UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q



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

For the quarterly period ended ~~September~~March 3031, ~~2017~~2018



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



For the transition period from		to



Commission File Number:	333-185144

ICON ECI Fund Sixteen

(Exact name of registrant as specified in its charter)



Delaware		80-0860084
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

3 Park Avenue, 36^th Floor
New York, New York		10016
(Address of principal executive offices)		(Zip Code)

(212) 418-4700

(Registrant’s telephone number, including area code)

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 þ No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes þ No o

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 the 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 o	Accelerated filer o
Non-accelerated filer o (Do not check if a smaller reporting company)	Smaller reporting company þ
	Emerging growth company o

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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No þ

Number of outstanding Class A and Class I shares of the registrant on ~~November~~May 8, ~~2017~~2018 is 17,189 and 410, respectively.

ICON ECI Fund Sixteen

Table of Contents

PART I - FINANCIAL INFORMATION	Page
Item 1. Consolidated Financial Statements	1
Consolidated Balance Sheets	1
Consolidated Statements of Operations	2
Consolidated Statements of Changes in Equity	3
Consolidated Statement of Changes in Equity	3
Consolidated Statements of Cash Flows	4
Notes to Consolidated Financial Statements	5
Item 2. Managing Owner's Discussion and Analysis of Financial Condition and Results of Operations	1412
Item 3. Quantitative and Qualitative Disclosures About Market Risk	2319
Item 4. Controls and Procedures	2319
PART II – OTHER INFORMATION
Item 1. Legal Proceedings	2420
Item 1A. Risk Factors	2420
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	2420
Item 3. Defaults Upon Senior Securities	2420
Item 4. Mine Safety Disclosures	2420
Item 5. Other Information	2420
Item 6. Exhibits	2521
Signatures	2622

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

ICON ECI Fund Sixteen

(A Delaware Statutory Trust)

Consolidated Balance Sheets

	September 30,		December 31,
	March 31,		December 31,
	2017		2016
	2018		2017
	(unaudited)
Assets
Cash	$	62,~~075~~245,~~434~~511	$	4,~~925~~436,~~909~~615
Net investment in notes receivable	2,~~988~~940,~~899~~041		2,~~999~~967,~~336~~571
Net investment in finance lease	1,279,973		3,463,004
Investment in joint ventures	2,259,479		2,135,091
Investment in joint ventures	2,014,147		3,341,725
Other assets	128,801		55,538
Other assets	129,053		102,996
Total assets	$	7,573,832	$	9,594,815
Total assets	$	12,487,506	$	14,832,970
Liabilities and Equity
Liabilities:
Due to Investment Manager and affiliates, net	$	79,~~365~~277	$	~~169~~64,~~137~~397
Accrued expenses and other liabilities	78138,~~289~~120		~~566~~88,~~566~~751
Total liabilities	~~157~~217,~~654~~397		~~735~~153,~~703~~148
Commitments and contingencies (Note 9)
Commitments and contingencies (Note 8)
Equity:
Shareholders' capital
Class A	117,~~619~~178,~~327~~461		129,~~004~~216,~~381~~243
Class I	~~281~~176,~~230~~403		~~288~~224,~~747~~505
Total shareholders' capital	117,~~900~~354,~~557~~864		129,~~293~~440,~~128~~748
Noncontrolling interests	~~429~~1,~~295~~571		~~1,804,139~~919
Total equity	127,~~329~~356,~~852~~435		149,~~097~~441,~~267~~667
Total liabilities and equity	$	127,~~487~~573,~~506~~832	$	149,~~832~~594,~~970~~815

See accompanying notes to consolidated financial statements.

Table of Contents

ICON ECI Fund Sixteen

(A Delaware Statutory Trust)

Consolidated Statements of Operations

(unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	Three Months Ended March 31,
	2017			2016			2017			2016
	2018			2017
Revenue and other income:
Finance income	$	~~162~~114,~~439~~710		$	94183,~~133~~871		$	~~509,476~~		$	~~515,619~~
Income from investment in joint ventures	96124,~~262~~388			~~142~~89,~~831~~560			~~232,066~~			~~607,371~~
Gain on sale of investment in joint ventures	—			—			—			19,566
Other income	967			389
Other income	19,989			3,394			21,321			3,394
Total revenue and other income	240,065			273,820
Total revenue and other income	278,690			240,358			762,863			1,145,950
Expenses:
Expenses:
Management fees	—			17,920
Management fees	15,835			61,983			54,822			181,313
Administrative expense reimbursements	105,786			133,773
Administrative expense reimbursements	122,263			102,382			358,066			322,646
General and administrative	98,299			128,805
General and administrative	46,848			107,040			267,380			370,199
Interest	—			4,900
Interest	—			5,473			8,828			26,444
Total expenses	204,085			285,398
Impairment loss	595,000			—			595,000			—
Net income (loss)	35,980			(11,578		)
Total expenses	779,946			276,878			1,284,096			900,602
Less: net income attributable to noncontrolling interests	652			31,308
Net (loss) income	(501,256		)	(36,520		)	(521,233		)	245,348
Net income (loss) attributable to Fund Sixteen	$	35,328		$	(42,886	)
Less: net income attributable to noncontrolling interests	18,930			57,339			69,327			203,214
Net income (loss) attributable to Fund Sixteen allocable to:
Net (loss) income attributable to Fund Sixteen	$	(520,186	)	$	(93,859	)	$	(590,560	)	$	42,134
Additional Class A shareholders and Class I shareholders	$	34,975		$	(42,457	)
Net (loss) income attributable to Fund Sixteen allocable to:
Managing Owner	353			(429		)
Additional Class A shareholders and Class I shareholders	$	(514,984	)	$	(92,920	)	$	(584,654	)	$	41,713
	$	35,328		$	(42,886	)
Managing Owner	(5,202		)	(939		)	(5,906		)	421
Additional Class A shares:
	$	(520,186	)	$	(93,859	)	$	(590,560	)	$	42,134
Net income (loss) attributable to Fund Sixteen allocable to additional Class A shareholders	$	34,160		$	(41,531	)
Additional Class A shares:
Weighted average number of additional Class A shares outstanding	17,189			17,189
Net (loss) income attributable to Fund Sixteen allocable to additional Class A shareholders	$	(502,988	)	$	(90,832	)	$	(571,156	)	$	40,501
Net income (loss) attributable to Fund Sixteen per weighted average additional Class A share	$	1.99		$	(2.42	)
Weighted average number of additional Class A shares outstanding	17,189			17,189			17,189			17,189
Class I shares:
Net (loss) income attributable to Fund Sixteen per weighted average additional Class A share	$	(29.26	)	$	(5.28	)	$	(33.23	)	$	2.36
Net income (loss) attributable to Fund Sixteen allocable to Class I shareholders	$	815		$	(926	)
Class I shares:
Weighted average number of Class I shares outstanding	410			410
Net (loss) income attributable to Fund Sixteen allocable to Class I shareholders	$	(11,996	)	$	(2,088	)	$	(13,498	)	$	1,212
Net income (loss) attributable to Fund Sixteen per weighted average Class I share	$	1.99		$	(2.26	)
Weighted average number of Class I shares outstanding	410			410			410			410
Net (loss) income attributable to Fund Sixteen per weighted average Class I share	$	(29.26	)	$	(5.09	)	$	(32.93	)	$	2.96

See accompanying notes to consolidated financial statements.

Table of Contents

ICON ECI Fund Sixteen

(A Delaware Statutory Trust)

Consolidated ~~Statements~~Statement of Changes in Equity

	Class A												Class I
	Managing Owner				Additional Shareholders				Total Class A				Shareholders							Total
	Shares	Amount			Shares	Amount			Shares	Amount			Shares	Amount			Noncontrolling Interests			Shares	Amount
Balance, December 31, 2016	0.001	$	(34,623	)	17,189	$	12,039,004		17,189	$	12,004,381		410	$	288,747		$	1,804,139		17,599	$	14,097,267
Balance, December 31, 2017	0.001	$	(65,694	)	17,189	$	9,281,937		17,189	$	9,216,243		410	$	224,505		$	919		17,599	$	9,441,667
Net (loss) income (unaudited)	—	(429		)	—	(41,531		)	—	(41,960		)	—	(926		)	31,308			—	(11,578		)
Net income (unaudited)	—	353			—	34,160			—	34,513			—	815			652			—	35,980
Distributions (unaudited)	—	(~~602~~21,212		)	—	(582,~~235~~051,083		)	—	(582,~~837~~072,295		)	—	(148,~~389~~917		)	~~(342,549~~—		)	—	(~~402~~2,~~775~~121,212		)
Purchase of interests from noncontrolling interests (unaudited)	—	34			—	3,276			—	3,310			—	78			(505,182		)	—	(501,794		)
Balance, March 31, 2018 (unaudited)	0.001	$	(86,553	)	17,189	$	7,265,014		17,189	$	7,178,461		410	$	176,403		$	1,571		17,599	$	7,356,435
Balance, March 31, 2017 (unaudited)	0.001	(35,620		)	17,189	11,942,514			17,189	11,906,894			410	286,510			987,716			17,599	13,181,120
Net (loss) income (unaudited)	—	(275		)	—	(26,637		)	—	(26,912		)	—	(576		)	19,089			—	(8,399		)
Reversal of sales and offering expenses (unaudited)	—	—			—	247,535			—	247,535			—	7,292			—			—	254,827
Distributions (unaudited)	—	—			—	—			—	—			—	—			(297,161		)	—	(297,161		)
Balance, June 30, 2017 (unaudited)	0.001	(35,895		)	17,189	12,163,412			17,189	12,127,517			410	293,226			709,644			17,599	13,130,387
Net (loss) income (unaudited)	—	(5,202		)	—	(502,988		)	—	(508,190		)	—	(11,996		)	18,930			—	(501,256		)
Distributions (unaudited)	—	—			—	—			—	—			—	—			(299,279		)	—	(299,279		)
Balance, September 30, 2017 (unaudited)	0.001	$	(41,097	)	17,189	$	11,660,424		17,189	$	11,619,327		410	$	281,230		$	429,295		17,599	$	12,329,852

See accompanying notes to consolidated financial statements.

Table of Contents

ICON ECI Fund Sixteen

(A Delaware Statutory Trust)

Consolidated Statements of Cash Flows

(unaudited)

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2017			2016
	2018			2017
Cash flows from operating activities:
Net (loss) income	$	(521,233	)	$	245,348
Net income (loss)	$	35,980		$	(11,578	)
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Finance income	49(6,~~846~~991		)	~~189~~(7,~~446~~125		)
Income from investment in joint ventures	(~~232~~124,~~066~~388		)	(~~605~~89,~~536~~560		)
Gain on sale of investment in joint ventures	—			(19,566		)
Interest expense from amortization of debt financing costs	—			2,162
Impairment loss	595,000			—
Interest expense, other	—			2,738
Interest expense from amortization of debt financing costs	3,603			6,582
Interest expense, other	5,225			10,480
Changes in operating assets and liabilities:
Other assets	(2973,~~660~~263		)	43(31,~~811~~349		)
Due to Investment Manager and affiliates, net	~~(88~~14,~~754~~880		)	(~~446~~112,~~101~~306		)
Accrued expenses and other liabilities	~~(162~~49,~~869~~369		)	(2570,~~817~~947		)
Distributions from joint ventures	~~178,482~~—			~~492~~31,~~116~~198
Net cash used in operating activities	(~~202~~104,~~426~~413		)	(~~109~~286,~~237~~767		)
Cash flows from investing activities:
Principal received on finance lease	~~2,094,472~~—			1509,~~941,318~~092
Principal received on notes receivable	4934,~~150~~521			~~2,500,000~~—
Investment in joint ventures	(4,018		)	—
Distributions received from joint ventures in excess of profits	—			70,797
Purchase of interests from noncontrolling interests	(501,794		)	—
Investment in joint ventures	—			(4,018		)
Distributions received from joint ventures in excess of profits	790,146			1,135,722
Purchase of interests from noncontrolling interests	—			(501,794		)
Proceeds from sale of investment in joint ventures	—			3,788,373
Net cash provided by investing activities	34,521			74,077
Net cash provided by investing activities	2,427,956			9,365,413
Cash flows from financing activities:
Sales and offering expenses paid	~~(76,790~~—		)	(7626,~~468~~180		)
Distributions to noncontrolling interests	~~(938,989~~—		)	(1342,~~164,676~~549		)
Distributions to shareholders	(602,~~226~~121,212		)	(~~890~~60,~~128~~226		)
Repayment of revolving line of credit, recourse	—			(1,500,000		)
Net cash used in financing activities	(2,121,212		)	(428,955		)
Net cash used in financing activities	(1,076,005		)	(3,631,272		)
Net decrease in cash	(2,191,104		)	(641,645		)
Net increase in cash	1,149,525			5,624,904
Cash, beginning of period	4,436,615			4,925,909
Cash, beginning of period	4,925,909			1,672,868
Cash, end of period	$	2,245,511		$	4,284,264
Cash, end of period	$	6,075,434		$	7,297,772
Supplemental disclosure of non-cash investing and financing activities:
Additional paid in capital from purchase of interests from noncontrolling interests	$	~~3,388~~—		$	—3,388
Reversal of sales and offering expenses	$	254,827		$	—

See accompanying notes to consolidated financial statements.

