		0.6	%		1,000,000		1.0	%
Indonesia		3,000,000		1.8	%		—		—
Italy		221,392		0.1	%		—		—
Kenya		—		—			375,182		0.4	%
Mauritius		15,464,146		9.2	%		—		—
Morocco		3,800,000		2.3	%		—		—
Namibia		750,000		0.4	%		1,000,000		1.0	%
Nigeria		13,425,900		8.0	%		12,862,666		12.7	%
Peru		18,870,700		11.2	%		2,940,000		2.9	%
Singapore		10,000,000		5.9	%		10,000,000		9.9	%
South Africa		13,427,013		8.0	%		18,837,902		18.6	%
Tanzania		—		—			3,900,000		3.9	%
United Kingdom		4,788,374		2.8	%		—		—
Zambia		11,078,526		6.6	%		10,500,000		10.4	%
Total	$	168,419,754		100.0	%	$	101,028,104		100.0	%

Note 4. Fair Value Measurements

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of September 30, 2016:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	29,066,052	$	—	$	—	$	29,066,052
Senior secured term loan participations		41,378,096		—		—		41,378,096
Senior secured trade finance participations		92,975,606		—		—		92,975,606
Short term note		5,000,000						5,000,000
Total	$	168,419,754	$	—	$	—	$	168,419,754

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

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

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The following is a reconciliation of activity for the nine months ended September 30, 2016, of investments classified as Level 3: 

	Fair Value at December 31, 2015		Purchases		Maturities or Prepayments			Amortization		Net change in unrealized appreciation (depreciation)			Fair Value at September 30, 2016
Senior secured term loans	$	5,474,534	$	24,115,624	$	(713,116	)	$	189,010	$	—		$	29,066,052
Senior secured term loan participations		18,484,242		24,370,619		(1,491,765	)		15,000		—			41,378,096
Senior secured trade finance participations		77,069,328		116,667,401		(100,702,046	)		—		(59,077	)		92,975,606
Short term note		—		20,000,000		(15,000,000	)		—		—			5,000,000
Total	$	101,028,104	$	185,153,644	$	(117,906,927	)	$	204,010	$	(59,077	)	$	168,419,754

There were no realized gains or losses for any of the Company’s investments classified as Level 3 during the three and nine months ended September 30, 2016 and 2015.

As of September 30, 2016, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of September 30, 2016:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	92,229,340	Cost  Approach	Recent transactions	N/A
Senior secured trade finance participations (2)	$	746,266	Income approach (DCF)	Market yield		15.75%
Senior secured term loans	$	29,066,052	Income approach (DCF)	Market yield	11.50% - 13.50% (12.50%)
Senior secured term loan participations (3)	$	41,378,096	Income approach  (DCF)	Market yield	11.50% - 15.70% (13.99%)
Short term note (4)	$	5,000,000	N/A	N/A	N/A

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

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

(3) As of September 30, 2016, with respect to the loans to Prodesa, the Company has returned to using an income approach to estimate their fair value. As of December 31, 2015, the Company had chosen to determine their estimated fair value based on a collateral valuation approach.  The Company’s decision to do so was not based upon a belief that the Company will need to liquidate the collateral securing the loans to Prodesa, but rather because the Company considered the collateral valuation approach to be the most appropriate due to the availability and reliability of inputs. In addition, the Company is working with Prodesa to re-align its operations and restructure the loans (see Note 3).

(4) These temporary investments have maturities of less than 60 days and are carried at cost.

As of December 31, 2015, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2015:

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

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

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For details of the country-specific risk concentrations for the Company’s investments, refer to the Consolidated Schedule of Investments and Note 3.

Note 5. Related Parties

Agreements

Advisory Agreement

On February 19, 2016, the Company’s board of managers determined to extend the Amended and Restated Advisory Agreement, (the “Advisory Agreement”) effective March 24, 2016, for an additional one-year term.

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

An incentive fee on capital gains will be earned on investments sold and shall be determined and payable to the Advisor in arrears as of the end of each calendar year. The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company had no capital gains and therefore did not accrue an incentive fee on capital gains for the three and nine months ended September 30, 2016 and 2015.

Transactions

As discussed in Note 2, for the three months ended September 30, 2016 and 2015, the Sponsor assumed responsibility for $622,347 and $506,577, respectively, of the Company’s operating expenses, management fees and incentive fees, which are deferred under the Responsibility Agreement. For the nine months ended September 30, 2016 and 2015, the Sponsor assumed responsibility for $3,740,015 and $1,853,510 of the Company’s operating expenses, management fees and incentive fees.

For the three months ended September 30, 2016 and 2015, the Advisor earned $1,122,904 and $526,824, respectively, in management fees and $971,204 and $401,712, respectively, in incentive fees. For the nine months ended September 30, 2016 and 2015, the Advisor earned $2,913,146 and $1,312,759, respectively, in management fees and $2,367,279 and $1,006,202, respectively, in incentive fees.  

Since the inception of the Company through September 30, 2016, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $8,361,900 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $2,874,600 of expenses, which have been accrued by the Sponsor as of September 30, 2016. Such expenses, in the aggregate of $11,236,500 since the Company’s inception, may be expensed and payable by the Company to the Sponsor once the Company has raised gross proceeds of $200 million in the primary offering and such reimbursement does not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit, as further described in Note 2.

As of September 30, 2016 and December 31, 2015, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $2,726,761 and $1,874,932, respectively, was due from the Sponsor in connection with the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business.

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As September 30, 2016 and December 31, 2015, due to affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $104,055 and $472,057, respectively, was due to the Sponsor for reimbursements of offering costs.

For the three months ended September 30, 2016 and 2015, the Company paid $577,112 and $362,600, respectively, in dealer manager fees and $1,756,410 and $1,466,573, respectively, in selling commissions to the Company’s dealer manager, SC Distributors, LLC. For the nine months ended September 30, 2016 and 2015, the Company paid $1,545,731 and $800,438, respectively, in dealer manager fees and $5,117,824 and $2,791,073, respectively, in selling commissions. These fees and commissions were paid in connection with the sales of the Company’s units to investors and, as such, were recorded against the proceeds from the issuance of units and are not reflected in the Company’s consolidated statement of operations.

Note 6. Organization and Offering Costs

As of September 30, 2016, the Sponsor has paid approximately $13,014,000 of offering costs and $236,000 of organization costs, all of which were paid directly by the Sponsor on behalf of the Company, and will be reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $3,247,000 and $1,981,000 of offering costs, which were incurred by the Sponsor during the nine months ended September 30, 2016 and 2015, respectively. During the nine months ended September 30, 2016 and 2015, the Company paid $5,322,398 and $2,434,489, respectively, in reimbursement of offering costs to the Sponsor. Such offering costs reimbursed by the Company have been recognized against the proceeds from the issuance of units.

Since the Company started operations to September 30, 2016, the Company has reimbursed the Sponsor a total of approximately $13,144,800 of offering costs and there is a remaining balance of approximately $1,000 of offering and organization costs to be reimbursed to the Sponsor.

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. As of September 30, 2016, the Company recorded a liability in the amount of $1,759,000 for the estimated future amount of Class C distribution fee payable. The estimated liability is calculated based on a net asset value per Class C unit of $9.025 with distribution fees of 0.8% per annum applied to the net asset value, during the period that the expected period that Class C unit remains outstanding, and discounted using an annual rate of 4%. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. As of September 30, 2016 the Class A and I units have a net asset value per unit of $8.527 and the Class C units have a net asset value per unit of $8.231. The following table is a summary unit activity during the nine months ended September 30, 2016:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			September 30,
	2015		the Period		the Period			2016
Class A units		9,709,153		4,861,420		(909,099	)		13,661,474
Class C units		1,073,599		4,874,288		—			5,947,887
Class I units		5,443,616		1,319,664		—			6,763,280
Total		16,226,368		11,055,372		(909,099	)		26,372,641

Beginning June 11, 2014, the Company commenced a unit repurchase program pursuant to which the Company may conduct quarterly unit repurchases of up to 5% of the weighted average number of outstanding units in any 12-month period to allow the Company’s unitholders, who have held units for a minimum of one year, to sell their units back to the Company at a price equal to the then current offering price less the sales fees associated with that class of units. The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of the Company’s unitholders to sell their units. Unless the Company’s board of managers determines otherwise, the Company will limit the number of units to be repurchased during any calendar year to the number of units that can be repurchased with the proceeds the Company receives from the sale of units under the Company’s distribution reinvestment plan. At the sole discretion of the Company’s board of managers, the Company may also use cash on hand, cash available from borrowings and cash from the repayment or liquidation of investments as of the end of the applicable quarter to repurchase units.

During the nine months ended September 30, 2016, the Company processed 18 repurchase requests for a total of 909,099 units at a repurchase price of $9.025 per unit. As of September 30, 2016, four of the repurchase requests for a total of 385,301 units or $3,477,338 were pending processing.  These repurchase requests were completed by the Company on October 5, 2016.

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Note 8. Distributions

Starting in July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the nine months ended September 30, 2016:

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2016	January 19, 2016	$	0.00197268	$	590,074	$	421,766	$	1,011,840
February 29, 2016	February 19, 2016	$	0.00197268		592,036		427,352		1,019,388
March 31, 2016	March 28, 2016	$	0.00197268		675,639		482,207		1,157,846
April 30, 2016	April 19, 2016	$	0.00197268		654,356		506,242		1,160,598
May 31, 2016	May 6, 2016	$	0.00197268		715,936		554,319		1,270,255
June 30, 2016	June 21, 2016	$	0.00197268		731,881		561,652		1,293,533
July 31, 2016	July 19, 2016	$	0.00197268		803,571		630,142		1,433,713
August 31, 2016	August 11, 2016	$	0.00197268		846,924		674,120		1,521,044
September 30, 2016	September 20, 2016	$	0.00197268		864,779		679,108		1,543,887
Total for 2016				$	6,475,196	$	4,936,908	$	11,412,104

Note 9. Financial Highlights

The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2016 and 2015. The Company’s income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I units, as applicable, and, therefore, the financial highlights are equal for each of the outstanding classes.

	Nine Months Ended
	September 30,			September 30,
	2016			2015
Per unit data (1):
Net proceeds before offering costs (2)	$	9.025		$	9.025
Offering costs		(0.498	)		(0.479	)
Net Proceeds after offering costs		8.527			8.546
Net investment income		0.558			0.539
Net change in unrealized depreciation on investments		(0.003	)		—
Distributions		(0.555	)		(0.539	)
Net change in accrued distribution fees		(0.067	)		—
Net increase/(decrease) in net assets		(0.067	)		—
Net asset value at end of period		8.460			8.546
Total return based on net asset value (3)(4)		6.50	%		6.30	%
Net assets at end of period	$	223,109,319		$	104,837,830
Units Outstanding at end of period		26,372,641			12,267,151
Ratio/Supplemental data (annualized) (4)(5):
Ratio of net investment income to average net assets		8.51	%		8.32	%
Ratio of net operating expenses to average net assets		2.27	%		2.71	%

1 The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2016 and 2015 which were 20,576,797 and 9,341,204.

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 nine months ended September 30, 2016 and 2015, prior to the effect of the Responsibility Agreement were as follows; total return: 4.38% and 3.98%, ratio of net investment income/(loss); 5.73% and 5.25%, and ratio of operating expenses to average net assets: 5.06% and 5.77%.

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 actual results over a full fiscal year.

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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 three and nine months ended September 30, 2016, except as discussed below.

Distributions

On October 18, 2016, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from October 1 through October 31, 2016. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197268 per unit per day (less the distribution fee with respect to Class C units). On November 1, 2016, $870,426 of these distributions were paid in cash and on October 31, 2016, $730,202 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

Status of the Offering

Subsequent to September 30, 2016 through November 10, 2016, the Company sold approximately 1,486,300 units in the Offering (including units issued pursuant to the Distribution Reinvestment Plan) for approximately $14,177,000 in gross proceeds.

Unit Offering Price

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

Pursuant to the net asset value determination by the Company’s board of managers as of September 30, 2016, the value has not increased above nor decreased below the Company’s net proceeds per unit; therefore, the Company will continue to sell units at a price of $10.00 per Class A unit, $9.576 per Class C unit and $9.025 per Class I unit. 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 and $51,034 in the quarters ended March 31, 2014 and December 31, 2013, respectively, or had not absorbed and deferred reimbursement for a substantial portion of the Company’s operating expenses since the Company began its operations.

Investments

Subsequent to September 30, 2016 through November 10, 2016, the Company funded approximately $28.3 million in new investments and received proceeds from repayment of investments of approximately $12.7 million.

Agreements

On November 10, 2016, the Company entered into an Amended and Restated Operating Expenses Responsibility Agreement with the Company’s Sponsor and Advisor. Pursuant to the terms of this agreement, the Sponsor agreed to be responsible for the Company’s cumulative operating expenses incurred through September 30, 2016, including management and incentive fees earned by the Advisor during the quarter ended September 30, 2016. For additional information refer to Notes 2 and 5.

Private Note Offering

On October 14, 2016, TriLinc Global Impact Fund Cayman, Ltd. (“TGIFC”), a wholly owned subsidiary of the Company, issued $1.635 million in the first series of notes pursuant to a private offering of senior secured promissory notes (the “Notes”). The Notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of four different series with four different issuance and maturity dates.  The Notes issued on October 14, 2016 comprised the first series of the Notes. Borrowings from the Notes offering will be used to pursue the Company’s investment strategy and for general corporate purposes.  

The Notes have an interest rate of 3.0% per annum plus the one year LIBOR and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date (which is October 14, 2016 for the first series of Notes) and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note.

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

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Prior to October 14, 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC.  The Subsidiaries own all of the Company’s investments.  TGIFC’s obligations under the Notes are secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over all of the issued and outstanding shares of the Subsidiaries. As of October 14, 2016, the Company had a debt ratio of 0.7%.

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

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

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

Forward Looking Statements

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

• our future operating results;

• our ability to 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;

• our ability to make distributions to our unitholders;

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

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

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

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

• the ability of our borrowers to make required payments;

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

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

• our limited operating history;

• our expected financings and investments;

• the adequacy of our cash resources and working capital;

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

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

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

• the effectiveness of our portfolio management techniques and strategies;

• failure to maintain effective internal controls; and

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

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

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.

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Overview

We make impact investments in SMEs that provide the opportunity to achieve both competitive financial returns and positive measurable impact. We were organized as a Delaware limited liability company on April 30, 2012. We have operated and intend to continue to operate our business in a manner that will permit us to maintain our exemption from registration under the Investment Company Act of 1940. We use the proceeds raised from the issuance of units to invest in SME 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 intend to enable job creation and stimulate economic growth.

We commenced the Offering on February 25, 2013. Pursuant to the Offering, we are offering on a continuous basis up to $1.5 billion in units of our limited liability company interest, consisting of up to $1.25 billion of units in the primary offering consisting of Class A units at an initial offering price of $10.00 per unit, Class C units at $9.576 per unit and Class I units at $9.025 per unit, and up to $250 million of units pursuant to the Distribution Reinvestment Plan. SC Distributors, LLC is the dealer manager for the Offering. The Company’s offering period is currently scheduled to terminate on March 31, 2017. Our board has the right to further extend or terminate the Offering at any time.

In May 2012, the Advisor purchased 22,161 Class A units for aggregate gross proceeds of $200,000. On June 11, 2013, we satisfied the minimum offering requirement of $2,000,000 when the Sponsor purchased 321,330 Class A units for aggregate gross proceeds of $2,900,000 and we commenced operations. As of September 30, 2016, we had received subscriptions for and issued 27,308,018 of our units, including 948,021 units issued under our Distribution Reinvestment Plan, for gross proceeds of approximately $262,895,000 including approximately $8,557,000 reinvested under our Distribution Reinvestment Plan (before dealer-manager fees of approximately $3,743,000 and selling commissions of $12,715,000, for net proceeds of $246,437,000). As of September 30, 2016, $1.24 billion in units remained available for sales pursuant to the Offering, including approximately $241.4 million in units available pursuant to our Distribution Reinvestment Plan.

On November 20, 2015, we filed a registration statement on Form S-1 with the SEC in connection with the proposed offering of up to $1.15 billion in units of our limited liability company interest, including $150.0 million in units to be issued pursuant to our distribution reinvestment plan (the “Follow-On Offering”). The Follow-On Offering will only commence, if at all, until after the termination of the Offering. We will not determine until a later date whether we will commence the Follow-On Offering, which will depend on market and other factors.

Investments

Our investment objectives are to provide our unitholders current income, capital preservation, and modest capital appreciation. These objectives are achieved primarily through SME trade finance and term loan financing, while employing rigorous risk-mitigation and due diligence practices, and transparently measuring and reporting the economic, social and environmental impacts of our investments. The majority of our investments are senior and other collateralized loans to SMEs with established, profitable businesses in developing economies. With the nine sub-advisors that we have contracted to assist the Advisor in implementing the Company’s investment program, we expect to provide growth capital financing generally ranging in size from $5-15 million per transaction for direct SME loans and $500,000 to $5 million for trade finance transactions. We seek to protect and grow investor capital by: (1) targeting countries with favorable economic growth and investor protections; (2) partnering with sub-advisors with significant experience in local markets; (3) focusing on creditworthy lending targets who have at least 3-year operating histories and demonstrated cash flows enabling loan repayment; (4) making primarily debt investments, backed by collateral and borrower guarantees; (5) employing best practices in our due diligence and risk mitigation processes; and (6) monitoring our portfolio on an ongoing basis.

Investments will continue to be primarily credit facilities to developing economy SMEs, including trade finance and term loans, through TriLinc Advisor’s team of professional sub-advisors with a local presence in the markets where they invest. As of September 30, 2016, more than a majority of our investments were in the form of participations and we expect that future investments will continue to be primarily participations. We typically provide financing that is collateralized, has a short to medium-term maturity

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and is self-liquidating through the repayment of principal. By providing additional liquidity to growing small businesses, we believe we support both economic growth and the expansion of the global middle class.

Revenues

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

Expenses

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

Since our inception through September 30, 2016, our Sponsor has assumed substantially all our operating expenses under the terms of the Responsibility Agreement. As of September 30, 2016, the Sponsor has agreed to pay a cumulative total of approximately $11.2 million of operating expenses.

Portfolio and Investment Activity

During the nine months ended September 30, 2016, we invested approximately $185,154,000 across 30 separate portfolio companies, including 11 new borrowers. Our investments consisted of senior secured trade finance participations, senior secured term loan participations, senior secured term loans, an unsecured short term note, and a secured bridge loan. Additionally, we received proceeds from repayments of investment principal of approximately $117,907,000.

At September 30, 2016 and December 31, 2015, the Company’s investment portfolio included 30 and 25 companies, respectively, and the fair value of our portfolio was comprised of the following:

	As of September 30, 2016					As of December 31, 2015
	Investments		Percentage of			Investments		Percentage of
	at Fair Value		Total Investments			at Fair Value		Total Investments
Senior secured term loans	$	29,066,052		17.3	%	$	5,474,534		5.4	%
Senior secured term loan participations		41,378,096		24.6	%		18,484,242		18.3	%
Senior secured trade finance participations		92,975,606		55.2	%		77,069,328		76.3	%
Short term note		5,000,000		3.0	%		-		-
Total investments (1)	$	168,419,754		100.0	%	$	101,028,104		100.0	%

(1) Total investment data as of September 30, 2016 described in this report includes one unsecured short term note receivable amounting to $5,000,000 that the Company classifies as temporary investment for impact data purposes. Temporary investments are defined by the Company as investments that generally meet the standard underwriting guidelines for trade finance and term loan transactions and that also have the following characteristics: (1) maturity of less than one year, (2) loans to borrowers to whom, at the time of funding, the Company does not expect to re-lend. Impact data is not tracked for temporary investments.

As of September 30, 2016, the weighted average yield, based upon the cost of our portfolio, on trade finance participations, term loan participations, senior secured term loans, and short term note were 11.4%, 14.0%, 12.3%, and 10.0%, respectively, for a weighted average yield on investments of approximately 12.1%.on our total portfolio.  

As of December 31, 2015, the weighted average yield, based upon the cost of our portfolio, on trade finance participations, term loan participations, and senior secured term loans were 12.0%, 16.0%, and 13.5%, respectively, for a weighted average yield on investments of approximately 12.8%.on our total portfolio.

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Prodesa

During 2014, the Company restructured two loans with one of its borrowers, Corporacion Prodesa S.R.L. (“Prodesa”).  As of September 30, 2016, the Company’s investment in Prodesa is comprised of two senior secured term loan participations with an aggregate balance of $2,300,000 and $1,400,000 due under a senior secured purchase order revolving credit facility.  Prodesa did not timely make the payments that were due in March and April 2015 under the two loans due to economic difficulties.  The Company has been working with Prodesa to remedy the default and bring the loans to a current status.  On May 6, 2015, the Company entered into a short term forbearance agreement (the “Forbearance Agreement”) with Prodesa to provide Prodesa with temporary loan payment relief while a longer term plan is negotiated.  Under the terms of the Forbearance Agreement, the Company agreed to accept partial interest payments, amounting to 50% of the required interest payments, for the months of March 2015 to December 2015. The unpaid interest will be included as part of the longer term plan. Through October 2015, Prodesa had made all interest payments required under the Forbearance Agreement. Interest payments required under the term loans for the months subsequent to October 2015 had not been made by Prodesa due to Prodesa being placed into bankruptcy in November 2015 as described further below. Now that Prodesa has exited the bankruptcy process, Prodesa can once again make interest payments. During July and August 2016, the Company has received $121,978 in interest and $50,000 in principal payments from Prodesa. On November 4, 2016, the Company received $100,000 in principal and $77,854 in interest payments. Accordingly, the Company is still accruing interest, which amounted to approximately $474,900 as of September 30, 2016, on the Prodesa loans. In addition, the Company is currently working on amending the term loans, and expects that Prodesa will continue to make regular principal payments. The Company has estimated the fair value of the Prodesa loans as of September 30, 2016 at $3,700,000 based on the income valuation approach as further described in Note 4.

During 2015, Prodesa underwent a change in ownership. Through the month of September 2015, the new ownership had injected over $830,000 in Prodesa for working capital purposes. The Company has been working with Prodesa to re-align its operations and, on October 5, 2015, the Company funded a $400,000 senior secured purchase order revolving credit facility to Prodesa.  The purchase order facility is secured by specific purchase orders from customers of Prodesa, as well as pledges of additional unencumbered assets and all shares of Prodesa. On November 6, 2015, Prodesa paid back to the Company the entire $400,000 and related interest owed under the purchase order facility. On November 20, 2015, the Company funded a second draw under the purchase order facility in the amount of $190,000 which was repaid in full on February 29, 2016. During the nine months ended September 30, 2016, the Company funded five additional draws under the purchase order facility for an aggregate of $1,400,000.  

