OTC: TRLC

Net assets, Class A (units outstanding of 18,303,344 and 18,303,923, respectively)
$104,582,998 $107,840,617

Net assets, Class C (units outstanding of 7,759,823 and 7,759,823, respectively)
44,005,644 45,378,286

Net assets, Class I (units outstanding of 10,582,818 and 10,582,818, respectively)
60,454,895 62,335,446

Net assets, Class W (units outstanding of 24,555 and 24,555, respectively)
139,303 143,669

Net assets, Class Y (units outstanding of 2,683,015 and 2,683,015, respectively)
15,330,407 15,807,428

Net assets, Class Z (units outstanding of 8,423,851 and 8,423,851, respectively)
48,132,825 49,630,526

NET ASSETS
$272,646,072 $281,135,972

See accompanying notes to the consolidated financial statements.

F-3

Table of Contents

TriLinc Global Impact Fund, LLC

Consolidated Statements of Operations

For the Year Ended

December 31,

December 31,

2025

2024

INVESTMENT INCOME

Interest income
$2,155,237 $6,691,428

Payment-in-kind interest income
16,245,179 18,492,603

Fee income
36,577 485,906

Other income
68,766 184,788

Interest from cash
484 2,264

Total investment income
18,506,243 25,856,989

EXPENSES

Asset management fees
5,641,735 5,562,244

Professional fees
6,068,831 6,372,609

General and administrative expenses
1,021,952 1,462,370

Interest expense
553,792 —

Board of managers fees
257,500 257,500

Total expenses
13,543,810 13,654,723

NET INVESTMENT INCOME
4,962,433 12,202,266

Net change in unrealized (depreciation) appreciation on investments
(7,361,847) 1,737,905

Net realized losses on investments
(6,094,524) (1,471,793)

NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
$(8,493,938) $12,468,378

NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED
$0.10 $0.26

(LOSS) EARNING PER UNIT - BASIC AND DILUTED
$(0.18) $0.26

WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED
47,777,936 47,777,985

See accompanying notes to the consolidated financial statements.

F-4

Table of Contents

TriLinc Global Impact Fund, LLC

Consolidated Statements of Changes in Net Assets

For the Year Ended

December 31,

December 31,

2025

2024

(DECREASE) INCREASE FROM OPERATIONS

Net investment income
$4,962,433 $12,202,266

Net change in unrealized (depreciation) appreciation on investments
(7,361,847) 1,737,905

Net realized losses on investments
(6,094,524) (1,471,793)

Net (decrease) increase from operations
(8,493,938) 12,468,378

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)

INCREASE (DECREASE) FROM CAPITAL TRANSACTIONS

Repurchase of Class A units
(3,962) —

Change in accrual of distribution and other fees
8,000 (6,000)

Net increase (decrease) from capital transactions
4,038 (6,000)

NET CHANGE IN NET ASSETS
(8,489,900) 8,281,100

Net assets at beginning of period
281,135,972 272,854,872

Net assets at end of period
$272,646,072 $281,135,972

See accompanying notes to the consolidated financial statements.

F-5

Table of Contents

TriLinc Global Impact Fund, LLC

Consolidated Statements of Cash Flows

For the Year Ended

December 31,

December 31,

2025

2024

Cash flows from operating activities

NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
$(8,493,938) $12,468,378

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
8,505,521 14,440,339

Payment-in-kind interest
(16,245,179) (18,492,603)

Net change in unrealized depreciation (appreciation) on investments
7,361,847 (1,737,905)

Net realized loss on investments
6,094,524 1,471,793

Changes in assets and liabilities:

Increase in interest receivable
(534,590) (3,355,447)

Increase in due from affiliate
(10,015) —

Decrease (increase) in other assets
448,056 (41,561)

(Decrease) increase in management fee payable
(34,509) 205,814

Increase (decrease) in accrued expenses
1,622,808 (1,205,601)

Increase in due to affiliates
677,151 240,100

Increase in interest payables
428,662 —

Increase (decrease) in other payables
136,075 (694,571)

NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES
(43,587) 3,298,736

Cash flows from financing activities

Distributions paid to unitholders
— (4,181,278)

NET CASH USED IN FINANCING ACTIVITIES
— (4,181,278)

TOTAL DECREASE IN CASH
(43,587) (882,542)

Cash at beginning of period
98,199 980,741

Cash at end of period
$54,612 $98,199

Supplemental information

Cash paid for interest during the period
$14,849 $7,061

Supplemental non-cash information

Paid-in-kind interest capitalized into investments
$19,902,885 $20,902,792

Change in accrual of distribution and other fees
$(8,000) $6,000

See accompanying notes to the consolidated financial statements.

F-6

Table of Contents

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

As of December 31, 2025

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),(6), (14)

Corrugated and Solid Fiber Boxes

Sustainable Packaging Manufacturer

11.22% Cash / 2.2% PIK / 3% Default
0.0%
6/18/2025
$5,966,448 10% $5,966,448 $2,520,135 0.9%

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 5.3%

Indonesia

PT Citra Labuantirta (5), (6), (18)

Chocolate and Cocoa Products

Cocoa Processor

8.0% Cash / 5.0% Redemption
0.0%
12/31/2024
15,000,000 51% 15,000,000 12,949,836 4.7%

Malaysia

Vikudha Malaysia Sdn Bhd (5), (6), (12)

Chemicals and Allied Products

Wholesale Distributor
12.00% 0.0%
6/30/2023
18,484,703 67% 18,484,703 4,019,175 1.5%

Mexico

Blue Arrow Biojet Holdings, LLC (8)

Refuse Systems

Waste to Fuels Processor

20.0% PIK
0.0%
3/31/2026
70,740,611 65% 70,740,611 70,740,611 25.9%

Singapore

Triton Metallics Pte Ltd. (5), (6), (15)

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 19,025,670 7.0%

Total Senior Secured Term Loans
154,210,608 123,807,284 45.3%

Senior Secured Term Loan Participations (1)

Botswana

Ecsponent Holdings Limited (5), (6), (12)

Short-Term Business Credit

SME Financier
13.32% 0.0%
8/18/2023
5,601,000 47% 5,601,000 1,777,308 0.7%

Brazil

Dock Brasil Engenharia E Servicos S.A. (5), (6), (14)

Boatbuilding and Repairing

Ship Maintenance & Repair Service Provider

14% Cash / 3% PIK
0.0%
12/31/2025
8,079,450 42% 8,079,450 5,520,952 2.0%

Cabo Verde

TRG Cape Verde Holdings Ltd

Hotels and Motels

Hospitality Service Provider

10.0% Cash/3.5% PIK
0.0%
12/31/2027
10,198,665 88% 10,198,665 9,885,644 3.6%

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 3,099,538 1.1%

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 18,029,698 6.6%

Netherlands
Cevher International B.V. Netherlands (5), (6)

Motor Vehicle Parts and Accessories

Wheel Manufacturer
0.00% 0.0% 2/28/2026 8,020,009 44% 11,144,448 11,036,073 4.0%

Nigeria

Maritime One Limited (5)

Towing and Tugboat Service

Marine Logistics Provider
3.00% 0.0%
10/31/2026
1,754,281 100% 1,754,281 1,668,687 0.6%

Romania

Lidas SRL (5), (6), (9), (13)

Retail Bakeries

Frozen Bakery Products Manufacturer

18.5% Cash
0.0%
12/7/2024
6,836,622 41% 7,136,229 6,982,214 2.6%

Uganda

Agilis Partners Holding LLC (5), (15)

Corn

Grain Processor G

12.80% PIK
0.0%
6/30/2026
828,540 49% 828,540 694,668 0.3%

Uganda

Agilis Partners (5), (15)

Corn

Grain Processor F

3.50% Cash/8.0% PIK
0.0%
6/30/2026
15,361,873 57% 15,361,873 12,676,945 4.6%

Total Senior Secured Term Loan Participations
93,914,525 71,371,727 26.1%

Senior Secured Trade Finance Participations (1)