Table of Contents

ICON ECI Fund Sixteen

(A Delaware Statutory Trust)

Notes to Consolidated Financial Statements

~~September~~March 3031, ~~2017~~2018

(unaudited)

(1) Organization

ICON ECI Fund Sixteen (the “Fund”) was formed on October 11, 2012 as a Delaware statutory trust. When used in these notes to consolidated financial statements, the terms “we,” “us,” “our” or similar terms refer to the Fund and its consolidated subsidiaries.

We are a direct financing fund that primarily made investments in or that are collateralized by equipment and other corporate infrastructure (collectively, “Capital Assets”). The investments were in companies that utilize Capital Assets to operate their businesses. These investments were primarily structured as debt and debt-like financings such as loans, leases and other structured financing transactions in or that are collateralized by Capital Assets that ICON MT 16, LLC, a Delaware limited liability company and our managing owner (the “Managing Owner”), believes will provide us with a satisfactory, risk-adjusted rate of return. Our Managing Owner makes investment decisions on our behalf and manages our business.

Our investment objectives are to preserve investors’ capital, provide distributions and provide a favorable total return. To meet our investment objectives, we used the net proceeds from our offering and the cash generated from our investments to originate or acquire a diverse pool of investments described above, as well as other strategic investments collateralized by Capital Assets. ICON Capital, LLC, a Delaware limited liability company and our affiliate, is our investment manager (the “Investment Manager”). Our Investment Manager originated and services our investments. Wilmington Trust, National Association (the “Trustee”) serves as our sole trustee pursuant to our Fourth Amended and Restated Trust Agreement (the “Trust Agreement”). The Trustee delegated to our Managing Owner all of the power and authority to manage our business and affairs and has only nominal duties and liabilities to us.

Our offering period commenced on July 1, 2013 and ended on December 31, 2014. Our Managing Owner determined to cease our offering period earlier than originally anticipated as a result of lower than expected offering proceeds being raised. We offered to sell to the public any combination of two classes of shares, Class A shares and Class I shares (collectively, the “Shares”), on a “best efforts” basis with the intention of raising up to $250,000,000 of capital, of which $9,000,000 had been reserved for issuance pursuant to our distribution reinvestment plan (the “DRIP”). Other than differing allocable fees and expenses, Class A shares and Class I shares have identical rights and privileges, such as identical voting and distribution rights.

As of November 12, 2013 (the “Initial Closing Date”), we raised a minimum of $1,200,000 from the sale of our Shares, at which time shareholders were admitted and we commenced operations. As of June 13, 2014, we raised the $12,500,000 minimum offering amount for the Commonwealth of Pennsylvania. Subsequent to the Initial Closing Date, we returned the initial capital contribution of $1,000 to CION Investment Group, LLC (formerly, ICON Investment Group, LLC) (the “Initial Shareholder”). From the commencement of our offering on July 1, 2013 through December 31, 2014, we sold 17,189 Class A shares to 351 Class A shareholders and 410 Class I shares to six Class I shareholders, of which 404 Class A shares and 12 Class I shares were issued pursuant to the DRIP, representing an aggregate of $17,469,610 of capital contributions. From the Initial Closing Date through December 31, 2014, we incurred sales commissions to third parties of $1,198,531 and dealer-manager and distribution fees of $347,547 to CION Securities, LLC, the dealer-manager of our offering and an affiliate of our Investment Manager (“CION Securities”). In addition, organization costs of $8,418 and offering expenses of $161,422 were incurred by us during such period. Organization costs were expensed when incurred and offering expenses were recorded as a reduction of shareholders’ equity.

Our operating period commenced on January 1, 2015. On April 24, 2017, we commenced a consent solicitation of our shareholders to further amend and restate our Trust Agreement in order to amend the definition of “operating period” to provide for the ability of our Managing Owner to shorten our operating period in its sole and absolute discretion. The consent solicitation was completed on May 24, 2017 with the requisite consents received from our shareholders. As a result, our Managing Owner ended our operating period on May 31, 2017 and commenced our wind down period on June 1, 2017. During our wind down period, we have sold and will continue to sell our assets and/or let our investments mature in the ordinary course of business.

On May 30, 2017, our Investment Manager retained ABN AMRO Securities (USA) LLC (“ABN AMRO Securities”) as its financial advisor to assist our Investment Manager and us in identifying, evaluating and executing a potential sale of ~~certain~~

Table of Contents

ICON ECI Fund Sixteen

(A Delaware Statutory Trust)

Notes to Consolidated Financial Statements

~~September~~March 3031, ~~2017~~2018

(unaudited)

certain shipping and offshore energy assets currently included within our investment portfolio. We, however, cannot assure that the identification or evaluation to be performed will result in any specific sale transaction or series of transactions.

(2) Summary of Significant Accounting Policies

Basis of Presentation and Consolidation

Our accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for Quarterly Reports on Form 10-Q. In the opinion of our Managing Owner, all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included. These consolidated financial statements should be read together with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, ~~2016~~2017. The results for the interim period are not necessarily indicative of the results for the full year.

Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve

Our Investment Manager monitors the ongoing credit quality of our financing receivables by (i) reviewing and analyzing a borrower’s financial performance on a regular basis, including review of financial statements received on a monthly, quarterly or annual basis as prescribed in the loan or lease agreement, (ii) tracking the relevant credit metrics of each financing receivable and a borrower’s compliance with financial and non-financial covenants, (iii) monitoring a borrower’s payment history and public credit rating, if available, and (iv) assessing our exposure based on the current investment mix. As part of the monitoring process, our Investment Manager may physically inspect the collateral or a borrower’s facility and meet with a borrower’s management to better understand such borrower’s financial performance and its future plans on an as-needed basis.

As our financing receivables, generally notes receivable and finance leases, are limited in number, our Investment Manager is able to estimate the credit loss reserve based on a detailed analysis of each financing receivable as opposed to using portfolio-based metrics. Our Investment Manager does not use a system of assigning internal risk ratings to each of our financing receivables. Rather, each financing receivable is analyzed quarterly and categorized as either performing or non-performing based on certain factors including, but not limited to, financial results, satisfying scheduled payments and compliance with financial covenants. A financing receivable is usually categorized as non-performing only when a borrower experiences financial difficulties and has failed to make scheduled payments. Our Investment Manager then analyzes whether the financing receivable should be placed on a non-accrual status, a credit loss reserve should be established or the financing receivable should be restructured. As part of the assessment, updated collateral value is usually considered and such collateral value can be based on a third party industry expert appraisal or, depending on the type of collateral and accessibility to relevant published guides or market sales data, internally derived fair value. Material events would be specifically disclosed in the discussion of each financing receivable held.

Financing receivables are generally placed on a non-accrual status when payments are more than 90 days past due. Additionally, our Investment Manager periodically reviews the creditworthiness of companies with payments outstanding less than 90 days and based upon our Investment Manager’s judgment, these accounts may be placed on a non-accrual status.

In accordance with the cost recovery method, payments received on non-accrual financing receivables are applied to principal if there is doubt regarding the ultimate collectability of principal. If collection of the principal of non-accrual financing receivables is not in doubt, interest income is recognized on a cash basis. Financing receivables on non-accrual status may not be restored to accrual status until all delinquent payments have been received, and we believe recovery of the remaining unpaid receivable is probable.

When our Investment Manager deems it is probable that we will not be able to collect all contractual principal and interest on a non-performing financing receivable, we perform an analysis to determine if a credit loss reserve is necessary. This analysis considers the estimated cash flows from the financing receivable, and/or the collateral value of the asset underlying the financing receivable when financing receivable repayment is collateral dependent. If it is determined that

Table of Contents

ICON ECI Fund Sixteen

(A Delaware Statutory Trust)

Notes to Consolidated Financial Statements

~~September~~March 3031, ~~2017~~2018

(unaudited)

the impaired value of the non-performing financing receivable is less than the net carrying value, we will recognize a credit loss reserve or adjust the existing credit loss reserve with a corresponding charge to earnings. We then charge off a financing receivable in the period that it is deemed uncollectible by reducing the credit loss reserve and the balance of the financing receivable.

Recently Adopted Accounting Pronouncements

In May ~~March 2016~~2014, the Financial Accounting Standards Board (“"FASB”") issued Accounting Standards Update (“"ASU”") No. ~~2016~~2014-0709, ~~Investments~~Revenue –from ~~Equity~~Contracts ~~Method~~with ~~and~~Customers ~~Joint Ventures: Simplifying the Transition to the Equity Method of Accounting~~ (“ASU ~~2016~~2014-0709”), ~~which~~requiring ~~eliminates~~revenue ~~the~~to ~~retroactive~~be ~~adjustments~~recognized toin an ~~investment~~amount ~~upon~~that itreflects ~~qualifying for~~ the ~~equity~~consideration ~~method~~expected ofto ~~accounting~~be asreceived ~~a result of an increase~~ in ~~the~~exchange ~~level~~for ofgoods ~~ownership~~and ~~interest~~services. orWe ~~degree~~adopted ~~of influence by the investor.~~ ASU ~~2016~~2014-0709 ~~requires~~on ~~that~~January ~~the~~1, ~~equity~~2018. ~~method~~Since ~~investor~~substantially ~~add~~all ~~the cost~~ of ~~acquiring~~our ~~the~~revenue ~~additional~~is ~~interest~~recognized infrom ~~the~~our ~~investee~~leasing toand ~~the~~lending ~~current~~contracts, ~~basis~~which ofare ~~the~~not ~~investor’s~~subject ~~previously~~to ~~held~~ASU ~~interest~~2014-09, ~~and adopt~~ the ~~equity~~adoption ~~method~~ of ~~accounting as of the date the investment qualifies for equity method accounting. We adopted~~ ASU ~~2016~~2014-~~07 on January 1, 2017, which~~ 09 did not have an effect on our consolidated financial statements.

