UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

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

For the fiscal year ended December 31, ~~2018~~2019 or

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

~~[ ] TRANSITION~~For ~~REPORT~~the ~~PURSUANT~~transition TOperiod ~~SECTION~~from ~~13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934~~to

For the transition period from			to
Commission file number:			000-53919

Commission file number:

000-53919

ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust

(Exact name of registrant as specified in its charter)

Delaware	26-3215092	~~83-6602247~~
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)	~~(I.R.S. Employer Identification No.)~~
3 Park Avenue, 36th Floor
New York, New York	10016	~~10016~~
(Address of principal executive offices)	(Zip Code)	~~(Zip Code)~~
(212) 418-4700

(212) 418-4700

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ☐ No þ
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.*
Yes ☐ No ☐
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.*
Yes ☐ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).*
Yes ☐ No ☐
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
þ
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 ☐			Accelerated filer ☐
Non-accelerated filer ☐			Smaller reporting company þ
			Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No þ

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ¨ No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.*

Yes ¨ No ¨

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.*

Yes ¨ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).*

Yes ¨ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See 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 ¨	Accelerated filer ¨
Non-accelerated filer ¨	Smaller reporting company x
	Emerging growth company ¨

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

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

Yes ¨ No x

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter: Not applicable. There is no established market for the beneficial interests of the registrant.

Number of outstanding beneficial interests of the registrant on March 2013, ~~2019~~2020 is 258,761.

DOCUMENTS INCORPORATED BY REFERENCE

None.

*ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust is the transferee of the assets and liabilities of ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. and files reports under the Commission file number for ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P., which filed a Form 15 on January 4, 2019 indicating its notice of termination of registration and filing requirements.

ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust Table of Contents

	Page
Market for Registrant’s Securities, Related Security Holder Matters and Issuer Purchases of Equity Securities	1
Report of Independent Registered Public Accounting Firm	4
Consolidated Balance Sheets	5
Consolidated Statements of Operations	6
Consolidated Statements of Changes in Equity	7
Consolidated Statements of Cash Flows	8
Notes to Consolidated Financial Statements	9
Schedule II - Valuation and Qualifying Accounts	33
Signatures	35

Table of Contents

Item 5. Market for Registrant’s Securities, Related Security Holder Matters and Issuer Purchases of Equity Securities

Overview

	Number of Beneficial Owners
Title of Class	As of March 20, 2019
Managing Trustee (as a beneficial owner)	1
Additional beneficial owners	7,219

We, at our Managing Trustee’s discretion, paid monthly distributions to each of our beneficial owners beginning the first month after each such beneficial owner was admitted to the Partnership through the end of our operating period, which was on May 18, 2016. During our liquidation period, we have paid and will continue to pay distributions in accordance with the terms of our Liquidating Trust Agreement. We expect that distributions paid during our liquidation period will vary, depending on the timing of the sale of our assets and/or the maturity of our investments, and our receipt of rental, finance and other income from our investments. We paid distributions to our additional beneficial owners totaling $10,799,999 and $12,000,003 for the years ended December 31, 2018 and 2017, respectively. Additionally, we paid distributions to our Managing Trustee of $109,091 and $121,212 for the years ended December 31, 2018 and 2017, respectively.

Our Beneficial Interests are not publicly traded and there is no established public trading market for our Beneficial Interests. Given that it is unlikely that any such market will develop, our Beneficial Interests are generally considered illiquid. Even if an additional beneficial owner is able to sell our Beneficial Interests, the price received may be less than our estimated value (“Estimated Value”) per Beneficial Interest indicated below.

Our Estimated Value per Beneficial Interest as of December 31, 2018 (the “Valuation Date”) has been determined to be $95.60 per Beneficial Interest. The Estimated Value per Beneficial Interest is based upon the estimated fair value of our assets less the estimated fair value of our liabilities as of the Valuation Date, divided by the total number of our Beneficial Interests outstanding as of the Valuation Date. To the extent an investment is owned by a joint venture, we only include our share of assets and liabilities based on our ownership percentage in such joint venture.* The information used to generate the Estimated Value per Beneficial Interest, including, but not limited to, market information, investment and asset-level data and other information provided by third parties, was the most recent information practically available as of the Valuation Date. This Estimated Value per Beneficial Interest is provided to assist (i) plan fiduciaries in fulfilling their annual valuation obligations as required by The Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and (ii) broker-dealers that participated in our offering of Interests in meeting their customer account statement reporting obligations as required by the Financial Industry Regulatory Authority, Inc. (“FINRA”).

The Estimated Value per Beneficial Interest was calculated by our Managing Trustee primarily based on the fair values provided by Duff & Phelps, LLC (“Duff & Phelps”) and an additional valuation firm (together, the “Valuation Firms”), both third-party independent valuation and consulting firms engaged and/or approved by our Managing Trustee to provide material assistance related to the valuation of certain of our assets, as further described below. Our Managing Trustee engaged Duff & Phelps to provide valuations for multiple investments included in our portfolio. The additional valuation firm was approved by our Managing Trustee to provide a valuation for certain equipment securing an investment in our portfolio due to its familiarity with such assets. Duff & Phelps is a global valuation and corporate finance advisor with expertise in complex valuations. The additional valuation firm is a reputable valuation firm in the machinery and equipment industry.

Process and Methodology

Our Managing Trustee established the Estimated Value per Beneficial Interest as of the Valuation Date primarily based on the fair values of our assets provided by the Valuation Firms. In arriving at their fair values, the Valuation Firms utilized valuation methodologies that both our Managing Trustee and the Valuation Firms believe are standard and acceptable in the equipment financing industry for the types of assets held by us. The valuations were performed in accordance with standard industry practice and the provisions of NASD Rule 2340 and FINRA Rule 2310. The basis of the fair values provided by the Valuation Firms are in accordance with the definition of fair value in Accounting Standards Codification 820. For an asset owned by our joint venture that was classified as held for sale and subsequently sold after the Valuation Date but before the filing of this report, the fair value was estimated by our Managing Trustee to approximate the net sale proceeds. To the extent an investment had non-recourse debt obligations that exceeded the fair value of the related asset, the net asset value of such investment was deemed to be zero.

* An investment or a debt obligation described in this Item 5 may not be consolidated and presented on our consolidated balance sheet as of December 31, 2018, but rather included as part of investment in joint ventures on our consolidated balance sheet as of December 31, 2018.

Table of Contents

A summary of the methodology used by the Valuation Firms, as well as the assumptions and limitations of their work for us and of our determination of Estimated Value, are presented below.

Discounted Cash Flow

The discounted cash flow (“DCF”) method was used to estimate value using the concept of the time value of money. All projected future cash flows accruing to an asset were estimated and discounted to give their present values. The sum of all projected future cash flows, both incoming and outgoing, comprises the net present value, which was recognized as the value or price of the cash flows.

Sales Comparison Method

The sales comparison method compares similar assets recently sold in the market and adjusts the value for differences in the subject asset and the comparable assets as well as for current market conditions.

Cost Method

The cost method estimates the current cost to reproduce or replace the asset and adjusts the value for depreciation in the subject asset as well as for current market conditions.

Valuation of Notes Receivable

The estimated fair value of our notes receivable at the Valuation Date was derived by using (i) the DCF method and (ii) a weighted average of a recoverable amount based on a purchase offer received and estimated fair values derived from a combination of the sales comparison method and the cost method. Under the DCF method, discount rate reflects the risks associated with the borrower and the time value of money and was applied to the projected cash flows associated with the note receivable. The discounted projected cash flows included all unpaid principal, interest, and fee payments for the scheduled term period of the note receivable. An analysis of the borrower was conducted to determine viability of payment and total debt coverage, as well as to ascertain the borrower’s risk level, with such considerations reflected in the implied discount rate used in discounting the cash flows.

The discount rates used ranged from 12.5% to 16.4%.

Valuation of Investment in Cost-Method Investees

The estimated fair value of our investment in cost-method investees held by our joint ventures was based on a combination of the DCF method and the sales comparison method. Under the DCF method, the discount rate reflects the risks associated with the investee and the time value of money, and was applied to the projected cash flows associated with the operations of the investee. The sum of all projected future cash flows included, but were not limited to, net operating cash flows of the investee discounted to give their present values. The estimated fair value of our investment held by our joint venture in the other cost-method investee was based on the current fair value of the net assets of the investee from certain methodologies, which included the sales comparison method.

Valuation of Debt Obligations

The estimated fair value at the Valuation Date of our debt obligations that were subsequently settled after the Valuation Date was estimated by our Managing Trustee to approximate the amount paid to settle such debt obligations.

Cash, Other Assets and Other Liabilities

Cash, other assets and other liabilities (collectively, “Other Net Assets”) include our share of items of tangible or monetary value as of the Valuation Date. The fair values of Other Net Assets as of the Valuation Date were estimated by our Managing Trustee to approximate their carrying values because of their nature or short-term maturities. Excluded from Other Net Assets is our share of prepaid assets, which our Managing Trustee estimated as having a minimal fair value as of the Valuation Date.

Table of Contents

Assumptions and Limitations

As with any valuation methodology, the methodologies used to determine our Estimated Value per Beneficial Interest are based upon a number of estimates and assumptions that may prove later to be inaccurate or incomplete. Further, different market participants using different estimates and assumptions could derive different estimated values. Our Estimated Value per Beneficial Interest may also not represent the price that our Beneficial Interests would trade at on a national securities exchange, the amount realized in a sale, merger or liquidation, or the amount an additional beneficial owner would realize in a private sale of our Beneficial Interests.

The Estimated Value per Beneficial Interest calculated by our Managing Trustee is based on economic, market and other conditions and the information available to us and the Valuation Firms as of the Valuation Date. The Estimated Value per Beneficial Interest is expected to fluctuate over time in response to future events, including, but not limited to, changes in market interest rates, changes in economic, market and regulatory conditions, the prospects of the asset sectors in general or in particular, or the special purpose vehicles in which the assets may be held, rental and growth rates, returns on competing investments, changes in administrative expenses and other costs, and the amount of distributions paid on our Beneficial Interests. The Estimated Value per Beneficial Interest may also change as a result of changes in the circumstances of the risks associated with each investment.

There is no assurance that the methodologies used to calculate the Estimated Value per Beneficial Interest would be acceptable to FINRA or in compliance with guidelines promulgated under ERISA with respect to their respective reporting requirements.

Our Managing Trustee is ultimately and solely responsible for the establishment of our Estimated Value per Beneficial Interest. In arriving at its determination of the Estimated Value per Beneficial Interest, our Managing Trustee considered all information provided in light of its own familiarity with our assets and liabilities and the estimated fair values recommended by the Valuation Firms.

We currently expect that our next Estimated Value per Beneficial Interest will be based upon our assets and liabilities as of December 31, 2019 and such value will be included in our Annual Report on Form 10-K for the year ending December 31, 2019. We intend to publish an updated Estimated Value per Beneficial Interest annually in our subsequent Annual Reports on Form 10-K.

Table of Contents

Report of Independent Registered Public Accounting Firm

To The Beneficial Owners of ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheet of ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust and subsidiaries (the “Liquidating Trust”) as of December 31, 2017, the related consolidated statements of operations, changes in equity and cash flows, for the year then ended, and the related notes and schedule listed at Schedule II (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Liquidating Trust as of December 31, 2017, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Liquidating Trust’s management. Our responsibility is to express an opinion on the Liquidating Trust’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Liquidating Trust in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Liquidating Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Liquidating Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the Liquidating Trust’s auditor since 2017.

New York, New York

March 29, 2018

Table of Contents

ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust

(A Delaware Statutory Trust)

Consolidated Balance Sheets

	December 31,
	2018			2017
	(unaudited)
Assets
Cash and cash equivalents	$	19,615,156		$	7,547,311
Restricted cash	—			1,500,000
Vessel (less accumulated depreciation of $2,955,297)	—			35,598,896
Leased equipment at cost (less accumulated depreciation of $1,267,681)	—			19,732,319
Net investment in notes receivable	5,366,243			8,256,062
Investment in joint ventures	412,649			4,871,247
Other assets	623,615			2,856,731
Total assets	$	26,017,663		$	80,362,566
Liabilities and Equity
Liabilities:
Non-recourse long-term debt	$	—		$	32,030,638
Deferred revenue	—			2,470,065
Due to Managing Trustee and affiliates, net	259,118			75,587
Accrued expenses and other liabilities	1,019,888			835,984
Total liabilities	1,279,006			35,412,274
Commitments and contingencies (Note 13)
Equity:
Beneficial owners’ equity:
Additional beneficial owners	26,790,861			46,794,811
Managing Trustee	(2,052,204		)	(1,850,144		)
Total beneficial owners’ equity	24,738,657			44,944,667
Noncontrolling interests	—			5,625
Total equity	24,738,657			44,950,292
Total liabilities and equity	$	26,017,663		$	80,362,566

See accompanying notes to consolidated financial statements.

Table of Contents

ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust

	Page

Market for Registrant’s Securities, Related Security Holder Matters and Issuer Purchases of Equity Securities	1
Consolidated Balance Sheets	4
Consolidated Statements of Operations	5
Consolidated Statements of Changes in Equity	6
Consolidated Statements of Cash Flows	7
Notes to Consolidated Financial Statements	8
Schedule II - Valuation and Qualifying Accounts	30
Signatures	32

(A Delaware Statutory Trust)

Consolidated Statements of Operations

	Years Ended December 31,
	2018			2017
	(unaudited)
Revenue and other income:
Finance income	$	896,022		$	1,033,699
Rental income	1,793,820			1,820,540
Pool revenue	5,628,934			5,216,411
Income (loss) from investment in joint ventures	274,012			(906,605		)
Gain on sale of investment in joint venture	225,377			—
Gain on sale of assets	1,471,069			—
Other income	13,289			25,962
Total revenue and other income	10,302,523			7,190,007
Expenses:
Management fees	—			216,979
Administrative expense reimbursements	857,811			1,184,627
General and administrative	2,541,715			1,941,178
Credit loss, net	3,511,243			3,944,641
Depreciation	1,629,026			2,830,636
Interest	2,321,152			1,841,530
Impairment loss	5,495,584			10,299,807
Vessel operating	3,244,649			3,919,097
Total expenses	19,601,180			26,178,495
Net loss	(9,298,657		)	(18,988,488		)
Less: net loss attributable to noncontrolling interests	(1,737		)	(5,350		)
Net loss attributable to Fund Fourteen Liquidating Trust	$	(9,296,920	)	$	(18,983,138	)
Net loss attributable to Fund Fourteen Liquidating Trust allocable to:
Additional beneficial owners	$	(9,203,951	)	$	(18,793,307	)
Managing Trustee	(92,969		)	(189,831		)
	$	(9,296,920	)	$	(18,983,138	)
Weighted average number of additional beneficial interests outstanding	258,761			258,761
Net loss attributable to Fund Fourteen Liquidating Trust per weighted average additional beneficial interest outstanding	$	(35.57	)	$	(72.63	)

See accompanying notes to consolidated financial statements.

Table of Contents

~~(A Delaware Statutory Trust)~~Overview

Consolidated Statements of Changes in Equity

	Number of Beneficial Owners
Title of Class	As of March 13, 2020
Managing Trustee (as a beneficial owner)	1
Additional beneficial owners	7,249

	Beneficial Owners’ Equity
	Additional Beneficial Interests	Additional Beneficial Owners			Managing Trustee			Total Beneficial Owners’ Equity			Noncontrolling Interests			TotalEquity
Balance, December 31, 2016	258,761	$	77,588,121		$	(1,539,101	)	$	76,049,020		$	8,278		$	76,057,298
Net loss	—	(18,793,307		)	(189,831		)	(18,983,138		)	(5,350		)	(18,988,488		)
Distributions	—	(12,000,003		)	(121,212		)	(12,121,215		)	—			(12,121,215		)
Investment by noncontrolling interests	—	—			—			—			2,697			2,697
Balance, December 31, 2017	258,761	46,794,811			(1,850,144		)	44,944,667			5,625			44,950,292
Net loss (unaudited)	—	(9,203,951		)	(92,969		)	(9,296,920		)	(1,737		)	(9,298,657		)
Distributions (unaudited)	—	(10,799,999		)	(109,091		)	(10,909,090		)	(3,888		)	(10,912,978		)
Balance, December 31, 2018 (unaudited)	258,761	$	26,790,861		$	(2,052,204	)	$	24,738,657		$	—		$	24,738,657

We, at our Managing Trustee’s discretion, paid monthly distributions to each of our beneficial owners beginning the first month after each such beneficial owner was admitted to the Partnership through the end of our operating period, which was on May 18, 2016. During our liquidation period, we have paid distributions in accordance with the terms of our Liquidating Trust Agreement. We expect that future distributions paid during our liquidation period will vary, depending on the timing of the sale of our assets and/or the maturity of our investments, and our receipt of rental, finance and other income from our investments (subject to the outcome of our arrest of the Advantage Sky (see Note 13)). We paid distributions to our additional beneficial owners totaling $13,749,998 and $10,799,999 for the years ended December 31, 2019 and 2018, respectively. Additionally, we paid distributions to our Managing Trustee of $138,889 and $109,091 for the years ended December 31, 2019 and 2018, respectively.

~~See~~Our ~~accompanying~~Beneficial ~~notes~~Interests are not publicly traded and there is no established public trading market for our Beneficial Interests. Given that it is unlikely that any such market will develop, our Beneficial Interests are generally considered illiquid. Even if an additional beneficial owner is able to ~~consolidated~~sell ~~financial~~our ~~statements~~Beneficial Interests, the price received may be less than our estimated value (“Estimated Value”) per Beneficial Interest indicated below.

7Our Estimated Value per Beneficial Interest as of December 31, 2019 (the “Valuation Date”) has been determined to be $32.13 per Beneficial Interest. The Estimated Value per Beneficial Interest is based upon the estimated fair value of our assets less the estimated fair value of our liabilities as of the Valuation Date, divided by the total number of our Beneficial Interests outstanding as of the Valuation Date. To the extent an investment is owned by a joint venture, we only include our share of assets and liabilities based on our ownership percentage in such joint venture.* The information used to generate the Estimated Value per Beneficial Interest, including, but not limited to, market information, investment and asset-level data and other information provided by third parties, was the most recent information practically available as of the Valuation Date. This Estimated Value per Beneficial Interest is provided to assist (i) plan fiduciaries in fulfilling their annual valuation obligations as required by The Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and (ii) broker-dealers that participated in our offering of Interests in meeting their customer account statement reporting obligations as required by the Financial Industry Regulatory Authority, Inc. (“FINRA”).

~~Table~~The Estimated Value per Beneficial Interest was calculated by our Managing Trustee primarily based on the fair values provided by Duff & Phelps, LLC (“Duff & Phelps”), a third-party independent valuation and consulting firm engaged by our Managing Trustee to provide material assistance related to the valuation of ~~Contents~~certain of our assets, as further described below. Duff & Phelps is a global valuation and corporate finance advisor with expertise in complex valuations.

~~ICON~~Process ~~Equipment~~ and ~~Corporate Infrastructure Fund Fourteen Liquidating Trust~~Methodology

(AOur ~~Delaware~~Managing ~~Statutory~~Trustee established ~~Trust)~~the Estimated Value per Beneficial Interest as of the Valuation Date primarily based on the fair values of our assets provided by Duff & Phelps. In arriving at its fair values, Duff & Phelps utilized valuation methodologies that both our Managing Trustee and Duff & Phelps believe are standard and acceptable in the equipment financing industry for the types of assets held by us. The valuations were performed in accordance with standard industry practice and the provisions of NASD Rule 2340 and FINRA Rule 2310. The basis of the fair values provided by Duff & Phelps is in accordance with the definition of fair value in Accounting Standards Codification 820.

~~Consolidated~~A ~~Statements~~summary of ~~Cash~~the ~~Flows~~methodology used by Duff & Phelps, as well as the assumptions and limitations of its work for us and of our determination of Estimated Value, are presented below.

	Years Ended December 31,
	2018			2017
	(unaudited)
Cash flows from operating activities:
Net loss	$	(9,298,657	)	$	(18,988,488	)
Adjustments to reconcile net loss to net cash used in operating activities:
Finance income, net of costs and fees	(54,762		)	(40,667		)
(Income) loss from investment in joint ventures	(274,012		)	906,605
Depreciation	1,629,026			2,830,636
Credit loss, net	3,511,243			3,944,641
Impairment loss	5,495,584			10,299,807
Interest expense from amortization of debt financing costs	481,862			195,253
Paid-in-kind interest	(131,667		)	—
Gain on sale of assets	(1,471,069		)	—
Gain on sale of investment in joint venture	(225,377		)	—
Changes in operating assets and liabilities:
Other assets	2,024,669			(693,384		)
Accrued expenses and other liabilities	183,904			(380,850		)
Deferred revenue	(2,470,065		)	1,002,740
Due to/from Managing Trustee and affiliates, net	183,531			(128,843		)
Distributions from joint ventures	—			365,850
Net cash used in operating activities	(415,790		)	(686,700		)
Cash flows from investing activities:
Investment in joint ventures	(450,000		)	—
Distributions received from joint ventures in excess of profits	1,387,415			2,444,099
Investment in notes receivable	(550,000		)	13,674
Principal received on notes receivable	323,452			1,791,819
Proceeds received from sale of investment in joint venture	4,020,572			—
Proceeds received from sale of assets	49,677,674			—
Net cash provided by investing activities	54,409,113			4,249,592
Cash flows from financing activities:
Repayment of non-recourse long-term debt	(32,512,500		)	(3,350,000		)
Investment by noncontrolling interests	—			2,697
Distributions to noncontrolling interests	(3,888		)	—
Distributions to beneficial owners	(10,909,090		)	(12,121,215		)
Net cash used in financing activities	(43,425,478		)	(15,468,518		)
Net increase (decrease) in cash, cash equivalents and restricted cash	10,567,845			(11,905,626		)
Cash, cash equivalents and restricted cash, beginning of year	9,047,311			20,952,937
Cash, cash equivalents and restricted cash, end of year (a)	$	19,615,156		$	9,047,311
Supplemental disclosure of cash flow information:
Cash paid for interest	$	1,892,394		$	1,644,691
(a) The following table presents a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the consolidated balance sheets:
Cash and cash equivalents	$	19,615,156		$	7,547,311
Restricted cash	—			1,500,000
Total cash, cash equivalents and restricted cash	$	19,615,156		$	9,047,311

* An investment described in this Item 5 may not be consolidated and presented on our consolidated balance sheet as of December 31, 2019, but rather included as part of investment in joint ventures on our consolidated balance sheet as of December 31, 2019.

~~See accompanying notes to consolidated financial statements.~~1

8Table of Contents

~~Table~~Discounted ofCash ~~Contents~~Flow

~~ICON~~The ~~Equipment~~discounted cash flow (“DCF”) method was used to estimate value using the concept of the time value of money. All projected future cash flows accruing to an asset were estimated and ~~Corporate~~discounted ~~Infrastructure~~to ~~Fund~~give ~~Fourteen~~their ~~Liquidating~~present ~~Trust~~values. The sum of all projected future cash flows, both incoming and outgoing, comprises the net present value, which was recognized as the value or price of the cash flows.

(ASales ~~Delaware~~Comparison ~~Statutory Trust)~~Method

~~Notes~~The tosales ~~Consolidated~~comparison method ~~Financial~~compares ~~Statements~~similar assets recently sold in the market and adjusts the value for differences in the subject asset and the comparable assets as well as for current market conditions.

~~December~~Valuation ~~31,~~of ~~2018~~Note ~~(unaudited)~~ Receivable

The estimated fair value of our note receivable at the Valuation Date was derived by using the DCF method. Under the DCF method, the discount rate reflects the risks associated with the borrower and ~~December~~the 31time value of money, ~~2017~~and was applied to the projected cash flows associated with the note receivable. The discounted projected cash flows included all unpaid principal, interest, and fee payments for the scheduled term period of the note receivable. An analysis of the borrower was conducted to determine viability of payment and total debt coverage, as well as to ascertain the borrower’s risk level, with such considerations reflected in the implied discount rate used in discounting the cash flows.

(The discount rates used ranged from 13.1~~) Organization~~% to 16.1%.

~~ICON~~Valuation ~~Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust (the “Liquidating Trust”), a Delaware statutory trust, was transferred all~~ of ~~the~~Sales-Type assets and liabilities of ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (the “Partnership”), a Delaware limited partnership, as of December 31, 2018. When used in these notes to consolidated financial statements, the terms “we,” “us,” “our” or similar terms refer to (i) the Partnership and its consolidated subsidiaries for all periods prior to the transfer of the assets and liabilities of the Partnership to the Liquidating Trust and (ii) the Liquidating Trust and its consolidated subsidiaries as of December 31, 2018 and thereafter. The terms “Partnership” and “Liquidating Trust” are interchangeable, as the context so requires, when used in the consolidated financial statements.Lease

~~Prior~~The toestimated ~~the~~fair value ~~transfer~~ of ~~the~~our ~~assets~~sales-type ~~and~~lease ~~liabilities~~held ofby ~~the~~our ~~Partnership~~joint toventure at the ~~Liquidating~~Valuation ~~Trust,~~Date ~~the~~was ~~general~~derived ~~partner~~by ofapplying the ~~Partnership~~DCF ~~was~~method ~~ICON~~to GPprojected cash ~~14,~~flows ~~LLC,~~that aincluded ~~Delaware~~all ~~limited~~lease ~~liability~~payments ~~company~~and (the ~~“General~~sales ~~Partner”),~~proceeds ~~which~~received issubsequent ato ~~wholly-owned subsidiary of ICON Capital~~December 31, ~~LLC,~~2019 aupon ~~Delaware~~the ~~limited~~lessee exercising ~~liability~~its ~~company~~purchase ~~(“ICON~~option ~~Capital”).~~to ~~Our~~acquire ~~General~~the ~~Partner~~vessel ~~managed~~in ~~and~~2020. ~~controlled~~Under the ~~Partnership’s~~DCF ~~business affairs~~method, ~~including, but not limited to,~~ the ~~Partnership’s~~projected ~~investments~~cash inflows ~~business-essential~~were ~~equipment~~discounted ~~and~~at the ~~corporate~~Valuation ~~infrastructure (collectively,~~Date ~~“Capital~~using ~~Assets”).~~discount ~~The~~rates ~~General~~reflecting ~~Partner engaged ICON Capital as~~ the ~~Partnership’s~~risks ~~investment~~associated ~~manager~~with (the ~~“Investment~~asset ~~Manager”),~~and ~~to, among other things, facilitate~~ the ~~acquisition~~time ~~and~~value ~~servicing~~ of ~~the Partnership’s investments~~money.

The ~~Liquidating~~discount Trust is governed by a Liquidating Trust Agreement that appointed the Partnership’s Investment Manager as the managing trustee of the Liquidating Trust (the “Managing Trustee”). The terms “Investment Manager” and “Managing Trustee” are interchangeable, as the context so requires, when rates used inranged ~~the~~from ~~consolidated financial statements~~13.49% ~~Prior~~ to the transfer of the assets and liabilities of the Partnership to the Liquidating Trust, the Partnership’s assets included an investment in ICON Radiance, LLC, a secured term loan to CFL Momentum Beheer B16.V49%. and C.V. CFL Momentum (collectively, “CFL”), a secured term loan to Lubricating Specialties Company (“LSC”), a secured term loan to four affiliates of Técnicas Maritimas Avanzadas, S.A. de C.V. (collectively, “TMA”) and an equity investment in two affiliates of TMA. These investments, as well as all other assets and liabilities of the Partnership, were transferred to the Liquidating Trust from the Partnership on December 31, 2018 in order to reduce expenses and to maximize potential distributions to beneficial owners of the Liquidating Trust. On December 31, 2018, all Interests (as defined below) were exchanged for an equal number of beneficial interests (the “Beneficial Interests”) in the Liquidating Trust.

WeValuation ~~engaged in one business segment, the business~~ of ~~investing~~Investment in Capital Assets, including, but not limited to, Capital Assets that were already subject to lease, Capital Assets that we purchased and leased to domestic and international businesses, loans secured by Capital Assets and ownership rights to leased Capital Assets at lease expiration. Cost-Method Investees

~~Our~~The ~~principal~~estimated fair value of our investment ~~objective~~in iscost-method toinvestees ~~obtain~~held by our joint ventures at the ~~maximum~~Valuation ~~economic~~Date ~~return~~was ~~from~~based ~~our~~on ~~investments~~a ~~for~~combination of the ~~benefit~~DCF ofmethod ~~our~~and ~~beneficial~~the ~~owners~~sales comparison method. ToUnder ~~achieve~~the ~~this~~DCF ~~objective~~method, ~~we:~~the ~~(i)~~discount ~~acquired~~rate areflects ~~diversified~~the ~~portfolio~~risks byassociated ~~making~~with ~~investments~~the investee inand ~~Capital~~the ~~Assets;~~time ~~(ii)~~value ~~paid~~of ~~monthly distributions~~money, atand ~~our~~was ~~Managing~~applied ~~Trustee’s discretion,~~ to ~~our~~the ~~beneficial~~projected ~~owners~~cash ~~commencing,~~flows associated with ~~respect~~the tooperations ~~each~~of ~~beneficial~~the ~~owner,~~investee. The ~~the~~sum ~~month~~of ~~following~~all ~~such~~projected ~~beneficial~~future ~~owner’s~~cash ~~admission~~flows toincluded, ~~the~~but ~~Partnership~~were ~~and~~not ~~continued~~limited ~~until~~to, ~~the~~net ~~end~~operating cash flows of the ~~operating~~investee ~~period;~~discounted to ~~(iii)~~give ~~reinvested~~their ~~substantially~~present ~~all~~values. ~~undistributed~~The ~~cash~~estimated ~~from~~fair ~~operations~~value ~~and~~of ~~cash~~our ~~from~~investment ~~sales~~held ofby ~~investments~~our joint venture in ~~Capital~~the ~~Assets~~other ~~during~~cost-method ~~the~~investee was ~~operating~~based ~~period;~~on ~~and~~the ~~(iv)~~current ~~will~~fair ~~dispose~~value of ~~our~~the ~~remaining~~net ~~investments~~assets ~~and~~of ~~distribute~~ the ~~excess~~investee ~~cash~~derived from ~~such~~certain ~~dispositions~~methodologies, towhich ~~our~~included ~~beneficial~~the ~~owners~~sales comparison ~~during our liquidation period~~method.

~~Our~~The ~~Managing~~discount ~~Trustee~~rates ~~manages~~used ~~and~~ranged ~~controls~~from ~~our business affairs, including, but not limited to, our investment in joint venture and other financing transactions~~13. ~~Additionally, our Managing Trustee has a~~ 1% ~~interest in our profits, losses, distributions and liquidation proceeds, subject~~ to ~~increase based on our investments achieving a preferred return~~16.1%.

~~Our offering period commenced on May 18~~Cash, ~~2009~~Other ~~and~~Assets ended on May 18, 2011. We offered limited partnership interests (the “Interests”) on a “best efforts” basis with the intention of raising up to $418,000,000 of capital, consisting of 420,000 Interests, of which 20,000 had been reserved for issuance pursuant to our distribution reinvestment plan (the “DRIP Plan”). The DRIP Plan allowed limited partners to purchase Interests with distributions received from us and~~/or~~ ~~certain~~Other ~~affiliates of ours.~~Liabilities

~~Our~~Cash, ~~initial~~other ~~closing~~assets and ~~date~~other ~~was~~liabilities ~~June 19~~(collectively, ~~2009 (the~~ “~~Commencement~~Other ofNet ~~Operations~~Assets”), ~~the~~include ~~date~~our onshare ~~which~~of weitems ~~raised~~of ~~$1,200,000,~~tangible ~~the~~or ~~minimum~~monetary ~~offering~~value ~~amount~~as of the Valuation Date. ~~During~~The fair values of Other Net Assets as of the ~~period~~Valuation ~~from~~Date ~~May~~were ~~18,~~estimated ~~2009~~by toour ~~May~~Managing ~~18,~~Trustee ~~2011,~~to weapproximate their ~~sold~~carrying ~~258,897~~values ~~Interests,~~because of ~~which~~their nature or short-term maturities.