Argentina
Compania Argentina de Granos S.A. (5), (6), (16)

Soybeans

Agriculture Distributor
0.00% 0.0% 8/1/2039 5,834,471 N/A 5,834,471 6,040,979 2.2%

Argentina

Sancor Cooperativas Unidas Ltda (5), (6), (12)

Dairy Farms

Dairy Co-Operative
10.67% 0.0%
7/29/2019
5,670,694 N/A 5,670,694 4,252,363 1.6%

Cameroon

Producam SA (5), (6), (12)

Chocolate and Cocoa Products

Cocoa & Coffee Exporter
9.50%, 6.0% (17) 0.0%
12/31/2024
16,077,863 77% 16,077,863 13,525,607 5.0%

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 2,674,069 1.0%

Total Senior Secured Trade Finance Participations
32,007,959 26,493,018 9.8%

Other Investments (1)

N/A
IIG TOF B.V. (5), (6), (13)

Other

Claim in Bankruptcy
N/A 0.0% N/A 5,883,971 N/A 5,883,971 3,124,260 1.1%

Chile

Itelecom Holding Chile SPA (5), (6), (13), (15)

Electric Services

Claim in Bankruptcy
N/A 0.0% N/A 1,250,194 100% 1,250,194 764,426 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 0.7%

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 1.1%

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 1,250,298 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 0.5%

Total other investments
21,849,620 11,451,817 4.3%

Convertible Notes (1)

Brazil

Qintess Tecnologia e Participacoes Ltda, Series A (11)

Computer Related Services

IT Service Provider

3.94% PIK
0.0%
2/11/2027
377,010 4% 591,805 662,828 0.2%

Brazil

Qintess Tecnologia e Participacoes Ltda, Series B (11)

Computer Related Services

IT Service Provider

12.0% PIK
0.0%
8/11/2026
29,525,587 23% 27,029,248 28,429,643 10.4%

Total convertible notes
27,621,053 29,092,471 10.6%

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 — — 0.0%

Total Investments
$329,603,765 $262,216,317 96.1%

See accompanying notes to the consolidated financial statements.

F-
7

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. As a result of continued interest accrual, the value of Blue Arrow has declined such that the value of the warrant is zero as of December 31, 2025.

8

The Company is negotiating with the borrower to amend the loan term and to extend the maturity date.

9Lidas 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.

10Courtyard 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 Farm Limited and Alfa Systems and Commodity Company Limited were July 31, 2023 and October 16, 2023, respectively.

11Class A and Class B convertible notes were issued to the Company through a restructuring in August 2023.

12Investment is in default.

13Investment is in bankruptcy.

14The Company is currently engaged in discussions with the borrower regarding a final settlement.

15Investment is undergoing a restructuring.

16The Company has completed a debt restructuring, which included an extension of the maturity date to 2039.

17The interest rate is 9.5% on the first and second trade finance participation, and 6.0% on the third trade finance participation.

18Another creditor filed a Penundaan Kewajiban Pembayaran Utang (“PKPU”) claim in Indonesia (which is comparable to a U.S. Chapter 11 bankruptcy filing). The Company has filed a claim in connection with that PKPU proceeding, but there is not certainty regarding the outcome of the Company’s claim.

F-
8

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.

F-
9

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.

10Courtyard 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.

11Class A and Class B convertible notes were issued to the Company through a restructuring in August 2023.

12Investment is in default.

13Investment is in bankruptcy.

14Investment is in arbitration.

15Investment is undergoing a restructuring.

16The borrower is required to repay the loan upon request.

17The interest rate is 9.5% on the first and second trade finance participation, and 6.0% on the third trade finance participation.

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TRILINC GLOBAL IMPACT FUND, LLC

Notes to Consolidated Financial Statements

December 31, 2025

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 December 31, 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 December 31, 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 Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. 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 December 31, 2025, the Company’s subsidiaries are as follows:

•

TriLinc Global Impact Fund – Asia, Ltd.