In ~~October~~ January 2016, FASB issued ASU No. 2016-1701, ~~Consolidation~~ Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-1701”), which ~~amends~~provides ~~the~~guidance ~~consolidation~~related ~~guidance~~to onaccounting ~~how~~for aequity ~~reporting~~investments, ~~entity~~financial ~~that~~liabilities isunder the ~~single~~fair ~~decision~~value ~~maker~~option, ofand athe ~~variable~~presentation ~~interest~~and ~~entity~~disclosure ~~should~~requirements ~~treat~~for ~~indirect~~financial ~~interests~~instruments. inIn ~~such~~addition, ~~entity~~FASB ~~held~~clarified byguidance related ~~parties~~to ~~that~~the ~~are~~valuation ~~under~~allowance ~~common~~assessment ~~control~~when ~~with~~recognizing ~~the~~deferred ~~reporting~~tax ~~entity~~assets ~~when~~resulting ~~determining~~from ~~whether~~unrealized itlosses ison ~~the~~available-for-sale ~~primary~~debt ~~beneficiary~~securities. ofAs ~~that~~a ~~variable~~result ~~interest~~of ~~entity.~~the ~~Under~~adoption of ASU 2016-1701, awe ~~single~~are ~~decision~~no ~~maker~~longer ~~is not~~ required to ~~consider~~make ~~indirect~~certain ~~interests~~disclosures ~~held by~~ related ~~parties that are under common control with the single decision maker~~ to be the ~~equivalent~~methods ofand ~~direct~~significant ~~interests~~assumptions inused ~~their~~to ~~entirety.~~estimate Wefair ~~adopted~~value ~~ASU~~for ~~2016-17~~financial oninstruments ~~January~~measured 1,at ~~2017,~~amortized ~~which did not have an effect on our consolidated financial statements~~cost.

In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. We adopted ASU 2016-15 on January 1, 2018, which did not have an effect on our consolidated financial statements. We utilize the cumulative earnings approach under ASU 2016-15 to present distributions received from equity-method investees, which is consistent with our previous policy.

In November 2016, FASB issued ASU No. 2016-18, Statement of Cash Flows (“ASU 2016-18”), which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. We adopted ASU 2016-18 on January 1, 2018, which did not have an effect on our consolidated financial statements as we did not have any restricted cash or restricted cash equivalents for the periods presented herein.

Other Recent Accounting Pronouncements

In ~~May~~ ~~2014~~February 2016, FASB issued ASU No. ~~2014~~2016-0902, ~~Revenue~~Leases ~~from Contracts with Customers~~ (“ASU ~~2014~~2016-0902”), ~~requiring~~which ~~revenue~~requires tolessees ~~be recognized in an amount that reflects the consideration expected~~ to berecognize ~~received~~assets inand ~~exchange~~liabilities for ~~goods~~leases ~~and~~with ~~services.~~lease ~~This~~terms ~~new~~greater ~~revenue~~than ~~standard~~twelve ~~may~~months beon ~~applied retrospectively to each prior period presented, or retrospectively with~~ the ~~cumulative~~balance ~~effect~~sheet ~~recognized~~and asdisclose ofkey ~~the~~information ~~date~~about ofleasing ~~adoption~~arrangements. ~~In August 2015, FASB issued~~ ASU ~~No. 2015~~2016-~~14,~~02 ~~Revenue~~implements ~~from~~changes ~~Contracts~~to ~~with~~lessor ~~Customers~~accounting -focused ~~Deferral~~on ofconforming ~~the~~with ~~Effective~~certain ~~Date~~changes ~~(“ASU~~made ~~2015-14”),~~to ~~which~~lessee ~~defers~~accounting ~~implementation~~and ofthe ~~ASU~~recently ~~2014-09~~released byrevenue ~~one~~recognition ~~year~~guidance. ~~Under~~The ~~such deferral, the~~ adoption of ASU ~~2014~~2016-0902 becomes effective for us on January 1, ~~2018, including interim periods within that reporting period~~2019. Early adoption is permitted~~, but not before our original effective date of January 1, 2017~~. ~~Our~~As ~~evaluation~~we ofno ~~the~~longer ~~impact~~have ofany ~~the~~lease ~~adoption~~arrangements ofand ~~ASU~~since ~~2014-09~~we onare ~~our~~in ~~consolidated financial statements is ongoing and~~ our ~~implementation~~wind ~~efforts~~down ~~have~~period ~~included the identification of revenue within the scope of the guidance~~ and ~~the~~not ~~evaluation~~expecting ofto ~~applicable~~enter ~~revenue~~into ~~contracts.~~any Wenew ~~continue~~leases toin ~~evaluate~~ the ~~timing of recognition of various revenue; however~~future, ~~since~~the aadoption ~~substantial portion~~ of ~~our revenue is recognized from our leasing contracts, which is subject to~~ ASU 2016-02 ~~(as~~will ~~defined~~not ~~below),~~have ~~such~~an ~~revenue~~effect ison ~~excluded from~~ our ~~evaluation~~consolidated offinancial ~~ASU 2014-09~~statements.

In June ~~January~~ 2016, FASB issued ASU No. 2016-0113, Financial Instruments - ~~Overall:~~Credit ~~Recognition~~Losses ~~and Measurement of Financial Assets and Financial Liabilities~~ (“ASU 2016-0113”), which ~~provides~~modifies ~~guidance~~the ~~related~~measurement toof ~~accounting~~credit ~~for~~losses ~~equity~~by ~~investments,~~eliminating ~~financial liabilities under~~ the ~~fair~~probable ~~value~~initial ~~option,~~recognition ~~and~~threshold ~~the~~set ~~presentation~~forth ~~and~~in ~~disclosure~~current ~~requirements for financial instruments. In addition~~guidance, ~~FASB~~and ~~clarified~~instead ~~guidance~~reflects ~~related~~an toentity’s ~~the~~current ~~valuation~~estimate ~~allowance~~of ~~assessment~~all ~~when~~expected ~~recognizing~~credit ~~deferred tax assets resulting from unrealized~~ losses ~~on available-for-sale debt securities~~. The ~~adoption~~measurement of ~~ASU~~expected ~~2016-01~~credit ~~becomes~~losses ~~effective~~is ~~for~~based us on ~~January~~relevant 1,information ~~2018~~about past events, including ~~interim~~historical ~~periods~~experience, ~~within~~current ~~that~~conditions, ~~reporting~~and ~~period.~~reasonable Weand ~~are~~supportable ~~currently in the process of evaluating the impact of the adoption of ASU 2016-01 on our consolidated financial statements.~~

In February 2016, FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”), which requires lessees to recognize assets and liabilities for leases with lease terms greater than twelve months on the balance sheet and disclose key information about leasing arrangements. ASU 2016-02 implements changes to lessor accounting focused on conforming with certain changes made to lessee accounting and the recently released revenue recognition guidance. The adoption of ASU 2016-02 becomes effective for us on January 1, 2019. Early adoption is permitted. Based on our preliminary assessment, most, if not all, of our leases are subject to lessor accounting and the accounting applied by a lessor is largely unchanged from that

Table of Contents

ICON ECI Fund Sixteen

(A Delaware Statutory Trust)

Notes to Consolidated Financial Statements

~~September~~March 3031, ~~2017~~2018

(unaudited)

~~applied~~forecasts ~~under~~that ~~current~~affect Uthe collectability of the reported amount.S An entity will apply the amendments within ASU 2016-13 through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. ~~GAAP~~The adoption of ASU 2016-13 becomes effective for us on January 1, 2020, including interim periods within that reporting period. Early adoption is permitted. We ~~continue~~are tocurrently ~~evaluate~~in the process of evaluating the impact of the adoption of ASU 2016-0213 on our consolidated financial statements.

In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (“ASU 2016-13”), which modifies the measurement of credit losses by eliminating the probable initial recognition threshold set forth in current guidance, and instead reflects an entity’s current estimate of all expected credit losses. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. An entity will apply the amendments within ASU 2016-13 through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The adoption of ASU 2016-13 becomes effective for us on January 1, 2020, including interim periods within that reporting period. Early adoption is permitted. We are currently in the process of evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements.

In August 2016, FASB issued ASU No. 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. The adoption of ASU 2016-15 becomes effective for us on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted. An entity will apply the amendments within ASU 2016-15 using a retrospective transition method to each period presented. We are currently in the process of evaluating the impact of the adoption of ASU 2016-15 on our consolidated financial statements.

In November 2016, FASB issued ASU No. 2016-18, Statement of Cash Flows (“ASU 2016-18”), which provides guidance on the presentation of restricted cash or restricted cash equivalents in the statement of cash flows. The adoption of ASU 2016-18 becomes effective for us on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted. An entity will apply the amendments within ASU 2016-18 using a retrospective transition method to each period presented. We are currently in the process of evaluating the impact of the adoption of ASU 2016-18 on our consolidated financial statements.

In January 2017, FASB issued ASU No. 2017-01, Business Combinations (“ASU 2017-01”), which clarifies the definition of a business. ASU 2017-01 sets forth requirements to be met for a set to be deemed a business and establishes a practical way to determine when a set is not a business. To be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output, and removes the evaluation of whether a market participant could replace missing elements. In addition, ASU 2017-01 narrows the definition of outputs and aligns such definition with how outputs are described within the revenue guidance. The adoption of ASU 2017-01 becomes effective for us on January 1, 2018, including interim periods within that reporting period. Early adoption is permitted for transactions that occur before the issuance date or effective date of ASU 2017-01 to the extent that such transactions have not been reported in financial statements that have been issued or made available for issuance. We are currently in the process of evaluating the impact of the adoption of ASU 2017-01 on our consolidated financial statements.

(3) Net Investment in Notes Receivable

As of ~~September~~March 3031, ~~2017~~2018 and December 31, ~~2016~~2017, we had no net investment in notes receivable on non-accrual status and no net investment in notes receivable that was past due 90 days or more and still accruing.

Net investment in notes receivable consisted of the following:

	September 30, 2017			December 31, 2016
	March 31, 2018			December 31, 2017
Principal outstanding	$	3,~~142~~080,~~850~~400		$	3,~~192~~114,~~000~~921
Deferred fees	(~~153~~140,~~951~~359		)	(~~192~~147,~~664~~350		)
Net investment in notes receivable	$	2,~~988~~940,~~899~~041		$	2,~~999~~967,~~336~~571

(4) Investment in Joint Ventures

On March 4, 2014, a joint venture owned 10% by us, 60% by ICON Leasing Fund Twelve Liquidating Trust (formerly, ICON Leasing Fund Twelve, LLC), 15% by ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (“Fund Fourteen”) and 15% by ICON ECI Fund Fifteen, L.P. (“Fund Fifteen”), each an entity also managed by our Investment Manager, purchased mining equipment from an affiliate of Blackhawk Mining, LLC (“Blackhawk”). Simultaneously, the mining equipment was leased to Blackhawk and its affiliates for four years. The aggregate purchase price for the mining equipment of $25,359,446 was funded by $17,859,446 in cash and $7,500,000 of non-recourse long-term debt. Our contribution to the joint venture was $1,795,597. On July 21, 2017, Blackhawk satisfied its remaining lease obligations by making a prepayment of $7,753,666. As a result, the joint venture recognized finance income of $353,373, of which our share was $35,337.

Information as to the results of operations of this joint venture is summarized as follows:



	Three Months Ended March 31,
	2018		2017
Revenue	$	—	$	394,766
Net income	$	1,596	$	308,078
Our share of net income	$	428	$	31,199

On December 23, 2015, a joint venture owned 10% by us, 75% by Fund Fifteen and 15% by Fund Fourteen, through two indirect subsidiaries, entered into memoranda of agreement to purchase two geotechnical drilling vessels, the Fugro Scout and the Fugro Voyager (collectively, the “Fugro Vessels”), from affiliates of Fugro N.V. (“Fugro”) for an aggregate purchase price of $130,000,000. The aggregate purchase price was funded by the indirect subsidiaries through (i) $16,500,000 in cash; (ii) $91,000,000 in financing through a senior secured loan from ABN AMRO Bank N.V. (“ABN AMRO”), Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. (“Rabobank”) and NIBC Bank N.V. (“NIBC”); and (iii) seller’s credits of $22,500,000. The Fugro Scout and the Fugro Voyager were delivered on December 24, 2015 and January 8, 2016, respectively. The Fugro Vessels were bareboat chartered to affiliates of Fugro for a period of 12 years upon the delivery of each respective vessel, although such charters can be terminated by the indirect subsidiaries after year five. Our contribution to the joint venture was $2,377,250.

