10-Q

 6

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended June 30, 2017

OR

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

For the transition period from to

Commission File Number 000-55432

TriLinc Global Impact Fund, LLC

(Exact name of registrant as specified in its charter)

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

1230 Rosecrans Avenue, Suite 605,

Manhattan Beach, CA 90266

(Address of principal executive offices)

(310) 997-0580

(Registrant’s telephone number, including area code)

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

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

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

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

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

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

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

As of August 9, 2017, the Company had outstanding 18,224,601 Class A units, 8,277,952 Class C units, 9,963,398 Class I units, 0 Class W units and 145,785 Class Y units.

Table of Contents

Part I. Financial Information	1
Item 1. Consolidated Financial Statements	1
Consolidated Statements of Assets and Liabilities as of June 30, 2017 (unaudited) and December 31, 2016	1
Consolidated Statements of Operations for the three and six months ended June 30, 2017 and 2016 (unaudited)	2
Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2017 and 2016 (unaudited)	3
Consolidated Statements of Cash Flows for the six months ended June 30, 2017 and 2016 (unaudited)	4
Consolidated Schedules of Investments as of June 30, 2017 (unaudited) and December 31, 2016	5-8
Notes to Consolidated Financial Statements (unaudited)	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3. Quantitative and Qualitative Disclosures About Market Risk	43
Item 4. Controls and Procedures	43
Part II. Other Information	44
Item 1. Legal Proceedings	44
Item 1A. Risk Factors	44
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	46

Part I. Financial Information

Item 1. Consolidated Financial Statements.

TriLinc Global Impact Fund, LLC

Consolidated Statements of Assets and Liabilities

	As of
	June 30,			December 31,
	2017			2016
	(Unaudited)
ASSETS
Investments owned, at fair value (amortized cost of $234,127,394 and $203,854,890, respectively)	$	234,068,317		$	203,795,813
Cash		67,589,384			44,790,312
Interest receivable		9,485,788			6,866,432
Due from affiliates (see Note 5)		3,869,516			3,175,656
Prepaid expenses		230,433			50,122
Total assets		315,243,438			258,678,335
LIABILITIES
Due to unitholders		1,150,247			934,805
Management fee payable		1,542,545			1,166,147
Notes payable		1,860,000			1,635,000
Unit repurchases payable		1,419,443			2,158,255
Due to affiliates (see Note 5)		—			68,312
Accrued distribution fees		2,140,000			1,907,000
Other payables		164,911			52,901
Total liabilities		8,277,146			7,922,420
Commitments and Contingencies (see Note 5)
NET ASSETS	$	306,966,292		$	250,755,915
ANALYSIS OF NET ASSETS:
Net capital paid in on Class A units	$	163,092,311		$	138,912,711
Net capital paid in on Class C units		71,900,936			59,498,965
Net capital paid in on Class I units		88,985,585			66,887,930
Offering costs		(17,012,540	)		(14,543,691	)
Net assets (equivalent to $8.507 and $8.469, respectively per unit based    on total units outstanding of 36,336,584 and 29,607,381, respectively)	$	306,966,292		$	250,755,915
Net assets, Class A (units outstanding of 18,171,957 and 15,391,991, respectively)	$	154,584,325		$	131,351,882
Net assets, Class C (units outstanding of 8,249,737 and 6,803,985, respectively)		68,038,466			56,156,722
Net assets, Class I (units outstanding of 9,914,890 and 7,411,405, respectively)		84,343,501			63,247,311
NET ASSETS	$	306,966,292		$	250,755,915

See accompanying notes to the consolidated financial statements.

1

TriLinc Global Impact Fund, LLC

Consolidated Statements of Operations

(Unaudited)

	Three months ended						Six months ended
	June 30,			June 30,			June 30,			June 30,
	2017			2016			2017			2016
INVESTMENT INCOME
Interest income	$	6,789,264		$	4,716,749		$	13,379,427		$	7,966,334
Interest from cash		161,897			63,980			249,819			156,249
Total investment income		6,951,161			4,780,729			13,629,246			8,122,583
EXPENSES
Management fees		1,542,544			973,916			3,063,518			1,790,242
Incentive fees		868,510			745,727			1,828,858			1,396,075
Professional fees		304,022			252,664			669,201			541,695
General and administrative expenses		407,026			236,239			707,323			438,115
Board of managers fees		54,375			46,875			108,750			93,750
Total expenses		3,176,477			2,255,421			6,377,650			4,259,877
Expense support payment from Sponsor		(1,633,933	)		(1,203,324	)		(2,958,762	)		(3,117,668	)
Net expenses		1,542,544			1,052,097			3,418,888			1,142,209
NET INVESTMENT INCOME		5,408,617			3,728,632			10,210,358			6,980,374
Net change in unrealized depreciation on investments		—			—			—			(59,077	)
NET INCREASE IN NET ASSETS RESULTING  FROM OPERATIONS	$	5,408,617		$	3,728,632		$	10,210,358		$	6,921,297
NET INVESTMENT INCOME PER UNITS - BASIC AND DILUTED	$	0.15		$	0.18		$	0.30		$	0.36
EARNINGS PER UNITS - BASIC AND DILUTED	$	0.15		$	0.18		$	0.30		$	0.36
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED		36,086,638			20,811,419			33,767,809			19,314,130

See accompanying notes to the consolidated financial statements.

2

TriLinc Global Impact Fund, LLC

Consolidated Statements of Changes in Net Assets

(Unaudited)

	Six Months Ended
	June 30,			June 30,
	2017			2016
INCREASE FROM OPERATIONS
Net investment income	$	10,210,358		$	6,980,374
Net change in unrealized depreciation on investments		—			(59,077	)
Net increase from operations		10,210,358			6,921,297
DECREASE FROM DISTRIBUTIONS
Distributions to Class A unitholders		(6,109,551	)		(3,910,642	)
Distributions to Class C unitholders		(2,740,236	)		(883,308	)
Distributions to Class I unitholders		(3,157,199	)		(2,119,510	)
Net decrease from distributions		(12,006,986	)		(6,913,460	)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of  Class A units		26,155,635			26,055,990
Issuance of  Class C units		13,164,597			28,942,746
Issuance of  Class I units		25,933,232			8,290,299
Repurchase of units		(4,544,610	)		(4,727,281	)
Class C units distribution fee		(233,000	)		(1,331,000	)
Offering costs		(2,468,849	)		(3,381,050	)
Net increase from capital transactions		58,007,005			53,849,704
NET INCREASE IN NET ASSETS		56,210,377			53,857,541
Net assets at beginning of period		250,755,915			138,620,607
Net assets at end of period	$	306,966,292		$	192,478,148

See accompanying notes to the consolidated financial statements.

3

TriLinc Global Impact Fund, LLC

Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended
	June 30,			June 30,
	2017			2016
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	10,210,358		$	6,921,297
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING    FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES
Purchase of investments		(137,762,722	)		(117,467,057	)
Maturity of investments		108,085,308			56,522,061
Net change in unrealized depreciation on investments		—			59,077
Accretion of discounts on investments		(595,090	)		(18,468	)
Increase in interest receivable		(2,619,356	)		(1,626,463	)
Increase in due from affiliates		(693,860	)		(856,844	)
(Increase) decrease in prepaid expenses		(180,311	)		14,572
Increase in due to unitholders		215,442			161,579
Increase in management and incentive fees payable		376,398			838,052
Increase in other payable		112,010			15,313
NET CASH USED IN OPERATING ACTIVITIES		(22,851,823	)		(55,436,881	)
Cash flows from financing activities
Net proceeds from issuance of units		59,871,057			60,335,497
Distributions paid to unitholders		(6,624,579	)		(3,959,922	)
Payments of offering costs		(2,537,161	)		(3,250,804	)
Repurchase of units		(5,283,422	)		(4,611,631	)
Proceeds from issuance of notes payable		225,000			—
NET CASH PROVIDED BY FINANCING ACTIVITIES		45,650,895			48,513,140
TOTAL INCREASE (DECREASE) IN CASH		22,799,072			(6,923,741	)
Cash at beginning of period		44,790,312			33,246,769
Cash at end of period	$	67,589,384		$	26,323,028
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	$	5,382,406		$	2,953,538
Change in accrual of Class C unit distribution fee	$	233,000		$	1,331,000

See accompanying notes to the consolidated financial statements.

4

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

As of June 30, 2017

(Unaudited)

Investment Type / Country	Portfolio Company	Sector	Description	Interest		Fees (2)			Maturity (3)	Principal Amount		Participation % (4)		Amortized Cost		Fair Value		% of Net Assets
Senior Secured Term Loan (1)
Brazil	Other Investments (13)	Programming and Data Processing	IT Service Provider		13.50%		2.0	%	10/31/2019	$	15,000,000	N/A		$	14,960,130	$	14,960,130		4.8	%
Indonesia	Other Investments (14)	Primary Nonferrous Metals	Tin Producer		12.00%		0.0	%	6/30/2020		2,372,296	N/A			2,372,296		2,372,296		0.8	%
Malaysia	Other Investments (14)	Chemicals and Allied Products	Wholesale Distributor		12.00%		0.0	%	6/30/2020		15,000,000	N/A			15,000,000		15,000,000		4.9	%
Peru	Pure Biofuels del Peru S.A.C. (10), (16)	Bulk Fuel Stations and Terminals	Clean Diesel Distributor		11.50%		0.0	%	8/1/2019		15,000,000	N/A			15,977,207		15,977,207		5.2	%
Total Senior Secured Term Loan (1)															48,309,633		48,309,633		15.7	%
Senior Secured Term Loan Participations (1)
Brazil	Usivale Industria E Commercio (6)	Agricultural Products	Sugar Producer		12.43%		0.0	%	2/28/2021		2,851,296		100%		2,851,296		2,851,296		0.9	%
Cabo Verde	TRG Cape Verde Holdings Limited (14)	Hotels and Motels	Hospitality Service Provider		13.50%		0.0	%	8/21/2021		17,000,000		100%		17,000,000		17,000,000		5.5	%
Indonesia	PT Titan Mining Indonesia (14)	Street Construction	Infrastructure and Logistics Provider		18.00%		0.0	%	11/22/2019		13,636,500		100%		13,576,177		13,576,177		4.4	%
Indonesia	Other Investments (16)	Metals & Mining	Vessel Operator		11.00%		0.0	%	3/5/2018 - 6/8/2020		5,332,336		100%		5,332,336		5,332,336		1.7	%
Namibia	Trustco Group Limited (7)	Land Subdividers and Developers	Property Developer		12.50%		0.0	%	8/15/2021		15,000,000		100%		14,866,072		14,866,072		4.8	%
Nigeria	Helios Maritime I Ltd. (8)	Water Transportation	Marine Logistics Provider		15.96%		0.8	%	9/16/2020		13,753,870		100%		13,689,703		13,689,703		4.5	%
Peru	Corporacion Prodesa S.R.L. (5)	Consumer Products	Diaper Manufacturer	12.00% - 13.00%			0.0	%	7/28/2021		5,140,000		100%		5,140,000		5,140,000		1.7	%
South Africa	Other Investments (14)	Rental of Railroad Cars	Railway Equipment Provider		12.00%		0.0	%	1/31/2020		4,136,861		84%		4,136,861		4,136,861		1.3	%
Zambia	Other Investments (14)	Soap, Detergents, and Cleaning	FMCG Manufacturer		11.00%		0.0	%	11/16/2019		1,662,935		15%		1,662,935		1,662,935		0.5	%
Total Senior Secured Term Loan Participations															78,255,380		78,255,380		25.5	%
Senior Secured Trade Finance Participations (1)
Argentina	Other Investments (15)	Agricultural Products	Agriculture Distributor		9.00%		0.0	%	7/16/2017		12,500,000		83%		12,500,000		12,500,000		4.1	%
Argentina	Other Investments (15), (19)	Consumer Products	Dairy Co-Operative		10.67%		0.0	%	7/29/2017		6,000,000		17%		6,000,000		6,000,000		2.0	%
Argentina	Other Investments (16)	Meat, Poultry & Fish	Beef Exporter		11.50%		0.0	%	11/29/2017		9,000,000		32%		9,000,000		9,000,000		2.9	%
Argentina	Other Investments (16)	Fats and Oils	Oilseed Distributor	8.75% - 9.00%			0.0	%	8/31/2017 - 2/22/2018		12,000,000		100%		12,000,000		12,000,000		3.9	%
Cayman Islands	Other Investments (17)	Farm Products	Grain Processor		11.30%		0.0	%	12/31/2017		297,433		50%		297,433		297,433		0.1	%
Chile	Other Investments (15)	Farm Products	Chia Seed Exporter		10.90%		0.0	%	3/4/2018		1,418,655		100%		1,418,655		1,418,655		0.5	%
Ecuador	Other Investments (15)	Fresh or Frozen Packaged Fish	Shrimp Exporter		9.25%		0.0	%	10/22/2017 – 9/4/2018		6,912,400		62%		6,912,400		6,912,400		2.3	%
Ecuador	Other Investments (15)	Commercial Fishing	Fish Processor & Exporter		9.00%		0.0	%	6/19/2017		540,574		100%		540,574		540,574		0.2	%
Ecuador	Other Investments (15)	Commercial Fishing	Tuna Processor		9.50%		0.0	%	9/17/2017 - 6/18/2018		4,550,355		100%		4,550,355		4,550,355		1.5	%
Ghana	Genser Energy Ghana Ltd. (17), (21)	Electric Services	Power Producer		11.50%		0.0	%	3/10/2017 - 10/9/2017		11,964,946		47%		11,964,946		11,964,946		3.9	%
Guatemala	Other Investments (11)	Farm Products	Sesame Seed Exporter		12.00%		0.0	%	3/31/2016		907,565		24%		907,565		907,565		0.3	%
Italy	Other Investments (17)	Lumber and Other Construction Materials	International Development Logistic Provider		9.50%		0.0	%	12/31/2017		4,469,131		78%		4,469,131		4,469,131		1.5	%
Kenya	Other Investments (17)	Miscellaneous Plastics Products	Plastic Products Manufacturer		11.50%		0.0	%	10/9/2017		161,018		14%		161,018		161,018		0.1	%
Mauritius	Other Investments (17)	Groceries and Related Products	Vanilla Exporter	10.98% - 11.04%			0.0	%	9/23/2017 - 11/23/2017		4,576,824		36%		4,576,824		4,576,824		1.5	%
Mauritius	Other Investments (17)	Agricultural Products	Agricultural Products Exporter		7.50%		0.0	%	2/28/2018		5,000,000		12%		5,000,000		5,000,000		1.6	%
Morocco	Other Investments (17)	Secondary Nonferrous Metals	Scrap Metal Recycler		11.00%		0.0	%	7/17/2017		7,349,626		79%		7,349,626		7,349,626		2.4	%
Namibia	Other Investments (16)	Packaged Foods & Meats	Consumer Goods Distributor		12.00%		0.0	%	10/29/2017		500,000		25%		500,000		500,000		0.2	%
South Africa	Other Investments (17)	Communications Equipment	Electronics Assembler	12.00% - 13.00%			0.0	%	11/10/2017 - 11/20/2017		340,991		2%		340,991		340,991		0.1	%
South Africa	Other Investments (17), (18)	Meat, Poultry & Fish	Meat Processor		14.50%		0.0	%	5/19/2017		214,091		14%		214,091		214,091		0.1	%
South Africa	Other Investments (9)	Food Products	Fruit & Nut Distributor		12.00%		0.0	%	5/22/2015		785,806		13%		785,806		726,729		0.2	%

5

Investment Type / Country	Portfolio Company	Sector	Description	Interest		Fees (2)			Maturity (3)	Principal Amount		Participation % (4)		Amortized Cost		Fair Value		% of Net Assets
South Africa	Other Investments (16)	Metals & Mining	Mine Remediation Company		17.50%		0.0	%	9/28/2017		1,234,145		11%		1,234,145		1,234,145		0.4	%
United Kingdom	Other Investments (17), (20)	Coal and Other Minerals and Ores	Metals Trader	9.43% - 9.52%			0.0	%	6/30/2017 - 12/31/2017		5,089,930		56%		5,089,930		5,089,930		1.7	%
Uruguay	Other Investments (15)	Food Products	Citrus Producer		9.00%		0.0	%	2/3/2018 - 3/24/2018		670,365		100%		670,365		670,365		0.2	%
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		22%		5,078,526		5,078,526		1.7	%
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		2.0	%
Total Senior Secured Trade Finance Participations															107,562,381		107,503,304		35.0	%
Total Investments														$	234,127,394	$	234,068,317

See accompanying notes to the consolidated financial statements.

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

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

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

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

⁵ In connection with a restructure of the underlying facilities, all maturity dates were extended to 7/28/21. Please refer to Note 3 for additional information.

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

⁷ Quarterly payments of principal and interest in the amount of $2,143,500 are due starting on 2/15/2020.

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

⁹ The Company, together with its Sub-Advisor, have agreed to extend the principal maturity date to facilitate the strategic sale of this borrower. The borrower has been experiencing some cash flow difficulties, but has made some partial payments of principal. The amortized cost includes $152,923 of interest, which was capitalized as of March 31, 2016.  This investment was on non-accrual status as of June 30, 2017.  Refer to Note 3 for additional information.

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

₁₁ Refer to Note 3 for additional information. This investment was placed on non-accrual on July 1, 2017.

₁₂ $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 June 30, 2017. Refer to Note 3 for additional information.

₁₃ Principal and interest paid monthly.

₁₄ Principal and interest paid quarterly.

₁₅ Monthly interest only payment. Principal due at maturity.

₁₆ Quarterly interest only payment. Principal due at maturity.

₁₇ Principal and interest paid at maturity.

₁₈   This investment was repaid in full during July 2017.

₁₉ The quarterly interest payment due under this investment for the first and second quarter of 2017 has not been received. The Company anticipates that the entire interest currently past due will be paid by borrower in the third quarter of 2017.

₂₀ The portion of this investment due on 6/30/17 amounted to $723,840 and was repaid in full during July 2017.

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

6

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

December 31, 2016

Investment Type / Country	Portfolio Company	Sector	Description	Interest		Fees (2)			Maturity (3)	Principal Amount		Participation % (4)		Amortized Cost		Fair Value		% of Net Assets
Senior Secured Term Loan (1)
Brazil	Other Investments (13)	Programming and Data Processing	IT Service Provider		13.50%		2.0	%	10/31/2019	$	10,292,686	N/A		$	10,236,013	$	10,236,013		4.0	%
Indonesia	Other Investments (14)	Primary Nonferrous Metals	Tin Producer		12.00%		0.0	%	6/30/2020		3,000,000	N/A			3,000,000		3,000,000		1.2	%
Peru	Pure Biofuels del Peru S.A.C. (10)	Bulk Fuel Stations and Terminals	Clean Diesel Distributor		11.50%		0.0	%	8/1/2019		15,000,000		30%		15,437,474		15,437,474		6.2	%
Total Senior Secured Term Loan (1)															28,673,487		28,673,487		11.4	%
Senior Secured Term Loan Participations (1)
Brazil	Usivale Industria E Commercio (6)	Agricultural Products	Sugar Producer		12.43%		0.0	%	2/28/2021		2,851,296		100%		2,851,296		2,851,296		1.1	%
Cabo Verde	TRG Cape Verde Holdings Limited (14)	Hotels and Motels	Hospitality Service Provider		13.50%		0.0	%	8/21/2021		17,000,000		100%		17,000,000		17,000,000		6.8	%
Indonesia	PT Titan Mining Indonesia (14)	Street Construction	Infrastructure and Logistics Provider		18.00%		0.0	%	11/22/2019		15,000,000		75%		14,927,195		14,927,195		6.0	%
Nigeria	Helios Maritime I Ltd. (8)	Water Transportation	Marine Logistics Provider		15.80%		0.8	%	9/16/2020		13,434,786		100%		13,360,620		13,360,620		5.3	%
Peru	Corporacion Prodesa S.R.L. (5)	Consumer Products	Diaper Manufacturer	11.50% - 13.50%			0.0	%	12/22/2016 - 7/05/2017		3,900,000		100%		3,900,000		3,900,000		1.6	%
South Africa	Other Investments (14)	Rental of Railroad Cars	Railway Equipment Provider		12.00%		0.0	%	1/31/2020		4,411,650		98%		4,411,650		4,411,650		1.8	%
Zambia	Other Investments (14)	Soap, Detergents, and Cleaning	FMCG Manufacturer		11.00%		0.0	%	11/16/2019		2,000,000		16%		2,000,000		2,000,000		0.8	%
Total Senior Secured Term Loan Participations															58,450,761		58,450,761		23.3	%
Senior Secured Trade Finance Participations (1)
Argentina	Other Investments (15)	Agricultural Products	Agriculture Distributor		9.00%		0.0	%	7/16/2017		10,000,000		67%		10,000,000		10,000,000		4.0	%
Argentina	Other Investments (15), (18)	Consumer Products	Dairy Co-Operative		10.67%		0.0	%	7/29/2017		6,000,000		17%		6,000,000		6,000,000		2.4	%
Argentina	Other Investments (16)	Meat, Poultry & Fish	Beef Exporter		11.50%		0.0	%	11/29/2017		9,000,000		32%		9,000,000		9,000,000		3.6	%
Argentina	Other Investments (16)	Fats and Oils	Oilseed Distributor		8.75%		0.0	%	10/15/2016 - 12/15/2016		6,000,000		100%		6,000,000		6,000,000		2.4	%
Chile	Other Investments (15)	Farm Products	Chia Seed Exporter		10.90%		0.0	%	12/11/2016		2,234,915		100%		2,234,915		2,234,915		0.9	%
Ecuador	Other Investments (15)	Fresh or Frozen Packaged Fish	Shrimp Exporter		9.25%		0.0	%	6/6/2017 - 7/24/2017		5,037,134		46%		5,037,134		5,037,134		2.0	%
Ecuador	Other Investments (15)	Commercial Fishing	Fish Processor & Exporter		9.00%		0.0	%	6/19/2017		1,058,273		100%		1,058,273		1,058,273		0.4	%
Ghana	Genser Energy Ghana Ltd. (17)	Electric Services	Power Producer		11.50%		0.0	%	3/10/2017 - 10/9/2017		19,500,000		49%		19,500,000		19,500,000		7.8	%
Guatemala	Other Investments (11)	Farm Products	Sesame Seed Exporter		12.00%		0.0	%	3/31/2016		907,565		24%		907,565		907,565		0.4	%
Kenya	Other Investments (17)	Miscellaneous Plastics Products	Plastic Products Manufacturer		11.50%		0.0	%	10/9/2017		161,018		27%		161,018		161,018		0.1	%
Mauritius	Other Investments (17)	Groceries and Related Products	Vanilla Exporter	10.98% - 11.10%			0.0	%	7/31/2017 - 11/23/2017		11,195,862		74%		11,195,862		11,195,862		4.5	%
Morocco	Other Investments (17)	Secondary Nonferrous Metals	Scrap Metal Recycler		11.00%		0.0	%	7/17/2017		7,649,945		83%		7,649,945		7,649,945		3.1	%
Namibia	Other Investments (16)	Packaged Foods & Meats	Consumer Goods Distributor		12.00%		0.0	%	10/29/2017		500,000		26%		500,000		500,000		0.2	%
Singapore	Other Investments (7) (17)	Agricultural Products	Agricultural Products Exporter		11.50%		0.0	%	07/02/17		10,000,000		25%		10,000,000		10,000,000		4.0	%
South Africa	Other Investments (17)	Communications Equipment	Electronics Assembler	12.00% - 13.00%			0.0	%	5/21/2017 - 11/20/2017		6,111,941		23%		6,111,941		6,111,941		2.4	%
South Africa	Other Investments (17)	Meat, Poultry & Fish	Meat Processor		14.50%		0.0	%	5/19/2017		675,717		40%		675,717		675,717		0.3	%
South Africa	Other Investments (9)	Food Products	Fruit & Nut Distributor		12.00%		0.0	%	5/22/2015		799,767		18%		799,767		740,690		0.3	%
South Africa	Other Investments (16)	Metals & Mining	Mine Remediation Company		17.50%		0.0	%	6/15/2016 - 8/15/2016		2,234,145		22%		2,234,145		2,234,145		0.9	%
United Kingdom	Other Investments (17)	Coal and Other Minerals and Ores	Metals Trader	9.43% - 9.83%			0.0	%	2/25/2017 - 12/31/17		6,574,351		91%		6,574,351		6,574,351		2.6	%
United Kingdom	Other Investments (17)	Machinery, Equipment, and Supplies	Machinery and Equipment Provider		12.00%		0.0	%	1/29/2017		11,483		1%		11,483		11,483		0.0	%

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Investment Type / Country	Portfolio Company	Sector	Description	Interest		Fees (2)			Maturity (3)	Principal Amount		Participation % (4)		Amortized Cost		Fair Value		% of Net Assets
Zambia	Other Investments (12)	Fertilizer & Agricultural Chemicals	Farm Supplies Distributor	12.08% - 12.50%			0.0	%	10/07/15 - 5/3/2016		5,078,526		24%		5,078,526		5,078,526		2.0	%
Zambia	Other Investments (15)	Primary Metal Industries	Integrated Steel Producer		13.00%		0.0	%	8/14/2017 - 9/2/2017		6,000,000		86%		6,000,000		6,000,000		2.4	%
Total Senior Secured Trade Finance Participations															116,730,642		116,671,565		46.5	%
Total Investments														$	203,854,890	$	203,795,813

See accompanying notes to the consolidated financial statements.

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

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

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

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

⁵ While the original maturity date for the $750,000 warrant facility was 2/15/2015, the maturity date was extended to 12/22/2016 in connection with a restructure of the underlying facility.  While the original maturity date for the $1,750,000 inventory facility was 9/30/2016, the maturity date was extended to 12/31/2020 in connection with a restructure of the underlying facility. Please refer to Note 3 for additional information.

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

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

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

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

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

₁₁ Refer to Note 3 for additional information.

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

₁₃ Principal and interest paid monthly.

₁₄ Principal and interest paid quarterly.

₁₅ Monthly interest only payment. Principal due at maturity.

₁₆ Quarterly interest only payment. Principal due at maturity.

₁₇ Principal and interest paid at maturity.

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

8

TRILINC GLOBAL IMPACT FUND, LLC

Notes to Consolidated Financial Statements

June 30, 2017

(Unaudited)

Note 1. Organization and Operations of the Company

TriLinc Global Impact Fund, LLC (the “Company”) was organized as a Delaware limited liability company on April 30, 2012 and formally commenced operations on June 11, 2013. The Company makes impact investments in Small and Medium Enterprises, known as SMEs, which the Company defines as those business having less than 500 employees, primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company uses the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. To a lesser extent, the Company may also make impact investments in companies that may not meet the Company’s technical definition of SMEs due to a larger number of employees but that also provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company generally expects that such investments will have similar investment characteristics as SMEs as defined by the Company. The Company’s investment objectives are to generate current income, capital preservation and modest capital appreciation primarily through investments in SMEs. The Company is externally managed by TriLinc Advisors, LLC (the “Advisor”). The Advisor is an investment advisor registered with the 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. The primary offering terminated on March 31, 2017. The Company continues to offer and sell units pursuant to its Distribution Reinvestment Plan (“DRP”). Through the termination of the primary offering, the Company raised approximately $361,700,000 in gross proceeds, including approximately $13,337,000 raised through the DRP.

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

To assist the Company in achieving its investment objective, the Company makes investments via wholly owned subsidiaries (the “Subsidiaries”), all of which are Cayman Islands exempted companies. In June 2016, the Companycreated TriLinc Global Impact Fund Cayman, Ltd. (“TGIFC”) to allow the Company to use financial leverage.  The Company transferred all of the shares of all of its Subsidiaries to TGIFC.  The Subsidiaries own all of the Company’s investments. As of June 30, 2017, the Company’s Subsidiaries are as follows:

• TriLinc Global Impact Fund – Asia, Ltd.

• TriLinc Global Impact Fund – Latin America, Ltd.

• TriLinc Global Impact Fund – Trade Finance, Ltd.

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

• TriLinc Global Impact Fund – Africa, Ltd.

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

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

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

• TriLinc Global Impact Fund – Asia II, Ltd.

• TriLinc Global Impact Fund – Asia III, Ltd.

• TriLinc Global Impact Fund – Cayman, Ltd.

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

Note 2. Significant Accounting Policies

Basis of Presentation

The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company follows the accounting and reporting guidance in the 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 (“U.S.”) dollars, which is the functional and reporting currency of the Company and all its subsidiaries.

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

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

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

Cash

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

Prepaid expenses

Prepaid expenses represent prepaid insurance which is being amortized over the term of the insurance policy, which is one year. The amortization of prepaid expenses for the three and six months ended June 30, 2017 and 2016 is reimbursable to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement.

Revenue Recognition

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

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

The Company generally places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is

10

likely to remain current over the remainder of the term. At June 30, 2017, two portfolio companies were on non-accrual status with an aggregate fair value of $5,805,255 or 2.5% of the fair value of the Company’s total investments. At December 31, 2016, two portfolio companies were on non-accrual status with an aggregate fair value of $5,819,216 or 2.9% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the two companies on non-accrual status amounted to approximately $194,300 and $386,600, respectively, for the three and six months ended June 30, 2017.

Valuation of Investments

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

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

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

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

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

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

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

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

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

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

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

11

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

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

Fixed income investments are typically valued utilizing a market approach, income approach, cost approach, or all combinations of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business). The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (discounted) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. The cost approach is a valuation technique that uses the concept of replacement cost as an indicator of value.  The premise of the cost approach holds that a prudent investor would pay no more for an asset than the amount for which the asset could be replaced.  To clarify, the cost approach as a method for valuing an investment is to be distinguished from holding an investment at cost as of the initial investment date.  In following a given approach, the types of factors that the Company may take into account in valuing the Company’s investments include, as applicable:

• Macro-economic factors that are relevant to the investment or the underlying obligor

• Industry factors that are relevant to the investment or the underlying obligor

• Historical and projected financial performance of the obligor based on most recent financial statements

• Borrower draw requests and payment track record

• Loan covenants, duration and drivers

• Performance and condition of the collateral (nature, type & value) that supports the investment

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

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

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

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

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

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

Payment-in-Kind Interest

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

Distribution Fee

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 June 30, 2017, the estimated unpaid distribution fee amounted to $2,140,000.

12

Income Taxes

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

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

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

As of June 30, 2017, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 2013.

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

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis. As of June 30, 2017, the Company has five classes of units: Class A units, Class C units, Class I units, Class W units and Class Y units, with only Class A units, Class C units and Class I units outstanding. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, effective June 30, 2016, the Company records liabilities for distribution fees that the Company (i) currently owes to the Dealer Manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the Dealer Manager in future periods. As of June 30, 2017, under GAAP, the Company recorded a liability in the amount of $2,140,000 for the estimated future amount of Class C distribution fee payable. The Company is not required to determine its net asset value under GAAP and thus, the Company’s determination of net asset value per share for Class C units now varies from GAAP. In the prior periods, the Company deducted the liability for the estimated future distribution fees in the Company’s net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than Class C units with the difference being the result of the future distribution fee deduction for Class C units. The Company has determined that such approach is not the most appropriate for determining net asset value per share for Class C units and, beginning with the net asset value determination as of June 30, 2017, the Company will not deduct the liability for estimated future distribution fees in its calculation of net asset value per share for Class C units. The Company believes this approach is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of June 30, 2017, each of the Class A, Class C and Class I units have the same net asset value per unit of $8.507. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). The increase in the net asset value per Class C unit from $8.267 as of March 31, 2017 to $8.507 as of June 30, 2017 is solely as a result of the change in the treatment of future distribution fees in the net asset value calculation discussed above and is not reflective of any increase in the value of the Company’s assets. Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.022 from $8.529 as of March 31, 2017 to $8.507 as of June 30, 2017 as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses. In addition, the Company failed to realize sufficient investment income during the quarter to cover operating expenses.  As of June 30, 2017, the Company had $67.6 million in uninvested cash, which earned significantly lower returns than what could be realized by making investments in the ordinary course and, accordingly, the Company’s investment income and returns for the quarter were reduced.

Net Income (Loss) per Unit

Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at June 30, 2017 and 2016.

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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 June 30, 2017 and December 31, 2016. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses equaled to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement. The Company will continue to incur certain organization and offering costs associated with the Distribution Reinvestment Plan.     

Operating Expense Responsibility Agreement

On August 10, 2017, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through June 30, 2017. Since the inception of the Company through June 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $11,403,100 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,385,000 of expenses, which have been accrued by the Sponsor as of June 30, 2017. The Sponsor will only be entitled to reimbursement of the cumulative Fund Expenses to the extent the Fund’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Fund’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). To the extent the Fund is not successful in satisfying the Reimbursement Hurdle, no amount will be payable in that quarter by the Fund for reimbursement to the Sponsor of the cumulative Fund Expenses. The Company has not met the Reimbursement Hurdle for the quarter ended June 30, 2017. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of June 30, 2017. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable and estimable.  The Sponsor may demand the reimbursement of cumulative Fund Expenses covered by the Responsibility Agreement to the extent the Fund exceeds the Reimbursement Hurdle during any quarter.

Recently Issued Accounting Pronouncements

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

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the Company does not expect the new revenue recognition guidance to have a material impact on the elements of its consolidated statements of operations, most closely associated with financial instruments, including interest and fees income. The Company plans to adopt the revenue recognition guidance in the first quarter of 2018.

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

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ending after December 15, 2016, and interim periods thereafter. Management has adopted this guidance effective for the fourth quarter of 2016.