•

TriLinc Global Impact Fund – Latin America, Ltd.

•

TriLinc Global Impact Fund – Trade Finance, Ltd.

•

TriLinc Global Impact Fund – African Trade Finance, Ltd.

•

TriLinc Global Impact Fund – Africa, Ltd.

•

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

•

TriLinc Global Impact Fund – Latin America III, Ltd.

•

TriLinc Global Impact Fund – Asia III, Ltd.

•

TriLinc Global Impact Fund – Asia IV, Ltd.

•

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

•

TriLinc Global Impact Fund – Europe, Ltd.

•

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

•

TriLinc Global Impact Fund – Cayman, Ltd.

Through December 31, 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 the FASB ASC Topic 946 — Financial Services, Investment Companies (“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 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 year balances have been reclassified to conform with the current year presentation.

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:

•

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.

•

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.

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:

1.

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

2.

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;

3.

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

4.

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.

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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:

•

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

•

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

•

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

•

Borrower draw requests and payment track record

•

Loan covenants, duration and drivers

•

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

•

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

•

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

•

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

•

Applicable global interest rates

•

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 provision. 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 years ended December 31, 2025 and 2024, the Company earned PIK interest of $16,245,179 and $18,492,603, respectively.

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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 December 31, 2025, the estimated unpaid distribution fees for Class C units amounted to $333,000, the unpaid dealer manager fees for Class I units amounted to $14,000 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.

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 December 31, 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 December 31, 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 December 31, 2025, under GAAP, the Company has recorded a liability in the amount of $348,000 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.

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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 December 31, 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 $5.71. This net asset value per unit reflects a decrease of approximately $0.18 per unit from the net asset value per unit of approximately $5.89 as of December 31, 2024.The decrease in net asset value per unit is primarily attributable to recent settlements of several investments, the majority of which were past-due after multiple extensions of the original maturity date. The Company had diligently worked with the borrowers and other stakeholders in an effort to reach an outcome that would be in the best interest of its unitholders. Although these settlements negatively impacted the net asset value, after consideration of potential alternative outcomes, the Company determined to proceed with these settlements because the Company believed that it was in the best interest of the unitholders. The Company recorded $7,361,847 in unrealized depreciation and $6,094,524 in realized loss on its investments during the year ended December 31, 2025. The Company recorded $1,737,905 in unrealized appreciation and $1,471,793 in net realized losses on its investments during the year ended December 31, 2024.

Concentration Risk

As of December 31, 2025 and 2024, the investment balance at fair value reported on the Consolidated Statement of Assets and Liabilities totaled $262,216,317 and $268,409,272, respectively. Of these amounts, the Company's largest investment by value was $70,740,611 and $58,044,788, respectively, representing 27.0% and 21.6% of our total portfolio, respectively. This investment provides for paid in kind (“PIK”) interest, with principal and interest due at maturity. As of December 31, 2025 and 2024, the Company’s five largest investments by value totaled $150,777,479 and $138,518,326, respectively, representing 57.5% and 51.6% of the Company’s portfolio, respectively.

As of December 31, 2025 and 2024, interest receivable reported on the Consolidated Statement of Assets and Liabilities totaled $20,336,649 and $16,678,722, respectively. Of these amounts, 87.9% and 76.4% were attributable to the Company’s five largest investments as of December 31, 2025 and 2024, respectively.

For the years ended December 31, 2025 and 2024, total interest income, which includes both cash and PIK interest, was $18,400,416 and $25,184,031, respectively. During the years ended December 31, 2025 and 2024, the Company recorded negative investment income for two and one investments, respectively, as a result of the period end assessment of the net realizable value of interest receivable associated with each investment. Excluding those investments for which negative investment income was recorded during the period, the Company recorded approximately $22.0 million and $25.3 million of investment income in total interest income, respectively, including approximately $21.0 million and $20.3 million of investment income attributable to five largest investments for the years ended December 31, 2025 and 2024, respectively, of which one investment accounted for approximately $13.3 million and $11.0 million of investment income for each respective period.