Table of Contents

~~ICON~~Assumptions ~~Equipment~~ and ~~Corporate Infrastructure Fund Fourteen Liquidating Trust~~Limitations

(AAs ~~Delaware~~with ~~Statutory~~any ~~Trust)~~valuation methodology, the methodologies used to determine our Estimated Value per Beneficial Interest are based upon a number of estimates and assumptions that may prove later to be inaccurate or incomplete. Further, different market participants using different estimates and assumptions could derive different estimated values. Our Estimated Value per Beneficial Interest may also not represent the price that our Beneficial Interests would trade at on a national securities exchange, the amount realized in a sale, merger or liquidation, or the amount an additional beneficial owner would realize in a private sale of our Beneficial Interests.

~~Notes~~The Estimated Value per Beneficial Interest calculated by our Managing Trustee is based on economic, market and other conditions and the information available to ~~Consolidated~~us ~~Financial~~and ~~Statements~~Duff & Phelps as of the Valuation Date. The Estimated Value per Beneficial Interest is expected to fluctuate over time in response to future events, including, but not limited to, changes in market interest rates, changes in economic, market and regulatory conditions, the prospects of the asset sectors in general or in particular, or the special purpose vehicles in which the assets may be held, rental and growth rates, returns on competing investments, changes in administrative expenses and other costs, and the amount of distributions paid on our Beneficial Interests. The Estimated Value per Beneficial Interest may also change as a result of changes in the circumstances of the risks associated with each investment.

~~December~~There ~~31,~~is ~~2018~~no ~~(unaudited)~~assurance that the methodologies used to calculate the Estimated Value per Beneficial Interest would be acceptable to FINRA or in compliance with guidelines promulgated under ERISA with respect to their respective reporting requirements.

Our Managing Trustee is ultimately and ~~December~~solely 31responsible for the establishment of our Estimated Value per Beneficial Interest. In arriving at its determination of the Estimated Value per Beneficial Interest, ~~2017~~our Managing Trustee considered all information provided in light of its own familiarity with our assets and liabilities and the estimated fair values recommended by Duff & Phelps.

~~10,506~~To ~~Interests~~the ~~were~~extent ~~issued~~we atcannot fully aliquidate ~~discounted~~the ~~price~~Trust ~~pursuant~~and todistribute ~~our~~remaining ~~DRIP~~cash ~~Plan,~~proceeds from liquidation to ~~7,010~~our ~~limited~~beneficial ~~partners,~~owners ~~representing~~by ~~$257~~March 31,~~646~~ 2021,~~987~~ our ofnext ~~capital~~Estimated ~~contributions.~~Value ~~For~~per ~~the~~Beneficial ~~period~~Interest ~~from~~will ~~the~~be ~~Commencement~~based ofupon ~~Operations~~our ~~through~~assets ~~May~~and ~~18,~~liabilities ~~2011,~~as ~~we paid the following fees in connection with the offering~~ of ~~our~~December 31, ~~Interests:~~2020 ~~(i)~~and such ~~sales~~value ~~commissions~~will tobe ~~third~~included ~~parties~~ in ~~the~~our ~~amount~~Annual ofReport ~~$17,201,964~~on ~~and (ii) dealer~~Form 10-~~manager~~K ~~fees~~for in the ~~amount~~year ofending $7December 31,~~445,754~~ to2020. ~~CION~~We ~~Securities,~~intend ~~LLC,~~to publish an ~~affiliate~~updated ofEstimated ~~our~~Value ~~Managing~~per ~~Trustee~~Beneficial ~~and~~Interest ~~the~~annually ~~dealer-manager~~in of our ~~offering~~subsequent ~~(“CION~~Annual ~~Securities”).~~Reports ~~In addition, our General Partner and its affiliates,~~ on ~~our~~Form 10-K ~~behalf,~~to ~~incurred organizational and offering expenses in~~ the ~~amount~~extent ofthey are ~~$2,926,110,~~required ~~which~~to ~~was~~be ~~recorded~~filed aswith athe ~~reduction~~Securities ofand ~~partner’s~~Exchange ~~equity~~Commission.

Our operating period commenced on May 19, 2011 and ended on May 18, 2016. On May 19, 2016, we commenced our liquidation period, during which we have sold and will continue to sell our assets and/or let our investments mature in the ordinary course of business. 3

OnTable May 30, 2017, our Managing Trustee retained ABN AMRO Securities (USA) LLC (“ABN AMRO Securities”) as its financial advisor to assist our Managing Trustee and us in identifying, evaluating and executing a potential sale of certain shipping and offshore energy assets included within our investment portfolio. As a result of such identification and evaluation, on September 7, 2018, an unaffiliated third-party purchased 100% of the limited liability company interests of ICON Fugro (as defined and discussed in further detail in Note 6). During the first quarter of 2019, our Managing Trustee and ABN AMRO Securities recommenced seeking a sale of our secured term loans to CFL and TMA. We, however, cannot assure that the identification or evaluation to be performed will result in any specific sale transaction or series of transactions.Contents

~~Beneficial~~ICON ~~owners’~~Equipment ~~capital accounts are increased for their initial capital contribution plus their proportionate share of earnings~~ and ~~decreased~~Corporate byInfrastructure Fund ~~their~~Fourteen ~~proportionate~~Liquidating share of losses and distributions. Profits, losses, distributions and liquidation proceeds are allocated 99% to the additional beneficial owners and 1% to our Managing Trustee until the aggregate amount of distributions paid to additional beneficial owners equals the sum of the additional beneficial owners’ aggregate capital contributions plus an 8% cumulative annual return on their aggregate unreturned capital contributions, compounded daily. After such time, distributions will be allocated 90% to the additional beneficial owners and 10% to our Managing Trustee.Trust

~~In accordance with U.S. generally accepted accounting principles~~ (~~“U.S.~~A ~~GAAP”)~~Delaware ~~pertaining~~Statutory ~~to transactions amongst entities under common control, the financial condition and results of operations of the Partnership are presented as those of the Liquidating~~ Trust ~~retroactively to the beginning of the earliest period presented.~~)

~~(2) Summary~~Consolidated ofBalance ~~Significant Accounting Policies~~Sheets

~~Basis of Presentation and Consolidation~~(unaudited)

Our accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. In the opinion of our Managing Trustee, all adjustments, which are of a normal recurring nature, considered necessary for a fair presentation have been included.

	December 31,
	2019		2018
Assets
Cash	$	5,747,940	$	19,615,156
Net investment in notes receivable		1,332,874		5,366,243
Investment in joint ventures		1,478,668		412,649
Other assets		169,932		623,615
Total assets	$	8,729,414	$	26,017,663

Liabilities and Equity
Liabilities:
Deferred revenue	$	4,115	$	-
Due to Managing Trustee and affiliates, net		178,717		259,118
Accrued expenses and other liabilities		481,939		1,019,888
Total liabilities		664,771		1,279,006

Commitments and contingencies (Note 13)

Equity:
Beneficial owners' equity:
Additional beneficial owners		10,283,587		26,790,861
Managing Trustee		(2,218,944)		(2,052,204)
Total beneficial owners' equity		8,064,643		24,738,657
Total liabilities and equity	$	8,729,414	$	26,017,663

~~The~~See accompanying notes to consolidated financial statements ~~include our accounts and the accounts of our majority-owned subsidiaries and other controlled entities~~. All intercompany accounts and transactions have been eliminated in consolidation. In joint ventures where we have a controlling financial interest, the financial condition and results of operations of the joint venture are consolidated. Noncontrolling interest represents the minority owner’s proportionate share of its equity in the joint venture. The noncontrolling interest is adjusted for the minority owner’s share of the earnings, losses, investments and distributions of the joint venture.

We account for our noncontrolling interests in joint ventures where we have influence over financial and operational matters, generally 50% or less ownership interest, under the equity method of accounting. In such cases, our original investments are recorded at cost and adjusted for our share of earnings, losses and distributions. We account for investments in joint ventures where we have virtually no influence over financial and operational matters using the cost method of accounting. In such cases, our original investments are recorded at cost and any distributions received are recorded as revenue. All of our investments in joint ventures are subject to our impairment review policy.4

WeTable ~~report noncontrolling interests as a separate component~~ of consolidated equity and net loss attributable to noncontrolling interests is included in consolidated net loss. The attribution of net loss between controlling and noncontrolling interests is disclosed on our accompanying consolidated statements of operations.Contents

10ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust

~~Table~~(A ofDelaware ~~Contents~~Statutory Trust)

~~ICON~~Consolidated ~~Equipment~~Statements ~~and~~of ~~Corporate Infrastructure Fund Fourteen Liquidating Trust~~Operations

(~~A Delaware Statutory Trust~~unaudited)

Notes to Consolidated Financial Statements

	Years Ended December 31,
	2019		2018
Revenue and other income:
Finance income	$	313,464	$	896,022
Rental income		-		1,793,820
Pool revenue		41,992		5,628,934
Income from investment in joint ventures		18,090		274,012
Gain on sale of investment in joint venture		-		225,377
Gain on sale of assets		-		1,471,069
Other income		7,954		13,289
Total revenue and other income		381,500		10,302,523
Expenses:
Administrative expense reimbursements		558,827		857,811
General and administrative		2,214,492		2,541,715
Credit loss, net		188,664		3,511,243
Depreciation		-		1,629,026
Interest		-		2,321,152
Impairment loss		-		5,495,584
Vessel operating		204,644		3,244,649
Total expenses		3,166,627		19,601,180
Net loss		(2,785,127)		(9,298,657)
Less: net loss attributable to noncontrolling interests		-		(1,737)
Net loss attributable to Fund Fourteen Liquidating Trust	$	(2,785,127)	$	(9,296,920)

Net loss attributable to Fund Fourteen Liquidating Trust allocable to:
Additional beneficial owners	$	(2,757,276)	$	(9,203,951)
Managing Trustee		(27,851)		(92,969)
	$	(2,785,127)	$	(9,296,920)

Weighted average number of additional beneficial interests outstanding		258,761		258,761
Net loss attributable to Fund Fourteen Liquidating Trust per weighted average additional beneficial interest outstanding	$	(10.66)	$	(35.57)

~~December~~See accompanying ~~31,~~notes ~~2018~~to ~~(unaudited)~~consolidated financial statements.

~~and December 31, 2017~~5

~~Net~~Table ~~loss attributable to us per weighted average additional Beneficial Interest outstanding is based upon the weighted average number~~ of ~~additional Beneficial Interests outstanding during the year.~~ Contents

~~Cash~~ICON Equipment and ~~Cash~~Corporate ~~Equivalents~~Infrastructure Fund Fourteen Liquidating Trust

~~Cash~~(A ~~and~~Delaware ~~cash~~Statutory ~~equivalents include cash in banks and highly liquid investments with original maturity dates of three months or less.~~ Trust)

~~Our~~Consolidated ~~cash~~Statements ~~and~~of ~~cash~~Changes ~~equivalents are held principally at two financial institutions and at times may exceed insured limits. We have placed these funds~~ in ~~high quality institutions in order to minimize risk relating to exceeding insured limits.~~Equity

~~Restricted Cash~~(unaudited)

Cash that is restricted from use in operations is generally classified as restricted cash.

	Beneficial Owners' Equity
	Additional Beneficial Interests		Additional Beneficial Owners		Managing Trustee		Total Beneficial Owners' Equity		Noncontrolling Interests		Total Equity
Balance, December 31, 2017		258,761	$	46,794,811	$	(1,850,144)	$	44,944,667	$	5,625	$	44,950,292
Net loss		-		(9,203,951)		(92,969)		(9,296,920)		(1,737)		(9,298,657)
Distributions		-		(10,799,999)		(109,091)		(10,909,090)		(3,888)		(10,912,978)
Balance, December 31, 2018		258,761		26,790,861		(2,052,204)		24,738,657		-		24,738,657
Net loss		-		(2,757,276)		(27,851)		(2,785,127)		-		(2,785,127)
Distributions		-		(13,749,998)		(138,889)		(13,888,887)		-		(13,888,887)
Balance, December 31, 2019		258,761	$	10,283,587	$	(2,218,944)	$	8,064,643	$	-	$	8,064,643

~~Debt~~See accompanying ~~Financing~~notes ~~Costs~~to consolidated financial statements.

Debt financing costs associated with a recognized debt liability were netted against the carrying amount of the related debt liability and debt financing costs associated with a line of credit arrangement were capitalized and included as other assets. Such costs were amortized to interest expense over the term of the debt instrument using the effective interest rate method. 6

~~Leased~~Table ~~Equipment~~of ~~at Cost~~Contents

~~Investments~~ICON inEquipment ~~leased~~and ~~equipment~~Corporate ~~were~~Infrastructure Fund ~~stated~~Fourteen atLiquidating ~~cost less accumulated depreciation. Leased equipment was depreciated on a straight-line basis over the lease term, which typically ranged from 5 to 10 years, to the asset’s residual value.~~ Trust

~~Our~~(A ~~Managing~~Delaware ~~Trustee~~Statutory has an investment committee that approved each new equipment lease and other financing transaction. As part of its process, the investment committee determined the estimated residual value, if any, to be used once the investment had been approved. The factors considered in determining the estimated residual value included, but were not limited to, the creditworthiness of the potential lessee, the type of equipment considered, how the equipment was integrated into the potential lessee’s business, the length of the lease and the industry in which the potential lessee operated. Residual values were reviewed for impairment in accordance with our impairment review policy.Trust)

~~The~~Consolidated ~~residual~~Statements value assumed, among other things, that the asset was utilized normally in an open, unrestricted and stable market. Short-term fluctuations in the marketplace were disregarded and it was assumed that there was no necessity either to dispose of aCash significant number of the assets, if held in quantity, simultaneously or to dispose of the asset quickly. The residual value was calculated using information from various external sources, such as trade publications, auction data, equipment dealers, wholesalers and industry experts, as well as inspection of the physical asset and other economic indicators.Flows

~~Depreciation~~(unaudited)

We recorded depreciation expense on equipment or vessel when the asset was idle or when the lease was classified as an operating lease. In order to calculate depreciation, we first determined the depreciable base, which was the equipment cost less the estimated residual value at lease termination. Depreciation expense was recorded on a straight-line basis over the lease term or over the useful life of the asset, as applicable.

	Years Ended December 31,
	2019		2018
Cash flows from operating activities:
Net loss	$	(2,785,127)	$	(9,298,657)
Adjustments to reconcile net loss to net cash used in operating activities:
Finance income, net of costs and fees		(57,870)		(54,762)
Income from investment in joint ventures		(18,090)		(274,012)
Depreciation		-		1,629,026
Credit loss, net		188,664		3,511,243
Impairment loss		-		5,495,584
Interest expense from amortization of debt financing costs		-		481,862
Paid-in-kind interest		-		(131,667)
Gain on sale of assets		-		(1,471,069)
Gain on sale of investment in joint venture		-		(225,377)
Changes in operating assets and liabilities:
Other assets		413,845		2,024,669
Accrued expenses and other liabilities		(537,949)		183,904
Deferred revenue		4,115		(2,470,065)
Due to/from Managing Trustee and affiliates, net		(80,401)		183,531
Distributions from joint ventures		18,090		-
Net cash used in operating activities		(2,854,723)		(415,790)
Cash flows from investing activities:
Investment in joint ventures and equity-method investees		-		(450,000)
Distributions received from joint ventures in excess of profits		124,710		1,387,415
Investment in notes receivable		(85,000)		(550,000)
Principal received on notes receivable		2,836,684		323,452
Proceeds received from sale of investment in joint venture		-		4,020,572
Proceeds received from sale of assets		-		49,677,674
Net cash provided by investing activities		2,876,394		54,409,113
Cash flows from financing activities:
Repayment of non-recourse long-term debt		-		(32,512,500)
Distributions to noncontrolling interests		-		(3,888)
Distributions to beneficial owners		(13,888,887)		(10,909,090)
Net cash used in financing activities		(13,888,887)		(43,425,478)
Net (decrease) increase in cash		(13,867,216)		10,567,845
Cash, beginning of year		19,615,156		9,047,311
Cash, end of year	$	5,747,940	$	19,615,156

Supplemental disclosure of cash flow information:
Cash paid for interest	$	-	$	1,892,394
Supplemental disclosure of non-cash financing and investing activities:
Contribution of net investment in note and related interest receivables for interest in a joint venture	$	1,190,729	$	-

~~Asset~~See ~~Impairments~~accompanying notes to consolidated financial statements.

The significant assets in our portfolio are periodically reviewed, no less frequently than annually or when indicators of impairment exist, to determine whether events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss will be recognized only if the carrying value of a long-lived asset is not recoverable and exceeds its fair market value. If there is an indication of impairment, we will estimate the future cash flows (undiscounted and without interest charges) expected from the use of the asset and its eventual disposition. Future cash flows are the future 7

11Table of Contents

~~Table~~ICON ofEquipment ~~Contents~~and Corporate Infrastructure Fund Fourteen Liquidating Trust

~~ICON~~(A ~~Equipment~~Delaware ~~and~~Statutory ~~Corporate Infrastructure Fund Fourteen Liquidating~~ Trust)

(ANotes ~~Delaware~~to ~~Statutory~~Consolidated ~~Trust)~~Financial Statements

~~Notes~~December 31, ~~to Consolidated Financial Statements~~2019

~~December 31, 2018~~ (unaudited)

~~and December 31, 2017~~(1) Organization

~~cash~~ICON ~~inflows~~Equipment ~~expected~~and Corporate toInfrastructure beFund ~~generated~~Fourteen byLiquidating anTrust ~~asset~~(the ~~less~~“Liquidating Trust”), a Delaware statutory trust, was transferred all of the ~~future~~assets ~~outflows~~and ~~expected~~liabilities toof beICON ~~necessary~~Equipment toand ~~obtain~~Corporate ~~those~~Infrastructure ~~inflows~~Fund Fourteen, L.P. If(the an“Partnership”), a ~~impairment~~Delaware islimited ~~determined~~partnership, as of December 31, 2018. When used in these notes to ~~exist~~consolidated financial statements, the terms ~~impairment~~“we,” ~~loss~~“us,” ~~will~~“our” beor ~~measured~~similar asterms refer to (i) the ~~amount~~Partnership byand ~~which~~its ~~the~~consolidated subsidiaries ~~carrying~~for ~~value~~all periods prior to the transfer of athe ~~long-lived~~assets ~~asset~~and ~~exceeds~~liabilities ~~its~~of ~~fair~~the ~~value~~Partnership to the Liquidating Trust and (ii) the ~~recorded~~Liquidating inTrust ~~our~~and its consolidated ~~statements~~subsidiaries as of ~~operations~~December 31, in2018 and thereafter. The terms “Partnership” and “Liquidating Trust” are interchangeable, as the ~~period~~context so requires, when used in the ~~determination~~consolidated isfinancial ~~made~~statements.

~~The~~Prior ~~events~~to ~~or changes in circumstances that generally indicate that an asset may be impaired are (i)~~ the ~~estimated fair value~~ transfer of the ~~underlying~~assets ~~asset is less than its carrying value or (ii) the lessee is experiencing financial difficulties~~ and itliabilities ~~does~~of ~~not appear likely that~~ the ~~estimated~~Partnership ~~proceeds~~to ~~from~~ the ~~disposition~~Liquidating ofTrust, the ~~asset~~general ~~will~~partner beof ~~sufficient to satisfy~~ the ~~residual~~Partnership ~~position~~was inICON ~~the~~GP ~~asset and~~14, ~~if applicable~~ LLC, ~~the~~a ~~remaining~~Delaware ~~obligation~~limited toliability ~~the~~company ~~non-recourse lender. Generally, in~~ (the ~~latter~~“General ~~situation~~Partner”), ~~the~~which ~~residual~~is ~~position~~a ~~relates to equipment subject to third~~wholly-~~party~~owned ~~non-recourse~~subsidiary ~~debt~~of ~~where~~ICON ~~the~~Capital, LLC, ~~lessee~~a ~~remits~~Delaware ~~its~~limited ~~rental~~liability ~~payments~~company ~~directly~~(“ICON ~~to the lender and we do not recover our residual position until the non-recourse debt is repaid in full~~Capital”). ~~The~~Our ~~preparation~~General ofPartner ~~the~~managed ~~undiscounted~~and ~~cash~~controlled ~~flows requires~~ the ~~use~~Partnership’s business ~~of assumptions and estimates~~affairs, including ~~the level of future rents~~, ~~the~~but ~~residual~~not ~~value~~limited ~~expected~~ to, ~~be realized upon disposition of~~ the ~~asset,~~Partnership’s ~~estimated~~investments ~~downtime~~in ~~between re~~business-~~leasing~~essential ~~events~~equipment and ~~the~~corporate infrastructure (collectively, ~~amount~~“Capital ~~of re-leasing costs~~Assets”). ~~Our~~The ~~Managing~~General ~~Trustee’s~~Partner ~~review~~engaged ~~for~~ICON ~~impairment~~Capital ~~includes~~as athe ~~consideration~~Partnership’s investment ofmanager (the ~~existence~~“Investment ofManager”) ~~impairment indicators including third-party appraisals~~to, ~~published~~among ~~values~~other ~~for similar assets~~things, ~~recent~~facilitate ~~transactions for similar assets, adverse changes in market conditions for specific asset types and~~ the ~~occurrence~~acquisition ~~of significant adverse changes in general industry~~ and ~~market~~servicing ~~conditions that could affect the fair value~~ of the Partnership’s ~~asset~~investments.

~~Lease~~The ~~Classification~~Liquidating Trust is governed by a Liquidating Trust Agreement that appointed the Partnership’s Investment Manager as the managing trustee of the Liquidating Trust (the “Managing Trustee”). The terms “Investment Manager” and ~~Revenue~~“Managing ~~Recognition~~Trustee” are interchangeable, as the context so requires, when used in the consolidated financial statements. Prior to the transfer of the assets and liabilities of the Partnership to the Liquidating Trust, the Partnership’s assets included an investment in ICON Radiance, LLC, a secured term loan to CFL Momentum Beheer B.V. and C.V. CFL Momentum (collectively, “CFL”), a secured term loan to Lubricating Specialties Company (“LSC”), a secured term loan to four affiliates of Técnicas Maritimas Avanzadas, S.A. de C.V. (collectively, “TMA”) and an equity investment in two affiliates of TMA. These investments, as well as all other assets and liabilities of the Partnership, were transferred to the Liquidating Trust from the Partnership on December 31, 2018 in order to reduce expenses and to maximize potential distributions to beneficial owners of the Liquidating Trust. On December 31, 2018, all Interests (as defined below) were exchanged for an equal number of beneficial interests (the “Beneficial Interests”) in the Liquidating Trust. As of December 31, 2019, the Liquidating Trust’s sole remaining portfolio investments were the senior secured term loan to TMA and the related equity interest in two affiliates of TMA (see Notes 3 and 6) and an investment in a sales-type lease between a joint venture owned 17% by us and FWN Momentum B.V. (“FWN”) (see Note 6).

~~Each~~We ~~equipment~~engaged ~~lease~~in weone business ~~entered~~segment, ~~into~~the ~~was~~business ~~classified~~of asinvesting ~~either~~in aCapital ~~finance~~Assets, ~~lease~~including, orbut annot ~~operating~~limited ~~lease~~to, ~~based~~Capital ~~upon~~Assets ~~the~~that ~~terms~~were ofalready subject ~~each~~to lease~~. The~~, ~~estimated~~Capital ~~residual~~Assets ~~value~~that ~~was~~we apurchased ~~critical component of~~ and ~~directly~~leased ~~influenced~~to ~~the~~domestic ~~determination~~and asinternational tobusinesses, ~~whether~~loans asecured ~~lease~~by ~~was~~Capital Assets ~~classified~~and asownership arights ~~finance~~to ~~lease~~leased orCapital anAssets ~~operating~~at lease. expiration.

~~For~~Our ~~finance~~principal ~~leases,~~investment objective weis ~~capitalized,~~to atobtain ~~lease~~the ~~inception,~~maximum economic return from our investments for the ~~total~~benefit ~~minimum~~of ~~lease~~our ~~payments~~beneficial ~~receivable~~owners. ~~from~~To ~~the~~achieve ~~lessee~~this objective, ~~the~~we: ~~estimated~~(i) acquired ~~unguaranteed~~a ~~residual~~diversified ~~value~~portfolio ofby ~~the~~making ~~equipment~~investments in Capital Assets; (ii) paid monthly distributions, at ~~lease~~our ~~termination~~Managing ~~and~~Trustee’s ~~the~~discretion, ~~initial~~to ~~direct~~our ~~costs~~beneficial ~~related~~owners commencing, with respect to ~~the~~each ~~lease~~beneficial owner, ~~less~~the ~~unearned~~month following ~~income.~~such ~~Unearned~~beneficial ~~income~~owner’s ~~represented~~admission to the ~~difference~~Partnership ~~between~~and continued until the ~~sum~~end of the ~~minimum~~operating ~~lease~~period; ~~payments~~(iii) reinvested substantially ~~receivable,~~all ~~plus~~undistributed ~~the~~cash ~~estimated~~from ~~unguaranteed~~operations ~~residual~~and ~~value,~~cash ~~minus~~from ~~the~~sales ~~cost~~ of investments in Capital Assets during the ~~leased~~operating period; ~~equipment.~~and ~~Unearned~~(iv) will ~~income~~dispose ~~was~~of ~~recognized~~our asremaining ~~finance~~investments ~~income~~and ~~over~~distribute the ~~term~~excess ofcash ~~the~~from ~~lease~~such ~~using~~dispositions ~~the~~to ~~effective~~our ~~interest~~beneficial owners ~~rate~~during ~~method~~our liquidation period.

~~For~~Our ~~operating~~Managing ~~leases,~~Trustee manages ~~rental~~and ~~income~~controls ~~was~~our ~~recognized~~business onaffairs, aincluding, ~~straight-line~~but ~~basis~~not ~~over~~limited ~~the~~to, ~~lease~~our ~~term.~~investment ~~Billed operating lease receivables were included~~ in ~~accounts~~joint ~~receivable~~venture ~~until~~and ~~collected~~other orfinancing ~~written off~~transactions. Additionally, Weour ~~recorded~~Managing aTrustee ~~reserve~~has ifa we1% ~~deemed~~interest ~~any~~in ~~receivable~~our ~~not~~profits, ~~collectible.~~losses, ~~The~~distributions ~~difference between the timing of the cash received~~ and ~~the~~liquidation ~~income recognized on a straight-line basis was recognized as either deferred revenue or other assets~~proceeds, assubject ~~appropriate.~~to increase ~~Initial~~based ~~direct~~on ~~costs~~our ~~were~~investments ~~capitalized~~achieving as a ~~component~~preferred ~~of the cost of the equipment and depreciated over the lease term~~return.

~~Contingent~~Our ~~rentals~~offering ~~were~~period commenced ~~included~~on inMay 18, ~~the~~2009 ~~determination~~and ofended ~~income~~on asMay 18, ~~they were earned~~2011. ~~Contingent~~We ~~rentals~~offered ~~based~~limited onpartnership aninterests ~~existing~~(the ~~index~~“Interests”) on ora ~~rate~~“best ~~were~~efforts” ~~included~~basis inwith the ~~determination~~intention of ~~income~~raising ~~based~~up onto ~~the~~$418,000,000 ~~index~~of orcapital, ~~rate~~consisting atof ~~lease~~420,000 ~~commencement~~Interests, of ~~with~~which ~~subsequent~~20,000 ~~changes~~had been reserved for issuance pursuant to our distribution reinvestment plan (the ~~index~~“DRIP orPlan”). ~~rate~~The DRIP ~~recognized~~Plan inallowed ~~income~~limited aspartners ~~they~~to ~~were~~purchase ~~earned~~Interests with distributions received from us and/or certain affiliates of ours.

~~Accounting for Vessel Revenue and Expenses~~8

~~Revenue~~Table ~~generated from time charters and/or revenue generated from profit sharing arrangements were recognized over the term~~ of the respective time charter agreements as service was provided and the profit sharing was fixed and determinable. Under time charters, voyage expenses such as bunkers, port dues, cargo handling operations and brokerage commissions were paid by our customers. Vessel operating costs, including, without limitation, crewing, vessel maintenance, technical management costs and vessel insurance, were expensed by us as incurred on an accrual basis. Commercial management and technical management fees were expensed as incurred. Dry-docking costs were generally expensed as incurred as such costs primarily represented normal maintenance and repairs. To the extent dry-docking costs represented expenditures that added economic life to the vessel or improved the vessel’s efficiency, such costs could have been capitalized and depreciated over the life of the vessel. Contents

~~For~~ICON Equipment ~~our vessel that operated in a pool, revenue~~ and ~~voyage~~Corporate ~~expenses~~Infrastructure ~~related~~Fund toFourteen ~~our~~Liquidating vessel were pooled with revenue and voyage expenses of other pool participants and allocated to each participant under a time charter equivalent basis in accordance with an agreed-upon formula. The formula in the pool agreement for allocating gross revenue, net of voyage expenses, was Trust

12(A Delaware Statutory Trust)

~~Table~~Notes to ofConsolidated ~~Contents~~Financial Statements

~~ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust~~December 31, 2019

(~~A Delaware Statutory Trust~~unaudited)

~~Notes~~Our initial closing date was June 19, 2009 (the “Commencement of Operations”), the date on which we raised $1,200,000, the minimum offering amount. During the period from May 18, 2009 to ~~Consolidated~~May 18, ~~Financial~~2011, ~~Statements~~we sold 258,897 Interests, of which 10,506 Interests were issued at a discounted price pursuant to our DRIP Plan, to 7,010 limited partners, representing $257,646,987 of capital contributions. For the period from the Commencement of Operations through May 18, 2011, we paid the following fees in connection with the offering of our Interests: (i) sales commissions to third parties in the amount of $17,201,964 and (ii) dealer-manager fees in the amount of $7,445,754 to CION Securities, LLC, an affiliate of our Managing Trustee and the dealer-manager of our offering (“CION Securities”). In addition, our General Partner and its affiliates, on our behalf, incurred organizational and offering expenses in the amount of $2,926,110, which was recorded as a reduction of partner’s equity.

~~December~~Our 31operating period commenced on May 19, ~~2018~~2011 ~~(unaudited)~~and ended on May 18, 2016. On May 19, 2016, we commenced our liquidation period, during which 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 Managing Trustee retained ABN AMRO Securities (USA) LLC (“ABN AMRO Securities”) as its financial advisor to assist our Managing Trustee and ~~December~~us 31in identifying, ~~2017~~evaluating and executing a potential sale of certain shipping and offshore energy assets included within our investment portfolio. As a result of such identification and evaluation, on September 7, 2018, an unaffiliated third-party purchased 100% of the limited liability company interests of ICON Fugro (as defined and discussed in further detail in Note 6).