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

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

Risk Factors

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

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

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

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. In addition, as of June 30, 2017, 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 June 30, 2017, the Company’s investment portfolio included 38 companies and was comprised of $48,309,633 or 20.7% in senior secured term loans, $78,255,380 or 33.4% in senior secured term loan participations, and $107,503,304 or 45.9% in senior secured trade finance participations. The Company’s largest loan by value was $17,000,000 or 7.3% of total investments. The Company’s 5 largest loans by value comprised 33.2% of the Company’s portfolio at June 30, 2017. Participation in loans amounted to 79.3% of the Company’s total portfolio at June 30, 2017.

Delays in investing the net proceeds from the Offering or future offerings has and may continue to negatively impair the Company’s performance. As of June 30, 2017, the Company had $67.6 million in uninvested cash, which earned significantly lower returns than what could be realized by making investments in the ordinary course and, accordingly, the Company’s investment income and returns for the quarter were reduced.

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Note 3. Investments

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

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	48,309,633	$	48,309,633		20.7	%
Senior secured term loan participations		78,255,380		78,255,380		33.4	%
Senior secured trade finance participations		107,562,381		107,503,304		45.9	%
Total investments	$	234,127,394	$	234,068,317		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 June 30, 2017.  In addition, certain of the Company’s investments in term loans accrue deferred interest which is not payable until the maturity of the loans.  Accrued deferred interest included in the interest receivable balance as of June 30, 2017 and December 31, 2016 amounted to $2,643,795 and $1,403,416, respectively. The Company’s interest receivable balances at June 30, 2017 and December 31, 2016 are recorded at the amounts that the Company expects to collect.

Trade Finance

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

• nature of the goods or transaction being financed,

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

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

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

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

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

• third party inspections and insurance, and

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

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

Terms depend on the nature of the facility or transaction being financed. As such, they depend on the credit profile of the underlying financing, as well as the speed and detail associated with the request for financing. Interest can be paid as often as monthly or quarterly on revolving facilities (one year in duration) or at maturity when dealing with specific transactions with shorter duration, which is the case for the majority of the Company’s trade finance positions. At times, settlement can be delayed due to documentation,

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shipment, transportation or port clearing issues, delays associated with the end buyer or off-taker assuming possession, possible changes to contract or offtake terms, and the aggregation of settlement of multiple individual transactions. Conversely, at times payments are made ahead of schedule as transactions either clear faster than expected, borrowers decide to prepay or pay down ahead of schedule, counterparties clear multiple individual transactions in one settlement, or less expensive financing is secured by the borrower.

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

Prodesa

As of June 30, 2017, the Company’s investment in Corporacion Prodesa S.R.L. (“Prodesa”) is comprised of two senior secured term loan participations with an aggregate balance of $3,390,000 and $1,750,000 due under a senior secured purchase order revolving credit facility.  The Company has been working with Prodesa to re-align its operations since 2015, starting with a senior secured purchase order revolving credit facility.  The purchase order facility is secured by specific purchase orders from customers of Prodesa, as well as pledges of additional unencumbered assets and all shares of Prodesa. A number of draws and repayments have occurred under this facility. For example, during the year ended December 31, 2016, the Company funded seven additional draws under the purchase order facility for an aggregate of $1,750,000.

On January 31, 2017, the Company entered into a series of loan amendments with Prodesa. First, the $2,000,000 term loan facility with an original maturity date of July 15, 2016 was amended to increase the commitment to $3,540,000 to finance the acquisition of additional machinery and equipment and refinance existing property. As part of the amendment, the loan facility also extended the maturity date to July 28, 2021, and amended the interest rate on the $3,540,000 loan to 12.00% per annum, reflecting the increased and improved collateral supporting the loan facility. Separately, the Company simultaneously entered into amendments for the $750,000 inventory loan facility and the $1,750,000 purchase order facility to extend those facilities to mature concurrently with the amended term loan facility above, as each facility is cross-defaulted and cross-collateralized.  The $750,000 inventory loan, with an original maturity date February 15, 2015 and previously extended to December 22, 2016, now matures on July 28, 2021. The $1,750,000 purchase order facility, with an original maximum term of December 31, 2020, now matures on July 28, 2021.

The Company has estimated the fair value of the Prodesa loans as of June 30, 2017 at $5,140,000 based on the income valuation approach as further described in Note 4.

Usivale

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

On February 17, 2016, the Company filed a rejection of the plan presented by Usivale. In accordance with the judicial recovery process, a general assembly of Usivale’s creditors was held on June 14, 2016 and an agreed upon restructure plan was submitted to the court and subsequently approved by the court on October 7, 2016. Under the restructure plan, interest on the principal started accruing effective July 1, 2016 at an annual rate of 12.43% and Usivale is required to make annual principal payments starting in the fourth quarter of 2016. On November 10, 2016, the Company received payments of principal and interest of $316,777 and $144,390, respectively.  The Company recorded the $144,390 payment as interest income and started accruing interest on the unpaid principal

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effective November 10, 2016. As of June 30, 2017, the principal balance of the Usivale loans amounted to $2,851,296 and the Company has estimated the fair value of the Usivale loans at $2,851,296, which is based on a discounted cash flow analysis (income approach).  

Fruit and Nut Distributor

The Company has a trade finance participation with a fruit and nut distributor (the “Distributor”) located in South Africa, with a total balance outstanding of $785,806 of as June 30, 2017. The Distributor’s trade finance participation has a stated maturity date of May 22, 2015, which the Company agreed to extend. The Distributor had made partial payments of principal during 2015 and 2016 (the original loan from the Company to the Distributor was for $1,250,000), with the most recent payment being made in January 2017. Through the latter part of 2015, the depreciation in the South African Rand has proven to be problematic for the Distributor given that it has to purchase its inventory in U.S. Dollars and then sells in South African Rand. This situation has led the Distributor to experience some cash flow difficulties and operating losses. As of June 30, 2017, the Company, together with its sub-advisor, had agreed to extend further the principal maturity date to facilitate the strategic sale of the Distributor, which closed in June 2016.  As a result of the sale, one of the Company’s sub-advisors now owns 50% of the Distributor.  Accordingly, the Company placed this participation on non-accrual status effective February 1, 2016 and interest not recorded relative to the original terms of this participation amounted to approximately $34,800 and $69,300, respectively, for the three and six months ended June 30, 2017. Based on the information available to the Company and according to its valuation policies, the Company had estimated the fair value of its investment in the Distributor to be $726,729 as of June 30, 2017.

 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 June 30, 2017. 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 $159,500  and $317,300, respectively, for the three and six months ended June 30, 2017.  In addition, during the year ended December 31, 2016, the Company reversed $550,370 of interest income that had been previously accrued. On December 1, 2016, the Company’s sub-advisor declared an event of default and filed a claim against the credit insurance policy. The insurer has 180 days from time of filing (June 1, 2017) to conclude its initial review, acceptance of the claim and waiting period. Following expiration of the waiting period, a formal demand letter was sent to the Zambian government.  As the Zambian government has not remitted payment as of this filing, the Company would expect that the insurer should process the payment by the end of the year. The Company has determined that there is sufficient collateral, including a credit insurance policy, should the Zambian government or subsequently Neria not pay, to cover the entire principal and interest balance due from Neria and has determined, in accordance with its valuation policy that the fair value should remain at $5,078,526 as of June 30, 2017.

Sesame Seed Exporter

The Company has a trade finance participation with a Sesame Seed Exporter (the “Exporter”) located in Guatemala, with a principal balance outstanding of $907,565 and accrued interest of $36,605 as of June 30, 2017. The participation has a maturity date of March 31, 2016 and is secured by inventory. During 2016, the Exporter lost a major customer, which resulted in a slowdown in business, affecting its ability to repay the amount due under the participation.  However, the Exporter has been able to secure new customers to replace the lost order(s), which should enable the Exporter to make payments to the Company.  However, the Exporter had a shipment rejected and returned, which now is in the repurposing process and as a result, the Exporter has been unable to make payments since February 2017. The Exporter has made three principal payments totaling $92,435 during October and November 2016 and one interest payment of $90,402 in February 2017.  The Company has determined that there is sufficient collateral to support the repayment of this participation and has determined, in accordance with its valuation policy, that the fair value of this investment should remain at $907,565 as of June 30, 2017. The Company has, however, placed this position on non-accrual as of July 1, 2017.

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

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loan	$	28,673,487	$	28,673,487		14.1	%
Senior secured term loan participations		58,450,761		58,450,761		28.7	%
Senior secured trade finance participations		116,730,642		116,671,565		57.2	%
Total investments	$	203,854,890	$	203,795,813		100.0	%

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

	As of  June 30, 2017					As of December 31, 2016
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	20,351,296		8.6	%	$	22,851,296		11.2	%
Bulk Fuel Stations and Terminals		15,977,207		6.8	%		15,437,474		7.6	%
Chemicals and Allied Products		15,000,000		6.4	%		—		—
Coal and Other Minerals and Ores		5,089,930		2.2	%		6,574,351		3.2	%
Commercial Fishing		5,090,929		2.2	%		1,058,273		0.5	%
Communications Equipment		340,991		0.1	%		6,111,941		3.0	%
Consumer Products		11,140,000		4.8	%		9,900,000		4.9	%
Electric Services		11,964,946		5.1	%		19,500,000		9.6	%
Farm Products		2,623,653		1.1	%		3,142,480		1.5	%
Fats and Oils		12,000,000		5.1	%		6,000,000		2.9	%
Fertilizer & Agricultural Chemicals		5,078,526		2.2	%		5,078,526		2.5	%
Fresh or Frozen Packaged Fish		6,912,400		3.0	%		5,037,134		2.5	%
Food Products		1,397,094		0.6	%		740,690		0.4	%
Groceries and Related Products		4,576,824		2.0	%		11,195,862		5.5	%
Hotels and Motels		17,000,000		7.3	%		17,000,000		8.3	%
Land Subdividers and Developers		14,866,072		6.4	%		—		—
Lumber and Other Construction Materials		4,469,131		1.9	%		11,483		0.0	%
Meat, Poultry & Fish		9,214,091		3.9	%		9,675,717		4.7	%
Metals & Mining		6,566,481		2.8	%		2,234,145		1.1	%
Miscellaneous Plastics Products		161,018		0.1	%		161,018		0.1	%
Packaged Foods & Meats		500,000		0.2	%		500,000		0.2	%
Primary Nonferrous Metals		2,372,296		1.0	%		3,000,000		1.5	%
Primary Metal Industries		6,000,000		2.6	%		6,000,000		2.9	%
Programming and Data Processing		14,960,130		6.4	%		10,236,013		5.0	%
Rental of Railroad Cars		4,136,861		1.8	%		4,411,650		2.2	%
Secondary Nonferrous Metals		7,349,626		3.1	%		7,649,945		3.8	%
Soap, Detergents, and Cleaning		1,662,935		0.7	%		2,000,000		1.0	%
Street Construction		13,576,177		5.8	%		14,927,195		7.3	%
Water Transportation		13,689,703		5.8	%		13,360,620		6.6	%
Total	$	234,068,317		100.0	%	$	203,795,813		100.0	%

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

	As of  June 30, 2017					As of December 31, 2016
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	39,500,000		16.9	%	$	31,000,000		15.2	%
Brazil		17,811,426		7.6	%		13,087,309		6.4	%
Cabo Verde		17,000,000		7.3	%		17,000,000		8.3	%
Cayman Islands		297,433		0.1	%
Chile		1,418,655		0.6	%		2,234,915		1.1	%
Ecuador		12,003,329		5.1	%		6,095,407		3.0	%
Ghana		11,964,946		5.1	%		19,500,000		9.6	%
Guatemala		907,565		0.4	%		907,565		0.4	%
Indonesia		21,280,809		9.1	%		17,927,195		8.8	%
Italy		4,469,131		1.9	%		—		—
Kenya		161,018		0.1	%		161,018		0.1	%
Malaysia		15,000,000		6.4	%		—		—
Mauritius		9,576,824		4.1	%		11,195,862		5.5	%
Morocco		7,349,626		3.1	%		7,649,945		3.8	%
Namibia		15,366,072		6.6	%		500,000		0.2	%
Nigeria		13,689,703		5.9	%		13,360,620		6.6	%
Peru		21,117,207		9.0	%		19,337,474		9.5	%
Singapore		—		—			10,000,000		4.9	%
South Africa		6,652,817		2.8	%		14,174,143		7.0	%
United Kingdom		5,089,930		2.2	%		6,585,834		3.2	%
Zambia		12,741,461		5.4	%		13,078,526		6.4	%
Uruguay		670,365		0.3	%		—		—
Total	$	234,068,317		100.0	%	$	203,795,813		100.0	%

Note 4. Fair Value Measurements

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of June 30, 2017:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	48,309,633	$	—	$	—	$	48,309,633
Senior secured term loan participations		78,255,380		—		—		78,255,380
Senior secured trade finance participations		107,503,304		—		—		107,503,304
Total	$	234,068,317	$	—	$	—	$	234,068,317

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

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

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

	Fair Value at December 31, 2016		Purchases		Maturities or Prepayments			Accretion of discounts		Net change in unrealized appreciation (depreciation)		Fair Value at June 30, 2017
Senior secured term loans	$	28,673,487	$	21,754,720	$	(2,675,112	)	$	556,538	$	—	$	48,309,633
Senior secured term loan participations		58,450,761		22,242,336		(2,476,269	)		38,552		—		78,255,380
Senior secured trade finance participations		116,671,565		93,765,666		(102,933,926	)		—		—		107,503,305
Total	$	203,795,813	$	137,762,722	$	(108,085,307	)	$	595,090	$	—	$	234,068,318

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

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

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	106,776,576	Cost  Approach	Recent transactions	N/A
Senior secured trade finance participations (2)	$	726,729	Income approach (DCF)	Market yield		15.75%
Senior secured term loans	$	48,309,633	Income approach (DCF)	Market yield	11.50% - 13.50% (12.50%)
Senior secured term loan participations	$	78,255,380	Income approach  (DCF)	Market yield	11.50% - 15.70% (13.99%)

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

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

As of December 31, 2016, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2016:

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

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

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

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

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

Note 5. Related Parties

Agreements

Advisory Agreement

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

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

If certain financial goals are reached by the Company, the Company is required to pay the Advisor an incentive fee 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 six months ended June 30, 2017 and 2016.

Transactions

As discussed in Note 2, for the three months ended June 30, 2017 and 2016, the Sponsor assumed responsibility for $1,633,933 and $1,203,324, respectively, of the Company’s operating expenses, management fees and incentive fees, which are deferred under the Responsibility Agreement.  For the six months ended June 30, 2017 and 2016, the Sponsor assumed responsibility for $2,958,762 and $3,117,668, respectively, of the Company’s operating expenses, management fees and incentive fees.

For the three months ended June 30, 2017 and 2016, the Advisor earned $1,542,544, and $973,916, respectively, in management fees and $868,510 and $745,727, respectively, in incentive fees. For the six months ended June 30, 2017 and 2016, the Advisor earned $3,063,518 and $1,790,242, respectively, in management fees and $1,828,858 and $1,396,075, respectively, in incentive fees.

Since the inception of the Company through June 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $11,403,100 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,385,000 of expenses, which have been accrued by the Sponsor as of June 30, 2017. Such expenses, in the aggregate of $15,788,100 since the Company’s inception, may be expensed and payable by the Company to the Sponsor only if the Company satisfies the Reimbursement Hurdle as further described in Note 2.

As of June 30, 2017 and December 31, 2016, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $3,869,516 and $3,175,656, respectively, was due from the Sponsor in connection with the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business.

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

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For the three months ended June 30, 2017 and 2016, the Company paid $10,413 and $490,920, respectively, in dealer manager fees and $38,668 and $1,728,026, respectively, in selling commissions to the Company’s dealer manager, SC Distributors, LLC. For the six months ended June 30, 2017 and 2016, the Company paid $636,088 and $968,619, respectively, in dealer manager fees and $2,465,110 and $3,361,414, respectively, in selling commissions. These fees and commissions were paid in connection with the sales of the Company’s units to investors and, as such, were recorded against the proceeds from the issuance of units and are not reflected in the Company’s Consolidated Statements of Operations.

Note 6. Organization and Offering Costs

As of June 30, 2017, the Sponsor has paid approximately $16,776,500 of offering costs and $236,000 of organization costs, all of which were paid directly by the Sponsor on behalf of the Company, and were reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $2,458,421 and $1,942,000 of offering costs, which were incurred by the Sponsor during the six months ended June 30, 2017 and 2016, respectively. During the six months ended June 30, 2017 and 2016, the Company paid $2,468,849 and $3,381,050, 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 June 30, 2017, the Company has reimbursed the Sponsor a total of approximately $17,012,500 of offering costs and there is no remaining balance of offering and organization costs due to the Sponsor.

Note 7. Promissory Notes

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

The Notes have an interest rate of 3.0% per annum plus the one year LIBOR (1.59%) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note.

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

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

TGIFC’s obligations under the Notes are secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over all of the issued and outstanding shares of the Subsidiaries.

For the three and six months ended June 30, 2017, the Company recognized $21,349 and $41,091, respectively, in interest expense.

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Note 8. Unit Capital

As of June 30, 2017, the Company has five classes of units: Class A units, Class C units, Class I, Class W and Class Y units. The unit classes have different upfront sales commissions and dealer manager fees and there are ongoing distribution fees, dealer manager fees and/or service fees with respect to certain classes of units, including a distribution fee with respect to Class C units. As of June 30, 2017, the Company recorded a liability in the amount of $2,140,000 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 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.    The following table is a summary of unit activity during the six months ended June 30, 2017:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			June 30,
	2016		the Period		the Period			2017
Class A units		15,391,991		2,898,472		(118,506	)		18,171,957
Class C units		6,803,985		1,458,824		(13,072	)		8,249,737
Class I units		7,411,405		2,875,465		(371,980	)		9,914,890
Total		29,607,381		7,232,761		(503,558	)		36,336,584

          The total of 7,232,761 units issued during the six months ended June 30, 2017 included 656,436 units issued under the DRP at a value of $5,382,406. As of June 30, 2017, no Class W or Class Y units have been issued.

Beginning June 11, 2014, the Company commenced a unit repurchase program pursuant to which the Company may conduct quarterly unit repurchases of up to 5% of the weighted average number of outstanding units in any 12-month period to allow the Company’s unitholders, who have held units for a minimum of one year, to sell their units back to the Company at a price equal to the greater of the unit’s net asset value or $9.025. The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of the Company’s unitholders to sell their units. Unless the Company’s board of managers determines otherwise, the Company will limit the number of units to be repurchased during any calendar year to the number of units that can be repurchased with the proceeds the Company receives from the sale of units under the Company’s DRP. At the sole discretion of the Company’s board of managers, the Company may also use cash on hand, cash available from borrowings and cash from the repayment or liquidation of investments as of the end of the applicable quarter to repurchase units.

During the six months ended June 30, 2017, the Company received 46 repurchase requests for a total of 503,558 units at a repurchase price of $9.025 per unit. As of June 30, 2017, 27 of these repurchase requests were pending processing and were completed by the Company between July 7 to July 12, 2017.

Note 9. Distributions

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

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2017	January 19, 2017	$	0.00197808	$	1,002,022	$	837,472	$	1,839,494
February 28, 2017	February 23, 2017	$	0.00197808		944,453		782,125		1,726,578
March 31, 2017	March 3, 2017	$	0.00197808		1,114,222		885,439		1,999,661
April 30, 2017	April 18, 2017	$	0.00197808		1,148,147		929,660		2,077,807
May 31, 2017	May 10, 2017	$	0.00197808		1,220,942		987,576		2,208,518
June 30, 2017	June 12, 2017	$	0.00197808		1,194,793		960,134		2,154,927
Total for 2017				$	6,624,579	$	5,382,406	$	12,006,985

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Note 10. Financial Highlights

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

	Six Months Ended
	June 30,			June 30,
	2017			2016
Per unit data (1):
Net proceeds before offering costs	$	9.025		$	9.025
Offering costs		(0.468	)		(0.493	)
Net Proceeds after offering costs		8.557			8.532
Net investment income		0.302			0.361
Net change in unrealized depreciation on investments		-			(0.003	)
Distributions		(0.356	)		(0.358	)
Net change in accrued distribution fees		(0.059	)		(0.059	)
Net increase/(decrease) in net assets		(0.113	)		(0.059	)
Net asset value at end of period (2) (3)		8.444			8.473
Total return based on net asset value (4)(5)		3.53	%		4.19	%
Net assets at end of period	$	306,966,292		$	192,478,148
Units Outstanding at end of period		36,336,584			22,716,074
Ratio/Supplemental data (annualized) (5)(6):
Ratio of net investment income to average net assets		7.18	%		8.40	%
Ratio of net operating expenses to average net assets		2.40	%		1.39	%

1 The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2017 and 2016 which were 33,767,809 and 19,314,130.

2 For financial statement reporting purposes under GAAP, as of June 30, 2017, the Company recorded a liability in the amount of $2,140,000 for the estimated future amount of Class C Distribution Fees payable. This liability is reflected in this table, which is consistent with the financial statements.  While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C Distribution Fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. As of June 30, 2017, based on the new approach to the treatment of future Class C Distribution Fees, the Company has calculated the net asset value to be $8.507 for all units.  If the Company would have used the same approach for presentation in determining the net asset value as of June 30, 2016, the net asset value would have been $8.532.

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

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

5 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2017 and 2016, prior to the effect of the Responsibility Agreement were as follows; total return: 2.51% and 2.31%, ratio of net investment income; 5.10% and 4.60%, and ratio of operating expenses to average net assets: 4.48% and 5.16%.

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

Note 11. Subsequent Events

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

Distributions

On July 11, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for Class A, Class C, Class I and Class Y units for the period from July 1 through July 31, 2017. These distributions were calculated based on

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unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On August 1, 2017, $1,191,726 of these distributions were paid in cash and on July 31, 2017, $986,918 were reinvested in units for those unitholders participating in the DRP.

On August 10, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for Class A, Class C, Class I and Class Y units for the period from August 1 through August 31, 2017. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). These distributions will be paid in cash or reinvested in units, for those unitholders participating in the DRP on or about September 1, 2017.

 Investments

Subsequent to June 30, 2017 through August 9, 2017, the Company funded approximately $73.2 million in new investments and received proceeds from repayment of investments of approximately $21.9 million.

Operating Expense Responsibility Agreement

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

Symbiotics Facility

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

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

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

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

Christian Super Promissory Note

On August 7, 2017, TGIFC, a wholly owned subsidiary of the Company, issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering (the “Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”). The Note was issued pursuant to an ongoing private offering targeting $25 million in the aggregate amount and will be comprised of up to five different series with five different issuance dates, but likely the same maturity date (collectively “the Notes”).  The Note issued on August 7, 2017 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 4.0% 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 may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note.

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

In October, 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC.  The Subsidiaries own all of the Company’s investments.  TGIFC’s obligations under the Notes is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”) granting the holder of the Notes a mortgage over 5shares out of a total of 17.36 of the issued and outstanding shares of the Subsidiaries. While the collateral initially pledged under the CS Equitable Mortgage greatly exceeds the amount funded under the Notes based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of TGIFC to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the Notes.  The Note and the CS Equitable Mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.

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

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

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

Forward Looking Statements

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

• our future operating results;

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

• our business prospects and the prospects of our borrowers;

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

• our contractual arrangements and relationships with third parties;

• our ability to make distributions to our unitholders;

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

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

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

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

• the ability of our borrowers to make required payments;

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

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

• our limited operating history;

• our ability to borrow funds;

• our expected financings and investments;

• the adequacy of our cash resources and working capital;

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

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

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

• the effectiveness of our portfolio management techniques and strategies;

• failure to maintain effective internal controls; and

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

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

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

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Overview

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

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

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

As of June 30, 2017, we had issued 38,014,661 of our units, including 1,856,600 units issued under our DRP, for gross proceeds of approximately $364,603,000 including approximately $16,215,000 reinvested under our DRP (before dealer manager fees of approximately $4,773,000 and selling commissions of $16,807,000, for net proceeds of $343,023,000).

We are offering a maximum of $75,000,000 in Class A, Class C and Class I units of our limited liability company interest to our existing unitholders pursuant to the DRP. Units issued pursuant to the DRP are being offered at the greater of $9.025 per unit or the most recently determined net asset value per unit of each class of units, which as of June 30, 2017 was $8.528 for Class A and I units, and $8.268 for Class C units. Accordingly, units are currently offered pursuant to the DRP at $9.025 per Class A, Class C and Class I units.

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

 Investments

Our investment objectives are to provide our unitholders current income, capital preservation, and modest capital appreciation. These objectives are achieved primarily through SME trade finance and term loan financing, while employing rigorous risk-mitigation and due diligence practices, and transparently measuring and reporting the economic, social and environmental impacts of our investments. The majority of our investments are senior and other collateralized loans to SMEs with established, profitable businesses in developing economies. With the nine sub-advisors that we have contracted to assist the Advisor in implementing the Company’s investment program, we expect to provide growth capital financing generally ranging in size from $5-15 million per transaction for direct SME loans and $500,000 to $10 million for trade finance transactions. We seek to protect and grow investor capital by: (1) targeting countries with favorable economic growth and investor protections; (2) partnering with sub-advisors with significant experience in local markets; (3) focusing on creditworthy lending targets who have at least 3-year operating histories and demonstrated cash flows enabling loan repayment; (4) making primarily debt investments, backed by collateral and borrower

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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 June 30, 2017, more than a majority of our investments were in the form of participations and we expect that future investments will continue to be primarily participations. We typically provide financing that is collateralized, has a short to medium-term maturity and is self-liquidating through the repayment of principal. By providing additional liquidity to growing small businesses, we believe we support both economic growth and the expansion of the global middle class.

Revenues

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

Expenses

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

Since our inception through June 30, 2017, our Sponsor has assumed substantially all our operating expenses under the terms of the Responsibility Agreement. As of June 30, 2017, the Sponsor has agreed to pay a cumulative total of approximately $15.8 million of operating expenses.

Portfolio and Investment Activity

During the six months ended June 30, 2017, we invested approximately $137,913,000 across 18 separate portfolio companies, including six new borrowers. Our investments consisted of senior secured trade finance participations, senior secured term loan participations, and senior secured term loans. Additionally, we received proceeds from repayments of investment principal of approximately $108,085,000.

At June 30, 2017 and December 31, 2016, the Company’s investment portfolio included 38 and 32 companies, respectively, and the fair value of our portfolio was comprised of the following:

	As of June 30, 2017					As of December 31, 2016
	Investments		Percentage of			Investments		Percentage of
	at Fair Value		Total Investments			at Fair Value		Total Investments
Senior secured term loans	$	48,309,633		20.6	%	$	28,673,487		14.1	%
Senior secured term loan participations		78,255,380		33.5	%		58,450,761		28.7	%
Senior secured trade finance participations		107,503,304		45.9	%		116,671,565		57.2	%
Total investments	$	234,068,317		100.0	%	$	203,795,813		100.0	%

 As of June 30, 2017, the weighted average yield, based upon the cost of our portfolio, on trade finance participations, term loan participations, and senior secured term loans were 10.6%, 14.7%, and 12.3%, respectively, for a weighted average yield on investments of approximately 12.1% on our total portfolio.  

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

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Concentration Limits

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

• Maximum 45% regional exposure

• Maximum 20% country exposure

• Maximum 5% individual investment exposure

As of the end of the quarter ended June 30, 2017, the proceeds of the Offering were not fully invested. As of July 14, 2017, the proceeds were fully invested and the Company was in compliance with all of the above concentration limits.

Prodesa

As of June 30, 2017, the Company’s investment in Corporacion Prodesa S.R.L. (“Prodesa”) is comprised of two senior secured term loan participations with an aggregate balance of $3,390,000 and $1,750,000 due under a senior secured purchase order revolving credit facility.  The Company has been working with Prodesa to re-align its operations since 2015, starting with a senior secured purchase order revolving credit facility.  The purchase order facility is secured by specific purchase orders from customers of Prodesa, as well as pledges of additional unencumbered assets and all shares of Prodesa. A number of draws and repayments have occurred under this facility. For example, during the year ended December 31, 2016, the Company funded seven additional draws under the purchase order facility for an aggregate of $1,750,000.

On January 31, 2017, the Company entered into a series of loan amendments with Prodesa. First, the $2,000,000 term loan facility with an original maturity date of July 15, 2016 was amended to increase the commitment to $3,540,000 to finance the acquisition of additional machinery and equipment and refinance existing property. As part of the amendment, the loan facility also extended the maturity date to July 28, 2021, and amended the interest rate on the $3,540,000 loan to 12.00% per annum, reflecting the increased and improved collateral supporting the loan facility. Separately, the Company simultaneously entered into amendments for the $750,000 inventory loan facility and the $1,750,000 purchase order facility to extend those facilities to mature concurrently with the amended term loan facility above, as each facility is cross-defaulted and cross-collateralized.  The $750,000 inventory loan, with an original maturity date February 15, 2015 and previously extended to December 22, 2016, now matures on July 28, 2021. The $1,750,000 purchase order facility, with an original maximum term of December 31, 2020, now matures on July 28, 2021.

The Company has estimated the fair value of the Prodesa loans as of June 30, 2017 at $5,140,000 based on the income valuation approach as further described in Note 4 to the financial statements.  

Usivale

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

On February 17, 2016, the Company filed a rejection of the plan presented by Usivale. In accordance with the judicial recovery process, a general assembly of Usivale’s creditors was held on June 14, 2016 and an agreed upon restructure plan was submitted to the court and subsequently approved by the court on October 7, 2016. Under the restructure plan, interest on the principal started accruing effective July 1, 2016 at an annual rate of 12.43% and Usivale is required to make annual principal payments starting in the fourth quarter of 2016. On November 10, 2016, the Company received payments of principal and interest of $316,777 and $144,390, respectively.  The Company recorded the $144,390 payment as interest income and started accruing interest on the unpaid principal effective November 10, 2016. As of June 30, 2017, the principal balance of the Usivale loans amounted to $2,851,296 and the Company has estimated the fair value of the Usivale loans at $2,851,296, which is based on a discounted cash flow analysis (income approach).

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Fruit and Nut Distributor

The Company has a trade finance participation with a fruit and nut distributor (the “Distributor”) located in South Africa, with a total balance outstanding of $785,806 of as June 30, 2017. The Distributor’s trade finance participation has a stated maturity date of May 22, 2015, which the Company agreed to extend. The Distributor had made partial payments of principal during 2015 and 2016 (the original loan from the Company to the Distributor was for $1,250,000), with the most recent payment being made in January 2017. Through the latter part of 2015, the depreciation in the South African Rand had proven to be problematic for the Distributor given that it has to purchase its inventory in U.S. Dollars and then sells in South African Rand. This situation has led the Distributor to experience some cash flow difficulties and operating losses. As of June 30, 2017, the Company, together with its sub-advisor, had agreed to extend further the principal maturity date to facilitate the strategic sale of the Distributor, which closed in June 2016.  As a result of the sale, one of the Company’s sub-advisors now owns 50% of the Distributor. Accordingly, the Company placed this participation on non-accrual status effective February 1, 2016 and interest not recorded relative to the original terms of this participation amounted to approximately $34,800 and $69,300, respectively, for the three and six months ended June 30, 2017. Based on the information available to the Company and according to its valuation policies, the Company had estimated the fair value of its investment in the Distributor to be $726,729 as of June 30, 2017.

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 June 30, 2017. 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 $159,500 and $317,300 for the three months ended June 30, 2017.  In addition, during the year ended December 31, 2016, the Company reversed $550,370 of interest income that had been previously accrued. On December 1, 2016, the Company’s sub-advisor declared an event of default and filed a claim against the credit insurance policy. The insurer has 180 days from time of filing (June 1, 2017) to conclude its initial review, acceptance of the claim and waiting period.  Following expiration of the waiting period a formal demand letter was sent to the Zambian government.  As the Zambian government has not remitted payment as of this filing, the Company would expect that the insurer should process the payment by the end of the year. The Company has determined that there is sufficient collateral, including a credit insurance policy, should the Zambian government or subsequently Neria not pay, to cover the entire principal and interest balance due from Neria and has determined, in accordance with its valuation policy that the fair value should remain at $5,078,526 as of June 30, 2017.

Sesame Seed Exporter

The Company has a trade finance participation with a Sesame Seed Exporter (the “Exporter”) located in Guatemala, with a principal balance outstanding of $907,565 and accrued interest of $36,605 as of June 30, 2017. The participation has a maturity date of March 31, 2016 and is secured by inventory. During 2016, the Exporter lost a major customer, which resulted in a slowdown in business, affecting its ability to repay the amount due under the participation.  However, the Exporter has been able to secure new customers to replace the lost order(s), which should enable the Exporter to make payments to the Company.  However, the Exporter had a shipment rejected and returned, which now is in the repurposing process and as a result, the Exporter has been unable to make payments since February 2017. The Exporter has made three principal payments totaling $92,435 during October and November 2016 and one interest payment of $90,402 in February 2017.  The Company has determined that there is sufficient collateral to support the repayment of this participation and has determined, in accordance with its valuation policy, that the fair value of this investment should remain at $907,565 as of June 30, 2017. The Company has, however, placed this position on non-accrual as of July 1, 2017.

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Results of Operations

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

	Three months ended						Six Months Ended
	June 30, 2017			June 30, 2016			June 30, 2017			June 30, 2016
Interest income	$	6,789,264		$	4,716,749		$	13,379,427		$	7,966,334
Interest from cash		161,897			63,980			249,819			156,249
Total investment income		6,951,161			4,780,729			13,629,246			8,122,583
Management fees		1,542,544			973,916			3,063,518			1,790,242
Incentive fees		868,510			745,727			1,828,858			1,396,075
Professional fees		304,022			252,664			669,201			541,695
General and administrative expenses		407,026			236,239			707,323			438,115
Board of managers fees		54,375			46,875			108,750			93,750
Total expenses		3,176,477			2,255,421			6,377,650			4,259,877
Expense support payment from Sponsor		(1,633,933	)		(1,203,324	)		(2,958,762	)		(3,117,668	)
Net expenses		1,542,544			1,052,097			3,418,888			1,142,209
Net investment income	$	5,408,617		$	3,728,632		$	10,210,358		$	6,980,374

Revenues

Three months ended June 30, 2017 and 2016

For the three months ended June 30, 2017 and 2016, total investment income amounted to $6,951,160 and $4,780,729, respectively.  Interest income increased by $2,072,514 during the three months ended June 30, 2017 from the same period in 2016 as a result of an increase in our weighted average investment portfolio of approximately $83,964,000 offset by a decrease in the weighted average yield of approximately 1.0% from a weighted average yield of 13.3% for the three months ended June 30, 2016 to approximately 12.3% for the three months ended June 30, 2017. The increase in yield was primarily due to the larger portion of term loans in the investment portfolio.