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 December 31, 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 year ended December 31, 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 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 22 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 COVID-19 pandemic period effects that had devastating and long-lasting impacts on the businesses, financial condition and results of operations of several borrower companies. Additionally, the U.S. government has imposed, and may further increase, tariffs on certain countries and commodities. In response, some non-U.S. countries have imposed or may impose retaliatory tariffs. These actions and the resulting uncertainty surrounding U.S. trade policies may adversely affect global economic conditions and the stability of financial markets, and remains a critical near term macroeconomic risk factor which could negatively affect the Company's borrowers. Moreover, ongoing geopolitical tensions and conflicts, including conflicts and instability in the Middle East, the Russia-Ukraine conflict, and increasing geopolitical competition among major economies, have contributed to volatility in global energy markets, supply chains, commodity prices and financial markets. Any escalation of these conflicts, expansion of economic sanctions, disruptions to global trade routes or energy supplies, or broader regional instability could further adversely affect global economic conditions and financial markets and, in turn, negatively impact the financial condition, operations and repayment capacity of the Company’s borrowers.

In addition, as of December 31, 2025 and 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.

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
December 31, 2025, the Company’s largest investment by valu
e was
$70,740,611, or 27.0% of the Company's total investments, and provides for PIK interest, with principal and interest due at maturity. The Company’s five largest investments by value comprised 57.5% of the Company’s portfolio at
December 31, 2025
. Participations in loans amounted to 37.3% of the fair value of the Company’s total portfolio at
December 31, 2025.

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Note 3. Investments

As of December 31, 2025, the Company’s investments consisted of the following:

Percentage

Amortized Cost

Fair Value

of Total Investments

Senior secured term loans
$154,210,608 $123,807,284 47.2%

Senior secured term loan participations
93,914,525 71,371,727 27.2%

Senior secured trade finance participations
32,007,959 26,493,018 10.1%

Convertible notes
27,621,053 29,092,471 11.1%

Other investments
21,849,620 11,451,817 4.4%

Equity warrants
— — 0.0%

Total investments
$329,603,765 262,216,317 100.0%

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 December 31, 2025 and 2024, Participations with sub-advisors represented the following as a percentage of net assets:

As of December 31, 2025

As of December 31, 2024

Fair

Percentage

Fair

Percentage

Sub-advisor

Value

of Total

Value

of Total

CEECAT Capital Limited & CCL Investments SARL
$11,036,073 4.0% $10,397,895 3.7%

Origin Capital Limited
15,891,748 5.8% 15,593,310 5.5%

Scipion Capital, Ltd.
1,777,308 0.7% 16,956,694 6.0%

TRG Management LP
34,613,423 12.7% 33,285,584 11.8%

Total
$63,318,552 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 December 31, 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. 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 December 31, 2025 and 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 December 31, 2025 and December 31, 2024, was as follows:

As of December 31, 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
5,520,952 2.1% 7,898,395 2.9%

