0001550453 TriLinc Global Impact Fund, LLC false --12-31 Q2 2025 336,954,036 328,434,876 5.960 5.892 47,777,985 47,777,985 18,303,923 18,303,923 7,759,823 7,759,823 10,582,818 10,582,818 24,555 24,555 2,683,015 2,683,015 8,423,851 8,423,851 11.86 2.2 3 0.0 June 18, 2025 11.50 0.0 June 30, 2023 12.5 0.0 December 31, 2024 12.00 0.0 June 30, 2023 20.0 0.0 April 30, 2025 6.0 7.50 0.0 August 18, 2025 13.89 0.0 August 18, 2023 14 3 0.0 June 28, 2025 10.00 3.50 0.0 December 31, 2027 12.7 4.00 0.0 March 31, 2023 8.50 4.00 0.0 August 15, 2021 8.0 3.0 0.0 3.00 0.0 October 31, 2026 18.5 0.0 12.80 0.0 December 31, 2024 3.50 8.0 0.0 September 19, 2025 0.0 June 30, 2018 10.67 0.0 July 29, 2019 9.50 6 0.0 December 31, 2024 11.75 0.0 October 25, 2023 December 15, 2026 4.49 0.0 February 11, 2027 12.0 0.0 August 11, 2026 4 December 31, 2024 December 31, 2024 11.86 2.20 3 0.0 June 18, 2025 11.50 0.0 June 30, 2023 12.5 2.0 December 31, 2024 12.00 0.0 June 30, 2023 20 0.0 December 31, 2024 6.0 7.50 0.0 August 18, 2025 13.89 0.0 August 18, 2023 14 3 0.0 February 28, 2025 10.00 3.50 0.0 March 31, 2025 12.7 4.00 0.0 March 31, 2023 8.50 4.00 0.0 August 15, 2021 8.0 3.0 0.0 3.00 0.0 October 31, 2026 18.5 0.0 12.80 0.0 December 31, 2024 3.50 8.00 0.0 September 19, 2025 0.0 June 30, 2018 10.67 0.0 July 29, 2019 9.50 6 0.0 December 31, 2024 11.75 0.0 October 25, 2023 4.49 0.0 February 11, 2027 12.0 0.0 August 11, 2026 4 December 31, 2024 December 31, 2024 April 30, 2012 5 6 2022 2023 2024 2025 0 0 0 5 5 1 1.24 1.57 11.75 17.67 15.57 1.0 2.8 15.0 18.50 17.51 4.8 14.2 14.0 20.50 17.52 0.5 9.8 1.18 67.0 20.50 25.0 20.94 0.5 2.0 0.40 2.99 13.50 19.50 18.38 1.0 3.3 11.0 21.0 15.77 0.2 5.0 0.4 22.25 3.0 3.7 0.53 1.18 8.0 24.50 18.52 0.5 4.0 9.50 13.25 10.12 0.5 1.7 15.75 17.0 16.97 4.0 92.6 5 1.24 1.57 11.75 17.67 15.36 1.0 2.5 15.0 18.50 17.51 4.5 14.3 14.0 19.50 17.16 1.0 10.0 1.18 67.0 20.50 25.0 20.96 0.8 2.0 0.43 3.07 13.50 19.50 18.36 1.0 3.3 11.0 21.0 16.78 0.5 5.0 0.4 22.25 3.0 3.7 0.53 1.20 5.82 24.50 17.52 0.5 4.0 9.50 13.25 10.10 2.0 15.75 17.0 16.97 4.4 104.0 5 1 0 0 1 1 0 false false false false The Company is negotiating with the borrower to amend the loan term and to extend the maturity date. Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility. The participation percentages are calculated based on the global outstanding balance for the facility. The Company used a hybrid of the collateral or the conversion approach and the income approach for the following Watch List investments: Vikudha, Blue Arrow and Ecsponent using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 3 years. The Company used the income approach for the following Watch List investments: Grupo Surpapel, Limas, PT Citra, Triton, Dock Brasil, TRG Cape Verde, Cevher, Maritime One, Lidas, Agilis Partners, Agilis Partners Holding, CAGSA, Producam, EPCT, Usivale and Qintess. Investment is in bankruptcy. Investment is undergoing a restructuring. For financial statement reporting purposes under GAAP, as of March 31, 2025 and 2024, the Company recorded a liability in the amount of $359,000 and $348,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value. Lidas SRL is the operating company for the investment. The participation is in a senior security term loan to Cristal Project SRL, which is guaranteed by Lidas SRL. Courtyard Farms Limited and Alfa Systems and Commodity Company Limited are the original borrowers of this investment. The borrowers were not able to meet scheduled debt repayments, and the Company entered into a settlement agreement for the outstanding amount. The borrowers' inventory serves as collateral, which the Company plans to trade through a local agent. The settlement dates for Courtyard Farms Limited and Alfa Systems and Commodity Company Limited were July 31, 2024 and October 16, 2024, respectively. Class A and Class B convertible notes were issued to the Company through restructuring in August 2023. The reclassification pertains to the repurchase obligation. Refer to Note 5. Contingencies and Related Parties for additional information. The Company’s net investment income and expense ratios have been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year. Represents estimated period from December 31, 2024 to receipt date of final payment for investments under the income approach or estimated period from December 31, 2024 to collection date of proceeds from liquidation of collateral for investments under the liquidation approach. The inputs were weighted based on the fair value of the investments included in the range. Total return does not assume the reinvestment of distributions paid and is not annualized. Investment is in arbitration. Investment on non-accrual status. Fees may include upfront, origination, commitment, facility and/or other fees that the borrower must contractually pay to the Company. Fees, if any, are typically received in connection with term loan transactions and are rarely applicable to trade finance transactions. The interest rate is 9.5% on the first and second trade finance participation, and 6.0% on the third trade finance participation. All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V. The Company holds four equity warrants, which upon exercise would entitle the Company to equity interests equivalent to 16.5% of the investee’s equity interest. The warrants have a strike price of $0.01 and expire on April 8, 2074. Investment is in default. Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments. Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower. Watch List investment (i.e., an investment with any significant changes in the credit and collection risk). Collateral based approach used for the following Watch List investments: MICD, Trustco, Sancor, WinRep, IIG TOF B.V., Itelecom, Algodonera, Frigorifico and TriLinc Peru, S.A.C. 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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the Quarterly Period Ended June 30, 2025

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

For the transition period from to

Commission File Number 000-55432

TriLinc Global Impact Fund, LLC

(Exact name of registrant as specified in its charter)

Delaware

36-4732802

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1230 Rosecrans Avenue, Suite 602,

Manhattan Beach, CA 90266

(Address of principal executive offices)

(310) 997-0580

(Registrant’s telephone number, including area code)

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

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

Indicate by check mark whether the registrant has submitted electronically 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 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	☒
		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 ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

None

As of August 14, 2025, the Company had outstanding 18,303,923 Class A units, 7,759,822 Class C units, 10,582,821 Class I units, 24,555 Class W units, 2,683,015 Class Y units, and 8,423,851 Class Z units.

Table of Contents

Table of Contents

Part I. Financial Information	1
Item 1. Consolidated Financial Statements	1
Consolidated Statements of Assets and Liabilities as of June 30, 2025 (unaudited) and December 31, 2024	1
Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (unaudited)	2
Consolidated Statements of Changes in Net Assets for the six months ended June 30, 2025 and 2024 (unaudited)	3
Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (unaudited)	4
Consolidated Schedules of Investments as of June 30, 2025 (unaudited) and December 31, 2024	5-7
Notes to Consolidated Financial Statements (unaudited)	9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3. Quantitative and Qualitative Disclosures About Market Risk	44
Item 4. Controls and Procedures	44
Part II. Other Information	45
Item 1. Legal Proceedings	45
Item 1A. Risk Factors	45
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3. Defaults Upon Senior Securities	46
Item 4. Mine Safety Disclosures	46
Item 5. Other Information	46
Item 6. Exhibits	47

Table of Contents

Part I. Financial Information

Item 1. Consolidated Financial Statements.

TriLinc Global Impact Fund, LLC

Consolidated Statements of Assets and Liabilities

	As of
	June 30,			December 31,
	2025			2024
	(Unaudited)
ASSETS
Investments owned, at fair value (amortized cost of $336,954,036 and $328,434,876, respectively)	$	273,478,795		$	268,409,272
Cash		54,604			98,199
Interest receivable		19,331,952			16,678,722
Other assets		51,571			403,988
Total assets		292,916,922			285,590,181

LIABILITIES
Management fee payable		1,429,233			1,412,744
Repurchase obligation (see Note 5)		2,876,926			—
Accrued distribution and other fees		362,000			356,000
Accrued expenses		2,983,652			2,445,365
Due to affiliates		421,888			240,100
Interest payable		252,211			—
Other payable		173,597			—
Total liabilities		8,499,507			4,454,209
Commitments and Contingencies (see Note 5)
NET ASSETS	$	284,417,415		$	281,135,972

ANALYSIS OF NET ASSETS:
Net capital on Class A units	$	117,172,185		$	115,912,753
Net capital on Class C units		49,328,340			48,800,413
Net capital on Class I units		67,730,699			67,002,531
Net capital on Class W units		156,188			154,498
Net capital on Class Y units		17,175,262			16,990,653
Net capital on Class Z units		50,210,143			49,630,526
Offering costs		(17,355,402	)		(17,355,402	)
Net assets (equivalent to $5.960 and $5.892, respectively per unit based on total units outstanding of 47,777,985 and 47,777,985, respectively) (see Note 2)	$	284,417,415		$	281,135,972
Net assets, Class A (units outstanding of 18,303,923 and 18,303,923, respectively)	$	109,100,049		$	107,840,617
Net assets, Class C (units outstanding of 7,759,823 and 7,759,823, respectively)		45,906,213			45,378,286
Net assets, Class I (units outstanding of 10,582,818 and 10,582,818, respectively)		63,063,614			62,335,446
Net assets, Class W (units outstanding of 24,555 and 24,555, respectively)		145,359			143,669
Net assets, Class Y (units outstanding of 2,683,015 and 2,683,015, respectively)		15,992,037			15,807,428
Net assets, Class Z (units outstanding of 8,423,851 and 8,423,851, respectively)		50,210,143			49,630,526
NET ASSETS	$	284,417,415		$	281,135,972

See accompanying notes to the consolidated financial statements.

Table of Contents

TriLinc Global Impact Fund, LLC

Consolidated Statements of Operations

(Unaudited)

	For the Three Months Ended					For the Six Months Ended
	June 30,			June 30,		June 30,			June 30,
	2025			2024		2025			2024
INVESTMENT INCOME
Interest income	$	2,694,551		$	1,298,403	$	4,014,047		$	3,284,300
Payment-in-kind interest income		4,753,539			4,676,267		9,666,896		$	8,696,380
Fee income		8,079			120,473		8,079			485,906
Other income		17,714			74,318		37,704			74,318
Interest from cash		133			456		424			2,089
Total investment income		7,474,016			6,169,917		13,727,150			12,542,993
EXPENSES
Asset management fees		1,429,233			1,383,027		2,854,837			2,748,719
Professional fees		1,686,307			2,344,663		3,044,471			3,609,530
General and administrative expenses		262,437			353,293		525,647			874,656
Interest expense		362,492			—		362,492			—
Board of managers fees		64,375			64,375		128,750			128,750
Total expenses		3,804,844			4,145,358		6,916,197			7,361,655
NET INVESTMENT INCOME		3,669,172			2,024,559		6,810,953			5,181,338
Net change in unrealized (depreciation) appreciation on investments		(2,943,863	)		1,424,254		(3,449,639	)		1,364,510
Net realized losses on investments		—			—		(73,871	)		—
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	725,309		$	3,448,813	$	3,287,443		$	6,545,848

NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED	$	0.08		$	0.04	$	0.14		$	0.11
EARNINGS PER UNIT - BASIC AND DILUTED	$	0.02		$	0.07	$	0.07		$	0.14
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED		47,777,985			47,777,985		47,777,985			47,777,985

See accompanying notes to the consolidated financial statements.

Table of Contents

TriLinc Global Impact Fund, LLC

Consolidated Statements of Changes in Net Assets

(Unaudited)

	For the Six Months Ended
	June 30,			June 30,
	2025			2024
INCREASE FROM OPERATIONS
Net investment income	$	6,810,953		$	5,181,338
Net change in unrealized (depreciation) appreciation on investments		(3,449,639	)		1,364,510
Net realized losses on investments		(73,871	)		—
Net increase from operations		3,287,443			6,545,848
DECREASE FROM DISTRIBUTIONS
Distributions to Class A unitholders		—			(1,602,618	)
Distributions to Class C unitholders		—			(678,438	)
Distributions to Class I unitholders		—			(925,834	)
Distributions to Class W unitholders		—			(2,144	)
Distributions to Class Y unitholders		—			(234,859	)
Distributions to Class Z unitholders		—			(737,385	)
Net decrease from distributions		—			(4,181,278	)
(DECREASE) INCREASE FROM CAPITAL TRANSACTIONS
Change in accrual of distribution and other fees		(6,000	)		3,000
Net (decrease) increase from capital transactions		(6,000	)		3,000
NET CHANGE IN NET ASSETS		3,281,443			2,367,570
Net assets at beginning of period		281,135,972			272,854,872
Net assets at end of period	$	284,417,415		$	275,222,442

See accompanying notes to the consolidated financial statements.