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

Usivale

In May 2015, one of the Company’s borrowers, Usivale Industria E Commercio (“Usivale”), notified the Company that it would be unable to make its monthly interest payment for May 2015 and requested the deferment of interest payments until October 2015. Usivale is a sugar producer located in Brazil that has been in business since 1958.  Usivale’s business is highly cyclical and it generates the majority of its revenues during the first and fourth quarters of any calendar year.  In accordance with the terms of the loans, with an aggregate principal balance of $3,000,000 as of September 30, 2016, the Company originally increased the annual interest rate charged Usivale from 12.43% to 17.43%.  However, as of September 30, 2016, the Company has kept Usivale on non-accrual status effective August 27, 2015, the date of the judicial recovery filing which is described further below. Interest not recorded relative to the original terms of the Usivale loans amounted to approximately $132,200 and $396,600, respectively for the three and nine months ended September 30, 2016. The Company has estimated the fair value of the Usivale loans as of September 30, 2016 at $2,681,576, based on a discounted cash flow analysis (income approach), which is unchanged from the estimated fair value as of December 31, 2015.

On August 27, 2015, Usivale filed for judicial recuperation or recovery (the “Filing”) with the local court in Brazil.  The Filing was led by the ongoing pricing pressure within the sugar market, leading up to the material drop in the month of August, when prices reached a seven year low. The Filing provided for a 180 day “standstill” period relative to any claim for payment by Usivale’s creditors. During this period, Usivale was permitted to operate as usual, but was required to develop and present a recovery plan to its creditors to allow it to emerge from judicial recovery. Usivale submitted an initial plan to the judicial court for review at the end of November 2015, which was published by the court on January 19, 2016. Creditors had 30 days to review and either approve or reject

30

the plan. As the only secured creditor within the greater credit group, the Company’s acceptance of any plan was required.  On February 17, 2016, the Company filed a rejection of the plan presented by Usivale. In accordance with the judicial recovery process, a general assembly of Usivale’s creditors was held on June 14, 2016 and an agreed upon restructure plan was submitted to the court and subsequently approved by the court on October 7, 2016. Under the restructure plan, interest on the principal started accruing effective July 1, 2016 at an annual rate of 12.43% and Usivale will start making periodic principal payments in the fourth quarter of 2016.  Since August of 2015, the price of sugar has significantly improved and as a result, Usivale’s cash flows should permit it to meet its payment requirements under the restructure.

Fruit and Nut Distributor

The Company has a trade finance participation with a fruit and nut distributor (“the Distributor”) located in South Africa, with a total balance outstanding of $805,343 of as September 30, 2016. The Distributor trade finance has a stated maturity date of May 22, 2015, which the Company agreed to extend. The Distributor had made partial payments of principal during 2015 (the original loan from the Company to the Distributor was for $1,250,000), with the most recent payment being made on October 27, 2015. Through the latter part of 2015, the depreciation in the South African Rand has proven to be problematic for the Distributor given that it has to purchase its inventory in U.S. Dollars and then sells in South African Rand. This situation has led the Distributor to experience some cash flow difficulties and operating losses. As of September 30, 2016, the Company, together with its sub-advisor, had agreed to extend further the principal maturity date to facilitate the strategic sale of the Distributor, which closed in June 2016. As a result of the sale, one of the Company’s sub-advisor now owns 40% of the Distributor. The Company had expected to restructure the loan as follows: Principal balance of $805,343, which includes capitalized accrued interest through January 31, 2016 amounting to $152,923; annual interest rate of 12% starting May 1, 2016; and repayment terms of five years. Accordingly, the Company placed this participation on non-accrual status effective February 1, 2016 and interest not recorded relative to the original terms of this participation amounted to approximately $29,500 and $40,000, respectively, for the three and nine months ended September 30, 2016. Based on the information available to the Company and according to its valuation policies, the Company had estimated the fair value of its investment in the Distributor to be $761,684 as of March 31, 2016 and recorded an unrealized depreciation adjustment of $59,077 for the three months ended March 31, 2016.

Although the Distributor was acquired in June 2016, the restructure of the loan has not been finalized. However, as of September 30, 2016, the Company still expects to restructure the loan as described above.  In addition, subsequent to March 31, 2016, the Distributor has made payments to the Company totaling $15,418.  Accordingly, in addition to decreasing the principal outstanding by this amount, the Company also decreased the estimated fair value by $15,418 to $746,266 as of September 30, 2016.

Farm Supplies Distributor

The company has several trade finance participations in a facility to a farm supplies distributor, Neria Investment Ltd. (“Neria”), located in Zambia with an aggregate principal balance of $5,078,526 and net accrued interest of $550,370 as of September 30, 2016. The participations have maturity dates ranging from October 25, 2015 to May 3, 2016.  The facility serves to finance the shipment of fertilizer to the Zambian government and is secured by receivables.  The delay in repayment is due to slow payment of the receivables by the Zambian Government caused by a national budget deficit.  The Company placed this participation on non-accrual status effective July 1, 2016 and interest not recorded relative to the original terms of this participation amounted to approximately $161,300 for the three months ended September 30, 2016.  In addition, during the three months ended September 30, 2016, the Company reversed $550,370 of interest income that had been previously accrued. The Company has determined that there is sufficient collateral, including a credit insurance policy, should the Zambian government or subsequently Neria not pay, to cover the entire principal balance due from Neria and has determined, in accordance with its valuation policy, that the fair value should remain at $5,078,526 as of September 30, 2016.

Sesame Seed Exporter

The Company has a trade finance participation with a Sesame Seed Exporter (“the Exporter”) located in Guatemala, with a principal balance outstanding of $1,000,000 and accrued interest of $71,333 as of September 30, 2016. The participation has a maturity date of March 31, 2016 and is secured by inventory. During 2016, the Exporter lost a major customer, which resulted in a slowdown in business, affecting its ability to repay the amount due under the participation.  However, the Exporter has been able to secure new customers to replace the lost order(s), which will enable the Exporter to start making payments to the Company.  In addition, the Exporter has made three principal payments totaling $82,435 during October 2016.  The Company has determined that there is sufficient collateral to support the repayment of this participation and has determined, in accordance with its valuation policy, that the fair value of this investment should remain at $1,000,000 as of September 30, 2016.

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Results of Operations

Consolidated operating results for the three and nine months ended September 30, 2016 and 2015 are as follows:

	Three months ended						Nine Months Ended
	September 30, 2016			September 30, 2015			September 30, 2016			September 30, 2015
Interest income	$	6,356,418		$	2,715,510		$	14,322,752		$	6,622,527
Interest from cash		58,767			17,910			215,016			47,032
Total investment income		6,415,185			2,733,420			14,537,768			6,669,559
Management fees		1,122,904			526,824			2,913,146			1,312,759
Incentive fees		971,204			401,712			2,367,279			1,006,202
Professional fees		150,309			113,310			692,004			560,853
General and administrative expenses		239,075			142,716			677,190			471,618
Board of managers fees		46,875			46,875			140,625			140,625
Total expenses		2,530,367			1,231,437			6,790,244			3,492,057
Expense support payment from Sponsor		(622,347	)		(506,577	)		(3,740,015	)		(1,853,510	)
Net expenses		1,908,020			724,860			3,050,229			1,638,547
Net investment income	$	4,507,165		$	2,008,560		$	11,487,539		$	5,031,012

Revenues

Three months ended September 30, 2016 and 2015

For the three months ended September 30, 2016 and 2015, total investment income amounted to $6,415,185 and $2,733,420, respectively.  Interest income increased by $3,640,908 during the three months ended September 30, 2016 from the same period in 2015 as a result of an increase in our weighted average investment portfolio of approximately $95,620,000 combined with an increase in the weighted average yield of approximately 1.1% from a weighted average yield of 13.10% for the three months ended September 30, 2015 to approximately 14.2% for the three months ended September 30, 2016. The increase in yield was primarily due to higher interest rates earned on the short-term note and bridge loan as well as the larger portion of term loans in the investment portfolio.

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

For the three months ended September 30, 2015, interest income of $2,715,510 all came from loan participations and included $225,993 in payment-in-kind interest. In addition, we earned $17,910 in interest income on our cash balances.

Nine months ended September 30, 2016 and 2015

For the nine months ended September 30, 2016 and 2015, total investment income amounted to $14,537,768 and $6,669,559, respectively. Interest income increased by $7,700,225 during the nine months ended September 30, 2016 from the same period in 2015 as a result of an increase in our weighted average investment portfolio of approximately $72,889,000 combined with an increase in the weighted average yield of approximately 0.7% from a weighted average yield of 12.8% for the nine months ended September 30, 2015 to approximately 13.5% for the nine months ended September 30, 2016.

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

For the nine months ended September 30, 2015, interest income all came from loan participations and amounted to $6,622,527 and included $225,993 in payment-in-kind interest. In addition, we earned $47,032 in interest income on our cash balances.

Expenses

Three months ended September 30, 2016 and 2015

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Total operating expenses, excluding the management and incentive fees, incurred for the three months ended September 30, 2016 increased by $133,358 to $436,259 from $302,901 for the three months ended September 30, 2015.  The increase was primarily due to the following: 1) an increase in general and administrative expenses of $96,359, which was attributable to increases in a number of expenses, the largest being a $70,080 increase in fees paid to our transfer agent and $16,796 increase in fund accounting; and 2) an increase in professional fees of $36,999. Our Sponsor assumed responsibility for our operating expenses in the amount of $0 and $104,865 under the Responsibility Agreement for expenses paid or incurred by the Company for the three months ended September 30, 2016 and 2015, respectively.

For the three months ended September 30, 2016 and 2015, the management fees amounted to $1,122,904 and $526,824, respectively. The incentive fees for the three months ended September 30, 2016 and 2015 amounted to $971,204 and $401,712, respectively.  For the three months ended September 30, 2016 and 2015, $622,347 and $401,712, respectively, of the incentive fees were assumed by the Sponsor under the Responsibility Agreement.

Nine months ended September 30, 2016 and 2015

Total operating expenses, excluding the management and incentive fees, incurred for the nine months ended September 30, 2016 increased by $336,723 to $1,509,819 from $1,173,096 for the nine months ended September 30, 2015.  The increase was primarily due to the following: 1) an increase in general and administrative expenses of $205,572, which was attributable to increases in a number of expenses, the largest being a $125,763 increase in fees paid to our transfer agent, $30,132 increase in printing costs, and $32,104 increase in fund accounting; and 2) an increase in professional fees of $131,151. Our Sponsor assumed responsibility for our operating expenses in the amount of $995,379 and $847,308 under the Responsibility Agreement for expenses paid or incurred by the Company for the nine months ended September 30, 2016 and 2015, respectively.

For the nine months ended September 30, 2016 and 2015, the management fees amounted to $2,913,146 and $1,312,759, respectively. The incentive fees for the nine months ended September 30, 2016 and 2015 amounted to $2,367,279 and $1,006,202 respectively.  A portion of the management fees, amounting to $726,214 for 2016 was assumed by our Sponsor under the Responsibility Agreement while none of the management fee for the nine months ended September 30, 2015 was assumed by our Sponsor.  In addition, for the nine months ended September 30, 2016 and 2015, $2,018,422 and $1,006,202, respectively, of the incentive fees were assumed by the Sponsor under the Responsibility Agreement.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments. We measure net realized gains or losses by the difference between the net proceeds from the repayment or sale of an investment and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. We had no unrealized gains or losses for the three months ended September 30, 2016 and 2015.  We recorded a $59,077 unrealized loss for the nine months ended September 30, 2016 and none for 2015. We had no realized gains or losses for the three and nine months ended September 30, 2016 and 2015.

Changes in Net Assets from Operations. For the three months ended September 30, 2016 and 2015, we recorded a net increase in net assets resulting from operations, which consisted entirely of net investment income, of $4,507,165 and $2,008,560, respectively.

For the nine months ended September 30, 2016 and 2015, we recorded a net increase in net assets resulting from operations, which consisted entirely of net investment income, of $11,428,462 and $5,031,012, respectively.

Financial Condition, Liquidity and Capital Resources

As of September 30, 2016, we had approximately $54.5 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 will be to make loans, either directly or through participations, payments of our expenses and cash distributions to our unitholders. We expect to maintain cash reserves from time to time for investment opportunities, working capital and distributions. From the beginning of the Company’s operations to date, our Sponsor has absorbed substantially all of our operating expenses under the Responsibility Agreement. The Company may only reimburse the Sponsor for expenses covered under the Responsibility Agreement if we raise $200 million of gross proceeds in the primary offering and such reimbursement does not cause the Company’s net asset value per unit to fall below the prior’s quarter’s net asset value per unit. While the Company has raised gross proceeds of over $200 million in the primary offering as of September 30, 2016, any such reimbursement would cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit. Thus, such amounts are not yet payable by the Company to the Sponsor. Therefore, the Company does not anticipate that any reimbursement to the Sponsor during the primary offering would affect the Company’s ability to pay distributions.  Following the end of the primary offering, the Sponsor could demand the reimbursement of operating expenses covered

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by the Responsibility Agreement.  Such reimbursements to the Sponsor could affect the amount of cash available to the Company to pay distributions and/or make investments.

As of September 30, 2016, we were selling our units on a continuous basis at the 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. Effective October 13, 2016, the Company and the dealer manager have agreed to waive the dealer manager fee on all future sales of Class I units resulting in a reduction of the Class I unit offering price from $9.186 to $9.025.

Based on the valuation with respect to the quarter ended September 30, 2016, the offering prices of our units have not changed and we will continue to sell our units at a price of $10.00 per Class A unit, $9.576 per Class C unit, and $9.025 per Class I unit. 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 September 30, 2016, the Company had sold approximately 27.3 million total units in the Offering (including units pursuant to the Distribution Reinvestment Plan) for total gross offering proceeds of approximately $263 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 to what extent, we will finance portfolio investments using debt or the specific form that any such financing would take, but we believe that obtaining financing is necessary for the Company to fully achieve its long term goals.  We have been actively seeking financing and are currently talking with development banks and several commercial banks but have not yet received any commitments for financing from those institutions. Accordingly, we cannot predict with certainty if we will be able to obtain financing and what terms any such financing would have or the costs we would incur in connection with any such arrangement. As of September 30, 2016, we had no debt outstanding.

On October 14, 2016, TGIFC, a wholly owned subsidiary of the Company, issued $1.635 million in the first series of notes pursuant to a private offering of senior secured promissory notes. Such promissory notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of up to four different series with four different issuance and maturity dates.  Borrowings from the notes offering will be used to pursue the Company’s investment strategy and for general corporate purposes. As of October 14, 2016, the Company had a debt ratio of 0.7%.  For more information regarding the note offering, see “— Subsequent Events — Private Note Offering.”

Contractual Obligations and Commitments

The Company does not include a contractual obligations table herein as all obligations of the Company are short-term. We have included the following information related to commitments of the Company to further assist investors in understanding the Company’s outstanding commitments.

We have entered into certain contracts under which we have material future commitments. Our Amended and Restated Advisory Agreement between us and the Advisor, dated as of February 25, 2014, has a one-year term and is subject to an unlimited number of renewals upon mutual consent of the Company and the Advisor. On March 24, 2015, the Company renewed the Company’s arrangement with the Advisor for an additional one-year term. On February 19, 2016, our board of managers determined to extend our Advisory Agreement, effective March 24, 2016, for an additional one year term. 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.

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 the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not

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exceed 15.0 % of the gross offering proceeds raised from the offering. As of September 30, 2016, the total amount that would be due to be reimbursed to the Sponsor is approximately $1,000.

Pursuant to the terms of the Responsibility Agreement between the Company, the Advisor and the Sponsor, the Sponsor has paid expenses on behalf of the Company through September 30, 2016 and will pay additional accrued operating expenses of the Company, which may not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds in the primary offering and such reimbursement does not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit. Such expenses will be expensed and payable by the Company in the period they become reimbursable and are estimated to be approximately $11.2 million through September 30, 2016.

Distributions

We have paid distributions commencing with the month beginning July 1, 2013, and we intend to continue to pay distributions on a monthly basis. From time to time, we may also pay interim distributions at the discretion of our board. Distributions are subject to the board of managers’ discretion and applicable legal restrictions and accordingly, there can be no assurance that we will make distributions at a specific rate or at all. Distributions are made on all classes of our units at the same time. The cash distributions received by our unitholders with respect to the Class C units are and will continue to be lower than the cash distributions with respect to Class A and Class I units because of the distribution fee relating to Class C units, which is an expense specific to Class C unitholders. Amounts distributed to each class are allocated among the unitholders in such class in proportion to their units. Distributions are paid in cash or reinvested in units, for those unitholders participating in the Distribution Reinvestment Plan. For the nine months ended September 30, 2016, we paid a total of $11,412,104 in distributions, comprised of $6,475,196 paid in cash and $4,936,908 reinvested under our Distribution Reinvestment Plan.

The following table summarizes our distributions declared since we commenced operations on June 11, 2013, including the breakout between the distributions paid in cash and those reinvested pursuant to our Distribution Reinvestment Plan:

									Sources
Quarters ended	Amount per Unit		Cash Distributions		Distributions Reinvested		Total Declared		Cash Flows from Operating Activities		Cash Flows from Financing Activities (1)
March 31, 2016	$	0.17570	$	1,857,749	$	1,331,325	$	3,189,074	$	1,857,749	$	—
June 30, 2016	$	0.17570		2,102,173		1,622,213		3,724,386		2,102,173		—
September 30, 2016	$	0.17764		2,515,274		1,983,370		4,498,644		2,515,274
Total for 2016			$	6,475,196	$	4,936,908	$	11,412,104	$	6,475,196	$	—
March 31, 2015	$	0.17377	$	944,850	$	441,310	$	1,386,160	$	944,850	$	—
June 30, 2015	$	0.17570		1,079,836		556,073		1,635,909		1,079,836		—
September 30, 2015	$	0.17764		1,263,850		744,903		2,008,753		1,263,850		—
December 31, 2015	$	0.17764		1,519,822		1,014,666		2,534,488		1,519,822		—
Total for 2015			$	4,808,358	$	2,756,952	$	7,565,310	$	4,808,358	$	—
March 31, 2014	$	0.15577	$	251,016	$	71,482	$	322,498	$	219,266	$	31,750
June 30, 2014	$	0.16970		349,070		151,603		500,673		349,070		—
September 30, 2014	$	0.17764		544,594		242,582		787,176		544,594		—
December 31, 2014	$	0.17764		794,372		347,002		1,141,374		794,372		—
Total for 2014			$	1,939,052	$	812,669	$	2,751,721	$	1,907,302	$	31,750
September 30, 2013	$	0.15924	$	46,681	$	21,770	$	68,451	$	46,681	$	—
December 31, 2013	$	0.15924		169,699		28,492		198,191		118,665		51,034
Total for 2013			$	216,380	$	50,262	$	266,642	$	165,346	$	51,034

(1) Capital contribution from our Sponsor

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Related Party Transactions

For the nine months ended September 30, 2016 and 2015, the Sponsor assumed responsibility for $3,740,015 and $1,853,510 of the Company’s operating expenses, management fees and incentive fees, which are deferred under the Responsibility Agreement.

For the nine months ended September 30, 2016 and 2015, the Advisor earned $2,913,146 and $1,312,759, respectively, in management fees and $2,367,279 and $1,006,202, respectively, in incentive fees.

Since the inception of the Company through September 30, 2016, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $8,361,900 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $2,874,600 of expenses, which have been accrued by the Sponsor as of September 30, 2016. Such expenses, in the aggregate of $11,236,500 since the Company’s inception, may be expensed and payable by the Company to the Sponsor once the Company has raised gross proceeds of $200 million in the primary offering and such reimbursement does not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit.

As of September 30, 2016 and December 31, 2015, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $2,726,761 and $1,874,932, respectively, was due from the Sponsor in connection with the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipated paying this receivable in the due course of business.

As September 30, 2016 and December 31, 2015, due to affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $104,055 and $472,057, respectively, was due to the Sponsor for reimbursements of offering costs.

For the nine months ended September 30, 2016 and 2015, the Company paid $1,545,731 and $800,438, respectively, in dealer manager fees and $5,117,824 and $2,791,073, respectively, in selling commissions to the Company’s dealer manager, SC Distributors, LLC. 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.

Legal Proceedings

The Company is not party to any material legal proceedings.

Subsequent Events

There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three months ended September 30, 2016, except as discussed below.

Distributions

On October 18, 2016, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from October 1 through October 31, 2016. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197268 per unit per day (less the distribution fee with respect to Class C units). On November 1, 2016, $870,426 of these distributions were paid in cash and on October 31, 2016, $730,202 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

Status of the Offering

Subsequent to September 30, 2016 through November 10, 2016, the Company sold approximately 1,486,300 units in the Offering (including shares issued pursuant to the Distribution Reinvestment Plan) for approximately $14,177,000 in gross proceeds.

Unit Offering Price

Based on the Company’s net asset value of $223,109,319 as of September 30, 2016, our board of managers has determined that no change to the offering price of our units is required and we continued 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, until October 13, 2016, when due to an agreement between the Company and the dealer manager to waive all dealer manager fees, the price of the Class I units was reduced to $9.025. 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.

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Investments

Subsequent to September 30, 2016 through November 10, 2016, the Company funded approximately $28.3 million in new trade finance participations and received proceeds from repayment of trade finance participations of approximately $12.7 million.

Agreements

On November 10, 2016 we entered into the Responsibility Agreement with our Sponsor and Advisor. Pursuant to the terms of the Responsibility Agreement, our Sponsor agreed to be responsible for our cumulative operating expenses incurred through September 30, 2016, including incentive fees earned by the Advisor during the quarter ended September 30, 2016. For additional information regarding the Responsibility Agreement refer to Notes 2 and 5 of the financial statements.

Private Note Offering

          On October 14, 2016, TGIFC, a wholly owned subsidiary of the Company, issued $1.635 million in the first series of notes pursuant to a private offering of senior secured promissory notes (the “Notes”). The Notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of four different series with four different issuance and maturity dates.  The Notes issued on October 14, 2016 comprised the first series of the Notes. Borrowings from the Notes offering will be used to pursue the Company’s investment strategy and for general corporate purposes.  

The Notes have an interest rate of 3.0% per annum plus the one year LIBOR and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date (which is October 14, 2016 for the first series of Notes) and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note.

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

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

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.

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.

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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 interest, taxes, depreciation and amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes that include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence.

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

Investments for which market quotations are readily available are valued at those quotations. Most of our investments are 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.

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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. We record prepayment premiums on loans and debt securities as interest income on a straight line basis, which we have determined not to be materially different from the effective yield method.

We generally place loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that we will collect principal or interest. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Advisor’s judgment, is likely to remain current over the remainder of the term. At September 30, 2016, three portfolio companies were on non-accrual status with an aggregate fair value of $8,506,368 or 5.1% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the three companies on non-accrual status amounted to approximately $322,700 and $635,800 respectively, for the three and nine months ended September 30, 2016.

