TriLinc Global Impact Fund, LLC

What they do

The company makes impact investments in small and medium enterprises, defined as businesses with fewer than 500 employees, primarily in developing economies, using local market sub-advisors. It invests mainly in senior secured trade finance, senior secured term loans, and other collateralized loans or loan participations, with transaction sizes generally $5-20 million for direct SME loans and $500,000 to $15 million for trade finance. It is externally managed by TriLinc Advisors, LLC and, as of December 31, 2025, operated through 13 wholly owned Cayman Islands subsidiaries.

Revenue drivers

• SME term loans — Direct loans, loan participations, convertible debt, structured credit, and preferred or common equity, generally $5-20 million per transaction; term loans typically carry upfront, origination, commitment, or facility fees.
• Trade finance — Senior secured trade finance participations generally sized $500,000 to $15 million; fees are rare in trade finance per the filing, so income is primarily interest.
• Debt investments backed by collateral and guarantees — Management states it makes primarily debt investments backed by collateral and borrower guarantees, and that a substantial portion of assets is expected to remain collateralized private debt.

Recent performance

Annual net income swung from $3.4 million in 2021 to a $33.5 million loss in 2022, then $414,599 in 2023, $12.5 million in 2024, and a $8.5 million loss in 2025. Diluted EPS followed the same pattern: $0.07, negative $0.7, $0.01, $0.26, and negative $0.18. Operating cash flow was negative $17.7 million in 2021, positive $4.0 million in 2022, positive $17.2 million in 2023, positive $3.3 million in 2024, and negative $43,587 in 2025. At June 30, 2026, total assets were $282.8 million, total liabilities were $10.9 million, and cash and equivalents were $388,302. The last reported long-term debt figure was $0.00 as of December 31, 2023.

Strategy

The company's stated objectives are current income, capital preservation, and modest capital appreciation, pursued mainly through SME trade finance and term loan financing. Management says it seeks to protect capital by targeting countries with favorable growth and investor protections, partnering with experienced local sub-advisors, lending to borrowers with at least three-year operating histories and demonstrated cash flows, taking collateral and guarantees, and monitoring the portfolio. The company invests through wholly owned Cayman Islands subsidiaries and may use TriLinc Advisors International, Ltd. to support the advisor. It intends to operate so as to maintain its exemption from registration under the Investment Company Act of 1940.

Risks

• Borrower repayment and liquidity — The company states it has been facing liquidity constraints primarily because borrowers have had challenges repaying amounts owed on time or at all, and its primary use of limited cash is now the payment of expenses.
• Illiquid privately held investments — Most investments are loans originated in private transactions or through participation agreements, may be subject to resale restrictions, and may be difficult to sell at carrying value if cash is needed.
• Watch List and legal recovery — The 10-K lists Watch List investments including MICD, Trustco, Sancor, WinRep, IIG TOF B.V., Itelecom, Algodonera, Frigorifico, PT Citra, Vikudha, Ecsponent and Lidas, and flags ongoing legal proceedings tied to recovering amounts on certain Watch List investments.
• Dependence on external manager and no public market — The company depends on TriLinc Advisors and its sub-advisors, and the 10-K notes the lack of a public trading market for its units.

Outlook

The 10-K does not provide specific financial guidance; it states that until the company accumulates more cash, its primary use of limited cash will be the payment of expenses. Management's stated priorities remain deploying capital through SME trade finance and term loans while pursuing recovery on Watch List investments, including through legal proceedings. The company also states it intends to continue operating in a manner that preserves its exemption from registration under the Investment Company Act.