Table of Contents

TriLinc Global Impact Fund, LLC

Consolidated Statements of Cash Flows

(Unaudited)

	For the Six Months Ended
	June 30,			June 30,
	2025			2024
Cash flows from operating activities
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,287,443		$	6,545,848
ADJUSTMENTS TO RECONCILE NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES
Proceeds from disposition and paydowns of investments		4,194,222			8,827,377
Payment-in-kind interest		(9,666,896	)		(8,696,380	)
Net change in unrealized depreciation (appreciation) on investments		3,449,639			(1,364,510	)
Net realized loss on investments		73,871			—
Changes in assets and liabilities:
Increase in interest receivable		(2,896,663	)		(816,168	)
Decrease in other assets		352,417			191,325
Increase in management fee payable		16,489			7,589
Increase in accrued expenses		538,287			274,240
Increase in due to affiliates		181,788			—
Increase in interest payables		252,211			—
Increase (Decrease) in other payables		173,597			(662,112	)
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES		(43,595	)		4,307,209
Cash flows from financing activities
Distributions paid to unitholders		—			(4,181,278	)
NET CASH USED IN FINANCING ACTIVITIES		—			(4,181,278	)
TOTAL (DECREASE) INCREASE IN CASH		(43,595	)		125,931
Cash at beginning of period		98,199			980,741
Cash at end of period	$	54,604		$	1,106,672
Supplemental non-cash information
Paid-in-Kind interest capitalized into investments	$	9,910,329		$	11,825,328
Change in accrual of distribution and other fees	$	6,000		$	(3,000	)

See accompanying notes to the consolidated financial statements.

Table of Contents

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

As of June 30, 2025

(Unaudited)

Investment Type / Country	Portfolio Company	Sector	Description	Interest				Fees (2)			Maturity (3)			Principal Amount		Participation % (4)			Amortized Cost		Fair Value		% of Net Assets
*Senior Secured Term Loans (1)*
Ecuador	Grupo Surpapel (5), (12)	Corrugated and Solid Fiber Boxes	Sustainable Packaging Manufacturer	11.82% Cash / 2.2% PIK / 3% Default					0.0	%	6/18/2025			$	5,966,448		10	%	$	5,966,448	$	5,575,756		2.0	%
Hong Kong	Limas Commodities House Limited (5), (6), (12)	Coal and Other Minerals and Ores	Resource Trader		11.50	%			0.0	%	6/30/2023				22,219,565		100	%		22,219,565		14,551,857		5.1	%
Indonesia	PT Citra Labuantirta (15)	Chocolate and Cocoa Products	Cocoa Processor	PIK 12.5%					0.0	%	12/31/2024				21,119,874		51	%		21,119,874		21,119,874		7.4	%
Malaysia	Vikudha Malaysia Sdn Bhd (5), (6)	Chemicals and Allied Products	Wholesale Distributor		12.00	%			0.0	%	6/30/2023				18,484,703		67	%		18,484,703		6,086,148		2.1	%
Mexico	Blue Arrow Biojet Holdings, LLC (8)	Refuse Systems	Waste to Fuels Processor	20.0% PIK					0.0	%	4/30/2025				64,062,098		65	%		64,062,098		64,062,098		22.5	%
Singapore	Triton Metallics Pte Ltd. (5), (6)	Coal and Other Minerals and Ores	Non-Ferrous Metal Trader	6.0% Cash/7.50% PIK					0.0	%	8/18/2025				21,799,281		100	%		21,799,281		19,329,239		6.8	%
*Total Senior Secured Term Loans*																				*153,651,969*		*130,724,972*		*45.9*	%
*Senior Secured Term Loan Participations (1)*
Botswana	Ecsponent Holdings Limited (5), (6), (13)	Short-Term Business Credit	SME Financier		13.89	%			0.0	%	8/18/2023				5,601,000		47	%		5,601,000		2,072,759		0.7	%
Brazil	Dock Brasil Engenharia E Servicos S.A. (8)	Boatbuilding and Repairing	Ship Maintenance & Repair Service Provider	14% Cash / 3% PIK					0.0	%	6/28/2025				8,017,978		42	%		8,017,978		8,017,978		2.8	%
Cabo Verde	TRG Cape Verde Holdings Ltd	Hotels and Motels	Hospitality Service Provider	10.0% Cash/3.5% PIK					0.0	%	12/31/2027				11,171,177		88	%		11,171,177		10,858,156		3.8	%
Kenya	Multiple ICD (Kenya) Limited (5), (6), (12)	Freight Transportation Arrangement	Freight and Cargo Transporter	12.35% Cash / 4.0% PIK					0.0	%	3/31/2023				15,092,408		30	%		15,092,408		3,874,961		1.4	%
Namibia	Trustco Group Holdings Ltd. (5), (6), (12)	Land Subdividers and Developers	Property Developer	8.50% Cash/4.0% PIK					0.0	%	8/15/2021				18,717,631		100	%		18,717,631		17,010,329		6.0	%
Netherlands	Cevher International B.V. Netherlands (5), (6), (8)	Motor Vehicle Parts and Accessories	Wheel Manufacturer	8.0% Cash / 3.0% Default					0.0	%		N/A	(16)		8,275,000		44	%		11,399,439		9,931,415		3.5	%
Nigeria	Maritime One Limited (5)	Towing and Tugboat Service	Marine Logistics Provider		3.00	%			0.0	%	10/31/2026				3,981,422		100	%		3,981,422		3,731,276		1.3	%
Romania	Lidas SRL (5), (9), (12)	Retail Bakeries	Frozen Bakery Products Manufacturer	18.5% Cash					0.0	%		N/A	(16)		6,836,622		41	%		7,136,229		7,136,229		2.5	%
Uganda	Agilis Partners Holding LLC (5), (15)	Corn	Grain Processor G	12.80% PIK					0.0	%	12/31/2024				769,955		49	%		769,955		537,466		0.2	%
Uganda	Agilis Partners (5), (15)	Corn	Grain Processor F	3.50% Cash/8.0% PIK					0.0	%	9/19/2025				14,664,495		57	%		14,664,495		12,464,370		4.4	%
*Total Senior Secured Term Loan Participations*																				*96,551,734*		*75,634,939*		*26.6*	%
*Senior Secured Trade Finance Participations (1)*
Argentina	Compania Argentina de Granos S.A. (5), (6), (13)	Soybeans	Agriculture Distributor		N/A				0.0	%	6/30/2018				12,500,000		N/A			12,500,000		5,481,351		1.9	%
Argentina	Sancor Cooperativas Unidas Ltda (5), (6), (12)	Dairy Farms	Dairy Co-Operative		10.67	%			0.0	%	7/29/2019				5,802,296		N/A			5,802,296		4,528,841		1.6	%
Cameroon	Producam SA (5), (6), (14)	Chocolate and Cocoa Products	Cocoa & Coffee Exporter		9.50%, 6.0%		(17)		0.0	%	12/31/2024				16,077,863		77	%		16,077,863		14,519,154		5.1	%
Ecuador	Worldwide Investments and Representations Winrep S.A. and Vannapack S.A. (5), (6), (12)	Frozen Fish and Seafood	Seafood Processing Company II		11.75	%			0.0	%	10/25/2023				4,424,931		59	%		4,424,931		2,488,277		0.9	%
*Total Senior Secured Trade Finance Participations*																				*38,805,090*		*27,017,623*		*9.5*	%
*Other Investments (1)*
N/A	IIG TOF B.V. (5), (6), (13)	Other	Claim in Bankruptcy		N/A				0.0	%		N/A			5,924,697		N/A			5,924,697		3,164,986		1.1	%
Chile	Itelecom Holding Chile SPA (5), (6), (13)	Electric Services	Claim in Bankruptcy		N/A				0.0	%		N/A			1,331,194		100	%		1,331,194		845,426		0.3	%
Argentina	Algodonera Avellaneda S.A. (5), (6), (13)	Cotton Ginning	Claim in Bankruptcy		N/A				0.0	%		N/A			4,935,048		N/A			4,935,048		1,792,698		0.6	%
Argentina	Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (5), (6), (13)	Beef Cattle, Except Feedlots	Claim in Bankruptcy		N/A				0.0	%		N/A			6,499,323		N/A			6,499,323		2,955,774		1.0	%
Nigeria	Equity Participation in Cocoa Transaction A (10)	Other	Profit sharing rights on cocoa distribution		N/A				0.0	%		N/A			1,526,561		N/A			1,526,561		1,526,561		0.5	%
Brazil	Usivale Industria E Commercio Ltda	Other	Installment under Judicial Recovery		N/A				0.0	%	12/15/2026				400,000		100	%		400,000		303,015		0.1	%
Peru	TriLinc Peru S.A.C.	Other	Real estate property		N/A				0.0	%		N/A			1,354,523		N/A			1,354,523		1,261,346		0.4	%
*Total other investments*																				21,971,346		11,849,806		*4.0*	%
*Convertible Notes (1)*
Brazil	Qintess Tecnologia e Participacoes Ltda, Series A (11)	Computer Related Services	IT Service Provider	4.49% PIK					0.0	%	2/11/2027				369,374		4	%		584,169		655,192		0.2	%
Brazil	Qintess Tecnologia e Participacoes Ltda, Series B (5), (11)	Computer Related Services	IT Service Provider	12.0% PIK					0.0	%	8/11/2026				27,886,067		23	%		25,389,728		26,790,123		9.4	%
*Total convertible notes*																				25,973,897		27,445,315		9.6	%
*Equity Warrants*
Mexico	Blue Arrow Biojet Holdings, LLC (7)	Refuse Systems	Waste to Fuels Processor		N/A				N/A			N/A			N/A		N/A			—		806,140		0.3	%
*Total Investments*																			$	336,954,036	$	273,478,795		95.9	%

See accompanying notes to the consolidated financial statements.

Table of Contents

¹	Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.
²	Fees may include upfront, origination, commitment, facility and/or other fees that the borrower must contractually pay to the Company. Fees, if any, are typically received in connection with term loan transactions and are rarely applicable to trade finance transactions.
³	Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower.
⁴	Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility. The participation percentages are calculated based on the global outstanding balance for the facility.
⁵	Watch List investment (i.e., an investment with any significant changes in the credit and collection risk).
⁶	Investment on non-accrual status.
⁷	The Company holds four equity warrants, which upon exercise would entitle the Company to equity interests equivalent to 16.5% of the investee’s equity interest. The warrants have a strike price of $0.01 and expire on April 8, 2074.
⁸	The Company is negotiating with the borrower to amend the loan term and to extend the maturity date.
⁹	Lidas SRL is the operating company for the investment. The participation is in a senior security term loan to Cristal Project SRL, which is guaranteed by Lidas SRL.
¹⁰	Courtyard Farms Limited and Alfa Systems and Commodity Company Limited are the original borrowers of this investment. The borrowers were not able to meet scheduled debt repayments, and the Company entered into a settlement agreement for the outstanding amount. The borrowers' inventory serves as collateral, which the Company plans to trade through a local agent. The settlement dates for Courtyard Farms Limited and Alfa Systems and Commodity Company Limited were July 31, 2024 and October 16, 2024, respectively.
¹¹	Class A and Class B convertible notes were issued to the Company through a restructuring in August 2023.
¹²	Investment is in default.
13	Investment is in bankruptcy.
14	Investment is in arbitration.
¹⁵	Investment is undergoing a restructuring.
¹⁶	The borrower is required to repay the loan upon request.
¹⁷	The interest rate is 9.5% on the first and second trade finance participation, and 6.0% on the third trade finance participation.