Chemicals and Allied Products
4,019,175 1.5% 6,531,441 2.4%

Chocolate and Cocoa Products
26,475,443 10.1% 34,383,914 12.8%

Coal and Other Minerals and Ores
33,577,527 12.8% 34,408,977 12.8%

Computer Related Services
29,092,471 11.1% 25,387,189 9.5%

Corn
13,371,613 5.1% 12,763,954 4.8%

Corrugated and Solid Fiber Boxes
2,520,135 1.0% 2,829,356 1.1%

Cotton Ginning
1,792,698 0.7% 1,792,698 0.7%

Dairy Farms
4,252,363 1.6% 4,528,841 1.7%

Electric Services
764,426 0.3% 970,393 0.4%

Freight Transportation Arrangement
3,099,538 1.2% 3,874,961 1.4%

Frozen Fish and Seafood
2,674,069 1.0% 2,893,848 1.1%

Hotels and Motels
9,885,644 3.8% 11,809,142 4.4%

Land Subdividers and Developers
18,029,698 6.9% 16,540,160 6.2%

Motor Vehicle Parts and Accessories
11,036,073 4.2% 10,397,895 3.9%

Refuse Systems
70,740,611 26.9% 60,511,322 22.5%

Retail Bakeries
6,982,214 2.7% 7,136,229 2.7%

Short-Term Business Credit
1,777,308 0.7% 2,437,540 0.9%

Soybeans
6,040,979 2.3% 5,723,296 2.1%

Towing and Tugboat Service
1,668,687 0.6% 5,298,417 2.0%

Other
5,938,919 2.3% 7,335,530 2.6%

Total
$262,216,317 100.0% $268,409,272 100.0%

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

As of December 31, 2025

As of December 31, 2024

Fair

Percentage

Fair

Percentage

Country

Value

of Total

Value

of Total

Argentina (1)
$15,041,814 5.7% $15,000,609 5.6%

Botswana
1,777,308 0.7% 2,437,540 0.9%

Brazil
34,916,438 13.3% 33,588,599 12.5%

Cabo Verde
9,885,644 3.8% 11,809,142 4.4%

Cameroon
13,525,607 5.2% 14,519,154 5.4%

Chile
764,426 0.3% 970,393 0.4%

Ecuador
5,194,204 2.0% 5,723,204 2.1%

Hong Kong
14,551,857 5.5% 15,079,739 5.6%

Indonesia
12,949,836 4.9% 19,864,760 7.4%

Kenya
3,099,538 1.2% 3,874,961 1.4%

Malaysia
4,019,175 1.5% 6,531,441 2.4%

Mexico
70,740,611 26.9% 60,511,322 22.5%

Namibia
18,029,698 6.9% 16,540,160 6.2%

Netherlands
11,036,073 4.2% 10,397,895 3.9%

Nigeria
2,918,985 1.1% 6,904,599 2.6%

Peru
1,261,346 0.5% 2,261,346 0.8%

Romania
6,982,214 2.7% 7,136,229 2.7%

Singapore
19,025,670 7.3% 19,329,238 7.2%

Uganda
13,371,613 5.1% 12,763,954 4.8%

N/A 3,124,260 1.2% 3,164,987 1.2%

Total
$262,216,317 100.0% $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.

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 December 31, 2025:

Fair

Value

Level 1

Level 2

Level 3

Senior secured term loans
$123,807,284 $— $— $123,807,284

Senior secured term loan participations
71,371,727 — — 71,371,727

Senior secured trade finance participations
26,493,018 — — 26,493,018

Convertible notes
29,092,471 — — 29,092,471

Other investments
11,451,817 — — 11,451,817

Equity warrants
— — — —

Total
$262,216,317 $— $— $262,216,317

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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 following is a reconciliation of activity for the year ended December 31, 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 December 31, 2025

Senior secured term loans
$121,679,322 $— $— $(3,904,117)
(1)
$14,872,272 $(8,840,193) $— $123,807,284

Senior secured term loan participations
78,156,693 — (6,632,559) — 1,852,138 (2,004,545) — 71,371,727

Senior secured trade finance participations
27,665,139 — (776,478) — — 5,625,010 (6,020,653) 26,493,018

Convertible notes
25,387,189 — — — 3,178,475 526,807 — 29,092,471

Other investments
13,054,395 — (1,326,315) — — (202,392) (73,871) 11,451,817

Equity warrants
2,466,534 — — — — (2,466,534) — —

Total
$268,409,272 $— $(8,735,352) $(3,904,117) $19,902,885 $(7,361,847) $(6,094,524) $262,216,317

(1) The total amount pertains to the repurchase obligation (see Note 5. Contingencies and Related Parties for additional information) and the reversion to the original contractual terms of the debt agreement for a specific investment following a failure to reach an agreement on the investment's restructuring.

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 unrealized depreciation for the year ended December 31, 2025 and net 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 $7,362,000 and $544,000, respectively.