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

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

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

Payment-in-Kind Interest

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

Distribution Fee and Out-of-Period Adjustment

The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering. The aggregate amount of underwriting compensation for the Class A, Class C and Class I units, including the distribution fee for the Class C units, cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The distribution fee is not paid at the time of purchase. The distribution fee is payable monthly in arrears, as it becomes contractually due.

In prior periods, the Company has been recording the fees as a periodic charge to equity as they are incurred. Starting in the three months period ended September 30, 2016, the Company has determined to account for the fees as a charge to equity at the time each Class C unit is sold in its Offering and record a corresponding liability for the estimated amount to be paid in future periods. At September 30, 2016, the estimated unpaid distribution fee amounts to $1,759,000.  The adjustments for the amounts of distribution fees which were not previously recorded as a liability amounted to approximately $812,000 and $366,000, respectively, as of March 31, 2016 and December 31, 2015 and were deemed immaterial.

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Organization and Offering Expenses

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of September 30, 2016 and December 31, 2015. 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 anticipated that such expenses would have equaled approximately 1.25% of the gross proceeds raised. However, such expenses are likely to exceed this percentage because the Offering is now due to terminate on March 31, 2017. Through September 30, 2016, such expenses equaled to 5% of the gross proceeds. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets.

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

Expense Responsibility Agreement

Pursuant to the terms of the Responsibility Agreement, the Sponsor has paid expenses on behalf of the Company through September 30, 2016 and will additionally pay the accrued operating expenses of the Company as of on behalf of the Company. Since the inception of the Company through September 30, 2016, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $8,361,900 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $2,874,600 of expenses, which have been accrued by the Sponsor as of September 30, 2016. Such expenses may not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds in the primary offering, and any such reimbursement does not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit (the “Gross Proceeds Hurdle”). To the extent the Company does not meet the Gross Proceeds Hurdle in any quarter, no amount will be payable by the Company for reimbursement to the Sponsor. While the Company has raised over $200 million of gross proceeds in the primary offering as of September 30, 2016, the Company has not met the Gross Proceeds Hurdle for the quarter ending September 30, 2016 because any reimbursement would cause the Company’s Net Assets Value per unit to fall below the prior quarter. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of September 30, 2016. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable and estimable.

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 our assets on the date of valuation and dividing the result by the total number of outstanding units on the date of valuation. The net asset value per Class A, Class C and Class I units are calculated on a pro-rata basis based on units outstanding.

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.

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In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The adoption of the amended guidance in ASU 2014-09 is not expected to have a significant effect on the Company’s financial statements.

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

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: (i) debt prepayment or debt extinguishment, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method invitees, (vii) beneficial interest in securitizations transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The guidance requires companies to apply the requirements retrospectively to all prior periods presented. If it is impracticable for a company to apply ASU 2016-15 retrospectively, requirements may be applied prospectively as of the earliest date practicable. We are currently evaluating the potential impact of the pending adoption of ASU 2016-15 on our consolidated financial statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. Our investments are currently structured with both fixed and floating interest rates. Those structured with floating rates are referenced to LIBOR and incorporate fixed interest rate floors. If rates go down 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.

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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.

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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, 2015, filed with the SEC on March 30, 2016 (“2015 Form 10-K”), which could materially affect our business, financial condition, and/or future results. The risks described in our 2015 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.

Except as set forth in the additional risk factors below, there have been no other material changes to the risk factors disclosed in our 2015 Form 10-K.

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

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

On October 14, 2016, TGIFC, a wholly owned subsidiary of the Company, issued $1.635 million in the first series of notes pursuant a private offering of senior secured promissory notes. Such notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of up to four different series with four different issuance and maturity dates. The notes issued on October 14, 2016 comprised the first series of the notes. Borrowings from the notes offering will be used to pursue the Company’s investment strategy and for general corporate purposes. These notes are collateralized with shares of the Company’s subsidiary that held all the Company’s investments and if we default on the payments due under these notes, the noteholders will have rights against such collateral, thereby reducing our asset base and the income we receive from such investments. As of October 14, 2016, the Company had a debt ratio of 0.7%.

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

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

On October 14, 2016, TGIFC, a wholly owned subsidiary of the Company, issued $1.635 million in the first series of notes pursuant a private offering of senior secured promissory notes. Such notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of up to four different series with four different issuance and maturity dates. The notes issued on October 14, 2016 comprised the first series of the notes. The entire principal balance of each such note (and any unpaid interest) is due in one balloon payment on the “Maturity Date,” which is the first anniversary of the issuance date that either TGIFC or the applicable noteholder has designated as the Maturity Date by not less than 30 days’ prior written notice to the other party. The principal balance of each such note may not be prepaid, in whole or in part, prior to the Maturity Date.

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

Delays in investing the net proceeds from the Offering may impair our performance. We may be unable to identify any investment opportunities that meet our investment objectives or that any investment that we make will produce a positive return. We may be unable to invest the net proceeds of the Offering on acceptable terms within the time period that we anticipate or at all, which could harm our financial condition and operating results. As of September 30, 2016 we had approximately $54.5 million in cash, which reduced our returns during 2016.

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

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

During the nine months ended September 30, 2016, 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 March 31, 2017, 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 $9.025 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 September 30, 2016, we had received subscriptions for and issued 27,308,018 of our units, including 948,021 units issued under our Distribution Reinvestment Plan, for gross proceeds of approximately $262,895,000 including approximately $8,557,000 reinvested under our Distribution Reinvestment Plan (before dealer-manager fees of approximately $3,743,000 and selling commissions of $12,715,000, for net proceeds of $246,437,000). From the net offering proceeds, we paid and accrued a total of $13,144,764 towards reimbursement to our Sponsor for our organization and offering costs and we have financed a total of approximately $168,500,000 in senior secured trade finance, senior secured term loan transactions, short term notes and bridge loans.

As of September 30, 2016, approximately $1,000 remained payable to our Sponsor for costs related to our organization and offering.

Unit Repurchase Program

Beginning June 11, 2014, we commenced a unit repurchase program pursuant to which we may conduct quarterly unit repurchases of up to 5% of our weighted average number of outstanding units in any 12-month period to allow our unitholders, who have held our units for a minimum of one year, to sell their units back to us at a price equal to the 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.

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On November 11, 2014, our board of managers amended our unit repurchase program to provide for the repurchases to be made on the last calendar day of the quarter rather than the last business day of the quarter.

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 included as Exhibit 4.3 to this Quarterly Report on Form 10-Q, for all the terms and conditions.

During the three months ended September 30, 2016, we fulfilled the following request pursuant to our unit repurchase program:

Period	Total Number of Units Purchased		Average Price Paid Per Unit		Total Number of Units Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Units that May Yet be Purchased Under the Program
07/01/2016 - 07/31/2016		12,814	$	9.025		12,814		399,511
08/01/2016 - 08/31/2016		—		—		—		399,511
09/01/2016 - 09/30/2016		—		—		—		399,511
Total		12,814	$	9.025		12,814

During the three months ended September 30, 2016, we repurchased 12,814 units for a total of $115,650.  In addition, as of September 30, 2016, there were four repurchase requests for a total of 385,301 units that were pending which were processed by the Company on October 5, 2016 at a price of $9.025 per unit.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None.

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	Second 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 April 28, 2016.
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 April 28, 2016.
4.2	Amended and Restated Unit Repurchase Program. Incorporated by reference to Appendix D to the Prospectus filed pursuant to Rule 424(b)(3) with the SEC on April 28, 2016.
10.1	Form of Promissory Notes. Incorporated by reference to Exhibit 10.1 to Form 8-K filed with the SEC on October 20, 2016.
10.2	Equitable Mortgage Over Shares by and between TriLinc Global Impact Fund Cayman, Ltd. and Noteholders, dated as of October 14, 2016. Incorporated by reference to Exhibit 10.2 to Form 8-K filed with the SEC on October 20, 2016.

45

Number	Description
10.3*	Amended and Restated Operating Expense Responsibility Agreement among TriLinc Global Impact Fund, LLC, TriLinc Global, LLC and TriLinc Advisors, LLC dated November 10, 2016.
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as amended.
32.1*	Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101	The following materials from TriLinc Global Impact Fund LLC’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2016, filed on November 14, 2016, 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

46

SIGNATURES

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

	TRILINC GLOBAL IMPACT FUND, LLC.
November 14, 2016	By:	/s/ Gloria S. Nelund
		Gloria S. Nelund
		Chief Executive Officer
November 14, 2016	By:	/s/ Brent L. VanNorman
		Brent L. VanNorman
		Chief Financial Officer

47

EX-10.3

Exhibit 10.3

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 incurred through September 30, 2016 (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 (the “Offering”) of units of its limited liability company interest (“Units”) pursuant to the Registration Statement on Form S-1 (File No. 333-185676), as declared effective by the Securities and Exchange Commission on February 25, 2013, provided any such reimbursement will not cause the Fund’s Net Asset Value per unit to fall below the prior quarter’s Net Asset Value per unit. To the extent the Fund is not successful in satisfying the Gross Proceeds Hurdle, no amount will be payable by the Fund for reimbursement to the Sponsor of the Fund Expenses.

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

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

[Signature Page Follows]

IN WITNESS WHEREOF, the parties have executed this Agreement on November 10, 2016

TRILINC GLOBAL, LLC

By:

Name:

Title:

TRILINC ADVISORS, LLC

By:

Name:

Title:

TRILINC GLOBAL IMPACT FUND, LLC

By:

Name:

Title:

Exhibit A

Schedule of Services Incurred by TriLinc Global Impact Fund, LLC through September 30, 2016

Vendor	Description of Services	Amount
ANDE	2013-2014 Membership	$	5,000
ASTA	Document Translation		3,186
Bank of NY Mellon	Fund Administration		90,000
Bank of NY Mellon	Bank fees		17,277
Board of Managers	Board Wages		586,582
Board of Managers	Board Meeting expenses		104,739
Credit Cards	Travel - Dead deal costs		62,987
Deloitte & Touche	Audit		401,400
Deloitte & Touche	Tax services		392,717
DST Systems, Inc.	Transfer Agent		762,584
Duff & Phelps	Valuation services		29,849
Emtek Solutions, LLC	PAES/TAS		7,875
Federal Agent	PAES/TAS		12,750
Greenberg Traurig	Legal Services		572,249
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
Lincoln National Insurance	Keyman insurance		8,558
Maples and Calder	Legal Services		79,352
Moss Adams	Audit and 10-Q review		255,382
MF Analytics	PAES/TAS		65,159
O'Connor Davies	SOX Compliance		34,046
PathNorth	2013 Core Membership		4,167
Paul Sanford	Travel expenses		5,212
Payroll	PAES/TAS		150,091
Pickwick Capital Partners	Leverage		4,270
Pinnacle Fund Administration, LLC	Fund Administration		174,227
Robert Mora	PAES/TAS		97,791
Rothstein Kass	SOX Implementation/Compliance		41,027
RR Donnelley	10-K, 10-Q & 8-K Processing		187,135
Spolin Cohen	Legal Services		64,573
State of California & Delaware	Franchise fees		1,945
Steve Napleton	Travel expenses		8,979
Tanir Helayel	PAES/TAS		6,779
Trilinc Advisors, LLC	Copies, postage and miscellaneous		31,194
Trilinc Advisors, LLC	eFront		275,048
Trilinc Advisors, LLC	Management fees		1,601,495
Trilinc Advisors, LLC	Incentive fees		4,178,915
Trilinc Advisors, LLC	Due Diligence		131,628
Trilinc Advisors, LLC	Travel expenses		56,589
Trilinc Advisors, LLC	Legal expenses		180,410
Troy Wiseman	Expense reimbursement		9,701
Trustees of Tufts College	PAES/TAS		18,150
Various	PAES/TAS		14,601
Willis	Fund Insurance		127,694
		$	11,236,503

EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

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

I, Gloria S. Nelund, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: November 14, 2016

/s/ Gloria S. Nelund 

Gloria S. Nelund

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

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

I, Brent L. VanNorman, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: November 14, 2016

/s/ Brent L. VanNorman

Brent L. VanNorman

Chief Financial Officer

(Principal Financial Officer and Principal Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Certification of Principal Executive Officer

In connection with the Quarterly Report on Form 10-Q of TriLinc Global Impact Fund, LLC (the “Company”) for the quarterly period ended September 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gloria S. Nelund, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

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

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

Dated: November 14, 2016	By	/s/ Gloria S. Nelund
		Gloria S. Nelund
		Chief Executive Officer (Principal Executive Officer)

Certification of Principal Financial Officer

In connection with the Quarterly Report on Form 10-Q of TriLinc Global Impact Fund, LLC (the “Company”) for the quarterly period ended September 30, 2016, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brent L. VanNorman, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

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

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

Dated: November 14, 2016	By	/s/ Brent L. VanNorman
		Brent L. VanNorman
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

XML

Document and Entity Information	9 Months Ended
	Sep. 30, 2016 shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Trading Symbol	trilinc
Entity Registrant Name	TriLinc Global Impact Fund LLC
Entity Central Index Key	0001550453
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding	0

XML

Consolidated Statements of Assets and Liabilities - USD ($)	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Investments owned, at fair value (amortized cost of $168,797,255 and $101,346,528, respectively)	$ 168,419,754	$ 101,028,104
Cash	54,509,894	33,246,769
Interest receivable	5,073,748	3,580,530
Due from affiliates (see Note 5)	2,726,761	1,874,932
Prepaid expenses	56,097	53,181
Total assets	230,786,254	139,783,516
LIABILITIES
Due to unitholders	833,721	548,700
Management fee payable	1,122,906	135,863
Incentive fee payable	348,857
Unit repurchases payable	3,477,338
Due to affiliates (see Note 5)	104,055	472,057
Accrued distribution fees	1,759,000
Other payables	31,058	6,289
Total liabilities	7,676,935	1,162,909
Commitments and Contingencies (see Note 5)
NET ASSETS	223,109,319	138,620,607
ANALYSIS OF NET ASSETS:
Offering costs	(13,144,764)	(7,822,366)
Class A Units [Member]
LIABILITIES
NET ASSETS	116,485,593	82,944,542
ANALYSIS OF NET ASSETS:
Net capital paid	123,294,802	87,625,105
Class C Units [Member]
LIABILITIES
Accrued distribution fees	1,759,000
NET ASSETS	48,956,107	9,171,672
ANALYSIS OF NET ASSETS:
Net capital paid	51,920,679	9,689,230
Class I Units [Member]
LIABILITIES
NET ASSETS	57,667,619	46,504,393
ANALYSIS OF NET ASSETS:
Net capital paid	$ 61,038,602	$ 49,128,638

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Investments owned, amortized cost	$ 168,797,255	$ 101,346,528
Net assets, per unit	$ 8.460	$ 8.543
Net assets, units outstanding	26,372,641	16,226,368	12,267,151
Class A Units [Member]
Net assets, per unit	$ 8.527
Net assets, units outstanding	13,661,474	9,709,153
Class C Units [Member]
Net assets, per unit	$ 8.231
Net assets, units outstanding	5,947,887	1,073,599
Class I Units [Member]
Net assets, per unit	$ 8.527
Net assets, units outstanding	6,763,280	5,443,616

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
INVESTMENT INCOME
Interest income	$ 6,356,418	$ 2,715,510	$ 14,322,752	$ 6,622,527
Interest from cash	58,767	17,910	215,016	47,032
Total investment income	6,415,185	2,733,420	14,537,768	6,669,559
EXPENSES
Management fees	1,122,904	526,824	2,913,146	1,312,759
Incentive fees	971,204	401,712	2,367,279	1,006,202
Professional fees	150,309	113,310	692,004	560,853
General and administrative expenses	239,075	142,716	677,190	471,618
Board of managers fees	46,875	46,875	140,625	140,625
Total expenses	2,530,367	1,231,437	6,790,244	3,492,057
Expense support payment from Sponsor	(622,347)	(506,577)	(3,740,015)	(1,853,510)
Net expenses	1,908,020	724,860	3,050,229	1,638,547
NET INVESTMENT INCOME	4,507,165	2,008,560	11,487,539	5,031,012
Net change in unrealized depreciation on investments			(59,077)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 4,507,165	$ 2,008,560	$ 11,428,462	$ 5,031,012
NET INVESTMENT INCOME PER UNITS - BASIC AND DILUTED	$ 0.20	$ 0.18	$ 0.558	$ 0.539
EARNINGS PER UNITS - BASIC AND DILUTED	$ 0.20	$ 0.18	$ 0.56	$ 0.54
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED	23,074,683	11,072,604	20,576,797	9,341,204

XML

Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
INCREASE FROM OPERATIONS
Net investment income	$ 4,507,165	$ 2,008,560	$ 11,487,539	$ 5,031,012
Net change in unrealized depreciation on investments			(59,077)
Net increase from operations	4,507,165	2,008,560	11,428,462	5,031,012
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders			(11,412,104)	(5,030,408)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units			84,472,354	42,547,234
Repurchase of units			(8,204,619)	(116,556)
Offering costs			(5,322,398)	(2,434,489)
NET INCREASE IN NET ASSETS			84,488,712	42,547,838
NET ASSETS	223,109,319	$ 104,837,830	223,109,319	104,837,830	$ 138,620,607	$ 62,289,992
Class A Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders			(6,224,615)	(2,361,144)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units			43,872,717	31,621,717
NET ASSETS	116,485,593		116,485,593		82,944,542
Class C Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders			(1,848,115)	(326,829)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units			43,992,197	3,629,503
Distribution fee			(1,759,000)
NET ASSETS	48,956,107		48,956,107		9,171,672
Class I Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders			(3,339,374)	(2,342,435)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units			11,893,457	$ 9,847,059
NET ASSETS	$ 57,667,619		$ 57,667,619		$ 46,504,393

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 11,428,462	$ 5,031,012
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES
Purchase of investments	(185,153,644)	(94,049,094)
Maturity of investments	117,906,927	54,704,983
Payment-in-kind interest		(225,993)
Net change in unrealized depreciation on investments	59,077
Accretion of discounts on investments	(204,010)	(833)
Increase in interest receivable	(1,493,218)	(2,241,977)
Increase in due from affiliates	(851,829)	(695,749)
Increase in prepaid expenses	(2,916)	(10,081)
Increase in due to unitholders	285,021	135,665
Increase in management and incentive fees payable	1,335,900	213,333
Increase in other payable	24,769	2,386
NET CASH USED IN OPERATING ACTIVITIES	(56,665,461)	(37,136,348)
Cash flows from financing activities
Net proceeds from issuance of units	94,821,463	43,260,862
Distributions paid to unitholders	(6,475,196)	(3,288,122)
Payments of offering costs	(5,690,400)	(2,391,132)
Repurchase of units	(4,727,281)	(21,425)
NET CASH PROVIDED BY FINANCING ACTIVITIES	77,928,586	37,560,183
TOTAL INCREASE IN CASH	21,263,125	423,835
Cash at beginning of period	33,246,769	7,875,917
Cash at end of period	54,509,894	8,299,752
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	4,936,908	$ 1,742,286
Class C Units [Member]
Supplemental non-cash information
Accrual of distribution fee	$ 1,759,000