In anticipation of a potential breach of a financial covenant by Fugro on December 31, 2017, effective December 29, 2017, the indirect subsidiaries and the affiliates of Fugro amended the bareboat charters on April 6, 2018 to, among other things, amend certain financial covenants, increase the daily charter rate and provide for additional security deposits.

Table of Contents

ICON ECI Fund Sixteen

(A Delaware Statutory Trust)

Notes to Consolidated Financial Statements

~~September~~March 3031, ~~2017~~2018

(unaudited)

~~(4) Net~~Effective ~~Investment~~December in29, ~~Finance~~2017, ~~Lease~~the indirect subsidiaries also amended the facility agreement with ABN AMRO, Rabobank and NIBC on April 6, 2018 to, among other things, increase the interest rate on the senior secured loans to share the economic benefits of the amended bareboat charters.

As of September 30, 2017 and December 31, 2016, we had no net investment in finance lease on non-accrual status and no net investment in finance lease that was past due 90 days or more and still accruing.

Net investment in finance lease consisted of the following:

	September 30,			December 31,
	2017			2016
Minimum rents receivable	$	1,386,793		$	3,632,897
Initial direct costs	—			22,114
Unearned income	(106,820		)	(192,007		)
Net investment in finance lease	$	1,279,973		$	3,463,004

On September 4, 2014, ICON Geo, LLC ("ICON Geo"), a joint venture owned 52% by us, 33.5% by ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (“Fund Fourteen”) and 14.5% by ICON ECI Partners L.P. (“ECI Partners”), each an entity also managed by our Investment Manager, purchased certain land-based seismic testing equipment for $10,677,018. Simultaneously, the seismic testing equipment was leased to Geokinetics Inc., Geokinetics USA, Inc. and Geokinetics Acquisition Company (collectively, “Geokinetics”) for three years. On February 15, 2017, we purchased all of ECI Partners’ limited liability company interests in ICON Geo for a purchase price of $501,794. As a result, ICON Geo is owned 66.5% by us and 33.5% by Fund Fourteen.

Upon lease expiration, Geokinetics is obligated to purchase all of the seismic testing equipment from ICON Geo at an agreed-upon purchase price. The lease expired on August 31, 2017 without Geokinetics satisfying its purchase obligations under the lease. On September 21, 2017, ICON Geo entered into a forbearance agreement with Geokinetics pursuant to which Geokinetics is obligated to (i) satisfy in full its remaining lease and purchase obligations of $1,546,790; and (ii) pay a penalty and forbearance fee totaling $137,340, all in nine installments, with the final installment to be paid by November 15, 2017. Geokinetics is currently in compliance with its obligations under the forbearance agreement.

(5) Investment in Joint Ventures

On July 21, 2017, Blackhawk Mining, LLC and its affiliates (collectively, “Blackhawk”) satisfied their remaining lease obligations by making a prepayment of $7,753,666. As a result, the joint venture recognized finance income of $353,373, of which our share was $35,337.

Information as to the results of operations of this joint venture is summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
	2017		2016		2017		2016
	2018		2017
Revenue	$	~~423~~3,~~127~~424,652	$	~~443~~3,~~325~~343,484	$	~~1,161,698~~	$	~~1,489,932~~
Net income	$	~~403~~1,~~541~~239,601	$	~~336~~623,~~942~~791	$	~~987,240~~	$	~~1,114,682~~
Our share of net income	$	41123,~~034~~960	$	3462,~~165~~379	$	~~100,143~~	$	~~112,993~~

On ~~January 14, 2016, D&T Holdings, LLC~~ (~~“D&T”~~5) Revolving ~~satisfied~~Line ~~its remaining lease obligations by making a prepayment~~ of $8Credit,~~000,000.~~ In addition, D&T exercised its option to repurchase all assets under the lease for $1, upon which title was transferred. As a result of the prepayment, the joint venture owned 12.5% by us recognized finance income of approximately $1,400,000, of which our share was approximately $175,000. Recourse

Table of Contents

ICON ECI Fund Sixteen

(A Delaware Statutory Trust)

Notes to Consolidated Financial Statements

September 30, 2017

(unaudited)

Information as to the results of operations of this joint venture is summarized as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2017		2016			2017		2016
Revenue	$	—	$	—		$	—	$	1,491,704
Net (loss) income	$	—	$	(31,685	)	$	—	$	1,448,812
Our share of net (loss) income	$	—	$	(1,858	)	$	—	$	183,304

On June 8, 2016, an unaffiliated third party purchased 100% of the limited liability company interests of ICON Challenge, LLC, a joint venture owned 10% by us, 40% by Fund Fourteen and 50% by ICON ECI Fund Fifteen, L.P. ("Fund Fifteen"), an entity also managed by our Investment Manager, for net sales proceeds of $9,004,214. No significant gain or loss was recorded by us as a result of the sale.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Revenue	$	—	$	—	$	—	$	463,524
Net income	$	—	$	—	$	—	$	482,159
Our share of net income	$	—	$	—	$	—	$	48,216

On June 8, 2016, an unaffiliated third party purchased 100% of the limited liability company interests of ICON Challenge III, LLC, a joint venture owned 25% by us and 75% by Fund Fifteen, for net sales proceeds of $11,551,806. As a result, we recorded a gain on sale of investment in joint venture of $17,681.

Information as to the results of operations of this joint venture is summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Revenue	$	—	$	—	$	—	$	599,122
Net income	$	—	$	—	$	—	$	598,822
Our share of net income	$	—	$	—	$	—	$	149,705

As part of our Investment Manager’s and ABN AMRO’s efforts to identify and execute the sale of certain of our shipping and offshore energy assets, a price indicator from a potential purchaser triggered an impairment assessment on our 10% investment in a joint venture that owns two geotechnical drilling vessels currently on lease to affiliates of Fugro N.V. (“Fugro”). As a result of such assessment, our Investment Manager believed that the loss in value of this investment is other than a temporary decline and as a result, determined to record an impairment loss of $595,000 on our investment in the joint venture related to Fugro during the three months ended September 30, 2017.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Revenue	$	3,326,652	$	3,295,181	$	9,996,789	$	9,770,231
Net income	$	552,277	$	1,105,236	$	1,350,370	$	1,135,515
Our share of net income	$	55,228	$	110,524	$	135,037	$	113,552

Table of Contents

ICON ECI Fund Sixteen

(A Delaware Statutory Trust)

Notes to Consolidated Financial Statements

September 30, 2017

(unaudited)

(6) Revolving Line of Credit, Recourse

We had an agreement with California Bank & Trust (“CB&T”) for a revolving line of credit through May 30, 2017 of up to $5,000,000 (the “Facility”), which was secured by all of our assets not subject to a first priority lien. Amounts available under the Facility were subject to a borrowing base that was determined, subject to certain limitations, by the present value of the future receivables under certain loans and lease agreements in which we had a beneficial interest.

The interest rate for general advances under the Facility was CB&T’s prime rate. We could have elected to designate up to five advances on the outstanding principal balance of the Facility to bear interest at the London Interbank Offered Rate ("LIBOR") plus 2.5% per year. In all instances, borrowings under the Facility were subject to an interest rate floor of 4.0% per year. In addition, we were obligated to pay an annualized 0.5% fee on unused commitments under the Facility. The Facility expired in accordance with its terms on May 30, 2017. There were no obligations outstanding under the Facility on the expiration date.

As of December 31, 2016, we had capitalized net debt financing costs related to our Facility of $3,603, which were included in other assets on our consolidated balance sheets. The debt financing costs were fully amortized upon expiration of the Facility. For the ~~nine~~three months ended ~~September~~ 30March 31, 2017, we recognized interest expense of $~~3,603 related to the amortization of debt financing costs. For the three and nine months ended September 30, 2016, we recognized interest expense of $~~2,~~186~~162 ~~and $4,372, respectively,~~ related to the amortization of debt financing costs.

(76) Transactions with Related Parties

We have entered into certain agreements with our Investment Manager and CION Securities whereby we paid or pay certain fees and reimbursements to these parties. We paid CION Securities (i) a dealer-manager fee for Class A shares sold in the offering equal to 2% of gross offering proceeds from sales of such Class A shares for managing the offering and to reimburse the dealer-manager for wholesaling fees and expenses and (ii) a distribution fee equal to 0.55% of gross offering proceeds from Class I shares sold in the offering for managing the distribution of the Class I shares. We were obligated to pay the distribution fee with respect to the Class I shares sold in the offering until the earlier to occur of: (i) total distribution fees paid with respect to the Class I shares following the completion of the offering equaling 10% of the gross proceeds received with respect to the issuance of such shares from the primary portion of the offering or (ii) our entry into our wind down period. We commenced our wind down period on June 1, 2017. As a result, we are no longer obligated to pay distribution fees to CION Securities as of such date. No dealer-manager or distribution fees were paid on any Shares sold pursuant to the DRIP. During the three ~~and nine~~ months ended ~~September~~March 3031, 2017, we paid previously accrued distribution fees of $509 ~~and $1,018, respectively~~. ~~During the three and nine months ended September 30, 2016, we paid previously accrued distribution fees of $1,017.~~

Our Managing Owner also has a 1% interest in our profits, losses, distributions and liquidation proceeds, subject to increase based on our investors achieving a preferred return. In addition, our Investment Manager and its affiliates were reimbursed for a portion of the organization and offering expenses incurred in connection with our organization and offering of Shares and will be reimbursed for administrative expenses incurred in connection with our operations. The reimbursement of organization and offering expenses was capped at the lesser of 1.44% of the maximum primary offering amount of $241,000,000 and the actual costs and expenses incurred by our Investment Manager and its affiliates. Through the end of our offering period, our Investment Manager and its affiliates incurred organization and offering expenses of $1,759,237 on our behalf, of which our Investment Manager and its affiliates determined only to seek reimbursement of $239,758.

We paid our Investment Manager (i) a management fee of up to 3.50% of the gross periodic payments due and paid from our investments and (ii) acquisition fees of up to 2.50% of the total purchase price (including indebtedness incurred or assumed therewith) of, or the value of the Capital Assets secured by or subject to, each of our investments. Effective July 1, 2016, our Investment Manager reduced its management fee by 50% (up to 1.75% of the gross periodic payments due and paid from our investments).9

Administrative expense reimbursements are costs incurred by our Investment Manager or its affiliates that are necessary to our operations. These costs include our Investment Manager’s and its affiliates’ legal, accounting, investor relations and operations personnel, as well as professional fees and other costs that are charged to us. Excluded are salaries and related

Table of Contents

ICON ECI Fund Sixteen

(A Delaware Statutory Trust)

Notes to Consolidated Financial Statements

~~September~~March 3031, ~~2017~~2018

(unaudited)

~~costs,~~We ~~office~~paid ~~rent,~~our ~~travel~~Investment ~~expenses~~Manager (i) a management fee of up to 3.50% of the gross periodic payments due and ~~other~~paid ~~administrative~~from ~~costs~~our investments and (ii) acquisition fees of up to 2.50% of the total purchase price (including indebtedness incurred or assumed therewith) of, or the value of the Capital Assets secured by ~~individuals~~or ~~with~~subject ato, ~~controlling~~each ~~interest~~of inour investments. Effective July 1, 2016, our Investment Manager reduced its management fee by 50% (up to 1.75% of the gross periodic payments due and paid from our investments). Effective December 1, 2017, our Investment Manager waived all future management fees.