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Table of Contents

As of December 31, 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 December 31, 2025:

Fair value

Valuation technique

Unobservable input

Range (weighted average) (4)

Senior secured trade finance participations (1)
$6,926,432
Collateral based approach

Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5)

1.24x - 1.65x, 11.75% - 17.67% (15.38%), 1.0 - 3.3 years

Senior secured trade finance participations (2)
$19,566,586
Income approach (DCF)

Discount rate, Estimated duration period (5)

15.0% - 20.50% (18.80%), 4.0 - 13.6 years

Senior secured term loans (2)
$106,838,273
Income approach (DCF)

Discount rate, Estimated duration period (5)

15.50% - 21.0% (19.13%), 0.8 - 25.0 years

Senior secured term loans (3)
$16,969,011
A hybrid of the collateral based approach and the income approach (DCF)

Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5)

0.74x - 1.18x, 19.0% - 35.0% (22.79%), 1.0 - 4.0 years

Senior secured term loan participations (1)
$21,129,236
Collateral based approach

Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5)

0.37x - 2.73x, 13.50% - 19.0% (18.19%), 1.0 - 3.5 years

Senior secured term loan participations (2)
$48,465,183
Income approach (DCF)

Discount rate, EBITDA multiple, Estimated duration period (5)

11.0% - 22.5% (14.48%), 7x, 0.2 - 8.5 years

Senior secured term loan participations (3)
$1,777,308
A hybrid of the collateral based approach and the income approach (DCF)

Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5)

0.37x, 22.75%, 2.9 - 3.0 years

Other investments (1)
$8,637,158
Collateral based approach

Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5)

0.53x - 1.32x, 5.18% - 30.0% (24.19%), 0.5 - 4.0 years

Other investments (2)
$2,814,659
Income approach (DCF)

Discount rate, Estimated duration period (5)

8.0% - 13.25% (9.23%), 0.5 - 2.0 years

Convertible notes (2)
$29,092,471
Income approach (DCF)

Discount rate

15.75% - 17.0% (16.97%)

Equity warrants
$—
Option Pricing Method

Risk free rate, volatility, time to liquidity

3.7%, 90.6%, 5 years

(1)

Collateral based approach used 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, Dock Brasil, Cevher, Maritime One, Lidas, Agilis Partners, Agilis Partners Holding, CAGSA and Producam.

(3)

The Company used a hybrid of the collateral and the income approach for the following Watch List investments: PT Citra, Vikudha and Ecsponent.

(4)

The inputs were weighted based on the fair value of the investments included in the range.

(5)Represents estimated period from December 31, 2025 to receipt date of final payment for investments under the income approach or estimated period from December 31, 2025 to collection date of proceeds from liquidation of collateral for investments under the liquidation approach.

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Table of Contents

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)

Collateral based approach used 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 and Qintess Series B.

(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 3 years.

(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 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.

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Note 5. Contingencies and Related Parties

Agreements

Advisory Agreement

The current term of the Advisory Agreement between the Company and the Advisor ends on March 31, 2027, 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.

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 years ended December 31, 2025 and 2024 as no capital gains were recognized from the sale of investments and the applicable hurdle was not met during those periods. 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 approximately $2.9 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 years ended
December 31, 2025 and 2024, the Advisor earned
$5,641,735 and
$5,562,244,
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 December 31, 2025, the investment represented approximately 0.5% of the Company's total portfolio.

As of December 31, 2025 and 2024, amounts due from affiliates on the Consolidated Statements of Assets and Liabilities totaled $10,015 and $0, respectively, including interest receivable of $49 and $0, respectively, accrued on such amounts. Amounts due from affiliates as of December 31, 2025 reflect the payments of certain operating expenses of an affiliate of the Advisor by the Company, which payments had not yet been reimbursed to the Company at December 31, 2025.

As of December 31, 2025 and 2024, amounts due to affiliates on the Consolidated Statements of Assets and Liabilities totaled $917,251 and $240,100, respectively, including interest payable of $14,853 and $0, respectively, accrued on such amounts. These balances reflect the Company’s obligation to reimburse affiliates of the Advisor for certain operating expenses of the Company that were initially paid by such affiliates.