XML

Consolidated Schedule of Investments - USD ($)		9 Months Ended		12 Months Ended
		Sep. 30, 2016		Dec. 31, 2015
Amortized Cost		$ 168,797,255		$ 101,346,528
Fair Value		168,419,754		101,028,104
Programming and Data Processing [Member]
Fair Value		10,895,352		5,474,534
Primary Nonferrous Metals [Member]
Fair Value		3,000,000
Bulk Fuel Stations and Terminals [Member]
Fair Value		15,170,700
Agricultural Products [Member]
Fair Value		17,681,576		27,452,576
Water Transportation [Member]
Fair Value		13,425,900		12,862,666
Hotels and Motels [Member]
Fair Value		17,000,000
Consumer Products [Member]
Fair Value		9,700,000		8,940,000
Rental of Railroad Cars [Member]
Fair Value		4,570,620
Meat, Poultry & Fish [Member]
Fair Value		9,851,100		11,524,816
Fats and Oils [Member]
Fair Value		6,000,000		3,100,000
Farm Products [Member]
Fair Value		3,307,323		2,900,000
Fresh or Frozen Packaged Fish [Member]
Fair Value		2,209,452
Electric Services [Member]
Fair Value		11,500,000
Lumber and Other Construction Materials [Member]
Fair Value		221,392
Packaged Foods & Meats [Member]
Fair Value		750,000		1,000,000
Communications Equipment [Member]
Fair Value		5,024,882		5,918,086
Groceries and Related Products [Member]
Fair Value		10,464,146
Food Products [Member]
Fair Value		746,266		667,838
Secondary Nonferrous Metals [Member]
Fair Value		3,800,000
Metals & Mining [Member]
Fair Value		2,234,145		2,500,000
Coal and Other Minerals and Ores [Member]
Fair Value		3,582,028
Fertilizer & Agricultural Chemicals [Member]
Fair Value		5,078,526		5,750,000
Primary Metal Industries [Member]
Fair Value		6,000,000		6,000,000
Machinery, Equipment, and Supplies [Member]
Fair Value		1,206,346
Financial Services [Member]
Fair Value		5,000,000
Commercial Fishing [Member]
Fair Value				1,756,243
Cash Grains [Member]
Fair Value				4,275,182
Textiles, Apparel & Luxury Goods [Member]
Fair Value				724,219
Construction Materials [Member]
Fair Value				181,943
South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Amortized Cost		$ 152,923
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Maturity		Oct. 25, 2015
Amortized Cost		$ 4,100,000
Senior Secured Term Loan [Member]
Amortized Cost	[1]	29,066,052		5,474,534
Fair Value	[1]	$ 29,066,052		$ 5,474,534
% of Net Assets	[1]	13.00%		3.90%
Senior Secured Term Loan [Member] | Brazil [Member] | Other Investments [Member] | Programming and Data Processing [Member] | IT Service Provider [Member]
Interest	[1]	13.50%	[2]	13.50%
Fees	[1],[3]	2.00%	[2]	0.00%
Maturity	[1]	Oct. 31, 2019	[2],[4]	Oct. 31, 2019	[5]
Principal Amount	[1]	$ 10,961,417	[2]	$ 5,474,534
Current Commitment	[1],[6]			14,000,000
Amortized Cost	[1]	10,895,352	[2]	5,474,534
Fair Value	[1]	$ 10,895,352	[2]	$ 5,474,534
% of Net Assets	[1]	4.80%	[2]	3.90%
Senior Secured Term Loan [Member] | Indonesia [Member] | Other Investments [Member] | Primary Nonferrous Metals [Member] | Tin Producer [Member]
Interest	[1],[7]	12.00%
Fees	[1],[3],[7]	0.00%
Maturity	[1],[4],[7]	Jun. 30, 2020
Principal Amount	[1],[7]	$ 3,000,000
Amortized Cost	[1],[7]	3,000,000
Fair Value	[1],[7]	$ 3,000,000
% of Net Assets	[1],[7]	1.30%
Senior Secured Term Loan [Member] | Peru [Member] | Pure Biofuels del Peru S.A.C. [Member] | Bulk Fuel Stations and Terminals [Member] | Clean Diesel Distributor [Member]
Interest	[1],[8]	11.50%
Fees	[1],[3],[8]	0.00%
Maturity	[1],[4],[8]	Aug. 01, 2019
Principal Amount	[1],[8]	$ 15,000,000
Amortized Cost	[1],[8]	15,170,700
Fair Value	[1],[8]	$ 15,170,700
% of Net Assets	[1],[8]	6.80%
Senior Secured Term Loan Participations [Member]
Amortized Cost	[1]	$ 41,696,520		$ 18,802,666
Fair Value	[1]	$ 41,378,096		$ 18,484,242
% of Net Assets	[1]	18.50%		13.30%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Interest	[1]	12.43%	[9]	17.43%	[10]
Fees	[1],[3]	0.00%	[9]	0.00%	[10]
Principal Amount	[1]	$ 3,000,000	[9]	$ 3,000,000	[10]
Current Commitment	[1],[6],[10]			3,000,000
Participation Percentage	[1],[9],[11]	100.00%
Amortized Cost	[1]	$ 3,000,000	[9]	3,000,000	[10]
Fair Value	[1]	$ 2,681,576	[9]	$ 2,681,576	[10]
% of Net Assets	[1]	1.20%	[9]	1.90%	[10]
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Minimum [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Maturity	[1]	Dec. 15, 2016	[4],[9]	Dec. 15, 2016	[5],[10]
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Maximum [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Maturity	[1]	May 15, 2017	[4],[9]	May 15, 2017	[5],[10]
Senior Secured Term Loan Participations [Member] | CAPE VERDE | TRG Cape Verde Holdings Limited [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member]
Interest	[1],[7]	13.50%
Fees	[1],[3],[7]	0.00%
Maturity	[1],[4],[7]	Aug. 21, 2021
Principal Amount	[1],[7]	$ 17,000,000
Participation Percentage	[1],[7],[11]	100.00%
Amortized Cost	[1],[7]	$ 17,000,000
Fair Value	[1],[7]	$ 17,000,000
% of Net Assets	[1],[7]	7.60%
Senior Secured Term Loan Participations [Member] | NIGERIA | Helios Maritime I Ltd [Member] | Water Transportation [Member] | Marine Logistics Provider [Member]
Interest	[1]	15.70%	[12]	15.42%	[13]
Fees	[1],[3]	0.80%	[12]	0.80%	[13]
Maturity	[1]	Sep. 16, 2020	[4],[12]	Sep. 16, 2020	[5],[13]
Principal Amount	[1]	$ 13,505,067	[12]	$ 12,956,833	[13]
Current Commitment	[1],[6],[13]			16,050,000
Participation Percentage	[1],[11],[12]	100.00%
Amortized Cost	[1]	$ 13,425,900	[12]	12,862,666	[13]
Fair Value	[1]	$ 13,425,900	[12]	$ 12,862,666	[13]
% of Net Assets	[1]	6.00%	[12]	9.30%	[13]
Senior Secured Term Loan Participations [Member] | Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Fees	[1],[3]	0.00%	[14]	0.00%	[15]
Principal Amount	[1]	$ 3,700,000	[14]	$ 2,940,000	[15]
Current Commitment	[1],[6],[15]			3,250,000
Participation Percentage	[1],[11],[14]	100.00%
Amortized Cost	[1]	$ 3,700,000	[14]	2,940,000	[15]
Fair Value	[1]	$ 3,700,000	[14]	$ 2,940,000	[15]
% of Net Assets	[1]	1.70%	[14]	2.10%	[15]
Senior Secured Term Loan Participations [Member] | Peru [Member] | Minimum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Interest	[1]	11.50%	[14]	15.50%	[15]
Maturity	[1]	Dec. 22, 2016	[4],[14]	Dec. 22, 2016	[5],[15]
Senior Secured Term Loan Participations [Member] | Peru [Member] | Maximum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Interest	[1]	13.50%	[14]	15.60%	[15]
Maturity	[1]	Jul. 05, 2017	[4],[14]	Jun. 15, 2017	[5],[15]
Senior Secured Term Loan Participations [Member] | South Africa [Member] | Other Investments [Member] | Rental of Railroad Cars [Member] | Railway Equipment Provider [Member]
Interest	[1],[7]	12.00%
Fees	[1],[3],[7]	0.00%
Maturity	[1],[4],[7]	Jan. 31, 2020
Principal Amount	[1],[7]	$ 4,570,620
Participation Percentage	[1],[7],[11]	98.00%
Amortized Cost	[1],[7]	$ 4,570,620
Fair Value	[1],[7]	$ 4,570,620
% of Net Assets	[1],[7]	2.00%
Senior Secured Trade Finance Participations [Member]
Amortized Cost	[1]	$ 93,034,683		$ 77,069,328
Fair Value	[1]	$ 92,975,606		$ 77,069,328
% of Net Assets	[1]	41.70%		55.60%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Agricultural Products [Member] | Agricultural Supplies Distributor [Member]
Interest	[1]			10.38%
Fees	[1],[3]			0.00%
Maturity	[1],[5]			Jan. 14, 2016
Principal Amount	[1]			$ 5,071,000
Current Commitment	[1],[6]			10,000,000
Amortized Cost	[1]			5,071,000
Fair Value	[1]			$ 5,071,000
% of Net Assets	[1]			3.70%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Meat Processor [Member]
Interest	[1]	14.50%	[16]	14.50%
Fees	[1],[3]	0.00%	[16]	0.00%
Maturity	[1],[4],[16]	May 19, 2017
Principal Amount	[1]	$ 851,100	[16]	$ 2,524,816
Current Commitment	[1],[6]			4,300,000
Participation Percentage	[1],[11],[16]	35.00%
Amortized Cost	[1]	$ 851,100	[16]	2,524,816
Fair Value	[1]	$ 851,100	[16]	$ 2,524,816
% of Net Assets	[1]	0.40%	[16]	1.80%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Interest	[1]			13.00%
Fees	[1],[3]	0.00%	[16]	0.00%
Principal Amount	[1]	$ 5,024,882	[16]	$ 5,918,086
Current Commitment	[1],[6]			11,000,000
Participation Percentage	[1],[11],[16]	53.00%
Amortized Cost	[1]	$ 5,024,882	[16]	5,918,086
Fair Value	[1]	$ 5,024,882	[16]	$ 5,918,086
% of Net Assets	[1]	2.30%	[16]	4.30%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Interest	[1]	12.00%	[17]	17.50%	[18]
Fees	[1],[3]	0.00%	[17]	0.00%	[18]
Maturity	[1]	May 22, 2015	[4],[17]	May 22, 2015	[5],[18]
Principal Amount	[1]	$ 805,343	[17]	$ 667,838	[18]
Current Commitment	[1],[6],[18]			1,250,000
Participation Percentage	[1],[11],[17]	19.00%
Amortized Cost	[1]	$ 805,343	[17]	667,838	[18]
Fair Value	[1]	$ 746,266	[17]	$ 667,838	[18]
% of Net Assets	[1]	0.30%	[17]	0.50%	[18]
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member]
Interest	[1]	17.50%	[8]	17.50%
Fees	[1],[3]	0.00%	[8]	0.00%
Principal Amount	[1]	$ 2,234,145	[8]	$ 2,500,000
Current Commitment	[1],[6]			2,500,000
Participation Percentage	[1],[8],[11]	23.00%
Amortized Cost	[1]	$ 2,234,145	[8]	2,500,000
Fair Value	[1]	$ 2,234,145	[8]	$ 2,500,000
% of Net Assets	[1]	1.00%	[8]	1.80%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Wholesaler [Member]
Interest	[1]			12.50%
Fees	[1],[3]			0.00%
Principal Amount	[1]			$ 1,250,000
Current Commitment	[1],[6]			1,500,000
Amortized Cost	[1]			1,250,000
Fair Value	[1]			$ 1,250,000
% of Net Assets	[1]			0.90%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Textiles, Apparel & Luxury Goods [Member] | Textile Distributor [Member]
Interest	[1]			15.00%
Fees	[1],[3]			0.00%
Principal Amount	[1]			$ 724,219
Current Commitment	[1],[6]			2,500,000
Amortized Cost	[1]			724,219
Fair Value	[1]			$ 724,219
% of Net Assets	[1]			0.50%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Construction Materials [Member] | Construction Materials Distributor [Member]
Interest	[1]			12.75%
Fees	[1],[3]			0.00%
Maturity	[1],[5]			Jul. 01, 2015
Principal Amount	[1]			$ 181,943
Current Commitment	[1],[6]			750,000
Amortized Cost	[1]			181,943
Fair Value	[1]			$ 181,943
% of Net Assets	[1]			0.10%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Meat Processor [Member]
Maturity	[1],[5]			Dec. 22, 2015
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Interest	[1],[16]	12.00%
Maturity	[1]	Apr. 08, 2017	[4],[16]	Jan. 29, 2016	[5]
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member]
Maturity	[1]	Jun. 15, 2016	[4],[8]	Jun. 15, 2016	[5]
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Wholesaler [Member]
Maturity	[1],[5]			Oct. 17, 2015
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Textiles, Apparel & Luxury Goods [Member] | Textile Distributor [Member]
Maturity	[1],[5]			Jan. 13, 2016
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Meat Processor [Member]
Maturity	[1],[5]			Jan. 31, 2016
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Interest	[1],[16]	13.00%
Maturity	[1]	Sep. 25, 2017	[4],[16]	Apr. 15, 2016	[5]
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member]
Maturity	[1]	Aug. 15, 2016	[4],[8]	Aug. 15, 2016	[5]
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Wholesaler [Member]
Maturity	[1],[5]			Dec. 03, 2015
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Textiles, Apparel & Luxury Goods [Member] | Textile Distributor [Member]
Maturity	[1],[5]			Feb. 11, 2016
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Interest	[1],[19]	9.00%
Fees	[1],[3],[19]	0.00%
Principal Amount	[1],[19]	$ 5,000,000
Participation Percentage	[1],[11],[19]	23.00%
Amortized Cost	[1],[19]	$ 5,000,000
Fair Value	[1],[19]	$ 5,000,000
% of Net Assets	[1],[19]	2.20%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member]
Interest	[1]	10.67%	[19]	10.90%
Fees	[1],[3]	0.00%	[19]	0.00%
Maturity	[1],[4],[19]	Jul. 29, 2017
Principal Amount	[1]	$ 6,000,000	[19]	$ 6,000,000
Current Commitment	[1],[6]			6,000,000
Participation Percentage	[1],[11],[19]	17.00%
Amortized Cost	[1]	$ 6,000,000	[19]	6,000,000
Fair Value	[1]	$ 6,000,000	[19]	$ 6,000,000
% of Net Assets	[1]	2.70%	[19]	4.30%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Beef Exporter [Member]
Interest	[1],[8]	11.50%
Fees	[1],[3],[8]	0.00%
Maturity	[1],[4],[8]	Jun. 30, 2017
Principal Amount	[1],[8]	$ 9,000,000
Participation Percentage	[1],[8],[11]	32.00%
Amortized Cost	[1],[8]	$ 9,000,000
Fair Value	[1],[8]	$ 9,000,000
% of Net Assets	[1],[8]	4.00%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member]
Interest	[1]	8.75%	[8]	8.89%
Fees	[1],[3]	0.00%	[8]	0.00%
Maturity	[1],[5]			Feb. 03, 2016
Principal Amount	[1]	$ 6,000,000	[8]	$ 3,100,000
Current Commitment	[1],[6]			3,100,000
Participation Percentage	[1],[8],[11]	100.00%
Amortized Cost	[1]	$ 6,000,000	[8]	3,100,000
Fair Value	[1]	$ 6,000,000	[8]	$ 3,100,000
% of Net Assets	[1]	2.70%	[8]	2.20%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Compania Argentina De Granos [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Interest	[1]			9.00%
Fees	[1],[3]			0.00%
Principal Amount	[1]			$ 9,700,000
Current Commitment	[1],[6]			13,000,000
Amortized Cost	[1]			9,700,000
Fair Value	[1]			$ 9,700,000
% of Net Assets	[1]			7.00%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Frigorifico Regional Industrias Alimenticias S.A. [Member] | Meat, Poultry & Fish [Member] | Beef Exporter [Member]
Interest	[1]			11.98%
Fees	[1],[3]			0.00%
Maturity	[1],[5]			Apr. 30, 2016
Principal Amount	[1]			$ 9,000,000
Current Commitment	[1],[6]			9,000,000
Amortized Cost	[1]			9,000,000
Fair Value	[1]			$ 9,000,000
% of Net Assets	[1]			6.50%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Minimum [Member] | Other Investments [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Maturity	[1],[4],[19]	Sep. 03, 2016
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Minimum [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member]
Maturity	[1],[5]			Feb. 25, 2016
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Minimum [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member]
Maturity	[1],[4],[8]	Oct. 15, 2016
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Minimum [Member] | Compania Argentina De Granos [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Maturity	[1],[5]			Dec. 15, 2015
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Maximum [Member] | Other Investments [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Maturity	[1],[4],[19]	Sep. 30, 2016
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Maximum [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member]
Maturity	[1],[5]			Mar. 31, 2016
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Maximum [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member]
Maturity	[1],[4],[8]	Dec. 15, 2016
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Maximum [Member] | Compania Argentina De Granos [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Maturity	[1],[5]			Sep. 23, 2016
Senior Secured Trade Finance Participations [Member] | Chile [Member] | Other Investments [Member] | Farm Products [Member] | Chia Seed Exporter [Member]
Interest	[1]	10.90%	[19]	11.50%
Fees	[1],[3]	0.00%	[19]	0.00%
Maturity	[1]	Dec. 11, 2016	[4],[19]	Dec. 11, 2016	[5]
Principal Amount	[1]	$ 2,307,323	[19]	$ 1,900,000
Current Commitment	[1],[6]			2,000,000
Participation Percentage	[1],[11],[19]	100.00%
Amortized Cost	[1]	$ 2,307,323	[19]	1,900,000
Fair Value	[1]	$ 2,307,323	[19]	$ 1,900,000
% of Net Assets	[1]	1.00%	[19]	1.40%
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member]
Interest	[1],[19]	9.25%
Fees	[1],[3],[19]	0.00%
Maturity	[1],[4],[19]	Jun. 06, 2017
Principal Amount	[1],[19]	$ 2,209,452
Participation Percentage	[1],[11],[19]	20.00%
Amortized Cost	[1],[19]	$ 2,209,452
Fair Value	[1],[19]	$ 2,209,452
% of Net Assets	[1],[19]	1.00%
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member]
Interest	[1]			9.00%
Fees	[1],[3]			0.00%
Maturity	[1],[5]			Jun. 19, 2016
Principal Amount	[1]			$ 1,756,243
Current Commitment	[1],[6]			2,000,000
Amortized Cost	[1]			1,756,243
Fair Value	[1]			$ 1,756,243
% of Net Assets	[1]			1.30%
Senior Secured Trade Finance Participations [Member] | Ghana [Member] | Genser Energy Ghana Ltd [Member] | Electric Services [Member] | Power Producer [Member]
Interest	[1],[16]	11.50%
Fees	[1],[3],[16]	0.00%
Maturity	[1],[4],[16]	Mar. 10, 2017
Principal Amount	[1],[16]	$ 11,500,000
Participation Percentage	[1],[11],[16]	48.00%
Amortized Cost	[1],[16]	$ 11,500,000
Fair Value	[1],[16]	$ 11,500,000
% of Net Assets	[1],[16]	5.20%
Senior Secured Trade Finance Participations [Member] | Guatemala [Member] | Other Investments [Member] | Farm Products [Member] | Sesame Seed Exporter [Member]
Interest	[1]	12.00%	[20]	12.00%
Fees	[1],[3]	0.00%	[20]	0.00%
Maturity	[1]	Mar. 31, 2016	[4],[20]	Mar. 31, 2016	[5]
Principal Amount	[1]	$ 1,000,000	[20]	$ 1,000,000
Current Commitment	[1],[6]			2,000,000
Participation Percentage	[1],[11],[20]	25.00%
Amortized Cost	[1]	$ 1,000,000	[20]	1,000,000
Fair Value	[1]	$ 1,000,000	[20]	$ 1,000,000
% of Net Assets	[1]	0.40%	[20]	0.70%
Senior Secured Trade Finance Participations [Member] | Italy [Member] | Other Investments [Member] | Lumber and Other Construction Materials [Member] | International Development Logistic Provider [Member]
Interest	[1],[16]	8.50%
Fees	[1],[3],[16]	0.00%
Principal Amount	[1],[16]	$ 221,392
Participation Percentage	[1],[11],[16]	58.00%
Amortized Cost	[1],[16]	$ 221,392
Fair Value	[1],[16]	$ 221,392
% of Net Assets	[1],[16]	0.10%
Senior Secured Trade Finance Participations [Member] | Italy [Member] | Minimum [Member] | Other Investments [Member] | Lumber and Other Construction Materials [Member] | International Development Logistic Provider [Member]
Maturity	[1],[4],[16]	Jan. 10, 2017
Senior Secured Trade Finance Participations [Member] | Italy [Member] | Maximum [Member] | Other Investments [Member] | Lumber and Other Construction Materials [Member] | International Development Logistic Provider [Member]
Maturity	[1],[4],[16]	Mar. 31, 2017
Senior Secured Trade Finance Participations [Member] | Namibia [Member] | Other Investments [Member] | Packaged Foods & Meats [Member] | Consumer Goods Distributor [Member]
Interest	[1]	12.00%	[8]	12.00%
Fees	[1],[3]	0.00%	[8]	0.00%
Maturity	[1]	Jun. 22, 2017	[4],[8]	Mar. 03, 2016	[5]
Principal Amount	[1]	$ 750,000	[8]	$ 1,000,000
Current Commitment	[1],[6]			2,000,000
Participation Percentage	[1],[8],[11]	36.00%
Amortized Cost	[1]	$ 750,000	[8]	1,000,000
Fair Value	[1]	$ 750,000	[8]	$ 1,000,000
% of Net Assets	[1]	0.30%	[8]	0.70%
Senior Secured Trade Finance Participations [Member] | Singapore [Member] | Other Investments [Member] | Agricultural Products [Member] | Agricultural Products Exporter [Member]
Interest	[1],[16],[21]	11.50%
Fees	[1],[3],[16],[21]	0.00%
Maturity	[1],[4],[16],[21]	Jul. 02, 2017
Principal Amount	[1],[16],[21]	$ 10,000,000
Participation Percentage	[1],[11],[16],[21]	23.00%
Amortized Cost	[1],[16],[21]	$ 10,000,000
Fair Value	[1],[16],[21]	$ 10,000,000
% of Net Assets	[1],[16],[21]	4.50%
Senior Secured Trade Finance Participations [Member] | Singapore [Member] | Export Trading Group Pte Ltd [Member] | Agricultural Products [Member] | Agricultural Products Exporter [Member]
Interest	[1],[21]			11.50%
Fees	[1],[3],[21]			0.00%
Maturity	[1],[5],[21]			Feb. 07, 2016
Principal Amount	[1],[21]			$ 10,000,000
Current Commitment	[1],[6],[21]			10,000,000
Amortized Cost	[1],[21]			10,000,000
Fair Value	[1],[21]			$ 10,000,000
% of Net Assets	[1],[21]			7.20%
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member]
Fees	[1],[3],[16]	0.00%
Principal Amount	[1],[16]	$ 10,464,146
Participation Percentage	[1],[11],[16]	77.00%
Amortized Cost	[1],[16]	$ 10,464,146
Fair Value	[1],[16]	$ 10,464,146
% of Net Assets	[1],[16]	4.70%
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Minimum [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member]
Interest	[1],[16]	10.98%
Maturity	[1],[4],[16]	Jul. 27, 2017
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Maximum [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member]
Interest	[1],[16]	11.04%
Maturity	[1],[4],[16]	Sep. 23, 2017
Senior Secured Trade Finance Participations [Member] | Morocco [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Scrap Metal Recycler [Member]
Interest	[1],[16]	11.00%
Fees	[1],[3],[16]	0.00%
Maturity	[1],[4],[16]	Jul. 17, 2017
Principal Amount	[1],[16]	$ 3,800,000
Participation Percentage	[1],[11],[16]	95.00%
Amortized Cost	[1],[16]	$ 3,800,000
Fair Value	[1],[16]	$ 3,800,000
% of Net Assets	[1],[16]	1.70%
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member]
Fees	[1],[3],[16]	0.00%
Principal Amount	[1],[16]	$ 3,582,028
Participation Percentage	[1],[11],[16]	49.00%
Amortized Cost	[1],[16]	$ 3,582,028
Fair Value	[1],[16]	$ 3,582,028
% of Net Assets	[1],[16]	1.60%
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Other Investments [Member] | Machinery, Equipment, and Supplies [Member] | Machinery and Equipment Provider [Member]
Interest	[1],[16]	12.00%
Fees	[1],[3],[16]	0.00%
Maturity	[1],[4],[16]	Jan. 29, 2017
Principal Amount	[1],[16]	$ 1,206,346
Participation Percentage	[1],[11],[16]	90.00%
Amortized Cost	[1],[16]	$ 1,206,346
Fair Value	[1],[16]	$ 1,206,346
% of Net Assets	[1],[16]	0.50%
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Minimum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member]
Interest	[1],[16]	9.43%
Maturity	[1],[4],[16]	Jan. 05, 2017
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Maximum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member]
Interest	[1],[16]	9.52%
Maturity	[1],[4],[16]	Mar. 31, 2017
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Fees	[1],[3]	0.00%	[22]	0.00%
Maturity	[1],[5]			Oct. 25, 2015
Principal Amount	[1]	$ 5,078,526	[22]	$ 4,500,000
Current Commitment	[1],[6]			10,000,000
Participation Percentage	[1],[11],[22]	28.00%
Amortized Cost	[1]	$ 5,078,526	[22]	4,500,000
Fair Value	[1]	$ 5,078,526	[22]	$ 4,500,000
% of Net Assets	[1]	2.30%	[22]	3.20%
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member]
Interest	[1]	13.00%	[19]	13.00%
Fees	[1],[3]	0.00%	[19]	0.00%
Maturity	[1],[5]			Feb. 14, 2016
Principal Amount	[1]	$ 6,000,000	[19]	$ 6,000,000
Current Commitment	[1],[6]			6,000,000
Participation Percentage	[1],[11],[19]	86.00%
Amortized Cost	[1]	$ 6,000,000	[19]	6,000,000
Fair Value	[1]	$ 6,000,000	[19]	$ 6,000,000
% of Net Assets	[1]	2.70%	[19]	4.30%
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Minimum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Interest	[1]	12.08%	[22]	12.08%
Maturity	[1],[4],[22]	Oct. 25, 2015
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Minimum [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member]
Maturity	[1],[4],[19]	Aug. 14, 2017
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Maximum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Interest	[1]	12.50%	[22]	12.50%
Maturity	[1],[4],[22]	May 03, 2016
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Maximum [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member]
Maturity	[1],[4],[19]	Sep. 02, 2017
Senior Secured Trade Finance Participations [Member] | Kenya [Member] | Other Investments [Member] | Cash Grains [Member] | Rice Importer [Member]
Interest	[1]			11.33%
Fees	[1],[3]			0.00%
Maturity	[1],[5]			Feb. 18, 2016
Principal Amount	[1]			$ 375,182
Current Commitment	[1],[6]			1,000,000
Amortized Cost	[1]			375,182
Fair Value	[1]			$ 375,182
% of Net Assets	[1]			0.30%
Senior Secured Trade Finance Participations [Member] | Tanzania [Member] | Other Investments [Member] | Cash Grains [Member] | Rice Producer [Member]
Interest	[1]			11.50%
Fees	[1],[3]			0.00%
Maturity	[1],[5]			Oct. 26, 2015
Principal Amount	[1]			$ 3,900,000
Current Commitment	[1],[6]			3,900,000
Amortized Cost	[1]			3,900,000
Fair Value	[1]			$ 3,900,000
% of Net Assets	[1]			2.80%
Short Term Note [Member]
Amortized Cost	[1]	$ 5,000,000
Fair Value	[1]	$ 5,000,000
% of Net Assets	[1]	2.20%
Short Term Note [Member] | Mauritius [Member] | Barak Fund Management Ltd [Member] | Financial Services [Member] | Investment Manager [Member]
Interest	[1],[16],[23]	10.00%
Fees	[1],[3],[16],[23]	0.80%
Maturity	[1],[4],[16],[23]	Oct. 16, 2016
Principal Amount	[1],[16],[23]	$ 5,000,000
Amortized Cost	[1],[16],[23]	5,000,000
Fair Value	[1],[16],[23]	$ 5,000,000
% of Net Assets	[1],[16],[23]	2.20%

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

[2] Principal and interest paid monthly.