Table of Contents

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

December 31, 2024

Investment Type /Country	Portfolio Company	Sector	Description	Interest			Fees (2)			Maturity (3)			Principal Amount		Participation % (4)			Amortized Cost		Fair Value		% of Net Assets
*Senior Secured Term Loans (1)*
Ecuador	Grupo Surpapel	Corrugated and Solid Fiber Boxes	Sustainable Packaging Manufacturer	11.86% Cash / 2.2% PIK / 3% Default				0.0	%	6/18/2025			$	2,829,356		10	%	$	2,829,356	$	2,829,356		1.0	%
Hong Kong	Limas Commodities House Limited (5), (6), (12)	Coal and Other Minerals and Ores	Resource Trader		11.50	%		0.0	%	6/30/2023				22,219,566		100	%		22,219,566		15,079,739		5.4	%
Indonesia	PT Citra Labuantirta (15)	Chocolate and Cocoa Products	Cocoa Processor	PIK 12.5%				2.0	%	12/31/2024				19,864,760		51	%		19,864,760		19,864,760		7.1	%
Malaysia	Vikudha Malaysia Sdn Bhd (5), (6)	Chemicals and Allied Products	Wholesale Distributor		12.00	%		0.0	%	6/30/2023				18,484,704		67	%		18,484,704		6,531,441		2.3	%
Mexico	Blue Arrow Biojet Holdings, LLC (8)	Refuse Systems	Waste to Fuels Processor	20.0% PIK				0.0	%	12/31/2024				58,044,788		65	%		58,044,788		58,044,788		20.6	%
Singapore	Triton Metallics Pte Ltd. (5), (6)	Coal and Other Minerals and Ores	Non-Ferrous Metal Trader	6.0% Cash/7.50% PIK				0.0	%	8/18/2025				21,799,281		100	%		21,799,281		19,329,238		6.9	%
*Total Senior Secured Term Loans*																			143,242,455		121,679,322		43.3	%
*Senior Secured Term Loan Participations (1)*
Botswana	Ecsponent Holdings Limited (5), (6), (13)	Short-Term Business Credit	SME Financier		13.89	%		0.0	%	8/18/2023				5,601,000		47	%		5,601,000		2,437,540		0.9	%
Brazil	Dock Brasil Engenharia E Servicos S.A. (8)	Boatbuilding and Repairing	Ship Maintenance & Repair Service Provider	14% Cash / 3% PIK				0.0	%	2/28/2025				7,898,395		42	%		7,898,395		7,898,395		2.8	%
Cabo Verde	TRG Cape Verde Holdings Ltd	Hotels and Motels	Hospitality Service Provider	10.0% Cash/3.5% PIK				0.0	%	3/31/2025				12,122,163		88	%		12,122,163		11,809,142		4.2	%
Kenya	Multiple ICD (Kenya) Limited (5), (6), (12)	Freight Transportation Arrangement	Freight and Cargo Transporter	12.7% Cash / 4.0% PIK				0.0	%	3/31/2023				15,092,408		30	%		15,092,408		3,874,961		1.4	%
Namibia	Trustco Group Holdings Ltd. (5), (6), (12)	Land Subdividers and Developers	Property Developer	8.50% Cash/4.0% PIK				0.0	%	8/15/2021				18,717,631		100	%		18,717,631		16,540,160		5.9	%
Netherlands	Cevher International B.V. Netherlands (5), (8)	Motor Vehicle Parts and Accessories	Wheel Manufacturer	8.0% Cash / 3.0% Default				0.0	%		N/A	(16)		8,275,000		44	%		11,399,439		10,397,895		3.7	%
Nigeria	Maritime One Limited (5)	Towing and Tugboat Service	Marine Logistics Provider		3.00	%		0.0	%	10/31/2026				5,808,563		100	%		5,808,563		5,298,417		1.9	%
Romania	Lidas SRL (9)	Retail Bakeries	Frozen Bakery Products Manufacturer	18.5% Cash				0.0	%		N/A	(16)		6,836,622		41	%		7,136,229		7,136,229		2.5	%
Uganda	Agilis Partners Holding LLC (5), (15)	Corn	Grain Processor G	12.80% PIK				0.0	%	12/31/2024				730,724		49	%		730,724		498,234		0.2	%
Uganda	Agilis Partners (5), (15)	Corn	Grain Processor F	3.50% Cash/8.0% PIK				0.0	%	9/19/2025				14,188,395		57	%		14,188,395		12,265,720		4.4	%
*Total Senior Secured Term Loan Participations*																			98,694,947		78,156,693		27.9	%
*Senior Secured Trade Finance Participations* *(1)*
Argentina	Compania Argentina de Granos S.A. (5), (6), (13)	Soybeans	Agriculture Distributor		N/A			0.0	%	6/30/2018				12,500,000		N/A			12,500,000		5,723,296		2.0	%
Argentina	Sancor Cooperativas Unidas Ltda (5), (6), (12)	Dairy Farms	Dairy Co-Operative		10.67	%		0.0	%	7/29/2019				5,802,296		N/A			5,802,296		4,528,841		1.6	%
Cameroon	Producam SA (5), (6), (14)	Chocolate and Cocoa Products	Cocoa & Coffee Exporter		9.50%, 6.0%	(17)		0.0	%	12/31/2024				16,077,863		77	%		16,077,863		14,519,154		5.2	%
Ecuador	Worldwide Investments and Representations Winrep S.A. and Vannapack S.A. (5), (6), (12)	Frozen Fish and Seafood	Seafood Processing Company II		11.75	%		0.0	%	10/25/2023				4,424,931		59	%		4,424,931		2,893,848		1.0	%
*Total Senior Secured Trade Finance Participations*																			38,805,090		27,665,139		9.8	%
*Other Investments (1)*
N/A	IIG TOF B.V. (5), (6), (13)	Other	Claim in Bankruptcy		N/A			N/A			N/A			5,924,697		N/A			5,924,697		3,164,987		1.1	%
Chile	Itelecom Holding Chile SPA (5), (6), (13)	Electric Services	Claim in Bankruptcy		N/A			N/A			N/A			1,456,162		N/A			1,456,162		970,393		0.3	%
Argentina	Algodonera Avellaneda S.A. (5), (6), (13)	Cotton Ginning	Claim in Bankruptcy		N/A			N/A			N/A			4,935,048		N/A			4,935,048		1,792,698		0.6	%
Argentina	Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (5), (6), (13)	Beef Cattle, Except Feedlots	Claim in Bankruptcy		N/A			N/A			N/A			6,499,323		N/A			6,499,323		2,955,774		1.1	%
Nigeria	Equity Participation in Cocoa Transaction (10)	Other	Profit sharing rights on cocoa distribution		N/A			N/A			N/A			1,606,182		N/A			1,606,182		1,606,182		0.6	%
Brazil	Usivale Industria E Commercio Ltda	Other	Installment under Judicial Recovery		N/A			N/A			N/A			400,000		100	%		400,000		303,015		0.1	%
Peru	TriLinc Peru S.A.C.	Other	Real estate property		N/A			N/A			N/A			2,428,394		N/A			2,428,394		2,261,346		0.8	%
*Total other investments*																			23,249,806		13,054,395		4.6	%
*Convertible Notes (1)*
Brazil	Qintess Tecnologia e Participacoes Ltda, Series A (11)	Computer Related Services	IT Service Provider	4.49% PIK				0.0	%	2/11/2027				361,990		4	%		576,786		647,809		0.2	%
Brazil	Qintess Tecnologia e Participacoes Ltda, Series B (5), (11)	Computer Related Services	IT Service Provider	12.0% PIK				0.0	%	8/11/2026				26,362,131		23	%		23,865,792		24,739,380		8.8	%
*Total convertible notes*																			24,442,578		25,387,189		9.0	%
*Equity Warrants*
Mexico	Blue Arrow Biojet Holdings, LLC (7)	Refuse Systems	Waste to Fuels Processor		N/A			N/A			N/A			N/A		N/A			—		2,466,534		0.9	%
*Total Investments*																		$	328,434,876	$	268,409,272		95.5	%

See accompanying notes to the consolidated financial statements.

Table of Contents

¹	Refer to Notes 2, 3 and 4 of the consolidated financial statements for additional information on the Company’s investments.
²	Fees may include upfront, origination, commitment, facility and/or other fees that the borrower must contractually pay to the Company. Fees, if any, are typically received in connection with term loan transactions and are rarely applicable to trade finance transactions.
³	Trade finance borrowers may be granted flexibility with respect to repayment relative to the stated maturity date to accommodate specific contracts and/or business cycle characteristics. This flexibility in each case is agreed upon between the Company and the sub-advisor and between the sub-advisor and the borrower.
⁴	Percentage of the Company’s participation in total borrowings outstanding under sub-advisor provided financing facility. The participation percentages are calculated based on the global outstanding balance for the facility.
⁵	Watch List investment (i.e., an investment with any significant changes in the credit and collection risk).
⁶	Investment on non-accrual status.
⁷	The Company holds four equity warrants, which upon exercise would entitle the Company to equity interests equivalent to 16.5% of the investee’s equity interest. The warrants have a strike price of $0.01 and expire on April 8, 2074.
⁸	The Company is negotiating with the borrower to amend the loan term and to extend the maturity date.
⁹	Lidas SRL is the operating company for the investment. The participation is in a senior security term loan to Cristal Project SRL, which is guaranteed by Lidas SRL.
¹⁰	Courtyard Farms Limited and Alfa Systems and Commodity Company Limited are the original borrowers of this investment. The borrowers were not able to meet scheduled debt repayments, and the Company entered into a settlement agreement for the outstanding amount. The borrowers' inventory serves as collateral, which the Company plans to trade through a local agent. The settlement dates for Courtyard Farms Limited and Alfa Systems and Commodity Company Limited were July 31, 2024 and October 16, 2024, respectively.
¹¹	Class A and Class B convertible notes were issued to the Company through a restructuring in August 2023.
¹²	Investment is in default.
13	Investment is in bankruptcy.
14	Investment is in arbitration.
¹⁵	Investment is undergoing a restructuring.
¹⁶	The borrower is required to repay the loan upon request.
¹⁷	The interest rate is 9.5% on the first and second trade finance participation, and 6.0% on the third trade finance participation.

Table of Contents

TRILINC GLOBAL IMPACT FUND, LLC

Notes to Consolidated Financial Statements

June 30, 2025

(Unaudited)

Note 1. Organization and Operations of the Company

TriLinc Global Impact Fund, LLC (the “Company”) was organized as a Delaware limited liability company on April 30, 2012 and formally commenced operations on June 11, 2013. As a result of the Company's LLC structure, the Company's unitholders have limited legal and financial liability for the obligations or debts of the Company. The Company makes impact investments in Small and Medium Enterprises, known as SMEs, which the Company defines as those businesses having less than 500 employees, primarily in developing economies that provide the opportunity to achieve both competitive financial returns and positive measurable impact. The Company uses the proceeds raised from the issuance of units to invest in SMEs through local market sub-advisors in a diversified portfolio of financial assets, including direct loans, convertible debt instruments, trade finance, structured credit and preferred and common equity investments. To a lesser extent, the Company may also make impact investments in companies that may not meet our technical definition of SMEs due to a larger number of employees but that also provide the opportunity to achieve both competitive financial returns and positive measurable impact. In addition, the Company may also make investments in developed economies, including the United States. The Company generally expects that such investments will have similar investment characteristics as SMEs as defined by the Company. The Company’s investment objectives are to generate current income, capital preservation and modest capital appreciation primarily through investments in SMEs. The Company is externally managed by TriLinc Advisors, LLC (the “Advisor”). The Advisor is an investment advisor registered with the Securities and Exchange Commission (“SEC”).

TriLinc Global, LLC (the “Sponsor”) is the sponsor of the Company and employs staff who operate both the Advisor and the Company. The Sponsor owns 100% of the Advisor.

In May 2012, the Advisor purchased 22,161 Class A units for aggregate gross proceeds of $200,000. The Company commenced its initial public offering of up to $1,500,000,000 in units of limited liability company interest (the “Offering”) on February 25, 2013. On June 11, 2013, the Company satisfied its minimum offering requirement of $2,000,000 when the Sponsor purchased 321,330 Class A units for aggregate gross proceeds of $2,900,000 and the Company commenced operations. The primary public offering terminated on March 31, 2017. The Company continues to offer units to existing unitholders pursuant to its distribution reinvestment plan ("DRP"). Through the termination of the primary offering, the Company raised approximately $361,776,000 in gross proceeds, including approximately $13,338,000 raised through the DRP. The Company temporarily suspended the DRP effective April 1, 2023. On February 16, 2024, the Company filed with the SEC a Registration Statement on Form S-1 (File No. 333-277157), which was subsequently amended on April 17, 2024, to register units to be issued pursuant to the DRP (as amended, the "DRP Registration Statement"). The temporary suspension of the DRP was lifted when the DRP Registration Statement was declared effective by the SEC on April 24, 2024. For the period from April 1, 2017 to June 30, 2025, the Company raised an additional $99,753,000 pursuant to a private placement and $53,561,000 pursuant to the DRP, for total gross proceeds of approximately $515,089,000 as of June 30, 2025.

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

To assist the Company in achieving its investment objective, the Company makes investments via wholly owned subsidiaries (each a “Subsidiary” and collectively, the “Subsidiaries”), all of which are Cayman Islands exempted companies. The Subsidiaries own all of the Company’s investments. As of June 30, 2025, the Company’s Subsidiaries are as follows:

●

TriLinc Global Impact Fund – Asia, Ltd.