~~based~~Beneficial ~~on points allocated to each participant~~owners’s capital ~~vessel~~accounts ~~based~~are onincreased ~~the~~for ~~number~~their ofinitial ~~days~~capital ~~such~~contribution ~~vessel~~plus ~~operated~~their inproportionate ~~the~~share ~~pool~~of earnings and ~~other~~decreased by ~~technical~~their ~~characteristics,~~proportionate ~~such~~share asof ~~speed~~losses and ~~fuel consumption~~distributions. ~~The selection of charterers~~Profits, ~~negotiation of rates~~losses, ~~the~~distributions ~~collection of related receivables~~ and ~~the~~liquidation ~~payment~~proceeds ofare ~~voyage~~allocated 99% ~~expenses,~~to ~~which included~~ the ~~cost~~additional ofbeneficial ~~bunkers~~owners and ~~port~~1% ~~expenses, were the responsibility of the pool. Operating costs related~~ to our ~~vessel~~Managing ~~that~~Trustee ~~participated~~until in the ~~pool,~~aggregate ~~including,~~amount ~~without~~of ~~limitation,~~distributions ~~crewing and maintenance, were typically~~ paid byto ~~us.~~additional beneficial ~~Since~~owners weequals ~~shared~~ the ~~net~~sum ~~earnings~~ of the ~~pool~~additional ~~with~~beneficial ~~the~~owners’ ~~other~~aggregate ~~participants~~capital ~~and~~contributions ~~the~~plus ~~pool~~an ~~operated~~8% incumulative annual areturn ~~spot~~on ~~market,~~their ~~revenue~~aggregate ~~earned~~unreturned bycapital ~~our~~contributions, ~~vessel~~compounded ~~that~~daily. ~~participated~~After ~~in the pool was subject to fluctuations of~~ such ~~spot market. We recognized pool revenue from this arrangement based on the right to receive our portion of net distributions reported by the pool~~time, ~~with net~~ distributions ~~being~~will ~~the~~be ~~net~~allocated 90% ~~voyage~~to ~~revenue of~~ the ~~pool~~additional ~~after~~beneficial ~~deduction~~owners ~~of voyage expenses~~ and ~~pool~~10% ~~manager fees. A portion of the net distributions from the pool that was subject~~ to ~~repayment~~our byManaging ~~us based on certain criteria was deferred until the time such criteria were met~~Trustee.

~~Notes~~In ~~Receivable~~accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) pertaining to transactions amongst entities under common control, the financial condition and ~~Revenue~~results ~~Recognition~~of operations of the Partnership are presented as those of the Liquidating Trust retroactively to the beginning of the earliest period presented.

Notes receivable are reported in our consolidated balance sheets at the outstanding principal balance, plus costs incurred to originate the loans, net of any unamortized premiums or discounts on purchased loans. We use the effective interest rate method to recognize finance income, which produces a constant periodic rate of return on the investment. Unearned income, discounts and premiums are amortized to finance income in our consolidated statements of operations using the effective interest rate method. Interest receivable related to the unpaid principal is recorded separately from the outstanding balance in our consolidated balance sheets. Upon the prepayment of a note receivable, any prepayment penalties and unamortized loan origination, closing and commitment fees are recorded as part of finance income in our consolidated statements of operations. Our notes receivable may contain a paid-in-kind (~~“PIK”~~2) Summary ~~interest provision. Any PIK interest, if deemed collectible, will be added to the principal balance~~ of ~~the~~Significant ~~note~~Accounting ~~receivable and is recorded as income.~~Policies

~~Credit~~Basis ~~Quality~~ of ~~Notes~~Presentation ~~Receivable~~ and ~~Finance Leases and Credit Loss Reserve~~Consolidation

Our ~~Managing~~accompanying ~~Trustee monitors the ongoing credit quality of our financing receivables by (i) reviewing and analyzing a borrower’s~~ consolidated financial ~~performance on a regular basis, including review of financial~~ statements ~~received~~have onbeen aprepared ~~monthly, quarterly or annual basis as prescribed~~ in ~~the~~accordance ~~loan or lease agreement, (ii) tracking the relevant credit metrics of each financing receivable and a borrower’s compliance~~ with ~~financial~~U.S. ~~and~~GAAP. In ~~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~~opinion ~~investment mix. As part~~ of ~~the monitoring process,~~ our Managing Trustee, ~~may~~all ~~physically~~adjustments, which ~~inspect~~are ~~the~~of ~~collateral or~~ a ~~borrower’s~~normal ~~facility~~recurring ~~and~~nature, ~~meet~~considered ~~with~~necessary for a ~~borrower’s~~fair ~~management~~presentation tohave ~~better~~been ~~understand such borrower’s financial performance and its future plans on an as-needed basis~~included.

AsThe ~~our~~consolidated ~~financing~~financial statements ~~receivables,~~include ~~generally~~our ~~notes~~accounts ~~receivable~~ and ~~finance leases, are limited in number, our Managing Trustee is able to estimate~~ the ~~credit~~accounts ~~loss reserve based on a detailed analysis~~ of ~~each~~our ~~financing receivable as opposed to using portfolio~~majority-~~based~~owned ~~metrics.~~subsidiaries ~~Our~~and ~~Managing~~other ~~Trustee~~controlled ~~does not use a system of assigning internal risk ratings to each of our financing receivables~~entities. ~~Rather,~~All ~~each~~intercompany accounts ~~financing receivable is analyzed quarterly~~ and ~~categorized~~transactions ashave ~~either~~been ~~performing~~eliminated orin ~~non-performing~~consolidation. ~~based~~In onjoint ~~certain~~ventures ~~factors~~where ~~including,~~we ~~but~~have ~~not~~a ~~limited~~controlling ~~to,~~ financial ~~results~~interest, the ~~satisfying~~financial ~~scheduled~~condition ~~payments~~ and ~~compliance~~results ~~with~~of ~~financial~~operations ~~covenants.~~of Athe ~~financing~~joint ~~receivable~~venture isare ~~usually categorized as non-performing only when a borrower experiences financial difficulties and has failed to make scheduled payments~~consolidated. ~~Our~~Noncontrolling ~~Managing~~interest ~~Trustee~~represents ~~then analyzes whether~~ the minority ~~financing~~owner’s ~~receivable~~proportionate ~~should~~share beof ~~placed~~its onequity ain ~~non-accrual~~the ~~status,~~joint aventure. ~~credit~~The ~~loss~~noncontrolling ~~reserve~~interest ~~should~~is beadjusted ~~established~~for or the minority ~~financing~~owner’s ~~receivable~~share ~~should be restructured. As part~~ of the ~~assessment~~earnings, ~~updated~~losses, ~~collateral~~investments ~~value is usually considered~~ and ~~such~~distributions ~~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~~joint ~~of each financing receivable held~~venture.

~~Financing~~We ~~receivables~~account ~~are~~for ~~generally~~our noncontrolling ~~placed~~interests onin ajoint ~~non-accrual~~ventures ~~status~~where ~~when~~we ~~payments~~have ~~are~~influence ~~more~~over ~~than~~financial 90and ~~days~~operational ~~past~~matters, ~~due~~generally 50% or less ownership interest, under the equity method of accounting. In ~~Additionally~~such cases, our ~~Managing~~original ~~Trustee~~investments ~~periodically~~are ~~reviews~~recorded at cost and adjusted for our share of earnings, losses and distributions. Distributions received from equity method investees are accounted for under the ~~creditworthiness~~cumulative earnings approach on our consolidated statements of ~~companies~~cash ~~with~~flows. ~~payments~~We ~~outstanding~~account ~~less~~for ~~than~~investments 90in ~~days~~joint ventures where we have virtually no influence over financial and ~~based~~operational ~~upon~~matters ~~our~~using ~~Managing~~the ~~Trustee’s~~cost ~~judgment~~method of accounting. In such cases, our ~~these~~original ~~accounts~~investments ~~may~~are berecorded ~~placed~~at oncost aand ~~non-accrual~~any ~~status~~distributions received are recorded as revenue. All of our investments in joint ventures are subject to our impairment review policy.

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.9

13Table of Contents

~~Table~~ICON Equipment ofand ~~Contents~~Corporate Infrastructure Fund Fourteen Liquidating Trust

~~ICON~~(A Delaware ~~Equipment~~Statutory ~~and Corporate Infrastructure Fund Fourteen Liquidating~~ Trust)

(ANotes to ~~Delaware~~Consolidated ~~Statutory~~Financial ~~Trust)~~Statements

~~Notes to Consolidated Financial Statements~~December 31, 2019

~~December 31, 2018~~ (unaudited)

We report noncontrolling interests as a separate component of consolidated equity and ~~December~~net ~~31,~~income ~~2017~~or loss attributable to noncontrolling interests is included in consolidated net income or loss. The attribution of net income or loss between controlling and noncontrolling interests is disclosed on our accompanying consolidated statements of operations.

~~When~~Net ~~our~~income ~~Managing~~or ~~Trustee~~loss attributable ~~deems it is probable that we will not be able~~ to ~~collect~~us ~~all~~per ~~contractual~~weighted ~~principal~~average ~~and~~additional ~~interest~~Beneficial onInterest aoutstanding ~~non-performing financing receivable, we perform an analysis to determine if a credit loss reserve~~ is ~~necessary.~~based ~~This~~upon ~~analysis considers~~ the ~~estimated~~weighted ~~cash~~average ~~flows~~number ~~from the financing receivable, and/or the collateral value~~ of additional ~~the~~Beneficial ~~asset~~Interests ~~underlying~~outstanding ~~the~~during ~~financing receivable when financing receivable repayment is collateral dependent. If it is determined that~~ 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 earningsyear. ~~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.~~

~~Initial~~Cash ~~Direct~~and ~~Costs~~Cash Equivalents

WeCash ~~capitalized initial direct costs, including acquisition fees, associated with the origination~~ and ~~funding~~cash ofequivalents include leased assets and other financing transactions. We paid acquisition fees through the end of our operating period to our Managing Trustee of 2.5% of the purchase price of the investment made by or on our behalf, including, but not limited to, the cash ~~paid,~~in ~~indebtedness~~banks ~~incurred or assumed,~~ and ~~the~~highly ~~excess~~liquid ofinvestments ~~the~~with ~~collateral~~original ~~value~~maturity ofdates ~~the long-lived asset over the amount~~ of ~~the~~three ~~investment,~~months if any. The costs of each transaction were amortized over the transaction term using the straight-line method for operating leases and the effective interest rate method for finance leases and notes receivable in our consolidated statements of operations. Costs related to leases or ~~other financing transactions that were not consummated were expensed~~less.

~~Investments~~Our -cash ~~Equity~~is ~~Method~~held at one financial institution and ~~Cost~~at ~~Method~~times may exceed insured limits. We have placed these funds in a high quality institution in order to minimize risk relating to exceeding insured limits.

WeDebt ~~account~~Financing for our interests in entities in which we are able to exercise significant influence over operating and financial policies, generally 50% or less ownership interest, under the equity method of accounting. In such cases, our original investments are recorded at cost and adjusted for our share of earnings, losses and distributions. We account for our interests in entities where we have virtually no influence over operating and financial policies under the cost method of accounting. In such cases, our original investments are recorded at cost and any distributions received are recorded as revenue. Costs

~~For~~Debt anfinancing ~~investment~~costs associated ~~that~~with isa ~~accounted~~recognized ~~for~~debt ~~under~~liability ~~the~~were ~~cost~~netted ~~method~~against that does not have readily determinable fair values, we measure this investment at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the ~~identical~~carrying oramount ~~a similar investment~~ of the ~~same~~related ~~issuer.~~debt Atliability ~~each~~and ~~reporting~~debt ~~period,~~financing costs ~~our~~associated ~~Managing~~with ~~Trustee~~a ~~reassesses~~line ~~the appropriateness~~ of ~~this~~credit ~~methodology~~arrangement ~~for~~were ~~this~~capitalized ~~investment~~ and ~~performs~~included aas ~~qualitative~~other ~~assessment~~assets. bySuch ~~considering~~costs ~~any~~were ~~impairment~~amortized ~~indicators.~~to interest Ifexpense over the ~~qualitative~~term ~~assessment~~of ~~indicates that~~ the ~~investment~~debt isinstrument ~~impaired~~using ~~and its fair value is less than its net carrying value, we will write down~~ the ~~investment~~effective tointerest ~~such~~rate ~~fair value~~method.

~~Income~~Leased ~~Taxes~~Equipment at Cost

~~Prior~~Investments toin ~~the~~leased equipment ~~transfer of all the assets and liabilities of the Partnership to the Liquidating Trust, we~~ were ~~taxed~~stated asat acost ~~partnership~~less ~~for~~accumulated ~~federal and state income tax purposes~~depreciation. ~~Therefore,~~Leased noequipment ~~provision for federal and state income taxes~~ was ~~recorded~~depreciated ~~since~~on ~~the liability for such taxes was the responsibility of each of the individual partners rather than our business as~~ a ~~whole.~~straight-line ~~Upon~~basis over the ~~transfer~~lease ofterm, ~~all~~which ~~assets~~typically ~~and~~ranged ~~liabilities~~from of5 ~~the Partnership~~ to ~~the~~10 ~~Liquidating Trust~~years, ~~we continue~~ to ~~be taxed as a partnership for federal and state income tax purposes and~~ the ~~Partnership~~asset’ s ~~tax~~residual ~~position and net operating loss carryforwards continue to be effective for the Liquidating Trust~~value. We are potentially subject to New York City unincorporated business tax (“UBT”), which is imposed on unincorporated trade or business operating in New York City. The UBT is imposed for each taxable year at a rate of 4% of taxable income allocated to New York City. We use the asset and liability method of accounting for the UBT. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are established when it is determined that it is more likely than not that the deferred tax assets will not be realized.

Our ~~federal,~~Managing ~~state~~Trustee has ~~and~~an ~~local~~investment ~~income~~committee ~~tax~~that ~~returns~~approved ~~for~~each ~~tax~~new ~~years~~equipment ~~for~~lease ~~which~~and ~~the~~other ~~applicable~~financing ~~statutes~~transaction. As part of ~~limitations~~its ~~have~~process, the ~~not~~investment ~~expired~~committee ~~are~~determined ~~subject~~the estimated residual value, if any, to ~~examination~~be byused once the ~~applicable~~investment ~~taxing~~had ~~authorities~~been approved. The factors ~~All~~considered ~~penalties~~in ~~and~~determining ~~interest~~the estimated residual value included, ifbut ~~any~~were not limited to, ~~associated~~the ~~with~~creditworthiness ~~income~~of ~~taxes~~the ~~are~~potential lessee, ~~included~~the intype ~~general~~of ~~and~~equipment ~~administrative~~considered, ~~expense~~how onthe ~~our~~equipment ~~consolidated~~was ~~statements~~integrated into the potential lessee’s business, the length of ~~operations~~the lease and the industry in which the potential lessee operated. Residual values were reviewed for impairment in accordance with our impairment review policy.

14The residual value assumed, among other things, that the asset was utilized normally in an open, unrestricted and stable market. Short-term fluctuations in the marketplace were disregarded and it was assumed that there was no necessity either to dispose of a significant number of the assets, if held in quantity, simultaneously or to dispose of the asset quickly. The residual value was calculated using information from various external sources, such as trade publications, auction data, equipment dealers, wholesalers and industry experts, as well as inspection of the physical asset and other economic indicators.

~~Table of Contents~~Depreciation

~~ICON~~We ~~Equipment~~recorded ~~and~~depreciation expense ~~Corporate~~on ~~Infrastructure~~equipment ~~Fund~~or ~~Fourteen~~vessel ~~Liquidating~~when ~~Trust~~the asset was idle or when the lease was classified as an operating lease. In order to calculate depreciation, we first determined the depreciable base, which was the equipment cost less the estimated residual value at lease termination. Depreciation expense was recorded on a straight-line basis over the lease term or over the useful life of the asset, as applicable.

(AAsset ~~Delaware Statutory Trust)~~Impairments

~~Notes~~The significant assets in our portfolio are periodically reviewed, no less frequently than annually or when indicators of impairment exist, to ~~Consolidated~~determine whether ~~Financial~~events ~~Statements~~or changes in circumstances indicate that the carrying value of an asset may not be recoverable. An impairment loss will be recognized only if the carrying value of a long-lived asset is not recoverable and exceeds its fair market value. If there is an indication of impairment, we will estimate the future cash flows (undiscounted and without interest charges) expected from the use of the asset and its eventual disposition. Future cash flows are the future cash inflows expected to be generated by an asset less the future outflows expected to be necessary to obtain those inflows. If an impairment is determined to exist, the impairment loss will be measured as the amount by which the carrying value of a long-lived asset exceeds its fair value and recorded in our consolidated statements of operations in the period the determination is made.

~~December 31, 2018 (unaudited)~~ 10

~~and~~Table ~~December~~of ~~31, 2017~~Contents

~~Use~~ICON Equipment ofand ~~Estimates~~Corporate Infrastructure Fund Fourteen Liquidating Trust

~~The~~(A Delaware ~~preparation~~Statutory of financial statements in conformity with U.S. GAAP requires our Managing Trustee to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates primarily include the determination of credit loss reserves and impairment losses. Actual results could differ from those estimates.Trust)

~~Recently~~Notes to ~~Adopted~~Consolidated ~~Accounting~~Financial ~~Pronouncements~~Statements

InDecember ~~May 2014~~31, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), requiring revenue to be recognized in an amount that reflects the consideration expected to be received in exchange for goods and services. We adopted ASU 2014-09 on January 1, 2018. Since substantially all of our revenue is recognized from our leasing and lending contracts, which are not subject to ASU 2014-09, the adoption of ASU 2014-09 did not have an effect on our consolidated financial statements. 2019

~~In January 2016, FASB issued ASU No. 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities~~ (~~“ASU 2016-01”~~unaudited), which provides guidance related to accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. We adopted ASU 2016-01 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.

InThe ~~August~~events ~~2016,~~or ~~FASB~~changes in ~~issued~~circumstances ~~ASU~~that ~~No.~~generally ~~2016-15,~~indicate that an asset may be impaired are (i) ~~Statement~~the estimated fair value of ~~Cash~~the ~~Flows:~~underlying asset ~~Classification~~is ofless ~~Certain~~than ~~Cash~~its ~~Receipts~~carrying value or (ii) the lessee is experiencing financial difficulties and ~~Cash~~it ~~Payments~~does ~~(“ASU~~not ~~2016-15”),~~appear ~~which~~likely that ~~provides~~the ~~guidance~~estimated onproceeds ~~how~~from ~~certain~~the ~~cash~~disposition ~~receipts~~of ~~and~~the ~~cash~~asset ~~payments~~will ~~are~~be sufficient to besatisfy ~~presented~~the ~~and~~residual ~~classified~~position in the ~~statement~~asset. The preparation of the undiscounted cash flows. Werequires ~~adopted~~the ~~ASU~~use ~~2016-15~~of onassumptions ~~January~~and 1estimates, ~~2018,~~including ~~which~~the ~~did~~level ~~not~~of ~~have~~future anrents, the ~~effect~~residual onvalue ~~our~~expected ~~consolidated~~to ~~financial~~be ~~statements.~~realized Weupon ~~utilize~~disposition of the ~~cumulative~~asset, ~~earnings~~estimated ~~approach~~downtime ~~under~~between ~~ASU~~re-leasing ~~2016~~events and the amount of re-15leasing tocosts. ~~present~~Our ~~distributions~~Managing ~~received~~Trustee’s ~~from~~review ~~equity~~for impairment includes a consideration of the existence of impairment indicators including third-~~method~~party ~~investees~~appraisals, ~~which~~published isvalues ~~consistent~~for ~~with~~similar ~~our~~assets, ~~previous~~recent ~~policy~~transactions for similar assets, adverse changes in market conditions for specific asset types and the occurrence of significant adverse changes in general industry and market conditions that could affect the fair value of the asset.

~~In November~~Lease ~~2016,~~Classification 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. As a result of the adoption of ASU 2016-18 on January 1, 2018, we commenced presenting restricted cash with cash and ~~cash~~Revenue equivalents when reconciling the beginning-of-period and end-of-period total amounts presented on our consolidated statements of cash flows. We adopted ASU 2016-18 using the retrospective method. As a result, the effects of adopting ASU 2016-18 on our consolidated statements of cash flows for the year ended December 31, 2017 were as follows:Recognition

	Year Ended December 31, 2017
	As Reported			Adoption of ASU 2016-18		As Adjusted
Net cash used in operating activities	$	(686,700	)	$	—	$	(686,700	)
Cash, cash equivalents and restricted cash, beginning of year	19,452,937			1,500,000		20,952,937
Net decrease in cash, cash equivalents and restricted cash	(11,905,626		)	—		(11,905,626		)
Cash, cash equivalents and restricted cash, end of year	$	7,547,311		$	1,500,000	$	9,047,311

Each equipment lease we enter into is classified as either a sales-type lease, a direct financing lease or an operating lease, based upon the terms of each lease. The estimated residual value is a critical component of a lease and can directly influence the determination of lease classification.

InFor ~~January~~sales-type ~~2017~~and direct financing leases, ~~FASB~~we ~~issued~~capitalize, ~~ASU~~at ~~No.~~lease ~~2017-01~~inception, ~~Business~~the ~~Combinations~~total ~~(“ASU~~minimum ~~2017-01”),~~lease ~~which~~payments ~~clarifies~~receivable from the ~~definition~~lessee, ofthe aestimated unguaranteed ~~business.~~residual ~~ASU~~value ~~2017-01~~of ~~sets~~the ~~forth~~equipment ~~requirements~~at tolease betermination ~~met~~and ~~for~~the ainitial ~~set~~direct tocosts berelated ~~deemed~~to athe ~~business~~lease ~~and~~to ~~establishes~~the aextent fair ~~practical~~value ~~way~~of tothe ~~determine~~underlying ~~when~~asset aequals ~~set~~its iscarrying ~~not~~value, aless ~~business~~unearned income. ToUnearned beincome ~~considered~~represents athe ~~business,~~difference abetween the ~~set~~sum ~~must~~of ~~include,~~the atminimum alease ~~minimum~~payments receivable, anplus ~~input~~the ~~and~~estimated aunguaranteed ~~substantive~~residual ~~process~~value, ~~that~~minus ~~together~~the ~~significantly~~cost ~~contribute~~of to the ~~ability~~leased equipment. toUnearned ~~create~~income anis ~~output,~~recognized ~~and~~as ~~removes~~finance income over the ~~evaluation~~term of ~~whether~~the alease ~~market~~using ~~participant~~the ~~could~~effective ~~replace~~interest ~~missing~~rate ~~elements~~method. Under Ina ~~addition~~sales-type lease, ~~ASU~~selling ~~2017-01~~profit, ~~narrows~~if any, arising from the ~~definition~~lease ofis ~~outputs~~recognized at inception, while under a direct financing lease, selling profit, if any, is deferred and included in net investment in direct financing leases.

15For operating leases, rental income is recognized on a straight-line basis over the lease term. Billed operating lease receivables are included in accounts receivable until collected or written off. We record a reserve if we deem any receivable not collectible. The difference between the timing of the cash received and the income recognized on a straight-line basis is recognized as either deferred revenue or other assets, as appropriate. Initial direct costs are capitalized as a component of the cost of the equipment and depreciated over the lease term.

~~Table~~Contingent rentals are included in the determination of ~~Contents~~income as they are earned. Contingent rentals based on an existing index or rate are included in the determination of income based on the index or rate at lease commencement, with subsequent changes to the index or rate recognized in income as they are earned.

~~ICON~~Accounting ~~Equipment~~for ~~and~~Vessel ~~Corporate~~Revenue ~~Infrastructure~~and ~~Fund Fourteen Liquidating Trust~~Expenses

(ARevenue ~~Delaware~~generated from ~~Statutory~~time ~~Trust)~~charters and/or revenue generated from profit sharing arrangements were recognized over the term of the respective time charter agreements as service was provided and the profit sharing was fixed and determinable. Under time charters, voyage expenses such as bunkers, port dues, cargo handling operations and brokerage commissions were paid by our customers. Vessel operating costs, including, without limitation, crewing, vessel maintenance, technical management costs and vessel insurance, were expensed by us as incurred on an accrual basis. Commercial management and technical management fees were expensed as incurred. Dry-docking costs were generally expensed as incurred as such costs primarily represented normal maintenance and repairs. To the extent dry-docking costs represented expenditures that added economic life to the vessel or improved the vessel’s efficiency, such costs were capitalized and depreciated over the life of the vessel.

~~Notes to Consolidated Financial Statements~~11

~~December~~Table ~~31,~~of ~~2018 (unaudited)~~ Contents

ICON Equipment and ~~December~~Corporate ~~31,~~Infrastructure ~~2017~~Fund Fourteen Liquidating Trust

~~aligns~~(A Delaware ~~such~~Statutory ~~definition with how outputs are described within the revenue guidance. We adopted ASU 2017-01 on January 1, 2018, which did not have an effect on our consolidated financial statements.~~Trust)

~~Other~~Notes to ~~Recent~~Consolidated ~~Accounting~~Financial ~~Pronouncements~~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. In July 2018, FASB issued ASU No. 2018-11, Leases (“ASU 2018-11”), which provides an additional transition method by allowing companies to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In addition, ASU 2018-11 provides lessors a practical expedient to not separate non-lease components from the associated lease component under certain circumstances. In December ~~2018~~ 31, FASB issued ASU No. 2018-20, Leases (“ASU 2018-20”), which provides guidance and clarification with respect to lessor accounting associated with (i) certain taxes collected from lessees, (ii) certain lessor costs, and (iii) the recognition of variable payments for contracts with lease and non-lease components. The adoption of ASU 2016-02, ASU 2018-11 and ASU 2018-20 becomes effective for us on January 1, 2019. Based on our assessment, all of our leases were subject to lessor accounting and the accounting applied by a lessor is largely unchanged from that applied under current U.S. GAAP. In addition, since we are in our liquidation period and not expecting to enter into any new leases in the future and we will apply certain practical expedients as provided by the guidance, the adoption of ASU 2016-02, ASU 2018-11 and ASU 2018-20 will not have an effect on our consolidated financial statements.

~~In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses~~ (~~“ASU 2016-13”~~unaudited), 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. The adoption of ASU 2016-13 is not expected to have a material effect on our consolidated financial statements.

InFor ~~August~~our ~~2018~~vessel that operated in a pool, ~~FASB~~revenue ~~issued~~and ~~ASU~~voyage ~~No.~~expenses ~~2018-13,~~related ~~Fair~~to ~~Value~~our ~~Measurement~~vessel ~~(“ASU~~were ~~2018~~pooled with revenue and voyage expenses of other pool participants and allocated to each participant under a time charter equivalent basis in accordance with an agreed-~~13”),~~upon ~~which~~formula. The ~~modifies~~formula in the ~~disclosure~~pool ~~requirements~~agreement for ~~fair~~allocating ~~value~~gross ~~measurements~~revenue, net of voyage expenses, was based on points allocated to each participant’s vessel based on the number of days such vessel operated in the pool and other technical characteristics, such as speed and fuel consumption. The ~~adoption~~selection of ~~ASU~~charterers, ~~2018-13~~negotiation ~~becomes~~of ~~effective~~rates, ~~for~~the uscollection onof ~~January~~related 1receivables and the payment of voyage expenses, ~~2020~~which included the cost of bunkers and port expenses, ~~including~~were ~~interim~~the ~~periods~~responsibility ~~within~~of the pool. Operating costs related to our vessel that ~~reporting~~participated ~~period.~~in ~~Early~~the ~~adoption~~pool, isincluding, ~~permitted~~without limitation, crewing and maintenance, were typically paid by us. WeSince we ~~are~~shared ~~currently~~the net earnings of the pool with the other participants and the pool operated in a spot market, revenue earned by our vessel that participated in the ~~process~~pool was subject to fluctuations of ~~evaluating~~such spot market. We recognized pool revenue from this arrangement based on the ~~impact~~right to receive our portion of net distributions reported by the ~~adoption~~pool, with net distributions being the net voyage revenue of ~~ASU~~the ~~2018-13~~pool after deduction of voyage expenses and pool manager fees. A portion of the net distributions from the pool that was subject to repayment by us based on ~~our~~certain ~~consolidated~~criteria ~~financial~~was ~~statements~~deferred until the time such criteria were met.

~~(3) Net~~Notes ~~Investment~~Receivable inand ~~Notes~~Revenue ~~Receivable~~Recognition

AsNotes ofreceivable ~~December 31,~~are reported ~~2018,~~in weour ~~had~~consolidated ~~investment~~balance insheets ~~notes~~at ~~receivable~~the onoutstanding ~~non-accrual~~principal ~~status~~balance, ofplus ~~$5,386,875,~~costs ofincurred ~~which~~to $3originate the loans,~~302,796~~ ~~was~~net of ~~reserved.~~any ~~See~~unamortized ~~below~~premiums ~~for~~or ~~further~~discounts ~~details~~on ~~regarding~~purchased ~~our~~loans. ~~note~~We ~~receivable~~use ~~related~~the toeffective ~~LSC.~~interest Asrate ofmethod ~~December~~to ~~31,~~recognize ~~2018~~finance income, which weproduces ~~had~~a ~~net~~constant ~~investment~~periodic inrate ~~notes~~of ~~receivable~~return ofon ~~$1,093,021,~~the ofinvestment. ~~which~~Unearned ~~$38~~income,~~709~~ ~~was~~discounts ~~past~~and ~~due~~premiums 90are ~~days~~amortized orto ~~more~~finance income ~~and~~in ~~still~~our ~~accruing.~~consolidated ~~See~~statements ~~below~~of ~~for~~operations ~~further~~using ~~details~~the ~~regarding~~effective ~~our~~interest ~~note~~rate method. Interest receivable related to ~~CFL.~~the unpaid Asprincipal ofis ~~December 31,~~recorded ~~2017,~~separately wefrom ~~had~~the ~~investment~~outstanding balance in ~~notes~~our ~~receivable~~consolidated onbalance ~~non-accrual~~sheets. ~~status~~Upon ofthe ~~$3,500,490,~~prepayment of a ~~which~~note $1receivable,~~550,490~~ ~~was~~any ~~reserved~~prepayment penalties and unamortized loan origination, closing and nocommitment ~~net~~fees ~~investment~~are recorded as part of finance income in our consolidated statements of operations. Our notes receivable ~~that~~may ~~was~~contain ~~past~~a ~~due~~paid-in-kind 90(“PIK”) interest ~~days~~provision. orAny ~~more~~PIK ~~and~~interest, ~~still~~if ~~accruing.~~deemed ~~See~~collectible, ~~below~~will ~~for~~be ~~further~~added ~~details~~to ~~regarding~~the ~~our~~principal balance of the note receivable ~~related~~and is torecorded ~~TMA.~~as income.

16Credit Quality of Notes Receivable and Finance Leases and Credit Loss Reserve

~~Table~~Our Managing Trustee monitors the ongoing credit quality of ~~Contents~~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 Managing Trustee 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.

~~ICON~~As ~~Equipment~~our financing receivables, generally notes receivable and ~~Corporate~~sales-type ~~Infrastructure~~and ~~Fund~~direct ~~Fourteen~~financing ~~Liquidating~~leases, ~~Trust~~are limited in number, our Managing Trustee 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 Managing Trustee 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 Managing Trustee 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.

(AFinancing ~~Delaware~~receivables are ~~Statutory~~generally ~~Trust)~~placed on a non-accrual status when payments are more than 90 days past due. Additionally, our Managing Trustee periodically reviews the creditworthiness of companies with payments outstanding less than 90 days and based upon our Managing Trustee’s judgment, these accounts may be placed on a non-accrual status.

~~Notes~~In accordance with the cost recovery method, payments received on non-accrual financing receivables are applied to ~~Consolidated~~principal ~~Financial~~if ~~Statements~~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.