During the three months ended June 30, 2017, $5,451,749 or 80.3% of the interest income earned came from loan participations and $1,337,514 or 19.7% came from direct loans. In addition, we earned $161,897 in interest income on our cash balances.  

During the three months ended June 30, 2016, $3,743,432 or 79.4% of the interest income earned came from loan participations and $973,317 or 20.6% came from direct loans. In addition, we earned $63,980 in interest income on our cash balances.

Delays in investing the net proceeds from the Offering negatively impair the Company’s performance. The $67.6 million in uninvested cash earned significantly lower returns than what could be realized by making investments in the ordinary course and, accordingly, the Company’s investment income and returns for the quarter were reduced.

The Company’s net asset value as of June 30, 2017 was reduced by approximately $0.022 per unit as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses. As of June 30, 2017, the Company had processed subscriptions and issued approximately 38.0 million total units in the Offering (including units pursuant to the DRP) for total gross offering proceeds of approximately $364.7 million.

Six months ended June 30, 2017 and 2016

For the six months ended June 30, 2017 and 2016, total investment income amounted to $13,629,245 and $8,122,583, respectively.  Interest income increased by $5,413,092 during the six months ended June 30, 2017 from the same period in 2016 as a result of an increase in our weighted average investment portfolio of approximately $98,718,000 offset by a decrease in the weighted average yield of approximately 0.7% from a weighted average yield of 12.9% for the six months ended June 30, 2016 to approximately 12.2% for the six months ended June 30, 2017.

During the six months ended June 30, 2017, $11,150,793 or 83.3% of the interest income earned came from loan and trade finance participations and $2,228,634 or 16.7% came from direct loans. In addition, we earned $249,819 in interest income on our cash balances.

During the six months ended June 30, 2016, $6,689,825 or 84.0% of the interest income earned came from loan and trade finance participations and $1,276,508 or 16.0% came from direct loans. In addition, we earned $156,249 in interest income on our cash balances.  

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Expenses

Three months ended June 30, 2017 and 2016

Total operating expenses, excluding the management and incentive fees, incurred for the three months ended June 30, 2017 increased by $229,645 to $765,423 from $535,778 for the three months ended June 30, 2016.  The increase was primarily due to the following: 1) an increase in general and administrative expenses of $179,787, which was attributable to increases in a number of expenses, the largest being a $94,502 increase in fees paid to our transfer agent, $31,884 increase in expenses reimbursements to our sub-advisors, $21,349 increase in interest expense and $19,181 increase in fund accounting; and 2) an increase in professional fees of $51,358. Our Sponsor assumed responsibility for our operating expenses in the amount of $765,423 and $457,597 under the Responsibility Agreement for expenses paid or incurred by the Company for the three months ended June 30, 2017 and 2016, respectively.

For the three months ended June 30, 2017 and 2016, the management fees amounted to $1,542,544 and $973,916, respectively. The incentive fees for the three months ended June 30, 2017 and 2016 amounted to $868,510 and $745,727, respectively.  For the three months ended June 30, 2017 and 2016, none of the management fee was assumed by our Sponsor under the Responsibility Agreement. For the three months ended June 30, 2017 and 2016, the entire amounts of the incentive fees for both periods were assumed by the Sponsor under the Responsibility Agreement.

Six months ended June 30, 2017 and 2016

Total operating expenses, excluding the management and incentive fees, incurred for the six months ended June 30, 2017 increased by $411,714 to $1,485,274 from $1,073,560 for the six months ended June 30, 2016.  The increase was primarily due to the following: 1) an increase in general and administrative expenses of $269,208, which was attributable to increases in a number of expenses, the largest being a $134,369 increase in fees paid to our transfer agent, $41,091 increase in interest expense, $37,017 increase in fund accounting and $31,884 increase in expenses reimbursements to our sub-advisors; and 2) an increase in professional fees of $127,506. Our Sponsor assumed responsibility for our operating expenses in the amount of $1,129,104 and $995,379 under the Responsibility Agreement for expenses paid or incurred by the Company for the six months ended June 30, 2017 and 2016, respectively.

For the six months ended June 30, 2017 and 2016, the management fees amounted to $3,063,518 and $1,790,242, respectively. The incentive fees for the six months ended June 30, 2017 and 2016 amounted to $1,828,858 and $1,396,075 respectively.  A portion of the management fees, amounting to $726,214 was assumed by our Sponsor under the Responsibility Agreement for the six months ended June 30, 2016, while none of the management fee was assumed for the six months ended June 30, 2017.  In addition, for the six months ended June 30, 2017 and 2016, the entire amounts of the incentive fees for both periods were assumed by the Sponsor under the Responsibility Agreement. 

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments. We measure net realized gains or losses by the difference between the net proceeds from the repayment or sale of an investment and the amortized cost basis of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees and prepayment penalties. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. We had no realized gains or losses for the three and six months ended June 30, 2017 and 2016. We had no unrealized gains or losses for the three and six months ended June 30, 2017. We recorded a $59,077 unrealized loss for the six months ended June 30, 2016.

Changes in Net Assets from Operations. For the three months ended June 30, 2017 and 2016, we recorded a net increase in net assets resulting from operations, which consisted entirely of net investment income, of $5,408,617 and $3,728,632, respectively.

For the six months ended June 30, 2017 and 2016, we recorded a net increase in net assets resulting from operations, which consisted entirely of net investment income, of $10,210,358 and $6,921,297, respectively.

Financial Condition, Liquidity and Capital Resources

As of June 30, 2017, we had approximately $67.6 million in cash. We generate cash primarily from cash flows from interest, dividends and fees earned from our investments and principal repayments, and proceeds from sales of our investments and from sales of promissory notes. We may also generate cash in the future from debt financing. Our primary use of cash will be to make loans, either directly or through participations, payments of our expenses, payments on our notes and any other borrowings, and cash distributions to our unitholders. We expect to maintain cash reserves from time to time for investment opportunities, working capital and distributions. From the beginning of the Company’s operations to date, our Sponsor has absorbed substantially all of our operating

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expenses under the Responsibility Agreement in the amount of approximately $15.8 million. The Company may only reimburse the Sponsor for expenses covered under the Responsibility Agreement to the extent the Fund’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Fund’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). To the extent the Fund is not successful in satisfying the Reimbursement Hurdle, no amount will be payable in that quarter by the Fund for reimbursement to the Sponsor of the cumulative Fund Expenses.  The Company has not met the Reimbursement Hurdle for the quarter ended June 30, 2017. Thus, such amounts are not yet payable by the Company to the Sponsor. Following the end of the Offering, which terminated on March 31, 2017, the Sponsor can demand the reimbursement of operating expenses covered by the Responsibility Agreement if it does not cause a drop in the net asset value per unit.  Such reimbursements to the Sponsor would affect the amount of cash available to the Company to pay distributions and/or make investments.

We may borrow funds to make investments. We have not decided to what extent going forward we will finance portfolio investments using debt or the specific form that any such financing would take, but we believe that obtaining financing is necessary for the Company to fully achieve its long term goals.  We have been, and still are, actively seeking further financing through both development banks and several commercial banks. Accordingly, we cannot predict with certainty what terms any such financing would have or the costs we would incur in connection with any such arrangement. On October 14, 2016, TriLinc Global Impact Fund Cayman, Ltd. (“TGIFC”), a wholly owned subsidiary of the Company, issued $1.635 million in the first series of four issuances of notes pursuant to an ongoing private offering of senior secured promissory notes targeting $100 million. On February 17, 2017, TGIFC issued an additional $225,000 in the second series of notes under the private offering. As of June 30, 2017, we had raised $1.86 million in the note offering and such debt was outstanding.On July 3, 2017, TGIFC entered into a $10.5 million facility agreement with Micro, Small & Medium Enterprises Bonds S.A.  as Lender and Symbiotics SA as Servicer. For more information on this facility, please see “— Subsequent Events — Symbiotics Facility.” On August 7, 2017, TGIFC issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering to State Street Australia Ltd ACF Christian Super.  For more information on this note, please see “— Subsequent Events — Christian Super Promissory Note.”

Contractual Obligations and Commitments

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

We have entered into certain contracts under which we have material future commitments. Our Advisory Agreement between us and the Advisor, dated as of February 25, 2014, had previously been renewed and is subject to an unlimited number of one-year renewals upon mutual consent of the Company and the Advisor. On February 23, 2017, our board of managers approved an interim extension of our Advisory Agreement until March 3, 2017.  On March 3, 2017, our board of managers determined to extend our Advisory Agreement, effective March 3, 2017, through February 25, 2018. The Advisor will serve as our advisor in accordance with the terms of our Advisory Agreement. Payments under our Advisory Agreement in each reporting period will consist of (i) an asset management fee equal to a percentage of the value of our gross assets, as defined in the agreement, and (ii) the reimbursement of certain expenses. Certain subordinated fees based on our performance are payable after our subordination is met.

If any of our contractual obligations discussed above are terminated, our costs may increase under any new agreements that we enter into as replacements. We would also likely incur expenses in locating alternative parties to provide the services we expect to receive under our Advisory Agreement.

Off-Balance Sheet Arrangements

Other than contractual commitments and other legal contingencies incurred in the normal course of our business, we do not expect to have any off-balance sheet financings or liabilities. The Company reimburses organization and offering expenses to the Sponsor to the extent that the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0 % of the gross offering proceeds raised from the offering. As of June 30, 2017, there was no amount that would be due to be reimbursed to the Sponsor.

Pursuant to the terms of the Responsibility Agreement between the Company, the Advisor and the Sponsor, the Sponsor has paid expenses on behalf of the Company through June 30, 2017 and will pay additional accrued operating expenses of the Company, which may not be reimbursable to the Sponsor if the Company does not satisfy the Reimbursement Hurdle. Such expenses will be expensed and payable by the Company in the period they become reimbursable and are estimated to be approximately $15.8 million through June 30, 2017.

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Distributions

We have paid distributions commencing with the month beginning July 1, 2013, and we intend to continue to pay distributions on a monthly basis. From time to time, we may also pay interim distributions at the discretion of our board. Distributions are subject to the board of managers’ discretion and applicable legal restrictions and accordingly, there can be no assurance that we will make distributions at a specific rate or at all. Distributions are made on all classes of our units at the same time. The cash distributions received by our unitholders with respect to the Class C units 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 DRP. For the three months ended June 30, 2017, we paid a total of $12,006,985 in distributions, comprised of $6,624,579 paid in cash and $5,382,406 reinvested under our DRP.

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

									Sources
Quarters ended	Amount per Unit		Cash Distributions		Distributions Reinvested		Total Declared		Cash Flows from Operating Activities		Cash Flows from Financing Activities (1)
March 31, 2017	$	0.17377	$	3,060,697	$	2,505,036	$	5,565,733	$	3,060,697	$	—
June 30, 2017	$	0.17570		3,563,882		2,877,370		6,441,252		3,563,882		—
Total for 2017			$	6,624,579	$	5,382,406	$	12,006,985	$	6,624,579	$	—
March 31, 2016	$	0.17570	$	1,857,749	$	1,331,325	$	3,189,074	$	1,857,749	$	—
June 30, 2016	$	0.17570		2,102,173		1,622,213		3,724,386		2,102,173		—
September 30, 2016	$	0.17764		2,515,274		1,983,370		4,498,644		2,515,274		—
December 31, 2016	$	0.17764		2,782,973		2,275,594		5,058,567		2,782,973		—
Total for 2016			$	9,258,169	$	7,212,502	$	16,470,671	$	9,258,169	$	—

Related Party Transactions

For the six months ended June 30, 2017 and 2016, the Sponsor assumed responsibility for $2,958,762 and $3,117,668 of the Company’s operating expenses, management fees and incentive fees, which are deferred under the Responsibility Agreement.

For the six months ended June 30, 2017 and 2016, the Advisor earned $3,063,518 and $1,790,242, respectively, in management fees and $1,828,858 and $1,396,075, respectively, in incentive fees.

Since the inception of the Company through June 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $11,403,100 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,385,000 of expenses, which have been accrued by the Sponsor as of June 30, 2017. Such expenses, in the aggregate of $15,788,100 since the Company’s inception, may be expensed and payable by the Company to the Sponsor only if the Company satisfies the Reimbursement Hurdle.

As of June 30, 2017 and December 31, 2016, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $3,869,516 and $3,175,656, respectively, was due from the Sponsor in connection with the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business.

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

For the six months ended June 30, 2017 and 2016, the Company paid $636,088 and $968,619, respectively, in dealer manager fees and $2,465,110 and $3,361,414, 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.

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Legal Proceedings

The Company is not party to any material legal proceedings.

Subsequent Events

 Distributions

On July 11, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for Class A, Class C, Class I and Class Y units for the period from July 1 through July 31, 2017. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On August 1, 2017, $1,191,726 of these distributions were paid in cash and on July 31, 2017, $986,918 were reinvested in units for those unitholders participating in the DRP.

On August 10, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for Class A, Class C, Class I and Class Y units for the period from August 1 through August 31, 2017. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). These distributions will be paid in cash or reinvested in units, for those unitholders participating in the DRP on or about September 1, 2017.

Investments

Subsequent to June 30, 2017 through August 9, 2017, the Company funded approximately $73.2 million in new trade finance participations and received proceeds from repayment of trade finance participations of approximately $21.9 million.

Operating Expense Responsibility Agreement

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

Symbiotics Facility

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

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

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

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

Christian Super Promissory Note

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On August 7, 2017, TGIFC, a wholly owned subsidiary of the Company, issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering (the “Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”). The Note was issued pursuant to an ongoing private offering targeting $25 million in the aggregate amount and will be comprised of up to five different series with five different issuance dates, but likely the same maturity date (collectively “the Notes”).  The Note issued on August 7, 2017 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 4.0% 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 may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note.

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

In October, 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC.  The Subsidiaries own all of the Company’s investments.  TGIFC’s obligations under the Notes is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”) granting the holder of the Notes a mortgage over 5 shares out of a total of 17.36 of the issued and outstanding shares of the Subsidiaries. While the collateral initially pledged under the CS Equitable Mortgage greatly exceeds the amount funded under the Notes based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of TGIFC to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the Notes.  The Note and the CS Equitable Mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.

Critical Accounting Policies and Use of Estimates

The following discussion addresses the accounting policies that we utilize based on our current operations. Our most critical accounting policies involve decisions and assessments that could affect our reported assets and liabilities, as well as our reported revenues and expenses. We believe that all of the decisions and assessments upon which our financial statements are based are reasonable at the time made and based upon information available to us at that time. Our critical accounting policies and accounting estimates will be expanded over time as we continue to implement our business and operating strategy. In addition to the discussion below, we also describe our critical accounting policies in the notes to our financial statements.

Basis of Presentation

Our financial statements are prepared in accordance with accounting principles generally accepted in the United States of America, which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties.

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

Valuation of Investments

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

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

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

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

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

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

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

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

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

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

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

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

Below is a description of factors that our board of managers may consider when valuing our investments.

Fixed income investments are typically valued utilizing a market approach, income approach, cost approach, or a combination of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business) and is used less frequently due to the private nature of the Company’s investments. The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (discounted) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. The cost approach is a valuation technique that uses the concept of replacement cost as an indicator of value.  The premise of the cost approach holds that a prudent investor would pay no more for an asset than the amount for which the asset could be replaced.  To clarify, the cost approach as a method for valuing an investment is to be distinguished from holding an investment at cost as of the initial investment date.In following a given approach, the types of factors that the Company may take into account in valuing the Company’s investments include, as applicable:

• Macro-economic factors that are relevant to the investment or the underlying obligor

• Industry factors that are relevant to the investment or the underlying obligor

• Historical and projected financial performance of the obligor based on most recent financial statements

• Borrower draw requests and payment track record

• Loan covenants, duration and drivers

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• Performance and condition of the collateral (nature, type & value) that supports the investment

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

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

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

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

Revenue Recognition

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

We 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 June 30, 2017, two portfolio companies were on non-accrual status with an aggregate fair value of $5,805,255 or 2.5% of the fair value of the Company’s total investments. . At December 31, 2016, two portfolio companies were on non-accrual status with an aggregate fair value of $5,819,216 or 2.9% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the two companies on non-accrual status amounted to approximately $194,300 and $386,600, respectively for the three and six months ended June 30, 2017.

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

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 month period ended June 30, 2016, the Company has determined to account for the fees as a charge to equity at the time each

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Class C unit is sold in its Offering and record a corresponding liability for the estimated amount to be paid in future periods. At June 30, 2017, the estimated unpaid distribution fee amounts to $2,140,000.  

Organization and Offering Expenses

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of June 30, 2017 and December 31, 2016. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers.  Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses equaled to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement. Although the primary offering has terminated, the Company will continue to have ongoing organization and offering costs relating to the ongoing distribution fees on Class C shares.

Expense Responsibility Agreement

On August 10, 2017, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through June 30, 2017. Since the inception of the Company through June 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $11,403,100 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,385,000 of expenses, which have been accrued by the Sponsor as of June 30, 2017. The Sponsor will only be entitled to reimbursement of the cumulative Fund Expenses to the extent the Fund’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Fund’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). To the extent the Fund is not successful in satisfying the Reimbursement Hurdle, no amount will be payable in that quarter by the Fund for reimbursement to the Sponsor of the cumulative Fund Expenses.  The Company has not met the Reimbursement Hurdle for the quarter ended June 30, 2017. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of June 30, 2017. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable and estimable.  The Sponsor may demand the reimbursement of cumulative Fund Expenses covered by the Responsibility Agreement to the extent the Fund exceeds the Reimbursement Hurdle during any quarter.

Income Taxes

We believe we are properly characterized as a partnership for U.S. federal income tax purposes, and expect to continue to qualify as a partnership (and not be treated as a publicly traded partnership or otherwise be treated as a taxable corporation) for such purposes. As a partnership, we are generally not subject to U.S. Federal income tax at the entity level.

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis. As of June 30, 2017, the Company has five classes of units: Class A units, Class C units, Class I units, Class W units and Class Y units, with only Class A units, Class C units and Class I units outstanding. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, effective June 30, 2016, the Company records liabilities for distribution fees that the Company (i) currently owes to the Dealer Manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the Dealer Manager in future periods. As of June 30, 2017, under GAAP, the Company recorded a liability in the amount of $2,140,000 for the estimated future amount of Class C distribution fee payable. The Company is not required to determine its net asset value under GAAP and thus, the Company’s determination of net asset value per share for Class C units now varies from GAAP. In the prior periods, the Company deducted the liability for the estimated future distribution fees in the Company’s net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than Class C units with the difference being the result of the future distribution fee deduction for Class C units. The Company has determined that such approach is not the most appropriate for determining net asset value per share for Class C units and, beginning with the net asset value determination as of June 30, 2017, the Company will not deduct the liability for estimated future distribution fees in its calculation of net asset value per share for Class C

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units. The Company believes this approach is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of June 30, 2017, each of the Class A, Class C and Class I units have the same net asset value per unit of $8.507. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). The increase in the net asset value per Class C unit from $8.267 as of March 31, 2017 to $8.507 as of June 30, 2017 is solely as a result of the change in the treatment of future distribution fees in the net asset value calculation discussed above and is not reflective of any increase in the value of the Company’s assets. Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.022 from $8.529 as of March 31, 2017 to $8.507 as of June 30, 2017 as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses. In addition, the Company failed to realize sufficient investment income during the quarter to cover operating expenses.  As of June 30, 2017, the Company had $67.6 million in uninvested cash, which earned significantly lower returns than what could be realized by making investments in the ordinary course and, accordingly, the Company’s investment income and returns for the quarter were reduced.

In addition, the Company’s net asset value would have decreased for all unit classes in all prior quarters if the Sponsor had not made a capital contribution in the amount of $31,750 as of March 31, 2014 and $51,034 as of December 31, 2013 and had not absorbed and deferred reimbursement for substantially all of the Company’s operating expenses since it began its operations.

Recently Issued Accounting Pronouncements

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

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the Company does not expect the new revenue recognition guidance to have a material impact on the elements of its consolidated statements of operations, most closely associated with financial instruments, including interest and fees income. The Company plans to adopt the revenue recognition guidance in the first quarter of 2018.

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

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

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force).” ASU 2016-15 is intended to reduce diversity in practice in how

42

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.

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, 2016, filed with the SEC on March 31, 2017 (“2016 Form 10-K”), which could materially affect our business, financial condition, and/or future results. The risks described in our 2016 Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, and/or operating results.

Other than as set forth below, there have been no material changes to the risk factors disclosed in our 2016 Form 10-K.

We may be unable to invest  the net proceeds of the  Offering or future offerings on acceptable terms in the timeframe that we anticipate.

Delays in investing the net proceeds from the Offering or future offerings may impair our performance. We may be unable to invest the net proceeds of the Primary Offering or future offerings on acceptable terms within the time period that we anticipate or at all, which could harm our financial condition and operating results. As of June 30, 2017, the Company had $67.6 million in uninvested cash, which earned significantly lower returns than what could be realized by making investments in the ordinary course and, accordingly, the Company’s investment income and returns for the quarter were reduced.

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

During the six months ended June 30, 2017, 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 the primary offering terminated on March 31, 2017. We continue to offer and sell units pursuant to our DRP. Through the termination of the primary offering, we raised approximately $361,700,000 in gross proceeds, including approximately $13,337,000 raised through the DRP.

We are offering up to $75 million of units pursuant to our DRP. Units issued under the DRP are offered at the greater of $9.025 or the most recently determined net asset value per unit for each class of units.

As of June 30, 2017, we had issued 38,014,661 of our units, including 1,856,600 units issued under our DRP, for gross proceeds of approximately $364,603,000 including approximately $16,215,000 reinvested under our DRP (before dealer-manager fees of approximately $4,773,000 and selling commissions of $16,807,000, for net proceeds of $343,023,000). From the net offering proceeds, we paid and accrued a total of $17,014,540 towards reimbursement to our Sponsor for our organization and offering costs and we have financed a total of approximately $234 million in senior secured trade finance, senior secured term loan transactions, short term notes and bridge loans.

As of June 30, 2017, no amount 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 greater of the unit’s net asset value or $9.025. Our unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of our unitholders to sell their units. Unless our board of managers determines otherwise, we will limit the number of units to be repurchased during any calendar year to the number of units we can repurchase with the proceeds we receive from the sale of units

44

under our DRP. At the sole discretion of our board of managers, we may also use cash on hand, cash available from borrowings and cash from liquidation of investments as of the end of the applicable quarter to repurchase units.

Our board of managers has the right to amend, suspend or terminate the unit repurchase program to the extent that it determines that it is in our best interest to do so. We will promptly notify our unitholders of any changes to the unit repurchase program, including any amendment, suspension or termination of it in our periodic or current reports or by means of other notice. Moreover, the unit repurchase program will terminate on the date that our units are listed on a national securities exchange, are included for quotation in a national securities market or, in the sole determination of our board of managers, a secondary trading market for the units otherwise develops.

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

During the three months ended June 30, 2017, 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
04/01/2017 - 04/30/2017		346,279	$	9.025		346,279		346,279
05/01/2017 - 05/31/2017		—		—		—		346,279
06/01/2017 - 06/30/2017		—		—		—		346,279
Total		346,279	$	9.025		346,279

During the three months ended June 30, 2017, we repurchased 239,142 units for a total of $3,125,167.  In addition, as of June 30, 2017, there were 27 repurchase requests for a total of 160,723 units that were pending which were processed by the Company between July 7 to July 12, 2017 at a price of $9.025 per unit.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

Christian Super Promissory Note

On August 7, 2017, TGIFC, a wholly owned subsidiary of the Company, issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering (the “Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”). The Note was issued under an ongoing private offering targeting $25 million in the aggregate amount and will be comprised of up to five different series with five different issuance dates, but likely the same maturity date (collectively “the Notes”).  The Note issued on August 7, 2017 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 4.0% per annum plus the one year London Interbank Offered Rate (“LIBOR”) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note.

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

In October, 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC.  The Subsidiaries own all of the Company’s investments.  TGIFC’s obligations under the Notes is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”) granting the holder of the Notes a mortgage over 5 shares out of a total of 17.36 of the issued and outstanding shares of the Subsidiaries. While the collateral initially pledged under the CS Equitable Mortgage greatly exceeds the

45

amount funded under the Notes based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of TGIFC to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the Notes.  The Note and the CS Equitable Mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.

The foregoing description of the Note and the CS Equitable Mortgage does not purport to be complete and is qualified in its entirety by reference to the full text of the Note and the CS Equitable Mortgage attached hereto as Exhibits 10.3 and 10.4, respectively.

Item 6. Exhibits.

Number	Description
3.1	Certificate of Formation of TriLinc Global Impact Fund, LLC. Incorporated by reference to Exhibit 3.1 to the Draft Registration Statement on Form S-1 (File No. 377-00015) filed with the Securities and Exchange Commission (the “SEC”) on November 1, 2012.
3.2	Third Amended and Restated Limited Liability Company Operating Agreement. Incorporated by reference to Exhibit 3.1 to the Form 8-K filed with the SEC on April 19, 2017.
4.1	Second Amended and Restated Distribution Reinvestment Plan. Incorporated by reference to Exhibit 4.1 to the Form 8-K filed with the SEC on March 14, 2017.
4.2	Second Amended and Restated Unit Repurchase Program. Incorporated by reference to Exhibit 4.2 D to the Form 8-K filed with the SEC on March 14, 2017.
10.1	Dealer Manager Agreement, dated as of May 19, 2017, by and among TriLinc Global Impact Fund, LLC and SC Distributors, LLC.
10.2*	Amended and Restated Operating Expense Responsibility Agreement among TriLinc Global Impact Fund, LLC, TriLinc Global, LLC and TriLinc Advisors, LLC dated August 10, 2017.
10.3*	Series 1 Senior Secured Promissory Note among TriLinc Global Impact Fund Cayman, Ltd. and State Street Australia Ltd ACF Christian Super, dated as of August 7, 2017.
10.4*	Equitable Mortgage Over Shares by and between TriLinc Global Impact Fund Cayman, Ltd. and Series 1 Senior Secured Promissory Noteholders, dated as of August 7, 2017
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 June 30, 2017, filed on August 11, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Assets and Liabilities, (ii) Consolidated Statement of Operations, (iii) Consolidated Statement of Changes in Net Assets, (iv) Consolidated Statements of Cash Flows, and (v) Notes to the Consolidated Financial Statements.

* Filed herewith

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.
August 11, 2017	By:	/s/ Gloria S. Nelund
		Gloria S. Nelund
		Chief Executive Officer
August 11, 2017	By:	/s/ Brent L. VanNorman
		Brent L. VanNorman
		Chief Financial Officer

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EX-10.2

Exhibit 10.2

AMENDED AND RESTATED OPERATING EXPENSE RESPONSIBILITY AGREEMENT

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

WHEREAS, the Sponsor has agreed to be responsible for the payment of the Fund’s cumulative operating costs paid through and including June 30, 2017, including all management fees due to the Advisor that have not been paid by the Fund (collectively as set forth in Exhibit A hereto and referred to as “Fund Expenses”).

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

1. Expense Responsibility for Fund Expenses. The Sponsor shall pay the Fund Expenses and will only be entitled to reimbursement of the Fund Expenses for any particular quarter to the extent the Fund’s investment income as reflected on the statement of operations exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Fund’s expenses as reflected on the statement of operations (the “Reimbursement Hurdle”). To the extent the Fund is not successful in satisfying the Reimbursement Hurdle, no amount will be payable by the Fund for reimbursement to the Sponsor of the Fund Expenses.  

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

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

[Signature Page Follows]

IN WITNESS WHEREOF, the parties have executed this Agreement on August 10, 2017

TRILINC GLOBAL, LLC

By:

Name:

Title:

TRILINC ADVISORS, LLC

By:

Name:

Title:

TRILINC GLOBAL IMPACT FUND, LLC

By:

Name:

Title:

Exhibit A

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

Vendor	Description of Services	Amount
ANDE	2013-2014 Membership	$	5,000
ASTA	Document Translation		3,186
Apex Fund Services	Fund Administration		293,490
Bank of NY Mellon	Fund Administration		90,000
Bank of NY Mellon	Bank fees		17,277
Board of Managers	Board Wages		715,364
Board of Managers	Board Meeting expenses		128,939
Credit Cards	Travel - Dead deal costs		62,987
Deloitte & Touche	Audit		401,400
Deloitte & Touche	Tax services		483,132
Delphos International	Consulting		10,000
DST Systems, Inc.	Transfer Agent		1,127,551
Duff & Phelps	Valuation services		65,831
Emtek Solutions, LLC	PAES/TAS		7,875
Federal Agent	PAES/TAS		12,750
Greenberg Traurig	Legal Services		809,329
IDB Bank	Due Diligence		50,000
iUVO Talent	PAES/TAS		12,318
Josh Zuckerwise	Travel expenses		4,023
Legatum Global Development Limited	PAES/TAS		292,500
Leverages Notes	Interest		47,573
Lewis Kopp	Expense reimbursement		14,348
Lincoln National Insurance	Keyman insurance		8,558
Maples and Calder	Legal Services		118,288
Moss Adams	Audit and 10-Q review		439,538
MF Analytics	PAES/TAS		65,159
O'Connor Davies	SOX Compliance		80,659
PathNorth	2013 Core Membership		4,167
Paul Sanford	Travel expenses		5,212
Payroll	PAES/TAS		150,091
Pickwick Capital Partners	Leverage		4,270
Robert Mora	PAES/TAS		97,791
Rothstein Kass	SOX Implementation/Compliance		41,027
RR Donnelley	10-K, 10-Q & 8-K Processing		252,190
Spolin Cohen	Legal Services		83,699
State of California & Delaware	Franchise fees		2,350
Steve Napleton	Travel expenses		8,979
Tanir Helayel	PAES/TAS		6,779
Trilinc Advisors, LLC	Copies, postage and miscellaneous		93,246
Trilinc Advisors, LLC	eFront		349,656
Trilinc Advisors, LLC	Management fees		1,717,750
Trilinc Advisors, LLC	Incentive fees		6,959,644
Trilinc Advisors, LLC	Due Diligence		131,628
Trilinc Advisors, LLC	Travel expenses		97,660
Trilinc Advisors, LLC	Legal expenses		219,418
Troy Wiseman	Expense reimbursement		9,701
Trustees of Tufts College	PAES/TAS		18,150
Various	PAES/TAS		14,601
Willis	Fund Insurance		153,695
		$	15,788,781

EX-10.3

Exhibit 10.3

$5,000,000.00 Manhattan Beach, California

August 7, 2017

SERIES 1 SENIOR SECURED PROMISSORY NOTE

TriLinc Global Impact Fund Cayman, Ltd., an exempted company incorporated with limited liability under laws of the Cayman Islands (the “Company”), for value received, hereby promises to pay to State Street Australia Ltd ACF Christian Super (“Holder”), the principal amount of five million dollars and no cents ($5,000,000.00), together with interest on the unpaid amount thereof in accordance with the terms hereof, from the date hereof until paid in accordance with the terms hereof.

1.Series 1 Senior Secured Promissory Note.

1.1Interest Rate.  Simple interest shall accrue on the principal amount hereunder at the rate of interest equal to 4% per annum plus the one year London Interbank Offered Rate (the “Interest Rate”).  Interest shall be computed on the basis of a 365-day year for the actual number of days elapsed.  Notwithstanding anything to the contrary contained in this Series 1 Senior Secured Promissory Note, the interest paid or agreed to be paid hereunder shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”).  If Holder receives interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal amount of this Series 1 Senior Secured Promissory Note or, if it exceeds such unpaid principal, refunded to the Company.

1.2Payments.  

(a)Interest on the principal amount hereunder shall be payable quarterly in arrears within 15 days after the end of each calendar quarter (or partial calendar quarter) during which any such principal amount remains outstanding.

(b)The principal amount hereunder plus all accrued but unpaid interest thereon shall become due and payable on August 7, 2021.

2.Security.

2.1The Company has, pursuant to the terms of an Equitable Mortgage Over Shares dated August 7, 2017, executed by way of deed poll in favor of the Holder, as more fully described in the Equitable Mortgage Over Shares (the form of which is appended to the Private Placement Memorandum of the Company dated April 7, 2017), granted a security interest to Holder as security for (among other things) the payment and discharge of its obligations under this Note.

3.Miscellaneous.

3.1Binding Agreement; Assignments.  This Series 1 Senior Secured Promissory Note, and the terms, covenants and conditions hereof, shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.  Holder may assign its rights and obligations under this Series 1 Senior Secured Promissory Note only with the prior written consent of the Company, which consent shall not unreasonably be withheld.  The Company shall not assign this Series 1 Senior Secured Promissory Note and any unconsented assignment shall be void ab initio.

3.2Prepayment.  The Company shall have the right at any time to prepay all of the principal amount, together with any accrued and unpaid interest thereon, due under this Series 1 Senior Secured Promissory Note, without premium or penalty.

3.3Severability.  In case any one or more of the provisions contained in this Series 1 Senior Secured Promissory Note should be invalid, illegal or unenforceable in any respect, no party hereto shall be required to comply with such provision for so long as such provision is held to be invalid, illegal or unenforceable and the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired.