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TriLinc Global Impact Fund – Latin America, Ltd.

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TriLinc Global Impact Fund – Trade Finance, Ltd.

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TriLinc Global Impact Fund – African Trade Finance, Ltd.

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TriLinc Global Impact Fund – Africa, Ltd.

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TriLinc Global Impact Fund – Latin America II, Ltd.

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

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TriLinc Global Impact Fund – Latin America III, Ltd.

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TriLinc Global Impact Fund – Asia II, Ltd.

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TriLinc Global Impact Fund – Asia III, Ltd.

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TriLinc Global Impact Fund – Asia IV, Ltd.

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

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TriLinc Global Impact Fund – Europe, Ltd.

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TriLinc Global Impact Fund – Cayman Master (formerly known as TriLinc Global Impact Fund - North America, Ltd.)

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TriLinc Global Impact Fund – Africa Latin America, Ltd.

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TriLinc Global Impact Fund - Africa Latin America Trade Finance, Ltd

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TriLinc Global Impact Fund – Cayman, Ltd.

Through June 30, 2025, the Company has made, through its Subsidiaries, loans in a number of countries located in South America, Asia, Africa, North America, and Europe.

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Note 2. Significant Accounting Policies

Basis of Presentation

The Company’s financial information is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The Company follows the accounting and reporting guidance in ASC 946. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's knowledge of current events and actions it may undertake in the future, actual results may differ from these estimates.

The interim consolidated financial statements and notes are presented as permitted by the requirements for Quarterly Reports on Form 10-Q. Certain financial information that is normally included in annual financial statements, including certain financial statement footnotes, prepared in accordance with GAAP is not required for interim reporting purposes and has been omitted herein. These consolidated financial statements should be read in conjunction with the Company’s consolidated financial statements and notes related thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC o n March 28, 2025.

The results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results that ultimately may be achieved for the full year ending December 31, 2025.

The accompanying consolidated financial statements include the accounts of the Company and its Subsidiaries, which were established to hold certain investments of the Company. The Company owns 100% of each Subsidiary and, as such, the Subsidiaries are consolidated into the Company’s consolidated financial statements. Transactions between Subsidiaries, to the extent they occur, are eliminated in consolidation. The consolidated financial statements reflect all adjustments, consisting solely of normal recurring accruals, that, in the opinion of management, are necessary for the fair presentation of the results of the operations and financial condition as of and for the periods presented. These financial statements are presented in United States (“U.S.”) dollars, which is the functional and reporting currency of the Company and all its Subsidiaries.

Certain prior period information has been reclassified to conform with the current period presentation.

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Cash

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

Revenue Recognition

The Company records interest income on an accrual basis to the extent that the Company expects to collect such amounts. Following the initial accrual of interest income, the receivable balances are adjusted to have such balances reflect their net realizable value at each reporting date. The Company determines the net realizable value using the same methodologies used to determine the fair value of investments. Structuring, upfront and similar fees are recorded as a discount on investments purchased and are accreted into interest income, on a straight-line basis, which the Company has determined not to be materially different from the effective yield method.

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

The Company generally places loans on non-accrual status when there is a reasonable doubt that principal or interest will be collected when they become due. Non-accrual loans are generally restored to accrual status when past due principal and interest is paid and, in the Company’s judgment, is likely to remain current over the remainder of the term.

Valuation of Investments

The Company carries all of its investments at fair value with changes in fair value recognized in the consolidated statement of operations. Fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

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

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

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

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

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Level 3 — Valuations based on inputs that are unobservable and where there is little, if any, market activity at the measurement date. The inputs for the determination of fair value may require significant management judgment or estimation and is based upon management’s assessment of the assumptions that market participants would use in pricing the assets or liabilities.

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These investments include debt and equity investments in private companies or assets valued using the income or liquidation approach and may involve pricing models whose inputs require significant judgment or estimation because of the absence of any meaningful current market data for identical or similar investments. The inputs in these valuations may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. Certain investments may be valued based upon a collateral approach, which uses estimated value of underlying collateral and includes adjustments deemed necessary for estimates of costs to obtain control and liquidate available collateral. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence.

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

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

Each investment is valued by the Advisor on a quarterly basis;

Materiality is assessed quarterly on all investments to determine whether an independent review is appropriate. When deemed appropriate, the Advisor engages a third-party valuation firm to conduct an independent review of the reasonableness of the Advisor’s internal estimates of fair value on all term loans and trade finance Watch List investments, and to provide an opinion of whether they concur with the Advisor’s analysis. The independent assessment occurs on a discretionary basis based on qualifications that takes into account both quantitative thresholds and qualitative considerations, as determined by the Advisor. The analysis performed by the independent valuation firm is based upon data and assumptions provided to it by the Company and received from third party sources, which the independent valuation firm relies upon as being accurate without independent verification. The results of the analyses performed by the independent valuation firm are among the factors taken into consideration by the Company and its management in making its determination with respect to the fair value of such investments, but are not determinative. The Company and its management are solely and ultimately responsible for determining the fair value of the Company’s investments in good faith;

The audit committee of the Company’s board of managers reviews and discusses the preliminary valuation prepared by the Advisor and any report rendered by the independent valuation firm; and

The board of managers discusses the valuations and determines the fair value of each investment in the Company’s portfolio in good faith based on the inputs which include but are not limited to, inputs of the Advisor, the independent valuation firm and the audit committee. The Company and its board of managers are solely and ultimately responsible for the determination, in good faith, of the fair value of each investment.

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

Any potential valuation adjustments are subject to a materiality threshold as determined by the Advisor. Due to the fact that all non-Watch List investments are performing loans, with no macroeconomic indicator or other event observed that would reasonably be expected to have a material impact on the underlying performance or collateral value of the investment, most of these investments have a fair value that does not deviate materially from amortized cost. If, pursuant to the Company's quarterly review, the Company determines that one or more material valuation adjustments are appropriate, then the Company adjusts the fair value. Historically, in most cases when these adjustments have resulted in a fair value that is materially less than the investment’s amortized cost, the Company has determined to place it on the Watch List. Fixed income investments are typically valued utilizing an income approach, collateral based approach, or a combination of these approaches (and any others, as appropriate). The income approach uses valuation techniques to convert future amounts (for example, interest and principal payments) to a single present value amount (Discounted Cash Flow or “DCF”) calculated based on an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about those future amounts. For Watch List investments, the Company predominantly uses the income approach, but may also use a collateral based approach (also known as a liquidation or net recovery approach), or a hybrid approach consisting of the income approach and the collateral based approach. The collateral based approach uses estimates of the collateral value of the borrower’s assets using an expected recovery model. When using the collateral based approach, the Company determines the fair value of the remaining assets, discounted to reflect the anticipated amount of time to recovery and the uncertainty of recovery. The Company also may make further adjustments to account for anticipated costs of recovery, including legal fees and expenses. In following a given approach, the types of factors that the Company may take into account in valuing the Company’s investments include, as applicable:

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

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Industry factors that are relevant to the investment or the underlying borrower

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

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Borrower draw requests and payment track record

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Loan covenants, duration and drivers

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

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

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

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

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Applicable global interest rates

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Impact of investments placed on non-accrual status

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

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

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

Payment-in-Kind Interest

The Company has investments that contain payment-in-kind ("PIK") interest provisions. For loans with contractual PIK interest, any interest will be added to the principal balance of such investments and be recorded as interest income, if the valuation indicates that such interest is collectible. For the six months ended June 30, 2025 and 2024, the Company earned and capitalized PIK interest of $9,666,896 and $8,696,380, respectively.

Distribution and Ongoing Dealer Manager and Service Fees

The Company pays a distribution fee equal to 0.8% per annum of the Company’s current estimated value per share for each Class C unit sold in the Offering or pursuant to a private placement. The distribution fee is payable until the earlier to occur of the following: (i) a listing of the Class C units on a national securities exchange, (ii) following completion of each respective offering, total selling compensation equaling 10% of the gross proceeds of such offering, or (iii) there are no longer any Class C units outstanding. In addition, the Company pays an ongoing dealer manager fee for each Class I unit and Class W unit sold pursuant to a private placement. Such ongoing dealer manager fee is payable for five years until the earlier of: (x) the date on which such Class I units or Class W units are repurchased by the Company; (y) the listing of the Class I units or Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the fifth anniversary of the admission of the investor as a unitholder. Further, the Company pays an ongoing service fee for each Class W unit sold pursuant to the private placement. Such ongoing service fee is payable for six years until the earlier of: (x) the date on which such Class W units are repurchased by the Company; (y) the listing of the Class W units on a national securities exchange, the sale of the Company or the sale of all or substantially all of the Company’s assets; or (z) the sixth anniversary of the admission of the investor as a unitholder. The distribution fees, ongoing dealer manager fees and service fees are not paid at the time of purchase. Such fees are payable monthly in arrears, as they become contractually due.

The Company accounts for the distribution fees as a charge to equity at the time each Class C unit was sold in the Offering and recorded a corresponding liability for the estimated amount to be paid in future periods. The Company accounts for the ongoing dealer manager fees and service fees paid in connection with the sale of Class I and Class W units in the private placement in the same manner. At June 30, 2025, the estimated unpaid distribution fees for Class C units amounted to $346,000, the unpaid dealer manager fees for Class I units amounted to $15,000 and the unpaid dealer manager and service fees for Class W units amounted to $1,000. At December 31, 2024, the estimated unpaid distribution fees for Class C units amounted to $340,000, the unpaid dealer manager fees for Class I units amounted to $15,000 and the unpaid dealer manager and service fees for Class W units amounted to $1,000.

Income Taxes

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

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

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

As of June 30, 2025, no tax liability for uncertain tax positions had been recognized in the accompanying consolidated financial statements nor did the Company recognize any interest and penalties related to unrecognized tax benefits. The earliest year that the Company’s income tax returns are subject to examination is the period ended December 31, 2022.

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

Calculation of Net Asset Value

The Company’s net asset value is calculated on a quarterly basis. As of June 30, 2025, the Company has six classes of units: Class A units, Class C units, Class I units, Class W units, Class Y units and Class Z units. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. Under GAAP, pursuant to SEC guidance, the Company records liabilities for (i) ongoing fees that the Company currently owes to the dealer manager under the terms of the dealer manager agreement and (ii) for an estimate of the fees that the Company may pay to the dealer manager in future periods. As of June 30, 2025, under GAAP, the Company has recorded a liability in the amount of $362,000 for the estimated future amount of Class C unit distribution fees, Class I unit dealer manager fees, Class W unit ongoing dealer manager fees and Class W unit service fees payable. Such fees are charged against capital when incurred.

The Company is not required to determine its net asset value per unit under GAAP and therefore, its determination of net asset value per unit for Class C units, Class I units and Class W units varies from GAAP. The Company does not deduct the liability for estimated future distribution fees in its calculation of net asset value per unit for Class C units. Further, the Company does not deduct the liability for estimated future dealer manager fees in its calculation of the net asset value per unit for Class I units and Class W units. Likewise, the Company does not deduct the liability for estimated future service fees in its calculation of the net asset value per unit for Class W units. The Company believes this approach is consistent with the industry standard and appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.

Accordingly, the Company believes that its estimated net asset value at any given time should not include consideration of any estimated future distribution, ongoing dealer manager or service fees that may become payable after such date. As a result, as of June 30, 2025, each of the Class A, Class C, Class I, Class W, Class Y and Class Z units have the same net asset value per unit of approximately $5.96. This estimated net asset value per unit as of June 30, 2025 reflects an increase of approximately $0.07 from the net asset value per unit of approximately $5.89 as of December 31, 2024. The increase in net asset value per unit was driven by the cumulative effect of several factors, including improved cash flows from certain of the Company's borrowers and moderating inflation in many countries. The Company recorded $3,449,639 in unrealized depreciation and $73,871 in realized loss on its investments during the six months ended June 30, 2025. The Company also recorded $1,364,510 in unrealized appreciation and $0 in net realized gain or loss on its investments during the six months ended June 30, 2024.

Concentration Risk

As of June 30, 2025 and December 31, 2024, interest receivable reported on the Consolidated Statement of Assets and Liabilities totaled $19,331,952 and $16,678,722, respectively. Of these amounts, 63.7% and 67.3% were attributable to the Company’s four largest investments as of June 30, 2025 and December 31, 2024, respectively.

For the three months ended June 30, 2025 and 2024, total interest income, which includes both cash and PIK interest, was $7,448,090 and $5,974,670, respectively. Of these amounts, 64.8% of the total interest income was derived from the Company’s three largest investments during the three months ended June 30, 2025 and 67.0% of the total interest income was derived from the Company’s three largest investments during the same period in 2024. Of these amounts, one investment accounted for 43.5% of the total interest income during the three months ended June 30, 2025 and 44.5% of the total interest income during the same period in 2024.