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

[4] Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower. The Company typically does not consider trade finance investments to be past due until they are over 90 days past the maturity date.

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

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

[7] Principal and interest paid quarterly.

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

[9] This investment was on non-accrual status as of September 30, 2016. See Note 3.

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

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

[12] Interest accrues at a variable rate of one-month Libor + 10.5%, which is paid monthly, and also includes 4.68% of deferred interest due at maturity. Monthly principal payments started in May 2016

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

[14] See discussion about Prodesa in Note 3.

[15] Interest accruing includes 2.5% of deferred interest due at maturity

[16] Principal and interest paid at maturity.

[17] The Company, together with its Sub-Advisor, have agreed to extend the principal maturity date to facilitate the strategic sale of this borrower. The borrower has been experiencing some cash flow difficulties, but has made some partial payments of principal. The amortized cost includes $152,923 of interest which was capitalized as of March 31, 2016. This investment was on non-accrual status as of September 30, 2016. See Note 3.

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

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

[20] See Note 3.

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

[22] $4.1 million of this investment has a maturity date of 10/25/15. The Zambian government, as the purchaser of fertilizer from the borrower, is responsible for the repayment of this trade finance transaction. The Company has access to credit insurance should the Zambian government not pay. In addition, the Company ultimately has recourse to the borrower for repayment. This investment was on non-accrual status as of September 30, 2016. See Note 3.

[23] Barak Fund Management Ltd. (“Barak”) is a sub-advisor to the Company. This short term note is unsecured. Principal and accrued interest are due at maturity.

XML

Consolidated Schedule of Investments (Parenthetical)	9 Months Ended	12 Months Ended
	Sep. 30, 2016 USD ($)	Dec. 31, 2015 USD ($) Payment
Amortized Cost	$ 168,797,255	$ 101,346,528
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Deferred interest rate included in investment interest accruing		2.50%
NIGERIA | Helios Maritime I Ltd [Member] | Water Transportation [Member] | Marine Logistics Provider [Member]
Deferred interest rate included in investment interest accruing	4.68%	4.68%
Principal payment date	2016-05
NIGERIA | Helios Maritime I Ltd [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | One Month Libor [Member]
Variable interest rate	10.50%	10.50%
South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Amortized Cost	$ 152,923
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Amortized Cost	$ 4,100,000
Maturity	Oct. 25, 2015
Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Penalty interest accruing		5.00%
Number of missing interest payments | Payment		8

XML

Organization and Operations of the Company

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Organization and Operations of the Company

Note 1. Organization and Operations of the Company

TriLinc Global Impact Fund, LLC (the “Company”) was organized as a Delaware limited liability company on April 30, 2012 and formally commenced operations on June 11, 2013. The Company makes impact investments in Small and Medium Enterprises, known as SMEs, 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 with the SEC.

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

In May 2012, the Advisor purchased 22,161 Class A units for aggregate gross proceeds of $200,000. The Company commenced its initial public offering of up to $1.5 billion in units of limited liability company interest (the “Offering”) on February 25, 2013. On June 11, 2013, the Company satisfied its minimum offering requirement of $2,000,000 when the Sponsor purchased 321,330 Class A units for aggregate gross proceeds of $2,900,000 and the Company commenced operations. In February 2015, the Company elected to extend its current offering period for up to an additional one year period, expiring on February 25, 2016. On November 18, 2015, the Company elected to extend its current offering for up to an additional six month period, expiring August 25, 2016. On February 19, 2016, the Company elected to extend its current offering to December 31, 2016. On September 20, 2016, the Company elected to further extend its current offering to March 31, 2017. Our board has the right to further extend or terminate the Offering at any time.

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, all of which are Cayman Islands exempted companies. As of September 30, 2016, the Company’s subsidiaries are as follows:

• TriLinc Global Impact Fund – Asia, Ltd.

• TriLinc Global Impact Fund – Latin America, Ltd.

• TriLinc Global Impact Fund – Trade Finance, Ltd.

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

• TriLinc Global Impact Fund – Africa, Ltd.

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

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

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

• TriLinc Global Impact Fund – Asia II, Ltd.

Through September 30, 2016, the Company has made, through its subsidiaries, loans in several countries located in South America, Asia, Africa, and Europe.

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Significant Accounting Policies

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

Basis of Presentation

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

The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP is not required for interim reporting purposes and has been omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the Securities and Exchange Commission (“SEC”) on March 30, 2016.

The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2016.

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.

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

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 which is being amortized over the term of the insurance policy which is one year. The amortization of prepaid expenses for the three and nine months ended September 30, 2016 and 2015 is reimbursable to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement.

Revenue Recognition

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

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

The Company generally places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. At September 30, 2016, three portfolio companies were on non-accrual status with an aggregate fair value of $8,506,368 or 5.1% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the three companies on non-accrual status amounted to approximately $322,700 and $635,800 respectively, for the three and nine months ended September 30, 2016.

Valuation of Investments

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

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

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

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

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

• Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the market or 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. Certain investments may be valued based upon estimated value of underlying collateral and include adjustments deemed necessary for estimates of costs to obtain control and liquidate available collateral. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence.

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

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

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

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

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

4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the input of the Advisor, Duff & Phelps and the audit committee. The board of managers is ultimately responsible for the determination, in good faith, of the fair value of each investment.

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

Fixed income investments are typically valued utilizing a market approach, 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 the Company may take into account in valuing the Company’s 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.

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

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

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

Payment-in-Kind Interest

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

Distribution Fee and Out-of-Period Adjustment

The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering. The aggregate amount of underwriting compensation for the Class A, Class C and Class I units, including the distribution fee for the Class C units, cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The distribution fee is not paid at the time of purchase. The distribution fee is payable monthly in arrears, as it becomes contractually due.

In prior periods, the Company had been recording the fees as a periodic charge to equity as they are incurred. Starting in June 2016, the Company determined to account for the fees as a charge to equity at the time each Class C unit is sold in its Offering and record a corresponding liability for the estimated amount to be paid in future periods. At September 30, 2016, the estimated unpaid distribution fee amounts to $1,759,000. The adjustments for the amounts of distribution fees which were not previously recorded as a liability amounted to approximately $812,000 and $366,000, respectively, as of March 31, 2016 and December 31, 2015 and were deemed immaterial.

Income Taxes

The Company, 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.

As of September 30, 2016, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 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 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 September 30, 2016 and 2015.

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of September 30, 2016 and December 31, 2015. 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 anticipated that such expenses would have equaled approximately 1.25% of the gross proceeds raised. However, such expenses are likely to exceed this percentage because the Offering is now due to terminate on March 31, 2017. Through September 30, 2016, such expenses equaled to 5% of the gross proceeds. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets.

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

Operating Expense Responsibility Agreement

On November 10, 2016, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through September 30, 2016. Since the inception of the Company through September 30, 2016, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $8,361,900 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $2,874,600 of expenses, which have been accrued by the Sponsor as of September 30, 2016. Such expenses may not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds in the primary offering and such reimbursement does not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit (the “Gross Proceeds Hurdle”). To the extent the Company does not meet the Gross Proceeds Hurdle in any quarter, no amount will be payable by the Company for reimbursement to the Sponsor. While the Company has raised over $200 million of gross proceeds in the primary offering as of September 30, 2016, the Company has not met the Gross Proceeds Hurdle for the quarter ended September 30, 2016 because any reimbursement would have caused the Company’s net assets value per unit to fall below the prior quarter. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of September 30, 2016. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable and estimable.

Recently Issued Accounting Pronouncements

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

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The adoption of the amended guidance in ASU 2014-09 is not expected to have a significant effect on the Company’s financial statements.

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

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: (i) debt prepayment or debt extinguishment, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method invitees, (vii) beneficial interest in securitizations transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The guidance requires companies to apply the requirements retrospectively to all prior periods presented. If it is impracticable for a company to apply ASU 2016-15 retrospectively, requirements may be applied prospectively as of the earliest date practicable. We are currently evaluating the potential impact of the pending adoption of ASU 2016-15 on our consolidated financial statements.

Risk Factors

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

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

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

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. In addition, as of September 30, 2016, all the Company’s investment are denominated in U.S. dollars. If the U.S. dollar rises, it may become more difficult for borrowers to make loan payments if the borrowers are operating in markets where the local currencies are depreciating relative the U.S. dollar.

At September 30, 2016, the Company’s investment portfolio included 30 companies and was comprised of $29,066,052 or 17.3% in senior secured term loans, $41,378,096 or 24.5% in senior secured term loan participations, $92,975,606 or 55.2% in senior secured trade finance participations, and $5,000,000 or 3.0% in a short term note and a bridge loan. The Company’s largest loan by value was $17,000,000 or 10.1% of total investments. The Company’s 5 largest loans by value comprised 40.4% of the Company’s portfolio at September 30, 2016. Participation in loans amounted to 79.7% of the Company’s total portfolio at September 30, 2016.

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Investments

9 Months Ended

Sep. 30, 2016

Investments Debt And Equity Securities [Abstract]

Investments

Note 3. Investments

As of September 30, 2016, the Company’s investments consisted of the following:

	Amortized		Fair		Percentage
	Cost		Value		of Total
Senior secured term loans	$	29,066,052	$	29,066,052		17.3	%
Senior secured term loan participations		41,696,520		41,378,096		24.5	%
Senior secured trade finance participations		93,034,683		92,975,606		55.2	%
Short term note		5,000,000		5,000,000		3.0	%
Total investments	$	168,797,255	$	168,419,754		100.0	%

Participations

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

Interest Receivable

Depending on the specific terms of the Company’s investments, interest earned by the Company is payable either monthly, quarterly, or, in the case of most trade finance investments, at maturity.  As such, some of the Company’s trade finance investments have up to 300 days of accrued interest receivable as of September 30, 2016.  In addition, certain of the Company’s investment in term loans accrue deferred interest which is not payable until the maturity of the loans.  Accrued deferred interest included in the interest receivable balance as of September 30, 2016 and December 31, 2015 amounted to $887,020 and $393,430, respectively. The Company’s interest receivable balances at September 30, 2016 and December 31, 2015 are recorded at the amounts that the Company expects to collect.

Trade Finance

Trade finance encompasses a variety of lending structures that support the export, import or sale of goods between producers and buyers in various countries and across various jurisdictions. The strategy is most prevalent in the financing of commodities. The Company’s trade finance position typically fall into two broad categories: Pre-export financing and receivable/inventory financing. Pre-export financing represent advances to borrower based on proven orders from buyers. For trade finance, the structure and terms vary according to the nature of the transaction being financed. The structure can take the form of a revolver (up to one year) with draw requests with maturity up to one year based on collateral and performance requirements. The structure can also be specific to the individual transaction being financed, which typically have shorter duration of 60 – 180 days. In terms of underwriting, particular consideration is given to the following:

• nature of the goods or transaction being financed,

• the terms associated with the sale and repayment of the goods,

• the execution risk associated with producing, storing and shipment of the goods,

• the financial and performance profile of both the borrower and end buyer(s),

• the underlying advance rate and subsequent LTV associated with lending against the goods that serve to secure the facility or transaction,

• collateral and financial controls (collection accounts and inventory possession),

• third party inspections and insurance, and

• the region, country or jurisdiction in which the financing is being completed.

Collateral varies by transaction, but is typically raw or finished goods inventory, and/or receivables.  In the case of pre-export finance, the transaction is secured by purchase orders from buyers or offtake contracts, which are agreements between a buyer and seller to purchase/sell a future product.

Terms depend on the nature of the facility or transaction being financed. As such, they depend on the credit profile of the underlying financing, as well as the speed and detail associated with the request for financing. Interest can be paid as often as monthly or quarterly on revolving facilities (one year in duration) or at maturity when dealing with specific transactions with shorter duration, which is the case for the majority of the Company’s trade finance positions. At times, settlement can be delayed due to documentation, shipment, transportation or port clearing issues, delays associated with the end buyer or off-taker assuming possession, possible changes to contract or offtake terms, and the aggregation of settlement of multiple individual transactions. Conversely, at times payments are made ahead of schedule as transactions either clear faster than expected, borrowers decide to prepay or pay down ahead of schedule, counterparties clear multiple individual transactions in one settlement, or less expensive financing is secured by the borrower.

On occasion, the Company may receive notice that a borrower or counterparty intends to pay ahead of schedule or in one lump sum (settling multiple draw requests all at once). Depending on timing and the ability to redeploy these funds, combined with projected inflows of fund capital, these outsize payments can negatively impact the Company’s performance. In these situations, the credit profile of the borrower, and the transaction in general, is reviewed with the sub-advisor and a request may be made to either stagger payments, where at all possible, or request that payment only be made at the end of that specific financial quarter. These requests or accommodations, which happen very rarely, will only be made where the Company has strong comfort in and around the credit profile of the transaction or borrower.

Prodesa

During 2014, the Company restructured two loans with one of its borrowers, Corporacion Prodesa S.R.L. (“Prodesa”).  As of September 30, 2016, the Company’s investment in Prodesa is comprised of two senior secured term loan participations with an aggregate balance of $2,300,000 and $1,400,000 due under a senior secured purchase order revolving credit facility.  Prodesa did not timely make the payments that were due in March and April 2015 under the two loans due to economic difficulties.  The Company has been working with Prodesa to remedy the default and bring the loans to a current status.  On May 6, 2015, the Company entered into a short term forbearance agreement (the “Forbearance Agreement”) with Prodesa to provide Prodesa with temporary loan payment relief while a longer term plan is negotiated.  Under the terms of the Forbearance Agreement, the Company agreed to accept partial interest payments, amounting to 50% of the required interest payments, for the months of March 2015 to December 2015. The unpaid interest will be included as part of the longer term plan. Through October 2015, Prodesa had made all interest payments required under the Forbearance Agreement. Interest payments required under the term loans for the months subsequent to October 2015 had not been made by Prodesa due to Prodesa being placed into bankruptcy in November 2015 as described further below. Now that Prodesa has exited the bankruptcy process, Prodesa can once again make interest payments. During July and August 2016, the Company has received $121,894 in interest and $50,000 in principal payments from Prodesa. Accordingly, the Company is still accruing interest, which amounted to approximately $474,900 as of September 30, 2016, on the Prodesa loans. On November 4, 2016, the Company received $100,000 in principal and $77,854 in interest payments. In addition, the Company is currently working on amending the term loans, and expects that Prodesa will continue to make regular principal and interest payments. The Company has estimated the fair value of the Prodesa loans as of September 30, 2016 at $3,700,000 based on the income valuation approach as further described in Note 4.

During 2015, Prodesa underwent a change in ownership. Through the month of September 2015, the new ownership had injected over $830,000 in Prodesa for working capital purposes. The Company has been working with Prodesa to re-align its operations and, on October 5, 2015, the Company funded a $400,000 senior secured purchase order revolving credit facility to Prodesa.  The purchase order facility is secured by specific purchase orders from customers of Prodesa, as well as pledges of additional unencumbered assets and all shares of Prodesa. On November 6, 2015, Prodesa paid back to the Company the entire $400,000 and related interest owed under the purchase order facility. On November 20, 2015, the Company funded a second draw under the purchase order facility in the amount of $190,000 which was repaid in full on February 29, 2016. During the nine months ended September 30, 2016, the Company funded five additional draws under the purchase order facility for an aggregate of $1,400,000.

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

Usivale

In May 2015, one of the Company’s borrowers, Usivale Industria E Commercio (“Usivale”), notified the Company that it would be unable to make its monthly interest payment for May 2015 and requested the deferment of interest payments until October 2015. Usivale is a sugar producer located in Brazil that has been in business since 1958.  Usivale’s business is highly cyclical and it generates the majority of its revenues during the first and fourth quarters of any calendar year.  In accordance with the terms of the loans, with an aggregate principal balance of $3,000,000 as of September 30, 2016, the Company originally increased the annual interest rate charged Usivale from 12.43% to 17.43%.  However, as of September 30, 2016, the Company had placed Usivale on non-accrual status effective August 27, 2015, the date of the judicial recovery filing which is described further below and Usivale remains on non-accrual status as of September 30, 2016. Interest not recorded relative to the original terms of the Usivale loans amounted to approximately $132,200 and $396,600, respectively for the three and nine months ended September 30, 2016. The Company has estimated the fair value of the Usivale loans as of September 30, 2016 at $2,681,576, based on a discounted cash flow analysis (income approach), which is unchanged from the estimated fair value as of December 31, 2015.

On August 27, 2015, Usivale filed for judicial recuperation or recovery (the “Filing”) with the local court in Brazil.  The Filing was led by the ongoing pricing pressure within the sugar market, leading up to the material drop in the month of August, when prices reached a seven year low. The Filing provided for a 180 day “standstill” period relative to any claim for payment by Usivale’s creditors. During this period, Usivale was permitted to operate as usual, but was required to develop and present a recovery plan to its creditors to allow it to emerge from judicial recovery. Usivale submitted an initial plan to the judicial court for review at the end of November 2015, which was published by the court on January 19, 2016. Creditors had 30 days to review and either approve or reject the plan. As the only secured creditor within the greater credit group, the Company’s acceptance of any plan was required.  On February 17, 2016, the Company filed a rejection of the plan presented by Usivale. In accordance with the judicial recovery process, a general assembly of Usivale’s creditors was held on June 14, 2016 and an agreed upon restructure plan was submitted to the court and subsequently approved by the court on October 7, 2016. Under the restructure plan, interest on the principal started accruing effective July 1, 2016 at an annual rate of 12.43% and Usivale will start making periodic principal payments in the fourth quarter of 2016. Since August of 2015, the price of sugar has significantly improved and as a result, Usivale’s cash flows should permit it to meet its payment requirements under the restructure.

Fruit and Nut Distributor

The Company has a trade finance participation with a fruit and nut distributor (“the Distributor”) located in South Africa, with a total balance outstanding of $805,343 of as September 30, 2016. The Distributor trade finance has a stated maturity date of May 22, 2015, which the Company agreed to extend. The Distributor had made partial payments of principal during 2015 (the original loan from the Company to the Distributor was for $1,250,000), with the most recent payment being made on October 27, 2015. Through the latter part of 2015, the depreciation in the South African Rand has proven to be problematic for the Distributor given that it has to purchase its inventory in U.S. Dollars and then sells in South African Rand. This situation has led the Distributor to experience some cash flow difficulties and operating losses. As of September 30, 2016, the Company, together with its sub-advisor, had agreed to extend further the principal maturity date to facilitate the strategic sale of the Distributor, which closed in June 2016.  As a result of the sale, one of the Company’s sub-advisor now owns 40% of the Distributor. The Company expects to restructure the loan as follows: Principal balance of $805,343, which includes capitalized accrued interest through January 31, 2016 amounting to $152,923; annual interest rate of 12% starting May 1, 2016; and repayment terms of five years. Accordingly, the Company placed this participation on non-accrual status effective February 1, 2016 and interest not recorded relative to the original terms of this participation amounted to approximately $29,200 and $77,900, respectively, for the three and nine months ended September, 2016. Based on the information available to the Company and according to its valuation policies, the Company had estimated the fair value of its investment in the Distributor to be $761,684 as of March 31, 2016 and recorded an unrealized depreciation adjustment of $59,077 for the three months ended March 31, 2016.

Although the Distributor was acquired in June 2016, the restructure of the loan has not been finalized. However, as of September 30, 2016 , the Company still expects to restructure the loan as described above.  In addition, subsequent to March 31, 2016, the Distributor has made payments to the Company totaling $15,418.  Accordingly, in addition to decreasing the principal outstanding by this amount, the Company also decreased the estimated fair value by $15,418 to $746,266 as of September 30, 2016.

Farm Supplies Distributor

The company has several trade finance participations in a facility to a farm supplies distributor, Neria Investment Ltd. (“Neria”), located in Zambia with an aggregate principal balance of $5,078,526 and net accrued interest of $550,370 as of September 30, 2016. The participations have maturity dates ranging from October 25, 2015 to May 3, 2016.  The facility serves to finance the shipment of fertilizer to the Zambian government and is secured by receivables.  The delay in repayment is due to slow payment of the receivables by the Zambian Government caused by a national budget deficit.  The Company placed this participation on non-accrual status effective July 1, 2016 and interest not recorded relative to the original terms of this participation amounted to approximately $161,300 for the three months ended September 30, 2016.  In addition, during the three months ended September 30, 2016, the Company reversed $550,370 of interest income that had been previously accrued. The Company has determined that there is sufficient collateral, including a credit insurance policy, should the Zambian government or subsequently Neria not pay, to cover the entire principal balance due from Neria and has determined, in accordance with its valuation policy, that the fair value should remain at $5,078,526 as of September 30, 2016.