3.4Counterparts.  This Series 1 Senior Secured Promissory Note may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

3.5Entire Agreement.  This Series 1 Senior Secured Promissory Note supersedes all prior discussions and agreements between the parties with respect to the subject matter hereof and contain the sole and entire agreement between the parties hereto with respect thereto.

3.6Attorneys’ Fees.  If any action at law or in equity is necessary to enforce or interpret the terms of this Series 1 Senior Secured Promissory Note, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and disbursements in addition to any other relief to which such party may be entitled.

3.7Amendments and Waivers.  Provisions of this Series 1 Senior Secured Promissory Note may only be amended or waived with the written consent of Holder and the Company.  Any amendment or waiver effected in accordance with this Section 3.7 shall be binding upon Holder and each future holder of this Series 1 Senior Secured Promissory Note, even if the future holder has not executed such amendment or waiver.

3.8Governing Law.  This Series 1 Senior Secured Promissory Note shall be governed by and construed under the laws of the State of California as applied to agreements among California residents entered into and to be performed entirely within California.

3.9Headings.  The headings used in this Series 1 Senior Secured Promissory Note have been inserted for convenience of reference only and do not define or limit the provisions hereof.

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[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the Company has caused this Series 1 Senior Secured Promissory Note to be executed as of the date first set forth above.

TRILINC GLOBAL IMPACT FUND CAYMAN, LTD.

By:

Name:

Title:

- 4 -

EX-10.4

Exhibit 10.4

Equitable Mortgage Over Shares

7 August 2017

TriLinc Global Impact Fund Cayman, Ltd.

(as Company)

This Equitable Mortgage is made on 7 day of August 2017

By:

(1) TriLinc Global Impact Fund Cayman, Ltd., an exempted company incorporated with limited liability under laws of the Cayman Islands, the registered office of which is at PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands (the "Company").

In favour of:

(2) the persons from time to time registered as the holders (the "Noteholders") of the Notes (as defined below) as specified in the Company's applicable register of holders of the Notes (as defined below).

Whereas:

(A) Company is the parent of the Cayman Subsidiaries (as defined below).

(B) Company intends to issue $25 million of Series 1 Senior Secured Promissory Notes (and may issue additional notes from time to time) as further described in the Private Placement Memorandum, (all such notes issued by the Company as contemplated by the Private Placement Memorandum, the "Notes").

(C) As security for the Notes, the Company wishes to execute this Mortgage as a deed poll and secure the Mortgaged Shares (as defined below).

It is agreed as follows:

1 Definitions and Interpretation

1.1 In this Mortgage (except where the context otherwise requires) words and expressions shall have the same meanings assigned to them as defined in the Notes. The following words and expressions shall have the following meanings:

"Business Day"	means any day which is not a Saturday or Sunday or a public holiday in the place or at which the notice is left or sent;
"Cayman Subsidiaries"	means the entities set out in Schedule 1;
"Electronic Transactions Law"	means the Electronic Transactions Law (2003 Revision) of the Cayman Islands;
"Event of Default"	means the failure to pay any amount due under the Notes within 30 days after written demand from the Noteholders;
"Gross Negligence"	in relation to a person means a standard of conduct beyond negligence whereby that person acts with reckless disregard for the consequences of a breach of a duty of care owed to another;

"Indebtedness"	means any obligation for the payment or repayment of money in any currency, whether present or future, actual or contingent, joint or several, whether incurred as principal or surety or in any other way whatever, and including principal, interest, commission, fees and other charges;
"Liability"	means any liability, damage, loss, cost, claim or expense of any kind or nature, whether direct, indirect, special, consequential or otherwise;
"Mortgaged Shares"	means the securities listed in Schedule 1 which are all registered in the name of the Company and any additional securities issued to the Company pursuant to Clause 3.8;
"Net Asset Value"	has the meaning given to it in the Private Placement Memorandum;
"Nominee"	means the nominee appointed by the Noteholders;
"Private Placement Memorandum"	means the confidential private placement memorandum dated April 7, 2017 of the Company issued in connection with the Notes;
"Receiver"	has the meaning given to it in Clause 8;
"Secured Obligations"	means all and any amounts of any kind now or in the future, actual or contingent, due or payable (or expressed to be due or payable) by the Company  to the Noteholders in any currency, actually or contingently, solely and/or jointly and/or severally with another or others as principal or surety on any account whatsoever under or in connection with the Notes or as a consequence of any breach, non-performance, disclaimer or repudiation by the Company  of any of the Company's obligations under this Mortgage or the Notes and references to the Secured Obligations include references to any part of them;
"Security Interest"	means any mortgage, charge, pledge, lien, encumbrance, right of set off or any security interest, howsoever created or arising;

1.2 In this Mortgage:

(a) any reference to a Recital, Clause or Schedule is to the relevant Recital, Clause or Schedule of or to this Mortgage;

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(b) the clause headings are included for convenience only and shall not affect the interpretation of this Mortgage;

(c) use of the singular includes the plural and vice versa;

(d) use of any gender includes the other gender;

(e) any phrase introduced by the terms "including", "include", "in particular" or any similar expression shall be construed as illustrative and shall not limit the sense of the words preceding those terms; and

(f) references to this Mortgage or any other document (including any Notes) or agreement are to be construed as references to this Mortgage or such other document as varied in any manner from time to time, even if changes are made to the composition of the parties to this Mortgage or such other document or to the nature or amount of any facilities made available under such other document;

(g) indebtedness due, owing or incurred under the Notes shall include all moneys, obligations and liabilities due, owing or incurred in respect of any variations or increases in the amount or composition of the facilities provided for therein or the obligations and liabilities imposed thereunder however fundamental;

(h) sections 8 and 19(3) of the Electronic Transactions Law shall not apply; and

(i) no person shall be found to have committed actual fraud or wilful default under this Mortgage unless or until a court of competent jurisdiction shall have made a finding to that effect.

1.3 If any conflict arises between the covenants and undertakings in this Mortgage and the corresponding covenants and undertakings in the Notes, the covenants and undertakings given in the Notes shall prevail.

1.4 Expressions defined in the Companies Law of the Cayman Islands as in effect from time to time (and not redefined in this Mortgage) shall have the same meanings in this Mortgage, except that the expression "company" shall include a body corporate established outside the Cayman Islands.

1.5 The Recitals and Schedule form part of this Mortgage and shall have effect as if set out in full in the body of this Mortgage and any reference to this Mortgage includes the Recitals and Schedule.

1.6 References to the Noteholders shall be construed as references to the Noteholders acting as a  whole or in accordance with such consent or voting provisions set out in the Notes.

2 Security

2.1 The Company hereby mortgages to the Noteholders by way of a first equitable mortgage as a continuing security for the payment and discharge of the Secured Obligations, the Mortgaged Shares.

2.2 The Company hereby charges to the Noteholders by way of first fixed charge as a continuing security for the payment and discharge of the Secured Obligations, all its right, title, interest and benefit present and future in, to and under the Mortgaged Shares.

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2.3 Any receipt, release or discharge of any security interest created by this or of any Liability arising under this may be given by the Noteholders in accordance with the provisions of this Mortgage and shall not release or discharge the Company from any Liability owed to the Noteholders for the same or any other monies which may exist independently of this Mortgage or the Notes.  Where such receipt, release or discharge relates to only part of the Secured Obligations such receipt, release or discharge shall not prejudice or affect any other part of the Secured Obligations nor any of the rights and remedies of the Noteholders under this Mortgage or under the Notes nor any of the obligations of the Company under this Mortgage or the Notes.

2.4 Upon the unconditional and irrevocable payment or discharge of all Secured Obligations, the security interests created by this Mortgage shall automatically be released and the obligations of the Company shall automatically be discharged.  Such release shall not prejudice the rights of the Noteholders under Clause 13.

2.5 Any release, discharge or settlement between the Company and the Noteholders shall be conditional upon no security, disposition or payment to the Noteholders being void, set aside or ordered to be refunded pursuant to any enactment or law relating to liquidation or insolvency or for any other reason whatsoever and if such condition is not fulfilled the Noteholders shall be entitled to enforce this Mortgage as if such release, discharge or settlement had not occurred and any such payment not been made, provided that any release, discharge or settlement between the Company and the Noteholders shall become unconditional six months and a day after the date of any such release, discharge or settlement.

3 Covenants by the Company

The Company covenants that, for so long as any Secured Obligations remain outstanding:

3.1 it shall promptly pay (and shall indemnify the Noteholders on demand) against all calls, instalments and other payments which may be made or become due in respect of the Mortgaged Shares and, in the event of default by the Company, the Noteholders may do so on behalf of the Company;

3.2 it shall not, except with the prior written consent of the Noteholders:

(a) create, or agree or attempt to create, or permit to subsist over all or part of the Mortgaged Shares (or any interest therein) any Security Interest (except as may be created under this Mortgage or a lien arising by operation of law in the ordinary course of the Company's business) or any trust over any the Mortgaged Shares whether ranking prior to, pari passu with or behind the security contained in this Mortgage;

(b) sell, assign, lease, license or sub-license, grant any interest in the Mortgaged Shares or any interest therein or attempt or agree to surrender or so dispose (other than in accordance with this Mortgage);

(c) permit any person other than the Nominee to be registered as, or become the holder of, the Mortgaged Shares;

(d) vote in favour of a resolution to amend, modify or change the memorandum and articles of association of the Cayman Subsidiaries in any material way such that the Mortgaged Shares are consolidated, sub-divided or converted or any rights attached to them being varied; or

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(e) exercise any voting or other rights in a way which may prejudice the value of its the Mortgaged Shares or otherwise jeopardise the security constituted by this Mortgage over them.

3.3 it shall procure that the Register of Members of each Cayman Subsidiary is located and maintained at the registered office of such Cayman Subsidiary in the Cayman Islands.

3.4 at any time after the occurrence of an Event of Default it shall exercise all voting and other rights and powers which may at any time be exercisable by the holder of the Mortgaged Shares as the Noteholders may direct;

3.5 it shall not take or accept any Security Interest from the Cayman Subsidiaries or, in relation to the Secured Obligations, from any third party, without first obtaining all the Noteholders written consent;

3.6 unless directed in writing to do so by the Noteholders it shall not prove in a liquidation or winding up of the Cayman Subsidiaries until all the Secured Obligations are paid in full and if directed to prove by the Noteholders (or if the Company otherwise receives any payment or other benefit in breach of this Clause 3.6 or Clause 3.7) the Company shall hold all monies received by it on trust for the Noteholders to satisfy the Secured Obligations;

3.7 until all of the Secured Obligations have been paid in full or otherwise discharged, it shall not claim payment whether directly or by set-off, lien, counterclaim or otherwise of any amount which may be or has become due to the Company by the Cayman Subsidiaries; and

3.8 the aggregate Net Asset Value of the Mortgaged Shares is not less than the outstanding amount of principal and interest due and payable on the Notes and in the event that the aggregate Net Asset Value is less than such amount, the Company shall provide additional security by procuring that the Cayman Subsidiaries issue further shares to the Company at such time,

in each case described in this Clause 3, other than as contemplated and/or expressly permitted by the Notes or the Private Placement Memorandum.

4 Representations and Warranties

The Company represents and warrants to the Noteholders and undertakes that:

4.1 the Company is the absolute sole legal and beneficial owner of all of the Mortgaged Shares free of all Security Interests, encumbrances, trusts, equities and claims whatsoever (save those under this Mortgage) and that all of the Mortgaged Shares are fully paid up;

4.2 the Mortgaged Shares represent the required proportion of the shares issued by each Cayman Subsidiary to satisfy the provisions of Clause 3.8 above;

4.3 the Register of Members of each Cayman Subsidiary is located and maintained at the registered office of such Cayman Subsidiary in the Cayman Islands;

4.4 it is duly incorporated and in good standing under the laws of the jurisdiction in which it is incorporated and has and will at all times have the necessary power to enter into and perform its obligations under this Mortgage and has duly authorised the execution and delivery of this Mortgage and the performance of its obligations hereunder;

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4.5 this Mortgage constitutes its legal, valid, binding and enforceable obligation and is a first priority security interest over the Mortgaged Shares effective in accordance with its terms;

4.6 the execution, delivery, observance and performance by the Company of this Mortgage will not require the Company to obtain any licences, consents or approvals and will not result in any violation to the best of the Company's knowledge, of any law, statute, ordinance, rule or regulation applicable to it;

4.7 it has obtained all the necessary authorisations and consents to enable it to enter into this Mortgage and the necessary authorisations and consents will remain in full force and effect at all times during the subsistence of the security constituted by this Mortgage; and

4.8 the execution, delivery, observance and performance by the Company of the Mortgage will not constitute an event of default or trigger any enforcement under any Security Interest in the Company's assets nor will it result in the creation of any Security Interest over or in respect of the present or future assets of the Cayman Subsidiaries.

5 Power of Attorney

5.1 The Company, by way of security for the payment of the Secured Obligations and the performance of its obligations under this Mortgage and the Notes, hereby irrevocably appoints any Receiver separately to be its attorney (with full power to appoint substitutes and to delegate) with power in its name and on its behalf, and as its act and deed or otherwise at any time and from time to time, to:

(a) sign, seal, execute, deliver and complete all transfers, renunciations, proxies, mandates, assignments, deeds and documents and do all acts and things which the Noteholders consider to be necessary or advisable to perfect or improve the security over the Mortgaged Shares; or

(b) give proper effect to the intent and purposes of this Mortgage;

(c) give any instruction under the rules and practices of any relevant system;

(d) enable or assist in any way in the exercise of any right or the enforcement thereof including any power of sale of the Mortgaged Shares (whether arising under this Mortgage or implied by statute or otherwise); and

(e) perform any other act of any description,

which may be required of the Company under this Mortgage or may be deemed by such attorney necessary or desirable for any purpose of this Mortgage or to constitute, enhance or perfect the security intended to be constituted by it or to convey or transfer legal ownership of any Mortgaged Shares, provided that unless and until the occurrence of an Event of Default, a Receiver may not do anything pursuant to this appointment.

5.2 The Company ratifies and confirms whatever any attorney does or purports to do pursuant to its appointment under this Clause.

5.3 All sums expended by any Receiver under this Clause shall be recoverable from the Company in accordance with the terms of this Mortgage.

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6 Enforcement

6.1 Unless and until the occurrence of an Event of Default:

(a) the Company shall be entitled to exercise all voting rights attaching to the Mortgaged Shares or any thereof for all purposes not inconsistent with the purposes of this Mortgage, any of the Secured Obligations, the Private Placement Memorandum and of the Notes; and

(b) the Company shall be entitled to receive and retain any and all dividends paid in respect of the Mortgaged Shares or any thereof.

6.2 The Company shall forthwith following the occurrence of an Event of Default sign, seal, deliver and complete all transfers, renunciations, proxies, mandates, assignments, deeds and documents and do all acts and things which the Noteholders may, in their absolute discretion (acting as a whole), at any time and from time to time specify for enabling or assisting the Noteholders:

(a) to perfect or improve title to and security over the Mortgaged Shares;

(b) to vest the Mortgaged Shares in the name of the Nominee;

(c) to procure that the Nominee is registered in the Register of Members of the Cayman Subsidiaries in respect of the Mortgaged Shares;

(d) to exercise (or enable the Nominee to exercise) any rights or powers attaching to the Mortgaged Shares;

(e) to sell or dispose of the Mortgaged Shares; and/or

(f) otherwise to enforce any of the rights of the Noteholders under or in connection with this Mortgage.

7 Nominee's Rights as to Shares

At any time after the occurrence of an Event of Default, the Nominee shall, without prejudice to any other right or remedy available hereunder or under applicable law, forthwith become entitled:

7.1 solely and exclusively to exercise all voting rights attaching to the Mortgaged Shares or any thereof and shall exercise such rights in such manner as the Nominee in its absolute discretion determine; and/or

7.2 solely and exclusively to exercise all other rights and/or powers and/or discretions of the Company in, to and under the Mortgaged Shares pursuant to the memorandum and articles of association of the Cayman Subsidiaries; and/or

7.3 to receive and retain all dividends and other distributions made on or in respect of the Mortgaged Shares or any thereof and any such dividends and other distributions received by the Company after such time shall be held in trust by the Company for the Noteholders and be paid or transferred to the Nominee or, if so directed by the Noteholders, to be applied towards the discharge of the Secured Obligations subject to and in accordance with the repayment provisions of the Notes; and/or

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7.4 without notice to, or further consent or concurrence by, the Company to sell the Mortgaged Shares or any part thereof by such method, at such place and upon such terms as the Nominee, or the Noteholders, may determine, with power to postpone any such sale and in any such case the Nominee, or Noteholders, may exercise any and all rights attaching to the Mortgaged Shares

7.5 \as the Nominee, or the Noteholders, in their discretion may determine and without being answerable for any loss occasioned by such sale or resulting from postponement thereof or the exercise of such rights; and/or

7.6 to take all steps to register the Mortgaged Shares in the name of the Nominee and to assume control as registered owner of the Mortgaged Shares.

8 Receiver

8.1 At any time after the occurrence of an Event of Default, the Noteholders may by writing without notice to the Company appoint one or more person or persons as the Noteholders thinks fit to be a receiver (the "Receiver") in relation to the Mortgaged Shares. Where the Noteholders appoint two or more persons as Receiver, the Receivers may act jointly or independently.

8.2 The Noteholders may remove any Receiver it appoints, and appoint another person or other persons as Receiver or Receivers, either in the place of a Receiver it has removed, or who has otherwise ceased to act, or to act jointly with a Receiver or Receivers.

8.3 If at any time any two or more persons hold office as Receivers of the same assets or income, such Receivers may act jointly and/or severally so that each one of such Receivers shall be entitled (unless the contrary is stated in any instrument(s) appointing them) to exercise all the powers and discretions hereby conferred on Receivers individually and to the exclusion of the other or others of them.

8.4 Every such appointment or removal, and every delegation, appointment or removal by the Noteholders in the exercise of any right to delegate its powers or to remove delegates, may be made in writing by the Noteholders.

8.5 Every Receiver shall have all the powers of the Noteholders in this Mortgage and, without prejudice to the foregoing, shall have the following powers:

(a) power to take possession of, collect and get in any of the Mortgaged Shares and, for that purpose, to take such proceedings as may seem to him to be expedient;

(b) without notice to, or further consent or concurrence by, any Company to sell or otherwise dispose of any of the Mortgaged Shares by such method, at such place and upon such terms as a Receiver may in its absolute discretion determine, with power to postpone any such sale and in any such case a Receiver may exercise any and all rights attaching to the Mortgaged Shares as the Receiver in its absolute discretion may determine and without being answerable for any loss occasioned by such sale or resulting from postponement thereof or the exercise of such rights;

(c) power to raise or borrow money and grant security over any of the Mortgaged Shares;

(d) power to appoint attorneys or accountants or other professionally qualified persons to assist him in the performance of his functions;

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(e) power to bring or defend any action or other legal proceedings in the name of and on behalf of the Company in respect of the Mortgaged Shares;

(f) power to do all acts and execute in the name and on behalf of the Company any document or deed in respect of the Mortgaged Shares;

(g) power to make any payment which is necessary or incidental to the performance of his functions;

(h) power to make any arrangement or compromise on behalf of the Company in respect of the Mortgaged Shares;

(i) power to rank and claim in the insolvency or liquidation of a Cayman Subsidiary and to receive dividends and to accede to trust deeds for the creditors of such Cayman Subsidiary;

(j) power to present or defend a petition for the winding up of a Cayman Subsidiary; and

(k) power to do all other things incidental to the exercise of the foregoing powers.

8.6 The Receiver shall be the agent of the Company and the Company shall be jointly responsible for his acts and defaults and jointly liable on any contracts made, entered into or adopted by the Receiver.  The Noteholders shall not be liable for the Receiver's acts, omissions, negligence or default, nor be liable on contracts entered into or adopted by the Receiver.

8.7 In making any sale or other disposal of any of the Mortgaged Shares in the exercise of their respective powers, the Receiver or Noteholders may accept by way of consideration for such sale or other disposal, cash, shares, loan capital or other obligations including, without limitation, consideration fluctuating according to or dependent upon a profit or turnover and consideration the amount of which is to be determined by a third party.  Any such consideration may be receivable in a lump sum or by instalments.

8.8 Every Receiver shall be entitled to remuneration for his services at a rate to be fixed by agreement between him and the Noteholders (as a whole) commensurate with the work and responsibilities involved upon the basis of charging from time to time adopted in accordance with the current practice of such Receiver or his firm.

8.9 To the fullest extent permissible under law, the Noteholders may exercise any right or power that the Receiver may exercise in relation to the enforcement of this Mortgage.

9 Application of Monies by the Noteholders or a Receiver

9.1 The Receiver shall apply the monies received by it as a result of the enforcement of the security:

(a) firstly, in payment or satisfaction of the expenses related to enforcement of this security (including without limitation the fees and expenses of the Receiver);

(b) secondly, in meeting claims of the Noteholders, on a pro rata and pari passu basis, in respect of the Secured Obligations; and

(c) thirdly, in payment of the balance (if any) to the Company or persons entitled to it.

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9.2 No Noteholder shall not be liable for any loss or damage occasioned by:

(a) any sale or disposal of the Mortgaged Shares or an interest in the Mortgaged Shares; or

(b) arising out of the exercise, or failure to exercise, any of its powers under this Mortgage; or

(c) any neglect or default to pay any instalment or accept any offer or notify the Company of any such neglect or default; or

(d) any other loss of whatever nature in connection with the Mortgaged Shares.

9.3 Without prejudice to Clause 10.1, a Noteholder may, at any time after demand and until the irrevocable and unconditional payment to such Noteholders of all Secured Obligations, place and keep to the credit of a suspense account any money received or realised by such individual Noteholder by virtue of this Mortgage.  No Noteholder shall have an intermediate obligation to apply such money in or towards the discharge of any Secured Obligations.

10 Protection of the Receiver

10.1 A Receiver shall not be liable in respect of any Liability which arises out of the exercise or the attempted or purported exercise of, or the failure to exercise, any of their respective powers under or by virtue of this Mortgage, except if and insofar as such Liability results from its or his own Gross Negligence, actual fraud or wilful default.

10.2 Without prejudice to the generality of Clause 10.1, neither the Noteholders nor any Receiver shall be liable to account as mortgagee in possession or otherwise for any sum not actually received by it or him respectively.

11 Payment to Holder Good Discharge

11.1 Each Noteholder is entitled to receive payment of all the amounts due in respect of its Notes and of all other sums referable to such Notes in accordance with the terms thereof to the exclusion of any other person and payment in full by the Company to such Noteholder shall discharge the Company from all obligations in respect of such Notes.

12 Protection of Purchasers

12.1 No purchaser from, or other person dealing with, the Noteholders or a Receiver shall be concerned to enquire whether any of the powers which the Noteholders  exercised or purported to exercise, or whether this Mortgage has become enforceable, or whether any Receiver has been validly appointed, or whether any event or cause has happened to authorise a Receiver to act or as to the propriety or validity of the exercise or purported exercise of any such power, and the title of such a purchaser and the position of such a person shall not be impeachable by reference to any of those matters.

13 Continuing Security and Non-Merger

13.1 The security constituted by this Mortgage shall be continuing and shall not be considered as satisfied or discharged by any intermediate payment or settlement of the whole or any part of the Secured Obligations or any other matter or thing whatsoever and shall be binding until all the Secured Obligations have been unconditionally and irrevocably paid and discharged in full.

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13.2 This Mortgage is in addition to and shall not merge with or otherwise prejudice or affect any banker's lien, right to combine and consolidate accounts, right of set-off or any other contractual or other right or remedy or any guarantee, lien, pledge, bill, note, charge or other security now or hereafter held by or available to the Noteholders.

14 Ruling Off Account

14.1 On receiving notice that the Company has created a Security Interest over or otherwise encumbered or disposed of any of the Mortgaged Shares, a Noteholder may rule off all its accounts and open new accounts with the Company.

14.2 If a Noteholder does not open a new account immediately on receipt of such notice, it shall nevertheless be treated as if it had done so on that day. From that day, all payments made by the Company to a Noteholder shall be treated as having been credited to a new account and shall not operate to reduce the amount owing from the Company to such Noteholder at the time when it received such notice.

15 Currency

15.1 For the purpose of, or pending the discharge of, any of the Secured Obligations the Noteholders may, in their sole discretion, convert any moneys received, recovered or realised in any currency under this Mortgage (including the proceeds of any previous conversion under this Clause) from their existing currency of denomination into any other currency at such rate or rates of exchange and at such time as such Noteholder thinks fit.

15.2 No payment to the Noteholders (whether under any judgment or court order or otherwise) shall discharge the Secured Obligations in respect of which it was made unless and until the Noteholders shall have received payment in full in the currency in which such Secured Obligations were incurred and, to the extent that the amount of any such payment shall on actual conversion into such currency fall short of such Secured Obligations expressed in that currency, the Noteholders shall have a further separate cause of action against the Company and shall be entitled to enforce this Mortgage to recover the amount of the shortfall.

16 Costs

The Company shall on demand pay to the Noteholders the amount of all reasonable costs and expenses and other liabilities (including stamp duty, and reasonable legal and out of pocket expenses) which the Noteholders incur in connection with:

(a) the preservation or exercise (or attempted preservation or exercise) of any rights under or in connection with and the enforcement (or attempted enforcement) of this Mortgage; or

(b) dealing with or obtaining advice about any matter or question arising out of or in connection with enforcing a Noteholder's exercise of its rights under this Mortgage.

17 Variation and Amendment

This Mortgage shall remain in full force and effect notwithstanding any amendments or variations from time to time of the Notes and no variation of this Mortgage shall be valid unless it is in writing and signed by or on behalf of the Company and consented to in writing by the Noteholders.

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18 Currency Indemnity

If, for any reason, any amount payable to the Noteholders by the Company under this Mortgage is paid or recovered in a currency other than that in which it is required to be paid (the "contractual currency"), then, to the extent that the payment to the Noteholders (when converted into the contractual currency at its then applicable rate of exchange) falls short of the amount payable in the contractual currency, the Company shall, as a separate and independent obligation, fully indemnify the Noteholders on demand against the amount of the shortfall.

19 Forbearance, severability and consents

19.1 All rights, powers and privileges under this Mortgage shall continue in full force and effect, regardless of the Noteholders exercising, delaying in exercising or omitting to exercise any of them.

19.2 No provision of this Mortgage shall be avoided or invalidated by reason only of one or more other provisions being invalid or unenforceable.

19.3 Save as otherwise expressly specified in this Mortgage, any consent of the Noteholders may be given absolutely or on any terms and subject to any conditions as the Noteholders may determine in its entire discretion.

20 Entire Agreement

This Mortgage and the Notes constitutes the entire agreement and understanding of the parties and supersedes any previous agreement between the parties relating to the subject matter of this Mortgage.

21 Further Assurance

The Company shall promptly execute all documents and do all things that the Noteholders may reasonably specify for the purpose of:

(a) securing and perfecting its security over or title to all or any of the Mortgaged Shares; and/or

(b) enabling the Noteholders to vest all or part of the Mortgaged Shares in its name or in the names of its nominee(s), agent or any purchaser,

including the execution and delivery of all assignments, transfers, mortgages, charges, notices, instructions and such other documents as the Noteholders may in its discretion think fit.

22 Notices

22.1 Without prejudice to any other method of service of notices and communications provided by law, a demand or notice under this Mortgage shall be in writing signed by an officer or agent of the Noteholders or the Company, as the case may be, and may be served on the Company or the Noteholders, as the case may be, by hand, by post, or by facsimile transmission. Any such notice or communication shall be sent to the address or number of the relevant party as set out below:

Company:

TriLinc Global Impact Fund Cayman, Ltd.

PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands

Facsimile Number:  1 (440) 247-3709

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For the attention of:  Amy McCance

22.2 Any such notice or communication given by a Noteholder shall be deemed to have been received:

(a) if sent by facsimile transmission, at the time of transmission, or the following Business Day if transmitted after normal business hours;

(b) if delivered personally (including being sent by courier), at the time of delivery, or the following Business Day if delivered after normal business hours; and

(c) if posted, on the fifth Business Day following the day on which it was properly despatched by mail courier.

22.3 Any notice given to a Noteholder shall be deemed to have been given only on actual receipt by the Noteholder in accordance with, and in the manner specified in, the Notes.

23 Miscellaneous

23.1 All sums payable by the Company under this Mortgage shall be paid without any set off, counterclaim, withholding or deduction whatsoever unless required by law in which event the Company will simultaneously with making the relevant payment under this Mortgage pay to the relevant Noteholders such additional amount as will result in the receipt by such Noteholder of the full amount which would otherwise have been receivable and will supply such Noteholder promptly with evidence satisfactory to such Noteholder that the Company has accounted to the relevant authority for the sum withheld or deducted.

23.2 A certificate signed (or, where reliance is being placed on it by any third party, appearing to be signed) by an officer of a Noteholder as to the Secured Obligations for the time being due or owing from the Company to such Noteholder shall be treated, in favour such Noteholder or any person to whom such certificate is issued, as conclusive evidence for all purposes against the Company and binding on it (save in the case of manifest error) and such certificate may be relied upon by such Noteholder and any other such person in all circumstances without further enquiry.

23.3 No delay or omission on the part of the Noteholders in exercising any right or remedy under this Mortgage shall impair that right or remedy or operate as or be taken to be a waiver of it nor shall any single, partial or defective exercise of any such right or remedy preclude any other or further exercise under this Mortgage of that or any other right or remedy.

23.4 The Noteholders' rights powers and remedies under this Mortgage are cumulative and are not, nor are they to be construed as, exclusive of any rights, powers or remedies provided by law or otherwise and may be exercised from time to time and as often as Noteholders deem expedient.

23.5 Any waiver by the Noteholders of any terms of this Mortgage or any consent or approval given by the Noteholders under it shall be effective only if given in writing and then only for the purpose and upon the terms and conditions (if any) on which it is given.

23.6 If at any time any one or more of the provisions of this Mortgage is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction neither the legality, validity or enforceability of the remaining provisions of this Mortgage nor the legality, validity or enforceability of such provision under the law of any other jurisdiction shall be in any way affected or impaired as a result.

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23.7 Any statement, certificate or determination of the Noteholders as to the Secured Obligations or (without limitation) any other matter provided for in this Mortgage shall, in the absence of manifest error, be conclusive and binding on the Company.

23.8 Waiver of Defences: The Company shall be deemed to be a principal debtor and the sole, original and independent obligor for the Secured Obligations and the Security Interest created by this Mortgage shall be deemed to be a principal security for the Secured Obligations.  The Liability of the Company under this Mortgage shall not be discharged, impaired or otherwise affected by any circumstance, act, omission, matter or thing which but for this provision might operate to reduce, release, prejudice or otherwise exonerate the Company from its obligations under the Notes in whole or in part, including without limitation and whether or not known to the Company, the Noteholders or any other person any variation (however fundamental and whether or not involving any increase in the Liability of the Company) or replacement of any Notes or any other document or security so that the Company's obligations under this Mortgage remain in full force and effect and that this Mortgage shall be construed accordingly as if there were no such circumstance, act, omission, matter or thing.

23.9 This Mortgage shall take effect as a deed poll for the benefit of the Noteholders from time to time.

24 Law and Jurisdiction

24.1 This Mortgage is governed by, and shall be construed in accordance with, the laws of the Cayman Islands.

24.2 The Company irrevocably agrees for the exclusive benefit of the Noteholders that the courts of the Cayman Islands shall have jurisdiction to hear and determine any suit, action or proceeding and to settle any dispute which may arise out of or in connection with this Mortgage and for such purposes irrevocably submits to the jurisdiction of such courts.

25 Third Party Rights

25.1 Each Receiver, the Nominee and the Noteholders have the right under the Contracts (Rights of Third Parties) Law, 2014, as amended, modified, re-enacted or replaced (the "Third Party Rights Law"), to enforce, in its own right, its rights pursuant to Clauses 5, 8, 9 and 10 of this Mortgage subject to and in accordance with the provisions of the Third Party Rights Law.

25.2 Notwithstanding any other term of this Mortgage save for Clause 17, the consent of any person who is not a party to this Mortgage (including, without limitation, any Receiver) is not required for any amendment to, or variation, release, rescission or termination of this Mortgage.

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This Mortgage has been executed as a deed poll by the Company and is intended to be and is hereby delivered on the date first before written.