For the six months ended June 30, 2025 and 2024, total interest income, which includes both cash and PIK interest, was $13,680,943 and $11,980,680, respectively. Of these amounts, 67.7% and 65.1% of the total interest income were derived from the Company’s three largest investments during the six months ended June 30, 2025 and the same period in 2024, respectively. Of these amounts, one investment accounted for 46.0% of the total interest income during the six months ended June 30, 2025 and 43.3% of the total interest income during the same period in 2024.

Net Income (Loss) per Unit

Basic net income (loss) per unit is computed by dividing net income (loss) by the weighted average number of members’ units outstanding during the period. Diluted net income or loss per unit is computed by dividing net income (loss) by the weighted average number of members’ units and members’ unit equivalents outstanding during the period. The Company did not have any potentially dilutive units outstanding at June 30, 2025 and 2024.

Organization and Offering Costs

The Sponsor has incurred organization and offering costs on behalf of the Company. Organization and offering costs incurred in connection with the Offering were reimbursable to the Sponsor to the extent the aggregate of selling commissions, dealer manager fees and other organization and offering costs did not exceed 15.0% of the gross offering proceeds raised from the Offering (the “O&O Reimbursement Limit”) and were accrued and payable by the Company only to the extent that such costs did not exceed the O&O Reimbursement Limit. Reimbursements to the Sponsor of organization and offering costs are included as a reduction to net assets on the Consolidated Statement of Changes in Net Assets. Based on the proceeds raised through the end of the Offering, the organization and offering costs did not exceed the O&O Reimbursement Limit, and reimbursement to the Sponsor of the initial offering and organization costs were recorded in periods prior to 2021. The Company continues to incur certain offering costs associated with the DRP as well as the ongoing fees described above in “Distribution and Ongoing Dealer Manager and Service Fees.” The Company may incur these costs directly, or may reimburse the Sponsor for paying these offering costs on behalf of the Company. There were no offering costs incurred by the Sponsor during the six months ended June 30, 2025 and 2024.

Segment Reporting

The Company has determined that it qualifies as a single reporting segment, as it follows a single investment activity and strategy. Additionally, the segment income and expenses are reported as total investment income and expenses on a consolidated basis in the consolidated statements of operations.

The Chief Operating Decision Maker ("CODM") is the Chief Executive Officer, who also serves as the President.

The CODM regularly assesses performance of the single reporting segment and decides how to allocate resources and make operating decisions based on the net changes in net asset value, which consists of net increases or decreases from operations and other capital transactions, including distributions, unit issuances, and unit repurchases as listed in the accompanying consolidated statement of changes in net assets.

Recently Issued Accounting Pronouncements

In November 2024, the FASB issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), and in January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which will be effective for annual reporting period beginning after December 15, 2026. ASU 2024-03 will require the Company to provide more detailed information about the types of expenses in the consolidated financial statements. The Company is currently evaluating and believes that the adoption of ASU 2024-03 will not have a material impact on its consolidated financial statements.

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Risk Factors

As an externally-managed company, the Company is largely dependent on the efforts of the Advisor, the sub-advisors and other service providers and has been dependent on the Sponsor for financial support in prior periods.

The Company’s sub-advisors are responsible for locating, performing due diligence and closing on suitable acquisitions based on their access to local markets, local market knowledge for quality deal flow and extensive local private credit experience. However, because the sub-advisors are separate companies from the Advisor, the Company is subject to the risk that one or more of its sub-advisors will be ineffective or materially underperform. The Company’s ability to achieve its investment objectives and to pay distributions to unitholders will be dependent upon the performance of its sub-advisors in the identification, performance of due diligence on and acquisition of investments, the determination of any financing arrangements, and the management of the Company’s projects and assets. The Company is subject to the risk that the Company’s sub-advisors may fail to perform according to the Company’s expectations, or the due diligence conducted by the sub-advisors may fail to reveal all material risks of the Company’s investments, which could result in the Company being materially adversely affected.

The Company is subject to financial market risks, including changes in interest rates. Global economies and capital markets can and have experienced significant volatility, which has increased the risks associated with investments in collateralized private debt instruments. Investment in the Company carries risk and there are no guarantees that the Company’s investment objectives will be achieved. The Company relies on the ability of the Advisor and the ability of the sub-advisors’ investment professionals to obtain adequate information to evaluate the potential returns from these investments, which primarily are made in, with or through private companies. If the Company is unable to uncover all material information about these companies or is provided incorrect or inadequate information about these companies from the Company’s subadvisors, the Company may not make a fully informed investment decision, and the Company may lose money on its investments. The International Investment Group L.L.C. (“IIG”) was the sub-advisor with respect to 5 of the 21 investments that the Company has deemed Watch List investments, which are investments with respect to which the Company has determined there have been significant changes in the credit and collection risk of the investment. IIG failed to provide the Company with complete and accurate information with respect to the Company’s investments for which IIG was the sub-advisor, and sold the Company a $6 million participation in a loan that did not exist. In November 2019, the SEC charged IIG with fraud and revoked IIG's registration as an investment adviser. On March 30, 2020, the SEC obtained a final judgment on consent that enjoins IIG from violating the antifraud provisions of the federal securities laws. IIG has ceased operations and the Company does not expect to receive any further reporting from IIG with respect to its outstanding investments. IIG’s acts and omissions have negatively affected and are likely to continue to negatively affect the value of certain of the Company’s investments, which could adversely affect returns to the Company’s unitholders.

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

The value of the Company’s investments in loans may be detrimentally affected to the extent, among other things, that a borrower defaults on its obligations, there is insufficient collateral securing the loan and/or there are extensive legal and other costs incurred in collecting on a defaulted loan, observable secondary or primary market yields for similar instruments issued by comparable companies increase materially or risk premiums required in the market between smaller companies, such as the Company’s borrowers, and those for which market yields are observable increase materially. The majority of the Company’s investments are in the form of participation interests, in financing facilities originated by one of the Company’s sub-advisors. Accordingly, the Company’s counterparty for investments in participation interests generally will be the respective sub-advisor or its affiliate. In these instances, the Company will not have a contract with the underlying borrower and therefore, in the event of default, will not have the ability to directly seek recovery against the collateral and instead will have to seek recovery through the Company’s sub-advisor counterparty, which increases the risk of full recovery. These risks may be further exacerbated by the conflict between Russia and Ukraine. Fortunately, most supply side conditions normalized in 2023, providing some economic relief to borrower companies. However, as noted in prior quarters, the combination of pandemic period effects, in many cases, had devastating and long-lasting impacts on the businesses, financial condition and results of operations of several borrower companies. In April 2025, the U.S. government announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits, including China. Increased tariffs imposed by the United States have led and may continue to lead to the imposition of retaliatory tariffs by foreign jurisdictions. Additionally, the U.S. government has announced and rescinded or lowered multiple tariffs on several foreign jurisdictions and has delayed the implementation of individualized tariffs (as is the case with China), which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. Although we are continuing to monitor the economic effects of such announcements, as well as opportunities to mitigate their related impacts, costs and other effects associated with the tariffs remain uncertain.

In addition, as of June 30, 2025 and December 31, 2024, all but one of the Company’s investments were denominated in U.S. dollars. If the U.S. dollar rises, it may become more difficult for borrowers to make loan payments if the borrowers are operating in markets where the local currencies are depreciating relative the U.S. dollar.

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In addition, certain of the Company’s investments in loans contain a PIK interest provision. These investments may expose the Company to higher risks, including an increased risk of potential loss because PIK interest results in an increase in the size of the outstanding loan balance. The Company may also be exposed to the risk that it may be more difficult to value the investments because the continuing accrual of interest requires continuing subjective judgments about the collectability of the deferred payments and the value of the underlying collateral. To the extent the loan is structured as a PIK interest-only loan, the probability and magnitude of a loss on the Company’s investment may increase.

At June 30, 2025, the Company’s largest loan by value was $64,062,098 or 23.4% of total investments and provides for PIK interest, with principal and interest due at maturity. The Company’s five largest loans by value comprised 54.2% of the Company’s investment portfolio at June 30, 2025. Participations in loans amounted to 37.6% of the fair value of the Company’s total portfolio at June 30, 2025.

Note 3. Investments

As of June 30, 2025, the Company’s investments consisted of the following:

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	153,651,969	$	130,724,972		47.8	%
Senior secured term loan participations		96,551,734		75,634,939		27.7	%
Senior secured trade finance participations		38,805,090		27,017,623		9.9	%
Convertible notes		25,973,897		27,445,315		10.0	%
Other investments		21,971,346		11,849,806		4.3	%
Equity warrants		—		806,140		0.3	%
Total investments	$	336,954,036		273,478,795		100.0	%

As of December 31, 2024, the Company’s investments consisted of the following:

					Percentage
	Amortized Cost		Fair Value		of Total Investments
Senior secured term loans	$	143,242,455	$	121,679,322		45.3	%
Senior secured term loan participations		98,694,947		78,156,693		29.1	%
Senior secured trade finance participations		38,805,090		27,665,139		10.3	%
Convertible notes		24,442,578		25,387,189		9.5	%
Other investments		23,249,806		13,054,395		4.9	%
Equity warrants		—		2,466,534		0.9	%
Total investments	$	328,434,876	$	268,409,272		100.0	%

Participations

Some of the Company’s investments are in the form of participation interests in financing facilities (“Participations”). Certain of the Company's Participations are interests in financing facilities originated by one of the Company’s sub-advisors. Participations may be interests in one specific loan or trade finance transaction, several loans or trade finance transactions under a facility, or may be interests in an entire facility. The Company’s rights under Participations include, without limitation, all corresponding rights in payments, collateral, guaranties, and any other security interests obtained by the respective sub-advisor in the underlying financing facilities.

As of June 30, 2025 and December 31, 2024, Participations with sub-advisors represented the following as a percentage of Net Assets:

	As of June 30, 2025					As of December 31, 2024
	Fair		Percentage			Fair		Percentage
Sub-advisor	Value		of Total			Value		of Total
CEECAT Capital Limited & CCL Investments SARL	$	9,931,415		3.5	%	$	10,397,895		3.7	%
Origin Capital Limited		18,577,592		6.5	%		15,593,310		5.5	%
Scipion Capital, Ltd.		2,072,759		0.7	%		16,956,694		6.0	%
TRG Management LP		35,463,293		12.5	%		33,285,584		11.8	%
Total	$	66,045,059		23.2	%	$	76,233,483		27.1	%

Interest Receivable

Depending on the specific terms of the Company’s investments, interest earned by the Company is payable either monthly, quarterly, or, in the case of most trade finance investments, at maturity. As such, some of the Company's trade finance investments have up to a year or more of accrued interest receivable as of June 30, 2025. In addition, certain of the Company’s investments in term loans accrue deferred interest, which is not payable until the maturity of the loans. Lastly, certain of the Company's investments have PIK interest, which is accrued as interest receivable and capitalized on a regular basis based on the terms of the agreements. As a result, a significant portion of the Company's interest receivable balance may not be received in cash in the short term. The Company’s interest receivable balances at June 30, 2025 and December 31, 2024 are recorded at net realizable value.

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Trade Finance

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

●

nature of the goods or transaction being financed,

●

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

●

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

●

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

●

the underlying advance rate and subsequent Loan to Value (“LTV”) associated with lending against the goods that serve to secure the facility or transaction,

●

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

●

third party inspections and insurance, and

●

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

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

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

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

Short Term Investments

Short term investments are defined by the Company as investments that generally meet the standard underwriting guidelines for trade finance and term loan transactions and that also have the following characteristics: (1) maturity of less than one year, and (2) loans to borrowers to whom, at the time of funding, the Company does not expect to re-lend. Impact data is not tracked for short term investments.

Warrants

Certain investments, including loans and participations, may carry equity warrants, which allow the Company to buy shares of the portfolio company at a given price, which the Company may exercise at its discretion during the life of the portfolio company. The Company’s goal is to ultimately dispose of such equity interests and realize gains upon the disposition of such interests. However, these warrants and equity interests are generally illiquid and it may be difficult for the Company to dispose of them. In addition, the Company expects that any warrants or other return enhancements received when the Company makes or invests in loans may require several years to appreciate in value and may not appreciate at all.