Sesame Seed Exporter

The Company has a trade finance participation with a Sesame Seed Exporter (“the Exporter”) located in Guatemala, with a principal balance outstanding of $1,000,000 and accrued interest of $71,333 as of September 30, 2016. The participation has a maturity date of March 31, 2016 and is secured by inventory. During 2016, the Exporter lost a major customer, which resulted in a slowdown in business, affecting its ability to repay the amount due under the participation.  However, the Exporter has been able to secure new customers to replace the lost order(s), which will enable the Exporter to start making payments to the Company.  In addition, the Exporter has made three principal payments totaling $82,435 during October 2016.  The Company has determined that there is sufficient collateral to support the repayment of this participation and has determined, in accordance with its valuation policy, that the fair value of this investment should remain at $1,000,000 as of September 30, 2016.

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

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

The industry composition of the Company’s portfolio, at fair market value as of September 30, 2016 and December 31, 2015, was as follows:

	As of  September 30, 2016					As of December 31, 2015
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	17,681,576		10.5	%	$	27,452,576		27.2	%
Bulk Fuel Stations and Terminals		15,170,700		9.0	%		—		—
Cash Grains		—		—			4,275,182		4.2	%
Coal and Other Minerals and Ores		3,582,028		2.1	%		—		—
Commercial Fishing		—		0.0	%		1,756,243		1.7	%
Communications Equipment		5,024,882		3.0	%		5,918,086		5.9	%
Construction Materials		—		—			181,943		0.2	%
Consumer Products		9,700,000		5.8	%		8,940,000		8.8	%
Electric Services		11,500,000		6.8	%		—		—
Farm Products		3,307,323		2.0	%		2,900,000		2.9	%
Fats and Oils		6,000,000		3.6	%		3,100,000		3.1	%
Financial Services		5,000,000		3.0	%		—		—
Fertilizer & Agricultural Chemicals		5,078,526		3.0	%		5,750,000		5.7	%
Fresh or Frozen Packaged Fish		2,209,452		1.3	%		—		—
Food Products		746,266		0.4	%		667,838		0.7	%
Groceries and Related Products		10,464,146		6.2	%		—		—
Hotels and Motels		17,000,000		10.1	%		—		—
Lumber and Other Construction Materials		221,392		0.1	%		—		—
Machinery, Equipment, and Supplies		1,206,346		0.7	%		—		—
Meat, Poultry & Fish		9,851,100		5.8	%		11,524,816		11.4	%
Metals & Mining		2,234,145		1.3	%		2,500,000		2.5	%
Packaged Foods & Meats		750,000		0.4	%		1,000,000		1.0	%
Primary Nonferrous Metals		3,000,000		1.8	%		—		—
Primary Metal Industries		6,000,000		3.6	%		6,000,000		5.9	%
Programming and Data Processing		10,895,352		6.5	%		5,474,534		5.4	%
Rental of Railroad Cars		4,570,620		2.7	%		—		—
Secondary Nonferrous Metals		3,800,000		2.3	%		—		—
Textiles, Apparel & Luxury Goods		—		—			724,219		0.7	%
Water Transportation		13,425,900		8.0	%		12,862,666		12.7	%
Total	$	168,419,754		100.0	%	$	101,028,104		100.0	%

The table below shows the portfolio composition by geographic classification at fair value as of September 30, 2016 and December 31, 2015:

	As of  September 30, 2016					As of December 31, 2015
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	26,000,000		15.4	%	$	27,800,000		27.5	%
Brazil		13,576,928		8.1	%		8,156,110		8.1	%
Cabo Verde		17,000,000		10.1	%		—		—
Chile		2,307,323		1.4	%		1,900,000		1.9	%
Ecuador		2,209,452		1.3	%		1,756,243		1.7	%
Ghana		11,500,000		6.8	%		—		—
Guatemala		1,000,000		0.6	%		1,000,000		1.0	%
Indonesia		3,000,000		1.8	%		—		—
Italy		221,392		0.1	%		—		—
Kenya		—		—			375,182		0.4	%
Mauritius		15,464,146		9.2	%		—		—
Morocco		3,800,000		2.3	%		—		—
Namibia		750,000		0.4	%		1,000,000		1.0	%
Nigeria		13,425,900		8.0	%		12,862,666		12.7	%
Peru		18,870,700		11.2	%		2,940,000		2.9	%
Singapore		10,000,000		5.9	%		10,000,000		9.9	%
South Africa		13,427,013		8.0	%		18,837,902		18.6	%
Tanzania		—		—			3,900,000		3.9	%
United Kingdom		4,788,374		2.8	%		—		—
Zambia		11,078,526		6.6	%		10,500,000		10.4	%
Total	$	168,419,754		100.0	%	$	101,028,104		100.0	%

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Fair Value Measurements

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of September 30, 2016:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	29,066,052	$	—	$	—	$	29,066,052
Senior secured term loan participations		41,378,096		—		—		41,378,096
Senior secured trade finance participations		92,975,606		—		—		92,975,606
Short term note		5,000,000						5,000,000
Total	$	168,419,754	$	—	$	—	$	168,419,754

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

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

The following is a reconciliation of activity for the nine months ended September 30, 2016, of investments classified as Level 3: 

	Fair Value at December 31, 2015		Purchases		Maturities or Prepayments			Amortization		Net change in unrealized appreciation (depreciation)			Fair Value at September 30, 2016
Senior secured term loans	$	5,474,534	$	24,115,624	$	(713,116	)	$	189,010	$	—		$	29,066,052
Senior secured term loan participations		18,484,242		24,370,619		(1,491,765	)		15,000		—			41,378,096
Senior secured trade finance participations		77,069,328		116,667,401		(100,702,046	)		—		(59,077	)		92,975,606
Short term note		—		20,000,000		(15,000,000	)		—		—			5,000,000
Total	$	101,028,104	$	185,153,644	$	(117,906,927	)	$	204,010	$	(59,077	)	$	168,419,754

There were no realized gains or losses for any of the Company’s investments classified as Level 3 during the three and nine months ended September 30, 2016 and 2015.

As of September 30, 2016, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of September 30, 2016:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	92,229,340	Cost  Approach	Recent transactions	N/A
Senior secured trade finance participations (2)	$	746,266	Income approach (DCF)	Market yield		15.75%
Senior secured term loans	$	29,066,052	Income approach (DCF)	Market yield	11.50% - 13.50% (12.50%)
Senior secured term loan participations (3)	$	41,378,096	Income approach  (DCF)	Market yield	11.50% - 15.70% (13.99%)
Short term note (4)	$	5,000,000	N/A	N/A	N/A

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

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

(3) As of September 30, 2016, with respect to the loans to Prodesa, the Company has returned to using an income approach to estimate their fair value. As of December 31, 2015, the Company had chosen to determine their estimated fair value based on a collateral valuation approach.  The Company’s decision to do so was not based upon a belief that the Company will need to liquidate the collateral securing the loans to Prodesa, but rather because the Company considered the collateral valuation approach to be the most appropriate due to the availability and reliability of inputs. In addition, the Company is working with Prodesa to re-align its operations and restructure the loans (see Note 3).

(4) These temporary investments have maturities of less than 60 days and are carried at cost.

As of December 31, 2015, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2015:

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

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

For details of the country-specific risk concentrations for the Company’s investments, refer to the Consolidated Schedule of Investments and Note 3.

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Related Parties

9 Months Ended

Sep. 30, 2016

Related Party Transactions [Abstract]

Related Parties

Note 5. Related Parties

Agreements

Advisory Agreement

On February 19, 2016, the Company’s board of managers determined to extend the Amended and Restated Advisory Agreement, (the “Advisory Agreement”) effective March 24, 2016, for an additional one-year term.

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

An incentive fee on capital gains will be earned on investments sold and shall be determined and payable to the Advisor in arrears as of the end of each calendar year. The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company had no capital gains and therefore did not accrue an incentive fee on capital gains for the three and nine months ended September 30, 2016 and 2015.

Transactions

As discussed in Note 2, for the three months ended September 30, 2016 and 2015, the Sponsor assumed responsibility for $622,347 and $506,577, respectively, of the Company’s operating expenses, management fees and incentive fees, which are deferred under the Responsibility Agreement. For the nine months ended September 30, 2016 and 2015, the Sponsor assumed responsibility for $3,740,015 and $1,853,510 of the Company’s operating expenses, management fees and incentive fees.

For the three months ended September 30, 2016 and 2015, the Advisor earned $1,122,904 and $526,824, respectively, in management fees and $971,204 and $401,712, respectively, in incentive fees. For the nine months ended September 30, 2016 and 2015, the Advisor earned $2,913,146 and $1,312,759, respectively, in management fees and $2,367,279 and $1,006,202, respectively, in incentive fees.  

Since the inception of the Company through September 30, 2016, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $8,361,900 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $2,874,600 of expenses, which have been accrued by the Sponsor as of September 30, 2016. Such expenses, in the aggregate of $11,236,500 since the Company’s inception, may be expensed and payable by the Company to the Sponsor once the Company has raised gross proceeds of $200 million in the primary offering and such reimbursement does not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit, as further described in Note 2.

As of September 30, 2016 and December 31, 2015, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $2,726,761 and $1,874,932, respectively, was due from the Sponsor in connection with the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business.

As September 30, 2016 and December 31, 2015, due to affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $104,055 and $472,057, respectively, was due to the Sponsor for reimbursements of offering costs.

For the three months ended September 30, 2016 and 2015, the Company paid $577,112 and $362,600, respectively, in dealer manager fees and $1,756,410 and $1,466,573, respectively, in selling commissions to the Company’s dealer manager, SC Distributors, LLC. For the nine months ended September 30, 2016 and 2015, the Company paid $1,545,731 and $800,438, respectively, in dealer manager fees and $5,117,824 and $2,791,073, respectively, in selling commissions. These fees and commissions were paid in connection with the sales of the Company’s units to investors and, as such, were recorded against the proceeds from the issuance of units and are not reflected in the Company’s consolidated statement of operations.

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Organization and Offering Costs

9 Months Ended

Sep. 30, 2016

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Offering Costs

Note 6. Organization and Offering Costs

As of September 30, 2016, the Sponsor has paid approximately $13,014,000 of offering costs and $236,000 of organization costs, all of which were paid directly by the Sponsor on behalf of the Company, and will be reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $3,247,000 and $1,981,000 of offering costs, which were incurred by the Sponsor during the nine months ended September 30, 2016 and 2015, respectively. During the nine months ended September 30, 2016 and 2015, the Company paid $5,322,398 and $2,434,489, respectively, in reimbursement of offering costs to the Sponsor. Such offering costs reimbursed by the Company have been recognized against the proceeds from the issuance of units.

Since the Company started operations to September 30, 2016, the Company has reimbursed the Sponsor a total of approximately $13,144,800 of offering costs and there is a remaining balance of approximately $1,000 of offering and organization costs to be reimbursed to the Sponsor.

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Unit Capital

9 Months Ended

Sep. 30, 2016

Equity [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. As of September 30, 2016, the Company recorded a liability in the amount of $1,759,000 for the estimated future amount of Class C distribution fee payable. The estimated liability is calculated based on a net asset value per Class C unit of $9.025 with distribution fees of 0.8% per annum applied to the net asset value, during the period that the expected period that Class C unit remains outstanding, and discounted using an annual rate of 4%. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. As of September 30, 2016 the Class A and I units have a net asset value per unit of $8.527 and the Class C units have a net asset value per unit of $8.231. The following table is a summary unit activity during the nine months ended September 30, 2016:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			September 30,
	2015		the Period		the Period			2016
Class A units		9,709,153		4,861,420		(909,099	)		13,661,474
Class C units		1,073,599		4,874,288		—			5,947,887
Class I units		5,443,616		1,319,664		—			6,763,280
Total		16,226,368		11,055,372		(909,099	)		26,372,641

Beginning June 11, 2014, the Company commenced a unit repurchase program pursuant to which the Company may conduct quarterly unit repurchases of up to 5% of the weighted average number of outstanding units in any 12-month period to allow the Company’s unitholders, who have held units for a minimum of one year, to sell their units back to the Company at a price equal to the then current offering price less the sales fees associated with that class of units. The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of the Company’s unitholders to sell their units. Unless the Company’s board of managers determines otherwise, the Company will limit the number of units to be repurchased during any calendar year to the number of units that can be repurchased with the proceeds the Company receives from the sale of units under the Company’s distribution reinvestment plan. At the sole discretion of the Company’s board of managers, the Company may also use cash on hand, cash available from borrowings and cash from the repayment or liquidation of investments as of the end of the applicable quarter to repurchase units.

During the nine months ended September 30, 2016, the Company processed 18 repurchase requests for a total of 909,099 units at a repurchase price of $9.025 per unit. As of September 30, 2016, four of the repurchase requests for a total of 385,301 units or $3,477,338 were pending processing.  These repurchase requests were completed by the Company on October 5, 2016.

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Distributions

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Distributions

Note 8. Distributions

Starting in July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the nine months ended September 30, 2016:

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2016	January 19, 2016	$	0.00197268	$	590,074	$	421,766	$	1,011,840
February 29, 2016	February 19, 2016	$	0.00197268		592,036		427,352		1,019,388
March 31, 2016	March 28, 2016	$	0.00197268		675,639		482,207		1,157,846
April 30, 2016	April 19, 2016	$	0.00197268		654,356		506,242		1,160,598
May 31, 2016	May 6, 2016	$	0.00197268		715,936		554,319		1,270,255
June 30, 2016	June 21, 2016	$	0.00197268		731,881		561,652		1,293,533
July 31, 2016	July 19, 2016	$	0.00197268		803,571		630,142		1,433,713
August 31, 2016	August 11, 2016	$	0.00197268		846,924		674,120		1,521,044
September 30, 2016	September 20, 2016	$	0.00197268		864,779		679,108		1,543,887
Total for 2016				$	6,475,196	$	4,936,908	$	11,412,104

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Financial Highlights

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Financial Highlights

Note 9. Financial Highlights

The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2016 and 2015. The Company’s income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I units, as applicable, and, therefore, the financial highlights are equal for each of the outstanding classes.

	Nine Months Ended
	September 30,			September 30,
	2016			2015
Per unit data (1):
Net proceeds before offering costs (2)	$	9.025		$	9.025
Offering costs		(0.498	)		(0.479	)
Net Proceeds after offering costs		8.527			8.546
Net investment income		0.558			0.539
Net change in unrealized depreciation on investments		(0.003	)		—
Distributions		(0.555	)		(0.539	)
Net change in accrued distribution fees		(0.067	)		—
Net increase/(decrease) in net assets		(0.067	)		—
Net asset value at end of period		8.460			8.546
Total return based on net asset value (3)(4)		6.50	%		6.30	%
Net assets at end of period	$	223,109,319		$	104,837,830
Units Outstanding at end of period		26,372,641			12,267,151
Ratio/Supplemental data (annualized) (4)(5):
Ratio of net investment income to average net assets		8.51	%		8.32	%
Ratio of net operating expenses to average net assets		2.27	%		2.71	%

1 The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2016 and 2015 which were 20,576,797 and 9,341,204.

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 nine months ended September 30, 2016 and 2015, prior to the effect of the Responsibility Agreement were as follows; total return: 4.38% and 3.98%, ratio of net investment income/(loss); 5.73% and 5.25%, and ratio of operating expenses to average net assets: 5.06% and 5.77%.

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 actual results over a full fiscal year.

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Subsequent Events

9 Months Ended

Sep. 30, 2016

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 three and nine months ended September 30, 2016, except as discussed below.

Distributions

On October 18, 2016, with the authorization of the Company’s board of managers, the Company declared distributions for all classes of units for the period from October 1 through October 31, 2016. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197268 per unit per day (less the distribution fee with respect to Class C units). On November 1, 2016, $870,426 of these distributions were paid in cash and on October 31, 2016, $730,202 were reinvested in units for those unitholders participating in the Distribution Reinvestment Plan.

Status of the Offering

Subsequent to September 30, 2016 through November 10, 2016, the Company sold approximately 1,486,300 units in the Offering (including units issued pursuant to the Distribution Reinvestment Plan) for approximately $14,177,000 in gross proceeds.

Unit Offering Price

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

Pursuant to the net asset value determination by the Company’s board of managers as of September 30, 2016, the value has not increased above nor decreased below the Company’s net proceeds per unit; therefore, the Company will continue to sell units at a price of $10.00 per Class A unit, $9.576 per Class C unit and $9.025 per Class I unit. 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 and $51,034 in the quarters ended March 31, 2014 and December 31, 2013, respectively, or had not absorbed and deferred reimbursement for a substantial portion of the Company’s operating expenses since the Company began its operations.

Investments

Subsequent to September 30, 2016 through November 10, 2016, the Company funded approximately $28.3 million in new investments and received proceeds from repayment of investments of approximately $12.7 million.

Agreements

On November 10, 2016, the Company entered into an Amended and Restated Operating Expenses Responsibility Agreement with the Company’s Sponsor and Advisor. Pursuant to the terms of this agreement, the Sponsor agreed to be responsible for the Company’s cumulative operating expenses incurred through September 30, 2016, including management and incentive fees earned by the Advisor during the quarter ended September 30, 2016. For additional information refer to Notes 2 and 5.

Private Note Offering

On October 14, 2016, TriLinc Global Impact Fund Cayman, Ltd. (“TGIFC”), a wholly owned subsidiary of the Company, issued $1.635 million in the first series of notes pursuant to a private offering of senior secured promissory notes (the “Notes”). The Notes were issued under an ongoing private offering targeting $100 million in the aggregate amount and will be comprised of four different series with four different issuance and maturity dates.  The Notes issued on October 14, 2016 comprised the first series of the Notes. Borrowings from the Notes offering will be used to pursue the Company’s investment strategy and for general corporate purposes.  

The Notes have an interest rate of 3.0% per annum plus the one year LIBOR and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date (which is October 14, 2016 for the first series of Notes) and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note.

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

Prior to October 14, 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC.  The Subsidiaries own all of the Company’s investments.  TGIFC’s obligations under the Notes are secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over all of the issued and outstanding shares of the Subsidiaries. As of October 14, 2016, the Company had a debt ratio of 0.7%.

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Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2016

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

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

The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP is not required for interim reporting purposes and has been omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, which was filed with the Securities and Exchange Commission (“SEC”) on March 30, 2016.

The results of operations for the three and nine months ended September 30, 2016 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2016.

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.

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

Cash

Cash

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

Prepaid Expenses

Prepaid expenses

Prepaid expenses represent prepaid insurance which is being amortized over the term of the insurance policy which is one year. The amortization of prepaid expenses for the three and nine months ended September 30, 2016 and 2015 is reimbursable to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement.

Revenue Recognition

Revenue Recognition

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

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

The Company generally places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. At September 30, 2016, three portfolio companies were on non-accrual status with an aggregate fair value of $8,506,368 or 5.1% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the three companies on non-accrual status amounted to approximately $322,700 and $635,800 respectively, for the three and nine months ended September 30, 2016.

Valuation of Investments

Valuation of Investments

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

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

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

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

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

• Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities. These investments include debt and equity investments in private companies or assets valued using the market or 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. Certain investments may be valued based upon estimated value of underlying collateral and include adjustments deemed necessary for estimates of costs to obtain control and liquidate available collateral. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence.

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

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

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

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

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

4. The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the input of the Advisor, Duff & Phelps and the audit committee. The board of managers is ultimately responsible for the determination, in good faith, of the fair value of each investment.

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

Fixed income investments are typically valued utilizing a market approach, 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 the Company may take into account in valuing the Company’s 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.

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

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

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

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

Payment-in-Kind Interest

Payment-in-Kind Interest

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

Distribution Fee and Out-of-Period Adjustment

Distribution Fee and Out-of-Period Adjustment

The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering. The aggregate amount of underwriting compensation for the Class A, Class C and Class I units, including the distribution fee for the Class C units, cannot exceed the Financial Industry Regulatory Authority’s 10% cap on underwriting compensation. The distribution fee is not paid at the time of purchase. The distribution fee is payable monthly in arrears, as it becomes contractually due.

In prior periods, the Company had been recording the fees as a periodic charge to equity as they are incurred. Starting in June 2016, the Company determined to account for the fees as a charge to equity at the time each Class C unit is sold in its Offering and record a corresponding liability for the estimated amount to be paid in future periods. At September 30, 2016, the estimated unpaid distribution fee amounts to $1,759,000. The adjustments for the amounts of distribution fees which were not previously recorded as a liability amounted to approximately $812,000 and $366,000, respectively, as of March 31, 2016 and December 31, 2015 and were deemed immaterial.

Income Taxes

Income Taxes

The Company, 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.

As of September 30, 2016, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 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 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 September 30, 2016 and 2015.

Organization and Offering Costs

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of September 30, 2016 and December 31, 2015. 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 anticipated that such expenses would have equaled approximately 1.25% of the gross proceeds raised. However, such expenses are likely to exceed this percentage because the Offering is now due to terminate on March 31, 2017. Through September 30, 2016, such expenses equaled to 5% of the gross proceeds. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets.

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

Operating Expense Responsibility Agreement

Operating Expense Responsibility Agreement

On November 10, 2016, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through September 30, 2016. Since the inception of the Company through September 30, 2016, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $8,361,900 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $2,874,600 of expenses, which have been accrued by the Sponsor as of September 30, 2016. Such expenses may not be reimbursable to the Sponsor until the Company has raised $200 million of gross proceeds in the primary offering and such reimbursement does not cause the Company’s net asset value per unit to fall below the prior quarter’s net asset value per unit (the “Gross Proceeds Hurdle”). To the extent the Company does not meet the Gross Proceeds Hurdle in any quarter, no amount will be payable by the Company for reimbursement to the Sponsor. While the Company has raised over $200 million of gross proceeds in the primary offering as of September 30, 2016, the Company has not met the Gross Proceeds Hurdle for the quarter ended September 30, 2016 because any reimbursement would have caused the Company’s net assets value per unit to fall below the prior quarter. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of September 30, 2016. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable and estimable.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

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

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The adoption of the amended guidance in ASU 2014-09 is not expected to have a significant effect on the Company’s financial statements.

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

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 addresses eight classification issues related to the statement of cash flows: (i) debt prepayment or debt extinguishment, (ii) settlement of zero-coupon bonds, (iii) contingent consideration payments made after a business combination, (iv) proceeds from the settlement of insurance claims, (v) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, (vi) distributions received from equity method invitees, (vii) beneficial interest in securitizations transactions, and (viii) separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted. The guidance requires companies to apply the requirements retrospectively to all prior periods presented. If it is impracticable for a company to apply ASU 2016-15 retrospectively, requirements may be applied prospectively as of the earliest date practicable. We are currently evaluating the potential impact of the pending adoption of ASU 2016-15 on our consolidated financial statements.