~~December 31, 2018 (unaudited)~~ 12

~~and~~Table ~~December~~of ~~31, 2017~~Contents

~~Net~~ICON Equipment ~~investment~~and inCorporate ~~notes~~Infrastructure ~~receivable~~Fund ~~consisted~~Fourteen ofLiquidating ~~the following:~~Trust

	December 31,
	2018			2017
	(unaudited)
Principal outstanding(1)	$	8,927,397		$	10,119,672
Deferred fees	(258,358		)	(313,120		)
Credit loss reserve(2)	(3,302,796		)	(1,550,490		)
Net investment in notes receivable(3)	$	5,366,243		$	8,256,062

(A Delaware Statutory Trust)

~~(1) As of December 31, 2018 and 2017, total principal outstanding related~~ Notes to ~~our~~Consolidated ~~impaired~~Financial ~~loans was $7,824,097 and $3,500,490, respectively.~~Statements

~~(2) As of~~ December 31, 2018, we had a credit loss reserve of $3,511,243 related to LSC, of which $208,447 was reserved against the accrued interest receivable included in other assets and $3,302,796 was reserved against net investment in notes receivable. As of December 31, 2017, we had a credit loss reserve of $2,615,158 related to TMA, of which $1,064,668 was reserved against the accrued interest receivable included in other assets and $1,550,490 was reserved against net investment in notes receivable. 2019

(3unaudited) ~~As of December 31, 2018 and 2017, net investment in notes receivable related to our impaired loans was $4,273,222 and $1,950,000, respectively.~~

~~JAC~~When our Managing Trustee 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 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.

OnInitial ~~December~~Direct 22, 2011, a joint venture owned 75% by us and 25% by ICON Leasing Fund Twelve Liquidating Trust (formerly, ICON Leasing Fund Twelve, LLC) (“Fund Twelve”), an entity also managed by our Managing Trustee, made a $20,124,000 subordinated term loan to Jurong Aromatics Corporation Pte. Ltd. (“JAC”) as part of a $171,050,000 term loan facility. The loan initially bore interest at rates ranging between 12.5% and 15% per year and was scheduled to mature in January 2021. As a result of JAC’s failure to make an expected payment that was due to the joint venture during the three months ended March 31, 2015, the interest rate payable by JAC under the loan increased from 12.5% to 15.5%. The loan was secured by a second priority security interest in all of JAC’s assets, which included, among other things, all equipment, plant and machinery associated with a condensate splitter and aromatics complex.Costs

~~During~~We ~~2015,~~capitalized ~~JAC~~initial direct ~~experienced liquidity constraints as a result of a general economic slow-down in China and India~~costs, ~~which~~including ~~led~~acquisition ~~to lower demand from such countries~~fees, asassociated ~~well~~with as the ~~price~~origination ~~decline~~and funding of ~~energy~~leased assets and other ~~commodities~~financing transactions. We Aspaid aacquisition ~~result,~~fees ~~JAC’s~~through ~~manufacturing~~the ~~facility~~end ~~ceased~~of ~~operations~~our ~~and~~operating ~~JAC~~period ~~was not able~~ to ~~service~~our ~~interest~~Managing ~~payments~~Trustee ~~under~~of ~~the loan~~2.5% ~~After~~of ~~failed~~the ~~efforts~~purchase ~~(i)~~price byof ~~JAC~~the toinvestment made ~~timely commence a tolling arrangement with its suppliers and (ii)~~ by ~~JAC’s~~or ~~stakeholders to agree~~ on aour ~~restructuring~~behalf, ~~plan~~including, ~~JAC~~but ~~entered~~not ~~receivership~~limited ~~on September 28~~to, ~~2015. Commencing with~~ the ~~three~~cash ~~months ended June 30~~paid, ~~2015~~indebtedness ~~and~~incurred onor ~~a quarterly basis thereafter~~assumed, ~~our~~and ~~Managing~~the ~~Trustee~~excess ~~reassessed~~of the collateral ~~collectability~~value of the ~~loan~~long-lived ~~and~~asset ~~recorded~~over anthe ~~aggregate~~amount ~~credit loss~~ of ~~$33~~the investment,~~393,546~~ ~~related~~if toany. The ~~JAC~~costs ~~during~~of ~~2015~~each ~~and~~transaction ~~2016~~were ~~based~~amortized over onthe ~~our~~transaction ~~Managing~~term ~~Trustee’s~~using ~~quarterly collectability analyses. During~~ the ~~fourth~~straight-line ~~quarter~~method offor ~~2016,~~operating ~~the~~leases ~~Receiver~~and ~~formally commenced~~ the ~~process~~effective ofinterest ~~marketing~~rate ~~JAC’s~~method ~~manufacturing facility~~ for ~~sale.~~sales-type and Asdirect offinancing ~~December 31,~~leases ~~2016,~~and ~~the~~notes ~~outstanding~~receivable ~~balance~~in ofour ~~the~~consolidated ~~loan~~statements ~~due~~of ~~from~~operations. ~~JAC~~Costs ~~was~~related ~~fully~~to ~~reserved,~~leases ~~resulting~~or inother financing atransactions ~~net~~that ~~investment~~were innot ~~notes~~consummated ~~receivable~~were ~~related to JAC of $0~~expensed.

OnInvestments September 12, 2017, our Managing Trustee received a formal notice from the Receiver notifying us that on August 28, 2017, the Receiver concluded a sale of substantially all of the assets of JAC (including the manufacturing facility) to a third-~~party~~ ~~and~~Equity ~~confirmed~~Method ~~that no sales proceeds would be distributed to the subordinated lenders, including us. As a result, we wrote off an aggregate credit loss reserve~~ and ~~corresponding balance related to the loan of $33,393,546 during 2017. No finance income related to JAC was recognized for the year ended December 31, 2017.~~ Cost Method

~~Asphalt~~We account for our interests in entities in which we are able to exercise significant influence over operating and financial policies, generally 50% or less ownership interest, under the equity method of accounting. In such cases, our original investments are recorded at cost and adjusted for our share of earnings, losses and distributions. We account for our interests in entities where we have virtually no influence over operating and financial policies under the cost method of accounting. In such cases, our original investments are recorded at cost and any distributions received are recorded as revenue. All investments are subject to our impairment review policy.

OnFor ~~September~~an ~~25,~~investment that ~~2013,~~is ~~we,~~accounted ~~together~~for ~~with~~under athe ~~third-party~~cost ~~creditor,~~method ~~made~~that adoes ~~senior~~not ~~secured~~have ~~term~~readily ~~loan~~determinable ~~(the~~fair ~~“Loan”)~~values, towe ~~Asphalt~~measure ~~Carrier~~this ~~Shipping~~investment ~~Company~~at cost ~~Limited~~less ~~(“Asphalt”)~~impairment, ofif ~~which our share was $2~~any,~~200,000~~ ~~(the~~plus ~~“Partnership~~or ~~Loan”).~~minus ~~The~~changes ~~Partnership~~resulting ~~Loan~~from ~~bore~~observable ~~interest~~price atchanges ~~15.5%~~in ~~per~~orderly ~~year~~transactions ~~and~~for ~~was~~the ~~scheduled~~identical or toa ~~mature~~similar oninvestment ~~December~~of ~~31,~~the ~~2018~~same issuer. ~~The~~At ~~Loan~~each ~~was~~reporting ~~secured by a first priority security interest in Asphalt’s vessel~~period, ~~earnings~~our ~~from~~Managing ~~the~~Trustee ~~vessel~~reassesses ~~and~~ the ~~equity~~appropriateness ~~interests~~ of ~~Asphalt.~~this methodology Infor ~~accordance~~this ~~with~~investment ~~the~~and ~~loan~~performs ~~agreement,~~a ~~proceeds~~qualitative ~~from~~assessment ~~the~~by ~~repayment~~considering ofany ~~the~~impairment ~~Loan~~indicators. ~~and~~If ~~enforcement~~the ofqualitative assessment ~~any~~indicates ~~security~~that ~~interest~~an ~~would~~investment ~~have~~is ~~first~~impaired ~~been~~and ~~provided~~its tofair ~~the~~value ~~third-party~~is ~~creditor~~less ~~and~~than ~~then~~its tonet ~~us.~~carrying ~~On January 24~~value, ~~2017,~~we ~~Asphalt~~will ~~satisfied~~write ~~its~~down the ~~obligations~~investment into ~~connection~~such ~~with~~fair value.

17Income Taxes

~~Table~~Prior to the transfer of ~~Contents~~all the assets and liabilities of the Partnership to the Liquidating Trust, we were taxed as a partnership for federal and state income tax purposes. Therefore, no provision for federal and state income taxes was recorded since the liability for such taxes was the responsibility of each of the individual partners rather than our business as a whole. Upon the transfer of all assets and liabilities of the Partnership to the Liquidating Trust, we continue to be taxed as a partnership for federal and state income tax purposes and the Partnership’s tax position and net operating loss carryforwards continue to be effective for the Liquidating Trust. We are potentially subject to New York City unincorporated business tax (“UBT”), which is imposed on unincorporated trade or business operating in New York City. The UBT is imposed for each taxable year at a rate of 4% of taxable income allocated to New York City. We use the asset and liability method of accounting for the UBT. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are established when it is determined that it is more likely than not that the deferred tax assets will not be realized.

~~ICON~~Our ~~Equipment~~federal, state and ~~Corporate~~local ~~Infrastructure~~income ~~Fund~~tax ~~Fourteen~~returns ~~Liquidating~~for ~~Trust~~tax years for which the applicable statutes of limitations have not expired are subject to examination by the applicable taxing authorities. All penalties and interest, if any, associated with income taxes are included in general and administrative expense on our consolidated statements of operations.

~~(A Delaware Statutory Trust)~~13

~~Notes~~Table toof ~~Consolidated Financial Statements~~Contents

~~December~~ICON Equipment ~~31,~~and ~~2018~~Corporate ~~(unaudited)~~Infrastructure Fund Fourteen Liquidating Trust

~~and~~(A Delaware ~~December~~Statutory ~~31, 2017~~Trust)

~~the~~Notes to ~~Partnership~~Consolidated ~~Loan~~Financial ~~by making a prepayment of $1,731,830, comprised of all outstanding principal, accrued interest and a prepayment fee of $81,400. The prepayment fee was recognized as additional finance income.~~Statements

~~TMA~~December 31, 2019

~~On July 14, 2014, we, Fund Twelve and ICON ECI Fund Fifteen Liquidating Trust~~ (~~formerly, ICON ECI Fund Fifteen, L.P.~~unaudited) (“Fund Fifteen”), an entity also managed by our Managing Trustee (collectively, “ICON”), entered into a secured term loan credit facility agreement with TMA to provide a credit facility of up to $29,000,000 (the “ICON Loan”), of which our commitment of $3,625,000 was funded on August 27, 2014 (the “TMA Initial Closing Date”). The facility was used by TMA to acquire and refinance two platform supply vessels. At inception, the loan bore interest at the London Interbank Offered Rate (“LIBOR”), subject to a 1% floor, plus a margin of 17%. Upon the acceptance of both vessels by TMA’s sub-charterer on September 19, 2014, the margin was reduced to 13%. On November 24, 2014, ICON entered into an amended and restated senior secured term loan credit facility agreement with TMA pursuant to which an unaffiliated third-party (the “Senior Lender”) agreed to provide a senior secured term loan in the amount of up to $89,000,000 (the “Senior Loan,” and collectively with the ICON Loan, the “TMA Facility”) to acquire two additional vessels. The TMA Facility had a term of five years from the TMA Initial Closing Date. As a result of the amendment, the margin for the ICON Loan increased to 15% and repayment of the ICON Loan became subordinated to the repayment of the Senior Loan. The TMA Facility is secured by, among other things, a first priority security interest in the four vessels and TMA’s right to the collection of hire with respect to earnings from the sub-charterer related to the four vessels. As a condition to the amendment and increased size of the TMA Facility, TMA was required to cause all four platform supply vessels to be under contract by March 31, 2015. Due to TMA’s failure to meet such condition, TMA was in technical default and in payment default while available cash was swept by the Senior Lender and applied to the Senior Loan in accordance with the loan agreement. As a result, the principal balance of the Senior Loan amortized at a faster rate. In January 2016, the remaining two previously unchartered vessels had commenced employment. Our Managing Trustee continued to assess the collectability of the note receivable at each reporting date as TMA’s credit quality slowly deteriorated and the fair market value of the collateral continued to decrease. During the three months ended June 30, 2017, our Managing Trustee believed it was prudent to place the note receivable on non-accrual status. In September 2017, our Managing Trustee met with certain restructuring advisors engaged by TMA to discuss a potential restructuring of the company. In light of these developments and a decrease in the fair market value of the collateral, in which we had a second priority security interest, our Managing Trustee determined to record a credit loss of $1,750,000 during the three months ended September 30, 2017.

OnUse ~~December 26, 2017, ICON, the Senior Lender and TMA entered into a restructuring support and lock-up agreement to commit to a restructuring~~ of TMA’s outstanding debt obligations and to provide additional funding to TMA, subject to execution of definitive agreements. As a result of this restructuring (as further described below), our Managing Trustee assessed the collectability of the note receivable as of December 31, 2017 and recorded an additional credit loss of $865,158 for the three months ended December 31, 2017.Estimates

The Onpreparation ~~January~~of financial 5,statements ~~2018, ICON, the Senior Lender and TMA executed all definitive agreements including, without limitation, the second amended and restated term loan credit facility agreement~~ in ~~connection~~conformity with ~~the restructuring of the TMA Facility (the “Second Amendment”)~~U.S. ~~Under~~GAAP ~~the~~requires ~~Second~~our ~~Amendment,~~Managing ~~ICON~~Trustee ~~funded~~to amake ~~total~~estimates ~~of $8,000,000 in exchange for (i) all amounts payable under the Senior Loan would amortize at a faster rate, at which time ICON would become the senior lender~~ and ~~have~~assumptions athat ~~first~~affect ~~priority security interest in~~ the reported ~~four~~amounts ~~vessels and TMA’s right to the earnings generated by the vessels; and (ii) a 12.5% equity interest in two affiliates~~ of ~~TMA.~~assets ~~Also as part of the Second Amendment, ICON agreed to reduce its aggregate notes~~ and ~~interest receivables to $20~~liabilities,~~000,000~~ ~~in connection with~~ the ~~overall~~disclosure ~~restructuring plan. As a result~~ of ~~the~~contingent ~~Second~~assets ~~Amendment, on January 5, 2018, we funded our additional commitment of $1,000,000, which represented our share of the total additional commitment to TMA,~~ and ~~our~~liabilities ~~note~~as ~~and interest receivables due from TMA were reduced to $2,500,000. As~~ of ~~January 5, 2018, of our $1,000,000 additional commitment to TMA, (a) $450,000 represented our 12.5% share of~~ the ~~fair~~date ~~value~~ of the ~~12.5%~~consolidated financial ~~equity~~statements ~~interest in two affiliates of TMA (see Note 6), which was based on an independent third-party valuation~~ and ~~(b)~~ the ~~remaining~~reported ~~$550,000~~amounts ~~represented an additional loan to TMA. As a result~~ of ~~this~~revenue restructuring, during the three months ended March 31, 2018, we wrote off the allowance for credit loss of $2,615,158 related to TMA, of which $1,064,668 was previously reserved against the accrued interest receivable and ~~$1,550,490~~expenses ~~was~~during ~~previously reserved against our net investment in notes receivable. In addition, we also wrote off~~ the ~~corresponding~~reporting ~~$1,064,668 accrued interest receivable~~period. Significant Inestimates ~~accordance~~primarily include ~~with~~ the ~~Second~~determination ~~Amendment, our restructured loan~~ of ~~$2,500,000~~credit ~~bears~~loss ~~interest~~reserves ~~at a rate of 12% per year~~ and isimpairment ~~scheduled to mature on January~~losses. 5,Actual ~~2021.~~results ~~The~~could ~~amended~~differ ~~TMA~~from ~~Facility~~those ~~is secured by substantially the same collateral that secured the TMA Facility prior to the restructuring~~estimates.

18Recently Adopted Accounting Pronouncements

~~Table~~In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 previously released revenue recognition guidance. In July 2018, FASB issued ASU No. 2018-11, Leases (“ASU 2018-11”), which provides an additional transition method by allowing companies to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of ~~Contents~~retained earnings in the period of adoption. In addition, ASU 2018-11 provides lessors a practical expedient to not separate non-lease components from the associated lease component under certain circumstances. In December 2018, FASB issued ASU No. 2018-20, Leases (“ASU 2018-20”), which provides guidance and clarification with respect to lessor accounting associated with (i) certain taxes collected from lessees, (ii) certain lessor costs, and (iii) the recognition of variable payments for contracts with lease and non-lease components. We adopted ASU 2016-02, ASU 2018-11 and ASU 2018-20 on January 1, 2019 using the modified retrospective method, in which we applied the transition provisions at the beginning of the period of adoption rather than at the beginning of the earliest comparative period presented. Since we no longer had any lease arrangements as of January 1, 2019, the adoption of these lease standards did not result in a cumulative effect adjustment recognized in the opening balance of retained earnings as of January 1, 2019.

~~ICON~~Other ~~Equipment~~Recent ~~and~~Accounting ~~Corporate Infrastructure Fund Fourteen Liquidating Trust~~Pronouncements

In June 2016, FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (A“ASU ~~Delaware~~2016-13”), ~~Statutory~~which ~~Trust~~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, 2023 (see below), including interim periods within that reporting period. Early adoption is permitted. The adoption of ASU 2016-13 is not expected to have a material effect on our consolidated financial statements.

~~Notes~~In August 2018, FASB issued ASU No. 2018-13, Fair Value Measurement (“ASU 2018-13”), which modifies the disclosure requirements for fair value measurements. The adoption of ASU 2018-13 becomes effective for us on January 1, 2020, including interim periods within that reporting period. Early adoption is permitted. Since ASU 2018-13 only modifies disclosure requirements, this guidance is not expected to ~~Consolidated~~have ~~Financial~~a ~~Statements~~material effect on our consolidated financial statements.

~~December~~In 31November 2019, FASB ~~2018~~issued ASU No. 2019-10, Financial Instruments – Credit Losses, Derivatives and Hedging, and Leases (~~unaudited~~“ASU 2019-10”), which defers the effective dates of three major accounting standards for certain companies. Since we are a smaller reporting company, the adoption date of ASU 2016-13 has been deferred to January 1, 2023. ASU 2019-10 had no impact on our adoption date of ASU 2016-02, ASU 2018-11 and ASU 2018-20, each of which we adopted on January 1, 2019.

~~and~~(3) Net ~~December~~Investment ~~31,~~in ~~2017~~Notes Receivable

OnAs ~~June~~of 12December 31, ~~2018~~ 2019, ~~all~~we ofhad ~~TMA’s~~no ~~obligations~~net toinvestment ~~the Senior Lender and all amounts payable under the Senior Loan were satisfied~~ in ~~full.~~notes Asreceivable aon ~~result,~~non-accrual ~~ICON~~status ~~became the agent~~ and ~~senior~~no ~~lender~~net ~~and~~investment ~~has~~in anotes ~~first~~receivable ~~priority~~that ~~security~~was ~~interest~~past due in90 ~~the~~days ~~four~~or ~~vessels~~more and ~~TMA’s~~still ~~right to the earnings generated by the vessels~~accruing. ~~Interest~~As ~~was~~of ~~accrued~~December 31, as2018, ~~PIK~~we ~~interest~~had ~~until~~investment ~~the Senior Loan was satisfied~~ in ~~full.~~notes ~~Upon~~receivable ~~satisfaction~~on non-accrual status of ~~the Senior Loan, (i)~~ $~~131~~5,~~667~~386,875, of ~~PIK~~which ~~interest~~$3,302,796 was ~~reclassified~~reserved. toSee ~~principal;~~below ~~and~~for ~~(ii)~~further ~~the~~details ~~ICON~~regarding ~~Loan~~our isnote ~~being~~receivable ~~amortized~~related ~~at 25% per~~to ~~year and together with interest, is payable quarterly in arrears~~LSC. OnAs of ~~July 5~~December 31, 2018, we ~~extended~~had ~~the~~net ~~due~~investment ~~date~~in ofnotes ~~certain~~receivable ~~payments from TMA for an additional 15 days for a fee~~ of $31,~~750. Such payments were thereafter timely received from TMA. On October 4~~093, ~~2018~~021, ~~we extended the due date~~ of ~~the~~which ~~quarterly~~$38,709 ~~interest~~was ~~and~~past ~~principal~~due ~~payments~~90 ~~from TMA for an additional 20~~ days ~~for~~or amore and ~~fee~~still ~~of $5,000~~accruing. ~~The~~See ~~fee~~below ~~was~~for ~~timely~~further ~~received,~~details ~~but~~regarding ~~the~~our ~~quarterly~~note ~~interest~~receivable ~~and~~related ~~principal~~to ~~payments were not received from TMA until November 9, 2018~~CFL.

As of December 31, 2018 and 2017, our net investment in note receivable related to TMA was $2,437,222 and $1,950,000, respectively. In addition, as of December 31, 2017, we had an accrued interest receivable related to TMA of $1,064,668, which had been fully reserved, resulting in a net carrying value of $0. For the years ended December 31, 2018 and 2017, we recognized finance income of $317,938 and $111,279, respectively, of which no amount was recognized on a cash basis. 14

~~CFL~~Table of Contents

OnICON Equipment ~~December 20, 2016, we, Fund Fifteen~~ and ~~ICON~~Corporate ~~ECI~~Infrastructure Fund ~~Sixteen~~Fourteen Liquidating Trust (formerly, ICON ECI Fund Sixteen) (“Fund Sixteen”), an entity also managed by our Managing Trustee, entered into a secured term loan credit facility agreement with CFL to provide a credit facility of up to $7,400,000, of which our commitment of $1,258,000 was funded on December 21, 2016. The loan bears interest at 8% per year and we are entitled to an equity participation fee based partly on the fair market value of the vessel upon repayment of the loan. The loan is scheduled to mature on December 21, 2020. The loan is secured by, among other things, a first priority security interest in and earnings from a motor cargo vessel. CFL and Industrial Maritime Carriers (Bermuda), Ltd. (“IMC”), the sub-charterer of the vessel, are in default of their respective obligations under the loan documents and the sub-charter, respectively, due to, among other things (i) CFL frequently incurred shortfalls on its quarterly payments to us under the loan agreement resulting in a past due balance of $95,938 as of December 31, 2018; (ii) CFL’s failure to ensure the payment of, and IMC’s failure to pay, all sub-charter payments related to the vessel directly into a designated earnings account; (iii) CFL’s failure to maintain a minimum liquidity amount in such designated earnings account; and (iv) CFL’s failure to satisfy its financial reporting requirements under the loan agreement. As a result, on October 5, 2018, we advised CFL that we were accelerating the repayment of all amounts payable under the loan and demanded that CFL and/or its guarantors immediately repay such amounts to us. CFL and its guarantors failed to make such payments. On October 22, 2018, we exercised our rights under the loan documents to assume CFL’s obligations under the sub-charter with IMC and appointed our designee to replace CFL as the owner of the vessel solely for purposes of the sub-charter. As a result, all sub-charter payments will be paid directly to us going forward to satisfy amounts payable under the loan. In January 2019, we further exercised our rights under the loan documents and appointed our designee to replace a CFL affiliate to manage the day-to-day technical and operational activities of the vessel. Our Managing Trustee is currently working with IMC to collect all past due amounts under the sub-charter, which will be applied to all past due amounts payable under the loan. In the meantime, IMC has made its February 2019 and partial March 2019 sub-charter payments directly to us. Our Managing Trustee continues to evaluate additional remedies that are available to us in order to enforce our rights under the loan documents and the sub-charter, if necessary.

~~LSC~~(A Delaware Statutory Trust)

~~On December 30, 2016, we, Fund Fifteen and Fund Sixteen entered into a secured term loan agreement with LSC~~ Notes to ~~provide~~Consolidated aFinancial loan in the aggregate amount of $32,500,000, of which our commitment of $5,525,000 was funded on such date. The loan bears interest at LIBOR, subject to a 1% floor, plus 11% per year, and is for a period of four years maturing on December 30, 2020. The loan is secured by a second priority security interest in LSC’s accounts receivable and inventory and a first priority security interest in all of LSC’s other assets. On December 8, 2017, we, Fund Fifteen and Fund Sixteen amended the secured term loan agreement with LSC to, among other things, add, revise and/or waive LSC’s breach of certain financial covenants during the three months ended December 31, 2017 and to amend certain other terms. In connection with the amendment, we received our proportionate share of an amendment fee of $13,674. Statements

~~LSC has been experiencing financial difficulties and has failed to make its quarterly in-arrears payments since July 1~~December 31, ~~2018. As a result, principal and interest due from LSC are currently more than 90 days past due. During the three months~~ 2019

19(unaudited)

~~Table~~Net investment in notes receivable consisted of ~~Contents~~the following:

ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust

	December 31,
	2019		2018
Principal outstanding ⁽¹⁾	$	1,332,874	$	8,927,397
Deferred fees		-		(258,358)
Credit loss reserve ⁽²⁾		-		(3,302,796)
`Net investment in notes receivable ⁽³⁾	$	1,332,874	$	5,366,243

(A1) As of ~~Delaware~~December 31, ~~Statutory~~2019 ~~Trust)~~and 2018, total principal outstanding related to our impaired loans was $1,332,874 and $7,824,097, respectively.

~~Notes~~(2) As of December 31, 2018, we had a credit loss reserve of $3,511,243 related to ~~Consolidated~~LSC, ~~Financial~~of ~~Statements~~which $208,447 was reserved against the accrued interest receivable included in other assets and $3,302,796 was reserved against net investment in notes receivable.

~~December~~(3) As of December 31, 2019 and 2018, ~~(unaudited)~~net investment in notes receivable related to our impaired loans was $1,332,874 and $4,273,222, respectively.

~~and December 31, 2017~~TMA

~~ended~~On ~~September 30~~July 14, ~~2018~~2014, we, ICON ~~LSC~~Leasing ~~engaged~~Fund aTwelve ~~chief~~Liquidating ~~restructuring~~Trust ~~officer~~(formerly, ICON Leasing Fund Twelve, LLC) (“Fund Twelve”) and weICON ~~were~~ECI ~~working~~Fund ~~with~~Fifteen ~~LSC~~Liquidating ~~and~~Trust ~~its~~(formerly, ICON ~~stakeholders~~ECI toFund ~~assess~~Fifteen, ~~LSC’s~~L.P.) ~~financial~~(“Fund ~~condition~~Fifteen”), ~~for~~each ~~purposes~~an entity ofalso ~~formulating~~managed by our Managing Trustee (collectively, “ICON”), entered into a ~~restructuring~~secured ~~plan.~~term Asloan ~~part~~credit facility agreement with TMA to provide a credit facility of ~~these~~up ~~discussions~~to $29,000,000 on(the ~~October~~“ICON 19Loan”), ~~2018,~~of wewhich our commitment of $3,625,000 ~~LSC~~was ~~and~~funded ~~each~~on ofAugust 27, ~~its~~2014 ~~other~~(the ~~lenders~~“TMA ~~entered~~Initial ~~into~~Closing ~~forbearance~~Date”). ~~agreements~~The ~~under~~facility ~~which~~was weused ~~agreed~~by TMA to ~~forbear~~acquire and ~~from~~refinance ~~exercising~~two ~~our~~platform ~~rights~~supply ~~under~~vessels. At inception, the loan ~~agreement~~bore asinterest at the London Interbank Offered Rate (“LIBOR”), subject to a ~~result~~1% floor, plus a margin of ~~LSC~~17%. Upon the acceptance of both vessels by TMA’s ~~various~~sub-charterer ~~defaults~~on ~~until~~September 19, 2014, nothe ~~later~~margin ~~than~~was ~~January~~reduced ~~15,~~to ~~2019~~13%. ~~while~~On weNovember 24, ~~LSC~~2014, ICON entered into an amended and ~~each~~restated ofsenior ~~its~~secured ~~other~~term loan ~~stakeholders~~credit ~~continued~~facility ~~negotiating~~agreement with TMA pursuant to which an unaffiliated third-party (the “Senior Lender”) agreed to provide a ~~restructuring~~senior ~~plan.~~secured Interm ~~light~~loan in the amount of ~~these~~up ~~developments~~to $89,000,000 ~~our~~(the ~~Managing~~“Senior ~~Trustee~~Loan,” ~~placed~~and collectively with the ~~note~~ICON ~~receivable~~Loan, onthe ~~non-accrual~~“TMA ~~status~~Facility”) ~~and~~to ~~determined~~acquire ~~that~~two ~~there~~additional ~~was~~vessels. ~~doubt~~The ~~regarding~~TMA ~~the~~Facility ~~collectability~~had a term of five years from the ~~note~~TMA ~~receivable~~Initial Closing Date. ~~Our~~As ~~Managing~~a ~~Trustee~~result ~~assessed~~of the ~~collectability~~amendment, the margin for the ICON Loan increased to 15% and repayment of the ICON ~~note~~Loan ~~receivable~~became bysubordinated ~~using~~to athe ~~weighted-average~~repayment of the ~~concluded~~Senior ~~values~~Loan. ~~from~~The TMA Facility is secured by, among other things, a ~~market~~first priority ~~approach~~security interest in the four vessels and anTMA’s ~~income~~right ~~approach~~to ~~utilizing~~the ~~(i)~~collection anof ~~enterprise~~hire ~~value~~with ~~derived~~respect to earnings from ~~adjusted~~the sub-charterer ~~EBITDA~~related ~~multiples~~to ofthe ~~certain~~four ~~comparable~~vessels. ~~public~~As ~~companies~~a condition to the amendment and increased size of ~~certain~~the ~~targeted/acquired~~TMA ~~companies~~Facility, ~~and~~TMA ~~(ii)~~was ~~the~~required to ~~value~~cause ~~derived~~all ~~from~~four ~~discounted~~platform ~~cash~~supply ~~flows~~vessels ~~using~~to ~~company-specific~~be ~~projections~~under contract by March 31, 2015. Due to TMA’s failure to meet such condition, TMA was in technical default and ~~discount~~in ~~rates~~payment ~~for~~default ~~companies~~while ofavailable ~~similar~~cash ~~size~~was swept by the Senior Lender and~~/or~~ ~~risk~~applied to ~~profiles~~the Senior Loan in accordance with the loan agreement. ~~Based~~As ona ~~such~~result, ~~assessment~~the principal balance of the Senior Loan amortized at a faster rate. In January 2016, ~~our~~the remaining two previously unchartered vessels commenced employment. Our Managing Trustee assessed ~~believed~~the ~~that~~collectability weof ~~may~~the ~~potentially~~note ~~not~~receivable beat ~~able~~each toreporting ~~recover~~date, ~~approximately~~as $1applicable,~~700,000~~ toas ~~$2,600,000~~TMA’s ofcredit ~~the~~quality ~~outstanding~~slowly deteriorated ~~balance~~and ~~due~~the ~~from~~fair ~~LSC~~market asvalue of ~~September~~the ~~30,~~collateral ~~2018~~decreased. During the three months ended ~~September~~ June 30, ~~2018~~2017, weour ~~recorded~~Managing Trustee believed it was prudent to place the note receivable on non-accrual status. In September 2017, our Managing Trustee met with certain restructuring advisors engaged by TMA to discuss a ~~credit~~potential ~~loss~~restructuring of $2the company. On December 26,~~287~~ 2017,~~243~~ ICON, ~~based~~the onSenior ~~this~~Lender ~~assessment~~and TMA entered into a restructuring support and lock-up agreement to commit to a restructuring of TMA’s outstanding debt obligations and to provide additional funding to TMA, subject to execution of definitive agreements (further described below). As a result of these developments and a decrease in fair market value of the collateral, in which we had a second priority interest, our Managing Trustee ~~believed~~assessed ~~was~~the collectability of the ~~best~~note ~~estimate~~receivable ~~considering~~and ~~information~~recorded ~~that~~an ~~was~~aggregate credit ~~then~~loss ~~currently~~of $2,615,158 for ~~available.~~the year ended December 31, 2017.