WeAdministrative ~~paid~~expense ~~distributions~~reimbursements toare ~~our~~costs ~~Managing~~incurred ~~Owner~~by ofour $0Investment ~~and~~Manager ~~$1,787~~or ~~for~~its ~~the~~affiliates ~~three~~that ~~months~~are ~~ended~~necessary ~~September~~to ~~30,~~our ~~2017 and 2016, respectively~~operations. WeThese ~~paid~~costs ~~distributions~~include to our ~~Managing~~Investment ~~Owner~~Manager’s ofand ~~$602~~its ~~and~~affiliates’ $8legal,~~901~~ ~~for~~accounting, ~~the~~investor ~~nine~~relations ~~months~~and ~~ended~~operations ~~September 30~~personnel, ~~2017~~as ~~and~~well ~~2016,~~as ~~respectively. Additionally,~~professional ~~our~~fees ~~Managing~~and ~~Owner’s~~other ~~interest~~costs inthat ~~the~~are ~~net~~charged ~~loss attributable~~ to us. ~~was~~Excluded ~~$5,202~~are salaries and ~~$939~~related ~~for the three months ended September 30~~costs, ~~2017~~office ~~and 2016~~rent, ~~respectively.~~travel ~~Our~~expenses ~~Managing~~and ~~Owner's~~other ~~interest~~administrative incosts ~~the~~incurred ~~net~~by ~~(loss)~~individuals ~~income~~with ~~attributable~~a tocontrolling usinterest ~~was~~in ~~$(5,906)~~our ~~and~~Investment ~~$421 for the nine months ended September 30, 2017 and 2016, respectively~~Manager.

We paid distributions to our Managing Owner of $21,212 and $602 for the three months ended March 31, 2018 and 2017, respectively. Additionally, our Managing Owner’s interest in the net income (loss) attributable to us was $353 and $(429) for the three months ended March 31, 2018 and 2017, respectively.

Fees and other expenses incurred by us to our Investment Manager or its affiliates were as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

Three Months Ended March 31,

Entity

Capacity

Description

~~2017~~2018

~~2016~~2017

~~2017~~

~~2016~~

ICON Capital, LLC

Investment Manager

Management fees (1)

~~15,835~~—

6117,~~983~~920

~~54,822~~

~~181,313~~

ICON Capital, LLC

Investment Manager

Administrative expensereimbursements (1)

~~122~~105,~~263~~786

~~102~~133,~~382~~773

~~358,066~~

~~322,646~~

~~138~~105,~~098~~786

~~164~~151,~~365~~693

~~412,888~~

~~503,959~~

(1) Amount charged directly to operations.

At ~~September~~March 3031, ~~2017~~2018, we had a net payable of $79,~~365~~277 due to our Investment Manager and affiliates that primarily consisted of administrative expense reimbursements of $7280,~~263~~786. At December 31, ~~2016~~2017, we had a net payable of $~~169~~64,~~137~~397 due to our Investment Manager and affiliates that primarily consisted of administrative expense reimbursements of $~~170~~65,~~138~~906.

(87) Fair Value Measurements

Assets and liabilities carried at fair value are classified and disclosed in one of the following three categories:


•	Level 1: Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.


•	Level 2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.


•	Level 3: Pricing inputs that are generally unobservable and are supported by little or no market data.

Assets for which Fair Value is Disclosed

Our fixed-rate ~~notes~~note receivable, for which fair value is required to be disclosed, ~~were~~was valued using inputs that are generally unobservable and are supported by little or no market data and are therefore classified within Level 3. ~~Under U.S. GAAP, we use projected cash flows for fair value measurements of these financial assets.~~ Fair value information with respect to certain of our other assets and liabilities is not separately provided since (i) U.S. GAAP does not require fair value disclosures of lease arrangements and (ii) the carrying value of financial assets and liabilities, other than lease-related investments, ~~including the recorded value of our Facility,~~ approximates fair value due to their short-term maturities and/or variable interest rates.

The estimated fair value of our fixed-rate notes receivable was based on the discounted value of future cash flows related to the loans at inception, adjusted for changes in certain variables, including, but not limited to, credit quality, industry, financial markets and other recent comparables. The fair value of the principal outstanding on our fixed-rate notes receivable was derived using discount rates ranging between 8.0% and 18.1% as of September 30, 2017.10

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ICON ECI Fund Sixteen

(A Delaware Statutory Trust)

Notes to Consolidated Financial Statements

~~September~~March 3031, ~~2017~~2018

(unaudited)

	September 30, 2017
	March 31, 2018
	Carrying Value		Fair Value (Level 3)
Principal outstanding on fixed-rate notes receivable	$	3,142,800	$	2,975,490
Principal outstanding on fixed-rate note receivable	$	532,400	$	523,024

(98) Commitments and Contingencies

At the time we acquire or divest of our interest in Capital Assets, we may, under very limited circumstances, agree to indemnify the seller or buyer for specific contingent liabilities. Our Managing Owner believes that any liability of ours that may arise as a result of any such indemnification obligations may or may not have a material adverse effect on our consolidated financial condition or results of operations taken as a whole.

1311

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

The following is a discussion of our current financial position and results of operations. This discussion should be read together with our unaudited consolidated financial statements and related notes included elsewhere in this Quarterly Report on Form 10-Q and our audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, ~~2016~~2017. This discussion should also be read in conjunction with the disclosures below regarding “Forward-Looking Statements.”

As used in this Quarterly Report on Form 10-Q, references to “we,” “us,” “our” or similar terms include ICON ECI Fund Sixteen and its consolidated subsidiaries.

Forward-Looking Statements

Certain statements within this Quarterly Report on Form 10-Q may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (“PSLRA”). These statements are being made pursuant to the PSLRA, with the intention of obtaining the benefits of the “safe harbor” provisions of the PSLRA, and, other than as required by law, we assume no obligation to update or supplement such statements. Forward-looking statements are those that do not relate solely to historical fact. They include, but are not limited to, any statement that may predict, forecast, indicate or imply future results, performance, achievements or events. You can identify these statements by the use of words such as “may,” “would,” “could,” “anticipate,” “believe,” “estimate,” “expect,” “continue,” “further,” “plan,” “seek,” “intend,” “predict” or “project” and variations of these words or comparable words or phrases of similar meaning. These forward-looking statements reflect our current beliefs and expectations with respect to future events. They are based on assumptions and are subject to risks and uncertainties and other factors outside of our control that may cause actual results to differ materially from those projected. We undertake no obligation to update publicly or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Overview

We are a direct financing fund that primarily made investments in domestic and international businesses, which investments were primarily structured as debt and debt-like financings (such as loans, leases and other structured financing transactions) in or that are collateralized by Capital Assets utilized by such companies to operate their businesses, as well as other strategic investments in or collateralized by Capital Assets that our Managing Owner believes will provide us with a satisfactory, risk-adjusted rate of return. We were formed as a Delaware statutory trust and are treated as a partnership for federal income tax purposes.

Our offering period commenced on July 1, 2013 and ended on December 31, 2014. Our Managing Owner determined to cease our offering period earlier than originally anticipated as a result of lower than expected offering proceeds being raised. As of the Initial Closing Date, we raised a minimum of $1,200,000 from the sale of our Shares, at which time shareholders were admitted and we commenced operations. As of June 13, 2014, we raised the $12,500,000 minimum offering amount for the Commonwealth of Pennsylvania. Subsequent to the Initial Closing Date, we returned the initial capital contribution of $1,000 to the Initial Shareholder. From the commencement of our offering on July 1, 2013 through December 31, 2014, we sold 17,189 Class A shares to 351 Class A shareholders and 410 Class I shares to six Class I shareholders, of which 404 Class A shares and 12 Class I shares were issued pursuant to the DRIP, representing an aggregate of $17,469,610 of capital contributions. From the Initial Closing Date through December 31, 2014, we incurred sales commissions to third parties of $1,198,531 and dealer-manager and distribution fees to CION Securities of $347,547. In addition, organization costs of $8,418 and offering expenses of $161,422 were incurred by us during such period.

Our operating period commenced on January 1, 2015. After the net offering proceeds were invested, we reinvested the cash generated from our initial investments to the extent that cash was not used for our expenses, reserves and distributions to our shareholders. On April 24, 2017, we commenced a consent solicitation of our shareholders to further amend and restate our Trust Agreement in order to amend the definition of “operating period” to provide for the ability of our Managing Owner to shorten our operating period in its sole and absolute discretion. The consent solicitation was completed on May 24, 2017 with the requisite consents received from our shareholders. As a result, our Managing Owner ended our operating period on May 31, 2017 and commenced our wind down period on June 1, 2017. During our wind down period, we have sold and will continue to sell our assets and/or let our investments mature in the ordinary course of business.

14On May 30, 2017, our Investment Manager retained ABN AMRO Securities as its financial advisor to assist our Investment Manager and us in identifying, evaluating and executing a potential sale of certain shipping and offshore energy

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On May 30, 2017, our Investment Manager retained ABN AMRO as its financial advisor to assist our Investment Manager and us in identifying, evaluating and executing a potential sale of certain shipping and offshore energy assets currently included within our investment portfolio. We, however, cannot assure that the identification or evaluation to be performed will result in any specific sale transaction or series of transactions.

Our Trustee serves as our sole trustee pursuant to the Trust Agreement and has delegated to our Managing Owner all of the power and authority to manage our business and affairs, including, but not limited to, our investments in Capital Assets. Pursuant to the terms of our investment management agreement, our Managing Owner ~~has~~ engaged our Investment Manager to, among other things, originate and service our investments.

Recent Significant Transactions

We ~~engaged~~did innot ~~the~~engage ~~following~~in any significant transactions ~~since~~during ~~December~~ the three months ended March 31, ~~2016:~~2018.

~~Seismic~~Subsequent ~~Testing Equipment~~Event

OnIn ~~September~~anticipation 4,of ~~2014,~~a ~~ICON~~potential ~~Geo~~breach ~~purchased~~of ~~certain~~a ~~land-based~~financial ~~seismic~~covenant ~~testing~~by ~~equipment~~Fugro ~~for~~on ~~$10~~December 31,~~677~~ 2017,~~018.~~ ~~Simultaneously~~effective December 29, 2017, the ~~seismic~~indirect ~~testing~~subsidiaries ~~equipment~~and ~~was~~the ~~leased~~affiliates of Fugro amended the bareboat charters on April 6, 2018 to, ~~Geokinetics~~among other things, amend certain financial covenants, increase the daily charter rate and provide for ~~three~~additional ~~years~~security deposits. OnEffective ~~February~~December 1529, 2017, wethe ~~purchased~~indirect ~~all~~subsidiaries ofalso ~~ECI~~amended ~~Partners’~~the ~~limited~~facility ~~liability~~agreement ~~company~~with ~~interests~~ABN inAMRO, ~~ICON~~Rabobank ~~Geo~~and ~~for~~NIBC aon ~~purchase~~April ~~price~~6, of2018 ~~$501~~to,~~794.~~ Asamong aother ~~result~~things, ~~ICON~~increase ~~Geo~~the isinterest ~~owned~~rate ~~66.5%~~on bythe ussenior ~~and~~secured ~~33.5%~~loans byto ~~Fund~~share ~~Fourteen~~the economic benefits of the amended bareboat charters.

Mining Equipment

On July 21, 2017, Blackhawk satisfied its remaining lease obligations by making a prepayment of $7,753,666. As a result, the joint venture recognized finance income of $353,373, of which our share was $35,337.