Risk Factors

Risk Factors

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

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

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

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. In addition, as of September 30, 2016, all the Company’s investment are denominated in U.S. dollars. If the U.S. dollar rises, it may become more difficult for borrowers to make loan payments if the borrowers are operating in markets where the local currencies are depreciating relative the U.S. dollar.

At September 30, 2016, the Company’s investment portfolio included 30 companies and was comprised of $29,066,052 or 17.3% in senior secured term loans, $41,378,096 or 24.5% in senior secured term loan participations, $92,975,606 or 55.2% in senior secured trade finance participations, and $5,000,000 or 3.0% in a short term note and a bridge loan. The Company’s largest loan by value was $17,000,000 or 10.1% of total investments. The Company’s 5 largest loans by value comprised 40.4% of the Company’s portfolio at September 30, 2016. Participation in loans amounted to 79.7% of the Company’s total portfolio at September 30, 2016.

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Investments (Tables)

9 Months Ended

Sep. 30, 2016

Investments Debt And Equity Securities [Abstract]

Schedule of Investments

As of September 30, 2016, the Company’s investments consisted of the following:

	Amortized		Fair		Percentage
	Cost		Value		of Total
Senior secured term loans	$	29,066,052	$	29,066,052		17.3	%
Senior secured term loan participations		41,696,520		41,378,096		24.5	%
Senior secured trade finance participations		93,034,683		92,975,606		55.2	%
Short term note		5,000,000		5,000,000		3.0	%
Total investments	$	168,797,255	$	168,419,754		100.0	%

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

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

Components of Investment Portfolio, Fair Value

The industry composition of the Company’s portfolio, at fair market value as of September 30, 2016 and December 31, 2015, was as follows:

	As of  September 30, 2016					As of December 31, 2015
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	17,681,576		10.5	%	$	27,452,576		27.2	%
Bulk Fuel Stations and Terminals		15,170,700		9.0	%		—		—
Cash Grains		—		—			4,275,182		4.2	%
Coal and Other Minerals and Ores		3,582,028		2.1	%		—		—
Commercial Fishing		—		0.0	%		1,756,243		1.7	%
Communications Equipment		5,024,882		3.0	%		5,918,086		5.9	%
Construction Materials		—		—			181,943		0.2	%
Consumer Products		9,700,000		5.8	%		8,940,000		8.8	%
Electric Services		11,500,000		6.8	%		—		—
Farm Products		3,307,323		2.0	%		2,900,000		2.9	%
Fats and Oils		6,000,000		3.6	%		3,100,000		3.1	%
Financial Services		5,000,000		3.0	%		—		—
Fertilizer & Agricultural Chemicals		5,078,526		3.0	%		5,750,000		5.7	%
Fresh or Frozen Packaged Fish		2,209,452		1.3	%		—		—
Food Products		746,266		0.4	%		667,838		0.7	%
Groceries and Related Products		10,464,146		6.2	%		—		—
Hotels and Motels		17,000,000		10.1	%		—		—
Lumber and Other Construction Materials		221,392		0.1	%		—		—
Machinery, Equipment, and Supplies		1,206,346		0.7	%		—		—
Meat, Poultry & Fish		9,851,100		5.8	%		11,524,816		11.4	%
Metals & Mining		2,234,145		1.3	%		2,500,000		2.5	%
Packaged Foods & Meats		750,000		0.4	%		1,000,000		1.0	%
Primary Nonferrous Metals		3,000,000		1.8	%		—		—
Primary Metal Industries		6,000,000		3.6	%		6,000,000		5.9	%
Programming and Data Processing		10,895,352		6.5	%		5,474,534		5.4	%
Rental of Railroad Cars		4,570,620		2.7	%		—		—
Secondary Nonferrous Metals		3,800,000		2.3	%		—		—
Textiles, Apparel & Luxury Goods		—		—			724,219		0.7	%
Water Transportation		13,425,900		8.0	%		12,862,666		12.7	%
Total	$	168,419,754		100.0	%	$	101,028,104		100.0	%

Schedule of Investment by Geographical Classification

The table below shows the portfolio composition by geographic classification at fair value as of September 30, 2016 and December 31, 2015:

	As of  September 30, 2016					As of December 31, 2015
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	26,000,000		15.4	%	$	27,800,000		27.5	%
Brazil		13,576,928		8.1	%		8,156,110		8.1	%
Cabo Verde		17,000,000		10.1	%		—		—
Chile		2,307,323		1.4	%		1,900,000		1.9	%
Ecuador		2,209,452		1.3	%		1,756,243		1.7	%
Ghana		11,500,000		6.8	%		—		—
Guatemala		1,000,000		0.6	%		1,000,000		1.0	%
Indonesia		3,000,000		1.8	%		—		—
Italy		221,392		0.1	%		—		—
Kenya		—		—			375,182		0.4	%
Mauritius		15,464,146		9.2	%		—		—
Morocco		3,800,000		2.3	%		—		—
Namibia		750,000		0.4	%		1,000,000		1.0	%
Nigeria		13,425,900		8.0	%		12,862,666		12.7	%
Peru		18,870,700		11.2	%		2,940,000		2.9	%
Singapore		10,000,000		5.9	%		10,000,000		9.9	%
South Africa		13,427,013		8.0	%		18,837,902		18.6	%
Tanzania		—		—			3,900,000		3.9	%
United Kingdom		4,788,374		2.8	%		—		—
Zambia		11,078,526		6.6	%		10,500,000		10.4	%
Total	$	168,419,754		100.0	%	$	101,028,104		100.0	%

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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Summary of Valuation of Investments by Fair Value Hierarchy Levels

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of September 30, 2016:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	29,066,052	$	—	$	—	$	29,066,052
Senior secured term loan participations		41,378,096		—		—		41,378,096
Senior secured trade finance participations		92,975,606		—		—		92,975,606
Short term note		5,000,000						5,000,000
Total	$	168,419,754	$	—	$	—	$	168,419,754

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

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

Summary of Investments Classified as Level 3

The following is a reconciliation of activity for the nine months ended September 30, 2016, of investments classified as Level 3: 

	Fair Value at December 31, 2015		Purchases		Maturities or Prepayments			Amortization		Net change in unrealized appreciation (depreciation)			Fair Value at September 30, 2016
Senior secured term loans	$	5,474,534	$	24,115,624	$	(713,116	)	$	189,010	$	—		$	29,066,052
Senior secured term loan participations		18,484,242		24,370,619		(1,491,765	)		15,000		—			41,378,096
Senior secured trade finance participations		77,069,328		116,667,401		(100,702,046	)		—		(59,077	)		92,975,606
Short term note		—		20,000,000		(15,000,000	)		—		—			5,000,000
Total	$	101,028,104	$	185,153,644	$	(117,906,927	)	$	204,010	$	(59,077	)	$	168,419,754

Summary of Quantitative Information of Fair Value Measurements of Investments

As of September 30, 2016, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of September 30, 2016:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	92,229,340	Cost  Approach	Recent transactions	N/A
Senior secured trade finance participations (2)	$	746,266	Income approach (DCF)	Market yield		15.75%
Senior secured term loans	$	29,066,052	Income approach (DCF)	Market yield	11.50% - 13.50% (12.50%)
Senior secured term loan participations (3)	$	41,378,096	Income approach  (DCF)	Market yield	11.50% - 15.70% (13.99%)
Short term note (4)	$	5,000,000	N/A	N/A	N/A

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

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

(3) As of September 30, 2016, with respect to the loans to Prodesa, the Company has returned to using an income approach to estimate their fair value. As of December 31, 2015, the Company had chosen to determine their estimated fair value based on a collateral valuation approach.  The Company’s decision to do so was not based upon a belief that the Company will need to liquidate the collateral securing the loans to Prodesa, but rather because the Company considered the collateral valuation approach to be the most appropriate due to the availability and reliability of inputs. In addition, the Company is working with Prodesa to re-align its operations and restructure the loans (see Note 3).

(4) These temporary investments have maturities of less than 60 days and are carried at cost.

As of December 31, 2015, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2015:

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

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Unit Capital (Tables)

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Summary of Transactions with Respect to the Company's Units

The following table is a summary unit activity during the nine months ended September 30, 2016:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			September 30,
	2015		the Period		the Period			2016
Class A units		9,709,153		4,861,420		(909,099	)		13,661,474
Class C units		1,073,599		4,874,288		—			5,947,887
Class I units		5,443,616		1,319,664		—			6,763,280
Total		16,226,368		11,055,372		(909,099	)		26,372,641

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Distributions (Tables)

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Summary Of Distributions Paid

Starting in July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the nine months ended September 30, 2016:

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2016	January 19, 2016	$	0.00197268	$	590,074	$	421,766	$	1,011,840
February 29, 2016	February 19, 2016	$	0.00197268		592,036		427,352		1,019,388
March 31, 2016	March 28, 2016	$	0.00197268		675,639		482,207		1,157,846
April 30, 2016	April 19, 2016	$	0.00197268		654,356		506,242		1,160,598
May 31, 2016	May 6, 2016	$	0.00197268		715,936		554,319		1,270,255
June 30, 2016	June 21, 2016	$	0.00197268		731,881		561,652		1,293,533
July 31, 2016	July 19, 2016	$	0.00197268		803,571		630,142		1,433,713
August 31, 2016	August 11, 2016	$	0.00197268		846,924		674,120		1,521,044
September 30, 2016	September 20, 2016	$	0.00197268		864,779		679,108		1,543,887
Total for 2016				$	6,475,196	$	4,936,908	$	11,412,104

XML

Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights of the Company for the nine months ended September 30, 2016 and 2015. The Company’s income and expense is allocated pro-rata across the outstanding Class A, Class C and Class I units, as applicable, and, therefore, the financial highlights are equal for each of the outstanding classes.

	Nine Months Ended
	September 30,			September 30,
	2016			2015
Per unit data (1):
Net proceeds before offering costs (2)	$	9.025		$	9.025
Offering costs		(0.498	)		(0.479	)
Net Proceeds after offering costs		8.527			8.546
Net investment income		0.558			0.539
Net change in unrealized depreciation on investments		(0.003	)		—
Distributions		(0.555	)		(0.539	)
Net change in accrued distribution fees		(0.067	)		—
Net increase/(decrease) in net assets		(0.067	)		—
Net asset value at end of period		8.460			8.546
Total return based on net asset value (3)(4)		6.50	%		6.30	%
Net assets at end of period	$	223,109,319		$	104,837,830
Units Outstanding at end of period		26,372,641			12,267,151
Ratio/Supplemental data (annualized) (4)(5):
Ratio of net investment income to average net assets		8.51	%		8.32	%
Ratio of net operating expenses to average net assets		2.27	%		2.71	%

1 The per unit data was derived by using the weighted average units outstanding during the nine months ended September 30, 2016 and 2015 which were 20,576,797 and 9,341,204.

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 nine months ended September 30, 2016 and 2015, prior to the effect of the Responsibility Agreement were as follows; total return: 4.38% and 3.98%, ratio of net investment income/(loss); 5.73% and 5.25%, and ratio of operating expenses to average net assets: 5.06% and 5.77%.

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 actual results over a full fiscal year.

XML

Organization and Operations of the Company - Additional Information (Detail) - USD ($)				9 Months Ended
	Jun. 11, 2013	Feb. 25, 2013	May 31, 2012	Sep. 30, 2016	Sep. 30, 2015
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased				$ 84,472,354	$ 42,547,234
Shares purchased under equity transaction				11,055,372
Offering period, description				In February 2015, the Company elected to extend its current offering period for up to an additional one year period, expiring on February 25, 2016. On November 18, 2015, the Company elected to extend its current offering for up to an additional six month period, expiring August 25, 2016. On February 19, 2016, the Company elected to extend its current offering to December 31, 2016. On September 20, 2016, the Company elected to further extend its current offering to March 31, 2017. Our board has the right to further extend or terminate the Offering at any time.
Offering [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased		$ 1,500,000,000
Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased				$ 43,872,717	$ 31,621,717
Shares purchased under equity transaction				4,861,420
TriLinc Advisors, LLC [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased			$ 200,000
Shares purchased under equity transaction			22,161
TriLinc Global, LLC [Member]
Organization And Nature Of Operations [Line Items]
Formation date of limited liability company				Apr. 30, 2012
TriLinc Global, LLC [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction	321,330
Aggregate gross proceeds on units purchased	$ 2,900,000
TriLinc Global, LLC [Member] | Minimum [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Minimum offering requirement	$ 2,000,000
TriLinc Global, LLC [Member] | TriLinc Advisors, LLC [Member]
Organization And Nature Of Operations [Line Items]
Percentage of ownership				85.00%
Strategic Capital Advisory Services, LLC [Member] | TriLinc Advisors, LLC [Member]
Organization And Nature Of Operations [Line Items]
Percentage of ownership				15.00%

XML

Significant Accounting Policies - Additional Information (Detail)					3 Months Ended		9 Months Ended		12 Months Ended	53 Months Ended
		Sep. 30, 2016 USD ($) Company	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2016 USD ($) Company	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) Company Loans	Sep. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2016 USD ($) Company
Significant Accounting Policies [Line Items]
Prepaid insurance amortization period							1 year
Due date for unpaid principal and interest							90 days
Fair Value		$ 168,419,754		$ 101,028,104	$ 168,419,754		$ 168,419,754		$ 101,028,104	$ 168,419,754
Percentage of investment in loans							100.00%		100.00%
Number of companies on non-accrual status | Company		3			3		3			3
Unrecorded investment interest income					$ 6,356,418	$ 2,715,510	$ 14,322,752	$ 6,622,527
Minimum investment maturity period							12 months
Tax liability for uncertain tax provision		$ 0			$ 0		$ 0			$ 0
Interest and penalties related to unrecognized tax benefits							$ 0
Offering termination date							Mar. 31, 2017
Number of companies included in investment portfolio | Company		30			30		30			30
Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 17,000,000			$ 17,000,000		$ 17,000,000			$ 17,000,000
Five Largest Loans by Value [Member]
Significant Accounting Policies [Line Items]
Number of investment loans | Loans							5
Investment Concentration [Member] | Investment Portfolio [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment							79.70%
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment							10.10%
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment							40.40%
TriLinc Global, LLC [Member] | Responsibility Agreement [Member]
Significant Accounting Policies [Line Items]
Expenses paid by the sponsor on behalf of company										8,361,900
Expenses accrued by the sponsor on behalf of company		2,874,600			2,874,600		$ 2,874,600			2,874,600
Minimum gross proceeds that has to be raised to reimburse operating expenses incurred by the Sponsor		$ 200,000,000			$ 200,000,000		$ 200,000,000			$ 200,000,000
TriLinc Global, LLC [Member] | Organization And Offering Costs [Member]
Significant Accounting Policies [Line Items]
Intercompany agreement description							Organization and offering costs are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit.
Earliest tax year [Member]
Significant Accounting Policies [Line Items]
Open tax year							2012
Class C Units [Member]
Significant Accounting Policies [Line Items]
Distribution fee per annum percentage of estimated value per share		0.80%			0.80%		0.80%			0.80%
Distribution fee payable							$ 1,759,000
Class C Units [Member] | Restatement Adjustment [Member]
Significant Accounting Policies [Line Items]
Distribution fee payable			$ 812,000	366,000
Class A Units [Member]
Significant Accounting Policies [Line Items]
Percentage of selling commission and dealer manager fee of gross offering proceeds							9.75%
Percentage of reimburse to dealer manager							0.25%
Maximum [Member]
Significant Accounting Policies [Line Items]
Maximum anticipated organization and offering expenses		5.00%					1.25%
Organization and offering reimbursement limit							15.00%
Percentage of underwriting compensation							10.00%
Maximum [Member] | TriLinc Global, LLC [Member] | Organization And Offering Costs [Member]
Significant Accounting Policies [Line Items]
Intercompany agreement description							If the Company sells the maximum amount of the Offering, it anticipated that such expenses would have equaled approximately 1.25% of the gross proceeds raised.
Maximum [Member] | Class C Units [Member]
Significant Accounting Policies [Line Items]
Percentage of cap on underwriting compensation		10.00%			10.00%		10.00%			10.00%
Maximum [Member] | Capital Units Class C or Class I [Member]
Significant Accounting Policies [Line Items]
Percentage of selling commission and dealer manager fee of gross offering proceeds							9.75%
Minimum [Member] | Capital Units Class C or Class I [Member]
Significant Accounting Policies [Line Items]
Percentage of reimburse to dealer manager							0.25%
Non-Accrual Status [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 8,506,368			$ 8,506,368		$ 8,506,368			$ 8,506,368
Percentage of investment in loans							5.10%
Unrecorded investment interest income					322,700		$ 635,800
Senior Secured Term Loans [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	29,066,052		5,474,534	29,066,052		$ 29,066,052		$ 5,474,534	29,066,052
Percentage of investment in loans							17.30%		5.40%
Senior Secured Term Loans [Member] | Investment Concentration [Member] | Investment Portfolio [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment							17.30%
Senior Secured Term Loan Participations [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	41,378,096		18,484,242	41,378,096		$ 41,378,096		$ 18,484,242	41,378,096
Percentage of investment in loans							24.50%		18.30%
Senior Secured Term Loan Participations [Member] | Investment Concentration [Member] | Investment Portfolio [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment							24.50%
Senior Secured Trade Finance Participations [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	92,975,606		$ 77,069,328	92,975,606		$ 92,975,606		$ 77,069,328	92,975,606
Percentage of investment in loans							55.20%		76.30%
Senior Secured Trade Finance Participations [Member] | Investment Concentration [Member] | Investment Portfolio [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment							55.20%
Short Term Note and Bridge Loan [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 5,000,000			$ 5,000,000		$ 5,000,000			$ 5,000,000
Short Term Note and Bridge Loan [Member] | Investment Concentration [Member] | Investment Portfolio [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment							3.00%
TGIF-A [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership							100.00%
TGIF-TF [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership							100.00%
TAI [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership							100.00%
TGIF-LA [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership							100.00%
TGIF-ATF [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership							100.00%

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

XML

Investments - Schedule of Investments (Detail) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Amortized Cost		$ 168,797,255	$ 101,346,528
Fair Value		$ 168,419,754	$ 101,028,104
Percentage of Total		100.00%	100.00%
Senior Secured Term Loans [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 29,066,052	$ 5,474,534
Fair Value	[1]	$ 29,066,052	$ 5,474,534
Percentage of Total		17.30%	5.40%
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 41,696,520	$ 18,802,666
Fair Value	[1]	$ 41,378,096	$ 18,484,242
Percentage of Total		24.50%	18.30%
Senior Secured Trade Finance Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 93,034,683	$ 77,069,328
Fair Value	[1]	$ 92,975,606	$ 77,069,328
Percentage of Total		55.20%	76.30%
Short Term Note [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 5,000,000
Fair Value	[1]	$ 5,000,000
Percentage of Total		3.00%

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

XML

Investments - Additional Information (Detail)							1 Months Ended					3 Months Ended		6 Months Ended	9 Months Ended		10 Months Ended	12 Months Ended
		Nov. 04, 2016 USD ($)	Jan. 31, 2016 USD ($)	Nov. 20, 2015 USD ($)	Nov. 06, 2015 USD ($)	Oct. 05, 2015 USD ($)	Oct. 31, 2016 USD ($)	Aug. 31, 2016 USD ($)	Jul. 31, 2016 USD ($)	Oct. 31, 2015 USD ($)	Aug. 31, 2015 USD ($)	Sep. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2016 USD ($) SecurityLoan	Sep. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 SecurityLoan	Jul. 01, 2016	Apr. 30, 2016 USD ($)	Apr. 29, 2016 USD ($)
Schedule of Investments [Line Items]
Accrued deferred interest												$ 887,020		$ 887,020	$ 887,020		$ 393,430
Fair Value												168,419,754		168,419,754	168,419,754		101,028,104
Funded to senior secured credit purchase															185,153,644	$ 94,049,094
Proceed from repayment of senior secured credit															117,906,927	54,704,983
Net change in unrealized depreciation on investments															(59,077)
Net accrued interest												5,073,748		5,073,748	5,073,748		3,580,530
Interest income reversed that had been previously accrued															(1,493,218)	$ (2,241,977)
Fruit & Nut Distributor [Member]
Schedule of Investments [Line Items]
Fair Value												746,266	$ 761,684	746,266	746,266
Interest on loans amount												29,200			77,900
Trade financing participation, total balance outstanding												805,343		805,343	805,343
Trade financing participation, principal balance												1,250,000		1,250,000	1,250,000
Net change in unrealized depreciation on investments													$ (59,077)
Debt instrument, periodic principal payment														15,418
Decrease in fair value												$ 15,418		$ 15,418	$ 15,418
Fruit & Nut Distributor [Member] | Extended Maturity [Member]
Schedule of Investments [Line Items]
Annual interest rate charged												12.00%		12.00%	12.00%
Trade financing participation, total balance outstanding												$ 805,343		$ 805,343	$ 805,343
Capitalized accrued interest			$ 152,923
Repayment terms															5 years
Fruit & Nut Distributor [Member] | Extended Maturity [Member] | Sub-advisor [Member]
Schedule of Investments [Line Items]
Ownership percentage held in distributor												40.00%		40.00%	40.00%
Farm Supplies Distributor [Member]
Schedule of Investments [Line Items]
Fair Value												$ 5,078,526		$ 5,078,526	$ 5,078,526
Interest on loans amount												161,300
Trade financing participation, principal balance												5,078,526		5,078,526	5,078,526
Net accrued interest												550,370		550,370	550,370
Interest income reversed that had been previously accrued												550,370
Sesame Seed Exporter [Member]
Schedule of Investments [Line Items]
Fair Value												1,000,000		1,000,000	1,000,000
Trade financing participation, principal balance												1,000,000		1,000,000	1,000,000
Net accrued interest												71,333		71,333	71,333
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Fair Value	[1]											41,378,096		41,378,096	41,378,096		$ 18,484,242
Subsequent Event [Member] | Sesame Seed Exporter [Member]
Schedule of Investments [Line Items]
Proceeds from principal							$ 82,435
Corporacion Prodesa S.R.L. [Member]
Schedule of Investments [Line Items]
Accrued deferred interest												474,900		474,900	474,900
Number of loans restructured | SecurityLoan																		2
Proceeds from Interest								$ 121,894	$ 121,894
Proceeds from principal								$ 50,000	$ 50,000
Fair Value												3,700,000		3,700,000	3,700,000
Filled on un payable claim											$ 141,000
Amount of claims settled																				$ 141,000
Amount of principal payment																					$ 400,000
Corporacion Prodesa S.R.L. [Member] | Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Senior secured term loan												2,300,000		2,300,000	2,300,000
Corporacion Prodesa S.R.L. [Member] | Senior Secured Purchase Order Revolving Credit Facility [Member]
Schedule of Investments [Line Items]
Credit facility, maximum borrowing capacity												1,400,000		1,400,000	1,400,000
Corporacion Prodesa S.R.L. [Member] | Subsequent Event [Member]
Schedule of Investments [Line Items]
Proceeds from Interest		$ 77,854
Proceeds from principal		$ 100,000
Corporacion Prodesa S.R.L. [Member] | Forbearance Agreement [Member]
Schedule of Investments [Line Items]
Percentage of partial interest payments																	50.00%
Investment amount since change in ownership										$ 830,000
Corporacion Prodesa S.R.L. [Member] | Forbearance Agreement [Member] | Senior Secured Purchase Order Revolving Credit Facility [Member]
Schedule of Investments [Line Items]
Funded to senior secured credit purchase				$ 190,000		$ 400,000									$ 1,400,000
Proceed from repayment of senior secured credit					$ 400,000
Number of additional draws funded under purchase order facility | SecurityLoan															5
Usivale Industria E Commercio [Member]
Schedule of Investments [Line Items]
Fair Value												2,681,576		2,681,576	$ 2,681,576
Aggregate principal amount												$ 3,000,000		$ 3,000,000	$ 3,000,000
Annual interest rate charged												17.43%		17.43%	17.43%	12.43%			12.43%
Interest on loans amount												$ 132,200			$ 396,600
Standstill Period															180 days
Creditors review period															30 days
Maximum [Member]
Schedule of Investments [Line Items]
Accrued interest receivable period															300 days
Trade finance transactions period															180 days
Minimum [Member]
Schedule of Investments [Line Items]
Trade finance transactions period															60 days