The Company

EXECUTED as a deed poll by)

TriLinc Global Impact Fund Cayman, Ltd.)

acting by:)

in the presence of:)

Witness Name:        )

Witness Signature: )

Witness Address:     )

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Schedule 1

Amount or number of Mortgaged Shares	Description of Shares	Certificate Number
5	Ordinary shares of US$1.00 par value in TriLinc Global Impact Fund – Africa, Ltd., a Cayman Islands exempted company of PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.	003
5	Ordinary shares of US$1.00 par value in TriLinc Global Impact Fund – African Trade Finance II, Ltd., a Cayman Islands exempted company of PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.	003
5	Ordinary shares of US$1.00 par value in TriLinc Global Impact Fund - African Trade Finance, Ltd., a Cayman Islands exempted company of PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.	003
5	Ordinary shares of US$1.00 par value in TriLinc Global Impact Fund - Asia, Ltd., a Cayman Islands exempted company of PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.	003

17

5	Ordinary shares of US$1.00 par value in TriLinc Global Impact Fund – Latin America II, Ltd., a Cayman Islands exempted company of PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.	003
5	Ordinary shares of US$1.00 par value in TriLinc Global Impact Fund – Latin America III, Ltd., a Cayman Islands exempted company of PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.	003
5	Ordinary shares of US$1.00 par value in TriLinc Global Impact Fund - Latin America, Ltd., a Cayman Islands exempted company of PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.	003
5	Ordinary shares of US$1.00 par value in TriLinc Global Impact Fund - Trade Finance, Ltd., a Cayman Islands exempted company of PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.	003
5	Ordinary shares of US$1.00 par value in TriLinc Global Impact Fund – Asia II, Ltd., a Cayman Islands exempted company of PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.	003

18

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: August 11, 2017

/s/ Gloria S. Nelund 

Gloria S. Nelund

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

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

I, Brent L. VanNorman, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: August 11, 2017

/s/ Brent L. VanNorman

Brent L. VanNorman

Chief Financial Officer

(Principal Financial Officer and Principal Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Certification of Principal Executive Officer

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

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

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

Dated: August 11, 2017	By	/s/ Gloria S. Nelund
		Gloria S. Nelund
		Chief Executive Officer (Principal Executive Officer)

Certification of Principal Financial Officer

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

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

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

Dated: August 11, 2017	By	/s/ Brent L. VanNorman
		Brent L. VanNorman
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

XML

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 09, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Trading Symbol	trilinc
Entity Registrant Name	TriLinc Global Impact Fund LLC
Entity Central Index Key	0001550453
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Class A Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,224,601
Class C Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,277,952
Class I Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,963,398
Class W Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Class Y Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		145,785

XML

Consolidated Statements of Assets and Liabilities - USD ($)	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Investments owned, at fair value (amortized cost of $234,127,394 and $203,854,890, respectively)	$ 234,068,317	$ 203,795,813
Cash	67,589,384	44,790,312
Interest receivable	9,485,788	6,866,432
Due from affiliates (see Note 5)	3,869,516	3,175,656
Prepaid expenses	230,433	50,122
Total assets	315,243,438	258,678,335
LIABILITIES
Due to unitholders	1,150,247	934,805
Management fee payable	1,542,545	1,166,147
Notes payable	1,860,000	1,635,000
Unit repurchases payable	1,419,443	2,158,255
Due to affiliates (see Note 5)		68,312
Accrued distribution fees	2,140,000	1,907,000
Other payables	164,911	52,901
Total liabilities	8,277,146	7,922,420
Commitments and Contingencies (see Note 5)
NET ASSETS	306,966,292	250,755,915
ANALYSIS OF NET ASSETS:
Offering costs	(17,012,540)	(14,543,691)
Class A Units [Member]
LIABILITIES
NET ASSETS	154,584,325	131,351,882
ANALYSIS OF NET ASSETS:
Net capital paid	163,092,311	138,912,711
Class C Units [Member]
LIABILITIES
Accrued distribution fees	2,140,000
NET ASSETS	68,038,466	56,156,722
ANALYSIS OF NET ASSETS:
Net capital paid	71,900,936	59,498,965
Class I Units [Member]
LIABILITIES
NET ASSETS	84,343,501	63,247,311
ANALYSIS OF NET ASSETS:
Net capital paid	$ 88,985,585	$ 66,887,930

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2016
Investments owned, amortized cost	$ 234,127,394		$ 203,854,890
Net assets, per unit	$ 8.507		$ 8.469
Net assets, units outstanding	36,336,584		29,607,381	22,716,074
Class A Units [Member]
Net assets, per unit	$ 8.507	$ 8.529		$ 8.532
Net assets, units outstanding	18,171,957		15,391,991
Class C Units [Member]
Net assets, per unit	$ 8.507	8.267		8.532
Net assets, units outstanding	8,249,737		6,803,985
Class I Units [Member]
Net assets, per unit	$ 8.507	$ 8.529		$ 8.532
Net assets, units outstanding	9,914,890		7,411,405

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
INVESTMENT INCOME
Interest income	$ 6,789,264	$ 4,716,749	$ 13,379,427	$ 7,966,334
Interest from cash	161,897	63,980	249,819	156,249
Total investment income	6,951,161	4,780,729	13,629,246	8,122,583
EXPENSES
Management fees	1,542,544	973,916	3,063,518	1,790,242
Incentive fees	868,510	745,727	1,828,858	1,396,075
Professional fees	304,022	252,664	669,201	541,695
General and administrative expenses	407,026	236,239	707,323	438,115
Board of managers fees	54,375	46,875	108,750	93,750
Total expenses	3,176,477	2,255,421	6,377,650	4,259,877
Expense support payment from Sponsor	(1,633,933)	(1,203,324)	(2,958,762)	(3,117,668)
Net expenses	1,542,544	1,052,097	3,418,888	1,142,209
NET INVESTMENT INCOME	5,408,617	3,728,632	10,210,358	6,980,374
Net change in unrealized depreciation on investments				(59,077)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 5,408,617	$ 3,728,632	$ 10,210,358	$ 6,921,297
NET INVESTMENT INCOME PER UNITS - BASIC AND DILUTED	$ 0.15	$ 0.18	$ 0.302	$ 0.361
EARNINGS PER UNITS - BASIC AND DILUTED	$ 0.15	$ 0.18	$ 0.30	$ 0.36
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED	36,086,638	20,811,419	33,767,809	19,314,130

XML

Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
INCREASE FROM OPERATIONS
Net investment income	$ 10,210,358	$ 6,980,374
Net change in unrealized depreciation on investments		(59,077)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	10,210,358	6,921,297
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(12,006,986)	(6,913,460)
INCREASE FROM CAPITAL TRANSACTIONS
Repurchase of units	(4,544,610)	(4,727,281)
Offering costs	(2,468,849)	(3,381,050)
Net increase from capital transactions	58,007,005	53,849,704
NET INCREASE IN NET ASSETS	56,210,377	53,857,541
Net assets at beginning of period	250,755,915	138,620,607
Net assets at end of period	306,966,292	192,478,148
Class A Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(6,109,551)	(3,910,642)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units	26,155,635	26,055,990
Net assets at beginning of period	131,351,882
Net assets at end of period	154,584,325
Class C Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(2,740,236)	(883,308)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units	13,164,597	28,942,746
Distribution fee	(233,000)	(1,331,000)
Net assets at beginning of period	56,156,722
Net assets at end of period	68,038,466
Class I Units [Member]
DECREASE FROM DISTRIBUTIONS
Distributions to unitholders	(3,157,199)	(2,119,510)
INCREASE FROM CAPITAL TRANSACTIONS
Issuance of capital units	25,933,232	$ 8,290,299
Net assets at beginning of period	63,247,311
Net assets at end of period	$ 84,343,501

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$ 10,210,358	$ 6,921,297
ADJUSTMENT TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES
Purchase of investments	(137,762,722)	(117,467,057)
Maturity of investments	108,085,308	56,522,061
Net change in unrealized depreciation on investments		59,077
Accretion of discounts on investments	(595,090)	(18,468)
Increase in interest receivable	(2,619,356)	(1,626,463)
Increase in due from affiliates	(693,860)	(856,844)
(Increase) decrease in prepaid expenses	(180,311)	14,572
Increase in due to unitholders	215,442	161,579
Increase in management and incentive fees payable	376,398	838,052
Increase in other payable	112,010	15,313
NET CASH USED IN OPERATING ACTIVITIES	(22,851,823)	(55,436,881)
Cash flows from financing activities
Net proceeds from issuance of units	59,871,057	60,335,497
Distributions paid to unitholders	(6,624,579)	(3,959,922)
Payments of offering costs	(2,537,161)	(3,250,804)
Repurchase of units	(5,283,422)	(4,611,631)
Proceeds from issuance of notes payable	225,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	45,650,895	48,513,140
TOTAL INCREASE (DECREASE) IN CASH	22,799,072	(6,923,741)
Cash at beginning of period	44,790,312	33,246,769
Cash at end of period	67,589,384	26,323,028
Supplemental non-cash information
Issuance of units in connection with distribution reinvestment plan	5,382,406	2,953,538
Class C Units [Member]
Supplemental non-cash information
Change in accrual of distribution fee	$ 233,000	$ 1,331,000

XML

Consolidated Schedule of Investments - USD ($)		6 Months Ended		12 Months Ended
		Jun. 30, 2017		Dec. 31, 2016
Amortized Cost		$ 234,127,394		$ 203,854,890
Fair Value		234,068,317		203,795,813
Programming and Data Processing [Member]
Fair Value		14,960,130		10,236,013
Primary Nonferrous Metals [Member]
Fair Value		2,372,296		3,000,000
Bulk Fuel Stations and Terminals [Member]
Fair Value		15,977,207		15,437,474
Agricultural Products [Member]
Fair Value		20,351,296		22,851,296
Water Transportation [Member]
Fair Value		13,689,703		13,360,620
Hotels and Motels [Member]
Fair Value		17,000,000		17,000,000
Consumer Products [Member]
Fair Value		11,140,000		9,900,000
Rental of Railroad Cars [Member]
Fair Value		4,136,861		4,411,650
Street Construction [Member]
Fair Value		13,576,177		14,927,195
Chemicals and Allied Products [Member]
Fair Value		15,000,000
Metals & Mining [Member]
Fair Value		6,566,481		2,234,145
Meat, Poultry & Fish [Member]
Fair Value		9,214,091		9,675,717
Land Subdividers and Developers [Member]
Fair Value		14,866,072
Fats and Oils [Member]
Fair Value		12,000,000		6,000,000
Farm Products [Member]
Fair Value		2,623,653		3,142,480
Fresh or Frozen Packaged Fish [Member]
Fair Value		6,912,400		5,037,134
Electric Services [Member]
Fair Value		11,964,946		19,500,000
Soap, Detergents, and Cleaning [Member]
Fair Value		1,662,935		2,000,000
Lumber and Other Construction Materials [Member]
Fair Value		4,469,131		11,483
Packaged Foods & Meats [Member]
Fair Value		500,000		500,000
Communications Equipment [Member]
Fair Value		340,991		6,111,941
Groceries and Related Products [Member]
Fair Value		4,576,824		11,195,862
Food Products [Member]
Fair Value		1,397,094		740,690
Secondary Nonferrous Metals [Member]
Fair Value		7,349,626		7,649,945
Commercial Fishing [Member]
Fair Value		5,090,929		1,058,273
Coal and Other Minerals and Ores [Member]
Fair Value		5,089,930		6,574,351
Fertilizer & Agricultural Chemicals [Member]
Fair Value		5,078,526		5,078,526
Primary Metal Industries [Member]
Fair Value		6,000,000		6,000,000
Miscellaneous Plastics Products [Member]
Fair Value		$ 161,018		$ 161,018
Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Maturity		May 15, 2017		May 15, 2017
South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Amortized Cost		$ 152,923		$ 152,923
Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member]
Maturity				Oct. 27, 2016
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Maturity		Oct. 25, 2015		Oct. 25, 2015
Amortized Cost		$ 4,100,000		$ 4,100,000
Senior Secured Term Loan [Member]
Amortized Cost	[1]	48,309,633		28,673,487
Fair Value	[1]	$ 48,309,633		$ 28,673,487
% of Net Assets	[1]	15.70%		11.40%
Senior Secured Term Loan [Member] | Brazil [Member] | Other Investments [Member] | Programming and Data Processing [Member] | IT Service Provider [Member]
Interest	[1],[2]	13.50%		13.50%
Fees	[1],[2],[3]	2.00%		2.00%
Maturity	[1],[2],[4]	Oct. 31, 2019		Oct. 31, 2019
Principal Amount	[1],[2]	$ 15,000,000		$ 10,292,686
Amortized Cost	[1],[2]	14,960,130		10,236,013
Fair Value	[1],[2]	$ 14,960,130		$ 10,236,013
% of Net Assets	[1],[2]	4.80%		4.00%
Senior Secured Term Loan [Member] | Indonesia [Member] | Other Investments [Member] | Primary Nonferrous Metals [Member] | Tin Producer [Member]
Interest	[1],[5]	12.00%		12.00%
Fees	[1],[3],[5]	0.00%		0.00%
Maturity	[1],[4],[5]	Jun. 30, 2020		Jun. 30, 2020
Principal Amount	[1],[5]	$ 2,372,296		$ 3,000,000
Amortized Cost	[1],[5]	2,372,296		3,000,000
Fair Value	[1],[5]	$ 2,372,296		$ 3,000,000
% of Net Assets	[1],[5]	0.80%		1.20%
Senior Secured Term Loan [Member] | Malaysia [Member] | Other Investments [Member] | Chemicals and Allied Products [Member] | Wholesale Distributor [Member]
Interest	[1],[5]	12.00%
Fees	[1],[3],[5]	0.00%
Maturity	[1],[4],[5]	Jun. 30, 2020
Principal Amount	[1],[5]	$ 15,000,000
Amortized Cost	[1],[5]	15,000,000
Fair Value	[1],[5]	$ 15,000,000
% of Net Assets	[1],[5]	4.90%
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]	11.50%	[6]	11.50%	[7]
Fees	[1],[3]	0.00%	[6]	0.00%	[7]
Maturity	[1],[4]	Aug. 01, 2019	[6]	Aug. 01, 2019	[7]
Principal Amount	[1]	$ 15,000,000	[6]	$ 15,000,000	[7]
Participation %	[1],[7],[8]			30.00%
Amortized Cost	[1]	15,977,207	[6]	$ 15,437,474	[7]
Fair Value	[1]	$ 15,977,207	[6]	$ 15,437,474	[7]
% of Net Assets	[1]	5.20%	[6]	6.20%	[7]
Senior Secured Term Loan Participations [Member]
Amortized Cost	[1]	$ 78,255,380		$ 58,450,761
Fair Value	[1]	$ 78,255,380		$ 58,450,761
% of Net Assets	[1]	25.50%		23.30%
Senior Secured Term Loan Participations [Member] | Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Interest	[1],[9]	12.43%		12.43%
Fees	[1],[3],[9]	0.00%		0.00%
Maturity	[1],[4],[9]	Feb. 28, 2021		Feb. 28, 2021
Principal Amount	[1],[9]	$ 2,851,296		$ 2,851,296
Participation %	[1],[8],[9]	100.00%		100.00%
Amortized Cost	[1],[9]	$ 2,851,296		$ 2,851,296
Fair Value	[1],[9]	$ 2,851,296		$ 2,851,296
% of Net Assets	[1],[9]	0.90%		1.10%
Senior Secured Term Loan Participations [Member] | Cabo Verde [Member] | TRG Cape Verde Holdings Limited [Member] | Hotels and Motels [Member] | Hospitality Service Provider [Member]
Interest	[1],[5]	13.50%		13.50%
Fees	[1],[3],[5]	0.00%		0.00%
Maturity	[1],[4],[5]	Aug. 21, 2021		Aug. 21, 2021
Principal Amount	[1],[5]	$ 17,000,000		$ 17,000,000
Participation %	[1],[5],[8]	100.00%		100.00%
Amortized Cost	[1],[5]	$ 17,000,000		$ 17,000,000
Fair Value	[1],[5]	$ 17,000,000		$ 17,000,000
% of Net Assets	[1],[5]	5.50%		6.80%
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | Other Investments [Member] | Metals & Mining [Member] | Vessel Operator [Member]
Interest	[1],[6]	11.00%
Fees	[1],[3],[6]	0.00%
Principal Amount	[1],[6]	$ 5,332,336
Participation %	[1],[6],[8]	100.00%
Amortized Cost	[1],[6]	$ 5,332,336
Fair Value	[1],[6]	$ 5,332,336
% of Net Assets	[1],[6]	1.70%
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | PT Titan Mining Indonesia [Member] | Street Construction [Member] | Infrastructure and Logistics Provider [Member]
Interest	[1],[5]	18.00%		18.00%
Fees	[1],[3],[5]	0.00%		0.00%
Maturity	[1],[4],[5]	Nov. 22, 2019		Nov. 22, 2019
Principal Amount	[1],[5]	$ 13,636,500		$ 15,000,000
Participation %	[1],[5],[8]	100.00%		75.00%
Amortized Cost	[1],[5]	$ 13,576,177		$ 14,927,195
Fair Value	[1],[5]	$ 13,576,177		$ 14,927,195
% of Net Assets	[1],[5]	4.40%		6.00%
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | Minimum [Member] | Other Investments [Member] | Metals & Mining [Member] | Vessel Operator [Member]
Maturity	[1],[4],[6]	Mar. 05, 2018
Senior Secured Term Loan Participations [Member] | Indonesia [Member] | Maximum [Member] | Other Investments [Member] | Metals & Mining [Member] | Vessel Operator [Member]
Maturity	[1],[4],[6]	Jun. 08, 2020
Senior Secured Term Loan Participations [Member] | Nigeria [Member] | Helios Maritime I Ltd [Member] | Water Transportation [Member] | Marine Logistics Provider [Member]
Interest	[1],[10]	15.96%		15.80%
Fees	[1],[3],[10]	0.80%		0.80%
Maturity	[1],[4],[10]	Sep. 16, 2020		Sep. 16, 2020
Principal Amount	[1],[10]	$ 13,753,870		$ 13,434,786
Participation %	[1],[8],[10]	100.00%		100.00%
Amortized Cost	[1],[10]	$ 13,689,703		$ 13,360,620
Fair Value	[1],[10]	$ 13,689,703		$ 13,360,620
% of Net Assets	[1],[10]	4.50%		5.30%
Senior Secured Term Loan Participations [Member] | Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Fees	[1],[3]	0.00%	[11]	0.00%	[12]
Maturity	[1],[4],[11]	Jul. 28, 2021
Principal Amount	[1]	$ 5,140,000	[11]	$ 3,900,000	[12]
Participation %	[1],[8]	100.00%	[11]	100.00%	[12]
Amortized Cost	[1]	$ 5,140,000	[11]	$ 3,900,000	[12]
Fair Value	[1]	$ 5,140,000	[11]	$ 3,900,000	[12]
% of Net Assets	[1]	1.70%	[11]	1.60%	[12]
Senior Secured Term Loan Participations [Member] | Peru [Member] | Minimum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Interest	[1]	12.00%	[11]	11.50%	[12]
Maturity	[1],[4],[12]			Dec. 22, 2016
Senior Secured Term Loan Participations [Member] | Peru [Member] | Maximum [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member]
Interest	[1]	13.00%	[11]	13.50%	[12]
Maturity	[1],[4],[12]			Jul. 05, 2017
Senior Secured Term Loan Participations [Member] | South Africa [Member] | Other Investments [Member] | Rental of Railroad Cars [Member] | Railway Equipment Provider [Member]
Interest	[1],[5]	12.00%		12.00%
Fees	[1],[3],[5]	0.00%		0.00%
Maturity	[1],[4],[5]	Jan. 31, 2020		Jan. 31, 2020
Principal Amount	[1],[5]	$ 4,136,861		$ 4,411,650
Participation %	[1],[5],[8]	84.00%		98.00%
Amortized Cost	[1],[5]	$ 4,136,861		$ 4,411,650
Fair Value	[1],[5]	$ 4,136,861		$ 4,411,650
% of Net Assets	[1],[5]	1.30%		1.80%
Senior Secured Term Loan Participations [Member] | Namibia [Member] | Trustco Group Limited [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Interest	[1],[13]	12.50%
Fees	[1],[3],[13]	0.00%
Maturity	[1],[4],[13]	Aug. 15, 2021
Principal Amount	[1],[13]	$ 15,000,000
Participation %	[1],[8],[13]	100.00%
Amortized Cost	[1],[13]	$ 14,866,072
Fair Value	[1],[13]	$ 14,866,072
% of Net Assets	[1],[13]	4.80%
Senior Secured Term Loan Participations [Member] | Zambia [Member] | Other Investments [Member] | Soap, Detergents, and Cleaning [Member] | FMCG Manufacturer [Member]
Interest	[1],[5]	11.00%		11.00%
Fees	[1],[3],[5]	0.00%		0.00%
Maturity	[1],[4],[5]	Nov. 16, 2019		Nov. 16, 2019
Principal Amount	[1],[5]	$ 1,662,935		$ 2,000,000
Participation %	[1],[5],[8]	15.00%		16.00%
Amortized Cost	[1],[5]	$ 1,662,935		$ 2,000,000
Fair Value	[1],[5]	$ 1,662,935		$ 2,000,000
% of Net Assets	[1],[5]	0.50%		0.80%
Senior Secured Trade Finance Participations [Member]
Amortized Cost	[1]	$ 107,562,381		$ 116,730,642
Fair Value	[1]	$ 107,503,304		$ 116,671,565
% of Net Assets	[1]	35.00%		46.50%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member]
Interest	[1],[6]	17.50%		17.50%
Fees	[1],[3],[6]	0.00%		0.00%
Maturity	[1],[4],[6]	Sep. 28, 2017
Principal Amount	[1],[6]	$ 1,234,145		$ 2,234,145
Participation %	[1],[6],[8]	11.00%		22.00%
Amortized Cost	[1],[6]	$ 1,234,145		$ 2,234,145
Fair Value	[1],[6]	$ 1,234,145		$ 2,234,145
% of Net Assets	[1],[6]	0.40%		0.90%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Meat Processor [Member]
Interest	[1],[14]	14.50%	[15]	14.50%
Fees	[1],[3],[14]	0.00%	[15]	0.00%
Maturity	[1],[4],[14]	May 19, 2017	[15]	May 19, 2017
Principal Amount	[1],[14]	$ 214,091	[15]	$ 675,717
Participation %	[1],[8],[14]	14.00%	[15]	40.00%
Amortized Cost	[1],[14]	$ 214,091	[15]	$ 675,717
Fair Value	[1],[14]	$ 214,091	[15]	$ 675,717
% of Net Assets	[1],[14]	0.10%	[15]	0.30%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Fees	[1],[3],[14]	0.00%		0.00%
Principal Amount	[1],[14]	$ 340,991		$ 6,111,941
Participation %	[1],[8],[14]	2.00%		23.00%
Amortized Cost	[1],[14]	$ 340,991		$ 6,111,941
Fair Value	[1],[14]	$ 340,991		$ 6,111,941
% of Net Assets	[1],[14]	0.10%		2.40%
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Interest	[1]	12.00%	[16]	12.00%	[17]
Fees	[1],[3]	0.00%	[16]	0.00%	[17]
Maturity	[1],[4]	May 22, 2015	[16]	May 22, 2015	[17]
Principal Amount	[1]	$ 785,806	[16]	$ 799,767	[17]
Participation %	[1],[8]	13.00%	[16]	18.00%	[17]
Amortized Cost	[1]	$ 785,806	[16]	$ 799,767	[17]
Fair Value	[1]	$ 726,729	[16]	$ 740,690	[17]
% of Net Assets	[1]	0.20%	[16]	0.30%	[17]
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member]
Maturity	[1],[4],[6]			Jun. 15, 2016
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Minimum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Interest	[1],[14]	12.00%		12.00%
Maturity	[1],[4],[14]	Nov. 10, 2017		May 21, 2017
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Metals & Mining [Member] | Mine Remediation Company [Member]
Maturity	[1],[4],[6]			Aug. 15, 2016
Senior Secured Trade Finance Participations [Member] | South Africa [Member] | Maximum [Member] | Other Investments [Member] | Communications Equipment [Member] | Electronics Assembler [Member]
Interest	[1],[14]	13.00%		13.00%
Maturity	[1],[4],[14]	Nov. 20, 2017		Nov. 20, 2017
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Agricultural Products [Member] | Agriculture Distributor [Member]
Interest	[1],[18]	9.00%		9.00%
Fees	[1],[3],[18]	0.00%		0.00%
Maturity	[1],[4],[18]	Jul. 16, 2017		Jul. 16, 2017
Principal Amount	[1],[18]	$ 12,500,000		$ 10,000,000
Participation %	[1],[8],[18]	83.00%		67.00%
Amortized Cost	[1],[18]	$ 12,500,000		$ 10,000,000
Fair Value	[1],[18]	$ 12,500,000		$ 10,000,000
% of Net Assets	[1],[18]	4.10%		4.00%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member]
Interest	[1],[18]	10.67%	[19]	10.67%	[20]
Fees	[1],[3],[18]	0.00%	[19]	0.00%	[20]
Maturity	[1],[4],[18]	Jul. 29, 2017	[19]	Jul. 29, 2017	[20]
Principal Amount	[1],[18]	$ 6,000,000	[19]	$ 6,000,000	[20]
Participation %	[1],[8],[18]	17.00%	[19]	17.00%	[20]
Amortized Cost	[1],[18]	$ 6,000,000	[19]	$ 6,000,000	[20]
Fair Value	[1],[18]	$ 6,000,000	[19]	$ 6,000,000	[20]
% of Net Assets	[1],[18]	2.00%	[19]	2.40%	[20]
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Meat, Poultry & Fish [Member] | Beef Exporter [Member]
Interest	[1],[6]	11.50%		11.50%
Fees	[1],[3],[6]	0.00%		0.00%
Maturity	[1],[4],[6]	Nov. 29, 2017		Nov. 29, 2017
Principal Amount	[1],[6]	$ 9,000,000		$ 9,000,000
Participation %	[1],[6],[8]	32.00%		32.00%
Amortized Cost	[1],[6]	$ 9,000,000		$ 9,000,000
Fair Value	[1],[6]	$ 9,000,000		$ 9,000,000
% of Net Assets	[1],[6]	2.90%		3.60%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member]
Interest	[1],[6]			8.75%
Fees	[1],[3],[6]	0.00%		0.00%
Principal Amount	[1],[6]	$ 12,000,000		$ 6,000,000
Participation %	[1],[6],[8]	100.00%		100.00%
Amortized Cost	[1],[6]	$ 12,000,000		$ 6,000,000
Fair Value	[1],[6]	$ 12,000,000		$ 6,000,000
% of Net Assets	[1],[6]	3.90%		2.40%
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Minimum [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member]
Interest	[1],[6]	8.75%
Maturity	[1],[4],[6]	Aug. 31, 2017		Oct. 15, 2016
Senior Secured Trade Finance Participations [Member] | Argentina [Member] | Maximum [Member] | Other Investments [Member] | Fats and Oils [Member] | Oilseed Distributor [Member]
Interest	[1],[6]	9.00%
Maturity	[1],[4],[6]	Feb. 22, 2018		Dec. 15, 2016
Senior Secured Trade Finance Participations [Member] | Namibia [Member] | Other Investments [Member] | Packaged Foods & Meats [Member] | Consumer Goods Distributor [Member]
Interest	[1],[6]	12.00%		12.00%
Fees	[1],[3],[6]	0.00%		0.00%
Maturity	[1],[4],[6]	Oct. 29, 2017		Oct. 29, 2017
Principal Amount	[1],[6]	$ 500,000		$ 500,000
Participation %	[1],[6],[8]	25.00%		26.00%
Amortized Cost	[1],[6]	$ 500,000		$ 500,000
Fair Value	[1],[6]	$ 500,000		$ 500,000
% of Net Assets	[1],[6]	0.20%		0.20%
Senior Secured Trade Finance Participations [Member] | Chile [Member] | Other Investments [Member] | Farm Products [Member] | Chia Seed Exporter [Member]
Interest	[1],[18]	10.90%		10.90%
Fees	[1],[3],[18]	0.00%		0.00%
Maturity	[1],[4],[18]	Mar. 04, 2018		Dec. 11, 2016
Principal Amount	[1],[18]	$ 1,418,655		$ 2,234,915
Participation %	[1],[8],[18]	100.00%		100.00%
Amortized Cost	[1],[18]	$ 1,418,655		$ 2,234,915
Fair Value	[1],[18]	$ 1,418,655		$ 2,234,915
% of Net Assets	[1],[18]	0.50%		0.90%
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member]
Interest	[1],[18]	9.25%		9.25%
Fees	[1],[3],[18]	0.00%		0.00%
Principal Amount	[1],[18]	$ 6,912,400		$ 5,037,134
Participation %	[1],[8],[18]	62.00%		46.00%
Amortized Cost	[1],[18]	$ 6,912,400		$ 5,037,134
Fair Value	[1],[18]	$ 6,912,400		$ 5,037,134
% of Net Assets	[1],[18]	2.30%		2.00%
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Fish Processor & Exporter [Member]
Interest	[1],[18]	9.00%		9.00%
Fees	[1],[3],[18]	0.00%		0.00%
Maturity	[1],[4],[18]	Jun. 19, 2017		Jun. 19, 2017
Principal Amount	[1],[18]	$ 540,574		$ 1,058,273
Participation %	[1],[8],[18]	100.00%		100.00%
Amortized Cost	[1],[18]	$ 540,574		$ 1,058,273
Fair Value	[1],[18]	$ 540,574		$ 1,058,273
% of Net Assets	[1],[18]	0.20%		0.40%
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Other Investments [Member] | Commercial Fishing [Member] | Tuna Processor [Member]
Interest	[1],[18]	9.50%
Fees	[1],[3],[18]	0.00%
Principal Amount	[1],[18]	$ 4,550,355
Participation %	[1],[8],[18]	100.00%
Amortized Cost	[1],[18]	$ 4,550,355
Fair Value	[1],[18]	$ 4,550,355
% of Net Assets	[1],[18]	1.50%
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Minimum [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member]
Maturity	[1],[4],[18]	Oct. 22, 2017		Jun. 06, 2017
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Minimum [Member] | Other Investments [Member] | Commercial Fishing [Member] | Tuna Processor [Member]
Maturity	[1],[4],[18]	Sep. 17, 2017
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Maximum [Member] | Other Investments [Member] | Fresh or Frozen Packaged Fish [Member] | Shrimp Exporter [Member]
Maturity	[1],[4],[18]	Sep. 04, 2018		Jul. 24, 2017
Senior Secured Trade Finance Participations [Member] | Ecuador [Member] | Maximum [Member] | Other Investments [Member] | Commercial Fishing [Member] | Tuna Processor [Member]
Maturity	[1],[4],[18]	Jun. 18, 2018
Senior Secured Trade Finance Participations [Member] | Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member]
Interest	[1],[14]	11.50%	[21]	11.50%
Fees	[1],[3],[14]	0.00%	[21]	0.00%
Principal Amount	[1],[14]	$ 11,964,946	[21]	$ 19,500,000
Participation %	[1],[8],[14]	47.00%	[21]	49.00%
Amortized Cost	[1],[14]	$ 11,964,946	[21]	$ 19,500,000
Fair Value	[1],[14]	$ 11,964,946	[21]	$ 19,500,000
% of Net Assets	[1],[14]	3.90%	[21]	7.80%
Senior Secured Trade Finance Participations [Member] | Ghana [Member] | Minimum [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member]
Maturity	[1],[4],[14]	Mar. 10, 2017	[21]	Mar. 10, 2017
Senior Secured Trade Finance Participations [Member] | Ghana [Member] | Maximum [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member]
Maturity	[1],[4],[14]	Oct. 09, 2017	[21]	Oct. 09, 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%	[23]
Principal Amount	[1]	$ 5,078,526	[22]	$ 5,078,526	[23]
Participation %	[1],[8]	22.00%	[22]	24.00%	[23]
Amortized Cost	[1]	$ 5,078,526	[22]	$ 5,078,526	[23]
Fair Value	[1]	$ 5,078,526	[22]	$ 5,078,526	[23]
% of Net Assets	[1]	1.70%	[22]	2.00%	[23]
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member]
Interest	[1],[18]	13.00%		13.00%
Fees	[1],[3],[18]	0.00%		0.00%
Principal Amount	[1],[18]	$ 6,000,000		$ 6,000,000
Participation %	[1],[8],[18]	86.00%		86.00%
Amortized Cost	[1],[18]	$ 6,000,000		$ 6,000,000
Fair Value	[1],[18]	$ 6,000,000		$ 6,000,000
% of Net Assets	[1],[18]	2.00%		2.40%
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%	[23]
Maturity	[1],[4]	Oct. 25, 2015	[22]	Oct. 07, 2015	[23]
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Minimum [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member]
Maturity	[1],[4],[18]	Aug. 14, 2017		Aug. 14, 2017
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Maximum [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Interest	[1]	12.50%	[22]	12.50%	[23]
Maturity	[1],[4]	May 03, 2016	[22]	May 03, 2016	[23]
Senior Secured Trade Finance Participations [Member] | Zambia [Member] | Maximum [Member] | Other Investments [Member] | Primary Metal Industries [Member] | Integrated Steel Producer [Member]
Maturity	[1],[4],[18]	Sep. 02, 2017		Sep. 02, 2017
Senior Secured Trade Finance Participations [Member] | Guatemala [Member] | Other Investments [Member] | Farm Products [Member] | Sesame Seed Exporter [Member]
Interest	[1]	12.00%	[24]	12.00%	[25]
Fees	[1],[3]	0.00%	[24]	0.00%	[25]
Maturity	[1],[4]	Mar. 31, 2016	[24]	Mar. 31, 2016	[25]
Principal Amount	[1]	$ 907,565	[24]	$ 907,565	[25]
Participation %	[1],[8]	24.00%	[24]	24.00%	[25]
Amortized Cost	[1]	$ 907,565	[24]	$ 907,565	[25]
Fair Value	[1]	$ 907,565	[24]	$ 907,565	[25]
% of Net Assets	[1]	0.30%	[24]	0.40%	[25]
Senior Secured Trade Finance Participations [Member] | Italy [Member] | Other Investments [Member] | Lumber and Other Construction Materials [Member] | International Development Logistic Provider [Member]
Interest	[1],[14]	9.50%
Fees	[1],[3],[14]	0.00%
Maturity	[1],[4],[14]	Dec. 31, 2017
Principal Amount	[1],[14]	$ 4,469,131
Participation %	[1],[8],[14]	78.00%
Amortized Cost	[1],[14]	$ 4,469,131
Fair Value	[1],[14]	$ 4,469,131
% of Net Assets	[1],[14]	1.50%
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Agricultural Products [Member] | Agricultural Products Exporter [Member]
Interest	[1],[14]	7.50%
Fees	[1],[3],[14]	0.00%
Maturity	[1],[4],[14]	Feb. 28, 2018
Principal Amount	[1],[14]	$ 5,000,000
Participation %	[1],[8],[14]	12.00%
Amortized Cost	[1],[14]	$ 5,000,000
Fair Value	[1],[14]	$ 5,000,000
% of Net Assets	[1],[14]	1.60%
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member]
Fees	[1],[3],[14]	0.00%		0.00%
Principal Amount	[1],[14]	$ 4,576,824		$ 11,195,862
Participation %	[1],[8],[14]	36.00%		74.00%
Amortized Cost	[1],[14]	$ 4,576,824		$ 11,195,862
Fair Value	[1],[14]	$ 4,576,824		$ 11,195,862
% of Net Assets	[1],[14]	1.50%		4.50%
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Minimum [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member]
Interest	[1],[14]	10.98%		10.98%
Maturity	[1],[4],[14]	Sep. 23, 2017		Jul. 31, 2017
Senior Secured Trade Finance Participations [Member] | Mauritius [Member] | Maximum [Member] | Other Investments [Member] | Groceries and Related Products [Member] | Vanilla Exporter [Member]
Interest	[1],[14]	11.04%		11.10%
Maturity	[1],[4],[14]	Nov. 23, 2017		Nov. 23, 2017
Senior Secured Trade Finance Participations [Member] | Cayman Islands [Member] | Other Investments [Member] | Farm Products [Member] | Grain Processor [Member]
Interest	[1],[14]	11.30%
Fees	[1],[3],[14]	0.00%
Maturity	[1],[4],[14]	Dec. 31, 2017
Principal Amount	[1],[14]	$ 297,433
Participation %	[1],[8],[14]	50.00%
Amortized Cost	[1],[14]	$ 297,433
Fair Value	[1],[14]	$ 297,433
% of Net Assets	[1],[14]	0.10%
Senior Secured Trade Finance Participations [Member] | Morocco [Member] | Other Investments [Member] | Secondary Nonferrous Metals [Member] | Scrap Metal Recycler [Member]
Interest	[1],[14]	11.00%		11.00%
Fees	[1],[3],[14]	0.00%		0.00%
Maturity	[1],[4],[14]	Jul. 17, 2017		Jul. 17, 2017
Principal Amount	[1],[14]	$ 7,349,626		$ 7,649,945
Participation %	[1],[8],[14]	79.00%		83.00%
Amortized Cost	[1],[14]	$ 7,349,626		$ 7,649,945
Fair Value	[1],[14]	$ 7,349,626		$ 7,649,945
% of Net Assets	[1],[14]	2.40%		3.10%
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member]
Fees	[1],[3],[14]	0.00%	[26]	0.00%
Principal Amount	[1],[14]	$ 5,089,930	[26]	$ 6,574,351
Participation %	[1],[8],[14]	56.00%	[26]	91.00%
Amortized Cost	[1],[14]	$ 5,089,930	[26]	$ 6,574,351
Fair Value	[1],[14]	$ 5,089,930	[26]	$ 6,574,351
% of Net Assets	[1],[14]	1.70%	[26]	2.60%
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Other Investments [Member] | Machinery, Equipment, and Supplies [Member] | Machinery and Equipment Provider [Member]
Interest	[1],[14]			12.00%
Fees	[1],[3],[14]			0.00%
Maturity	[1],[4],[14]			Jan. 29, 2017
Principal Amount	[1],[14]			$ 11,483
Participation %	[1],[8],[14]			1.00%
Amortized Cost	[1],[14]			$ 11,483
Fair Value	[1],[14]			$ 11,483
% of Net Assets	[1],[14]			0.00%
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Minimum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member]
Interest	[1],[14]	9.43%	[26]	9.43%
Maturity	[1],[4],[14]	Jun. 30, 2017	[26]	Feb. 25, 2017
Senior Secured Trade Finance Participations [Member] | United Kingdom [Member] | Maximum [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member]
Interest	[1],[14]	9.52%	[26]	9.83%
Maturity	[1],[4],[14]	Dec. 31, 2017	[26]	Dec. 31, 2017
Senior Secured Trade Finance Participations [Member] | Kenya [Member] | Other Investments [Member] | Miscellaneous Plastics Products [Member] | Plastic Products Manufacturer [Member]
Interest	[1],[14]	11.50%		11.50%
Fees	[1],[3],[14]	0.00%		0.00%
Maturity	[1],[4],[14]	Oct. 09, 2017		Oct. 09, 2017
Principal Amount	[1],[14]	$ 161,018		$ 161,018
Participation %	[1],[8],[14]	14.00%		27.00%
Amortized Cost	[1],[14]	$ 161,018		$ 161,018
Fair Value	[1],[14]	$ 161,018		$ 161,018
% of Net Assets	[1],[14]	0.10%		0.10%
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Other Investments [Member] | Food Products [Member] | Citrus Producer [Member]
Interest	[1],[18]	9.00%
Fees	[1],[3],[18]	0.00%
Principal Amount	[1],[18]	$ 670,365
Participation %	[1],[8],[18]	100.00%
Amortized Cost	[1],[18]	$ 670,365
Fair Value	[1],[18]	$ 670,365
% of Net Assets	[1],[18]	0.20%
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Minimum [Member] | Other Investments [Member] | Food Products [Member] | Citrus Producer [Member]
Maturity	[1],[4],[18]	Feb. 03, 2018
Senior Secured Trade Finance Participations [Member] | Uruguay [Member] | Maximum [Member] | Other Investments [Member] | Food Products [Member] | Citrus Producer [Member]
Maturity	[1],[4],[18]	Mar. 24, 2018
Senior Secured Trade Finance Participations [Member] | Singapore [Member] | Other Investments [Member] | Agricultural Products [Member] | Agricultural Products Exporter [Member]
Interest	[1],[14],[27]			11.50%
Fees	[1],[3],[14],[27]			0.00%
Maturity	[1],[4],[14],[27]			Jul. 02, 2017
Principal Amount	[1],[14],[27]			$ 10,000,000
Participation %	[1],[8],[14],[27]			25.00%
Amortized Cost	[1],[14],[27]			$ 10,000,000
Fair Value	[1],[14],[27]			$ 10,000,000
% of Net Assets	[1],[14],[27]			4.00%