Investment in Joint Ventures

As part of our Investment Manager’s and ABN AMRO’s efforts to identify and execute the sale of certain of our shipping and offshore energy assets, a price indicator from a potential purchaser triggered an impairment assessment on our 10% investment in a joint venture that owns two geotechnical drilling vessels currently on lease to affiliates of Fugro. As a result of such assessment, our Investment Manager believed that the loss in value of this investment is other than a temporary decline and as a result, determined to record an impairment loss of $595,000 on our investment in the joint venture related to Fugro during the three months ended September 30, 2017.

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The following table includes additional information on the significant transactions that we engaged in from the Initial Closing Date through ~~September~~March 3031, ~~2017~~2018:

Portfolio Company

Structure

Equity Invested

Interest Rate

Expiration/ Maturity Date

Collateral/Priority

Net Carrying Value

Credit Loss Reserve

Current Status

CFL Momentum Beheer B.V. and C.V. CFL Momentum

Loan

$580,160

12/21/2020

First priority in and earnings from a motor cargo vessel

$560,312 (4)

None

Performing

Lubricating Specialties Company

Loan

$2,418,000

LIBOR, subject to 1% floor, plus 11%

12/30/2020

Second priority in accounts receivable and inventory and first priority in all other assets

$2,414,651 (2)

None

Performing

Lubricating Specialties Company

Loan

$2,418,000

LIBOR, subject to 1% floor, plus 11%

12/30/2020

Second priority in accounts receivable and inventory and first priority in all other assets

$2,428,587 (4)

None

Performing

CFL Momentum Beheer B.V. and C.V. CFL Momentum

Loan

$580,160

12/21/2020

First priority in and earnings from a motor cargo vessel

$525,390 (2)

None

Performing

Geokinetics, Inc.

Lease

$6,192,645

N/A

8/31/2017

Ownership of seismic testing equipment

$851,339 (3)

None

Performing (5)

Fugro N.V. (1)

Lease

$2,377,250

N/A

12/24/2027

Ownership of geotechnical drilling vessels

$2,255,071 (3)

None

Impaired (5)

Fugro N.V. (1)

Lease

$2,377,250

N/A

12/24/2027

Ownership of geotechnical drilling vessels

$2,009,974 (2)

None

Impaired (6)

Geokinetics, Inc.

Lease

$6,192,645

N/A

8/31/2017

Ownership of seismic testing equipment

$2,272 (4)

None

Expired

Blackhawk Mining, LLC (1)

Lease

$1,795,597

N/A

2/28/2018

Ownership of mining equipment

$4,~~173~~408 (74)

None

Prepaid

Murray Energy Corporation(1)

Lease

$2,659,195

N/A

10/29/2015

Ownership of mining equipment

—

None

Expired

D&T Holdings, LLC (1)

Lease

$1,484,705

N/A

12/31/2018

Ownership of trucks, trailers and equipment

—

None

Prepaid

Premier Trailer Leasing, Inc.

Loan

$2,626,471

LIBOR, subject to 1% floor, plus 9%

9/24/2020

Second priority in all assets and equity interests

—

None

Prepaid

Challenge Mfg. Company, LLC (1)

Lease

$998,379

N/A

7/9/2020

Ownership of auxiliary support equipment and robots

—

None

Sold

Challenge Mfg. Company, LLC (1)

Lease

$3,009,587

N/A

1/9/2021

Ownership of stamping presses and support equipment

—

None

Sold

Premier Trailer Leasing, Inc.

Loan

$2,626,471

LIBOR, subject to 1% floor, plus 9%

9/24/2020

Second priority in all assets and equity interests

—

None

Prepaid

(1) Our investment in this portfolio company is or was through a joint venture and is or was included in our consolidated balance sheets as investment in joint ventures.

(2) Net carrying value of our investment in joint ventures is calculated as follows: investment at cost plus/less our share of the cumulative net income/loss of the joint venture and less distributions received since the date of our initial investment and impairment loss recorded on our investment in the joint venture.

(2) Net carrying value of our investment in notes receivable is the sum of the remaining principal outstanding and the unamortized initial direct costs, less deferred fees.

(3) This investment is through a joint venture that we consolidated and presented on our consolidated balance sheets as net investment in finance lease. Net investment in finance lease is the sum of the remaining minimum lease payments receivable, the estimated residual value of the asset and the unamortized initial direct costs, less unearned income. Net carrying value represents our proportionate share of the investment and includes the recognition of an investment by noncontrolling interests for the share of such investment held by the joint venture’s noncontrolling interest holders.

(3) Net carrying value of our investment in joint ventures is calculated as follows: investment at cost plus/less our share of the cumulative net income/loss of the joint venture and less distributions received since the date of our initial investment and less impairment loss recorded on our investment in the joint venture.

(4) Net carrying value of our investment in notes receivable is the sum of the remaining principal outstanding and the unamortized initial direct costs, less deferred fees.

(4) Represents our proportionate share of the remaining cash balance less any liabilities owed by the joint venture.

(5) See "Recent Significant Transactions" above for information on the lease and the forbearance agreement that the joint venture entered into with Geokinetics.

(5) During the three months ended September 30, 2017, our Investment Manager recorded an impairment loss of $595,000 on our investment in joint venture related to Fugro.

(6) See "Recent Significant Transactions" above for information on the impairment loss recorded during the three months ended September 30, 2017.

(7) Represents our proportionate share of the remaining cash balance held by the joint venture.

~~Recently Adopted Accounting Pronouncements~~14

In March 2016, FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting, which we adopted on January 1, 2017. The adoption of ASU 2016-07 did not have an effect on our consolidated financial statements.

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~~In October~~Recently ~~2016,~~Adopted ~~FASB~~Accounting ~~issued ASU 2016-17, Consolidation, which we adopted on January 1, 2017. The adoption of ASU 2016-17 did not have an effect on our consolidated financial statements.~~Pronouncements

In May 2014, FASB issued ASU 2014-09, Revenue from Contracts with Customers, which we adopted on January 1, 2018. The adoption of ASU 2014-09 did not have an effect on our consolidated financial statements.

In January 2016, FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities, which we adopted on January 1, 2018. As a result of the adoption of ASU 2016-01, we are no longer required to make certain disclosures related to the methods and significant assumptions used to estimate fair value for financial instruments measured at amortized cost.

In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, which we adopted on January 1, 2018. The adoption of ASU 2016-15 did not have an effect on our consolidated financial statements.

In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows, which we adopted on January 1, 2018. The adoption of ASU 2016-18 did not have an effect on our consolidated financial statements as we did not have any restricted cash or restricted cash equivalents for the periods presented herein.

In January 2017, FASB issued ASU 2017-01, Business Combinations, which we adopted on January 1, 2018. The adoption of ASU 2017-01 did not have an effect on our consolidated financial statements.

Other Recent Accounting Pronouncements

In ~~May~~ ~~2014, FASB~~February ~~issued ASU 2014-09~~2016, ~~Revenue~~ ~~from Contracts with Customers. In August 2015,~~ FASB issued ASU ~~2015~~2016-1402, ~~Revenue~~ ~~from Contracts with Customers – Deferral of the Effective Date~~Leases, which ~~defers implementation of ASU 2014-09 by one year. ASU 2014-09~~ will become effective for us on January 1, ~~2018~~2019. ~~Our~~As ~~evaluation~~we ofno ~~the~~longer ~~impact~~have ofany ~~the~~lease ~~adoption~~arrangements ofand ~~ASU~~since ~~2014-09~~we onare ~~our~~in ~~consolidated financial statements is ongoing and~~ our ~~implementation~~ ~~efforts~~wind ~~have~~down ~~included~~period ~~the identification of revenue within the scope of the guidance~~ and ~~the~~not ~~evaluation~~expecting ofto ~~applicable~~enter ~~revenue~~into ~~contracts.~~any Wenew ~~continue~~leases toin ~~evaluate~~ the ~~timing of recognition of various revenue; however~~future, ~~since~~the aadoption ~~substantial portion~~ of ~~our revenue is recognized from our leasing contracts, which is subject to~~ ASU 2016-02, ~~such~~will ~~revenue~~not ishave ~~excluded~~an ~~from~~effect on our ~~evaluation~~consolidated offinancial ~~ASU 2014-09~~statements.

In June ~~January~~ 2016, FASB issued ASU 2016-0113, Financial Instruments –- ~~Overall:~~Credit ~~Recognition and Measurement of Financial Assets and Financial Liabilities~~Losses, which will become effective for us on January 1, ~~2018~~2020. We are currently in the process of evaluating the impact of the adoption of ASU 2016-0113 on our consolidated financial statements.

In February 2016, FASB issued ASU 2016-02, Leases, which will become effective for us on January 1, 2019. Based on our preliminary assessment, most, if not all, of our leases are subject to lessor accounting and the accounting applied by a lessor is largely unchanged from that applied under current U.S. GAAP. We continue to evaluate the impact of the adoption of ASU 2016-02 on our consolidated financial statements.

In June 2016, FASB issued ASU 2016-13, Financial Instruments – Credit Losses, which will become effective for us on January 1, 2020. We are currently in the process of evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements.

In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments, which will become effective for us on January 1, 2018. We are currently in the process of evaluating the impact of the adoption of ASU 2016-15 on our consolidated financial statements.

In November 2016, FASB issued ASU 2016-18, Statement of Cash Flows, which will become effective for us on January 1, 2018. We are currently in the process of evaluating the impact of the adoption of ASU 2016-18 on our consolidated financial statements.

In January 2017, FASB issued ASU 2017-01, Business Combinations, which will become effective for us on January 1, 2018. We are currently in the process of evaluating the impact of the adoption of ASU 2017-01 on our consolidated financial statements.

We do not believe any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on our consolidated financial statements.

Results of Operations for the Three Months Ended ~~September~~March 3031, ~~2017~~2018 (the “~~2017~~2018 Quarter”) and ~~2016~~2017 (the “~~2016~~2017 Quarter”)

The following percentages are only as of a stated period and are not expected to be comparable in future periods. Further, these percentages are only representative of the percentage of the carrying value of such assets or finance income as of each stated period, and as such are not indicative of the concentration of any asset type or customer by the amount of equity invested or our investment portfolio as a whole.

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Financing Transactions

The following tables set forth the types of assets securing the financing transactions in our portfolio:

	September 30, 2017			December 31, 2016
	March 31, 2018			December 31, 2017
Asset Type	Net Carrying Value		Percentage of Total Net Carrying Value	Net Carrying Value		Percentage of Total Net Carrying Value
Lubricant manufacturing and blending equipment	$	2,~~428~~414,~~587~~651	5782%	$	2,~~418~~421,~~267~~407	3782%
Seismic testing equipment	1,279,973		30%	3,463,004		54%
Vessel - motor cargo	525,390		18%	546,164		18%
Vessel - motor cargo	560,312		13%	581,069		9%
	$	2,940,041	100%	$	2,967,571	100%
	$	4,268,872	100%	$	6,462,340	100%

The net carrying value of our financing transactions includes the balance of our net investment in notes receivable ~~and our net investment in finance lease~~ as of each reporting date.

~~During the 2017 Quarter and the 2016 Quarter, certain customers generated significant portions (defined as 10% or more) of our total finance income as follows:~~ 15

		Percentage of Total Finance Income
Customer	Asset Type	2017 Quarter	2016 Quarter
Lubricating Specialties Company	Lubricant manufacturing and blending equipment	56%	—
Geokinetics, Inc.	Seismic testing equipment	36%	129%
Premier Trailer Leasing, Inc.	Trailers (1)	—	(29)%
		92%	100%
(1) Upon the prepayment by Premier Trailer Leasing, Inc. ("Premier Trailer") of its secured term loan during the 2016 Quarter, a loss was recorded as a result of the write-off of the remaining unamortized initial direct costs.