In 2019, we, LSC and each of its other lenders amended the forbearance agreements on multiple occasions, with the most recent extending the forbearance period to June 4, 2019, while LSC and its advisers negotiate with a strategic buyer for a potential sale of all or substantially all of LSC’s assets or outstanding equity and to allow time for such potential buyer to perform its due diligence investigation of LSC. On February 15, 2019, we, Fund Fifteen and Fund Sixteen provided a “first-out” senior secured bridge loan in the aggregate amount of $500,000 to LSC, of which our commitment was $85,000, that (i) matures on the termination of the forbearance period without extension by all parties; and (ii) is secured by a first priority security interest in all of LSC’s assets. On the same date, LSC’s senior lender also provided a “first-out” senior secured bridge loan in the aggregate amount of $1,000,000 on the same terms and conditions as our bridge loan to LSC. In February 2019, LSC and the potential buyer signed a letter of intent for the purchase of all or substantially all of LSC’s assets or outstanding equity, subject to certain customary closing conditions, including satisfactory completion of the potential buyer’s due diligence investigation. On March 7, 2019, the potential buyer of LSC provided a “first-out” senior secured bridge loan in the amount of $3,000,000 to LSC that (a) matures on September 7, 2019, (b) shares priority in repayment with our and the senior lender’s bridge loans provided to LSC on February 15, 2019, and (c) is being used for working capital purposes by LSC while the potential buyer and LSC negotiate a sale transaction.

~~Our~~Table ~~Managing Trustee reassessed the collectability~~ of the impaired loan based on these new developments as well as updated appraised values of the collateral securing our loan and determined that we may potentially not be able to recover an additional $1,020,000 to $2,671,000 of the outstanding balance due from LSC. As a result, during the three months ended December 31, 2018, we recorded an additional credit loss of $1,224,000, which our Managing Trustee believed was the best estimate within this range considering information that was then currently available. We can provide no assurance that the potential sale of LSC will be completed, or if completed at a purchase price that will satisfy all amounts due from LSC under our loan. Our Managing Trustee will adjust the credit loss reserve in future reporting periods based on new developments.Contents

AsICON Equipment ~~of December 31, 2018~~ and ~~2017,~~Corporate ~~our~~Infrastructure ~~net~~Fund ~~investment~~Fourteen inLiquidating note receivable related to LSC was $1,836,000 and $5,145,490, respectively. During the years ended December 31, 2018 and 2017, we recognized finance income of $455,913 and $780,540, respectively, of which no amount was recognized on a cash basis.Trust

~~Credit~~(A Delaware ~~loss~~Statutory ~~allowance activities for the years ended December 31, 2018 and 2017 were as follows:~~ Trust)

Credit Loss Allowance
Allowance for credit loss as of December 31, 2016	$	33,393,546
Provisions	2,615,158
Write-offs, net of recoveries	(33,393,546		)
Allowance for credit loss as of December 31, 2017	$	2,615,158
Provisions (unaudited)	3,511,243
Write-offs, net of recoveries (unaudited)	(2,615,158		)
Allowance for credit loss as of December 31, 2018 (unaudited)	$	3,511,243

Notes to Consolidated Financial Statements

20December 31, 2019

~~Table of Contents~~(unaudited)

On January 5, 2018, ICON, ~~Equipment~~the Senior Lender and ~~Corporate~~TMA ~~Infrastructure~~executed ~~Fund~~all ~~Fourteen~~definitive ~~Liquidating~~agreements ~~Trust~~including, without limitation, the second amended and restated term loan credit facility agreement in connection with the restructuring of the TMA Facility (the “Second Amendment”). Under the Second Amendment, ICON funded a total of $8,000,000 in exchange for (i) all amounts payable under the Senior Loan would amortize at a faster rate, at which time ICON would become the senior lender and have a first priority security interest in the four vessels and TMA’s right to the earnings generated by the vessels; and (ii) a 12.5% equity interest in two affiliates of TMA. Also as part of the Second Amendment, ICON agreed to reduce its aggregate notes and interest receivables to $20,000,000 in connection with the overall restructuring plan. As a result of the Second Amendment, on January 5, 2018, we funded our additional commitment of $1,000,000, which represented our share of the total additional commitment to TMA, and our note and interest receivables due from TMA were reduced to $2,500,000. As of January 5, 2018, of our $1,000,000 additional commitment to TMA, (a) $450,000 represented our 12.5% share of the fair value of the 12.5% equity interest in two affiliates of TMA (see Note 6), which was based on an independent third-party valuation and (b) the remaining $550,000 represented an additional loan to TMA. As a result of this restructuring, during the three months ended March 31, 2018, we wrote off the allowance for credit loss of $2,615,158 related to TMA, of which $1,064,668 was previously reserved against the accrued interest receivable and $1,550,490 was previously reserved against our net investment in notes receivable. In addition, we also wrote off the corresponding $1,064,668 accrued interest receivable. In accordance with the Second Amendment, our restructured loan of $2,500,000 bears interest at a rate of 12% per year and is scheduled to mature on January 5, 2021. The amended TMA Facility is secured by substantially the same collateral that secured the TMA Facility prior to the restructuring. Since the closing of the restructuring, the ICON Loan has been accounted for on an accrual basis.

On June 12, 2018, all of TMA’s obligations to the Senior Lender and all amounts payable under the Senior Loan were satisfied in full. As a result, ICON became the agent and senior lender and has a first priority security interest in the four vessels and TMA’s right to the earnings generated by the vessels. Interest was accrued as PIK interest until the Senior Loan was satisfied in full. Upon satisfaction of the Senior Loan, (Ai) $131,667 ~~Delaware~~of ~~Statutory~~PIK ~~Trust~~interest was reclassified to principal; and (ii) the ICON Loan was being amortized at 25% per year and together with interest, is payable quarterly in arrears. On July 5, 2018, we extended the due date of certain payments from TMA for an additional 15 days for a fee of $3,750. Such payments were thereafter timely received from TMA. On October 4, 2018, we extended the due date of the quarterly interest and principal payments from TMA for an additional 20 days for a fee of $5,000. The fee was timely received, but the quarterly interest and principal payments were not received from TMA until November 9, 2018.

~~Notes~~On April 5, 2019, we extended the due date of the quarterly interest and principal payments from TMA for an additional 25 days for a fee of $3,125, in which all of such payments were thereafter received from TMA on or around the extended due date. During the year ended and as of December 31, 2019, TMA was in default of its obligations under the ICON Loan and the related transaction documents due to, ~~Consolidated~~among ~~Financial~~other ~~Statements~~things, TMA’s breach of certain covenants. On November 26, 2019, we advised TMA that we were placing the ICON Loan in default, accelerating the repayment of all amounts payable under the ICON Loan and demanded that TMA and/or its guarantors immediately repay such amounts to us. TMA and its guarantors failed to make such payments. As a result, we have further exercised our rights under the loan agreement to (i) charge default interest on all outstanding amounts payable under the ICON Loan; and (ii) periodically sweep a portion of the charter payments received from the sub-charterers related to the four vessels securing the ICON Loan for the purpose of paying down all outstanding amounts owed from TMA. As of December 31, 2019, this sweeping mechanism has allowed the principal balance of the ICON Loan to amortize at a faster rate. Simultaneously, TMA is engaging in discussions with potential financing sources for a refinancing transaction that could enable TMA to repay the ICON Loan.

As of December 31, 2019 and 2018, our net investment in note receivable related to TMA was $1,332,874 and $2,437,222, respectively. For the years ended December 31, 2019 and 2018, ~~(unaudited)~~we recognized finance income of $255,594 and $317,938, respectively, of which no amount was recognized on a cash basis.

~~and December 31, 2017~~CFL

On December 20, 2016, we, Fund Fifteen and ICON ECI Fund Sixteen Liquidating Trust (4formerly, ICON ECI Fund Sixteen) ~~Leased~~ ~~Equipment~~(“Fund Sixteen”), an entity also managed by our Managing Trustee, entered into a secured term loan credit facility agreement with CFL to provide a credit facility of up to $7,400,000, of which our commitment of $1,258,000 was funded on December 21, 2016. The loan bore interest at ~~Cost~~8% per year and we were entitled to an equity participation fee based partly on the fair market value of the vessel upon repayment of the loan. The loan was scheduled to mature on December 21, 2020 and was secured by, among other things, a first priority security interest in and earnings from a motor cargo vessel. CFL and Industrial Maritime Carriers (Bermuda), Ltd. (“IMC”), the sub-charterer of the vessel, were in default of their respective obligations under the loan documents and the sub-charter, respectively, due to, among other things (i) CFL frequently incurred shortfalls on its quarterly payments to us under the loan agreement; (ii) CFL’s failure to ensure the payment of, and IMC’s failure to pay, all sub-charter payments related to the vessel directly into a designated earnings account; (iii) CFL’s failure to maintain a minimum liquidity amount in such designated earnings account; and (iv) CFL’s failure to satisfy its financial reporting requirements under the loan agreement. As a result, on October 5, 2018, we advised CFL that we were accelerating the repayment of all amounts payable under the loan and demanded that CFL and/or its guarantors immediately repay such amounts to us. CFL and its guarantors failed to make such payments. On October 22, 2018, we exercised our rights under the loan documents to assume CFL’s obligations under the sub-charter with IMC and appointed our designee to replace CFL as the owner of the vessel solely for purposes of the sub-charter. As a result, sub-charter payments were paid directly to us by IMC during late February to early April of 2019 to partially satisfy amounts payable under the loan.

~~Leased equipment at cost consisted of the following:~~ 16

		December 31,
		2018		2017
		(unaudited)
Marine - dry bulk vessels		$	—	$	21,000,000
Less: accumulated depreciation		—		1,267,681
	Leased equipment at cost, less accumulated depreciation	$	—	$	19,732,319

Table of Contents

OnICON Equipment ~~July 5, 2016, two supramax bulk carrier vessels were redelivered to us by a lessee who had defaulted on its lease payments~~ and ~~purchase~~Corporate ~~obligations~~Infrastructure ~~prior~~Fund toFourteen ~~lease~~Liquidating expiration. Upon redelivery, the vessels were renamed “Bulk Progress” and “Bulk Power” and were bareboat chartered to Americas Bulk Transport (BVI) Limited (“Americas Bulk”) for five years. Commencing July 5, 2017, either we or Americas Bulk could have terminated one or both charters on each subsequent anniversary date, provided certain criteria were met. Charter hire payments varied month-to-month as a result of a profit sharing arrangement set forth in the charters.Trust

On(A Delaware ~~May~~Statutory 8, 2018, we and Americas Bulk entered into an agreement in which both parties agreed to jointly market and sell the two vessels during the remainder of 2018, with Americas Bulk continuing to pay charter hire in accordance with the charters until the sale of the vessels. As of June 30, 2018, the vessels met the criteria to be classified as assets held for sale and since then, no further depreciation was recorded on the vessels. Depreciation expense was $425,714 and $851,426 for the years ended December 31, 2018 and 2017, respectively.Trust)

~~On August 22, 2018 and September 17, 2018, the Bulk Progress and the Bulk Power, respectively, were sold~~ Notes to ~~unaffiliated~~Consolidated ~~third~~Financial parties, each for a gross purchase price of $11,500,000. As a result, we recorded an aggregate gain on sale of $1,460,924 during the year ended December 31, 2018. For the years ended December 31, 2018 and 2017, pre-tax income associated with the vessels was $1,826,094 and $289,143, respectively. Statements

~~(5) Vessel~~December 31, 2019

On June 17, 2016, a crude oil tanker was redelivered to us by a lessee who had defaulted on its lease payments and purchase obligation prior to lease expiration. Upon redelivery, the vessel was dry-docked until early July 2016, after which we renamed the vessel “Shamrock.” On July 14, 2016, we entered the Shamrock into a pooling arrangement, Stena Sonangol Suezmax Pool LLC (~~the “Stena Pooling Arrangement”~~unaudited), with other crude oil tankers owned by unaffiliated third parties. The term of the Stena Pooling Arrangement was for at least 12 months, after which the time charter and participation of the vessel in the pool could have been terminated by either party at any time. As part of the Stena Pooling Arrangement, we received a monthly distribution, calculated on a time charter equivalent basis, whereby net pool earnings were allocated to each pool participant according to an agreed upon formula based on, among other things, the number of days a vessel operates in the pool and other technical characteristics, such as speed and fuel consumption. The Stena Pooling Arrangement also included a shortfall provision that required us to pay back a portion of the monthly distribution received upon certain criteria being met if we removed the vessel from the pool. As of December 31, 2017, deferred revenue included on our consolidated balance sheets due to this shortfall provision was $2,470,065. Monthly distributions, net of any amount subject to the shortfall provision, were recognized as pool revenue on our consolidated statements of operations.

21In January 2019, we further exercised our rights under the loan documents and appointed our designee to replace a CFL affiliate to manage the day-to-day technical and operational activities of the vessel. In April 2019, we exercised our security rights under the loan documents and arrested the motor cargo vessel after filing a complaint with, and receiving an order of arrest and seizure from, the United States District Court for the Southern District of Texas (the “Court”). Shortly thereafter, we filed with the Court a motion for judicial sale of the vessel in order for us to ultimately sell the vessel and allocate the sale proceeds to repay all or a portion of the outstanding amounts owed by CFL under the loan. On May 30, 2019, after the Court rejected all of CFL’s arguments made and motions filed in CFL’s attempt to prevent the sale of the vessel, the Court ordered that the sale take place at a public auction conducted by the U.S. Marshal on June 25, 2019. At the public auction, we submitted the minimum bid on the vessel based on credit (a non-cash bid based on our standing as a creditor of CFL with claims against the vessel). No other party that attended the auction submitted a bid and therefore, we won the auction and ownership of the vessel. On July 10, 2019, the Court rejected additional opposition by CFL and issued an order confirming the June 25, 2019 judicial sale of the vessel to us and ordered the U.S. Marshal to issue a bill of sale reflecting the ownership change. On July 11, 2019, the U.S. Marshal issued a bill of sale reflecting the owner of the vessel as ICON Momentum, LLC (“ICON Momentum”), a newly-formed joint venture owned 17% by us, 75% by Fund Fifteen and 8% by Fund Sixteen. The credit bid at the public auction, and the judicial sale of the vessel to ICON Momentum, were all non-cash in nature. As a result, in substance, we received our proportionate share of ownership in the vessel through ICON Momentum based on our proportionate share of the credit facility that was funded to CFL in December 2016, with the goal of ultimately selling the vessel and allocating the sale proceeds to repay all or a portion of the outstanding amounts owed by CFL under the loan. We did not recognize any gain or loss as part of these transactions. As of July 11, 2019, the net investment in note and interest receivables due from CFL was $1,190,729, which our Managing Trustee deemed to be collectible through the bareboat charter that ICON Momentum entered into, as further described below. We reserve the right to seek further recovery from CFL to the extent the cash proceeds generated from the vessel were less than the outstanding amounts owed by CFL under the loan, as well as any vessel operating expenses and other costs we have incurred on behalf of CFL or incurred as a result of exercising our rights against CFL and the vessel.

~~Table~~In oforder ~~Contents~~to commence generating cash proceeds from the vessel, ICON Momentum subsequently entered into a six-month bareboat charter with FWN and ultimately sold the vessel to FWN (see Note 6).

~~ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust~~LSC

(AOn ~~Delaware~~December 30, 2016, ~~Statutory~~we, ~~Trust)~~Fund Fifteen and Fund Sixteen entered into a secured term loan agreement with LSC to provide a loan in the aggregate amount of $32,500,000, of which our commitment of $5,525,000 was funded on such date. The loan bore interest at LIBOR, subject to a 1% floor, plus 11% per year, and was for a period of four years maturing on December 30, 2020. The loan was secured by a second priority security interest in LSC’s accounts receivable and inventory and a first priority security interest in all of LSC’s other assets.

~~Notes~~LSC was experiencing financial difficulties and had failed to ~~Consolidated~~make ~~Financial~~its ~~Statements~~quarterly in-arrears payments since July 1, 2018. During the three months ended September 30, 2018, LSC engaged a chief restructuring officer and we were working with LSC and its stakeholders to assess LSC’s financial condition for purposes of formulating a restructuring plan. As part of these discussions, on October 19, 2018, we, LSC and each of its other lenders entered into forbearance agreements under which we agreed to forbear from exercising our rights under the loan agreement as a result of LSC’s various defaults until no later than January 15, 2019 while we, LSC and each of its other stakeholders continued negotiating a restructuring plan. In light of these developments, our Managing Trustee placed the note receivable on non-accrual status and determined that there was doubt regarding the collectability of the note receivable. Our Managing Trustee assessed the collectability of the note receivable by using a weighted-average of the concluded values from a market approach and an income approach utilizing (i) an enterprise value derived from adjusted EBITDA multiples of certain comparable public companies and of certain targeted/acquired companies and (ii) the value derived from discounted cash flows using company-specific projections and discount rates for companies of similar size and/or risk profiles. Based on such assessment, our Managing Trustee believed that we could potentially not be able to recover approximately $1,700,000 to $2,600,000 of the outstanding balance due from LSC as of September 30, 2018. During the three months ended September 30, 2018, we recorded a credit loss of $2,287,243 based on this assessment, which our Managing Trustee believed was the best estimate considering information that was then currently available.

~~December 31, 2018 (unaudited)~~ 17

~~and~~Table ~~December~~of ~~31, 2017~~Contents

~~During~~ICON Equipment ~~the year ended December 31, 2017, an impairment assessment on the Shamrock was triggered as a result of a price indicator from a potential purchaser as part of our Managing Trustee’s~~ and ~~ABN~~Corporate ~~AMRO~~Infrastructure ~~Securities’~~Fund ~~efforts~~Fourteen toLiquidating identify and execute the sale of certain of our shipping and offshore energy assets. As a result of such assessment, we recorded an impairment loss of $9,445,807 based on an estimated fair value of the vessel of $36,000,000. Key assumptions used in determining fair value included assigning probabilities to (i) fair values determined by two third-party valuation firms and (ii) fair value derived from discounted cash flows using current charter rates and sales data from a reputable firm who provides integrated shipping data and services. In addition, our Managing Trustee reassessed the residual value of the vessel and as a result of the adjusted carrying value and the change in residual value, our monthly depreciation decreased by $41,644, effective October 1, 2017. Trust

The shortfall provision expired on July 14, 2018. As a result, during the three months ended September 30, 2018, we recognized revenue of $3,013,554 that was previously deferred through June 30, 2018 due to this shortfall provision. In addition, during the three months ended September 30, 2018, we were in discussions with a broker for the potential sale of the Shamrock. On October 12, 2018, we signed a memorandum of agreement with a potential buyer to sell the Shamrock for an agreed-upon sale price of approximately $30,000,000. Our Managing Trustee determined that the vessel met the criteria to be classified as asset held for sale resulting in (i)A Delaware aStatutory ~~reclassification of the Shamrock from vessel to asset held for sale on our consolidated balance sheet as of September 30, 2018 and (ii~~Trust) no further deprecation was recorded related to the Shamrock. Depreciation expense was $1,203,312 and $1,979,210 for the years ended December 31, 2018 and 2017, respectively. As part of this assessment, we recorded an impairment loss of $5,495,584 during the three months ended September 30, 2018 to write down the Shamrock to its estimated fair value less cost to sell in accordance with U.S. GAAP.

~~On December 14, 2018, the Shamrock was sold~~ Notes to anConsolidated ~~unaffiliated~~Financial third party for a gross purchase price of $29,600,000. No significant gain or loss was recognized from the sale. As part of the sale, the Shamrock was withdrawn from participation in the Stena Pooling Arrangement. On December 20, 2018, we were advised by the commercial manager of the pool that it made an error in calculating the pool points allocated to the Shamrock for a period of time and as a result, the manager of the pool over-allocated $1,172,057 of earnings to the Shamrock. As of December 31, 2018, we had gross pool earnings of $1,603,409 due from the pool. As a result of the commercial manager’s claims and the fact that we have not yet received payment of this receivable, we recorded an allowance against the receivable of $1,172,057 during the three months ended December 31, 2018. We have reserved all of our rights against the pool and its manager while we investigate the validity of the manager’s alleged error in calculating pool points and allocating related revenue to the vessel.Statements

~~For the years ended~~ December 31, ~~2018 and 2017, pre-tax loss associated with the Shamrock was $5,897,337 and $11,601,294, respectively.~~ 2019

(6unaudited) ~~Investment in Joint Ventures~~

~~Offshore~~In ~~Support~~2019, ~~Vessel~~we, LSC and each of its other lenders amended the forbearance agreements on multiple occasions, with the last amendment extending the forbearance period to June 4, 2019, while LSC and its advisers negotiated with a strategic buyer for the sale of all or substantially all of LSC’s assets or outstanding equity and to allow time for such buyer to perform its due diligence investigation of LSC. On February 15, 2019, we, Fund Fifteen and Fund Sixteen provided a “first-out” senior secured bridge loan in the aggregate amount of $500,000 to LSC, of which our commitment was $85,000, that (i) was scheduled to mature on the termination of the forbearance period without extension by all parties; and (ii) was secured by a first priority security interest in all of LSC’s assets. On the same date, LSC’s senior lender also provided a “first-out” senior secured bridge loan in the aggregate amount of $1,000,000 on the same terms and conditions as our bridge loan to LSC. In February 2019, LSC and the buyer signed a letter of intent for the purchase of all or substantially all of LSC’s assets or outstanding equity, subject to certain customary closing conditions, including satisfactory completion of the buyer’s due diligence investigation. On March 7, 2019, the buyer of LSC provided a “first-out” senior secured bridge loan in the amount of $3,000,000 to LSC for its working capital purposes while sale negotiations were ongoing that (a) was scheduled to mature on September 7, 2019 and (b) shared priority in repayment with our and the senior lender’s bridge loans provided to LSC on February 15, 2019.

OnOur ~~December~~Managing ~~19,~~Trustee reassessed ~~2011,~~the acollectability ~~joint~~of ~~venture~~the ~~owned~~impaired ~~40%~~loan bybased uson ~~and~~these ~~60%~~developments byas ~~Fund~~well ~~Fifteen~~as ~~agreed~~updated toappraised ~~purchase~~values anof ~~offshore support vessel,~~ the ~~AMC~~collateral securing ~~Ambassador~~our ~~(f/k/a~~loan ~~the~~and ~~Lewek~~determined ~~Ambassador),~~that ~~from~~we ~~Ezram~~could ~~LLC,~~potentially anot ~~wholly-owned~~be ~~subsidiary~~able ofto ~~Ezra~~recover ~~Holdings~~an ~~Limited~~additional ~~(“Ezra”). On December 20~~$1, ~~2011~~020,000 ~~the~~to ~~joint venture funded~~ $92,~~000~~671,000 of the outstanding ~~purchase~~balance ~~price~~due ~~through a combination of related party debt (see Note 8) and equity~~ from usLSC. ~~and~~As ~~Fund~~a ~~Fifteen~~result, ~~with~~during the ~~remaining~~three ~~portion~~months ~~to be funded upon delivery of the vessel. Simultaneously with the initial funding~~ended December 31, ~~the joint venture entered into a bareboat charter with Gallatin Marine Management~~2018, ~~LLC~~we ~~(“Gallatin”)~~recorded ~~for~~an aadditional credit ~~period~~loss of ~~nine~~$1,224,000, ~~years~~which toour ~~commence~~Managing onTrustee ~~the~~believed ~~delivery~~was ~~date of~~ the ~~vessel.~~best ~~Gallatin’s~~estimate ~~obligations~~within ~~under~~this ~~the~~range ~~bareboat~~considering ~~charter~~information that ~~were guaranteed by Ezra. The vessel~~ was ~~delivered~~then oncurrently ~~June 4, 2012 and the purchase price was set at $24,869,000~~available. ~~The joint venture financed the remaining purchase price with non-recourse long-term debt totaling $17,500,000.~~

InOn May 28, ~~2016~~2019, the ~~Gallatin~~buyer ~~began~~completed ~~paying~~the ~~its~~purchase ~~monthly~~of ~~charter~~substantially ~~payments late and~~ all ~~charter~~of ~~payments ceased since~~ the ~~payment~~assets ~~due in December 2016. In December 2016, Ezra hired a restructuring advisor. In January 2017, our Managing Trustee was informed that, following a deterioration~~ of ~~Ezra’s~~LSC and ~~its~~a ~~affiliated~~portion ~~companies’ financial condition during the fourth quarter~~ of ~~2016, payments under~~ the ~~bareboat~~sales ~~charter~~proceeds ~~could~~was noused ~~longer~~by ~~be reasonably expected~~ LSC to berepay ~~made.~~the Onnote ~~February 6~~receivable, ~~2017,~~of ~~EMAS~~which ~~Chiyoda~~we ~~Subsea~~received ~~Limited (“EMAS”)~~$1,732,336. ~~the~~As ~~time~~a ~~charterer~~result of ~~the~~this ~~vessel~~repayment, ~~filed~~an aadditional ~~petition~~loss inof ~~Singapore~~$188,664 towas recorded ~~wind~~during upthe ~~and~~year ~~liquidate~~ended ~~the~~December 31, ~~company~~2019. In addition, ~~Ezra~~we ~~could~~wrote ~~have~~off ~~become~~an ~~subject~~aggregate tocredit aloss ~~winding~~reserve uppreviously ~~order~~recognized of ~~in Singapore. On February 27~~$3, ~~2017~~511,243 ~~both Gallatin~~ and ~~EMAS~~the ~~commenced~~same ~~voluntary~~corresponding ~~Chapter~~balance 11related ~~proceedings~~to in the ~~Bankruptcy~~note ~~Court in the Southern District of Texas. On March 7, 2017, Gallatin~~ and ~~EMAS~~interest ~~filed~~receivables aduring ~~motion with~~ the ~~bankruptcy~~year ~~court~~ended ~~to reject the bareboat and time charters~~December 31, 2019. On

22As of December 31, 2018, our net investment in note receivable related to LSC was $1,836,000. During the year ended December 31, 2019, we did not recognize any finance income. During the year ended December 31, 2018, we recognized finance income of $455,913, of which no amount was recognized on a cash basis.

~~Table~~Credit ofloss ~~Contents~~allowance activities for the years ended December 31, 2019 and 2018 were as follows:

ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust

Credit Loss Allowance
Allowance for credit loss as of December 31, 2017	$	2,615,158
Provisions		3,511,243
Write-offs, net of recoveries		(2,615,158)
Allowance for credit loss as of December 31, 2018	$	3,511,243
Provisions		-
Write-offs, net of recoveries		(3,511,243)
Allowance for credit loss as of December 31, 2019	$	-

(A4) Leased ~~Delaware~~Equipment ~~Statutory~~at ~~Trust)~~Cost

~~Notes~~On July 5, 2016, two supramax bulk carrier vessels were redelivered to ~~Consolidated~~us ~~Financial~~by ~~Statements~~a lessee who had defaulted on its lease payment and purchase obligations prior to lease expiration. Upon redelivery, the vessels were renamed “Bulk Progress” and “Bulk Power” and were bareboat chartered to Americas Bulk Transport (BVI) Limited (“Americas Bulk”) for five years. Charter hire payments varied month-to-month as a result of a profit sharing arrangement set forth in the charters.

~~December 31, 2018 (unaudited)~~ 18

~~and~~Table ~~December~~of ~~31, 2017~~Contents

~~March~~ICON ~~18,~~Equipment ~~2017,~~and ~~Ezra~~Corporate ~~commenced~~Infrastructure Fund aFourteen ~~voluntary~~Liquidating ~~Chapter 11 proceeding in the Bankruptcy Court in the Southern District of New York.~~ Trust

~~Consequently,~~(A asDelaware ofStatutory December 31, 2016, our Managing Trustee assessed the joint venture’s collectability of the finance lease based on the estimated fair market value of the vessel provided by an independent third-party appraiser. As a result, the joint venture recorded a credit loss of $7,271,958 to write down its net investment in finance lease related to the vessel to $8,000,000. We were only allocated $1,306,625 of such credit loss as our investment in the joint venture was written down to zero. During the three months ended December 31, 2016, the joint venture placed the lease on non-accrual status and ceased to recognize finance income. Trust)

InNotes ~~April 2017, the bankruptcy court approved the motion filed by Gallatin and EMAS~~ to ~~reject~~Consolidated ~~the~~Financial bareboat and time charters with an effective date of March 12, 2017. As a result, the bareboat and time charters were deemed terminated as of such date and subsequently, the AMC Ambassador was classified as vessel on the joint venture’s balance sheet. During the three months ended June 30, 2017, the joint venture repossessed the AMC Ambassador. As part of this process, the joint venture obtained an updated third-party appraisal for the vessel, which provided an estimated fair value as of June 30, 2017 for the vessel that was below its then net book value. As a result, the joint venture recorded an impairment loss of $2,000,000 during the three months ended June 30, 2017. As part of the joint venture’s annual assessment of asset impairment, based on an updated third-party appraisal that the joint venture obtained for the AMC Ambassador, the joint venture recorded an additional impairment loss of $1,817,962 during the three months ended December 31, 2017. No impairment loss recorded by the joint venture during 2017 was allocated to us as our investment in the joint venture was previously written down to zero.Statements

~~For the year ended~~ December 31, ~~2017, the joint venture recognized finance income of $156,975, which was recognized on a cash basis. As of December 31, 2017, our investment in the joint venture was $0.~~2019

On June 27, 2018, the AMC Ambassador was sold to a third-party purchaser for $1,500,000. A portion of the sale proceeds was used to satisfy in full certain third-party claims against the vessel of $555,456, with the remaining portion used to settle the joint venture’s non-recourse long-term debt obligations related to the vessel. As a result, the joint venture recognized a loss on sale of vessel of $2,045,055 and recognized a gain on extinguishment of debt of $4,764,270, of which we were allocated $0 as our investment in the joint venture was previously written down to zero and our share of such net gain did not exceed our share of net losses previously not recognized. (unaudited)

~~Mining~~On ~~Equipment~~May 8, 2018, we and Americas Bulk entered into an agreement in which both parties agreed to jointly market and sell the two vessels during the remainder of 2018, with Americas Bulk continuing to pay charter hire in accordance with the charters until the sale of the vessels. As of June 30, 2018, the vessels met the criteria to be classified as assets held for sale and since that time, no further depreciation was recorded on the vessels. Depreciation expense was $425,714 for the year ended December 31, 2018.

On ~~March 4~~August 22, 2018 ~~2014,~~and ~~a joint venture owned 15% by us~~September 17, ~~60% by Fund Twelve~~2018, ~~15%~~the byBulk ~~Fund~~Progress ~~Fifteen~~ and ~~10%~~the byBulk ~~Fund Sixteen purchased mining equipment from an affiliate of Blackhawk Mining~~Power, ~~LLC (“Blackhawk”). Simultaneously~~respectively, ~~the~~were ~~mining~~sold ~~equipment was leased~~ to ~~Blackhawk~~unaffiliated ~~and~~third ~~its~~parties, each ~~affiliates~~ for ~~four~~a ~~years.~~gross ~~The aggregate~~ purchase price ~~for the mining equipment~~ of $2511,~~359,446 was funded by $17,859,446 in cash and $7,~~500,000. ofAs ~~non-recourse~~a ~~long-term~~result, ~~debt.~~we ~~Our~~recorded ~~contribution~~an toaggregate ~~the~~gain ~~joint~~on ~~venture~~sale ~~was~~of $21,~~693~~460,~~395.~~924 Onduring ~~July~~the ~~21,~~year ended ~~2017~~December 31, ~~Blackhawk~~2018. ~~satisfied~~For ~~its~~the ~~remaining~~year ~~lease~~ended ~~obligations by making a prepayment of $7~~December 31,~~753,666.~~ ~~As a result~~2018, ~~the~~pre-tax ~~joint venture recognized finance~~ income ofassociated ~~$353,373,~~with ofthe ~~which~~vessels ~~our share~~ was $531,~~006~~826,094.