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

[2] Principal and interest paid monthly.

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

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

[5] Principal and interest paid quarterly.

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

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

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

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

[10] Interest 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.

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

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

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

[14] Principal and interest paid at maturity.

[15] This investment was repaid in full during July 2017.

[16] The Company, together with its Sub-Advisor, have agreed to extend the principal maturity date to facilitate the strategic sale of this borrower. The borrower has been experiencing some cash flow difficulties, but has made some partial payments of principal. The amortized cost includes $152,923 of interest, which was capitalized as of March 31, 2016. This investment was on non-accrual status as of June 30, 2017. Refer to Note 3 for additional information.

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

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

[19] The quarterly interest payment due under this investment for the first and second quarter of 2017 has not been received. The Company anticipates that the entire interest currently past due will be paid by borrower in the third quarter of 2017.

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

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

[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 June 30, 2017. Refer to Note 3 for additional information.

[23] $4.1 million of this investment has a maturity date of 10/25/15. The Zambian government, as the purchaser of fertilizer from the borrower, is responsible for the repayment of this trade finance transaction. The Company has access to credit insurance should the Zambian government not pay. In addition, the Company ultimately has recourse to the borrower for repayment. This investment was on non-accrual status as of December 31, 2016. Refer to Note 3 for additional information.

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

[25] Refer to Note 3 for additional information.

[26] The portion of this investment due on 6/30/17 amounted to $723,840 and was repaid in full during July 2017.

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

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Consolidated Schedule of Investments (Parenthetical) - USD ($)		1 Months Ended	6 Months Ended		12 Months Ended
		Jul. 31, 2017	Jun. 30, 2017		Dec. 31, 2016
Amortized Cost			$ 234,127,394		$ 203,854,890
Purchase of investments			137,762,722
Senior Secured Trade Finance Participations [Member]
Amortized Cost	[1]		$ 107,562,381		$ 116,730,642
Corporacion Prodesa S.R.L. [Member] | Inventory Facility
Extended maturity date			Jul. 28, 2021
Maturity			Feb. 15, 2015
Nigeria [Member] | Helios Maritime I Ltd [Member] | Water Transportation [Member] | Marine Logistics Provider [Member]
Deferred interest rate included in investment interest accruing			4.68%		4.68%
Nigeria [Member] | Helios Maritime I Ltd [Member] | Water Transportation [Member] | Marine Logistics Provider [Member] | One-Month Libor [Member]
Variable interest rate			10.50%		10.50%
South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member]
Amortized Cost			$ 152,923		$ 152,923
South Africa [Member] | Other Investments [Member] | Food Products [Member] | Fruit & Nut Distributor [Member] | Senior Secured Trade Finance Participations [Member]
Maturity	[1],[3]		May 22, 2015	[2]	May 22, 2015	[4]
Amortized Cost	[1]		$ 785,806	[2]	$ 799,767	[4]
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Inventory Facility
Extended maturity date			Jul. 28, 2021		Dec. 31, 2020
Maturity					Sep. 30, 2016
Amortized Cost					$ 1,750,000
Peru [Member] | Corporacion Prodesa S.R.L. [Member] | Consumer Products [Member] | Diaper Manufacturer [Member] | Warrant Facility [Member]
Extended maturity date					Dec. 22, 2016
Maturity					Feb. 15, 2015
Amortized Cost					$ 750,000
Peru [Member] | Pure Biofuels del Peru S.A.C. [Member] | Bulk Fuel Stations and Terminals [Member] | Clean Diesel Distributor [Member]
Entire principal amount			$ 18,462,024		$ 18,462,024
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member]
Maturity			Oct. 25, 2015		Oct. 25, 2015
Amortized Cost			$ 4,100,000		$ 4,100,000
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | Senior Secured Trade Finance Participations [Member]
Amortized Cost	[1]		$ 5,078,526	[5]	$ 5,078,526	[6]
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity	[1],[3]		Oct. 25, 2015	[5]	Oct. 07, 2015	[6]
Zambia [Member] | Other Investments [Member] | Fertilizer & Agricultural Chemicals [Member] | Farm Supplies Distributor [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity	[1],[3]		May 03, 2016	[5]	May 03, 2016	[6]
Brazil [Member] | Usivale Industria E Commercio [Member] | Agricultural Products [Member] | Sugar Producer [Member]
Extended maturity date			Feb. 28, 2021		Feb. 28, 2021
Maturity			May 15, 2017		May 15, 2017
Namibia [Member] | Trustco Group Limited [Member] | Land Subdividers and Developers [Member] | Property Developer [Member]
Entire principal amount			$ 2,143,500
Principal and interest starting date			Feb. 15, 2020
United Kingdom [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member] | Senior Secured Trade Finance Participations [Member]
Amortized Cost	[1],[7]		$ 5,089,930	[8]	$ 6,574,351
United Kingdom [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity	[1],[3],[7]		Jun. 30, 2017	[8]	Feb. 25, 2017
United Kingdom [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity	[1],[3],[7]		Dec. 31, 2017	[8]	Dec. 31, 2017
United Kingdom [Member] | Subsequent Event [Member] | Other Investments [Member] | Coal and Other Minerals and Ores [Member] | Metals Trader [Member] | Senior Secured Trade Finance Participations [Member]
Purchase of investments		$ 723,840
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Trade Finance Participations [Member]
Amortized Cost	[1],[7]		$ 11,964,946	[9]	$ 19,500,000
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity	[1],[3],[7]		Mar. 10, 2017	[9]	Mar. 10, 2017
Ghana [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity	[1],[3],[7]		Oct. 09, 2017	[9]	Oct. 09, 2017
Ghana [Member] | Subsequent Event [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Trade Finance Participations [Member] | Minimum [Member]
Maturity		Feb. 21, 2018
Ghana [Member] | Subsequent Event [Member] | Genser Energy Ghana Ltd. [Member] | Electric Services [Member] | Power Producer [Member] | Senior Secured Trade Finance Participations [Member] | Maximum [Member]
Maturity		Jun. 01, 2018
Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member]
Extended maturity date					Jul. 29, 2017
Maturity					Oct. 27, 2016
Argentina [Member] | Other Investments [Member] | Consumer Products [Member] | Dairy Co-Operative [Member] | Senior Secured Trade Finance Participations [Member]
Maturity	[1],[3],[10]		Jul. 29, 2017	[11]	Jul. 29, 2017	[12]
Amortized Cost	[1],[10]		$ 6,000,000	[11]	$ 6,000,000	[12]

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

[2] The Company, together with its Sub-Advisor, have agreed to extend the principal maturity date to facilitate the strategic sale of this borrower. The borrower has been experiencing some cash flow difficulties, but has made some partial payments of principal. The amortized cost includes $152,923 of interest, which was capitalized as of March 31, 2016. This investment was on non-accrual status as of June 30, 2017. Refer to Note 3 for additional information.

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

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

[5] $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 June 30, 2017. Refer to Note 3 for additional information.

[6] $4.1 million of this investment has a maturity date of 10/25/15. The Zambian government, as the purchaser of fertilizer from the borrower, is responsible for the repayment of this trade finance transaction. The Company has access to credit insurance should the Zambian government not pay. In addition, the Company ultimately has recourse to the borrower for repayment. This investment was on non-accrual status as of December 31, 2016. Refer to Note 3 for additional information.

[7] Principal and interest paid at maturity.

[8] The portion of this investment due on 6/30/17 amounted to $723,840 and was repaid in full during July 2017.

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

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

[11] The quarterly interest payment due under this investment for the first and second quarter of 2017 has not been received. The Company anticipates that the entire interest currently past due will be paid by borrower in the third quarter of 2017.

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

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Organization and Operations of the Company

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Organization and Operations of the Company

Note 1. Organization and Operations of the Company

TriLinc Global Impact Fund, LLC (the “Company”) was organized as a Delaware limited liability company on April 30, 2012 and formally commenced operations on June 11, 2013. The Company makes impact investments in Small and Medium Enterprises, known as SMEs, which the Company defines as those business having less than 500 employees, primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company uses the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. To a lesser extent, the Company may also make impact investments in companies that may not meet the Company’s technical definition of SMEs due to a larger number of employees but that also provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company generally expects that such investments will have similar investment characteristics as SMEs as defined by the Company. The Company’s investment objectives are to generate current income, capital preservation and modest capital appreciation primarily through investments in SMEs. The Company is externally managed by TriLinc Advisors, LLC (the “Advisor”). The Advisor is an investment advisor registered with the 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. The primary offering terminated on March 31, 2017. The Company continues to offer and sell units pursuant to its Distribution Reinvestment Plan (“DRP”). Through the termination of the primary offering, the Company raised approximately $361,700,000 in gross proceeds, including approximately $13,337,000 raised through the DRP.

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

To assist the Company in achieving its investment objective, the Company makes investments via wholly owned subsidiaries (the “Subsidiaries”), all of which are Cayman Islands exempted companies. In June 2016, the Companycreated TriLinc Global Impact Fund Cayman, Ltd. (“TGIFC”) to allow the Company to use financial leverage.  The Company transferred all of the shares of all of its Subsidiaries to TGIFC.  The Subsidiaries own all of the Company’s investments. As of June 30, 2017, the Company’s Subsidiaries are as follows:

• TriLinc Global Impact Fund – Asia, Ltd.

• TriLinc Global Impact Fund – Latin America, Ltd.

• TriLinc Global Impact Fund – Trade Finance, Ltd.

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

• TriLinc Global Impact Fund – Africa, Ltd.

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

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

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

• TriLinc Global Impact Fund – Asia II, Ltd.

• TriLinc Global Impact Fund – Asia III, Ltd.

• TriLinc Global Impact Fund – Cayman, Ltd.

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

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Significant Accounting Policies

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

Basis of Presentation

The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company follows the accounting and reporting guidance in the 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 (“U.S.”) dollars, which is the functional and reporting currency of the Company and all its subsidiaries.

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

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

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

Cash

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

Prepaid expenses

Prepaid expenses represent prepaid insurance which is being amortized over the term of the insurance policy, which is one year. The amortization of prepaid expenses for the three and six months ended June 30, 2017 and 2016 is reimbursable to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement.

Revenue Recognition

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

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

The Company generally places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. At June 30, 2017, two portfolio companies were on non-accrual status with an aggregate fair value of $5,805,255 or 2.5% of the fair value of the Company’s total investments. At December 31, 2016, two portfolio companies were on non-accrual status with an aggregate fair value of $5,819,216 or 2.9% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the two companies on non-accrual status amounted to approximately $194,300 and $386,600, respectively, for the three and six months ended June 30, 2017.

Valuation of Investments

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

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

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

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

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

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

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

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

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

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

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

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

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

Fixed income investments are typically valued utilizing a market approach, income approach, cost approach, or all combinations of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business). The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (discounted) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. The cost approach is a valuation technique that uses the concept of replacement cost as an indicator of value.  The premise of the cost approach holds that a prudent investor would pay no more for an asset than the amount for which the asset could be replaced.  To clarify, the cost approach as a method for valuing an investment is to be distinguished from holding an investment at cost as of the initial investment date.  In following a given approach, the types of factors that the Company may take into account in valuing the Company’s investments include, as applicable:

• Macro-economic factors that are relevant to the investment or the underlying obligor

• Industry factors that are relevant to the investment or the underlying obligor

• Historical and projected financial performance of the obligor based on most recent financial statements

• Borrower draw requests and payment track record

• Loan covenants, duration and drivers

• Performance and condition of the collateral (nature, type & value) that supports the investment

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

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

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

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

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

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

Payment-in-Kind Interest

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

Distribution Fee

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 June 30, 2017, the estimated unpaid distribution fee amounted to $2,140,000.

Income Taxes

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

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

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

As of June 30, 2017, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 2013.

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

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis. As of June 30, 2017, the Company has five classes of units: Class A units, Class C units, Class I units, Class W units and Class Y units, with only Class A units, Class C units and Class I units outstanding. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, effective June 30, 2016, the Company records liabilities for distribution fees that the Company (i) currently owes to the Dealer Manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the Dealer Manager in future periods. As of June 30, 2017, under GAAP, the Company recorded a liability in the amount of $2,140,000 for the estimated future amount of Class C distribution fee payable. The Company is not required to determine its net asset value under GAAP and thus, the Company’s determination of net asset value per share for Class C units now varies from GAAP. In the prior periods, the Company deducted the liability for the estimated future distribution fees in the Company’s net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than Class C units with the difference being the result of the future distribution fee deduction for Class C units. The Company has determined that such approach is not the most appropriate for determining net asset value per share for Class C units and, beginning with the net asset value determination as of June 30, 2017, the Company will not deduct the liability for estimated future distribution fees in its calculation of net asset value per share for Class C units. The Company believes this approach is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of June 30, 2017, each of the Class A, Class C and Class I units have the same net asset value per unit of $8.507. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). The increase in the net asset value per Class C unit from $8.267 as of March 31, 2017 to $8.507 as of June 30, 2017 is solely as a result of the change in the treatment of future distribution fees in the net asset value calculation discussed above and is not reflective of any increase in the value of the Company’s assets. Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.022 from $8.529 as of March 31, 2017 to $8.507 as of June 30, 2017 as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses. In addition, the Company failed to realize sufficient investment income during the quarter to cover operating expenses.  As of June 30, 2017, the Company had $67.6 million in uninvested cash, which earned significantly lower returns than what could be realized by making investments in the ordinary course and, accordingly, the Company’s investment income and returns for the quarter were reduced.

Net Income (Loss) per Unit

Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at June 30, 2017 and 2016.

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of June 30, 2017 and December 31, 2016. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses equaled to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement. The Company will continue to incur certain organization and offering costs associated with the Distribution Reinvestment Plan.     

Operating Expense Responsibility Agreement

On August 10, 2017, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through June 30, 2017. Since the inception of the Company through June 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $11,403,100 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,385,000 of expenses, which have been accrued by the Sponsor as of June 30, 2017. The Sponsor will only be entitled to reimbursement of the cumulative Fund Expenses to the extent the Fund’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Fund’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). To the extent the Fund is not successful in satisfying the Reimbursement Hurdle, no amount will be payable in that quarter by the Fund for reimbursement to the Sponsor of the cumulative Fund Expenses. The Company has not met the Reimbursement Hurdle for the quarter ended June 30, 2017. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of June 30, 2017. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable and estimable.  The Sponsor may demand the reimbursement of cumulative Fund Expenses covered by the Responsibility Agreement to the extent the Fund exceeds the Reimbursement Hurdle during any quarter.

Recently Issued Accounting Pronouncements

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

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the Company does not expect the new revenue recognition guidance to have a material impact on the elements of its consolidated statements of operations, most closely associated with financial instruments, including interest and fees income. The Company plans to adopt the revenue recognition guidance in the first quarter of 2018.

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

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

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

Risk Factors

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

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

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

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. In addition, as of June 30, 2017, 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 June 30, 2017, the Company’s investment portfolio included 38 companies and was comprised of $48,309,633 or 20.7% in senior secured term loans, $78,255,380 or 33.4% in senior secured term loan participations, and $107,503,304 or 45.9% in senior secured trade finance participations. The Company’s largest loan by value was $17,000,000 or 7.3% of total investments. The Company’s 5 largest loans by value comprised 33.2% of the Company’s portfolio at June 30, 2017. Participation in loans amounted to 79.3% of the Company’s total portfolio at June 30, 2017.

Delays in investing the net proceeds from the Offering or future offerings has and may continue to negatively impair the Company’s performance. As of June 30, 2017, the Company had $67.6 million in uninvested cash, which earned significantly lower returns than what could be realized by making investments in the ordinary course and, accordingly, the Company’s investment income and returns for the quarter were reduced.

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Investments

6 Months Ended

Jun. 30, 2017

Investments Debt And Equity Securities [Abstract]

Investments

Note 3. Investments

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

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	48,309,633	$	48,309,633		20.7	%
Senior secured term loan participations		78,255,380		78,255,380		33.4	%
Senior secured trade finance participations		107,562,381		107,503,304		45.9	%
Total investments	$	234,127,394	$	234,068,317		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 June 30, 2017.  In addition, certain of the Company’s investments in term loans accrue deferred interest which is not payable until the maturity of the loans.  Accrued deferred interest included in the interest receivable balance as of June 30, 2017 and December 31, 2016 amounted to $2,643,795 and $1,403,416, respectively. The Company’s interest receivable balances at June 30, 2017 and December 31, 2016 are recorded at the amounts that the Company expects to collect.

Trade Finance

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

• nature of the goods or transaction being financed,

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

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

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

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

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

• third party inspections and insurance, and

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

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

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

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

Prodesa

As of June 30, 2017, the Company’s investment in Corporacion Prodesa S.R.L. (“Prodesa”) is comprised of two senior secured term loan participations with an aggregate balance of $3,390,000 and $1,750,000 due under a senior secured purchase order revolving credit facility.  The Company has been working with Prodesa to re-align its operations since 2015, starting with a senior secured purchase order revolving credit facility.  The purchase order facility is secured by specific purchase orders from customers of Prodesa, as well as pledges of additional unencumbered assets and all shares of Prodesa. A number of draws and repayments have occurred under this facility. For example, during the year ended December 31, 2016, the Company funded seven additional draws under the purchase order facility for an aggregate of $1,750,000.

On January 31, 2017, the Company entered into a series of loan amendments with Prodesa. First, the $2,000,000 term loan facility with an original maturity date of July 15, 2016 was amended to increase the commitment to $3,540,000 to finance the acquisition of additional machinery and equipment and refinance existing property. As part of the amendment, the loan facility also extended the maturity date to July 28, 2021, and amended the interest rate on the $3,540,000 loan to 12.00% per annum, reflecting the increased and improved collateral supporting the loan facility. Separately, the Company simultaneously entered into amendments for the $750,000 inventory loan facility and the $1,750,000 purchase order facility to extend those facilities to mature concurrently with the amended term loan facility above, as each facility is cross-defaulted and cross-collateralized.  The $750,000 inventory loan, with an original maturity date February 15, 2015 and previously extended to December 22, 2016, now matures on July 28, 2021. The $1,750,000 purchase order facility, with an original maximum term of December 31, 2020, now matures on July 28, 2021.

The Company has estimated the fair value of the Prodesa loans as of June 30, 2017 at $5,140,000 based on the income valuation approach as further described in Note 4.

Usivale

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

On February 17, 2016, the Company filed a rejection of the plan presented by Usivale. In accordance with the judicial recovery process, a general assembly of Usivale’s creditors was held on June 14, 2016 and an agreed upon restructure plan was submitted to the court and subsequently approved by the court on October 7, 2016. Under the restructure plan, interest on the principal started accruing effective July 1, 2016 at an annual rate of 12.43% and Usivale is required to make annual principal payments starting in the fourth quarter of 2016. On November 10, 2016, the Company received payments of principal and interest of $316,777 and $144,390, respectively.  The Company recorded the $144,390 payment as interest income and started accruing interest on the unpaid principal effective November 10, 2016. As of June 30, 2017, the principal balance of the Usivale loans amounted to $2,851,296 and the Company has estimated the fair value of the Usivale loans at $2,851,296, which is based on a discounted cash flow analysis (income approach).  

Fruit and Nut Distributor

The Company has a trade finance participation with a fruit and nut distributor (the “Distributor”) located in South Africa, with a total balance outstanding of $785,806 of as June 30, 2017. The Distributor’s trade finance participation has a stated maturity date of May 22, 2015, which the Company agreed to extend. The Distributor had made partial payments of principal during 2015 and 2016 (the original loan from the Company to the Distributor was for $1,250,000), with the most recent payment being made in January 2017. Through the latter part of 2015, the depreciation in the South African Rand has proven to be problematic for the Distributor given that it has to purchase its inventory in U.S. Dollars and then sells in South African Rand. This situation has led the Distributor to experience some cash flow difficulties and operating losses. As of June 30, 2017, the Company, together with its sub-advisor, had agreed to extend further the principal maturity date to facilitate the strategic sale of the Distributor, which closed in June 2016.  As a result of the sale, one of the Company’s sub-advisors now owns 50% of the Distributor.  Accordingly, the Company placed this participation on non-accrual status effective February 1, 2016 and interest not recorded relative to the original terms of this participation amounted to approximately $34,800 and $69,300, respectively, for the three and six months ended June 30, 2017. Based on the information available to the Company and according to its valuation policies, the Company had estimated the fair value of its investment in the Distributor to be $726,729 as of June 30, 2017.

 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 June 30, 2017. 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 $159,500  and $317,300, respectively, for the three and six months ended June 30, 2017.  In addition, during the year ended December 31, 2016, the Company reversed $550,370 of interest income that had been previously accrued. On December 1, 2016, the Company’s sub-advisor declared an event of default and filed a claim against the credit insurance policy. The insurer has 180 days from time of filing (June 1, 2017) to conclude its initial review, acceptance of the claim and waiting period. Following expiration of the waiting period, a formal demand letter was sent to the Zambian government.  As the Zambian government has not remitted payment as of this filing, the Company would expect that the insurer should process the payment by the end of the year. The Company has determined that there is sufficient collateral, including a credit insurance policy, should the Zambian government or subsequently Neria not pay, to cover the entire principal and interest balance due from Neria and has determined, in accordance with its valuation policy that the fair value should remain at $5,078,526 as of June 30, 2017.

Sesame Seed Exporter

The Company has a trade finance participation with a Sesame Seed Exporter (the “Exporter”) located in Guatemala, with a principal balance outstanding of $907,565 and accrued interest of $36,605 as of June 30, 2017. The participation has a maturity date of March 31, 2016 and is secured by inventory. During 2016, the Exporter lost a major customer, which resulted in a slowdown in business, affecting its ability to repay the amount due under the participation.  However, the Exporter has been able to secure new customers to replace the lost order(s), which should enable the Exporter to make payments to the Company.  However, the Exporter had a shipment rejected and returned, which now is in the repurposing process and as a result, the Exporter has been unable to make payments since February 2017. The Exporter has made three principal payments totaling $92,435 during October and November 2016 and one interest payment of $90,402 in February 2017.  The Company has determined that there is sufficient collateral to support the repayment of this participation and has determined, in accordance with its valuation policy, that the fair value of this investment should remain at $907,565 as of June 30, 2017. The Company has, however, placed this position on non-accrual as of July 1, 2017.

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

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loan	$	28,673,487	$	28,673,487		14.1	%
Senior secured term loan participations		58,450,761		58,450,761		28.7	%
Senior secured trade finance participations		116,730,642		116,671,565		57.2	%
Total investments	$	203,854,890	$	203,795,813		100.0	%

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

	As of  June 30, 2017					As of December 31, 2016
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	20,351,296		8.6	%	$	22,851,296		11.2	%
Bulk Fuel Stations and Terminals		15,977,207		6.8	%		15,437,474		7.6	%
Chemicals and Allied Products		15,000,000		6.4	%		—		—
Coal and Other Minerals and Ores		5,089,930		2.2	%		6,574,351		3.2	%
Commercial Fishing		5,090,929		2.2	%		1,058,273		0.5	%
Communications Equipment		340,991		0.1	%		6,111,941		3.0	%
Consumer Products		11,140,000		4.8	%		9,900,000		4.9	%
Electric Services		11,964,946		5.1	%		19,500,000		9.6	%
Farm Products		2,623,653		1.1	%		3,142,480		1.5	%
Fats and Oils		12,000,000		5.1	%		6,000,000		2.9	%
Fertilizer & Agricultural Chemicals		5,078,526		2.2	%		5,078,526		2.5	%
Fresh or Frozen Packaged Fish		6,912,400		3.0	%		5,037,134		2.5	%
Food Products		1,397,094		0.6	%		740,690		0.4	%
Groceries and Related Products		4,576,824		2.0	%		11,195,862		5.5	%
Hotels and Motels		17,000,000		7.3	%		17,000,000		8.3	%
Land Subdividers and Developers		14,866,072		6.4	%		—		—
Lumber and Other Construction Materials		4,469,131		1.9	%		11,483		0.0	%
Meat, Poultry & Fish		9,214,091		3.9	%		9,675,717		4.7	%
Metals & Mining		6,566,481		2.8	%		2,234,145		1.1	%
Miscellaneous Plastics Products		161,018		0.1	%		161,018		0.1	%
Packaged Foods & Meats		500,000		0.2	%		500,000		0.2	%
Primary Nonferrous Metals		2,372,296		1.0	%		3,000,000		1.5	%
Primary Metal Industries		6,000,000		2.6	%		6,000,000		2.9	%
Programming and Data Processing		14,960,130		6.4	%		10,236,013		5.0	%
Rental of Railroad Cars		4,136,861		1.8	%		4,411,650		2.2	%
Secondary Nonferrous Metals		7,349,626		3.1	%		7,649,945		3.8	%
Soap, Detergents, and Cleaning		1,662,935		0.7	%		2,000,000		1.0	%
Street Construction		13,576,177		5.8	%		14,927,195		7.3	%
Water Transportation		13,689,703		5.8	%		13,360,620		6.6	%
Total	$	234,068,317		100.0	%	$	203,795,813		100.0	%

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

	As of  June 30, 2017					As of December 31, 2016
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	39,500,000		16.9	%	$	31,000,000		15.2	%
Brazil		17,811,426		7.6	%		13,087,309		6.4	%
Cabo Verde		17,000,000		7.3	%		17,000,000		8.3	%
Cayman Islands		297,433		0.1	%
Chile		1,418,655		0.6	%		2,234,915		1.1	%
Ecuador		12,003,329		5.1	%		6,095,407		3.0	%
Ghana		11,964,946		5.1	%		19,500,000		9.6	%
Guatemala		907,565		0.4	%		907,565		0.4	%
Indonesia		21,280,809		9.1	%		17,927,195		8.8	%
Italy		4,469,131		1.9	%		—		—
Kenya		161,018		0.1	%		161,018		0.1	%
Malaysia		15,000,000		6.4	%		—		—
Mauritius		9,576,824		4.1	%		11,195,862		5.5	%
Morocco		7,349,626		3.1	%		7,649,945		3.8	%
Namibia		15,366,072		6.6	%		500,000		0.2	%
Nigeria		13,689,703		5.9	%		13,360,620		6.6	%
Peru		21,117,207		9.0	%		19,337,474		9.5	%
Singapore		—		—			10,000,000		4.9	%
South Africa		6,652,817		2.8	%		14,174,143		7.0	%
United Kingdom		5,089,930		2.2	%		6,585,834		3.2	%
Zambia		12,741,461		5.4	%		13,078,526		6.4	%
Uruguay		670,365		0.3	%		—		—
Total	$	234,068,317		100.0	%	$	203,795,813		100.0	%

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Fair Value Measurements

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 4. Fair Value Measurements

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of June 30, 2017:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	48,309,633	$	—	$	—	$	48,309,633
Senior secured term loan participations		78,255,380		—		—		78,255,380
Senior secured trade finance participations		107,503,304		—		—		107,503,304
Total	$	234,068,317	$	—	$	—	$	234,068,317

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

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

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

	Fair Value at December 31, 2016		Purchases		Maturities or Prepayments			Accretion of discounts		Net change in unrealized appreciation (depreciation)		Fair Value at June 30, 2017
Senior secured term loans	$	28,673,487	$	21,754,720	$	(2,675,112	)	$	556,538	$	—	$	48,309,633
Senior secured term loan participations		58,450,761		22,242,336		(2,476,269	)		38,552		—		78,255,380
Senior secured trade finance participations		116,671,565		93,765,666		(102,933,926	)		—		—		107,503,305
Total	$	203,795,813	$	137,762,722	$	(108,085,307	)	$	595,090	$	—	$	234,068,318

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

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

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	106,776,576	Cost  Approach	Recent transactions	N/A
Senior secured trade finance participations (2)	$	726,729	Income approach (DCF)	Market yield		15.75%
Senior secured term loans	$	48,309,633	Income approach (DCF)	Market yield	11.50% - 13.50% (12.50%)
Senior secured term loan participations	$	78,255,380	Income approach  (DCF)	Market yield	11.50% - 15.70% (13.99%)

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

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

As of December 31, 2016, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2016:

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

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

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

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

6 Months Ended

Jun. 30, 2017

Related Party Transactions [Abstract]

Related Parties

Note 5. Related Parties

Agreements

Advisory Agreement

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

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

If certain financial goals are reached by the Company, the Company is required to pay the Advisor an incentive fee 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 six months ended June 30, 2017 and 2016.