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Note 6. Unit Capital

As of December 31, 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 December 31, 2025, the Company recorded a liability in the aggregate amount of $348,000 for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability as of December 31, 2025 is calculated based on a net asset value per Class C, Class I and Class W units of $5.729 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 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 year ended December 31, 2025:

Units

Units Issued

Units

Units

Units

Outstanding

under Distribution

Exchanged

Repurchased

Outstanding

as of

Reinvestment Plan

as of

December 31,

During

During

During

December 31,

2024

the Period

the Period

the Period

2025

Class A units
18,303,923 — — (579)(1) 18,303,344

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 — — (579) 47,777,406

(1) The redemption relates to a prior redemption request originally submitted in good order in 2022 that was inadvertently not processed prior to the Company's temporary suspension of redemptions. The Company corrected this inadvertent processing error after discovering it and the request was subsequently processed in November 2025.

During the year ended December 31, 2025, no units were issued under the DRP and no units were sold pursuant to the Company's private placement, which was terminated on November 29, 2024.

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 year ended December 31, 2025, no purchase 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 its 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 December 31, 2024, the Company recorded a liability in the aggregate amount of $356,000 for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability as of December 31, 2024 is calculated based on a net asset value per Class C, Class I and Class W units of $5.842 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 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 year ended December 31, 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

December 31,

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 — — (6,911) — 7,759,823

Class I units
10,575,907 — — 6,911 — 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 year ended December 31, 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 year ended December 31, 2025, the Company made no distributions.

The following table summarizes the distributions for the year ended December 31, 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

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Note 8. Financial Highlights

The following is a schedule of financial highlights of the Company for the years ended December 31, 2025 and 2024:

Year Ended

December 31,

December 31,

2025

2024

Per unit data (1):

Net asset value at beginning of year
$5.89 $5.71

Net investment income
0.10 0.26

Net change in unrealized (depreciation) appreciation on investments
(0.15) 0.04

Net realized losses on investments
(0.13) (0.03)

Net (decrease) increase in net assets resulting from operations
(0.18) 0.27

Distributions
— (0.09)

Net change in accrued distribution and other fees
0.00 0.00

Net (decrease) increase in net assets
(0.18) 0.18

Net asset value at end of year (2)
$5.71 $5.89

Total return based on net asset value (3)
(3.02)% 4.73

Net assets at end of year
$272,646,072 $281,135,972

Units Outstanding at end of year
47,777,406 47,777,985

Ratio/Supplemental data:

Ratio of net investment income to average net assets
1.78% 4.41%

Ratio of total expenses to average net assets
4.86% 4.93%

1

The per unit data was derived by using the weighted average units outstanding during the years ended December 31, 2025 and 2024, which were 47,777,936 and 47,777,985, respectively.

2

For financial statement reporting purposes under GAAP, as of December 31, 2025 and 2024, the Company recorded a liability in the amount of $348,000 and $356,000, 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.

3Total return does not assume the reinvestment of distributions paid.

Note 9. Subsequent Events

The Company’s management has evaluated subsequent events through March 30, 2026, 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-K or would be required to be recognized in the consolidated financial statements as of and for the year ended December 31, 2025.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on March 30, 2026.

TriLinc Global Impact Fund, LLC

/s/ Gloria S. Nelund

Gloria S. Nelund

Chief Executive Officer (principal executive officer)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated:

Name

Title

Date

/s/ Gloria S. Nelund

Chief Executive Officer, Manager (principal executive)

March 30, 2026

Gloria S. Nelund

/s/ Kun Yong Park

Chief Financial Officer (principal financial and accounting officer)
March 30, 2026

Kun Yong Park

/s/ Brent L. VanNorman

Manager

March 30, 2026

Brent L. VanNorman

/s/ Terry Otton

Manager

March 30, 2026

Terry Otton

/s/ Cynthia Hostetler

Manager

March 30, 2026

Cynthia Hostetler

/s/ R. Michael Barth

Manager

March 30, 2026

R. Michael Barth