Interest income and prepayment fees from our net investment in notes receivable and finance income from our net investment in finance lease are included in finance income in our consolidated statements of operations.

Revenue and other income for the 2017 Quarter and the 2016 Quarter is summarized as follows:

	Three Months Ended September 30,
	2017		2016		Change
Finance income	$	162,439	$	94,133	$	68,306
Income from investment in joint ventures	96,262		142,831		(46,569		)
Other income	19,989		3,394		16,595
Total revenue and other income	$	278,690	$	240,358	$	38,332

Total revenue and other income for the 2017 Quarter increased $38,332, or 15.9%, as compared to the 2016 Quarter. The increase in finance income was due to new secured term loans that we entered into subsequent to the 2016 Quarter, partially offset by lower income recognized from our lease with Geokinetics, which expired on August 30, 2017, as a result of the declining nature of recognizing income using the effective interest rate method. Income from investment in joint ventures decreased due to a less favorable movement on our interest rate swaps during the 2017 Quarter as compared to the 2016 Quarter. The increase in other income was primarily due to the reversal of a fee related to our Facility, which expired in May 2017.

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~~Expenses~~During ~~for~~ the ~~2017~~2018 Quarter and the ~~2016~~2017 Quarter, ~~are~~certain ~~summarized~~customers generated significant portions (defined as 10% or more) of our total finance income as follows:

	Three Months Ended September 30,
			Percentage of Total Finance Income
	2017			2016		Change
Customer	Asset Type		2018 Quarter	2017 Quarter
Management fees	$	15,835		$	61,983	$	(46,148	)
Lubricating Specialties Company	Lubricant manufacturing and blending equipment		87%	49%
Administrative expense reimbursements	122,263			102,382		19,881
CFL Momentum Beheer B.V. and C.V. CFL Momentum	Motor cargo vessel		13%	7%
General and administrative	46,848			107,040		(60,192		)
Geokinetics, Inc.	Seismic testing equipment		—	44%
Interest	—			5,473		(5,473		)
			100%	100%
Impairment loss	595,000			—		595,000
Total expenses	$	779,946		$	276,878	$	503,068

Total expenses for the 2017 Quarter increased $503,068, or 181.7%, as compared to the 2016 Quarter. The increase was primarily due to the impairment loss recorded in the 2017 Quarter on our investment in joint venture related to Fugro. The increase was partially offset by decreases in (i) general and administrative expenses due to lower legal, audit and printing fees, as well as the reimbursement of certain insurance premiums by a lessee during the 2017 Quarter and (ii) management fees primarily due to the prepayment of a secured term loan by Premier Trailer during the 2016 Quarter and our Investment Manager reducing its management fee by 50%, effective July 1, 2016.

Net Income Attributable to Noncontrolling Interests

Net income attributable to noncontrolling interests decreased $38,409, from $57,339 in the 2016 Quarter to $18,930 in the 2017 Quarter. The decrease was a result of a decrease in net income generated by our finance lease related to Geokinetics during the 2017 Quarter as compared to the 2016 Quarter.

Net Loss Attributable to Fund Sixteen

As a result of the foregoing factors, net loss attributable to us for the 2017 Quarter and the 2016 Quarter was $520,186 and $93,859, respectively. Net loss attributable to us per weighted average additional Class A share and Class I share outstanding for the 2017 Quarter was $29.26 and $29.26, respectively. Net loss attributable to us per weighted average additional Class A share and Class I share outstanding for the 2016 Quarter was $5.28 and $5.09, respectively.

Results of Operations for the Nine Months Ended September 30, 2017 (the “2017 Period”) and 2016 (the “2016 Period”)

The following percentages are only as of a stated period and are not expected to be comparable in future periods. Further, these percentages are only representative of the percentage of finance income as of each stated period, and as such are not indicative of the concentration of any asset type or customer by the amount of equity invested or our investment portfolio as a whole.

Financing Transactions

During the 2017 Period and the 2016 Period, certain customers generated significant portions (defined as 10% or more) of our total finance income as follows:

		Percentage of Total Finance Income
Customer	Asset Type	2017 Period	2016 Period
Lubricating Specialties Company	Lubricant manufacturing and blending equipment	53%	—
Geokinetics, Inc.	Seismic testing equipment	39%	83%
Premier Trailer Leasing, Inc.	Trailers	—	17%
		92%	100%

19 Revenue and other income for the 2018 Quarter and the 2017 Quarter is summarized as follows:

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	Three Months Ended March 31,
	2018		2017		Change
Finance income	$	114,710	$	183,871	$	(69,161	)
Income from investment in joint ventures	124,388		89,560		34,828
Other income	967		389		578
Total revenue and other income	$	240,065	$	273,820	$	(33,755	)

~~Revenue~~Total revenue and other income for the 2018 Quarter decreased $33,755, or 12.3%, as compared to the 2017 ~~Period~~Quarter. ~~and~~The decrease in finance income was primarily due to the ~~2016~~expiration ~~Period~~of isour ~~summarized~~finance lease during 2017. The decrease was partially offset by an increase in income from investment in joint ventures primarily due to more favorable movements in the interest rate swaps held by our joint venture during the 2018 Quarter as ~~follows:~~compared to the 2017 Quarter.

	Nine Months Ended September 30,
	2017		2016		Change
Finance income	$	509,476	$	515,619	$	(6,143	)
Income from investment in joint ventures	232,066		607,371		(375,305		)
Gain on sale of investment in joint ventures	—		19,566		(19,566		)
Other income	21,321		3,394		17,927
Total revenue and other income	$	762,863	$	1,145,950	$	(383,087	)

Expenses for the 2018 Quarter and the 2017 Quarter are summarized as follows:

Total revenue and other income for the 2017 Period decreased $383,087, or 33.4%, as compared to the 2016 Period. The decrease was primarily due to a decrease in income from investment in joint ventures primarily as a result of the prepayment by D&T and the sale of our interests in two joint ventures that leased equipment to Challenge Mfg. Company, LLC ("Challenge"), each during the 2016 Period. In addition, we recognized a gain on sale of investment in joint ventures during the 2016 Period as a result of the sale of our interests in two joint ventures that leased equipment to Challenge, with no such sales recorded during the 2017 Period. The increase in other income was primarily due to the reversal of a fee related to our Facility, which expired in May 2017.



	Three Months Ended March 31,
	2018		2017		Change
Management fees	$	—	$	17,920	$	(17,920	)
Administrative expense reimbursements	105,786		133,773		(27,987		)
General and administrative	98,299		128,805		(30,506		)
Interest	—		4,900		(4,900		)
Total expenses	$	204,085	$	285,398	$	(81,313	)

~~Expenses~~Total expenses for the 2018 Quarter decreased $81,313, or 28.5%, as compared to the 2017 ~~Period~~Quarter. The decrease was partly due to a decrease in general and administrative expenses due to (i) less taxes incurred as a result of the ~~2016~~expiration ~~Period~~of ~~are~~our ~~summarized~~finance lease and (ii) lower bank, consulting, legal and audit fees incurred during the 2018 Quarter as ~~follows:~~ the size of our investment portfolio continues to decrease during our wind down period. In addition, administrative expense reimbursements decreased due to reduced costs incurred on our behalf by our Investment Manager. Effective December 1, 2017, our Investment Manager waived all future management fees.

	Nine Months Ended September 30,
	2017		2016		Change
Management fees	$	54,822	$	181,313	$	(126,491	)
Administrative expense reimbursements	358,066		322,646		35,420
General and administrative	267,380		370,199		(102,819		)
Interest	8,828		26,444		(17,616		)
Impairment loss	595,000		—		595,000
Total expenses	$	1,284,096	$	900,602	$	383,494

Total expenses for the 2017 Period increased $383,494, or 42.6%, as compared to the 2016 Period. The increase was primarily due to the impairment loss recorded in the 2017 Period on our investment in joint venture related to Fugro. The increase was partially offset by decreases in (i) management fees primarily due to prepayments by Premier Trailer and D&T during the 2016 Period and our Investment Manager reducing its management fee by 50%, effective July 1, 2016 and (ii) general and administrative expenses due to lower audit, bank and printing fees during the 2017 Period.

Net Income Attributable to Noncontrolling Interests

Net income attributable to noncontrolling interests decreased $~~133~~30,~~887~~656, from $~~203~~31,~~214~~308 in the ~~2016~~2017 ~~Period~~Quarter to $~~69,327~~652 in the ~~2017~~2018 ~~Period~~Quarter. The decrease was a result of athe ~~decrease~~expiration inof ~~net income generated by~~ our finance lease ~~related~~and tothe ~~Geokinetics~~satisfaction ~~during~~of the ~~2017~~purchase ~~Period~~obligation asby ~~compared~~our tolessee ~~the~~during ~~2016 Period~~2017.

~~Net (Loss) Income Attributable to Fund Sixteen~~16

AsTable ~~a result~~ of the foregoing factors, net (loss) income attributable to us for the 2017 Period and the 2016 Period was $(590,560) and $42,134, respectively. Net loss attributable to us per weighted average additional Class A share and Class I share outstanding for the 2017 Period was $33.23 and $32.93, respectively. Net income attributable to us per weighted average additional Class A share and Class I share outstanding for the 2016 Period was $2.36 and $2.96, respectively.Contents

Net Income (Loss) Attributable to Fund Sixteen

As a result of the foregoing factors, net income (loss) attributable to us for the 2018 Quarter and the 2017 Quarter was $35,328 and $(42,886), respectively. Net income attributable to us per weighted average additional Class A share and Class I share outstanding for the 2018 Quarter was both $1.99. Net loss attributable to us per weighted average additional Class A share and Class I share outstanding for the 2017 Quarter was $2.42 and $2.26, respectively.

Financial Condition

This section discusses the major balance sheet variances at ~~September~~March 3031, ~~2017~~2018 compared to December 31, ~~2016~~2017.

Total Assets

20Total assets decreased $2,020,983, from $9,594,815 at December 31, 2017 to $7,573,832 at March 31, 2018. The decrease was primarily due to cash generated by and returned from our investments being partially used to (i) pay distributions to our shareholders and (ii) pay certain of our operating expenses, each during the 2018 Quarter.

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Total assets decreased $2,345,464, from $14,832,970 at December 31, 2016 to $12,487,506 at September 30, 2017. The decrease was primarily due to cash generated by and returned from our investments being partially used to (i) acquire ECI Partners' noncontrolling interests in ICON Geo, (ii) pay distributions to our noncontrolling interests and shareholders and (iii) repay certain of our previously accrued liabilities and operating expenses, each during the 2017 Period. In addition, we recorded an impairment loss on our investment in joint venture related to Fugro during the 2017 Period.

Total Liabilities

Total liabilities ~~decreased~~increased $~~578~~64,~~049~~249, from $~~735~~153,~~703~~148 at December 31, ~~2016~~2017 to $~~157~~217,~~654~~397 at ~~September~~March 3031, ~~2017~~2018. The ~~decrease~~increase was primarily due to the ~~reversal~~timing of the ~~sales~~payment ~~commission trail and distribution fee payables previously accrued during our offering period. We are no longer required to pay such fees and commissions upon commencement~~ of ~~our wind down period pursuant to the Trust Agreement. The decrease was also due to the repayment of~~ certain ofliabilities ~~our~~and ~~previously~~administrative ~~accrued~~expense ~~liabilities~~reimbursements during the ~~2017~~2018 ~~Period~~Quarter.