Transactions

As discussed in Note 2, for the three months ended June 30, 2017 and 2016, the Sponsor assumed responsibility for $1,633,933 and $1,203,324, respectively, of the Company’s operating expenses, management fees and incentive fees, which are deferred under the Responsibility Agreement.  For the six months ended June 30, 2017 and 2016, the Sponsor assumed responsibility for $2,958,762 and $3,117,668, respectively, of the Company’s operating expenses, management fees and incentive fees.

For the three months ended June 30, 2017 and 2016, the Advisor earned $1,542,544, and $973,916, respectively, in management fees and $868,510 and $745,727, respectively, in incentive fees. For the six months ended June 30, 2017 and 2016, the Advisor earned $3,063,518 and $1,790,242, respectively, in management fees and $1,828,858 and $1,396,075, respectively, in incentive fees.

Since the inception of the Company through June 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $11,403,100 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,385,000 of expenses, which have been accrued by the Sponsor as of June 30, 2017. Such expenses, in the aggregate of $15,788,100 since the Company’s inception, may be expensed and payable by the Company to the Sponsor only if the Company satisfies the Reimbursement Hurdle as further described in Note 2.

As of June 30, 2017 and December 31, 2016, due from affiliates on the Consolidated Statement of Assets and Liabilities in the amounts of $3,869,516 and $3,175,656, respectively, was due from the Sponsor in connection with the Responsibility Agreement for operating expenses which were paid by the Company, but, under the terms of the Responsibility Agreement, are the responsibility of the Sponsor. The Sponsor anticipates paying this receivable in the due course of business.

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

For the three months ended June 30, 2017 and 2016, the Company paid $10,413 and $490,920, respectively, in dealer manager fees and $38,668 and $1,728,026, respectively, in selling commissions to the Company’s dealer manager, SC Distributors, LLC. For the six months ended June 30, 2017 and 2016, the Company paid $636,088 and $968,619, respectively, in dealer manager fees and $2,465,110 and $3,361,414, respectively, in selling commissions. These fees and commissions were paid in connection with the sales of the Company’s units to investors and, as such, were recorded against the proceeds from the issuance of units and are not reflected in the Company’s Consolidated Statements of Operations.

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Organization and Offering Costs

6 Months Ended

Jun. 30, 2017

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Offering Costs

Note 6. Organization and Offering Costs

As of June 30, 2017, the Sponsor has paid approximately $16,776,500 of offering costs and $236,000 of organization costs, all of which were paid directly by the Sponsor on behalf of the Company, and were reimbursed to the Sponsor as disclosed in Note 2 of the consolidated financial statements. Such amounts include approximately $2,458,421 and $1,942,000 of offering costs, which were incurred by the Sponsor during the six months ended June 30, 2017 and 2016, respectively. During the six months ended June 30, 2017 and 2016, the Company paid $2,468,849 and $3,381,050, 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 June 30, 2017, the Company has reimbursed the Sponsor a total of approximately $17,012,500 of offering costs and there is no remaining balance of offering and organization costs due to the Sponsor.

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Promissory Notes

6 Months Ended

Jun. 30, 2017

Debt Instruments [Abstract]

Promissory Notes

Note 7. Promissory Notes

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

The Notes have an interest rate of 3.0% per annum plus the one year LIBOR (1.59%) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note.

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

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

TGIFC’s obligations under the Notes are secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and Noteholders, dated as of October 14, 2016 granting the holders of Notes a mortgage over all of the issued and outstanding shares of the Subsidiaries.

For the three and six months ended June 30, 2017, the Company recognized $21,349 and $41,091, respectively, in interest expense.

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Unit Capital

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Unit Capital

Note 8. Unit Capital

As of June 30, 2017, the Company has five classes of units: Class A units, Class C units, Class I, Class W and Class Y units. The unit classes have different upfront sales commissions and dealer manager fees and there are ongoing distribution fees, dealer manager fees and/or service fees with respect to certain classes of units, including a distribution fee with respect to Class C units. As of June 30, 2017, the Company recorded a liability in the amount of $2,140,000 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 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.    The following table is a summary of unit activity during the six months ended June 30, 2017:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			June 30,
	2016		the Period		the Period			2017
Class A units		15,391,991		2,898,472		(118,506	)		18,171,957
Class C units		6,803,985		1,458,824		(13,072	)		8,249,737
Class I units		7,411,405		2,875,465		(371,980	)		9,914,890
Total		29,607,381		7,232,761		(503,558	)		36,336,584

          The total of 7,232,761 units issued during the six months ended June 30, 2017 included 656,436 units issued under the DRP at a value of $5,382,406. As of June 30, 2017, no Class W or Class Y units have been issued.

Beginning June 11, 2014, the Company commenced a unit repurchase program pursuant to which the Company may conduct quarterly unit repurchases of up to 5% of the weighted average number of outstanding units in any 12-month period to allow the Company’s unitholders, who have held units for a minimum of one year, to sell their units back to the Company at a price equal to the greater of the unit’s net asset value or $9.025. The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of the Company’s unitholders to sell their units. Unless the Company’s board of managers determines otherwise, the Company will limit the number of units to be repurchased during any calendar year to the number of units that can be repurchased with the proceeds the Company receives from the sale of units under the Company’s DRP. At the sole discretion of the Company’s board of managers, the Company may also use cash on hand, cash available from borrowings and cash from the repayment or liquidation of investments as of the end of the applicable quarter to repurchase units.

During the six months ended June 30, 2017, the Company received 46 repurchase requests for a total of 503,558 units at a repurchase price of $9.025 per unit. As of June 30, 2017, 27 of these repurchase requests were pending processing and were completed by the Company between July 7 to July 12, 2017.

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Distributions

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Distributions

Note 9. Distributions

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

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2017	January 19, 2017	$	0.00197808	$	1,002,022	$	837,472	$	1,839,494
February 28, 2017	February 23, 2017	$	0.00197808		944,453		782,125		1,726,578
March 31, 2017	March 3, 2017	$	0.00197808		1,114,222		885,439		1,999,661
April 30, 2017	April 18, 2017	$	0.00197808		1,148,147		929,660		2,077,807
May 31, 2017	May 10, 2017	$	0.00197808		1,220,942		987,576		2,208,518
June 30, 2017	June 12, 2017	$	0.00197808		1,194,793		960,134		2,154,927
Total for 2017				$	6,624,579	$	5,382,406	$	12,006,985

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Financial Highlights

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Financial Highlights

Note 10. Financial Highlights

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

	Six Months Ended
	June 30,			June 30,
	2017			2016
Per unit data (1):
Net proceeds before offering costs	$	9.025		$	9.025
Offering costs		(0.468	)		(0.493	)
Net Proceeds after offering costs		8.557			8.532
Net investment income		0.302			0.361
Net change in unrealized depreciation on investments		-			(0.003	)
Distributions		(0.356	)		(0.358	)
Net change in accrued distribution fees		(0.059	)		(0.059	)
Net increase/(decrease) in net assets		(0.113	)		(0.059	)
Net asset value at end of period (2) (3)		8.444			8.473
Total return based on net asset value (4)(5)		3.53	%		4.19	%
Net assets at end of period	$	306,966,292		$	192,478,148
Units Outstanding at end of period		36,336,584			22,716,074
Ratio/Supplemental data (annualized) (5)(6):
Ratio of net investment income to average net assets		7.18	%		8.40	%
Ratio of net operating expenses to average net assets		2.40	%		1.39	%

1 The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2017 and 2016 which were 33,767,809 and 19,314,130.

2 For financial statement reporting purposes under GAAP, as of June 30, 2017, the Company recorded a liability in the amount of $2,140,000 for the estimated future amount of Class C Distribution Fees payable. This liability is reflected in this table, which is consistent with the financial statements.  While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C Distribution Fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. As of June 30, 2017, based on the new approach to the treatment of future Class C Distribution Fees, the Company has calculated the net asset value to be $8.507 for all units.  If the Company would have used the same approach for presentation in determining the net asset value as of June 30, 2016, the net asset value would have been $8.532.

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

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

5 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2017 and 2016, prior to the effect of the Responsibility Agreement were as follows; total return: 2.51% and 2.31%, ratio of net investment income; 5.10% and 4.60%, and ratio of operating expenses to average net assets: 4.48% and 5.16%.

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

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Subsequent Events

6 Months Ended

Jun. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

Note 11. Subsequent Events

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

Distributions

On July 11, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for Class A, Class C, Class I and Class Y units for the period from July 1 through July 31, 2017. These distributions were calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). On August 1, 2017, $1,191,726 of these distributions were paid in cash and on July 31, 2017, $986,918 were reinvested in units for those unitholders participating in the DRP.

On August 10, 2017, with the authorization of the Company’s board of managers, the Company declared distributions for Class A, Class C, Class I and Class Y units for the period from August 1 through August 31, 2017. These distributions will be calculated based on unitholders of record for each day in an amount equal to $0.00197808 per unit per day (less the distribution fee with respect to Class C units). These distributions will be paid in cash or reinvested in units, for those unitholders participating in the DRP on or about September 1, 2017.

 Investments

Subsequent to June 30, 2017 through August 9, 2017, the Company funded approximately $73.2 million in new investments and received proceeds from repayment of investments of approximately $21.9 million.

Operating Expense Responsibility Agreement

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

Symbiotics Facility

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

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

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

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

Christian Super Promissory Note

On August 7, 2017, TGIFC, a wholly owned subsidiary of the Company, issued $5 million in the first of a Series 1 Senior Secured Promissory Notes private offering (the “Note”) to State Street Australia Ltd ACF Christian Super (“Christian Super”). The Note was issued pursuant to an ongoing private offering targeting $25 million in the aggregate amount and will be comprised of up to five different series with five different issuance dates, but likely the same maturity date (collectively “the Notes”).  The Note issued on August 7, 2017 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 4.0% 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 may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note.

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

In October, 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC.  The Subsidiaries own all of the Company’s investments.  TGIFC’s obligations under the Notes is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”) granting the holder of the Notes a mortgage over 5shares out of a total of 17.36 of the issued and outstanding shares of the Subsidiaries. While the collateral initially pledged under the CS Equitable Mortgage greatly exceeds the amount funded under the Notes based on the current net asset value of the Company’s investments held by the Subsidiaries, the Company may issue more shares of TGIFC to secure further financing obligations as long as the pro rata value of TGIFC shares (based on the aggregate net asset value of the investments held by the Subsidiaries) is equal to at least the outstanding amount due and payable under the Notes.  The Note and the CS Equitable Mortgage contain representations, warranties and covenants customary for financing and mortgage arrangements of this type.

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Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company follows the accounting and reporting guidance in the 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 (“U.S.”) dollars, which is the functional and reporting currency of the Company and all its subsidiaries.

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

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

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

Cash

Cash

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

Prepaid Expenses

Prepaid expenses

Prepaid expenses represent prepaid insurance which is being amortized over the term of the insurance policy, which is one year. The amortization of prepaid expenses for the three and six months ended June 30, 2017 and 2016 is reimbursable to the Company by the Sponsor under the Amended and Restated Operating Expense Responsibility Agreement.

Revenue Recognition

Revenue Recognition

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

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

The Company generally places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that principal or interest will be collected. If, however, management believes the principal and interest will be collected, a loan may be left on accrual status during the period the Company is pursuing repayment of the loan. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment of the financial condition of the borrower. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s management’s judgment, is likely to remain current over the remainder of the term. At June 30, 2017, two portfolio companies were on non-accrual status with an aggregate fair value of $5,805,255 or 2.5% of the fair value of the Company’s total investments. At December 31, 2016, two portfolio companies were on non-accrual status with an aggregate fair value of $5,819,216 or 2.9% of the fair value of the Company’s total investments. Interest income not recorded relative to the original terms of the loans to the two companies on non-accrual status amounted to approximately $194,300 and $386,600, respectively, for the three and six months ended June 30, 2017.

Valuation of Investments

Valuation of Investments

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

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

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

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

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

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

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

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

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

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

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

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

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

Fixed income investments are typically valued utilizing a market approach, income approach, cost approach, or all combinations of these approaches (and any others, as appropriate). The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including the sale of a business). The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (discounted) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. The cost approach is a valuation technique that uses the concept of replacement cost as an indicator of value.  The premise of the cost approach holds that a prudent investor would pay no more for an asset than the amount for which the asset could be replaced.  To clarify, the cost approach as a method for valuing an investment is to be distinguished from holding an investment at cost as of the initial investment date.  In following a given approach, the types of factors that the Company may take into account in valuing the Company’s investments include, as applicable:

• Macro-economic factors that are relevant to the investment or the underlying obligor

• Industry factors that are relevant to the investment or the underlying obligor

• Historical and projected financial performance of the obligor based on most recent financial statements

• Borrower draw requests and payment track record

• Loan covenants, duration and drivers

• Performance and condition of the collateral (nature, type & value) that supports the investment

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

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

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

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

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

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

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

Payment-in-Kind Interest

Payment-in-Kind Interest

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

Distribution Fee

Distribution Fee

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 June 30, 2017, the estimated unpaid distribution fee amounted to $2,140,000.

Income Taxes

Income Taxes

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

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

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

As of June 30, 2017, no tax liability for uncertain tax provision had been recognized in the accompanying financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ending December 31, 2013.

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

Calculation of Net Asset Value

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis. As of June 30, 2017, the Company has five classes of units: Class A units, Class C units, Class I units, Class W units and Class Y units, with only Class A units, Class C units and Class I units outstanding. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to the SEC guidance, effective June 30, 2016, the Company records liabilities for distribution fees that the Company (i) currently owes to the Dealer Manager under the terms of the dealer manager agreement and (ii) for an estimate that the Company may pay to the Dealer Manager in future periods. As of June 30, 2017, under GAAP, the Company recorded a liability in the amount of $2,140,000 for the estimated future amount of Class C distribution fee payable. The Company is not required to determine its net asset value under GAAP and thus, the Company’s determination of net asset value per share for Class C units now varies from GAAP. In the prior periods, the Company deducted the liability for the estimated future distribution fees in the Company’s net asset value calculation for Class C units. As a result, for each period from June 30, 2016 through March 31, 2017, the Class A and Class I units had a higher net asset value per unit than Class C units with the difference being the result of the future distribution fee deduction for Class C units. The Company has determined that such approach is not the most appropriate for determining net asset value per share for Class C units and, beginning with the net asset value determination as of June 30, 2017, the Company will not deduct the liability for estimated future distribution fees in its calculation of net asset value per share for Class C units. The Company believes this approach is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution fees that may become payable after such date. As a result of this change in the calculation of the net asset value, as of June 30, 2017, each of the Class A, Class C and Class I units have the same net asset value per unit of $8.507. As of March 31, 2017, Class A and Class I units had a net asset value of $8.529 per unit and Class C units had a net asset value of $8.267 (with a blended net asset value of $8.467 per unit). The increase in the net asset value per Class C unit from $8.267 as of March 31, 2017 to $8.507 as of June 30, 2017 is solely as a result of the change in the treatment of future distribution fees in the net asset value calculation discussed above and is not reflective of any increase in the value of the Company’s assets. Without taking into account the change in the treatment of the future distribution fees, the net asset value per unit has decreased by $0.022 from $8.529 as of March 31, 2017 to $8.507 as of June 30, 2017 as a result of the Sponsor’s determination to absorb a reduced amount of operating expenses. In addition, the Company failed to realize sufficient investment income during the quarter to cover operating expenses.  As of June 30, 2017, the Company had $67.6 million in uninvested cash, which earned significantly lower returns than what could be realized by making investments in the ordinary course and, accordingly, the Company’s investment income and returns for the quarter were reduced.

Net Income (Loss) per Unit

Net Income (Loss) per Unit

Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at June 30, 2017 and 2016.

Organization and Offering Costs

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs are reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs do not exceed 15.0% of the gross offering proceeds (the “O&O Reimbursement Limit”) raised from the Offering and will be accrued and payable by the Company only to the extent that such costs do not exceed the O&O Reimbursement Limit. Reimbursement of organization and offering costs that exceed the O&O Reimbursement Limit will be expensed in the period they become reimbursable, which is dependent on the gross offering proceeds raised in such period, and are therefore not included on the Statements of Assets and Liabilities as of June 30, 2017 and December 31, 2016. These expense reimbursements are subject to regulatory caps and approval by the Company’s board of managers. Reimbursements to the Sponsor are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised in the Offering at the end of the primary offering, the organization and offering expenses equaled to 4.7% of the gross proceeds.  As a result of the termination of the primary offering, effective March 31, 2017, the Company no longer pays the dealer manager selling commissions and dealer manager fees under a dealer manager agreement. The Company will continue to incur certain organization and offering costs associated with the Distribution Reinvestment Plan.     

Operating Expense Responsibility Agreement

Operating Expense Responsibility Agreement

On August 10, 2017, the Company, Advisor and the Sponsor entered into an Amended and Restated Operating Expense Responsibility Agreement (“Responsibility Agreement”) originally effective as of June 11, 2013 and covering expenses through June 30, 2017. Since the inception of the Company through June 30, 2017, pursuant to the terms of the Responsibility Agreement, the Sponsor has paid approximately $11,403,100 of operating expenses, management fees, and incentive fees on behalf of the Company and will pay or reimburse to the Company an additional $4,385,000 of expenses, which have been accrued by the Sponsor as of June 30, 2017. The Sponsor will only be entitled to reimbursement of the cumulative Fund Expenses to the extent the Fund’s investment income in any quarter, as reflected on the statement of operations, exceeds the sum of (a) total distributions to unitholders incurred during the quarter and (b) the Fund’s expenses as reflected on the statement of operations for the same quarter (the “Reimbursement Hurdle”). To the extent the Fund is not successful in satisfying the Reimbursement Hurdle, no amount will be payable in that quarter by the Fund for reimbursement to the Sponsor of the cumulative Fund Expenses. The Company has not met the Reimbursement Hurdle for the quarter ended June 30, 2017. Therefore, expenses of the Company covered by the Responsibility Agreement have not been recorded as expenses of the Company as of June 30, 2017. In accordance with ASC 450, Contingencies, such expenses will be accrued and payable by the Company in the period that they become both probable and estimable.  The Sponsor may demand the reimbursement of cumulative Fund Expenses covered by the Responsibility Agreement to the extent the Fund exceeds the Reimbursement Hurdle during any quarter.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

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

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The update supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the implementation of this standard by one year.  ASU 2014-09 is now effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for annual reporting periods beginning after December 15, 2016. The guidance does not apply to revenue associated with financial instruments, including loans and investments that are accounted for under other U.S. GAAP. As a result, the Company does not expect the new revenue recognition guidance to have a material impact on the elements of its consolidated statements of operations, most closely associated with financial instruments, including interest and fees income. The Company plans to adopt the revenue recognition guidance in the first quarter of 2018.

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

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

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

Risk Factors

Risk Factors

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

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

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

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. In addition, as of June 30, 2017, 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 June 30, 2017, the Company’s investment portfolio included 38 companies and was comprised of $48,309,633 or 20.7% in senior secured term loans, $78,255,380 or 33.4% in senior secured term loan participations, and $107,503,304 or 45.9% in senior secured trade finance participations. The Company’s largest loan by value was $17,000,000 or 7.3% of total investments. The Company’s 5 largest loans by value comprised 33.2% of the Company’s portfolio at June 30, 2017. Participation in loans amounted to 79.3% of the Company’s total portfolio at June 30, 2017.

Delays in investing the net proceeds from the Offering or future offerings has and may continue to negatively impair the Company’s performance. As of June 30, 2017, the Company had $67.6 million in uninvested cash, which earned significantly lower returns than what could be realized by making investments in the ordinary course and, accordingly, the Company’s investment income and returns for the quarter were reduced.

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Investments (Tables)

6 Months Ended

Jun. 30, 2017

Investments Debt And Equity Securities [Abstract]

Schedule of Investments

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

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	48,309,633	$	48,309,633		20.7	%
Senior secured term loan participations		78,255,380		78,255,380		33.4	%
Senior secured trade finance participations		107,562,381		107,503,304		45.9	%
Total investments	$	234,127,394	$	234,068,317		100.0	%

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

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loan	$	28,673,487	$	28,673,487		14.1	%
Senior secured term loan participations		58,450,761		58,450,761		28.7	%
Senior secured trade finance participations		116,730,642		116,671,565		57.2	%
Total investments	$	203,854,890	$	203,795,813		100.0	%

Components of Investment Portfolio, Fair Value

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

	As of  June 30, 2017					As of December 31, 2016
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Agricultural Products	$	20,351,296		8.6	%	$	22,851,296		11.2	%
Bulk Fuel Stations and Terminals		15,977,207		6.8	%		15,437,474		7.6	%
Chemicals and Allied Products		15,000,000		6.4	%		—		—
Coal and Other Minerals and Ores		5,089,930		2.2	%		6,574,351		3.2	%
Commercial Fishing		5,090,929		2.2	%		1,058,273		0.5	%
Communications Equipment		340,991		0.1	%		6,111,941		3.0	%
Consumer Products		11,140,000		4.8	%		9,900,000		4.9	%
Electric Services		11,964,946		5.1	%		19,500,000		9.6	%
Farm Products		2,623,653		1.1	%		3,142,480		1.5	%
Fats and Oils		12,000,000		5.1	%		6,000,000		2.9	%
Fertilizer & Agricultural Chemicals		5,078,526		2.2	%		5,078,526		2.5	%
Fresh or Frozen Packaged Fish		6,912,400		3.0	%		5,037,134		2.5	%
Food Products		1,397,094		0.6	%		740,690		0.4	%
Groceries and Related Products		4,576,824		2.0	%		11,195,862		5.5	%
Hotels and Motels		17,000,000		7.3	%		17,000,000		8.3	%
Land Subdividers and Developers		14,866,072		6.4	%		—		—
Lumber and Other Construction Materials		4,469,131		1.9	%		11,483		0.0	%
Meat, Poultry & Fish		9,214,091		3.9	%		9,675,717		4.7	%
Metals & Mining		6,566,481		2.8	%		2,234,145		1.1	%
Miscellaneous Plastics Products		161,018		0.1	%		161,018		0.1	%
Packaged Foods & Meats		500,000		0.2	%		500,000		0.2	%
Primary Nonferrous Metals		2,372,296		1.0	%		3,000,000		1.5	%
Primary Metal Industries		6,000,000		2.6	%		6,000,000		2.9	%
Programming and Data Processing		14,960,130		6.4	%		10,236,013		5.0	%
Rental of Railroad Cars		4,136,861		1.8	%		4,411,650		2.2	%
Secondary Nonferrous Metals		7,349,626		3.1	%		7,649,945		3.8	%
Soap, Detergents, and Cleaning		1,662,935		0.7	%		2,000,000		1.0	%
Street Construction		13,576,177		5.8	%		14,927,195		7.3	%
Water Transportation		13,689,703		5.8	%		13,360,620		6.6	%
Total	$	234,068,317		100.0	%	$	203,795,813		100.0	%

Schedule of Investment by Geographical Classification

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

	As of  June 30, 2017					As of December 31, 2016
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina	$	39,500,000		16.9	%	$	31,000,000		15.2	%
Brazil		17,811,426		7.6	%		13,087,309		6.4	%
Cabo Verde		17,000,000		7.3	%		17,000,000		8.3	%
Cayman Islands		297,433		0.1	%
Chile		1,418,655		0.6	%		2,234,915		1.1	%
Ecuador		12,003,329		5.1	%		6,095,407		3.0	%
Ghana		11,964,946		5.1	%		19,500,000		9.6	%
Guatemala		907,565		0.4	%		907,565		0.4	%
Indonesia		21,280,809		9.1	%		17,927,195		8.8	%
Italy		4,469,131		1.9	%		—		—
Kenya		161,018		0.1	%		161,018		0.1	%
Malaysia		15,000,000		6.4	%		—		—
Mauritius		9,576,824		4.1	%		11,195,862		5.5	%
Morocco		7,349,626		3.1	%		7,649,945		3.8	%
Namibia		15,366,072		6.6	%		500,000		0.2	%
Nigeria		13,689,703		5.9	%		13,360,620		6.6	%
Peru		21,117,207		9.0	%		19,337,474		9.5	%
Singapore		—		—			10,000,000		4.9	%
South Africa		6,652,817		2.8	%		14,174,143		7.0	%
United Kingdom		5,089,930		2.2	%		6,585,834		3.2	%
Zambia		12,741,461		5.4	%		13,078,526		6.4	%
Uruguay		670,365		0.3	%		—		—
Total	$	234,068,317		100.0	%	$	203,795,813		100.0	%

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

Summary of Valuation of Investments by Fair Value Hierarchy Levels

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of June 30, 2017:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	48,309,633	$	—	$	—	$	48,309,633
Senior secured term loan participations		78,255,380		—		—		78,255,380
Senior secured trade finance participations		107,503,304		—		—		107,503,304
Total	$	234,068,317	$	—	$	—	$	234,068,317

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

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

Summary of Investments Classified as Level 3

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

	Fair Value at December 31, 2016		Purchases		Maturities or Prepayments			Accretion of discounts		Net change in unrealized appreciation (depreciation)		Fair Value at June 30, 2017
Senior secured term loans	$	28,673,487	$	21,754,720	$	(2,675,112	)	$	556,538	$	—	$	48,309,633
Senior secured term loan participations		58,450,761		22,242,336		(2,476,269	)		38,552		—		78,255,380
Senior secured trade finance participations		116,671,565		93,765,666		(102,933,926	)		—		—		107,503,305
Total	$	203,795,813	$	137,762,722	$	(108,085,307	)	$	595,090	$	—	$	234,068,318

Summary of Quantitative Information of Fair Value Measurements of Investments

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

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	106,776,576	Cost  Approach	Recent transactions	N/A
Senior secured trade finance participations (2)	$	726,729	Income approach (DCF)	Market yield		15.75%
Senior secured term loans	$	48,309,633	Income approach (DCF)	Market yield	11.50% - 13.50% (12.50%)
Senior secured term loan participations	$	78,255,380	Income approach  (DCF)	Market yield	11.50% - 15.70% (13.99%)

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

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

As of December 31, 2016, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2016:

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

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

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

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Unit Capital (Tables)

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Summary of Transactions with Respect to the Company's Units

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

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			June 30,
	2016		the Period		the Period			2017
Class A units		15,391,991		2,898,472		(118,506	)		18,171,957
Class C units		6,803,985		1,458,824		(13,072	)		8,249,737
Class I units		7,411,405		2,875,465		(371,980	)		9,914,890
Total		29,607,381		7,232,761		(503,558	)		36,336,584

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Distributions (Tables)

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Summary of Distributions Paid

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

		Daily Rate		Cash		Distributions		Total
Months ended	Date Declared	Per Unit		Distributions		Reinvested		Declared
January 31, 2017	January 19, 2017	$	0.00197808	$	1,002,022	$	837,472	$	1,839,494
February 28, 2017	February 23, 2017	$	0.00197808		944,453		782,125		1,726,578
March 31, 2017	March 3, 2017	$	0.00197808		1,114,222		885,439		1,999,661
April 30, 2017	April 18, 2017	$	0.00197808		1,148,147		929,660		2,077,807
May 31, 2017	May 10, 2017	$	0.00197808		1,220,942		987,576		2,208,518
June 30, 2017	June 12, 2017	$	0.00197808		1,194,793		960,134		2,154,927
Total for 2017				$	6,624,579	$	5,382,406	$	12,006,985

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Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Schedule of Financial Highlights

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

	Six Months Ended
	June 30,			June 30,
	2017			2016
Per unit data (1):
Net proceeds before offering costs	$	9.025		$	9.025
Offering costs		(0.468	)		(0.493	)
Net Proceeds after offering costs		8.557			8.532
Net investment income		0.302			0.361
Net change in unrealized depreciation on investments		-			(0.003	)
Distributions		(0.356	)		(0.358	)
Net change in accrued distribution fees		(0.059	)		(0.059	)
Net increase/(decrease) in net assets		(0.113	)		(0.059	)
Net asset value at end of period (2) (3)		8.444			8.473
Total return based on net asset value (4)(5)		3.53	%		4.19	%
Net assets at end of period	$	306,966,292		$	192,478,148
Units Outstanding at end of period		36,336,584			22,716,074
Ratio/Supplemental data (annualized) (5)(6):
Ratio of net investment income to average net assets		7.18	%		8.40	%
Ratio of net operating expenses to average net assets		2.40	%		1.39	%

1 The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2017 and 2016 which were 33,767,809 and 19,314,130.

2 For financial statement reporting purposes under GAAP, as of June 30, 2017, the Company recorded a liability in the amount of $2,140,000 for the estimated future amount of Class C Distribution Fees payable. This liability is reflected in this table, which is consistent with the financial statements.  While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C Distribution Fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. As of June 30, 2017, based on the new approach to the treatment of future Class C Distribution Fees, the Company has calculated the net asset value to be $8.507 for all units.  If the Company would have used the same approach for presentation in determining the net asset value as of June 30, 2016, the net asset value would have been $8.532.

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

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

5 Total return, ratio of net investment income and ratio of operating expenses to average net assets for the six months ended June 30, 2017 and 2016, prior to the effect of the Responsibility Agreement were as follows; total return: 2.51% and 2.31%, ratio of net investment income; 5.10% and 4.60%, and ratio of operating expenses to average net assets: 4.48% and 5.16%.

