TriLinc Global Impact Fund, LLC reported its financial results for the first quarter of 2025, revealing a total investment income of $6.25 million, a slight decrease from $6.37 million in the same period last year. The decline in interest income, which fell to $1.32 million from $1.99 million, was attributed to the restructuring of certain investments that shifted from interest accrual to payment-in-kind (PIK) interest, which increased to $4.91 million from $4.02 million. The company also recorded a net investment income of $3.14 million, compared to $3.16 million in the prior year, while net change in net assets resulting from operations was $2.56 million, down from $3.10 million.
As of March 31, 2025, TriLinc's total assets increased to $288.49 million from $285.59 million at the end of 2024, primarily driven by a rise in investments owned at fair value, which reached $269.91 million, up from $268.41 million. The company’s net assets also saw a modest increase, totaling $283.70 million, compared to $281.14 million at the end of the previous fiscal period. The net asset value per unit rose to $5.95 from $5.89, reflecting improved macroeconomic conditions and a gradual ramp-up in trading activities by some borrowers.
Operationally, TriLinc maintained a consistent portfolio size with 28 companies as of both March 31, 2025, and December 31, 2024. However, the company faced challenges with 21 investments classified as "Watch List" due to significant changes in credit and collection risk, representing 60.6% of the fair value of total investments. The company’s liquidity has been constrained, leading to the suspension of regular monthly distributions since June 2023, with no distributions made in the first quarter of 2025.
Strategically, TriLinc sold a portion of its investment in TriLinc Peru S.A.C. for $1 million to an affiliate, resulting in a realized loss of approximately $74,000. The company is actively seeking to enhance liquidity through potential sales of investments and is exploring new credit facilities. The recent appointment of Kun Yong (Brent) Park as Chief Financial Officer, effective April 1, 2025, is expected to support the company’s financial management and strategic initiatives moving forward.
Looking ahead, TriLinc anticipates continued challenges due to the lingering effects of the COVID-19 pandemic and geopolitical tensions, particularly the impact of U.S. tariffs on international trade. The company remains focused on its investment strategy in small and medium enterprises (SMEs) in developing economies, aiming to balance competitive financial returns with positive social and environmental impacts.
About TriLinc Global Impact Fund LLC
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