Equity

Equity decreased $12,~~767~~085,~~415~~232, from $149,~~097~~441,~~267~~667 at December 31, ~~2016~~2017 to $127,~~329~~356,~~852~~435 at ~~September~~March 3031, ~~2017~~2018. The decrease was primarily due to ~~(i) our net loss, (ii)~~ distributions to our ~~noncontrolling interests and~~ shareholders ~~and~~during ~~(iii)~~ the ~~acquisition~~2018 ~~of ECI Partners' noncontrolling interests in ICON Geo~~Quarter, ~~all during the 2017 Period. The decrease was~~ partially offset by ~~the reversal of the sales commission trail and distribution fee payables previously accrued during~~ our ~~offering~~net ~~period,~~income ~~which~~for wethe ~~are~~2018 ~~no longer required to pay upon commencement of our wind down period~~Quarter.

Liquidity and Capital Resources

Summary

At ~~September~~March 3031, ~~2017~~2018 and December 31, ~~2016~~2017, we had cash of $62,~~075~~245,~~434~~511 and $4,~~925~~436,~~909~~615, respectively. Pursuant to the terms of our offering, we have established a cash reserve in the amount of 0.50% of the gross offering proceeds from the sale of our Shares. As of ~~September~~March 3031, ~~2017~~2018, the cash reserve was $87,348. During our ~~operating~~wind down period, which commenced on June 1, 2017, we expect our main ~~source~~sources of cash ~~was~~will ~~typically~~be from ~~operating~~the ~~activities~~collection of income and principal on our ~~main~~notes ~~use~~receivable ofand ~~cash~~proceeds ~~was~~from inthe ~~investing~~sale ~~and~~of ~~financing~~assets ~~activities.~~held ~~Our~~directly ~~operating~~by ~~period~~us ~~ended~~or onindirectly ~~May~~by ~~31,~~our ~~2017~~joint venture and our ~~wind~~main ~~down~~use ~~period~~of ~~commenced~~cash onwill ~~June~~be 1,for ~~2017~~distributions to our shareholders. Our liquidity will vary in the future, increasing to the extent cash flows from investments and proceeds from the sale of our investments exceed expenses and decreasing as we pay distributions to our shareholders and ~~noncontrolling interests and~~ to the extent that expenses exceed cash flows from operations and proceeds from the sale of our investments.

Our equipment financing business encountered significant challenges over the past several years. Specifically, we suffered from (i) a lack of significant capital raised in order to execute on our investment objectives; and (ii) increasing competition over the last few years from larger alternative lenders that had not historically competed with us for investment opportunities. These challenges, along with the increasing costs associated with managing a public equipment fund, made it increasingly difficult for us to operate in the same manner that we operated under since inception. Accordingly, our Investment Manager commenced our wind down period on June 1, 2017, during which we have sold and will continue to sell our assets and/or let our investments mature in the ordinary course of business.

We believe that cash on hand, as well as cash generated from the expected results of our operations, will be sufficient to finance our liquidity requirements for the foreseeable future.

Our ability to generate cash in the future is subject to general economic, financial, competitive, regulatory and other factors that affect us and our borrowers’ and lessees’ businesses that are beyond our control.

We have used the net proceeds of our offering and the cash generated from our investments to invest in Capital Assets located in North America and other developed markets, including those in Asia and elsewhere. We have sought to acquire a portfolio of Capital Assets that is comprised of transactions that generate (a) current cash flow from payments of principal and/or interest (in the case of secured loans and other financing transactions) and rental payments (in the case of leases), (b) ~~deferred cash flow by realizing the value of Capital Assets or interests therein at the maturity of the investment, or (c) a combination of both from other structured investments.~~

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deferred cash flow by realizing the value of Capital Assets or interests therein at the maturity of the investment, or (c) a combination of both from other structured investments.

Unanticipated or greater than anticipated operating costs or losses (including a borrower’s inability to make timely loan payments or a lessee’s inability to make timely lease payments) would adversely affect our liquidity. Our Managing Owner does not intend to fund any cash flow deficit of ours or provide other financial assistance to us.

Cash Flows

Operating Activities

Cash used in operating activities ~~increased~~decreased $93182,~~189~~354, from $~~109~~286,~~237~~767 in the ~~2016~~2017 ~~Period~~Quarter to $~~202~~104,~~426~~413 in the ~~2017~~2018 ~~Period~~Quarter. The ~~increase~~decrease was primarily due to ~~(i)~~ the timing of the payment of certain liabilities and the collection of certain receivables ~~and (ii) a decrease in distributions from our joint ventures during the 2017 Period as compared to the 2016 Period~~.

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Investing Activities

Cash provided by investing activities decreased $639,~~937~~556,~~457,~~ from $974,~~365,413~~077 in the ~~2016~~2017 ~~Period~~Quarter to $234,~~427,956~~521 in the ~~2017~~2018 ~~Period~~Quarter. The decrease was primarily due to ~~(i)~~principal ~~proceeds~~ received ~~from~~on ~~the~~our ~~sale~~finance oflease ~~our~~and ~~investment~~distributions inreceived from our joint ventures in excess of profits during the ~~2016~~2017 ~~Period~~Quarter with no comparable ~~proceeds~~amounts received during the ~~2017~~2018 ~~Period~~Quarter, ~~(ii)~~partially ~~higher~~offset ~~principal~~by ~~received~~our onacquisition ~~notes~~of ~~receivable~~additional interests in ~~the~~a ~~2016~~consolidated ~~Period~~joint ~~due~~venture tofrom the ~~prepayment~~noncontrolling byinterest ~~Premier~~holder ~~Trailer~~during ~~and (iii)~~ the ~~acquisition~~2017 ofQuarter ~~ECI~~and ~~Partners'~~principal ~~noncontrolling~~received ~~interests~~on inour ~~ICON~~notes ~~Geo~~receivable during the ~~2017~~2018 ~~Period~~Quarter.

Financing Activities

Cash used in financing activities ~~decreased~~increased $21,~~555~~692,~~267~~257, from $3428,~~631,272~~955 in the ~~2016~~2017 ~~Period~~Quarter to $12,~~076~~121,~~005~~212 in the ~~2017~~2018 ~~Period~~Quarter. The ~~decrease~~increase was primarily due to ~~the~~an ~~repayment~~increase ~~of $1,500,000 on our Facility during the 2016 Period and a decrease~~ in distributions paid to our shareholders ~~and noncontrolling interests~~ during the ~~2017~~2018 ~~Period~~Quarter as compared to the ~~2016~~2017 ~~Period~~Quarter.

Financings and Borrowings

Revolving Line of Credit, Recourse

We had an agreement with CB&T for our Facility, which was secured by all of our assets not subject to a first priority lien. Amounts available under the Facility were subject to a borrowing base that was determined, subject to certain limitations, by the present value of the future receivables under certain loans and lease agreements in which we had a beneficial interest.

The interest rate for general advances under the Facility was CB&T’s prime rate. We could have elected to designate up to five advances on the outstanding principal balance of the Facility to bear interest at LIBOR plus 2.5% per year. In all instances, borrowings under the Facility were subject to an interest rate floor of 4.0% per year. In addition, we were obligated to pay an annualized 0.5% fee on unused commitments under the Facility. The Facility expired in accordance with its terms on May 30, 2017. There were no obligations outstanding under the Facility on the expiration date.

Distributions

We paid monthly distributions to our shareholders beginning with the first month after each such shareholder’s admission through December 31, 2016. We expect that distributions paid during our wind down period will vary, depending on the timing of the sale of our assets and/or the maturity of our investments, and our receipt of finance and other income from our investments. During the ~~2017~~2018 ~~Period~~Quarter, we paid distributions to our Managing Owner, Class A additional shareholders and Class I shareholders of $~~602~~21,212, $582,~~235~~051,083 and $148,~~389~~917, respectively. ~~We also paid distributions to our noncontrolling interests of $938,989 in the 2017 Period.~~

Commitments and Contingencies and Off-Balance Sheet Transactions

Commitments and Contingencies

Off-Balance Sheet Transactions

None.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

Smaller reporting companies are not required to provide the information required by this item.

Item 4. Controls and Procedures

Evaluation of disclosure controls and procedures

In connection with the preparation of this Quarterly Report on Form 10-Q for the three months ended ~~September~~March 3031, ~~2017~~2018, our Managing Owner carried out an evaluation, under the supervision and with the participation of the management of our Managing Owner, including its Co-Chief Executive Officers and the Principal Financial and Accounting Officer, of the effectiveness of the design and operation of our Managing Owner’s disclosure controls and procedures as of the end of the period covered by this report pursuant to the Securities Exchange Act of 1934, as amended. Based on the foregoing evaluation, the Co-Chief Executive Officers and the Principal Financial and Accounting Officer concluded that our Managing Owner’s disclosure controls and procedures were effective.

In designing and evaluating our Managing Owner’s disclosure controls and procedures, our Managing Owner recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Our Managing Owner’s disclosure controls and procedures have been designed to meet reasonable assurance standards. Disclosure controls and procedures cannot detect or prevent all error and fraud. Some inherent limitations in disclosure controls and procedures include costs of implementation, faulty decision-making, simple error and mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based, in part, upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all anticipated and unanticipated future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with established policies or procedures.

Evaluation of internal control over financial reporting

There have been no changes in our internal control over financial reporting during the three months ended ~~September~~March 3031, ~~2017~~2018 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

In the ordinary course of conducting our business, we may be subject to certain claims, suits, and complaints filed against us. In our Managing Owner’s opinion, the outcome of such matters, if any, will not have a material impact on our consolidated financial position or results of operations. We are not aware of any material legal proceedings that are currently pending against us or against any of our assets.

Item 1A. Risk Factors

Smaller reporting companies are not required to provide the information required by this item.

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

We did not sell or repurchase any Shares during the three months ended ~~September~~March 3031, ~~2017~~2018.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Not applicable.

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Item 6. Exhibits



3.1		Certificate of Trust of Registrant (Incorporated by reference to Exhibit 3.1 to Registrant's Registration Statement on Form S-1 filed with the SEC on November 26, 2012 (File No. 333- 185144)).
4.1		Form of Fourth Amended and Restated Trust Agreement of Registrant (Incorporated by reference to Appendix A to Registrant's Definitive Proxy Statement on Schedule 14A filed with the SEC on April 24, 2017).
10.1		Form of Investment Management Agreement, by and between ICON ECI Fund Sixteen and ICON Capital, LLC (Incorporated by reference to Exhibit 10.2 to Amendment No. 1 to the Registrant's Registration Statement on Form S-1 filed with the SEC on February 1, 2013 (File No. 333-185144)).
10.2		Commercial Loan Agreement, by and between California Bank & Trust and ICON ECI Fund Sixteen, dated as of December 26, 2013 (Incorporated by reference to Exhibit 10.2 to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2013, filed March 28, 2014).
10.3		Loan Modification Agreement, by and between California Bank & Trust and ICON ECI Fund Sixteen, dated as of March 31, 2015 (Incorporated by reference to Exhibit 10.3 to the Registrant's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2015, filed on May 8, 2015).
31.1		Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.
31.2		Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.
31.3		Rule 13a-14(a)/15d-14(a) Certification of Principal Financial and Accounting Officer.
32.1		Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2		Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.3		Certification of Principal Financial and Accounting Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		XBRL Instance Document.
101.SCH		XBRL Taxonomy Extension Schema Document.
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB		XBRL Taxonomy Extension Labels Linkbase Document.
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document.

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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.

ICON ECI Fund Sixteen

(Registrant)

By: ICON MT 16, LLC

(Managing Owner of the Registrant)

~~November~~May 139, ~~2017~~2018



By:	/s/ Michael A. Reisner
	Michael A. Reisner
	Co-Chief Executive Officer and Co-President
	(Co-Principal Executive Officer)



By:	/s/ Mark Gatto
	Mark Gatto
	Co-Chief Executive Officer and Co-President
	(Co-Principal Executive Officer)



By:	/s/ Christine H. Yap
	Christine H. Yap
	Managing Director
	(Principal Financial and Accounting Officer)

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Filing Compare · ICON ECI Fund Sixteen