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The industry composition of the Company’s portfolio, at fair value as of June 30, 2025 and December 31, 2024, was as follows:

	As of June 30, 2025					As of December 31, 2024
	Fair		Percentage			Fair		Percentage
Industry	Value		of Total			Value		of Total
Beef Cattle, Except Feedlots	$	2,955,774		1.1	%	$	2,955,774		1.1	%
Boatbuilding and Repairing		8,017,978		2.9	%		7,898,395		2.9	%
Chemicals and Allied Products		6,086,148		2.2	%		6,531,441		2.4	%
Chocolate and Cocoa Products		35,639,028		13.0	%		34,383,914		12.8	%
Coal and Other Minerals and Ores		33,881,096		12.4	%		34,408,977		12.8	%
Computer Related Services		27,445,315		10.0	%		25,387,189		9.5	%
Corn		13,001,836		4.8	%		12,763,954		4.8	%
Corrugated and Solid Fiber Boxes		5,575,756		2.0	%		2,829,356		1.1	%
Cotton Ginning		1,792,698		0.7	%		1,792,698		0.7	%
Dairy Farms		4,528,841		1.7	%		4,528,841		1.7	%
Electric Services		845,426		0.3	%		970,393		0.4	%
Freight Transportation Arrangement		3,874,961		1.4	%		3,874,961		1.4	%
Frozen Fish and Seafood		2,488,277		0.9	%		2,893,848		1.1	%
Hotels and Motels		10,858,156		4.0	%		11,809,142		4.4	%
Land Subdividers and Developers		17,010,329		6.2	%		16,540,160		6.2	%
Motor Vehicle Parts and Accessories		9,931,415		3.6	%		10,397,895		3.9	%
Refuse Systems		64,868,238		23.7	%		60,511,322		22.5	%
Retail Bakeries		7,136,229		2.6	%		7,136,229		2.7	%
Short-Term Business Credit		2,072,759		0.8	%		2,437,540		0.9	%
Soybeans		5,481,351		2.0	%		5,723,296		2.1	%
Towing and Tugboat Service		3,731,276		1.4	%		5,298,417		2.0	%
Other		6,255,908		2.3	%		7,335,530		2.6	%
Total	$	273,478,795		100.0	%	$	268,409,272		100.0	%

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The table below shows the portfolio composition by geographic classification at fair value as of June 30, 2025 and December 31, 2024:

	As of June 30, 2025					As of December 31, 2024
	Fair		Percentage			Fair		Percentage
Country	Value		of Total			Value		of Total
Argentina (1)	$	14,758,664		5.4	%	$	15,000,609		5.6	%
Botswana		2,072,759		0.8	%		2,437,540		0.9	%
Brazil		35,766,308		13.1	%		33,588,599		12.5	%
Cabo Verde		10,858,156		4.0	%		11,809,142		4.4	%
Cameroon		14,519,154		5.3	%		14,519,154		5.4	%
Chile		845,426		0.3	%		970,393		0.4	%
Ecuador		8,064,033		2.9	%		5,723,204		2.1	%
Hong Kong		14,551,857		5.3	%		15,079,739		5.6	%
Indonesia		21,119,874		7.7	%		19,864,760		7.4	%
Kenya		3,874,961		1.4	%		3,874,961		1.4	%
Malaysia		6,086,148		2.2	%		6,531,441		2.4	%
Mexico		64,868,238		23.7	%		60,511,322		22.5	%
Namibia		17,010,329		6.2	%		16,540,160		6.2	%
Netherlands		9,931,415		3.6	%		10,397,895		3.9	%
Nigeria		5,257,837		1.9	%		6,904,599		2.6	%
Peru		1,261,346		0.5	%		2,261,346		0.8	%
Romania		7,136,229		2.6	%		7,136,229		2.7	%
Singapore		19,329,239		7.1	%		19,329,238		7.2	%
Uganda		13,001,836		4.8	%		12,763,954		4.8	%
N/A		3,164,986		1.2	%		3,164,987		1.2	%
Total	$	273,478,795		100.0	%	$	268,409,272		100.0	%

(1)	All of the Company’s investments in Argentina are Participations in trade finance facilities originated by IIG TOF B.V.

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Note 4. Fair Value Measurements

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820, Fair Value Measurement ("ASC 820") as of June 30, 2025:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	130,724,972	$	—	$	—	$	130,724,972
Senior secured term loan participations		75,634,939		—		—		75,634,939
Senior secured trade finance participations		27,017,623		—		—		27,017,623
Convertible notes		27,445,315		—		—		27,445,315
Other investments		11,849,806		—		—		11,849,806
Equity warrants		806,140		—		—		806,140
Total	$	273,478,795	$	—	$	—	$	273,478,795

The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2024:

	Fair
	Value		Level 1		Level 2		Level 3
Senior secured term loans	$	121,679,322	$	—	$	—	$	121,679,322
Senior secured term loan participations		78,156,693		—		—		78,156,693
Senior secured trade finance participations		27,665,139		—		—		27,665,139
Convertible notes		25,387,189		—		—		25,387,189
Other investments		13,054,395		—		—		13,054,395
Equity warrants		2,466,534		—		—		2,466,534
Total	$	268,409,272	$	—	$	—	$	268,409,272

The fair value of the repurchase obligation as of June 30, 2025, is $2,876,926, which equals the principal amount outstanding.

The following is a reconciliation of activity for the six months ended June 30, 2025, of investments classified as Level 3:

	Fair Value at December 31, 2024		Purchases		Proceeds from disposition and paydowns of investments			Reclassifications			Capitalized payment-in-kind interest income		Net change in unrealized appreciation (depreciation)			Net realized gains (losses)			Fair Value at June 30, 2025
Senior secured term loans	$	121,679,322	$	—	$	—		$	2,876,926	⁽¹⁾	$	7,532,589	$	(1,363,865	)	$	—		$	130,724,972
Senior secured term loan participations		78,156,693		—		(2,989,633	)		—			846,421		(378,542	)		—			75,634,939
Senior secured trade finance participations		27,665,139		—		—			—			—		(647,516	)		—			27,017,623
Convertible notes		25,387,189		—		—			—			1,531,319		526,807			—			27,445,315
Other investments		13,054,395		—		(1,204,589	)		—			—		73,871			(73,871	)		11,849,806
Equity warrants		2,466,534		—		—			—			—		(1,660,394	)		—			806,140
Total	$	268,409,272	$	—	$	(4,194,222	)	$	2,876,926		$	9,910,329	$	(3,449,639	)	$	(73,871	)	$	273,478,795

(1) The reclassification pertains to the repurchase obligation. Refer to Note 5. Contingencies and Related Parties for additional information.

The following is a reconciliation of activity for the year ended December 31, 2024, of investments classified as Level 3:

	Fair Value at December 31, 2023		Purchases		Proceeds from disposition and paydowns of investments			Reclassifications			Capitalized payment-in-kind interest income		Net change in unrealized appreciation (depreciation)			Net realized gains (losses)			Fair Value at December 31, 2024
Senior secured term loans	$	108,317,851	$	—	$	(919,801	)	$	(303,015	)	$	15,258,212	$	(673,925	)	$	—		$	121,679,322
Senior secured term loan participations		87,306,046		—		(11,570,364	)		—			2,751,489		(330,478	)		—			78,156,693
Senior secured trade finance participations		28,607,328		—		(648,430	)		—			42,841		(336,600	)		—			27,665,139
Convertible notes		21,768,698		—		—			—			2,850,250		768,241			—			25,387,189
Other investments		14,371,380		—		(1,301,744	)		303,015			—		1,153,537			(1,471,793	)		13,054,395
Equity warrants		1,309,404		—		—			—			—		1,157,130			—			2,466,534
Total	$	261,680,707	$	—	$	(14,440,339	)	$	—		$	20,902,792	$	1,737,905		$	(1,471,793	)	$	268,409,272

Net change in unrealized depreciation for the six months ended June 30, 2025 and net change in unrealized appreciation for the year ended December 31, 2024 reported in the Company’s consolidated statements of operations attributable to the Company’s Level 3 assets still held at period end were approximately $3,449,000 and $544,000, respectively.

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As of June 30, 2025, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of June 30, 2025:

	Fair value		Valuation technique	Unobservable input	Range (weighted average) (4)
Senior secured trade finance participations (1)	$	7,017,118	Collateral based approach	Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5)	1.24x - 1.57x, 11.75% - 17.67% (15.57%), 1.0 - 3.0 years
Senior secured trade finance participations (2)	$	20,000,505	Income approach (DCF)	Discount rate, Estimated duration period (5)	15.0% - 19.50% (18.27%), 4.5 - 14.1 years
Senior secured term loans (2)	$	60,576,726	Income approach (DCF)	Discount rate, Estimated duration period (5)	15.0% - 20.50% (18.10%), 0.5 - 10.5 years
Senior secured term loans (3)	$	70,148,246	A hybrid of the collateral based or conversion approach and the income approach (DCF)	Value of collateral (collateral coverage ratio), Conversion rate, Discount rate, Estimated duration period (5)	1.18x, 67.0%, 20.50% - 25.0% (20.89%), 0.5 - 2.8 years
Senior secured term loan participations (1)	$	20,885,290	Collateral based approach	Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5)	0.39x - 2.92x, 13.50% - 19.50% (18.39%), 1.0 - 3.5 years
Senior secured term loan participations (2)	$	52,676,890	Income approach (DCF)	Discount rate, Estimated duration period (5)	8.0% - 21.0% (14.47%), 0.5 - 5.6 years
Senior secured term loan participations (3)	$	2,072,759	A hybrid of the collateral based approach and the income approach (DCF)	Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5)	0.4x, 22.25%, 3.0 - 3.4 years
Other investments (1)	$	10,020,230	Collateral based approach	Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5)	0.53x - 1.24x, 5.25% - 24.50% (18.57%), 0.5 - 4.0 years
Other investments (2)	$	1,829,576	Income approach (DCF)	Discount rate, Estimated duration period (5)	9.50% - 13.25% (10.12%), 0.5 - 1.5 years
Convertible notes (2)	$	27,445,315	Income approach (DCF)	Discount rate	15.75% - 17.0% (16.97%)
Equity warrants	$	806,140	Option Pricing Method	Risk free rate, volatility, time to liquidity	3.8%, 92.0%, 5 years

(1)	The Company used a collateral based approach for the following Watch List investments: MICD, Trustco, Sancor, WinRep, IIG TOF B.V., Itelecom, Algodonera, and Frigorifico.

(2)	The Company used the income approach for the following Watch List investments: Grupo Surpapel, Limas, Triton, Cevher, Maritime One, Lidas, Agilis Partners, Agilis Partners Holding, CAGSA, Producam, and Qintess.

(3)

The Company used a hybrid of the collateral or the conversion approach and the income approach for the following Watch List investments: Vikudha and Ecsponent using additional unobservable inputs including recovery rates ranging from 15% to 30%, after considering potential and ongoing litigation and expected collection period ranging from 2 to 4 years.

(4)	The inputs were weighted based on the fair value of the investments included in the range.
(5)	Represents estimated period from June 30, 2025 to receipt date of final payment for investments under the income approach or estimated period from June 30, 2025 to collection date of proceeds from liquidation of collateral for investments under the liquidation approach.

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As of December 31, 2024, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2024:

	Fair value		Valuation technique	Unobservable input	Range (weighted average)
Senior secured trade finance participations (1)	$	7,422,689	Collateral based approach	Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5)	1.24x - 1.57x, 11.75% - 17.67% (15.36%), 1.0 - 2.5 years
Senior secured trade finance participations (2)	$	20,242,450	Income approach (DCF)	Discount rate, Estimated duration period (5)	15.0% - 18.50% (17.51%), 4.5 - 14.3 years
Senior secured term loans (2)	$	57,103,093	Income approach (DCF)	Discount rate, Estimated duration period (5)	14.0% - 19.50% (17.16%), 1.0 - 10.0 years
Senior secured term loans (3)	$	64,576,229	A hybrid of the collateral based or conversion approach and the income approach (DCF)	Value of collateral (collateral coverage ratio), Conversion rate, Discount rate, Estimated duration period (5)	1.18x, 67.0%, 20.50% - 25.0% (20.96%), 0.8 - 2.0 years
Senior secured term loan participations (1)	$	20,415,121	Collateral based approach	Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5)	0.43x - 3.07x, 13.50% - 19.50% (18.36%), 1.0 - 3.3 years
Senior secured term loan participations (2)	$	55,304,032	Income approach (DCF)	Discount rate, Estimated duration period (5)	11.0% - 21.0% (16.78%), 0.5 - 5.0 years
Senior secured term loan participations (3)	$	2,437,540	A hybrid of the collateral based approach and the income approach (DCF)	Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5)	0.4x, 22.25%, 3.0 - 3.7 years
Other investments (1)	$	11,145,198	Collateral based approach	Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5)	0.53x - 1.20x, 5.82% - 24.50% (17.52%), 0.5 - 4.0 years
Other investments (2)	$	1,909,197	Income approach (DCF)	Discount rate, Estimated duration period (5)	9.50% - 13.25% (10.10%), 2.0 years
Convertible notes (2)	$	25,387,189	Income approach (DCF)	Discount rate	15.75% - 17.0% (16.97%)
Equity warrants	$	2,466,534	Option Pricing Method	Risk free rate, volatility, time to liquidity	4.4%, 104.0%, 5 years

(1)	The Company used a collateral based approach for the following Watch List investments: MICD, Trustco, Sancor, WinRep, IIG TOF B.V., Itelecom, Algodonera, and Frigorifico.