~~LPG~~(5) ~~Tanker Vessels~~Vessel

On ~~March 21~~June 17, ~~2014~~2016, a ~~joint~~crude ~~venture~~oil ~~owned~~tanker ~~12.5%~~was byredelivered to us, ~~75%~~ by ~~Fund~~a ~~Twelve~~lessee ~~and~~who ~~12.5%~~had bydefaulted ~~Fund~~on ~~Fifteen,~~its ~~through~~lease ~~two~~payment ~~indirect~~and ~~subsidiaries,~~purchase ~~entered~~obligations ~~into~~prior ~~memoranda~~to oflease expiration. ~~agreement~~Upon toredelivery, ~~purchase~~the ~~two~~vessel ~~LPG~~was ~~tanker~~dry-docked ~~vessels~~until early July 2016, ~~the~~after ~~EPIC~~which ~~Bali~~we ~~and~~renamed the ~~EPIC~~vessel ~~Borneo~~“Shamrock.” On ~~(f/k/a~~July 14, ~~the~~2016, ~~SIVA~~we ~~Coral~~entered ~~and~~ the ~~SIVA~~Shamrock ~~Pearl,~~into ~~respectively)~~a ~~(collectively~~pooling arrangement, Stena Sonangol Suezmax Pool LLC (the “~~EPIC~~Stena ~~Vessels~~Pooling Arrangement”), ~~from~~with ~~Foreguard~~other ~~Shipping~~crude Ioil ~~Global~~tankers ~~Ships~~owned ~~Ltd~~by unaffiliated third parties. ~~(f/k/a~~The ~~Siva~~term ~~Global~~of ~~Ships~~the ~~Limited)~~Stena ~~(“Foreguard~~Pooling ~~Shipping”)~~Arrangement was for anat ~~aggregate~~least ~~purchase~~12 ~~price~~months, ofafter ~~$41,600,000.~~which ~~The~~the ~~EPIC~~time ~~Bali~~charter and participation of the ~~EPIC~~vessel ~~Borneo~~in ~~were~~the ~~delivered~~pool oncould ~~March~~have 28been terminated by either party at any time. As part of the Stena Pooling Arrangement, ~~2014~~we ~~and~~received ~~April~~a 8monthly distribution, ~~2014~~calculated on a time charter equivalent basis, ~~respectively.~~whereby ~~The~~net ~~EPIC~~pool ~~Vessels~~earnings were ~~bareboat~~allocated ~~chartered~~to each pool participant according to an ~~affiliate~~agreed ofupon ~~Foreguard~~formula based ~~Shipping~~on, ~~for~~among aother ~~period~~things, the number of ~~eight~~days ~~years~~a ~~upon~~vessel operates in the ~~delivery~~pool ofand ~~each~~other ~~respective~~technical ~~vessel~~characteristics, such as speed and fuel consumption. The ~~EPIC~~Stena ~~Vessels~~Pooling ~~were~~Arrangement ~~each~~also ~~acquired~~included ~~for~~a ~~approximately~~shortfall ~~$3,550,000~~provision inthat ~~cash,~~required ~~$12,400,000~~us ofto ~~financing~~pay ~~through~~back a ~~senior~~portion of ~~secured~~the ~~loan~~monthly ~~from~~distribution ~~DVB~~received ~~Group~~upon ~~Merchant~~certain ~~Bank~~criteria ~~(Asia)~~being ~~Ltd.~~met ~~(“DVB~~if ~~Asia”)~~we ~~and~~removed $4the vessel from the pool. Monthly distributions,~~750,000~~ net of ~~financing~~any ~~through~~amount asubject ~~subordinated~~to the shortfall provision, ~~non-interest-bearing~~were ~~seller’s~~recognized ~~credit.~~as ~~Our~~pool ~~contribution~~revenue toon ~~the~~our ~~joint~~consolidated ~~venture~~statements ~~was~~of ~~$1,022,225~~operations.

During the year ended December 31, ~~2016~~2017, an ~~event~~impairment ofassessment ~~default~~on the Shamrock was ~~continuing~~triggered ~~under~~as ~~the~~a ~~bareboat~~result ~~charters,~~of asa ~~well~~price indicator from a potential purchaser as part of our Managing Trustee’s and ABN AMRO Securities’ efforts to identify and execute the ~~loan~~sale ~~agreement~~of ~~with~~certain of ~~DVB~~our ~~Asia,~~shipping asand offshore energy assets. As a result of asuch ~~change~~assessment, we recorded an impairment loss of ~~control~~$9,445,807 based on an estimated fair value of the ~~bareboat~~vessel of $36,000,000. Key assumptions used in determining fair value included assigning probabilities to (i) fair values determined by two third-party valuation firms and (ii) fair value derived from discounted cash flows using then current charter ~~guarantor~~rates and sales data from a reputable firm who provides integrated shipping data and services. In addition, our anManaging ~~affiliate~~Trustee reassessed the residual value of ~~Foreguard~~the vessel and as a result of the adjusted carrying value and the change in residual value, our monthly depreciation decreased by $41,644, effective October 1, 2017.

23The shortfall provision expired on July 14, 2018. As a result, during the three months ended September 30, 2018, we recognized revenue of $3,013,554 that was previously deferred through June 30, 2018 due to this shortfall provision. In addition, during the three months ended September 30, 2018, we were in discussions with a broker for the potential sale of the Shamrock. On October 12, 2018, we signed a memorandum of agreement with a potential buyer to sell the Shamrock for an agreed-upon sale price of approximately $30,000,000. Our Managing Trustee determined that the vessel met the criteria to be classified as asset held for sale resulting in (i) a reclassification of the Shamrock from vessel to asset held for sale on our consolidated balance sheet as of September 30, 2018 and (ii) no further deprecation was recorded related to the Shamrock. Depreciation expense was $1,203,312 for the year ended December 31, 2018. As part of this assessment, we recorded an impairment loss of $5,495,584 during the three months ended September 30, 2018 to write down the Shamrock to its estimated fair value less cost to sell in accordance with U.S. GAAP.

~~Table~~On December 14, 2018, the Shamrock was sold to an unaffiliated third party for a gross purchase price of ~~Contents~~$29,600,000. No significant gain or loss was recognized from the sale. As part of the sale, the Shamrock was withdrawn from participation in the Stena Pooling Arrangement. On December 20, 2018, we were advised by the commercial manager of the pool that it made an error in calculating the pool points allocated to the Shamrock for a period of time and as a result, the manager of the pool over-allocated $1,172,057 of earnings to the Shamrock. As of December 31, 2018, we had gross pool earnings of $1,603,409 due from the pool. As a result of the commercial manager’s claims and the fact that we had not yet received payment of this receivable, we recorded an allowance against the receivable of $1,172,057 during the three months ended December 31, 2018. During the year ended December 31, 2019, we worked with both the commercial manager and the technical manager engaged by and affiliated with the commercial manager in order to perform a review of the revised pool point calculations. In December 2019, we entered into a settlement agreement with the commercial manager and its affiliates and as a result, we (i) reversed $41,992 of our credit loss reserve against the pool earnings receivable, and (ii) wrote off the remaining credit loss reserve and the corresponding balance of such receivable of $1,130,065 during the year ended December 31, 2019.

~~ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust~~19

(ATable ~~Delaware~~of ~~Statutory Trust)~~Contents

~~Notes~~ICON toEquipment ~~Consolidated~~and ~~Financial~~Corporate ~~Statements~~Infrastructure Fund Fourteen Liquidating Trust

~~December~~(A ~~31,~~Delaware ~~2018~~Statutory ~~(unaudited~~Trust)

~~and~~Notes ~~December~~to ~~31,~~Consolidated ~~2017~~Financial Statements

~~Shipping. On~~ December 26, 2017, the indirect subsidiaries amended the bareboat charters with Foreguard Shipping to, among other things, waive the continuing event of default and increase the monthly charter hire payable by Foreguard Shipping for each vessel. In addition, Foreguard Shipping paid an aggregate amendment fee of $131,~~087,512.~~ On December 26, 2017, the indirect subsidiaries also amended the loan agreement with DVB Asia to, among other things, waive the continuing event of default and provide for an aggregate partial prepayment on the senior secured loan of $1,240,000.2019

As part of our Managing Trustee’s and ABN AMRO Securities’ 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 investment in this joint venture. As a result of such assessment, our Managing Trustee believed that the loss in value of this investment was other than a temporary decline and as a result, determined to record an impairment loss of $190,000 on our investment in joint venture related to Foreguard Shipping during the year ended December 31, 2017. (unaudited)

OnFor ~~February 14, 2018, Foreguard Shipping purchased~~ the ~~EPIC~~years ~~Vessels from the indirect subsidiaries for an aggregate purchase price of $32~~ended December 31,~~412,488.~~ As2019 aand ~~result~~2018, ~~the bareboat charters were terminated. A portion of the proceeds from the sale of the EPIC Vessels was used to satisfy in full the seller's credit to Foreguard Shipping and the related outstanding non~~pre-~~recourse~~tax ~~long-term~~income ~~debt obligations to DVB Asia. As a result, the joint venture recorded a~~ (loss) ~~of $3,018,839,~~associated ofwith ~~which our share was $377,355. The loss was primarily due to (i)~~ the ~~seller’s~~Shamrock ~~credit, which~~ was ~~satisfied in full at its maturity amount of~~ $940,~~500,000 rather~~755 ~~than~~and ~~its then-present value of~~ ($75,~~355~~897,~~183 recorded on the joint venture’s books prior to the sale~~337), ~~and (ii) the write-off of the remaining unamortized indirect costs~~respectively.

~~Offshore~~(6) ~~Supply~~Investment ~~Vessel~~in Joint Ventures

On June 12, 2014, a joint venture owned 12.5% by us, 75% by Fund Twelve and 12.5% by Fund Fifteen purchased an offshore supply vessel from Pacific Crest Pte. Ltd. (“Pacific Crest”) for $40,000,000. Simultaneously, the vessel was bareboat chartered to Pacific Crest for ten years. The vessel was acquired for approximately $12,000,000 in cash, $26,000,000 of financing through a senior secured loan from DVB Asia and $2,000,000 of financing through a subordinated, non-interest-bearing seller’s credit. Our contribution to the joint venture was $1,617,158.TMA

~~Since~~As ~~July~~part ~~2017,~~of ~~Pacific~~the ~~Crest~~restructuring of ~~failed~~our tonote ~~make~~receivable ~~its~~with ~~monthly~~TMA ~~charter~~in ~~payments~~January 2018, ~~and~~two ~~our~~joint ~~Managing~~ventures, ~~Trustee~~each ~~was~~owned ~~advised~~12.5% inby ~~July~~us, ~~2017~~75% ~~that~~by ~~Pacific~~Fund ~~Crest~~Twelve ~~was~~and ~~engaged~~12.5% by inFund ~~discussions~~Fifteen, ~~with~~acquired ~~its lenders regarding~~ a ~~potential~~12.5% ~~restructuring~~equity ofinterest ~~its~~in ~~outstanding~~two ~~debt~~affiliates ~~obligations~~of TMA. AsThe ~~a result, the~~ joint ~~venture~~ventures ~~performed~~accounted anfor ~~impairment~~such ~~test~~equity oninterests under the ~~vessel.~~equity ~~For~~method ~~the~~until ~~year ended December 31~~June 29, ~~2017~~2018, when the joint ~~venture~~ventures ~~recorded~~no anlonger ~~aggregate~~had ~~impairment~~influence ~~loss~~over ~~of $19,295,230~~the ~~based~~operating onand ~~our~~financial policies ~~impairment~~of ~~tests,~~these two affiliates of ~~which~~TMA weand ~~were~~as ~~only~~a ~~allocated $1~~result,~~758,641 as~~ ~~our~~commenced ~~investment~~accounting infor ~~the~~such ~~joint~~equity ~~venture~~interests ~~was~~under ~~written~~the ~~down~~cost ~~to zero~~method.

OnOffshore ~~April~~Support 20, 2018, the joint venture and DVB Asia entered into an agreement (the “DVB Asia Agreement”) under which the parties agreed (i) to cooperate to market and sell the offshore supply vessel, (ii) on the application of any future payments that may be received by the joint venture from Pacific Crest and/or Pacific Radiance Ltd. (“Pacific Radiance”), the guarantor of Pacific Crest’s obligations under the bareboat charter related to the vessel, in settlement of all obligations and liabilities of Pacific Crest and Pacific Radiance under the bareboat charter and the guaranty, respectively, and (iii) on the application of the sale proceeds from any future sale of the vessel. On December 18, 2018, the joint venture and DVB Asia entered into an addendum to the DVB Asia Agreement (the “DVB Asia Addendum”) under which the joint venture agreed to continue providing certain administrative and operational services related to the vessel until the earlier of the sale of the vessel and March 14, 2019. DVB Asia agreed to reimburse the joint venture (a) for such administrative services in an amount not to exceed $16,500, and (b) for all operational and technical management costs related to the vessel.Vessel

On ~~May 14~~December 19, ~~2018~~ 2011, ~~the~~a joint venture ~~entered~~owned ~~into~~40% aby ~~settlement~~us ~~agreement with Pacific Crest, Pacific Radiance~~ and ~~DVB~~60% ~~Asia~~by ~~under~~Fund ~~which,~~Fifteen ~~among other things, (i) the parties~~ agreed to ~~terminate~~purchase ~~the~~an ~~bareboat~~offshore ~~charter~~support ~~and~~vessel, the ~~joint~~AMC ~~venture~~Ambassador (f/k/a ~~released~~the ~~Pacific~~Lewek ~~Crest~~Ambassador), ~~and Pacific Radiance~~ from ~~all~~Ezram ~~obligations~~LLC, ~~and~~a ~~liabilities~~wholly-owned ~~under~~subsidiary ~~the~~of ~~bareboat~~Ezra ~~charter~~Holdings ~~and~~Limited ~~the~~(“Ezra”). ~~guaranty,~~On ~~respectively~~December 20, 2011, ~~in each case upon~~ the joint venture’s ~~receipt~~funded ~~of a~~ $19,000,000 ~~payment~~of ~~from~~the ~~Pacific~~purchase ~~Crest,~~price through a ~~portion~~combination of ~~which~~related ~~was~~party ~~used~~debt to(see ~~make~~Note a8) ~~partial~~and ~~repayment~~equity from onus ~~the~~and ~~outstanding~~Fund ~~debt~~Fifteen, towith ~~DVB Asia; (ii)~~ the ~~parties~~remaining ~~agreed~~portion to ~~cooperate~~be tofunded ~~market~~upon ~~and~~delivery ~~sell~~of the ~~offshore supply~~ vessel;. ~~and~~Simultaneously ~~(iii)~~with ~~Pacific~~the ~~Crest~~initial funding, ~~released~~ the joint venture ~~from~~entered ~~its~~into ~~obligation~~a tobareboat ~~repay~~charter ~~the~~with ~~seller's~~a ~~credit~~lessee ~~and~~for ~~Pacific~~a ~~Crest~~period ~~continued~~of tonine ~~maintain~~years ~~the~~to ~~vessel~~commence inon ~~its then current condition until December 15, 2018. Effective December 16, 2018, we engaged~~ the ~~existing~~delivery date ~~ship~~of ~~management company for~~ the vessel,. ~~with~~The ~~costs~~lessee’s toobligations bewere ~~reimbursed~~guaranteed by ~~DVB~~Ezra. ~~Asia~~The ~~under~~vessel ~~the~~was ~~DVB~~delivered ~~Asia~~on ~~Addendum. On May 18~~June 4, ~~2018,~~2012 and the purchase ~~joint~~price ~~venture~~was ~~received~~set ~~the~~at $124,~~000~~869,000. ~~payment~~The ~~from Pacific Crest, of which (a) the~~ joint venture ~~was~~financed ~~allocated~~the ~~$566,667,~~remaining ofpurchase ~~which~~price ~~our~~with ~~share~~non-recourse ~~was~~long-term ~~$70,833~~debt totaling ~~and (b) the remaining~~ $~~433~~17,~~333~~500, ~~net of any reimbursement~~ 000.

24In May 2016, the lessee began paying its monthly charter payments late and all charter payments ceased since the payment due in December 2016. During the year ended December 31, 2017, (i) the lessee and Ezra defaulted on their obligations and both filed for bankruptcy, (ii) the bareboat charter and the time charter were both terminated by the Bankruptcy Court and (iii) we repossessed the AMC Ambassador. While the AMC Ambassador was on lease to the lessee, the joint venture recorded a credit loss of $7,271,958 during the year ended December 31, 2016, of which we were only allocated $1,306,625 of such credit loss as our investment in the joint venture was written down to zero. During the year ended December 31, 2017, the joint venture repossessed the vessel and recorded an aggregate impairment loss of $3,817,962, of which no impairment loss was allocated to us as our investment in the joint venture was previously written down to zero.

~~Table~~On June 27, 2018, the AMC Ambassador was sold to a third-party purchaser for $1,500,000. A portion of ~~Contents~~the sale proceeds was used to satisfy in full certain third-party claims against the vessel of $555,456, with the remaining portion used to settle the joint venture’s non-recourse long-term debt obligations related to the vessel. As a result, the joint venture recognized a loss on sale of vessel of $2,045,055 and recognized a gain on extinguishment of debt of $4,764,270, of which we were allocated $0 as our investment in the joint venture was previously written down to zero and our share of such net gain did not exceed our share of losses previously not recognized.

~~ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust~~20

(ATable ~~Delaware~~of ~~Statutory Trust)~~Contents

~~Notes~~ICON toEquipment ~~Consolidated~~and ~~Financial~~Corporate ~~Statements~~Infrastructure Fund Fourteen Liquidating Trust

~~December~~(A ~~31,~~Delaware ~~2018~~Statutory ~~(unaudited~~Trust)

~~and~~Notes ~~December~~to ~~31,~~Consolidated ~~2017~~Financial Statements

~~from DVB Asia pursuant to the DVB Asia Agreement and the DVB Asia Addendum~~December 31, was applied toward the repayment of the joint venture’s outstanding non-recourse debt to DVB Asia. As a result, the joint venture recognized $1,000,000 of income as part of this arrangement, of which our share was $125,000. 2019

~~On May 16, 2018, Pacific Radiance and its subsidiaries~~ (~~including Pacific Crest~~unaudited) made applications to the Singapore High Court seeking interim protection against legal proceedings and other claims as they seek to restructure their outstanding debt obligations with stakeholders. On June 11, 2018, the Court granted such protection to Pacific Radiance and its subsidiaries (including Pacific Crest) until December 2018, which was further extended to April 18, 2019.

OnLPG ~~June~~Tanker 4, 2018, the joint venture entered into an exclusivity agreement with a potential purchaser of the offshore supply vessel under which the joint venture agreed to exclusively negotiate with such potential purchaser for the sale of the vessel to permit the potential purchaser to bid on a bareboat charter that if accepted, would have employed the offshore supply vessel. In exchange for exclusivity, the potential purchaser paid a $25,000 nonrefundable fee to the joint venture. The exclusivity agreement expired and the joint venture was informed by the potential purchaser that it would not proceed with the purchase of the vessel. Vessels

AsOn March 21, 2014, a ~~result~~joint ofventure ~~the~~owned ~~termination~~12.5% ofby ~~the bareboat charter~~us, ~~the~~75% ~~joint~~by ~~venture~~Fund ~~reclassified~~Twelve ~~the~~and ~~offshore~~12.5% ~~supply~~by ~~vessel~~Fund ~~from~~Fifteen, ~~leased~~through ~~equipment~~two atindirect ~~cost~~subsidiaries, toentered into ~~vessel~~memoranda onof ~~its~~agreement ~~consolidated~~to ~~balance~~purchase ~~sheet~~two asLPG oftanker ~~June 30~~vessels, ~~2018~~the atEPIC Bali and the ~~then~~EPIC ~~net~~Borneo ~~carrying~~(f/k/a ~~value~~the ofSIVA ~~$5,400,000.~~Coral ~~During~~and the SIVA ~~remainder~~Pearl, ofrespectively) ~~2018~~(collectively, the ~~joint~~“EPIC ~~venture~~Vessels”), ~~continued~~from toForeguard ~~work~~Shipping ~~with~~I ~~DVB~~Global ~~Asia,~~Ships ~~Pacific~~Ltd. ~~Crest~~(f/k/a ~~and~~Siva Global ~~Pacific~~Ships ~~Radiance~~Limited) to(“Foreguard ~~identify~~Shipping”) ~~sale~~for ~~opportunities~~an ~~and~~aggregate onpurchase ~~December~~price ~~11,~~of ~~2018~~$41,600,000. ~~the~~The ~~joint~~EPIC ~~venture~~Bali ~~signed~~and athe EPIC ~~memorandum~~Borneo ofwere ~~agreement~~delivered toon ~~sell~~March 28, ~~the~~2014 ~~vessel~~and toApril 8, a2014, ~~third-party~~respectively. ~~purchaser,~~The ~~subject~~EPIC toVessels ~~satisfaction~~were ofbareboat ~~closing~~chartered to ~~conditions.~~an ~~Based~~affiliate onof ~~offers~~Foreguard ~~received~~Shipping ~~from~~for ~~potential~~a ~~purchasers~~period ~~through~~of ~~prior~~eight ~~negotiations,~~years ~~and~~upon the ~~agreed~~delivery ~~upon~~of ~~purchase~~each ~~price~~respective ~~pursuant~~vessel. toThe ~~the~~EPIC ~~memorandum~~Vessels were ofeach ~~agreement~~acquired for approximately $3,550,000 ~~our~~in ~~Managing~~cash, ~~Trustee~~$12,400,000 ~~performed~~of ~~impairment~~financing ~~tests~~through ~~and~~a ~~concluded~~senior ~~that~~secured ~~the~~loan ~~joint~~from ~~venture~~DVB ~~should~~Group Merchant ~~record~~Bank an(Asia) ~~aggregate~~Ltd. ~~impairment~~(“DVB ~~loss~~Asia”) ofand $104,~~611~~750,~~836~~000 ~~during 2018,~~ of ~~which~~financing nothrough ~~loss~~a ~~was~~subordinated, ~~allocated~~non-interest-bearing toseller’s credit. usOur ascontribution ~~our~~to ~~investment~~the in joint venture was ~~previously written down to zero~~$1,022,225.

~~Upon~~During the ~~satisfaction~~year ofended December 31, ~~all~~2016, ~~closing~~an ~~conditions,~~event onof ~~March~~default ~~11,~~was ~~2019,~~continuing under the ~~joint~~bareboat ~~venture~~charters, ~~sold~~as ~~the~~well ~~vessel~~as to the ~~third-party~~loan ~~purchaser~~agreement ~~for~~with $2DVB Asia,~~300,000~~ inas ~~accordance~~a ~~with~~result ~~the memorandum~~ of ~~agreement.~~a Nochange ~~significant~~of ~~gain~~control orof ~~loss~~the ~~was~~bareboat ~~recognized~~charter asguarantor, aan ~~result~~affiliate of ~~the~~Foreguard ~~sale~~Shipping. ~~However~~On December 26, 2017, the ~~joint~~indirect ~~venture~~subsidiaries ~~recognized~~amended athe ~~gain~~bareboat oncharters ~~extinguishment~~with ofForeguard ~~debt~~Shipping ~~of approximately $16~~to,~~500,000~~ inamong ~~March~~other ~~2019~~things, bywaive ~~using~~ the ~~net~~continuing event ~~sale~~of ~~proceeds~~default toand ~~settle~~increase the ~~non-recourse~~monthly ~~debt~~charter ~~obligations~~hire ~~with~~payable ~~DVB~~by ~~Asia~~Foreguard ~~related~~Shipping tofor ~~the~~each vessel,. ofIn ~~which~~addition, weForeguard ~~are~~Shipping paid ~~expected~~an toaggregate beamendment ~~allocated~~fee of $01,087,512. asOn ~~our~~December 26, ~~investment~~2017, inthe ~~joint~~indirect ~~venture~~subsidiaries ~~was~~also ~~previously~~amended ~~written~~the ~~down~~loan agreement with DVB Asia to, ~~zero~~among ~~and~~other ~~our~~things, ~~share~~waive the continuing event of ~~such~~default ~~net~~and ~~gain~~provide ~~did~~for ~~not~~an ~~exceed~~aggregate ~~our~~partial ~~share~~prepayment on ofthe ~~net~~senior ~~losses~~secured ~~previously~~loan ~~not~~of ~~recognized~~$1,240,000.

~~Seismic~~As ~~Testing~~part ~~Equipment~~of our Managing Trustee’s and ABN AMRO Securities’ 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 investment in this joint venture. As a result of such assessment, our Managing Trustee believed that the loss in value of this investment was other than a temporary decline and as a result, determined to record an impairment loss of $190,000 on our investment in joint venture related to Foreguard Shipping during the year ended December 31, 2017.

On ~~September 4~~February 14, ~~2014~~ 2018, aForeguard ~~joint~~Shipping ~~venture~~purchased ~~owned~~the ~~33.5%~~EPIC byVessels ~~us,~~from ~~52%~~the byindirect ~~Fund~~subsidiaries ~~Sixteen~~for ~~and~~an ~~14.5%~~aggregate bypurchase ~~ICON~~price ~~ECI~~of ~~Partners L~~$32,412,488.P. As ~~(“ECI~~a ~~Partners”)~~result, anthe ~~entity~~bareboat ~~also~~charters ~~managed~~were byterminated. ~~our~~A ~~Managing~~portion ~~Trustee,~~of ~~purchased~~the ~~certain~~proceeds ~~land-based~~from ~~seismic~~the ~~testing~~sale ~~equipment~~of ~~for $10,677,018. Simultaneously,~~ the ~~seismic~~EPIC ~~testing~~Vessels ~~equipment~~ was ~~leased~~used to ~~Geokinetics~~satisfy in ~~Inc.,~~full ~~Geokinetics~~the ~~USA,~~seller's ~~Inc.~~credit ~~and~~to ~~Geokinetics~~Foreguard ~~Acquisition~~Shipping ~~Company~~and ~~(collectively,~~the ~~“Geokinetics”)~~related ~~for~~outstanding ~~three~~non-recourse ~~years.~~long-term ~~Our~~debt ~~contribution~~obligations to DVB Asia. As a result, the joint venture ~~was~~recorded a loss of $3,~~666~~018,~~221. On~~839, ~~February~~of ~~15,~~which ~~2017~~our share was $377,355. ~~Fund~~The ~~Sixteen~~loss ~~purchased~~was ~~all~~primarily due ofto ~~ECI~~(i) the ~~Partners~~seller’s ~~limited~~credit, ~~liability~~which ~~company~~was ~~interests~~satisfied in ~~the~~full ~~joint~~at ~~venture.~~its Asmaturity aamount ~~result~~of $9,500,000 rather than its then-present value of $7,355,183 recorded on the joint venture’s ~~was~~books ~~owned~~prior ~~33.5%~~to bythe ussale, and ~~66.5%~~(ii) the write-off byof ~~Fund~~the ~~Sixteen.~~remaining unamortized indirect costs.

~~Upon~~Offshore ~~lease~~Supply expiration, Geokinetics was obligated to purchase all of the seismic testing equipment from the joint venture 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, the joint venture entered into a forbearance agreement with Geokinetics pursuant to which Geokinetics was 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 paid on November 15, 2017. All payments were made by Geokinetics in accordance with the forbearance agreement and title to the equipment was transferred to Geokinetics accordingly. The penalty and forbearance fee was recognized as additional finance income.Vessel

~~Geotechnical~~On ~~Drilling~~June 12, ~~Vessels~~2014, a joint venture owned 12.5% by us, 75% by Fund Twelve and 12.5% by Fund Fifteen purchased an offshore supply vessel from Pacific Crest Pte. Ltd. (“Pacific Crest”) for $40,000,000. Simultaneously, the vessel was bareboat chartered to Pacific Crest for ten years. The vessel was acquired for approximately $12,000,000 in cash, $26,000,000 of financing through a senior secured loan from DVB Asia and $2,000,000 of financing through a subordinated, non-interest-bearing seller’s credit. Our contribution to the joint venture was $1,617,158.

OnSince ~~December 23~~July 2017, Pacific ~~2015,~~Crest ~~ICON~~failed ~~Fugro~~to ~~Holdings,~~make ~~LLC~~its ~~(“ICON~~monthly ~~Fugro”),~~charter apayments ~~joint~~and ~~venture~~our ~~owned~~Managing ~~15%~~Trustee bywas ~~us,~~advised ~~75%~~in byJuly 2017 ~~Fund~~that ~~Fifteen~~Pacific ~~and~~Crest was ~~10%~~engaged byin ~~Fund~~discussions ~~Sixteen,~~with ~~through~~its ~~two~~lenders ~~indirect~~regarding ~~subsidiaries,~~a ~~entered~~potential ~~into~~restructuring ~~memoranda~~ of ~~agreement~~its tooutstanding ~~purchase~~debt ~~two~~obligations. ~~geotechnical~~As ~~drilling~~a ~~vessels~~result, commencing July 1, 2017, the ~~Fugro~~joint ~~Scout~~venture ~~and~~ceased recognizing rental income on the ~~Fugro~~lease. ~~Voyager~~During ~~(collectively~~the year ended December 31, 2017, the ~~“Fugro~~joint ~~Vessels”),~~venture ~~from~~performed ~~affiliates~~impairment tests on the vessel and recorded an aggregate impairment loss of $19,295,230, of which we were only allocated $1,758,641 as our investment in the joint venture was written down to zero.

25On April 20, 2018, the joint venture and DVB Asia entered into an agreement (the “DVB Asia Agreement”) under which the parties agreed (i) to cooperate to market and sell the offshore supply vessel, (ii) on the application of any future payments that may be received by the joint venture from Pacific Crest and/or Pacific Radiance Ltd. (“Pacific Radiance”), the guarantor of Pacific Crest’s obligations under the bareboat charter related to the vessel, in settlement of all obligations and liabilities of Pacific Crest and Pacific Radiance under the bareboat charter and the guaranty, respectively, and (iii) on the application of the sale proceeds from any future sale of the vessel. On December 18, 2018, the joint venture and DVB Asia entered into an addendum to the DVB Asia Agreement (the “DVB Asia Addendum”) under which the joint venture agreed to continue providing certain administrative and operational services related to the vessel until the earlier of the sale of the vessel and March 14, 2019. DVB Asia agreed to reimburse the joint venture (a) for such administrative services in an amount not to exceed $16,500, and (b) for all operational and technical management costs related to the vessel.

~~Table of Contents~~21

~~ICON~~Table ~~Equipment~~of ~~and Corporate Infrastructure Fund Fourteen Liquidating Trust~~Contents

(AICON ~~Delaware~~Equipment ~~Statutory~~and Corporate Infrastructure Fund Fourteen Liquidating Trust)

~~Notes~~(A toDelaware ~~Consolidated~~Statutory ~~Financial Statements~~Trust)

~~December~~Notes ~~31,~~to ~~2018~~Consolidated ~~(unaudited)~~Financial Statements

~~and~~ December 31, ~~2017~~2019

~~Fugro N.V.~~ (~~“Fugro”~~unaudited) 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 could have been terminated by the indirect subsidiaries after year five. Our contribution to ICON Fugro was $3,565,875.