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

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Organization and Operations of the Company - Additional Information (Detail)				1 Months Ended	6 Months Ended
	Jun. 11, 2013 USD ($) shares	Feb. 25, 2013 USD ($)	May 31, 2012 USD ($) shares	Mar. 31, 2017 USD ($)	Jun. 30, 2017 USD ($) Employee shares	Jun. 30, 2016 USD ($)
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction | shares					7,232,761
Offering period, description					The primary offering terminated on March 31, 2017.
Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased					$ 26,155,635	$ 26,055,990
Shares purchased under equity transaction | shares					2,898,472
Offering [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased		$ 1,500,000,000
Distribution Reinvestment Plan [Member]
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction | shares					656,436
Aggregate gross proceeds on units purchased					$ 5,382,406
Termination of Primary Offering [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased				$ 361,700,000
Termination of Primary Offering [Member] | Distribution Reinvestment Plan [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased				$ 13,337,000
TriLinc Advisors, LLC [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Aggregate gross proceeds on units purchased			$ 200,000
Shares purchased under equity transaction | shares			22,161
TriLinc Global, LLC [Member]
Organization And Nature Of Operations [Line Items]
Formation date of limited liability company					Apr. 30, 2012
Primary offering termination date					Mar. 31, 2017
TriLinc Global, LLC [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Shares purchased under equity transaction | shares	321,330
Aggregate gross proceeds on units purchased	$ 2,900,000
TriLinc Global, LLC [Member] | TriLinc Advisors, LLC [Member]
Organization And Nature Of Operations [Line Items]
Percentage of ownership					85.00%
TriLinc Global, LLC [Member] | Maximum [Member]
Organization And Nature Of Operations [Line Items]
Number of employees for investments in SMEs | Employee					500
TriLinc Global, LLC [Member] | Minimum [Member] | Class A Units [Member]
Organization And Nature Of Operations [Line Items]
Minimum offering requirement	$ 2,000,000
Strategic Capital Advisory Services, LLC [Member] | TriLinc Advisors, LLC [Member]
Organization And Nature Of Operations [Line Items]
Percentage of ownership					15.00%

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Significant Accounting Policies - Additional Information (Detail)		3 Months Ended		6 Months Ended		12 Months Ended	62 Months Ended
		Jun. 30, 2017 USD ($) Company $ / shares	Jun. 30, 2016 USD ($) $ / shares	Jun. 30, 2017 USD ($) Company Loans $ / shares	Jun. 30, 2016 USD ($) $ / shares	Dec. 31, 2016 USD ($) Company $ / shares	Jun. 30, 2017 USD ($) Company $ / shares	Mar. 31, 2017 $ / shares
Significant Accounting Policies [Line Items]
Prepaid insurance amortization period				1 year
Due date for unpaid principal and interest				90 days
Fair Value		$ 234,068,317		$ 234,068,317		$ 203,795,813	$ 234,068,317
Percentage of investment in loans				100.00%		100.00%
Number of companies on non-accrual status | Company		2		2		2	2
Number of companies on non-accrual status in unrecorded interest income | Company		2		2			2
Unrecorded investment interest income		$ 6,789,264	$ 4,716,749	$ 13,379,427	$ 7,966,334
Minimum investment maturity period				12 months
Accrued distribution fees		2,140,000		$ 2,140,000		$ 1,907,000	$ 2,140,000
Tax liability for uncertain tax provision		$ 0		0			$ 0
Interest and penalties related to unrecognized tax benefits				$ 0
Net assets value per unit | $ / shares		$ 8.507		$ 8.507		$ 8.469	$ 8.507
Uninvested cash		$ 67,600,000		$ 67,600,000			$ 67,600,000
Organization and offering expenses				4.70%
Number of companies included in investment portfolio | Company		38		38			38
Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 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				79.30%
Investment Concentration [Member] | Investment Portfolio [Member] | Largest Loan by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment				7.30%
Investment Concentration [Member] | Investment Portfolio [Member] | Five Largest Loans by Value [Member]
Significant Accounting Policies [Line Items]
Percentage of Investment				33.20%
TriLinc Global, LLC [Member] | Responsibility Agreement [Member]
Significant Accounting Policies [Line Items]
Expenses paid by the sponsor on behalf of company							11,403,100
Expenses accrued by the sponsor on behalf of company		$ 4,385,000		$ 4,385,000			$ 4,385,000
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				2013
Class C Units [Member]
Significant Accounting Policies [Line Items]
Distribution fee per annum percentage of estimated value per share		0.80%		0.80%			0.80%
Accrued distribution fees		$ 2,140,000		$ 2,140,000			$ 2,140,000
Net assets value per unit | $ / shares		$ 8.507	$ 8.532	$ 8.507	$ 8.532		$ 8.507	$ 8.267
Blended net asset value per unit | $ / shares								8.467
Class A Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares		8.507	8.532	8.507	8.532		8.507	8.529
Decrease in net asset value per unit | $ / shares		0.022		0.022			0.022
Class I Units [Member]
Significant Accounting Policies [Line Items]
Net assets value per unit | $ / shares		8.507	$ 8.532	8.507	$ 8.532		8.507	$ 8.529
Decrease in net asset value per unit | $ / shares		$ 0.022		$ 0.022			$ 0.022
Maximum [Member]
Significant Accounting Policies [Line Items]
Organization and offering reimbursement limit				15.00%
Maximum [Member] | Class C Units [Member]
Significant Accounting Policies [Line Items]
Percentage of cap on underwriting compensation		10.00%		10.00%			10.00%
Non-Accrual Status [Member]
Significant Accounting Policies [Line Items]
Fair Value		$ 5,805,255		$ 5,805,255		$ 5,819,216	$ 5,805,255
Percentage of investment in loans				2.50%		2.90%
Unrecorded investment interest income		194,300		$ 386,600
Senior Secured Term Loans [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	48,309,633		$ 48,309,633		$ 28,673,487	48,309,633
Percentage of investment in loans				20.70%		14.10%
Senior Secured Term Loan Participations [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	78,255,380		$ 78,255,380		$ 58,450,761	78,255,380
Percentage of investment in loans				33.40%		28.70%
Senior Secured Trade Finance Participations [Member]
Significant Accounting Policies [Line Items]
Fair Value	[1]	$ 107,503,304		$ 107,503,304		$ 116,671,565	$ 107,503,304
Percentage of investment in loans				45.90%		57.20%
TGIF-A [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership				100.00%
TGIF-TF [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership				100.00%
TAI [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership				100.00%
TGIF-LA [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership				100.00%
TGIF-ATF [Member]
Significant Accounting Policies [Line Items]
Percentage of each subsidiary ownership				100.00%

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

XML

Investments - Schedule of Investments (Detail) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Amortized Cost		$ 234,127,394	$ 203,854,890
Fair Value		$ 234,068,317	$ 203,795,813
Percentage of Total Investments		100.00%	100.00%
Senior Secured Term Loans [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 48,309,633	$ 28,673,487
Fair Value	[1]	$ 48,309,633	$ 28,673,487
Percentage of Total Investments		20.70%	14.10%
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 78,255,380	$ 58,450,761
Fair Value	[1]	$ 78,255,380	$ 58,450,761
Percentage of Total Investments		33.40%	28.70%
Senior Secured Trade Finance Participations [Member]
Schedule of Investments [Line Items]
Amortized Cost	[1]	$ 107,562,381	$ 116,730,642
Fair Value	[1]	$ 107,503,304	$ 116,671,565
Percentage of Total Investments		45.90%	57.20%

[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) - USD ($)				1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
		Jan. 31, 2017	Nov. 10, 2016	Feb. 28, 2017	Nov. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Jul. 01, 2016	May 31, 2015
Schedule of Investments [Line Items]
Accrued deferred interest						$ 2,643,795		$ 2,643,795		$ 1,403,416
Funded to senior secured credit purchase								137,762,722	$ 117,467,057
Fair Value						234,068,317		234,068,317		203,795,813
Interest income						6,789,264	$ 4,716,749	13,379,427	7,966,334
Net accrued interest						9,485,788		9,485,788		6,866,432
Interest income reversed that had been previously accrued								(2,619,356)	$ (1,626,463)
Fruit & Nut Distributor [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance						1,250,000		1,250,000
Fair Value						726,729		726,729
Trade financing participation, total balance outstanding						785,806		785,806
Interest on loans amount						$ 34,800		$ 69,300
Fruit & Nut Distributor [Member] | Extended Maturity [Member] | Sub-advisor [Member]
Schedule of Investments [Line Items]
Ownership percentage held in distributor						50.00%		50.00%
Farm Supplies Distributor [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance						$ 5,078,526		$ 5,078,526
Fair Value						5,078,526		5,078,526
Interest on loans amount						159,500		317,300
Net accrued interest						550,370		$ 550,370
Interest income reversed that had been previously accrued										550,370
Waiting period available to insurer for initial review and acceptance of claim								180 days
Sesame Seed Exporter [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance						907,565		$ 907,565
Fair Value						907,565		907,565
Proceeds from principal					$ 92,435
Proceeds from Interest				$ 90,402
Net accrued interest						36,605		$ 36,605
Term Loan Facility [Member] | Corporacion Prodesa S.R.L. [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance		$ 2,000,000
Extended principal amount		$ 3,540,000
Interest		12.00%
Maturity								Jul. 15, 2016
Extended maturity date								Jul. 28, 2021
Inventory Facility | Corporacion Prodesa S.R.L. [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance		$ 750,000
Maturity								Feb. 15, 2015
Extended maturity date								Jul. 28, 2021
Purchase Order Facility [Member] | Corporacion Prodesa S.R.L. [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance		$ 1,750,000
Maturity								Dec. 31, 2020
Extended maturity date								Jul. 28, 2021
Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Fair Value	[1]					78,255,380		$ 78,255,380		58,450,761
Corporacion Prodesa S.R.L. [Member]
Schedule of Investments [Line Items]
Fair Value						5,140,000		5,140,000
Corporacion Prodesa S.R.L. [Member] | Senior Secured Term Loan Participations [Member]
Schedule of Investments [Line Items]
Senior secured term loan						3,390,000		3,390,000
Corporacion Prodesa S.R.L. [Member] | Senior Secured Purchase Order Revolving Credit Facility [Member]
Schedule of Investments [Line Items]
Credit facility, maximum borrowing capacity						1,750,000		1,750,000
Corporacion Prodesa S.R.L. [Member] | Senior Secured Purchase Order Revolving Credit Facility [Member] | Forbearance Agreement [Member]
Schedule of Investments [Line Items]
Funded to senior secured credit purchase										$ 1,750,000
Usivale Industria E Commercio [Member]
Schedule of Investments [Line Items]
Trade financing participation, principal balance						2,851,296		2,851,296
Fair Value						$ 2,851,296		$ 2,851,296
Aggregate principal amount												$ 3,000,000
Annual interest rate charged						17.43%	12.43%	17.43%	12.43%		12.43%
Standstill Period								180 days
Creditors review period								30 days
Proceeds from principal			$ 316,777
Proceeds from Interest			144,390
Interest income			$ 144,390
Maximum [Member]
Schedule of Investments [Line Items]
Accrued interest receivable period								300 days
Trade finance transactions period								180 days
Minimum [Member]
Schedule of Investments [Line Items]
Trade finance transactions period								60 days

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

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Investments - Components of Investment Portfolio, Fair Value (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Fair Value	$ 234,068,317	$ 203,795,813
Percentage of Total Investments	100.00%	100.00%
Agricultural Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 20,351,296	$ 22,851,296
Percentage of Total Investments	8.60%	11.20%
Bulk Fuel Stations and Terminals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,977,207	$ 15,437,474
Percentage of Total Investments	6.80%	7.60%
Chemicals and Allied Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,000,000
Percentage of Total Investments	6.40%
Coal and Other Minerals and Ores [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,089,930	$ 6,574,351
Percentage of Total Investments	2.20%	3.20%
Commercial Fishing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,090,929	$ 1,058,273
Percentage of Total Investments	2.20%	0.50%
Communications Equipment [Member]
Schedule of Investments [Line Items]
Fair Value	$ 340,991	$ 6,111,941
Percentage of Total Investments	0.10%	3.00%
Consumer Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 11,140,000	$ 9,900,000
Percentage of Total Investments	4.80%	4.90%
Electric Services [Member]
Schedule of Investments [Line Items]
Fair Value	$ 11,964,946	$ 19,500,000
Percentage of Total Investments	5.10%	9.60%
Farm Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,623,653	$ 3,142,480
Percentage of Total Investments	1.10%	1.50%
Fats and Oils [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,000,000	$ 6,000,000
Percentage of Total Investments	5.10%	2.90%
Fertilizer & Agricultural Chemicals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,078,526	$ 5,078,526
Percentage of Total Investments	2.20%	2.50%
Fresh or Frozen Packaged Fish [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,912,400	$ 5,037,134
Percentage of Total Investments	3.00%	2.50%
Food Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,397,094	$ 740,690
Percentage of Total Investments	0.60%	0.40%
Groceries and Related Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,576,824	$ 11,195,862
Percentage of Total Investments	2.00%	5.50%
Hotels and Motels [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,000,000	$ 17,000,000
Percentage of Total Investments	7.30%	8.30%
Land Subdividers and Developers [Member]
Schedule of Investments [Line Items]
Fair Value	$ 14,866,072
Percentage of Total Investments	6.40%
Lumber and Other Construction Materials [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,469,131	$ 11,483
Percentage of Total Investments	1.90%	0.00%
Meat, Poultry & Fish [Member]
Schedule of Investments [Line Items]
Fair Value	$ 9,214,091	$ 9,675,717
Percentage of Total Investments	3.90%	4.70%
Metals & Mining [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,566,481	$ 2,234,145
Percentage of Total Investments	2.80%	1.10%
Miscellaneous Plastics Products [Member]
Schedule of Investments [Line Items]
Fair Value	$ 161,018	$ 161,018
Percentage of Total Investments	0.10%	0.10%
Packaged Foods & Meats [Member]
Schedule of Investments [Line Items]
Fair Value	$ 500,000	$ 500,000
Percentage of Total Investments	0.20%	0.20%
Primary Nonferrous Metals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 2,372,296	$ 3,000,000
Percentage of Total Investments	1.00%	1.50%
Primary Metal Industries [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,000,000	$ 6,000,000
Percentage of Total Investments	2.60%	2.90%
Programming and Data Processing [Member]
Schedule of Investments [Line Items]
Fair Value	$ 14,960,130	$ 10,236,013
Percentage of Total Investments	6.40%	5.00%
Rental of Railroad Cars [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,136,861	$ 4,411,650
Percentage of Total Investments	1.80%	2.20%
Secondary Nonferrous Metals [Member]
Schedule of Investments [Line Items]
Fair Value	$ 7,349,626	$ 7,649,945
Percentage of Total Investments	3.10%	3.80%
Soap, Detergents, and Cleaning [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,662,935	$ 2,000,000
Percentage of Total Investments	0.70%	1.00%
Street Construction [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,576,177	$ 14,927,195
Percentage of Total Investments	5.80%	7.30%
Water Transportation [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,689,703	$ 13,360,620
Percentage of Total Investments	5.80%	6.60%

XML

Investments - Schedule of Investment by Geographical Classification (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Fair Value	$ 234,068,317	$ 203,795,813
Percentage of Total Investments	100.00%	100.00%
Argentina [Member]
Schedule of Investments [Line Items]
Fair Value	$ 39,500,000	$ 31,000,000
Percentage of Total Investments	16.90%	15.20%
Brazil [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,811,426	$ 13,087,309
Percentage of Total Investments	7.60%	6.40%
Cabo Verde [Member]
Schedule of Investments [Line Items]
Fair Value	$ 17,000,000	$ 17,000,000
Percentage of Total Investments	7.30%	8.30%
Chile [Member]
Schedule of Investments [Line Items]
Fair Value	$ 1,418,655	$ 2,234,915
Percentage of Total Investments	0.60%	1.10%
Cayman Islands [Member]
Schedule of Investments [Line Items]
Fair Value	$ 297,433
Percentage of Total Investments	0.10%
Ecuador [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,003,329	$ 6,095,407
Percentage of Total Investments	5.10%	3.00%
Ghana [Member]
Schedule of Investments [Line Items]
Fair Value	$ 11,964,946	$ 19,500,000
Percentage of Total Investments	5.10%	9.60%
Guatemala [Member]
Schedule of Investments [Line Items]
Fair Value	$ 907,565	$ 907,565
Percentage of Total Investments	0.40%	0.40%
Indonesia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 21,280,809	$ 17,927,195
Percentage of Total Investments	9.10%	8.80%
Italy [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,469,131
Percentage of Total Investments	1.90%
Kenya [Member]
Schedule of Investments [Line Items]
Fair Value	$ 161,018	$ 161,018
Percentage of Total Investments	0.10%	0.10%
Malaysia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,000,000
Percentage of Total Investments	6.40%
Mauritius [Member]
Schedule of Investments [Line Items]
Fair Value	$ 9,576,824	$ 11,195,862
Percentage of Total Investments	4.10%	5.50%
Morocco [Member]
Schedule of Investments [Line Items]
Fair Value	$ 7,349,626	$ 7,649,945
Percentage of Total Investments	3.10%	3.80%
Namibia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 15,366,072	$ 500,000
Percentage of Total Investments	6.60%	0.20%
Nigeria [Member]
Schedule of Investments [Line Items]
Fair Value	$ 13,689,703	$ 13,360,620
Percentage of Total Investments	5.90%	6.60%
Peru [Member]
Schedule of Investments [Line Items]
Fair Value	$ 21,117,207	$ 19,337,474
Percentage of Total Investments	9.00%	9.50%
Singapore [Member]
Schedule of Investments [Line Items]
Fair Value		$ 10,000,000
Percentage of Total Investments		4.90%
South Africa [Member]
Schedule of Investments [Line Items]
Fair Value	$ 6,652,817	$ 14,174,143
Percentage of Total Investments	2.80%	7.00%
United Kingdom [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,089,930	$ 6,585,834
Percentage of Total Investments	2.20%	3.20%
Zambia [Member]
Schedule of Investments [Line Items]
Fair Value	$ 12,741,461	$ 13,078,526
Percentage of Total Investments	5.40%	6.40%
Uruguay [Member]
Schedule of Investments [Line Items]
Fair Value	$ 670,365
Percentage of Total Investments	0.30%

XML

Fair Value Measurements - Summary of Valuation of Investments by Fair Value Hierarchy Levels (Detail) - USD ($)		Jun. 30, 2017	Dec. 31, 2016
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		$ 234,068,317	$ 203,795,813
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	48,309,633	28,673,487
Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	78,255,380	58,450,761
Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value	[1]	107,503,304	116,671,565
Level 3 [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		234,068,317	203,795,813
Level 3 [Member] | Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		48,309,633	28,673,487
Level 3 [Member] | Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		78,255,380	58,450,761
Level 3 [Member] | Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investments, fair value		$ 107,503,304	$ 116,671,565

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

XML

Fair Value Measurements - Summary of Investments Classified as Level 3 (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	$ 203,795,813
Purchases of investments	137,762,722
Maturities or Prepayments of investments	(108,085,307)
Accretion of discounts	595,090	$ 18,468
Net change in unrealized appreciation (depreciation) on investments		$ (59,077)
Investment owned at Fair value, ending balance	234,068,318
Senior Secured Term Loans [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	28,673,487
Purchases of investments	21,754,720
Maturities or Prepayments of investments	(2,675,112)
Accretion of discounts	556,538
Investment owned at Fair value, ending balance	48,309,633
Senior Secured Term Loan Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	58,450,761
Purchases of investments	22,242,336
Maturities or Prepayments of investments	(2,476,269)
Accretion of discounts	38,552
Investment owned at Fair value, ending balance	78,255,380
Senior Secured Trade Finance Participations [Member]
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Investment owned at fair value, beginning balance	116,671,565
Purchases of investments	93,765,666
Maturities or Prepayments of investments	(102,933,926)
Investment owned at Fair value, ending balance	$ 107,503,305

XML

Fair Value Measurements - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Realized gains or losses on investments	$ 0	$ 0

XML

Fair Value Measurements - Summary of Quantitative Information of Fair Value Measurements of Investments (Detail) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2017	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 234,068,317	$ 203,795,813
Senior Secured Trade Finance Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	107,503,304	116,671,565
Senior Secured Term Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	48,309,633	28,673,487
Senior Secured Term Loan Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[1]	78,255,380	58,450,761
Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		234,068,317	203,795,813
Level 3 [Member] | Senior Secured Trade Finance Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		107,503,304	116,671,565
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Cost Approach [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[2]	$ 106,776,576	$ 115,930,875
Unobservable input	[2]	Recent transactions	Recent transactions
Level 3 [Member] | Senior Secured Trade Finance Participations [Member] | Income Approach (DCF) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value	[3]	$ 726,729	$ 740,690
Unobservable input	[3]	Market yield	Yield
Range (weighted average)	[3]	15.75%	15.75%
Level 3 [Member] | Senior Secured Term Loans [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 48,309,633	$ 28,673,487
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 48,309,633	$ 28,673,487
Unobservable input		Market yield	Yield
Range (weighted average)		12.50%	12.50%
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		11.50%	11.50%
Level 3 [Member] | Senior Secured Term Loans [Member] | Income Approach (DCF) [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		13.50%	13.50%
Level 3 [Member] | Senior Secured Term Loan Participations [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 78,255,380	$ 58,450,761
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Fair Value		$ 78,255,380	$ 58,450,761
Unobservable input		Market yield	Yield
Range (weighted average)		13.99%	13.99%
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Minimum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		11.50%	11.50%
Level 3 [Member] | Senior Secured Term Loan Participations [Member] | Income Approach (DCF) [Member] | Maximum [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Range (weighted average)		15.70%	15.70%

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

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

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

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Related Parties - Additional Information (Detail) - USD ($)		3 Months Ended		6 Months Ended		62 Months Ended
	Mar. 03, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Advisor earned management fees		$ 1,542,544	$ 973,916	$ 3,063,518	$ 1,790,242
Advisor earned incentive fees		868,510	745,727	1,828,858	1,396,075
Due to affiliates							$ 68,312
Due from affiliates		3,869,516		$ 3,869,516		$ 3,869,516	3,175,656
TriLinc Advisors, LLC [Member]
Related Party Transaction [Line Items]
Advisory agreement, extended maturity date	Feb. 25, 2018
Management fee description				Asset management fees payable to the Advisor are remitted quarterly in arrears and are equal to 0.50% (2.00% per annum) of Gross Asset Value, as defined in the Advisory Agreement between the Company and the Advisor.
Asset management fee payable quarterly, percentage				0.50%
Asset management fee payable annually, percentage				2.00%
Incentive fee description				The subordinated incentive fee on income is calculated and payable quarterly in arrears and is based upon the Company’s pre-incentive fee net investment income for the immediately preceding quarter. No subordinated incentive fee is earned by the Advisor in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the quarterly preferred return rate of 1.50% (6.00% annualized) (the “Preferred Return”). In any quarter, all of the Company’s pre-incentive fee net investment income, if any, that exceeds the quarterly Preferred Return, but is less than or equal to 1.875% (7.50% annualized) at the end of the immediately preceding fiscal quarter, is payable to the Advisor.
Pre-incentive fee net investment income does not exceed quarterly preferred return rate, percentage				1.50%
Pre-incentive fee net investment income does not exceed quarterly preferred return rate, annualized percentage				6.00%
Pre-incentive fee net investment income exceeding quarterly preferred return rate, percentage				1.875%
Pre-incentive fee net investment income exceeding quarterly preferred return rate, annualized percentage				7.50%
Percentage of incentive fee on income				20.00%
Percentage of incentive fee on capital gains				20.00%
Investment fee on capital gain percentage				The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains.
Capital gains		0	0	$ 0	0
Accrued incentive fee on capital gains		0	0	0	0	0
Advisor earned management fees		1,542,544	973,916	3,063,518	1,790,242
Advisor earned incentive fees		868,510	745,727	1,828,858	1,396,075
TriLinc Global, LLC [Member]
Related Party Transaction [Line Items]
Due to affiliates		0		0		0	68,312
Due from affiliates		3,869,516		3,869,516		3,869,516	$ 3,175,656
TriLinc Global, LLC [Member] | Responsibility Agreement [Member]
Related Party Transaction [Line Items]
Additional operating expenses paid by Sponsor on behalf of company		1,633,933	1,203,324	2,958,762	3,117,668
Expenses paid by the sponsor on behalf of company						11,403,100
Expenses accrued by the sponsor on behalf of company		4,385,000		4,385,000		4,385,000
Due to affiliates		15,788,100		15,788,100		$ 15,788,100
SC Distributors, LLC [Member]
Related Party Transaction [Line Items]
Dealer manager fees paid		10,413	490,920	636,088	968,619
Selling commissions paid		$ 38,668	$ 1,728,026	$ 2,465,110	$ 3,361,414

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Organization and Offering Costs - Additional Information (Detail) - USD ($)	6 Months Ended		62 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	$ 17,012,540		$ 17,012,540	$ 14,543,691
Reimbursement of offering costs incurred by Sponsor	2,468,849	$ 3,381,050
Payment for reimbursement of offering costs incurred by Sponsor	2,537,161	3,250,804
TriLinc Global, LLC [Member]
Organization And Offering Costs [Line Items]
Offering costs paid by the Sponsor on behalf of the Company	16,776,500		16,776,500
Organization costs paid by the Sponsor on behalf of the Company	236,000		236,000
Reimbursement of offering costs incurred by Sponsor	2,458,421	1,942,000
Payment for reimbursement of offering costs incurred by Sponsor	2,468,849	$ 3,381,050
Reimbursement of organization costs incurred by Sponsor			17,012,500
Remaining balance of offering and organization costs due to the Sponsor	$ 0		$ 0

XML

Promissory Notes - Additional Information (Detail) - TriLinc Global Impact Fund Cayman, Ltd. [Member] - Senior Secured Promissory Notes [Member] - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Feb. 17, 2017	Oct. 14, 2016
Debt Instrument [Line Items]
Issuance of notes			$ 225,000	$ 1,635,000
Target issuance of notes aggregate amount				$ 100,000,000
Notes issuance, interest rate terms		The Notes have an interest rate of 3.0% per annum plus the one year LIBOR (1.59%) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note
Notes issuance, payment terms		The entire principal balance of each Note (and any unpaid interest) is due in one balloon payment on the “Maturity Date,” which is the first anniversary of the issuance date that either TGIFC or the applicable noteholder has designated as the Maturity Date by not less than 30 days’ prior written notice to the other party. The principal balance of each Note may not be prepaid, in whole or in part, prior to the Maturity Date
Interest expense recognized	$ 21,349	$ 41,091
One Year LIBOR [Member]
Debt Instrument [Line Items]
Annual interest rate charged			3.00%	3.00%
Description of variable interest rate		one year LIBOR
Variable interest rate			1.74%	1.59%

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Unit Capital - Additional Information (Detail) - USD ($)		6 Months Ended
	Jun. 11, 2014	Jun. 30, 2017	Dec. 31, 2016
Capital Unit [Line Items]
Distribution fee payable		$ 2,140,000	$ 1,907,000
Units Issued During the Period		7,232,761
Held Units For Minimum year	1 year
Unit Repurchase Price Description		price equal to the greater of the unit’s net asset value or $9.025.
Repurchase Price Per unit	$ 9.025	$ 9.025
Repurchase of Aggregate units		503,558
Maximum [Member]
Capital Unit [Line Items]
Percentage of Total	5.00%
Distribution Reinvestment Plan [Member]
Capital Unit [Line Items]
Units Issued During the Period		656,436
Units Issued During the Period, value		$ 5,382,406
Class W Units [Member]
Capital Unit [Line Items]
Units Issued During the Period		0
Class Y Units [Member]
Capital Unit [Line Items]
Units Issued During the Period		0
Class C Units [Member]
Capital Unit [Line Items]
Distribution fee payable		$ 2,140,000
Estimated net assets value per unit		$ 9.025
Distribution fee payable, discount rate		4.00%
Percentage of distribution fee per annum		0.80%
Units Issued During the Period		1,458,824

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Unit Capital - Summary of Transactions with Respect to the Company's Units (Detail)	6 Months Ended
	Jun. 30, 2017 shares
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	29,607,381
Units Issued During the Period	7,232,761
Units Repurchased During the Period	(503,558)
Units Outstanding, Ending Balance	36,336,584
Class A Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	15,391,991
Units Issued During the Period	2,898,472
Units Repurchased During the Period	(118,506)
Units Outstanding, Ending Balance	18,171,957
Class C Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	6,803,985
Units Issued During the Period	1,458,824
Units Repurchased During the Period	(13,072)
Units Outstanding, Ending Balance	8,249,737
Class I Units [Member]
Capital Unit [Line Items]
Units Outstanding, Beginning Balance	7,411,405
Units Issued During the Period	2,875,465
Units Repurchased During the Period	(371,980)
Units Outstanding, Ending Balance	9,914,890

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Distributions - Summary of Distributions Paid (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Cash Distributions	$ 6,624,579	$ 3,959,922
Distributions Reinvested	5,382,406
Total Declared	$ 12,006,985
January 31, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jan. 19, 2017
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,002,022
Distributions Reinvested	837,472
Total Declared	$ 1,839,494
February 28, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Feb. 23, 2017
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 944,453
Distributions Reinvested	782,125
Total Declared	$ 1,726,578
March 31, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Mar. 03, 2017
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,114,222
Distributions Reinvested	885,439
Total Declared	$ 1,999,661
April 30, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Apr. 18, 2017
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,148,147
Distributions Reinvested	929,660
Total Declared	$ 2,077,807
May 31, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	May 10, 2017
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,220,942
Distributions Reinvested	987,576
Total Declared	$ 2,208,518
June 30, 2017 [Member]
Incentive Distribution Made To Managing Member Or General Partner [Line Items]
Date Declared	Jun. 12, 2017
Daily Rate Per Unit	$ 0.00197808
Cash Distributions	$ 1,194,793
Distributions Reinvested	960,134
Total Declared	$ 2,154,927

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Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Equity [Abstract]
Net proceeds before offering costs			$ 9.025	$ 9.025
Offering costs			(0.468)	(0.493)
Net Proceeds after offering costs			8.557	8.532
Net investment income	$ 0.15	$ 0.18	0.302	0.361
Net change in unrealized depreciation on investments				(0.003)
Distributions			(0.356)	(0.358)
Net change in accrued distribution fees			(0.059)	(0.059)
Net increase/(decrease) in net assets			(0.113)	(0.059)
Net asset value at end of period	$ 8.444	$ 8.473	$ 8.444	$ 8.473
Total return based on net asset value			3.53%	4.19%
Net assets at end of period	$ 306,966,292	$ 192,478,148	$ 306,966,292	$ 192,478,148	$ 250,755,915	$ 138,620,607
Units Outstanding at end of period	36,336,584	22,716,074	36,336,584	22,716,074	29,607,381
Ratio/Supplemental data (annualized):
Ratio of net investment income to average net assets			7.18%	8.40%
Ratio of net operating expenses to average net assets			2.40%	1.39%

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Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Detail) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2014	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2013	Mar. 31, 2017	Dec. 31, 2016
Schedule Of Financial Highlights [Line Items]
Weighted average units outstanding	36,086,638	20,811,419		33,767,809	19,314,130
Distribution fee payable	$ 2,140,000			$ 2,140,000				$ 1,907,000
Net assets value per unit	$ 8.507			$ 8.507				$ 8.469
Contributions from Sponsor			$ 31,750			$ 51,034
Total return based on net asset value				3.53%	4.19%
Ratio of net investment income to average net assets				7.18%	8.40%
Ratio of net operating expenses to average net assets				2.40%	1.39%
Class C Units [Member]
Schedule Of Financial Highlights [Line Items]
Distribution fee payable	$ 2,140,000			$ 2,140,000
Net assets value per unit	$ 8.507	$ 8.532		$ 8.507	$ 8.532		$ 8.267
Class A Units [Member]
Schedule Of Financial Highlights [Line Items]
Net assets value per unit	8.507	8.532		8.507	8.532		8.529
Class I Units [Member]
Schedule Of Financial Highlights [Line Items]
Net assets value per unit	$ 8.507	$ 8.532		$ 8.507	$ 8.532		$ 8.529
Responsibility Agreement [Member]
Schedule Of Financial Highlights [Line Items]
Total return based on net asset value				2.51%	2.31%
Ratio of net investment income to average net assets				5.10%	4.60%
Ratio of net operating expenses to average net assets				4.48%	5.16%

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Subsequent Events - Additional Information (Detail) - USD ($)						1 Months Ended	6 Months Ended
	Aug. 10, 2017	Aug. 07, 2017	Aug. 01, 2017	Jul. 11, 2017	Jul. 03, 2017	Aug. 09, 2017	Jun. 30, 2017	Jun. 30, 2016	Jul. 31, 2017	Feb. 17, 2017	Oct. 14, 2016
Subsequent Event [Line Items]
Cash paid for distributions							$ 6,624,579	$ 3,959,922
TriLinc Global Impact Fund Cayman, Ltd. [Member] | Senior Secured Promissory Notes [Member]
Subsequent Event [Line Items]
Maximum borrowing facility										$ 225,000	$ 1,635,000
Notes issuance, interest rate terms							The Notes have an interest rate of 3.0% per annum plus the one year LIBOR (1.59%) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate is determined on each issuance date and adjusted on each anniversary of the issuance date and shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note
Notes issuance, payment terms							The entire principal balance of each Note (and any unpaid interest) is due in one balloon payment on the “Maturity Date,” which is the first anniversary of the issuance date that either TGIFC or the applicable noteholder has designated as the Maturity Date by not less than 30 days’ prior written notice to the other party. The principal balance of each Note may not be prepaid, in whole or in part, prior to the Maturity Date
Target issuance of notes aggregate amount											$ 100,000,000
TriLinc Global Impact Fund Cayman, Ltd. [Member] | One Year LIBOR [Member] | Senior Secured Promissory Notes [Member]
Subsequent Event [Line Items]
Annual interest rate charged										3.00%	3.00%
Description of variable interest rate							one year LIBOR
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends distribution declared date	Aug. 10, 2017			Jul. 11, 2017
Dividend distribution period start date	Aug. 01, 2017			Jul. 01, 2017
Dividend distribution period end date	Aug. 31, 2017			Jul. 31, 2017
Dividends declared per unit	$ 0.00197808			$ 0.00197808
Cash paid for distributions			$ 1,191,726
Reinvestment under distribution reinvestment plan									$ 986,918
Date of distributions in cash or reinvestment in units	Sep. 01, 2017
Funded new investments						$ 73,200,000
Proceeds from repayment of investments						$ 21,900,000
Debt instrument, frequency of periodic payment					quarterly in arrears within 15 days after the end of each calendar quarter.
Subsequent Event [Member] | TriLinc Global Impact Fund Cayman, Ltd. [Member] | State Street Australia Ltd ACF Christian Super [Member] | Senior Secured Promissory Notes [Member]
Subsequent Event [Line Items]
Maximum borrowing facility		$ 5,000,000
Notes issuance, interest rate terms		The Notes have an interest rate of 4.0% 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 may not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the Note
Notes issuance, payment terms		The entire principal balance under the Note (and any unpaid interest) is due in one balloon payment on August 7, 2021, which is the fourth anniversary of the issuance date (the “Maturity Date”). The principal balance of the Note may be prepaid prior to the Maturity Date without premium or penalty.
Target issuance of notes aggregate amount		$ 25,000,000
Transferred shares, description		In October, 2016, the Company transferred all of the shares of all of its wholly owned subsidiaries (the “Subsidiaries”) to TGIFC. The Subsidiaries own all of the Company’s investments. TGIFC’s obligations under the Notes is secured by an equitable mortgage pursuant to the Equitable Mortgage Over Shares by and between TGIFC and the Noteholders, dated as of August 7, 2017 (the “CS Equitable Mortgage”) granting the holder of the Notes a mortgage over 5 shares out of a total of 17.36 of the issued and outstanding shares of the Subsidiaries.
Shares mortgaged from subsidiaries shares issued and outstanding		5
Shares available for mortgage		17.36
Subsequent Event [Member] | TriLinc Global Impact Fund Cayman, Ltd. [Member] | State Street Australia Ltd ACF Christian Super [Member] | One Year LIBOR [Member] | Senior Secured Promissory Notes [Member]
Subsequent Event [Line Items]
Annual interest rate charged		4.00%
Description of variable interest rate		one year LIBOR
Subsequent Event [Member] | TriLinc Global Impact Fund Cayman, Ltd. [Member] | Facility Agreement [Member] | Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member]
Subsequent Event [Line Items]
Maximum borrowing facility					$ 10,500,000
Additional borrowing facility requirement					$ 39,500,000
Notes issuance, interest rate terms					The Facility Agreement has an interest rate of 4.65% per annum plus the three month London Interbank Offered Rate (“LIBOR”) and will be payable quarterly in arrears within 15 days after the end of each calendar quarter. The interest rate shall not exceed the maximum rate of non-usurious interest permitted by applicable law, with excess interest to be applied to the principal amount of the note.
Notes issuance, payment terms					The entire principal balance under the Facility Agreement (and any unpaid interest) is due in one balloon payment on July 7, 2020, which is the third anniversary of the issuance date (the “Maturity Date”). The principal balance under the Facility Agreement may be voluntarily prepaid, in whole or in part, prior to the Maturity Date, subject to a prepayment premium of 1.00% of the prepayment amount if the voluntary prepayment is made prior to July 3, 2019.
Maturity date					Jul. 07, 2020
Percentage of prepayment premium					1.00%
Prepayment date					Jul. 03, 2019
Subsequent Event [Member] | TriLinc Global Impact Fund Cayman, Ltd. [Member] | Facility Agreement [Member] | Micro, Small & Medium Enterprises Bonds S.A. as Lender and Symbiotics SA as Servicer [Member] | Three Month LIBOR [Member]
Subsequent Event [Line Items]
Annual interest rate charged					4.65%
Description of variable interest rate					three month