(2)	The Company used the income approach for the following Watch List investments: Limas, Triton, Cevher, Maritime One, Agilis Partners, Agilis Partners Holding, CAGSA, Producam, Usivale and Qintess.

(3)

(4)	The inputs were weighted based on the fair value of the investments included in the range.
(5)	Represents estimated period from December 31, 2024 to receipt date of final payment for investments under the income approach or estimated period from December 31, 2024 to collection date of proceeds from liquidation of collateral for investments under the liquidation approach.

The significant unobservable Level 3 inputs used in the fair value measurement of the Company’s investments are market yields used to discount the estimated future cash flows expected to be received from the underlying investments, which include both future principal and interest payments. Significant increases in market yields would result in significantly lower fair value measurements. In addition, a significant decrease in future cash flows is expected to be received from the underlying investments due to a projected decrease in results of operations and cash flows from the underlying investments, would result in significantly lower fair value measurements.

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

Note 5. Contingencies and Related Parties

Agreements

Advisory Agreement

The current term of the Advisory Agreement between the Company and the Advisor, (the “Advisory Agreement”) ends on March 31, 2026, subject to an unlimited number of one-year renewals upon mutual consent of the Company and the Advisor.

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

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

An incentive fee on capital gains will be earned on investments sold and shall be determined and payable to the Advisor in arrears as of the end of each calendar year. The incentive fee on capital gains is equal to 20% of the Company’s realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees on capital gains. The Company did not accrue an incentive fee on capital gains for the three and six months ended June 30, 2025 and 2024. In the fourth quarter of 2022, our Advisor determined to voluntarily waive all incentive fees that may become due and payable to our Advisor for the year ended December 31, 2023. This is a waiver, rather than a deferral, and any amounts waived for 2023 will not be paid to our Advisor in the future.

Repurchase Agreement

On October 31, 2022, the Company entered into a transaction with an unrelated financial institution, whereby it sold a $5.0 million participation interest in one of its term loan positions and agreed to repurchase the participation 135 days after the transaction date at a price equal to the sum of the original sales price plus accrued interest calculated at a simple 10% annualized rate. On May, 4, 2023, the Company's repurchase deadline was extended to October 2023. Subsequent amendments to the agreement, including a fourth extension through June 18, 2025, modified the terms such that the participation was no longer required to be recorded as an asset, nor the related repurchase obligation as a liability. Under the revised terms, the transaction was more appropriately deemed to be a put option requiring the Company to repurchase the participation at the option of the buyer at a future fixed price while the buyer was no longer obligated to sell the participation to the Company. Therefore, it was not recorded as a liability. As of June 18, 2025, upon the expiration of the most recent amendment, the fixed repurchase price of $2.8 million became a binding obligation due to the Company's guarantee to repurchase. Consequently, both the related asset and corresponding liability were recognized on June 18, 2025.

Related Party Transactions

For the six months ended June 30, 2025 and 2024, the Advisor earned $2,854,837 and $2,748,719, respectively, in asset management fees and $0 and $0, respectively, in incentive fees.

On February 7, 2025, the Company sold a portion of its investment in TriLinc Peru S.A.C., for a sale price of $1.0 million to TriLinc Global Impact Fund II, Master, Ltd., an entity whose advisor is under common ownership with the Company’s Advisor. Following this sale, the Company no longer holds the majority participation interest in this investment. TriLinc Global Impact Fund II, Master, Ltd. became the majority participation interest holder. The Company recognized a realized loss of approximately $74,000 from the sale. As of June 30, 2025, the investment represented approximately 0.5% of the Company's total portfolio.

As of June 30, 2025 and December 31, 2024, amounts due to affiliates on the Consolidated Statements of Assets and Liabilities totaled $421,888 and $240,100, respectively, reflecting that the Company is obligated to reimburse an affiliate of the Advisor for certain operating expenses of the Company that were initially paid by the affiliate.

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Note 6. Unit Capital

As of June 30, 2025, the Company had six classes of units: Class A, Class C, Class I, Class W, Class Y and Class Z units. The unit classes have been sold with different upfront sales commissions and dealer manager fees as well as different ongoing distribution fees, dealer manager fees and/or service fees with respect to certain classes of units, including a distribution fee with respect to Class C units, an ongoing dealer manager fee with respect to Class I and Class W units, and an ongoing service fee with respect to Class W units. As of June 30, 2025, the Company recorded a liability in the aggregate amount of $362,000 for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability as of June 30, 2025 is calculated based on a net asset value per Class C, Class I and Class W units of $5.945 with a distribution fee of 0.80% for Class C units, an ongoing dealer manager fee of 0.50% for Class I units, and ongoing aggregate dealer manager and service fees of 0.75% for Class W units, per annum applied to the net asset value, during the expected period that Class C, Class W and Class I units remain outstanding, and discounted using an annual rate of 4%. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. The following table is a summary of unit activity during the six months ended June 30, 2025:

	Units		Units Issued		Units Issued		Units		Units		Units
	Outstanding		under Private		under Distribution		Exchanged		Repurchased		Outstanding
	as of		Placement		Reinvestment Plan						as of
	December 31,		During		During		During		During		June 30,
	2024		the Period		the Period		the Period		the Period		2025
Class A units		18,303,923		—		—		—		—		18,303,923
Class C units		7,759,823		—		—		—		—		7,759,823
Class I units		10,582,818		—		—		—		—		10,582,818
Class W units		24,555		—		—		—		—		24,555
Class Y units		2,683,015		—		—		—		—		2,683,015
Class Z units		8,423,851		—		—		—		—		8,423,851
Total		47,777,985		—		—		—		—		47,777,985

During the six months ended June 30, 2025, no units were issued under the DRP.

Beginning June 11, 2014, the Company commenced a unit repurchase program pursuant to which the Company may conduct quarterly unit repurchases of up to 5% of the weighted average number of outstanding units in any 12-month period to allow the Company’s unitholders, who have held units for a minimum of one year, to sell their units back to the Company at a price equal to the most recently determined net asset value per unit for each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of repurchase.

The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of the Company’s unitholders to sell their units. Unless the Company’s board of managers determines otherwise, the Company will limit the number of units to be repurchased during any calendar year to the number of units that can be repurchased with the proceeds the Company receives from the sale of units under the Company’s DRP. At the sole discretion of the Company’s board of managers, the Company may also use cash on hand, cash available from borrowings and cash from the repayment or liquidation of investments as of the end of the applicable quarter to repurchase units.

During the six months ended June 30, 2025, no repurchase requests were fulfilled. Given that the Company had not yet filed its Annual Report on Form 10-K for the year ended December 31, 2022 with the SEC as of March 31, 2023, the Company temporarily suspended the private placement, the DRP and the unit repurchase program effective April 1, 2023. The suspension of the DRP was lifted effective April 24, 2024. On August 9, 2024, the Company's board of managers approved the reopening of the unit repurchase program, effective September 1, 2024, solely with respect to repurchase requests submitted in connection with the death or disability of a unitholder, subject to the other terms and limitations of the unit repurchase program. The private placement was terminated on November 29, 2024.

As of June 30, 2024, the Company recorded a liability in the aggregate amount of $347,000 for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability as of June 30, 2024 is calculated based on a net asset value per Class C, Class I and Class W units of $5.696 with a distribution fee of 0.80% for Class C units, an ongoing dealer manager fee of 0.50% for Class I units, and ongoing aggregate dealer manager and service fees of 0.75% for Class W units, per annum applied to the net asset value, during the expected period that Class C, Class W and Class I units remain outstanding, and discounted using an annual rate of 4%. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. The following table is a summary of unit activity during the six months ended June 30, 2024:

	Units		Units Issued		Units Issued		Units			Units		Units
	Outstanding		under Private		under Distribution		Exchanged			Repurchased		Outstanding
	as of		Placement		Reinvestment Plan							as of
	December 31,		During		During		During			During		June 30,
	2023		the Period		the Period		the Period			the Period		2024
Class A units		18,303,923		—		—		—			—		18,303,923
Class C units		7,766,734		—		—		(2,734	)		—		7,764,000
Class I units		10,575,907		—		—		2,734			—		10,578,641
Class W units		24,555		—		—		—			—		24,555
Class Y units		2,683,015		—		—		—			—		2,683,015
Class Z units		8,423,851		—		—		—			—		8,423,851
Total		47,777,985		—		—		—			—		47,777,985

During the six months ended June 30, 2024, no units were issued under the DRP and no units were sold pursuant to the Company's private placement.

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Note 7. Distributions

During the six months ended June 30, 2025, no distributions were made.

The following table summarizes the distributions for the six months ended June 30, 2024:

		Daily Rate		Cash		Distributions		Total
Date Paid	Date Authorized	Per Unit		Distributions		Reinvested		Declared
February 21, 2024	February 15, 2024	$	0.04376771	$	2,091,411	$	—	$	2,091,411
March 27, 2024	March 26, 2024	$	0.04376771		2,089,867		—		2,089,867
*Total for 2024*				$	4,181,278	$	—	$	4,181,278

Note 8. Financial Highlights

The following is a schedule of financial highlights of the Company for the six months ended June 30, 2025 and 2024:

	Six Months Ended
	June 30,			June 30,
	2025			2024
Per unit data (1):
Net asset value at beginning of period	$	5.89		$	5.71
Net investment income		0.14			0.11
Net change in unrealized (depreciation) appreciation on investments		(0.07	)		0.03
Net realized losses on investments		(0.00	)		—
Net increase in net assets resulting from operations		0.07			0.14
Distributions		—			(0.09	)
Net change in accrued distribution and other fees		(0.00	)		0.00
Net increase (decrease) in net assets		0.07			0.05
Net asset value at end of period (2)	$	5.96		$	5.76
Total return based on net asset value (4)		1.17	%		2.40	%
Net assets at end of period	$	284,417,415		$	275,222,442
Units Outstanding at end of period		47,777,985			47,777,985
Ratio/Supplemental data (annualized) (3):
Ratio of net investment income to average net assets		4.84	%		3.80	%
Ratio of total expenses to average net assets		4.91	%		5.40	%

1	The per unit data was derived by using the weighted average units outstanding during the six months ended June 30, 2025 and 2024, which were 47,777,985 and 47,777,985, respectively.

For financial statement reporting purposes under GAAP, as of June 30, 2025 and 2024, the Company recorded a liability in the amount of $362,000 and $347,000, respectively, for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees payable. This liability is reflected in this table, which is consistent with the financial statements. While the Company follows GAAP for financial reporting purposes, it has determined that deducting the accrual for the estimated future amount of Class C distribution fees, Class I dealer manager fees, Class W dealer manager fees and Class W services fees may not be the appropriate approach for determining the net asset value used on the quarterly investor statements and for other purposes. The Company believes that not making such deduction for purposes of net asset value determination is consistent with the industry standard and is more appropriate since the Company intends for the net asset value to reflect the estimated value on the date that the Company determines its net asset value.

3	The Company’s net investment income and expense ratios have been annualized assuming consistent results over a full fiscal year, however, this may not be indicative of actual results over a full fiscal year.
4	Total return does not assume the reinvestment of distributions paid and is not annualized.

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Note 9. Subsequent Events

The Company’s management has evaluated subsequent events through August 14, 2025, the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in the Form 10-Q or would be required to be recognized in the consolidated financial statements as of and for the three and six months ended June 30, 2025.

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

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

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

Forward Looking Statements

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

●

our future operating results;

●

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

●

our business prospects and the prospects of our borrowers;

●

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

●

our contractual arrangements and relationships with third parties;

●

our ability to make distributions to our unitholders;

●

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

●

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

●

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

●

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

●

the ability of our borrowers to make required payments;

●

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

●

the lack of a public trading market for our units;

●

the outcome and costs associated with our ongoing proceedings related to the recovery of amounts with respect to certain of our Watch List investments;

●

our ability to borrow funds;

●

our expected financings and investments;

●

the adequacy of our cash resources and working capital;

●

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

●

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

●

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

●

the effectiveness of our portfolio management techniques and strategies;

●

failure to maintain effective internal controls; and

●

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

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

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

Overview

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

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

We commenced the Offering on February 25, 2013. Pursuant to the Offering, we were offering on a continuous basis up to $1.5 billion in units of our limited liability company interest, consisting of up to $1.25 billion of units in the primary offering consisting of Class A and Class C units at initial offering prices of $10.00 and $9.576 per unit, respectively, and Class I units at $9.025 per unit, and up to $250 million of units pursuant to our DRP. In May 2012, the Advisor purchased 22,161 Class A units for aggregate gross proceeds of $200,000. On June 11, 2013, we satisfied the minimum offering requirement of $2,000,000 when the Sponsor purchased 321,330 Class A units for aggregate gross proceeds of $2,900,000 and we commenced operations. The Offering terminated on March 31, 2017. Through the termination of the Offering, we raised approximately $361,776,000 in gross proceeds, including approximately $13,338,000 raised through our DRP.