AsOn ~~part~~May 14, of2018, the ~~our~~joint ~~Managing~~venture ~~Trustee’s~~entered into a settlement agreement with Pacific Crest, Pacific Radiance and ~~ABN~~DVB ~~AMRO~~Asia ~~Securities’~~under ~~efforts~~which, among other things, (i) the parties agreed to ~~identify~~terminate ~~and~~the ~~execute~~bareboat charter and the ~~sale~~joint ofventure ~~certain~~released ofPacific ~~our~~Crest ~~shipping~~and Pacific Radiance from all obligations and ~~offshore~~liabilities ~~energy~~under ~~assets~~the bareboat charter and the guaranty, respectively, in each case upon the joint venture’s receipt of a ~~price~~$1,000,000 ~~indicator~~payment from Pacific Crest, a ~~potential~~portion ~~purchaser~~of ~~triggered~~which anwas ~~impairment~~used ~~assessment~~to make a partial repayment on ~~our~~the ~~investment~~outstanding indebt ~~this~~to DVB Asia; (ii) the parties agreed to cooperate to market and sell the offshore supply vessel; and (iii) Pacific Crest released the joint venture. Asfrom aits ~~result~~obligation ofto ~~such~~repay ~~assessment,~~the ~~our~~seller's ~~Managing~~credit ~~Trustee~~and ~~believed~~Pacific ~~that~~Crest continued to maintain the ~~loss~~vessel in ~~value~~its ofthen ~~this~~current ~~investment~~condition ~~was~~until ~~other~~December 15, ~~than~~2018. Effective aDecember 16, ~~temporary~~2018, ~~decline~~we ~~and~~engaged the asexisting aship ~~result~~management company for the vessel, ~~determined~~with costs to ~~record~~be anreimbursed ~~impairment~~by ~~loss~~DVB ofAsia under the DVB Asia Addendum. On May 18, 2018, the joint venture received the $~~664~~1,000,000 payment from Pacific Crest, of which (a) onthe joint venture was allocated $566,667, of which our ~~investment~~share inwas $70,833 and (b) the remaining $433,333, net of any reimbursement from DVB Asia pursuant to the DVB Asia Agreement and the DVB Asia Addendum, was applied toward the repayment of the joint venture’s ~~related~~outstanding non-recourse debt to ~~Fugro~~DVB ~~during~~Asia. As a result, the ~~year~~joint ~~ended~~venture ~~December~~recognized 31$1,000,000 ~~2017~~of income as part of this arrangement, of which our share was $125,000.

InOn ~~anticipation of a potential breach of a financial covenant by Fugro on December 31~~May 16, ~~2017~~2018, Pacific ~~effective~~Radiance ~~December~~and ~~29,~~its ~~2017, the indirect~~ subsidiaries ~~and~~(including ~~the~~Pacific ~~affiliates~~Crest) ofmade ~~Fugro~~applications ~~amended~~to the ~~bareboat~~Singapore ~~charters~~High onCourt ~~April~~seeking 6,interim ~~2018~~protection against ~~to,~~legal ~~among~~proceedings ~~other things, amend certain financial covenants, increase the daily charter rate~~ and ~~provide~~other ~~for~~claims ~~additional~~as ~~security~~they ~~deposits.~~sought Asto ~~part~~restructure oftheir ~~the~~outstanding ~~amendment,~~debt ~~ICON~~obligations ~~Fugro~~with ~~received a fee of $55,000, of which our share was $8,250~~stakeholders. On ~~Effective December 29~~June 11, ~~2017~~2018, the ~~indirect~~Court ~~subsidiaries~~granted ~~also~~such ~~amended~~protection ~~the~~to ~~facility~~Pacific ~~agreement~~Radiance ~~with ABN AMRO, Rabobank~~ and ~~NIBC~~its onsubsidiaries ~~April~~(including 6,Pacific ~~2018~~Crest) tountil December 2018, ~~among~~which ~~other~~was ~~things,~~further ~~increase~~extended ~~the interest rate~~ on ~~the~~multiple ~~senior~~occasions ~~secured~~in ~~loans to share the economic benefits of the amended bareboat charters~~2019.

On ~~September 7~~June 4, 2018, the joint venture entered into an ~~unaffiliated~~exclusivity ~~third-party~~agreement ~~purchased~~with ~~100%~~ a potential purchaser of the ~~limited~~offshore ~~liability~~supply ~~company~~vessel ~~interests~~under ofwhich ~~ICON~~the joint ~~Fugro~~venture ~~for~~agreed ~~net~~to ~~sales~~exclusively ~~proceeds~~negotiate with such potential purchaser for the sale of ~~$27~~the vessel to permit the potential purchaser to bid on a bareboat charter that if accepted,~~727,846~~ would have employed the offshore supply vessel. AsIn aexchange ~~result~~for exclusivity, the wepotential ~~recorded~~purchaser paid a ~~gain~~$25,000 onnonrefundable ~~sale~~fee ofto ~~investment~~the in joint venture. ~~of $225,377~~The ~~during~~exclusivity agreement expired and the ~~year~~joint venture ~~ended~~was ~~December~~informed ~~31,~~by ~~2018~~the potential purchaser that it would not proceed with the purchase of the vessel.

~~TMA~~As a result of the termination of the bareboat charter, the joint venture reclassified the offshore supply vessel from leased equipment at cost to vessel on its consolidated balance sheet as of June 30, 2018 at the then net carrying value of $5,400,000. During the remainder of 2018, the joint venture continued to work with DVB Asia, Pacific Crest and Pacific Radiance to identify sale opportunities. On December 11, 2018, the joint venture signed a memorandum of agreement to sell the vessel to a third-party purchaser, subject to satisfaction of closing conditions. Based on offers received from potential purchasers through prior negotiations, and the agreed upon purchase price pursuant to the memorandum of agreement, our Managing Trustee performed impairment tests and determined that the joint venture should record an aggregate impairment loss of $10,611,836 during the year ended December 31, 2018, of which no loss was allocated to us as our investment in joint venture was previously written down to zero.

AsUpon ~~part~~the satisfaction of all closing conditions, on March 11, 2019, the ~~restructuring~~joint ofventure ~~our~~sold ~~note~~the ~~receivable~~vessel to the third-party purchaser for $2,300,000 in accordance with ~~TMA~~the memorandum of agreement and incurred selling costs of $178,614. ~~two~~The joint ~~ventures~~venture recorded a gain of $43,386 as ~~each~~a ~~owned~~result 12of the sale.5% byIn usaddition, ~~75%~~the byjoint ~~Fund~~venture ~~Twelve~~recognized ~~and~~a ~~12.5%~~gain byon ~~Fund~~extinguishment ~~Fifteen~~of debt of $16,340,934 ~~acquired~~in aMay 2019 by ~~12.5%~~using ~~equity~~its ~~interest~~remaining incash ~~two~~on ~~affiliates~~hand, inclusive of ~~TMA.~~the ~~The~~net ~~joint~~sale ~~ventures~~proceeds ~~accounted~~from ~~for~~the ~~such~~vessel, ~~equity~~to ~~interests~~pay ~~under~~down ~~the~~a ~~equity~~portion ~~method~~of ~~until~~the ~~June~~outstanding debt 29obligations, ~~2018,~~with ~~when~~DVB Asia forgiving the repayment of the joint ~~ventures~~venture’s noremaining ~~longer~~outstanding ~~had~~debt ~~influence~~obligations. ~~over~~We were ~~the~~not ~~operating~~allocated ~~and~~any ~~financial~~gain ~~policies~~from the sale of ~~these~~the ~~two~~vessel ~~affiliates~~or from the gain on extinguishment of ~~TMA~~debt ~~and~~during asthe ayear ~~result~~ended December 31, 2019 ~~commenced~~as ~~accounting~~our ~~for~~investment in joint venture was previously written down to zero and our share of such ~~equity~~gains ~~interests~~did ~~under~~not ~~the~~exceed ~~cost~~our ~~method~~share of losses previously not recognized.

~~(7)~~Geotechnical ~~Non-Recourse~~Drilling ~~Long-Term Debt~~Vessels

AsOn December 23, 2015, ICON Fugro Holdings, LLC (“ICON Fugro”), a joint venture owned 15% by us, 75% by Fund Fifteen and 10% by Fund Sixteen, through two indirect subsidiaries, entered into memoranda of ~~December~~agreement 31to purchase two geotechnical drilling vessels, the ~~2018~~Fugro Scout and the Fugro Voyager (collectively, wethe ~~had~~“Fugro noVessels”), ~~non-recourse~~from ~~long~~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-~~term~~Boerenleenbank ~~debt~~B.A. ~~obligations~~(“Rabobank”) and NIBC Bank N.V. As(“NIBC”); and (iii) seller’s credits of $22,500,000. The Fugro Scout and the Fugro Voyager were delivered on December 3124, ~~2017~~2015 and January 8, we2016, respectively. ~~had~~The Fugro Vessels were bareboat chartered to affiliates of Fugro for a period of 12 years upon the ~~following~~delivery ~~non-recourse~~of ~~long-term~~each respective ~~debt:~~vessel, although such charters could have been terminated by the indirect subsidiaries after year five. Our contribution to ICON Fugro was $3,565,875.

Counterparty	December 31, 2017		Maturity	Rate
DVB Bank SE	$	32,512,500	2021	LIBOR + 3.50% and LIBOR + 3.85%
Less: debt issuance costs	481,862
Total non-recourse long-term debt	$	32,030,638

~~All~~Table of our non-recourse long-term debt obligations consisted of notes payable in which the lender had a security interest in the underlying assets. If the lessee defaulted on the underlying lease, which resulted in our default on the non-recourse long-term debt, the assets could have been foreclosed upon and the proceeds would have been remitted to the lender in extinguishment of that debt. As of December 31, 2017, the total carrying value of assets subject to non-recourse long-term debt was $55,331,215. Contents

OnICON ~~October~~Equipment ~~1, 2010, we entered into a loan agreement with DVB Bank SE (“DVB”)~~ and ~~Norddeutsche~~Corporate ~~Landesbank~~Infrastructure Fund ~~Girozentrale~~Fourteen ~~(“Nord~~Liquidating LB,” and together with DVB, the “lenders”) under which we borrowed $43,500,000 to finance the acquisition of the two supramax bulk carrier vessels that were renamed the Bulk Progress and the Bulk Power in July 2016. The loan was scheduled to mature on September 30, 2017 and bore interest at a fixed rate of 4.9825% for the first four years and then changed to a variable rate of LIBOR plus 3.85%. On July 6, 2016, we (i) repaid $10,000,000 to satisfy in full the Trust

26(A Delaware Statutory Trust)

~~Table~~Notes ofto ~~Contents~~Consolidated Financial Statements

~~ICON~~December 31, ~~Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust~~2019

(~~A Delaware Statutory Trust~~unaudited)

~~Notes~~As part of our Managing Trustee’s and ABN AMRO Securities’ efforts to ~~Consolidated~~identify ~~Financial~~and ~~Statements~~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 investment in this joint venture. As a result of such assessment, our Managing Trustee believed that the loss in value of this investment was other than a temporary decline and as a result, determined to record an impairment loss of $664,000 on our investment in joint venture related to Fugro during the year ended December 31, 2017.

~~December~~On 31September 7, 2018, ~~(unaudited)~~an unaffiliated third-party purchased 100% of the limited liability company interests of ICON Fugro for net sales proceeds of $27,727,846. As a result, we recorded a gain on sale of investment in joint venture of $225,377 during the year ended December 31, 2018.

~~and~~Motor ~~December~~Cargo ~~31, 2017~~Vessel

~~portion~~As a result of (i) the continuous ~~outstanding~~defaults ~~balance~~ of the secured term loan ~~due~~credit tofacility ~~Nord~~and ~~LB,~~related ~~net~~transaction documents by CFL; (ii) our arrest and seizure of athe ~~discount~~motor cargo vessel in April 2019; (iii) the judicial sale of ~~$2,427,602,~~the vessel in June 2019 by way of public auction; and (iiiv) the ~~refinanced~~Court’s confirmation of such judicial sale in July 2019, the ~~existing~~U.S. ~~outstanding~~Marshal ~~balance~~issued a bill of sale on July 11, 2019 reflecting ICON Momentum, a joint venture owned 17% by us, as the ~~loan~~owner ~~due~~of the vessel (see Note 3). In order to ~~DVB~~commence ofgenerating ~~$10~~cash proceeds from the vessel,~~700~~ in July 2019,~~000~~ ICON Momentum entered into a six-month bareboat charter with FWN that (a) became ~~new~~effective $on October 10,~~700,000~~ ~~facility~~2019; ~~agreement~~(b) provided ~~that~~for wethe ~~entered~~monthly ~~into~~drawdown ~~with~~of ~~DVB~~charter hire ondeposited ~~June~~by ~~30,~~FWN ~~2016.~~with ~~This~~ICON ~~refinancing~~Momentum; ~~transaction~~and ~~was~~(c) granted ~~consummated~~FWN options to ~~coincide~~purchase ~~with~~the ~~redelivery~~vessel ofduring the ~~vessels~~charter toperiod. usICON Momentum byaccounted for the ~~lessee~~charter as a sales-type lease and ~~our~~the ~~entry~~joint ~~into~~venture ~~new~~recognized ~~five-year~~a ~~charters~~selling ~~with~~profit ~~Americas~~of ~~Bulk~~$208,227 ~~effective~~on ~~July 6~~the commencement of the charter, ~~2016.~~of ~~The~~which ~~new~~our ~~facility~~portion was ~~scheduled~~$35,399. On February 10, 2020, FWN exercised its option to ~~mature~~purchase onthe ~~April 30,~~vessel ~~2021~~pursuant to ~~and~~the ~~bore~~terms ~~interest~~of atthe ~~LIBOR~~bareboat ~~plus~~charter 3for a purchase price of $6,722,000, of which our portion was $1,142,740.~~85%.~~ No gain or loss was recognized by the joint venture from this sale transaction.

~~Upon~~Information as to the ~~sale~~results of ~~the~~operations ~~Bulk Progress and the Bulk Power on August 22, 2018 and September 17, 2018, respectively, we used a portion~~ of ~~the~~this ~~sale~~joint ~~proceeds~~venture tois ~~satisfy~~summarized inas ~~full our related non-recourse long-term debt obligations to DVB totaling $9,416,426.~~ follows:

On June 21, 2011, we borrowed $44,000,000 in connection with the acquisition of the crude oil tanker that was renamed the Shamrock in July 2016. The loan bore interest at 3.500% per year through September 21, 2011. The interest rate after that date had been fixed pursuant to a swap agreement at 5.235% per year through the maturity of the debt. The loan was scheduled to mature on June 21, 2016, but was extended to coincide with the consummation of the July 2016 refinancing transaction with DVB (as further described below). In June 2016, upon maturity of the interest rate swap on the non-recourse long-term debt, we made a payment of $104,511. On June 30, 2016, we and DVB entered into a new $26,000,000 facility agreement for the purpose of refinancing the long-term debt related to the Shamrock. This refinancing transaction was consummated to coincide with redelivery of the vessel to us by the lessee and placing the vessel in the Stena Pooling Arrangement. The new facility was scheduled to mature on March 31, 2021 and bore interest at LIBOR plus 3.50%. As part of this refinancing, we incurred loan origination fees of $390,000.

	Year Ended December 31, 2019
Revenue	$	322,522
Net income	$	106,414
Our share of net income	$	18,090

On November 7, 2017, we were notified of an event of default for not making certain payments into a reserve account pursuant to the loan agreement in connection with the senior debt associated with the Shamrock. On January 16, 2018, we entered into an agreement (~~the “Letter Agreement”~~7) ~~with~~Non-Recourse ~~DVB~~Long-Term ~~to waive the event of default so long as we funded the required amounts to the reserve account in accordance with the terms and conditions of the Letter Agreement.~~ Debt

~~Upon~~As ~~the sale~~ of ~~the Shamrock on~~ December 14 31, 2019 and 2018, we ~~used~~had ano ~~portion~~non-recourse long-term debt obligations. All of our non-recourse long-term debt obligations consisted of notes payable in which the ~~sale~~lender ~~proceeds~~had toa ~~satisfy~~security interest in ~~full~~the underlying assets. If the borrower defaulted on the underlying lease or loan, resulting in our ~~related~~default on the non-recourse long-term debt, ~~obligations~~the assets could have been foreclosed upon and the proceeds would have been remitted to ~~DVB~~the ~~totaling~~lender ~~$20,540,877~~in extinguishment of that debt.

AsOn ofOctober 1, 2010, ~~December~~we entered into a loan agreement with DVB Bank SE (“DVB”) 31and Norddeutsche Landesbank Girozentrale (“Nord LB,” ~~2017~~and together with DVB, the “lenders”) under which we ~~had~~borrowed ~~capitalized~~$43,500,000 ~~net~~to ~~debt~~finance ~~financing~~the ~~costs~~acquisition of the ~~$481~~two supramax bulk carrier vessels that were renamed the Bulk Progress and the Bulk Power in July 2016. The loan was scheduled to mature on September 30,~~862~~ 2017 and bore interest at a fixed rate of 4.9825% ~~For~~for the first four years ~~ended~~and ~~December~~then changed to a variable rate of LIBOR plus 3.85%. 31On July 6, ~~2018~~2016, ~~and~~we ~~2017~~(i) repaid $10,000,000 to wesatisfy ~~recognized~~in ~~interest~~full ~~expense~~the portion of the outstanding balance of the loan due to Nord LB, net of a discount of $~~481~~2,~~862~~427,602, and (ii) refinanced the existing outstanding balance of the loan due to DVB of $~~195~~10,~~253~~700,000 ~~respectively~~with a new $10,700,000 ~~related~~facility agreement that we entered into with DVB on June 30, 2016. This refinancing transaction was consummated to ~~the~~coincide ~~amortization~~with redelivery of ~~debt~~the ~~financing~~vessels ~~costs~~to us by the lessee and our entry into new five-year charters with Americas Bulk, effective July 6, 2016. The new facility was scheduled to mature on April 30, 2021 and bore interest at LIBOR plus 3.85%.

~~(8) Transactions with Related Parties~~23

WeTable entered into certain agreements with our Managing Trustee and CION Securities whereby we paid or pay certain fees and reimbursements to these parties. CION Securities was entitled to receive a 3.00% dealer-manager fee from the gross proceeds from sales of ~~our Interests.~~ Contents

WeICON ~~paid~~Equipment ~~our Managing Trustee (i) a management fee of up to 3.50% of the gross periodic payments due~~ and ~~paid~~Corporate ~~from~~Infrastructure Fund ~~our~~Fourteen ~~investments~~Liquidating and (ii) acquisition fees, through the end of our operating period, equal to 2.50% of the purchase price of each investment we made in Capital Assets. Effective May 1, 2017, our Managing Trustee waived all future management fees.Trust

In addition, we reimbursed our Managing Trustee and its affiliates for organizational and offering expenses incurred in connection with our organization and offering. The reimbursement of these expenses was capped at the lesser of 1.44% of the gross offering proceeds (~~assuming~~A ~~all~~Delaware ofStatutory ~~the Interests were sold in the offering~~Trust) ~~and the actual costs and expenses incurred by our Managing Trustee and its affiliates. Our Managing Trustee also has a 1% interest in our profits, losses, distributions and liquidation proceeds.~~

InNotes addition, our Managing Trustee and its affiliates are reimbursed for administrative expenses incurred in connection with our operations. Administrative expense reimbursements are costs incurred by our Managing Trustee or its affiliates that are necessary to ~~our~~Consolidated ~~operations. These~~Financial costs include our Managing Trustee’s and its affiliates’ legal, accounting, investor relations and operations personnel costs, as well as professional fees and other costs that are charged to us based upon the percentage of time such personnel dedicate to us. Excluded are salaries and related costs, office rent, travel expenses and other administrative costs incurred by individuals with a controlling interest in our Managing Trustee.Statements

27December 31, 2019

~~Table of Contents~~(unaudited)

~~ICON~~Upon ~~Equipment~~the sale of the Bulk Progress and ~~Corporate~~the ~~Infrastructure~~Bulk ~~Fund~~Power ~~Fourteen~~on ~~Liquidating~~August 22, ~~Trust~~2018 and September 17, 2018, respectively, we used a portion of the sale proceeds to satisfy in full our related non-recourse long-term debt obligations to DVB totaling $9,416,426.

(AOn ~~Delaware~~June 21, ~~Statutory~~2011, we ~~Trust~~borrowed $44,000,000 in connection with the acquisition of the crude oil tanker that was renamed the Shamrock in July 2016. The loan bore interest at 3.500% per year through September 21, 2011. The interest rate after that date had been fixed pursuant to a swap agreement at 5.235% per year through the maturity of the debt. The loan was scheduled to mature on June 21, 2016, but was extended to coincide with the consummation of the July 2016 refinancing transaction with DVB (as further described below). In June 2016, upon maturity of the interest rate swap on the non-recourse long-term debt, we made a payment of $104,511. On June 30, 2016, we and DVB entered into a new $26,000,000 facility agreement for the purpose of refinancing the long-term debt related to the Shamrock. This refinancing transaction was consummated to coincide with redelivery of the vessel to us by the lessee and placing the vessel in the Stena Pooling Arrangement. The new facility was scheduled to mature on March 31, 2021 and bore interest at LIBOR plus 3.50%. As part of this refinancing, we incurred loan origination fees of $390,000.

~~Notes~~On November 7, 2017, we were notified of an event of default for not making certain payments into a reserve account pursuant to ~~Consolidated~~the ~~Financial~~loan ~~Statements~~agreement in connection with the senior debt associated with the Shamrock. On January 16, 2018, we entered into an agreement (the “Letter Agreement”) with DVB to waive the event of default so long as we funded the required amounts to the reserve account in accordance with the terms and conditions of the Letter Agreement.

~~December~~Upon 31the sale of the Shamrock on December 14, 2018, ~~(unaudited)~~we used a portion of the sale proceeds to satisfy in full our related non-recourse long-term debt obligations to DVB totaling $20,540,877.

~~and~~For ~~December~~the year ended December 31, ~~2017~~2018, we recognized interest expense of $481,862 related to the amortization of our remaining debt financing costs.

We(8) ~~paid~~Transactions ~~distributions~~with toRelated our Managing Trustee of $109,091 and $121,212 for the years ended December 31, 2018 and 2017, respectively. Our Managing Trustee’s interest in the net loss attributable to us was $92,969 and $189,831 for the years ended December 31, 2018 and 2017, respectively. Parties

~~Fees~~We entered into certain agreements with our Managing Trustee and ~~other~~CION ~~expenses~~Securities ~~incurred~~whereby bywe uspaid or pay certain fees and reimbursements to ~~our~~these ~~Managing~~parties. CION Securities ~~Trustee~~was orentitled ~~its~~to ~~affiliates~~receive ~~were~~a as3.00% ~~follows:~~dealer-manager fee from the gross proceeds from sales of our Interests.

			Years Ended December 31,
Entity	Capacity	Description	2018		2017
			(unaudited)
ICON Capital, LLC	Managing Trustee	Management fees (1)	$	—	$	216,979
ICON Capital, LLC	Managing Trustee	Administrative expense reimbursements (1)	857,811		1,184,627
			$	857,811	$	1,401,606

We paid our Managing Trustee (i) a management fee of up to 3.50% of the gross periodic payments due and paid from our investments and (ii) acquisition fees, through the end of our operating period, equal to 2.50% of the purchase price of each investment we made in Capital Assets. Effective May 1, 2017, our Managing Trustee waived all future management fees.

(In addition, we reimbursed our Managing Trustee and its affiliates for organizational and offering expenses incurred in connection with our organization and offering. The reimbursement of these expenses was capped at the lesser of 1.44% of the gross offering proceeds (assuming all of the Interests were sold in the offering) ~~Amount~~ ~~charged~~and ~~directly~~the toactual ~~operations~~costs and expenses incurred by our Managing Trustee and its affiliates. Our Managing Trustee also has a 1% interest in our profits, losses, distributions and liquidation proceeds.

AtIn ~~December 31~~addition, ~~2018~~our Managing Trustee and ~~2017,~~its weaffiliates ~~had~~are areimbursed ~~net~~for ~~payable~~administrative ofexpenses ~~$259,118~~incurred ~~and~~in ~~$75,587,~~connection ~~respectively,~~with ~~due~~our operations. Administrative expense reimbursements are costs incurred by our Managing Trustee or its affiliates that are necessary to our operations. These costs include our Managing Trustee’s and its affiliates’ legal, ~~which~~accounting, ~~primarily~~investor ~~consisted~~relations and operations personnel costs, as well as professional fees and other costs that are charged to us based upon the percentage of time such personnel dedicate to us. Excluded are salaries and related costs, office rent, travel expenses and other administrative ~~expense~~costs ~~reimbursements~~incurred ~~due~~by toindividuals with a controlling interest in our Managing Trustee.

We ~~partially~~paid ~~funded a joint venture owned 40% by us through a note receivable due from the joint venture that acquired the AMC Ambassador. The note bore interest at 15.5% per year and was scheduled~~ distributions to ~~mature~~our onManaging ~~June~~Trustee ~~4, 2019. As a result~~ of ~~the~~$138,889 ~~credit~~ and ~~impairment losses recorded by the joint venture related to the AMC Ambassador (see Note 6)~~$109,091 ~~collectability~~for of the ~~note~~years ~~receivable~~ended ~~was in doubt and we ceased income recognition on the note receivable and commenced recognizing credit losses during 2016. As of~~ December 31, ~~2017,~~2019 ~~the~~and ~~related~~2018, ~~party note receivable was fully reserved~~respectively. Our AsManaging Trustee’s ainterest ~~result~~in of the ~~sale~~net ~~of the AMC Ambassador by our joint venture, we wrote off the aggregate credit~~ loss ~~reserve~~attributable ~~and corresponding balance related~~ to ~~the~~us ~~note~~was ~~receivable of~~ $227,~~843,981 during~~851 ~~the~~and ~~year ended December 31~~$92,969 ~~2018. No interest income was recognized~~ for the years ended December 31, ~~2018~~2019 and ~~or 2017 as the note receivable was placed on non-accrual status during the three months ended December 31~~2018, ~~2016~~respectively.

~~(9) Fair Value Measurements~~24

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

~~· Level~~ICON 1:Equipment ~~Quoted~~and ~~market~~Corporate ~~prices~~Infrastructure Fund ~~available~~Fourteen inLiquidating ~~active markets for identical assets or liabilities as of the reporting date.~~Trust

~~· Level~~(A 2:Delaware ~~Pricing~~Statutory ~~inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date.~~Trust)

~~· Level~~Notes 3:to ~~Pricing~~Consolidated ~~inputs~~Financial ~~that are generally unobservable and are supported by little or no market data.~~Statements

~~Assets~~December 31, ~~Measured at Fair Value on a Nonrecurring Basis~~2019

We are required, on a nonrecurring basis, to adjust the carrying value or provide valuation allowances for certain assets using fair value measurements. Our non-financial assets, such as leased equipment at cost and vessel, are measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment charge is recognized. To determine the fair value when impairment indicators exist, we utilize different valuation approaches based on transaction-specific facts and circumstances to determine fair value, including, but not limited to, discounted cash flow models and the use of comparable transactions. The valuation of our financial assets, such as notes receivable, is included below only when fair value has been measured and recorded based on the fair value of the underlying collateral.(unaudited)

~~The~~Fees ~~following~~and ~~tables~~other ~~summarize~~expenses incurred ~~the~~by ~~valuation~~us ofto our ~~material~~Managing ~~non-financial~~Trustee ~~asset~~or ~~measured~~its ataffiliates ~~fair~~were ~~value on a nonrecurring basis, which is presented~~ as ~~of the date the impairment loss was recorded, while the carrying value of the asset is presented as of December 31, 2018 or 2017, as applicable~~follows:

			Years Ended December 31,
Entity	Capacity	Description	2019		2018
ICON Capital, LLC	Managing Trustee	Administrative expense reimbursements ⁽¹⁾	$	558,827	$	857,811

~~Table~~(1) Amount ofcharged ~~Contents~~directly to operations.

~~ICON~~At ~~Equipment~~December 31, 2019 and ~~Corporate~~2018, ~~Infrastructure~~we ~~Fund~~had ~~Fourteen~~a ~~Liquidating~~net ~~Trust~~payable of $178,717 and $259,118, respectively, due to our Managing Trustee and affiliates, which primarily consisted of administrative expense reimbursements due to our Managing Trustee.

(AWe ~~Delaware~~partially ~~Statutory~~funded a ~~Trust~~joint venture owned 40% by us through a note receivable due from the joint venture that acquired the AMC Ambassador. The note bore interest at 15.5% per year and was scheduled to mature on June 4, 2019. As a result of the credit and impairment losses recorded by the joint venture related to the AMC Ambassador (see Note 6), collectability of the note receivable was in doubt and we ceased income recognition on the note receivable and commenced recognizing credit losses during 2016. As of December 31, 2017, the related party note receivable was fully reserved. As a result of the sale of the AMC Ambassador by our joint venture, we wrote off the aggregate credit loss reserve and corresponding balance related to the note receivable of $2,843,981 during the year ended December 31, 2018. No interest income was recognized for the year ended December 31, 2018 as the note receivable was on non-accrual status.

~~Notes~~(9) toFair ~~Consolidated~~Value ~~Financial Statements~~Measurements

~~December~~Assets ~~31,~~and ~~2018~~liabilities carried ~~(unaudited)~~at fair value are classified and disclosed in one of the following three categories:

~~and~~· ~~December~~Level ~~31,~~1: ~~2017~~Quoted market prices available in active markets for identical assets or liabilities as of the reporting date.

										Impairment Loss
	Carrying Value at		Fair Value at Impairment Date							for the Year Ended
	December 31, 2018 (1)		Level 1		Level 2		Level 3			December 31, 2018
Vessel (unaudited)	$	—	$	—	$	—	$	30,000,000	(2)	$	5,495,584

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.

~~(1)~~· ~~The~~Level ~~vessel~~3: ~~was~~Pricing ~~sold~~inputs onthat ~~December~~are ~~14,~~generally ~~2018.~~unobservable and are supported by little or no market data.

~~(2)~~Assets ~~There~~Measured ~~were~~at ~~non-recurring~~Fair ~~fair~~Value ~~value~~on ~~measurements~~a inNonrecurring ~~relation to the impairment loss recorded as of September 30, 2018 related to the Shamrock. As of September 30, 2018, the fair value was $30,000,000.~~Basis

~~During~~We ~~the~~are ~~three~~required, ~~months~~on a ~~ended~~nonrecurring ~~September 30~~basis, ~~2018,~~to ~~the~~adjust ~~Shamrock met~~ the ~~criteria~~carrying tovalue beor ~~classified~~provide asvaluation ~~asset~~allowances ~~held~~ for ~~sale~~certain ~~resulting~~assets inusing afair ~~reclassification~~value ~~from~~measurements. Our ~~vessel~~non-financial toassets, ~~asset~~such ~~held for sale on our consolidated balance sheet~~ as ofleased ~~September~~equipment ~~30,~~at ~~2018.~~cost Asor ~~of September 30~~vessel, ~~2018,~~are ~~the~~measured ~~carrying~~at fair value ofwhen ~~such~~there ~~asset~~is ~~held~~an ~~for~~indicator ~~sale~~of impairment ~~was $28,900,000,~~and ~~which~~recorded ~~represented~~at ~~the estimated~~ fair value ofonly ~~the~~when ~~Shamrock~~an ~~of approximately $30,000,000 less~~impairment ~~cost~~charge tois ~~sell~~recognized. AsTo ofdetermine ~~September 30, 2018,~~ the ~~estimated~~ fair value ofwhen ~~the~~impairment indicators ~~Shamrock~~exist, ~~was~~we ~~derived~~utilize ~~from~~different ~~the~~valuation ~~agreed-upon~~approaches ~~sale~~based ~~price~~on ~~with~~transaction-specific afacts ~~potential~~and ~~buyer.~~circumstances ~~The~~to ~~estimated~~ determine fair value, ofincluding, ~~the~~but ~~Shamrock~~not ~~and~~limited ~~cost~~ to, ~~sell~~discounted ~~were~~cash ~~based~~flow onmodels ~~inputs that are generally unobservable~~ and ~~are~~the ~~supported~~use byof ~~little~~comparable ~~or no market data and were classified within Level 3~~transactions. The ~~Shamrock~~valuation ~~was~~of our ~~sold~~financial onassets, ~~December~~such 14as notes receivable, ~~2018~~is ~~and~~included nobelow ~~significant~~only ~~gain~~when orfair ~~loss~~value ~~was~~has ~~recognized~~been ~~from~~measured ~~the~~and ~~sale~~recorded ~~during~~based on the ~~year~~fair ~~ended~~value ~~December~~of ~~31,~~the ~~2018~~underlying ~~(see Note 5)~~collateral.

