TriLinc Global Impact Fund, LLC (TRLC) is a Delaware limited liability company formed on April 30, 2012, that makes impact investments in small and medium-sized enterprises (SMEs), defined as businesses with fewer than 500 employees, primarily in developing economies. The fund generates income through interest and fees on loans extended to SMEs across sectors including sustainable agriculture, recycling, inclusive finance, and natural resources distribution. It operates as a non-traded fund managed externally by TriLinc Advisors, LLC, an SEC-registered investment adviser led by CEO Gloria Nelund, who founded the sponsor entity in 2008. The portfolio, as of the 10-K filed March 30, 2026 covering fiscal year ended December 31, 2025, spans borrowers across countries including Ecuador, Indonesia, Malaysia, Mexico, Argentina, Cameroon, Uganda, Botswana, Singapore, Hong Kong, and Chile. Distributions to unitholders were suspended in early 2024, and the unit repurchase program was suspended in 2023. Multiple portfolio companies carry Watch List status with material impairments, and several holdings are in bankruptcy proceedings.

Revenue model

Interest income on SME loans, including cash-pay and payment-in-kind (PIK) interest at rates ranging from approximately 6% to 20% across the portfolio (FY2025 10-K). Management and advisory services are provided by external advisor TriLinc Advisors, LLC under an advisory agreement.

Products and services

Direct loans and trade finance facilities to SMEs in developing economies. Loan structures include cash-pay interest, PIK interest, and hybrid arrangements. Portfolio sectors include sustainable agriculture and agroprocessing, recycling, responsible natural resources distribution, inclusive finance, sustainable aquaculture, and technological innovation.

Customers and end markets

Borrowers are SMEs (under 500 employees) in developing economies across sectors: cocoa processors, agriculture distributors, dairy cooperatives, seafood processors, waste-to-fuels processors, non-ferrous metal traders, ship maintenance providers, sustainable packaging manufacturers, and SME financiers. End markets span Sub-Saharan Africa, Latin America, Southeast Asia, and other emerging market regions.

Value-chain role

Non-traded direct lender and impact investment fund. Origination and portfolio management handled by external advisor TriLinc Advisors and a network of sub-advisors with emerging market deal-sourcing relationships. The fund sits between unitholder capital and end-borrower SMEs, bearing credit risk directly on its balance sheet.

Geographic exposure

Primarily developing economies. Specific countries represented in the FY2025 portfolio include Ecuador, Indonesia, Malaysia, Mexico, Argentina, Uruguay, Cameroon, Uganda, Botswana, Singapore, Hong Kong, Chile, and Nigeria.

Source: SEC 10-K, filed 2026-03-30

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