For the period from April 1, 2017 to November 29, 2024, the Company raised an additional $99,753,000 pursuant to a private placement offering. The Company’s private placement offering terminated on November 29, 2024. Upon termination of the Offering, we registered $75 million in Class A, Class C and Class I units to continue to be offered pursuant to our DRP to the investors who purchased units in the Offering. Units issued pursuant to our DRP are offered at the price equal to the net asset value per unit of each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of reinvestment. Our DRP was amended, effective May 25, 2020, to allow holders of all classes of units other than Class Z units to participate, including holders who purchased units in our private placements. The offering must be registered or exempt from registration in every state in which we offer or sell units. If the offering is not exempt from registration, the required registration generally is for a period of one year. Therefore, we may have to stop selling units in any state in which the registration is not renewed annually and the offering is not otherwise exempt from registration.

For the six months ended June 30, 2025, we did not issue any units through the DRP. As of June 30, 2025, $21,439,000 in units remained available for sale pursuant to the DRP, which was temporarily suspended effective April 1, 2023. The suspension of the DRP was lifted effective April 24, 2024. In addition, the Company's unit repurchase program was suspended effective April 1, 2023. On August 9, 2024, the Company's board of managers approved the reopening of the unit repurchase program, effective September 1, 2024, solely with respect to repurchase requests submitted in connection with the death or disability of a unitholder, subject to the other terms and limitations of the unit repurchase program. Due to the terms and limitations of the unit repurchase program, no units have been repurchased since the program was reopened in September 2024.

From our inception through June 30, 2025, we issued an aggregate of 56,404,318 of our units, including 8,179,306 units issued under our DRP, for gross proceeds of approximately $515,089,000 including approximately $66,897,000 reinvested under our DRP (before dealer manager fees of approximately $4,801,000 and selling commissions of $16,862,000), for net proceeds of $493,427,000. We have not issued any units since the first quarter of 2023.

Outlook

Over the last three years, the global economy weathered tighter monetary policy triggered by high inflation better than most economists originally forecasted, particularly the United States. Many of the Company’s borrowers experienced significant negative effects during the 2020 - 2022 period, due to higher operating costs and supply chain issues that began in 2020 with the onset of the COVID-19 pandemic, which were further exacerbated by the conflict between Russia and Ukraine. Fortunately, most supply side conditions normalized in 2023, providing some economic relief to borrower companies. However, the combination of pandemic period effects, in many cases, had devastating and long-lasting impacts on the businesses, financial condition and results of operations of several borrower companies. Together, these factors have made it more difficult for borrowers to repay their obligations to the Company in a timely manner or at all, resulting in the Company experiencing inconsistent cash flows. The Company believes that the central issue driving results is the fact that many borrower companies continue to struggle to recover from the compound impact of approximately three years of economic hardship stemming from the COVID-19 pandemic from 2020 to 2022, while current macroeconomic conditions are not strong enough for borrower companies to achieve a rapid and significant recovery in operating performance. The prospect of significant tariffs imposed by the new U.S. presidential administration on certain non-U.S. countries and the potential for reciprocal retaliatory tariffs continue to be a critical near-term macroeconomic risk factor that could negatively affect the Company's borrowers. In April 2025, the U.S. government announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits, including China. While a short-term suspension for most tariffs was announced in early April 2025 and extended in July 2025, businesses globally consistently report that significant uncertainty associated with the U.S. government's trade and tariff policy is slowing, if not outright halting, capital investment plans. This “uncertainty effect” is global in nature, with many companies closely watching the trade dispute and ongoing talks between the United States and China. Specific to the Company’s borrowers, no direct effects have been observed as of June 30, 2025, given the vast majority of the tariffs were not announced until April 2025, with most on hold through August 2025. Indeed, although the Company’s NAV per unit increased by approximately $0.07 as of June 30, 2025, compared to the NAV per unit as of December 31, 2024, the increase in NAV reflects the cumulative effect of several factors, including improved cash flows from certain of the Company's borrowers, and moderating inflation in many countries.

As a result of the inconsistent cash flows generated from the Company’s existing portfolio, the Company has experienced decreased liquidity, which, among other things, may continue to impact the Company’s ability to pay distributions to its unitholders or meet other Company obligations. Additionally, due to an event of default triggered under the Company’s credit facilities as a result of the resignation of the Company’s former independent registered public accounting firm in February 2023, which rendered the Company unable to timely file its Annual Report on Form 10-K for the year ended December 31, 2022, the Company entered into a Waiver and Agreement, dated as of May 9, 2023, pursuant to which the Company agreed to accelerate its repayment of the $18 million outstanding under the credit facilities. Pursuant to the terms of the Waiver and Agreement, the Company repaid the amounts outstanding under the credit facilities in full on August 31, 2023. Accordingly, the Company expects that in the near term it will experience additional significant constraints on its liquidity. As a result, with the exception of special distributions paid to unitholders in February 2024 and March 2024, the Company did not pay monthly distributions for periods subsequent to June 2023 and anticipates that it may not be able to pay regular monthly distributions in the coming quarters. In addition, the Company’s unit repurchase program, which was suspended effective April 1, 2023, has been reinstated, but only with respect to repurchase requests made in connection with the death or disability of a unitholder. Our NAV per unit as of June 30, 2025 is higher than it would have been if the Company had continued to pay regular monthly distributions during the six months ended June 30, 2025.

The Company intends to continue pursuing multiple strategies in order to address its temporary liquidity needs, which may include the sale of all or a portion of certain investments, seeking to obtain new credit facilities and the pursuit of additional financing transactions as needed to supplement cash flows. For example, during the six months ended June 30, 2025, the Company sold a portion of its investment in TriLinc Peru S.A.C. to TriLinc Global Impact Fund II, Master, Ltd., an entity whose advisor is under common ownership with the Company's Advisor, for a sale price of $1.0 million.

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Investments

Our investment objectives are to provide our unitholders current income, capital preservation, and modest capital appreciation. These objectives are achieved primarily through SME trade finance and term loan financing, while employing rigorous risk-mitigation and due diligence practices, and transparently measuring and reporting the economic, social and environmental impacts of our investments. The majority of our investments are senior and other collateralized loans to SMEs with established, profitable businesses in developing economies. To a lesser extent, we may also make investments in financing to companies that may not meet our technical definition of SMEs due, for example, to the companies having a larger number of employees, but that also provide the opportunity to achieve both competitive financial returns and positive measurable impact. Furthermore, we may also make investments in developed economies, including the United States. With the sub-advisors that our Advisor has contracted with to assist the Advisor in implementing the Company’s investment program, we expect to provide growth capital financing generally ranging in size from $5-20 million per transaction for direct SME loans and $500,000 to $15 million for trade finance transactions. We seek to protect and grow investor capital by: (1) targeting countries with favorable economic growth and investor protections; (2) partnering with sub-advisors with significant experience in local markets; (3) focusing on creditworthy lending targets who have at least 3-year operating histories and demonstrated cash flows enabling loan repayment; (4) making primarily debt investments, backed by collateral and borrower guarantees; (5) employing best practices in our due diligence and risk mitigation processes; and (6) monitoring our portfolio on an ongoing basis. By providing additional liquidity to growing small businesses, we believe we support both economic growth and the expansion of the global middle class.

Investments will continue to be primarily credit facilities and participations in credit facilities to developing economy SMEs, including trade finance and term loans, through the Advisor’s team of professional sub-advisors with a local presence in the markets where they invest. As of June 30, 2025, some of our investments were in the form of participations, and we expect that some of our future investments will continue to be in the form of participations. We typically provide financing that is collateralized, has a short to medium-term maturity and is self-liquidating through the repayment of principal. Our counterparty for certain participations is the respective sub-advisor or its affiliate that originates the loan in which we are participating. In such case, we will not have a contract with the underlying borrower and therefore, in the event of default, we will not have the ability to directly seek recovery against the collateral and instead will have to seek recovery through our sub-advisor counterparty, which increases the risk of full recovery.

Certain investments, including loans and participations, may carry equity warrants on borrowers, which allow us to buy shares of the portfolio company at a given price, which we will exercise at our discretion during the life of the portfolio company. Our goal is to ultimately dispose of such equity interests and realize gains upon the disposition of such interests. However, these warrants and equity interests are illiquid and it may be difficult for the Company to dispose of them. In addition, we expect that any warrants or other return enhancements received when we make or invest in loans may require several years to appreciate in value and may not appreciate at all.

Floating Interest Rates

As of June 30, 2025, 4.2% of the fair value of the Company’s total investments bore interest at floating rates based on the Secured Overnight Financing Rate (“SOFR”), serving as an alternative rate designated by the Company following the discontinuation of LIBOR, which was phased out completely in June 2023. In July 2023, the Company's legacy loans transitioned from LIBOR to Synthetic LIBOR, which was in effect until September 30, 2024. The Company's legacy loans have transitioned to SOFR following the complete phase-out of LIBOR as of September 30, 2024.

The discontinuation of both LIBOR and Synthetic LIBOR and the use of alternative rates, such as SOFR, could result in interest rate decreases on our debt, which could adversely affect our cash flow, operating results and ability to make distributions to our unitholders at expected levels or at all.

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Revenues

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

Expenses

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

Portfolio and Investment Activity

During the six months ended June 30, 2025, the Company did not make any investments. Additionally, the Company received proceeds from repayments and dispositions of investment principal of approximately $4.2 million.

At June 30, 2025 and December 31, 2024, the Company’s investment portfolio included 28 and 28 companies, respectively, and the fair value of our portfolio was comprised of the following:

	As of June 30, 2025					As of December 31, 2024
	Investments		Percentage of			Investments		Percentage of
	at		Total			at		Total
	Fair Value		Investments			Fair Value		Investments
Senior secured term loans	$	130,724,972		47.8	%	$	121,679,322		45.3	%
Senior secured term loan participations		75,634,939		27.7	%		78,156,693		29.1	%
Senior secured trade finance participations		27,017,623		9.9	%		27,665,139		10.3	%
Convertible notes		27,445,315		10.0	%		25,387,189		9.5	%
Other investments		11,849,806		4.3	%		13,054,395		4.9	%
Equity warrants		806,140		0.3	%		2,466,534		0.9	%
Total investments	$	273,478,795		100.0	%	$	268,409,272		100.0	%

As of June 30, 2025, the weighted average yields, based upon the cost of our portfolio, on trade finance participations, term loan participations, senior secured term loans and convertible notes were 7.8%, 13.4%, 15.7% and 11.8%, respectively, for a weighted average yield on investments of approximately 12.8% on our total portfolio.

As of December 31, 2024, the weighted average yields, based upon the cost of our portfolio, on trade finance participations, term loan participations, senior secured term loans, and convertible notes were 7.6%, 13.3%, 15.6%, and 11.8%, respectively, for a weighted average yield on investments of approximately 12.6% on our total portfolio.

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As of June 30, 2025, we had the following investments, listed by description of the underlying borrower (if applicable):

Description

Sector

Industry Classification

Country

Interest

Maturity (1)

Principal Amount

Fair Value

Sustainable Packaging Manufacturer

(6)

Corrugated and Solid Fiber Boxes

Recycling

Ecuador

11.82% Cash / 2.2% PIK / 3% Default

6/18/2025

(2)

5,966,448

5,575,756

Resource Trader

(6)

Coal and Other Minerals and Ores

Responsible Natural Resources Distribution

Hong Kong

11.50

6/30/2023

(2)

22,219,565

14,551,857

Cocoa Processor

(5)

Chocolate and Cocoa Products

Sustainable Agriculture & Agroprocessing

Indonesia

PIK 12.5%

12/31/2024

(5)

21,119,874

Wholesale Distributor

(6)

Chemicals and Allied Products

Responsible Industrial Goods Distribution

Malaysia

12.00

6/30/2023

(2)

18,484,703

6,086,148

Waste to Fuels Processor

Refuse Systems

Recycling

Mexico

20.0% PIK

4/30/2025

64,062,098

Waste to Fuels Processor

Refuse Systems

Recycling

Mexico

N/A

(3)

N/A

806,140

Non-Ferrous Metal Trader

Coal and Other Minerals and Ores

Responsible Natural Resources Distribution

Singapore

6.0% Cash/7.50% PIK

8/18/2025

(2)

21,799,281

19,329,239

SME Financier

(7)

Short-Term Business Credit

Inclusive Finance

Botswana

13.89

8/18/2023

(2)

5,601,000

2,072,759

Ship Maintenance & Repair Service Provider

Boatbuilding and Repairing

Infrastructure Development

Brazil

TriLinc Global Impact Fund LLC 10-Q