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

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Investments - Components of Investment Portfolio, Fair Value (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Fair Value	$ 168,419,754	$ 101,028,104
Percentage of Total	100.00%	100.00%
Agricultural Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,681,576	$ 27,452,576
Percentage of Total	10.50%	27.20%
Bulk Fuel Stations and Terminals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,170,700
Percentage of Total	9.00%
Cash Grains [Member]
Schedule of Investments [Line Items]
Fair Value		$ 4,275,182
Percentage of Total		4.20%
Coal and Other Minerals and Ores [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,582,028
Percentage of Total	2.10%
Commercial Fishing [Member]
Schedule of Investments [Line Items]
Fair Value		$ 1,756,243
Percentage of Total	0.00%	1.70%
Communications Equipment [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,024,882	$ 5,918,086
Percentage of Total	3.00%	5.90%
Construction Materials [Member]
Schedule of Investments [Line Items]
Fair Value		$ 181,943
Percentage of Total		0.20%
Consumer Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 9,700,000	$ 8,940,000
Percentage of Total	5.80%	8.80%
Electric Services [Member]
Schedule of Investments [Line Items]
Fair Value	$ 11,500,000
Percentage of Total	6.80%
Farm Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,307,323	$ 2,900,000
Percentage of Total	2.00%	2.90%
Fats and Oils [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,000,000	$ 3,100,000
Percentage of Total	3.60%	3.10%
Financial Services [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,000,000
Percentage of Total	3.00%
Fertilizer & Agricultural Chemicals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,078,526	$ 5,750,000
Percentage of Total	3.00%	5.70%
Food Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 746,266	$ 667,838
Percentage of Total	0.40%	0.70%
Fresh or Frozen Packaged Fish [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,209,452
Percentage of Total	1.30%
Meat, Poultry & Fish [Member]
Schedule of Investments [Line Items]
Fair Value	$ 9,851,100	$ 11,524,816
Percentage of Total	5.80%	11.40%
Metals & Mining [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,234,145	$ 2,500,000
Percentage of Total	1.30%	2.50%
Hotels and Motels [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,000,000
Percentage of Total	10.10%
Packaged Foods & Meats [Member]
Schedule of Investments [Line Items]
Fair Value	$ 750,000	$ 1,000,000
Percentage of Total	0.40%	1.00%
Groceries and Related Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 10,464,146
Percentage of Total	6.20%
Lumber and Other Construction Materials [Member]
Schedule of Investments [Line Items]
Fair Value	$ 221,392
Percentage of Total	0.10%
Primary Metal Industries [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,000,000	$ 6,000,000
Percentage of Total	3.60%	5.90%
Programming and Data Processing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 10,895,352	$ 5,474,534
Percentage of Total	6.50%	5.40%
Textiles, Apparel & Luxury Goods [Member]
Schedule of Investments [Line Items]
Fair Value		$ 724,219
Percentage of Total		0.70%
Machinery, Equipment, and Supplies [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,206,346
Percentage of Total	0.70%
Water Transportation [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,425,900	$ 12,862,666
Percentage of Total	8.00%	12.70%
Primary Nonferrous Metals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,000,000
Percentage of Total	1.80%
Rental of Railroad Cars [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,570,620
Percentage of Total	2.70%
Secondary Nonferrous Metals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,800,000
Percentage of Total	2.30%

XML

Investments - Schedule of Investment by Geographical Classification (Detail) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Fair Value	$ 168,419,754	$ 101,028,104
Percentage of Total	100.00%	100.00%
Argentina [Member]
Schedule of Investments [Line Items]
Fair Value	$ 26,000,000	$ 27,800,000
Percentage of Total	15.40%	27.50%
Brazil [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,576,928	$ 8,156,110
Percentage of Total	8.10%	8.10%
Cabo Verde [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,000,000
Percentage of Total	10.10%
Chile [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,307,323	$ 1,900,000
Percentage of Total	1.40%	1.90%
Ecuador [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,209,452	$ 1,756,243
Percentage of Total	1.30%	1.70%
Ghana [Member]
Schedule of Investments [Line Items]
Fair Value	$ 11,500,000
Percentage of Total	6.80%
Guatemala [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,000,000	$ 1,000,000
Percentage of Total	0.60%	1.00%
Kenya [Member]
Schedule of Investments [Line Items]
Fair Value		$ 375,182
Percentage of Total		0.40%
Indonesia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,000,000
Percentage of Total	1.80%
Mauritius [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,464,146
Percentage of Total	9.20%
Italy [Member]
Schedule of Investments [Line Items]
Fair Value	$ 221,392
Percentage of Total	0.10%
Namibia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 750,000	$ 1,000,000
Percentage of Total	0.40%	1.00%
Nigeria [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,425,900	$ 12,862,666
Percentage of Total	8.00%	12.70%
Peru [Member]
Schedule of Investments [Line Items]
Fair Value	$ 18,870,700	$ 2,940,000
Percentage of Total	11.20%	2.90%
Morocco [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,800,000
Percentage of Total	2.30%
Singapore [Member]
Schedule of Investments [Line Items]
Fair Value	$ 10,000,000	$ 10,000,000
Percentage of Total	5.90%	9.90%
South Africa [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,427,013	$ 18,837,902
Percentage of Total	8.00%	18.60%
Tanzania [Member]
Schedule of Investments [Line Items]
Fair Value		$ 3,900,000
Percentage of Total		3.90%
Zambia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 11,078,526	$ 10,500,000
Percentage of Total	6.60%	10.40%
United Kingdom [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,788,374
Percentage of Total	2.80%

XML

Fair Value Measurements - Summary of Valuation of Investments by Fair Value Hierarchy Levels (Detail) - USD ($)		Sep. 30, 2016	Dec. 31, 2015
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		$ 168,419,754	$ 101,028,104
Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		168,419,754	101,028,104
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	29,066,052	5,474,534
Senior Secured Term Loans [Member] | Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		29,066,052	5,474,534
Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	41,378,096	18,484,242
Senior Secured Term Loan Participations [Member] | Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		41,378,096	18,484,242
Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	92,975,606	77,069,328
Senior Secured Trade Finance Participations [Member] | Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		92,975,606	$ 77,069,328
Short Term Note [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	5,000,000
Short Term Note [Member] | Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[2]	$ 5,000,000

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

[2] These temporary investments have maturities of less than 60 days and are carried at cost.

XML

Fair Value Measurements - Summary of Investments Classified as Level 3 (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	$ 101,028,104
Purchases of investments	185,153,644
Maturities or payments of investments	(117,906,927)
Amortization of investments	204,010	$ 833
Net change in unrealized appreciation (depreciation) of investment	(59,077)
Investment owned at Fair value, ending balance	168,419,754
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	5,474,534
Purchases of investments	24,115,624
Maturities or payments of investments	(713,116)
Amortization of investments	189,010
Investment owned at Fair value, ending balance	29,066,052
Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	18,484,242
Purchases of investments	24,370,619
Maturities or payments of investments	(1,491,765)
Amortization of investments	15,000
Investment owned at Fair value, ending balance	41,378,096
Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	77,069,328
Purchases of investments	116,667,401
Maturities or payments of investments	(100,702,046)
Net change in unrealized appreciation (depreciation) of investment	(59,077)
Investment owned at Fair value, ending balance	92,975,606
Short Term Note [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Purchases of investments	20,000,000
Maturities or payments of investments	(15,000,000)
Investment owned at Fair value, ending balance	$ 5,000,000

XML

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Realized gains or losses on investments	$ 0	$ 0	$ 0	$ 0

XML

Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Detail) - USD ($)		9 Months Ended		12 Months Ended
		Sep. 30, 2016		Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 168,419,754		$ 101,028,104
Senior Secured Trade Finance Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	92,975,606		77,069,328
Senior Secured Term Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	29,066,052		5,474,534
Senior Secured Term Loan Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	41,378,096		18,484,242
Short Term Note [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	5,000,000
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		168,419,754		101,028,104
Level 3 [Member] | Senior Secured Trade Finance Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		92,975,606		77,069,328
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Cost Approach [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[2]	$ 92,229,340
Unobservable input	[2]	Recent transactions
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 746,266	[3]	$ 77,069,328
Unobservable input	[3]	Market yield
Range (weighted average)				12.04%
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		15.75%	[3]	8.89%
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)				17.50%
Level 3 [Member] | Senior Secured Term Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 29,066,052		$ 5,474,534
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 29,066,052		$ 5,474,534
Unobservable input		Market yield
Range (weighted average)		12.50%
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		11.50%		13.50%
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		13.50%
Level 3 [Member] | Senior Secured Term Loan Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 41,378,096		$ 18,484,242
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 41,378,096	[4]	$ 15,544,242
Unobservable input	[4]	Market yield
Range (weighted average)		13.99%	[4]	16.13%
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		11.50%	[4]	15.83%
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		15.70%	[4]	17.43%
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Collateral Based Approach [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value				$ 2,940,000
Level 3 [Member] | Short Term Note [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[5]	$ 5,000,000
Unobservable input	[5]	N/A

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

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

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

[4] As of September 30, 2016, with respect to the loans to Prodesa, the Company has returned to using an income approach to estimate their fair value. As of December 31, 2015, the Company had chosen to determine their estimated fair value based on a collateral valuation approach.  The Company’s decision to do so was not based upon a belief that the Company will need to liquidate the collateral securing the loans to Prodesa, but rather because the Company considered the collateral valuation approach to be the most appropriate due to the availability and reliability of inputs. In addition, the Company is working with Prodesa to re-align its operations and restructure the loans (see Note 3).

[5] These temporary investments have maturities of less than 60 days and are carried at cost.

XML

Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2016
Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Temporary investments maturity period	60 days

XML

Related Parties - Additional Information (Detail) - USD ($)		3 Months Ended		9 Months Ended		53 Months Ended
	Feb. 19, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Accrued incentive fee on capital gains		$ 348,857		$ 348,857		$ 348,857
Advisor earned management fees		1,122,904	$ 526,824	2,913,146	$ 1,312,759
Advisor earned incentive fees		971,204	401,712	2,367,279	1,006,202
Due to affiliates		104,055		104,055		104,055	$ 472,057
Due from affiliates		2,726,761		$ 2,726,761		2,726,761	1,874,932
TriLinc Advisors, LLC [Member]
Related Party Transaction [Line Items]
Advisory agreement, additional term	1 year
Management fee description				Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Amended and Restated Advisory Agreement between the Company and the Advisor.
Incentive fee description				The subordinated incentive fee on income is calculated and payable quarterly in arrears and is based upon the Company’s pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee is earned by the Advisor in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the quarterly preferred return rate of 1.50% (6.00% annualized) (the “Preferred Return”). In any quarter, all of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly Preferred Return, but is less than or equal to 1.875% (7.50% annualized) at the end of the immediately preceding fiscal quarter, is payable to the Advisor.
Percentage of incentive fee on income				20.00%
Asset management fee payable quarterly, percentage				0.50%
Asset management fee payable annually, percentage				2.00%
Pre-incentive fee net investment income does not exceed quarterly preferred return rate, percentage				1.50%
Pre-incentive fee net investment income does not exceed quarterly preferred return rate, annualized percentage				6.00%
Pre-incentive fee net investment income exceeding quarterly preferred return rate, percentage				1.875%
Pre-incentive fee net investment income exceeding quarterly preferred return rate, annualized percentage				7.50%
Percentage of incentive fee on capital gains				20.00%
Investment fee on capital gain percentage				The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains.
Capital gains		0	0	$ 0	0
Accrued incentive fee on capital gains		0	0	0	0	0
Advisor earned management fees		1,122,904	526,824	2,913,146	1,312,759
Advisor earned incentive fees		971,204	401,712	2,367,279	1,006,202
TriLinc Global, LLC [Member]
Related Party Transaction [Line Items]
Due to affiliates		104,055		104,055		104,055	472,057
Due from affiliates		2,726,761		2,726,761		2,726,761	$ 1,874,932
TriLinc Global, LLC [Member] | Responsibility Agreement [Member]
Related Party Transaction [Line Items]
Additional operating expenses paid by Sponsor on behalf of company		622,347	506,577	3,740,015	1,853,510
Expenses paid by the sponsor on behalf of company						8,361,900
Expenses accrued by the sponsor on behalf of company		2,874,600		2,874,600		2,874,600
Due to affiliates		11,236,500		11,236,500		11,236,500
Minimum gross proceeds that has to be raised to reimburse operating expenses incurred by the Sponsor		200,000,000		200,000,000		$ 200,000,000
SC Distributors, LLC [Member]
Related Party Transaction [Line Items]
Dealer manager fees paid		577,112	362,600	1,545,731	800,438
Selling commissions paid		$ 1,756,410	$ 1,466,573	$ 5,117,824	$ 2,791,073

XML

Organization and Offering Costs - Additional Information (Detail) - USD ($)	9 Months Ended		53 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Dec. 31, 2015
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	$ 13,144,764		$ 13,144,764	$ 7,822,366
Reimbursement of offering costs incurred by Sponsor	5,322,398	$ 2,434,489
Payment for reimbursement of offering costs incurred by Sponsor	5,690,400	2,391,132
TriLinc Global, LLC [Member]
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	13,014,000		13,014,000
Organization costs paid by the Sponsor on behalf of the Company	236,000		236,000
Reimbursement of offering costs incurred by Sponsor	3,247,000	1,981,000
Payment for reimbursement of offering costs incurred by Sponsor	5,322,398	$ 2,434,489
Reimbursement of organization costs incurred by Sponsor			13,144,800
Remaining balance of offering and organization costs to be reimbursed to the Sponsor	$ 1,000		$ 1,000

XML

Unit Capital - Additional Information (Detail) - USD ($)	Jun. 11, 2014	Sep. 30, 2016	Dec. 31, 2015
Capital Unit [Line Items]
Distribution fee payable		$ 1,759,000
Net assets value per unit		$ 8.460	$ 8.543
Percentage of Total	5.00%
Held Units For Minimum year	1 year
Class C Units [Member]
Capital Unit [Line Items]
Distribution fee payable		$ 1,759,000
Net assets value per unit		$ 8.231
Estimated net assets value per unit		$ 9.025
Distribution fee payable, discount rate		4.00%
Percentage of distribution fee per annum		0.80%
Class A Units [Member]
Capital Unit [Line Items]
Net assets value per unit		$ 8.527
Class I Units [Member]
Capital Unit [Line Items]
Net assets value per unit		$ 8.527
Eighteen Repurchase Requests Unit
Capital Unit [Line Items]
Repurchase of Aggregate units		909,099
Repurchase Price Per unit		$ 9.025
Four Repurchase Requests Unit
Capital Unit [Line Items]
Repurchase of Aggregate units		385,301
Units repurchased during period value		$ 3,477,338

XML

Unit Capital - Summary of Transactions with Respect to the Company's Units (Detail)	9 Months Ended
	Sep. 30, 2016 shares
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	16,226,368
Units Issued During the Period	11,055,372
Units Repurchased During the Period	(909,099)
Units Outstanding, Ending Balance	26,372,641
Class A Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	9,709,153
Units Issued During the Period	4,861,420
Units Repurchased During the Period	(909,099)
Units Outstanding, Ending Balance	13,661,474
Class C Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	1,073,599
Units Issued During the Period	4,874,288
Units Outstanding, Ending Balance	5,947,887
Class I Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	5,443,616
Units Issued During the Period	1,319,664
Units Outstanding, Ending Balance	6,763,280

XML

Distributions - Summary Of Distributions Paid (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Cash Distributions	$ 6,475,196	$ 3,288,122
Distributions Reinvested	4,936,908
Total Declared	$ 11,412,104
January 31, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jan. 19, 2016
Daily Rate Per Unit	$ 0.00197268
Cash Distributions	$ 590,074
Distributions Reinvested	421,766
Total Declared	$ 1,011,840
February 29, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Feb. 19, 2016
Daily Rate Per Unit	$ 0.00197268
Cash Distributions	$ 592,036
Distributions Reinvested	427,352
Total Declared	$ 1,019,388
March 31, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Mar. 28, 2016
Daily Rate Per Unit	$ 0.00197268
Cash Distributions	$ 675,639
Distributions Reinvested	482,207
Total Declared	$ 1,157,846
April 30, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Apr. 19, 2016
Daily Rate Per Unit	$ 0.00197268
Cash Distributions	$ 654,356
Distributions Reinvested	506,242
Total Declared	$ 1,160,598
May 31, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	May 06, 2016
Daily Rate Per Unit	$ 0.00197268
Cash Distributions	$ 715,936
Distributions Reinvested	554,319
Total Declared	$ 1,270,255
June 30, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jun. 21, 2016
Daily Rate Per Unit	$ 0.00197268
Cash Distributions	$ 731,881
Distributions Reinvested	561,652
Total Declared	$ 1,293,533
July 31, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jul. 19, 2016
Daily Rate Per Unit	$ 0.00197268
Cash Distributions	$ 803,571
Distributions Reinvested	630,142
Total Declared	$ 1,433,713
August 31, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Aug. 11, 2016
Daily Rate Per Unit	$ 0.00197268
Cash Distributions	$ 846,924
Distributions Reinvested	674,120
Total Declared	$ 1,521,044
September 30, 2016 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Sep. 20, 2016
Daily Rate Per Unit	$ 0.00197268
Cash Distributions	$ 864,779
Distributions Reinvested	679,108
Total Declared	$ 1,543,887

XML

Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Equity [Abstract]
Net proceeds before offering costs			$ 9.025	$ 9.025
Offering costs			(0.498)	(0.479)
Net Proceeds after offering costs			8.527	8.546
Net investment income	$ 0.20	$ 0.18	0.558	0.539
Net change in unrealized depreciation on investments			(0.003)
Distributions			(0.555)	(0.539)
Net change in accrued distribution fees			(0.067)
Net increase/(decrease) in net assets			(0.067)
Net asset value at end of period	$ 8.460	$ 8.546	$ 8.460	$ 8.546
Total return based on net asset value			6.50%	6.30%
Net assets at end of period	$ 223,109,319	$ 104,837,830	$ 223,109,319	$ 104,837,830	$ 138,620,607	$ 62,289,992
Units Outstanding at end of period	26,372,641	12,267,151	26,372,641	12,267,151	16,226,368
Ratio/Supplemental data (annualized):
Ratio of net investment income to average net assets			8.51%	8.32%
Ratio of net operating expenses to average net assets			2.27%	2.71%

XML

Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($)	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2013
Schedule Of Financial Highlights [Line Items]
Weighted average units outstanding	23,074,683	11,072,604			20,576,797	9,341,204
Contributions from Sponsor			$ 31,750	$ 51,034			$ 51,034
Total return based on net asset value					6.50%	6.30%
Ratio of net investment income/(loss) to average net assets					8.51%	8.32%
Ratio of net operating expenses to average net assets					2.27%	2.71%
Responsibility Agreement [Member]
Schedule Of Financial Highlights [Line Items]
Total return based on net asset value					4.38%	3.98%
Ratio of net investment income/(loss) to average net assets					5.73%	5.25%
Ratio of net operating expenses to average net assets					5.06%	5.77%

XML

Subsequent Events - Additional Information (Detail) - USD ($)				1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 01, 2016	Oct. 18, 2016	Oct. 14, 2016	Nov. 10, 2016	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2013	Oct. 31, 2016	Oct. 13, 2016
Subsequent Event [Line Items]
Cash paid for distributions							$ 6,475,196	$ 3,288,122
Units Issued During the Period							11,055,372
Gross proceeds from issuance of units							$ 94,821,463	$ 43,260,862
Contribution from Sponsor					$ 31,750	$ 51,034			$ 51,034
Class A Units [Member]
Subsequent Event [Line Items]
Units Issued During the Period							4,861,420
Offering price per unit							$ 10.00
Class C Units [Member]
Subsequent Event [Line Items]
Units Issued During the Period							4,874,288
Offering price per unit							$ 9.576
Class I Units [Member]
Subsequent Event [Line Items]
Units Issued During the Period							1,319,664
Offering price per unit							$ 9.186
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends distribution declared date		Oct. 18, 2016
Dividend distribution period start date		Oct. 01, 2016
Dividend distribution period end date		Oct. 31, 2016
Dividends declared per unit		$ 0.00197268
Cash paid for distributions	$ 870,426
Reinvestment under distribution reinvestment plan										$ 730,202
Units Issued During the Period				1,486,300
Gross proceeds from issuance of units				$ 14,177,000
Funded new investments				28,300,000
Proceeds from repayment of investments				$ 12,700,000
Subsequent Event [Member] | TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member]
Subsequent Event [Line Items]
Issuance of notes			$ 1,635,000
Target issuance of notes aggregate amount			$ 100,000,000
Notes issuance, interest rate terms			The Notes have an interest rate of 3.0% per annum plus the one year LIBOR and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date (which is October 14, 2016 for the first series of Notes) and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note.
Notes issuance, payment terms			The entire principal balance of each Note (and any unpaid interest) is due in one balloon payment on the “Maturity Date,” which is the first anniversary of the issuance date that either TGIFC or the applicable noteholder has designated as the Maturity Date by not less than 30 days’ prior written notice to the other party. The principal balance of each Note may not be prepaid, in whole or in part, prior to the Maturity Date.
Debt ratio percentage			0.70%
Subsequent Event [Member] | TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member] | One Year LIBOR [Member]
Subsequent Event [Line Items]
Annual interest rate charged			3.00%
Description of variable interest rate			one year LIBOR
Subsequent Event [Member] | Class I Units [Member]
Subsequent Event [Line Items]
Offering price per unit											$ 9.025