									Impairment Loss
	Carrying Value at		Fair Value at Impairment Date						for the Year Ended
	December 31, 2017		Level 1		Level 2		Level 3		December 31, 2017
Vessel	$	35,598,896	$	—	$	—	$	36,000,000	$	9,445,807

The following table summarizes the valuation of our material non-financial asset measured at fair value on a nonrecurring basis, which is presented as of the date the impairment loss was recorded, while the carrying value of the asset is presented as of December 31, 2018:

For the three months ended September 30, 2017, we identified impairment indicators and measured the Shamrock for impairment purposes. The estimated fair value of the vessel at September 30, 2017 was based on (i) independent third-party valuations using a combination of approaches including, but not limited to, the market approach and the replacement cost method and (ii) fair value derived from discounted cash flows using current charter rates and sales data from a reputable firm who provides integrated shipping data and services. As of September 30, 2017, the vessel was valued using inputs that are generally unobservable and are supported by little or no market data and were classified within Level 3.

									Impairment Loss
	Carrying Value at		Fair Value at Impairment Date						for the Year Ended
	December 31, 2018 ⁽¹⁾		Level 1		Level 2		Level 3		December 31, 2018
Vessel	$	-	$	-	$	-	$	30,000,000 ⁽²⁾	$	5,495,584

~~Assets~~(1) The vessel ~~for~~was ~~which~~sold ~~Fair~~on ~~Value~~December 14, ~~is Disclosed~~2018.

~~Our~~(2) There were ~~fixed~~non-~~rate~~recurring ~~notes receivable, for which~~ fair value ismeasurements ~~required~~in relation to bethe ~~disclosed,~~impairment ~~were~~loss ~~valued~~recorded ~~using~~as ~~inputs~~of ~~that are generally unobservable and are supported by little or no market data and are therefore classified within Level 3. Under U.S. GAAP~~September 30, we2018 ~~use~~related ~~projected~~to the ~~cash flows for fair value measurements of these financial assets~~Shamrock. ~~Fair~~As ~~value information with respect to certain~~ of ~~our~~September 30, ~~other~~2018, ~~assets and liabilities is not separately provided since~~ the ~~carrying value of financial assets and liabilities approximates~~ fair value ~~due~~was ~~to their short-term maturities and/or variable interest rates~~$30,000,000.

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. 25

	December 31, 2018
	(unaudited)
	Carrying		Fair Value
	Value		(Level 3)
Principal outstanding on fixed-rate notes receivable	$	3,540,522	$	3,523,645

Table of Contents

~~(10)~~ICON ~~Income~~Equipment ~~Taxes~~and Corporate Infrastructure Fund Fourteen Liquidating Trust

We(A ~~are~~Delaware ~~taxed~~Statutory as a partnership for federal and state income tax purposes. Therefore, no provision for federal and state income taxes has been recorded since the liability for such taxes is the responsibility of each of the individual beneficial owners rather than our business as a whole. We are potentially subject to UBT, which is imposed on unincorporated trade or business Trust)

29Notes to Consolidated Financial Statements

~~Table~~December 31, ~~of Contents~~2019

~~ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust~~(unaudited)

(ADuring ~~Delaware~~the ~~Statutory~~three months ~~Trust~~ended September 30, 2018, the Shamrock met the criteria to be classified as asset held for sale resulting in a reclassification from vessel to asset held for sale on our consolidated balance sheet as of September 30, 2018. As of September 30, 2018, the carrying value of such asset held for sale was $28,900,000, which represented the estimated fair value of the Shamrock of approximately $30,000,000 less cost to sell. As of September 30, 2018, the estimated fair value of the Shamrock was derived from the agreed-upon sale price with a potential buyer. The estimated fair value of the Shamrock and cost to sell were based on inputs that are generally unobservable and are supported by little or no market data and were classified within Level 3. The Shamrock was sold on December 14, 2018 and no significant gain or loss was recognized from the sale during the year ended December 31, 2018 (see Note 5).

~~Notes~~Assets tofor ~~Consolidated~~which ~~Financial~~Fair ~~Statements~~Value is Disclosed

~~December~~Our 31fixed-rate note receivable, ~~2018~~for ~~(unaudited)~~which fair value is required to be disclosed, 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 the carrying value of financial assets and liabilities approximates fair value due to their short-term maturities.

~~and~~The ~~December~~estimated 31fair value of our fixed-rate note receivable was based on the discounted value of future cash flows related to the loan at inception, adjusted ~~2017~~for changes in certain variables, including, but not limited to, credit quality, industry, financial markets and other recent comparables.

operating in New York City. The UBT is imposed for each taxable year at a rate of 4% of taxable income allocated to New York City. We use the asset and liability method of accounting for the UBT. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are established when it is determined that it is more likely than not that the deferred tax assets will not be realized.

	December 31, 2019
	Carrying		Fair Value
	Value		(Level 3)
Principal outstanding on fixed-rate note receivable	$	1,332,874	$	1,392,849

~~Deferred~~(10) ~~tax~~Income ~~assets are comprised of the following:~~Taxes

	December 31,
	2018			2017
	(unaudited)
Deferred tax assets:
Net operating loss carryforwards	$	1,702,141		$	1,778,988
Unused credit loss deductions	5,107			99,195
Excess interest expense carryforwards	41,111			—
Valuation allowance	(1,748,359		)	(1,878,183		)
Total net deferred tax assets	$	—		$	—

We are taxed as a partnership for federal and state income tax purposes. Therefore, no provision for federal and state income taxes has been recorded since the liability for such taxes is the responsibility of each of the individual beneficial owners rather than our business as a whole. We are potentially subject to UBT, which is imposed on unincorporated trade or business operating in New York City. The UBT is imposed for each taxable year at a rate of 4% of taxable income allocated to New York City. We use the asset and liability method of accounting for the UBT. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are established when it is determined that it is more likely than not that the deferred tax assets will not be realized.

AsDeferred oftax ~~December~~assets ~~31, 2018, the net operating losses (i) generated during 2018 from UBT~~ are ~~limited~~comprised ~~to offset only 80%~~ of taxable income each year with indefinite carryforward periods and (ii) generated before 2018 from UBT are permitted to carry forward for 20 years and are due to expire at various dates, but no later than 2038. The unused net operating losses generated before 2018 are not subject to the ~~80% limit of taxable income.~~ following:

In March 2019, we reached a settlement with the City of New York Department of Finance related to its UBT audit for the 2012 and 2013 tax years. The tax years that remain open for examination include from 2014 to 2017. We have provided for such UBT taxes related to the years open for examination, including amounts covering interest and penalties, where applicable. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

	Years Ended December 31,
	2019		2018
Deferred tax assets:
Net operating loss carryforwards	$	1,313,437	$	1,702,141
Unused credit loss deductions		-		5,107
Excess interest expense carryforwards		-		41,111
Valuation allowance		(1,313,437)		(1,748,359)
Total net deferred tax assets	$	-	$	-

~~(11)~~Net ~~Concentrations~~operating losses generated during 2018 and onwards from UBT are available to offset only 80% of ~~Risk~~taxable income each year with indefinite carryforward periods. Net operating losses generated before 2018 from UBT are permitted to carry forward for 20 years and are due to expire at various dates, but no later than 2038. The unused net operating losses generated before 2018 are not subject to the 80% limitation of taxable income.

In the normal course of business, we are exposed to two significant types of economic risk: credit and market. Credit risk is the risk of a lessee, borrower or other counterparty’s inability or unwillingness to make contractually required payments. Concentrations of credit risk with respect to lessees, borrowers or other counterparties are dispersed across different industry segments within the United States and throughout the world.26

~~Market~~Table ~~risk reflects the change in the value~~ of debt instruments, derivatives and credit facilities due to changes in interest rate spreads or other market factors. We believe that the carrying value of our investments is reasonable, taking into consideration these risks, along with estimated collateral values, payment history and other relevant information.Contents

AtICON ~~times,~~Equipment ~~our cash~~ and ~~cash~~Corporate ~~equivalents~~Infrastructure Fund ~~may~~Fourteen ~~exceed~~Liquidating ~~insured limits. We have placed these funds in high-quality institutions in order to minimize the risk of loss relating to exceeding insured limits.~~ Trust

~~For~~(A ~~the~~Delaware ~~year~~Statutory ended December 31, 2018, we had one lessee and two borrowers that accounted for 95.5% of our combined rental and finance income. For the year ended December 31, 2017, we had one lessee and one borrower that accounted for 91.1% of our combined rental and finance income. Our pool revenue for the years ended December 31, 2018 and 2017 was solely generated by a vessel that we placed into service by participating in a pooling arrangement.Trust)

~~At December 31,~~Notes ~~2018, no lessees or borrowers accounted for more than 10% of total assets. As of December 31, 2017, equipment on lease~~ to ~~two~~Consolidated ~~lessees~~Financial ~~accounted for approximately 68.9% of total assets.~~Statements

30December 31, 2019

~~Table of Contents~~(unaudited)

~~ICON~~In ~~Equipment~~March 2019, we reached a settlement with the City of New York Department of Finance (the “City”) related to its UBT audit for the 2012 and ~~Corporate~~2013 ~~Infrastructure~~tax ~~Fund~~years. ~~Fourteen~~During ~~Liquidating~~2019, ~~Trust~~the City commenced a new UBT audit for the 2014 through 2017 tax years. In February 2020, we reached a settlement with the City covering all four tax years from 2014 through 2017. As of December 31, 2019, we have provided for such UBT taxes related to the four tax years that we settled in February 2020, including amounts covering interest and penalties, where applicable. Tax year 2018 remains open for examination. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

(A11) ~~Delaware~~Concentrations ~~Statutory~~of ~~Trust)~~Risk

~~Notes~~In the normal course of business, we are exposed to ~~Consolidated~~two ~~Financial~~significant ~~Statements~~types of economic risk: credit and market. Credit risk is the risk of a lessee, borrower or other counterparty’s inability or unwillingness to make contractually required payments. Concentrations of credit risk with respect to lessees, borrowers or other counterparties are dispersed across different industry segments within the United States and throughout the world.

~~December~~Market 31risk reflects the change in the value of debt instruments, ~~2018~~derivatives and ~~(unaudited)~~credit facilities due to changes in interest rate spreads or other market factors. We believe that the carrying value of our investments is reasonable, taking into consideration these risks, along with estimated collateral values, payment history and other relevant information.

~~and~~At ~~December 31~~times, ~~2017~~our cash may exceed insured limits. We have placed these funds in a high-quality institution in order to minimize the risk of loss relating to exceeding insured limits.

AsFor the year ended December 31, 2019, we had two borrowers that accounted for 100% of our finance income. Our income from investment in joint ventures was derived from our investment in one joint venture. For the year ended December 31, ~~2017~~2018, we had one ~~lender~~lessee and two borrowers that accounted for 9095.5% of ~~total~~our ~~liabilities~~combined rental and finance income. Our pool revenue for the years ended December 31, 2019 and 2018 was solely related to a vessel that we placed into service by participating in a pooling arrangement.

(At December 31, 2019, we had one borrower that accounted for 15.3% of total assets. Additionally, we had one lessee through one of our joint venture investments that accounted for 12).2% ~~Geographic~~of ~~Information~~total assets.

~~Geographic information for revenue~~At December 31, 2018, no ~~long-lived~~lessees ~~assets~~or ~~and~~borrowers ~~other~~accounted ~~assets~~for ~~deemed~~more ~~relatively illiquid, based on the country~~ than 10% of ~~origin,~~total ~~was as follows:~~ assets.

	Year Ended December 31, 2018
	(unaudited)
	North
	America		Vessels (a)		Total
Revenue:
Finance income	$	455,913	$	440,109	$	896,022
Rental income and pool revenue	$	—	$	7,422,754	$	7,422,754
Income from investment in joint ventures	$	2,866	$	271,146	$	274,012

(12) Geographic Information

	At December 31, 2018
	(unaudited)
	North
	America		Vessels (a)		Total
Long-lived assets:
Net investment in notes receivable	$	1,836,000	$	3,530,243	$	5,366,243
Investment in joint ventures	$	—	$	412,649	$	412,649

Geographic information for revenue, long-lived assets and other assets deemed relatively illiquid, based on the country of origin, was as follows:

(a) Vessels are generally free to trade worldwide.

	Year Ended December 31, 2019
	North America		Vessels ^(a)		Total
Revenue:
Finance income	$	-	$	313,464	$	313,464
Pool revenue	$	-	$	41,992	$	41,992
Income from investment in joint ventures	$	-	$	18,090	$	18,090

	Year Ended December 31, 2017
		At December 31, 2019
	North
		North America			Vessels (a)			Total
	America			Vessels (a)			Total
Long-lived assets:
Revenue:
Net investment in notes receivable		$	-		$	1,332,874		$	1,332,874
Finance income	$	780,540		$	253,159		$	1,033,699
Investment in joint ventures		$	-		$	1,478,668		$	1,478,668
Rental income and pool revenue	$	—		$	7,036,951		$	7,036,951
Income (loss) from investment in joint ventures	$	248,862		$	(1,155,467	)	$	(906,605	)

	At December 31, 2017
	North
	America		Vessels (a)		Total
Long-lived assets:
Vessel	$	—	$	35,598,896	$	35,598,896
Leased equipment at cost	$	—	$	19,732,319	$	19,732,319
Net investment in notes receivable	$	5,145,490	$	3,110,572	$	8,256,062
Investment in joint ventures	$	6,885	$	4,864,362	$	4,871,247

^(a) Vessels are generally free to trade worldwide.

~~(a) Vessels are generally free to trade worldwide.~~27

~~(13)~~Table ~~Commitments~~of ~~and Contingencies~~Contents

AtICON ~~the~~Equipment ~~time~~and weCorporate ~~acquire~~Infrastructure Fund orFourteen ~~divest~~Liquidating 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 Trustee 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. In addition, at times we may seek to enforce our rights under a Trust

31(A Delaware Statutory Trust)

~~Table~~Notes ofto ~~Contents~~Consolidated Financial Statements

~~ICON~~December 31, ~~Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust~~2019

(~~A Delaware Statutory Trust~~unaudited)

Notes to Consolidated Financial Statements

	Year Ended December 31, 2018
	North America		Vessels ^(a)		Total
Revenue:
Finance income	$	455,913	$	440,109	$	896,022
Rental income and pool revenue	$	-	$	7,422,754	$	7,422,754
Income from investment in joint ventures	$	2,866	$	271,146	$	274,012

December 31, 2018 (unaudited)

	At December 31, 2018
	North America		Vessels ^(a)		Total
Long-lived assets:
Net investment in notes receivable	$	1,836,000	$	3,530,243	$	5,366,243
Investment in joint ventures	$	-	$	412,649	$	412,649

~~and~~(a) ~~December~~Vessels ~~31,~~are ~~2017~~generally free to trade worldwide.

~~personal~~(13) ~~guaranty~~Commitments inand order to collect amounts from the guarantor that are owed to us by a defaulting borrower or lessee. Gain contingencies may arise from enforcement of such guaranty, but are not recognized until realizable.Contingencies

OnAt ~~September~~the ~~27,~~time ~~2016~~we acquire or divest of our interest in Capital Assets, we ~~commenced~~may, aunder ~~legal~~very ~~proceeding~~limited ~~against~~circumstances, ~~Center~~agree ~~Navigation~~to ~~Ltd.~~indemnify ~~and~~the ~~Geden~~seller ~~Holdings~~or ~~Ltd~~buyer for specific contingent liabilities. Our ~~(“Geden”)~~Managing ~~seeking~~Trustee ~~monetary~~believes ~~damages~~that ~~incurred~~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 ~~their~~operations ~~failure~~taken toas ~~meet~~a ~~their~~whole. ~~payment~~At ~~and~~times ~~performance~~we ~~obligations~~may ~~under~~seek ~~the~~to ~~charter~~enforce ~~and~~our rights under a personal guaranty, ~~respectively,~~in ~~related~~order to collect amounts from the guarantor that are owed to us by a ~~crude~~defaulting ~~oil~~borrower ~~tanker~~or lessee. ~~This~~Gain ~~legal~~contingencies ~~proceeding~~may isarise ~~currently~~from inenforcement of ~~the~~such ~~discovery~~guaranty, ~~phase~~but are not recognized until realizable.

On ~~June 11~~September 27, ~~2018~~ 2016, we commenced a legal ~~proceedings~~proceeding against ~~(i)~~Center ~~Amazing~~Navigation ~~Shipping~~ Ltd. ~~(“Amazing Shipping”)~~ and Geden; ~~and~~Holdings ~~(ii) Fantastic Shipping~~ Ltd. (“~~Fantastic Shipping~~Geden”) ~~and Geden, each~~ seeking monetary damages incurred as a result of their failure to meet their payment and performance obligations under the ~~charters~~charter and ~~guarantees~~guaranty, respectively, related to ~~two~~a ~~supramax~~crude ~~bulk~~oil ~~carrier vessels~~tanker. This ~~Amazing~~legal ~~Shipping, Fantastic Shipping and Geden have each failed to respond to our claims filed in the relevant~~ proceeding. Ascontinues ~~a result, we are~~ in the ~~process~~discovery ~~of seeking default judgments~~phase.

On ~~August 31~~June 11, 2018, we ~~arrested~~commenced ~~the~~legal ~~Advantage~~proceedings ~~Sky,~~against a(i) Amazing ~~vessel~~Shipping ~~owned~~Ltd. by(“Amazing ~~Advantage~~Shipping”) ~~Sky~~and Geden; and (ii) Fantastic Shipping ~~LLC~~Ltd. (“~~Advantage~~Fantastic Shipping”), inand ~~the~~Geden, ~~territorial~~each ~~waters~~seeking ofmonetary ~~South~~damages ~~Africa~~incurred as ~~security~~a ~~for~~result ~~all~~of ~~amounts~~their ~~owed~~ failure to usmeet bytheir ~~Geden~~payment and ~~its~~performance ~~affiliates~~obligations ~~related~~under to the ~~three~~charters ~~vessels. This~~and ~~arrest~~guarantees, ~~was~~respectively, ~~part~~related ofto ~~our~~two ~~underlying~~supramax ~~claims~~bulk carrier ~~that~~vessels. ~~assets~~Amazing ~~were~~Shipping, ~~transferred~~Fantastic byShipping and Geden each failed to ~~Advantage~~respond ~~Shipping~~to our claims filed in ~~bad~~the ~~faith~~relevant proceeding. As Aa ~~hearing~~result, ondefault ~~the~~judgments ~~arrest~~were isissued ~~tentatively~~against ~~scheduled~~Geden ~~for~~and ~~the~~its ~~end~~affiliates ofon ~~March~~June 10, 2019.

~~(14)~~On ~~Income~~August 31, 2018, ~~Tax~~we ~~Reconciliation~~arrested the Advantage Sky, a vessel owned by Advantage Sky Shipping LLC (~~unaudited~~“Advantage Shipping”), in the territorial waters of South Africa as security for all amounts owed to us by Geden and its affiliates related to the three vessels. This arrest was part of our underlying claims that assets were transferred by Geden to Advantage Shipping in bad faith. Advantage Shipping has claimed that we have improperly arrested the vessel resulting in damages in an amount to be determined, which we believe is entirely without merit. Advantage Shipping made an application to the court for security from us to cover damages and costs incurred by them in the event we are found to have improperly arrested the vessel. In May 2019, we provided a written undertaking to the court to cover such amounts, if the court rules in favor of Advantage Shipping at trial. Such undertaking prohibits us from making cash distributions to our beneficial owners until the court issues its final judgment, which we have complied with. The final hearing on the arrest was held on October 16, 2019 and a final judgment from the court is expected during the first half of 2020. In the meantime, we are engaged in preliminary settlement discussions.

At(14) ~~December 31,~~Income ~~2018~~Tax and 2017, the beneficial owners’ equity included in the consolidated financial statements totaled $24,738,657 and $44,944,667, respectively. The beneficial owners’ equity for federal income tax purposes at December 31, 2018 and 2017 totaled $29,682,388 and $56,209,483, respectively. The difference arises primarily from sales and offering expenses reported as a reduction in the beneficial owners’ capital accounts for financial reporting purposes, but not for federal income tax reporting purposes, and differences in credit loss, depreciation and amortization, taxable income or loss from joint ventures and gain or loss on sale of investment in joint ventures between financial reporting purposes and federal income tax purposes.Reconciliation

At December 31, 2019 and 2018, the beneficial owners’ equity included in the consolidated financial statements totaled $8,064,643 and $24,738,657, respectively. The ~~following~~beneficial ~~table~~owners’ ~~reconciles~~equity ~~net~~for ~~loss~~federal ~~attributable~~income totax uspurposes at December 31, 2019 and 2018 totaled $6,940,456 and $29,682,388, respectively. The difference arises primarily from sales and offering expenses reported as a reduction in the beneficial owners’ capital accounts for financial ~~statement~~reporting purposes, but not for federal income tax reporting purposes, and todifferences ~~net~~in credit loss ~~attributable~~and totaxable usincome ~~for~~or ~~federal~~loss from joint ventures between financial reporting purposes and federal income tax purposes:.

	Years Ended December 31,
	2018			2017
Net loss attributable to Fund Fourteen Liquidating Trust per consolidated financial statements	$	(9,296,920	)	$	(18,983,138	)
Depreciation and amortization	(2,009,938		)	(973,713		)
Taxable income (loss) from joint ventures	2,325,674			(27,632,421		)
Taxable gain on sale of investment in joint venture	1,216,329			—
Loss on sale of assets	(9,644,621		)	—
Credit loss	896,086			12,782,879
Other	819,161			(2,596,103		)
Net loss attributable to Fund Fourteen Liquidating Trust for federal income tax purposes	$	(15,694,229	)	$	(37,402,496	)

32Table of Contents

~~Table~~ICON ofEquipment ~~Contents~~and Corporate Infrastructure Fund Fourteen Liquidating Trust

Schedule II – Valuation and Qualifying Accounts
Description	Balance at Beginning of Year		Reductions/AdditionsCharged to Profit and Loss		Deduction			Balance at End of Year
Deducted from asset accounts:
Year Ended December 31, 2018 (unaudited)
Credit loss/uncollectability reserve (unaudited)	$	5,459,139	$	4,683,300	$	5,459,139	(a)	$	4,683,300
Year Ended December 31, 2017
Credit loss reserve	$	34,908,044	$	3,944,641	$	33,393,546	(b)	$	5,459,139

(A Delaware Statutory Trust)

~~(a)~~Notes ~~Represents the write-off of the previously reserved balance of the note receivable related~~ to ~~TMA~~Consolidated ~~and~~Financial ~~the note receivable from a joint venture that owned the AMC Ambassador.~~Statements

~~(b)~~December 31, ~~Represents the write-off of the previously reserved balance of the note receivable related to JAC.~~2019

33(unaudited)

~~Table~~The offollowing ~~Contents~~table reconciles net loss attributable to us for financial statement reporting purposes to net loss attributable to us for federal income tax purposes:

Item 9A. Controls and Procedures

	Years Ended December 31,
	2019		2018
Net loss attributable to Fund Fourteen Liquidating Trust per consolidated financial statements	$	(2,785,127)	$	(9,296,920)
Depreciation and amortization		-		(2,009,938)
Taxable (loss) income from joint ventures		(1,519,058)		2,325,674
Taxable gain on sale of investment in joint venture		-		1,216,329
Loss on sale of assets		-		(9,644,621)
Credit loss		(3,759,322)		896,086
Other		(738,341)		819,161
Net loss attributable to Fund Fourteen Liquidating Trust for federal income tax purposes	$	(8,801,848)	$	(15,694,229)

~~Evaluation of disclosure controls and procedures~~ 29

InTable ~~connection with the preparation~~ of this Annual Report on Form 10-K for the year ended December 31, 2018, our Managing Trustee carried out an evaluation, under the supervision and with the participation of the management of our Managing Trustee, including its Co-Chief Executive Officers and the Principal Financial and Accounting Officer, of the effectiveness of the design and operation of our Managing Trustee’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 Trustee’s disclosure controls and procedures were effective.Contents

In designing and evaluating our Managing Trustee’s disclosure controls and procedures, our Managing Trustee 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 Trustee’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.

Schedule II – Valuation and Qualifying Accounts
(unaudited)

Description	Balance at Beginning of Year		Reductions/Additions Charged to Profit and Loss		Deduction		Balance at End of Year
Deducted from asset accounts:

Year Ended December 31, 2019

Credit loss/uncollectability reserve	$	4,683,300	$	(41,992)	$	4,641,308^(a)	$	-

Year Ended December 31, 2018

Credit loss/uncollectability reserve	$	5,459,139	$	4,683,300	$	5,459,139^(b)	$	4,683,300

~~Our~~(a) Represents the ~~Managing Trustee’s Co~~write-~~Chief~~off ~~Executive~~of ~~Officers~~the ~~and~~previously ~~Principal~~reserved ~~Financial~~balance ~~and~~of ~~Accounting~~the ~~Officer~~note ~~have~~receivable ~~determined~~related ~~that~~to ~~no weakness in disclosure controls~~ LSC and ~~procedures~~other ~~had~~receivables ~~any~~related to ~~material effect on~~ the ~~accuracy and completeness of our financial reporting and disclosure included in this Annual Report on Form 10-K~~Shamrock.

~~Evaluation~~(b) Represents the write-off of ~~internal~~the ~~control~~previously ~~over~~reserved ~~financial~~balance ~~reporting~~of the note and interest receivables related to TMA and the note receivable from joint venture that owned the AMC Ambassador.

Our Managing Trustee is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended, as a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.30

~~Because~~Table of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risks that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.Contents

~~Our~~Item ~~Managing Trustee assessed the effectiveness of its internal control over financial reporting as of December 31, 2018~~9A. InControls ~~making~~and this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in “Internal Control — Integrated Framework” as issued in 2013.Procedures

~~Based~~Evaluation ~~on its assessment, our Managing Trustee believes that, as~~ of ~~December 31,~~disclosure ~~2018,~~controls ~~its internal control over financial reporting is effective.~~and procedures

~~Changes~~In inconnection ~~internal~~with the ~~control~~preparation ~~over~~of ~~financial~~this ~~reporting~~Annual Report on Form 10-K for the year ended December 31, 2019, our Managing Trustee carried out an evaluation, under the supervision and with the participation of the management of our Managing Trustee, including its Co-Chief Executive Officers and the Principal Financial and Accounting Officer, of the effectiveness of the design and operation of our Managing Trustee’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 Trustee’s disclosure controls and procedures were effective.

~~There~~In ~~were~~designing noand evaluating ~~changes~~our inManaging Trustee’s disclosure controls and procedures, our Managing Trustee 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 Trustee’s ~~internal~~disclosure ~~control~~controls ~~over~~and ~~financial~~procedures ~~reporting~~have ~~during~~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 ~~quarter~~individual ~~ended~~acts ~~December 31~~of some persons, ~~2018~~by ~~that~~collusion ~~materially~~of ~~affected~~two or more people, or ~~are~~by ~~reasonably~~management ~~likely~~override toof ~~materially~~the ~~affect~~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 ~~internal~~stated ~~control~~goals under ~~over~~all ~~financial~~anticipated ~~reporting~~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.

34Our Managing Trustee’s Co-Chief Executive Officers and Principal Financial and Accounting Officer have determined that no weakness in disclosure controls and procedures had any material effect on the accuracy and completeness of our financial reporting and disclosure included in this Annual Report on Form 10-K.

~~Table~~Evaluation of ~~Contents~~internal control over financial reporting

~~SIGNATURES~~Our Managing Trustee is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934, as amended, as a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.

~~Pursuant~~Because toof ~~the~~its ~~requirements~~inherent limitations, ofinternal ~~Section~~control 13over financial reporting may not prevent or ~~15(d)~~detect misstatements. Projections of ~~the~~any ~~Securities~~evaluation of ~~Exchange~~effectiveness ~~Act~~to offuture ~~1934,~~periods are subject to the ~~registrant~~risks ~~has~~that ~~duly~~controls ~~caused~~may ~~this~~become ~~report~~inadequate tobecause beof ~~signed~~changes onin ~~its~~conditions, or ~~behalf~~that bythe degree of compliance with the ~~undersigned,~~policies ~~thereunto~~or ~~duly~~procedures ~~authorized~~may deteriorate.

~~ICON~~Our ~~Equipment~~Managing ~~and~~Trustee assessed ~~Corporate~~the ~~Infrastructure~~effectiveness ~~Fund~~of ~~Fourteen~~its ~~Liquidating~~internal ~~Trust~~control over financial reporting as of December 31, 2019. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in “Internal Control — Integrated Framework” as issued in 2013.

~~(Registrant)~~Based on its assessment, our Managing Trustee believes that, as of December 31, 2019, its internal control over financial reporting is effective.

~~By:~~Changes ~~ICON~~in ~~Capital,~~internal ~~LLC~~control over financial reporting

(There were no changes in our Managing Trustee’s ofinternal control over financial reporting during the ~~Registrant)~~year ended December 31, 2019 that materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

~~March 26, 2019~~ 31

~~By:~~Table ~~/s/~~of ~~Michael A. Reisner~~Contents

~~Michael A. Reisner~~SIGNATURES

Pursuant ~~Co-Chief~~to ~~Executive~~the ~~Officer~~requirements of ~~and~~Section 13 ~~Co-President~~or 15(d) 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 ~~(Co-Principal~~Equipment ~~Executive~~and ~~Officer)~~Corporate Infrastructure Fund Fourteen Liquidating Trust

~~By: /s/ Mark Gatto~~(Registrant)

By: ~~Mark~~ICON ~~Gatto~~Capital, LLC (Managing Trustee of the Registrant)

March 16, ~~Co-Chief Executive Officer and Co-President~~2020

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

~~Pursuant~~By: to/s/ ~~the~~Mark ~~requirements~~Gatto ofMark ~~the~~Gatto ~~Securities~~Co-Chief ~~Exchange~~Executive ~~Act~~Officer ~~of 1934, this report has been signed below by the following persons on behalf of the registrant~~ and inCo-President ~~the~~(Co-Principal ~~capacities~~Executive ~~and on the dates indicated.~~Officer)

~~ICON~~Pursuant ~~Equipment~~to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and ~~Corporate~~in ~~Infrastructure~~the ~~Fund~~capacities ~~Fourteen~~and ~~Liquidating~~on ~~Trust~~the dates indicated.

~~(Registrant)~~ICON Equipment and Corporate Infrastructure Fund Fourteen Liquidating Trust

~~By: ICON Capital, LLC~~(Registrant)

By: ICON Capital, LLC (Managing Trustee of the Registrant)

March 2616, ~~2019~~ 2020

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

~~Michael~~By: A./s/ ~~Reisner~~Mark Gatto Mark Gatto Co-Chief Executive Officer, Co-President and Director (Co-Principal Executive Officer)

By: ~~Co-Chief~~/s/ ~~Executive~~Christine ~~Officer,~~H. ~~Co-President~~Yap ~~and~~Christine H. Yap Managing Director (Principal Financial and Accounting Officer)

Supplemental ~~(Co-Principal~~Information ~~Executive~~to ~~Officer~~be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants which Have Not Registered Securities Pursuant to Section 12 of the Act.

~~By:~~No ~~/s/~~annual ~~Mark~~report ~~Gatto~~or proxy material has been sent to beneficial owners.

~~Mark Gatto~~32

Co-Chief Executive Officer, Co-President and Director

(Co-Principal Executive Officer)

By: /s/ Christine H. Yap

Christine H. Yap

Managing Director

(Principal Financial and Accounting Officer)

Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants which Have Not Registered Securities Pursuant to Section 12 of the Act.

No annual report or proxy material has been sent to beneficial owners.

Filing Compare · ICON Equipment & Corporate Infrastructure Fund Fourteen, L.P.