TriLinc Global Impact Fund, LLC has reported a decrease in net assets and significant changes in its financial performance for the nine months ending September 30, 2025. The company's total assets stood at $282.8 million, a slight decline from $285.6 million at the end of 2024. Notably, the fair value of investments decreased to $260 million from $268.4 million, primarily due to unrealized depreciation on investments amounting to $14 million. The net investment income for the nine-month period was $6.3 million, down from $8.4 million in the same period last year, reflecting challenges in the repayment capabilities of several borrowers.
The company experienced a substantial decline in total investment income, which fell to $16.3 million from $19.1 million year-over-year. This decrease was attributed to a significant drop in payment-in-kind (PIK) interest income, which decreased by approximately $2.2 million, and a reduction in fee income. The total expenses for the nine months were $10 million, slightly lower than the previous year's $10.6 million, with asset management fees increasing marginally to $4.2 million. The net change in net assets resulting from operations was a loss of $7.8 million, contrasting with a gain of $10.1 million in the prior year.
Operationally, the company has faced challenges with its investment portfolio, with 16 portfolio companies on non-accrual status, representing 42% of the fair value of total investments. The company has placed 22 investments on its Watch List, indicating significant credit and collection risks. The ongoing economic conditions, including the impacts of the COVID-19 pandemic and geopolitical tensions, have contributed to these challenges, making it difficult for borrowers to meet their obligations.
In terms of strategic developments, TriLinc has not made new investments during the reported period but has engaged in the sale of a portion of its investment in TriLinc Peru S.A.C. for $1 million to an affiliate. The company is actively pursuing liquidity strategies, including the potential sale of investments and seeking new credit facilities. The outlook remains cautious, with expectations of continued liquidity constraints and the possibility of not being able to pay regular distributions to unitholders in the near term. The company’s net asset value per unit decreased to approximately $5.73, down from $5.89 at the end of 2024, reflecting the ongoing challenges in its investment portfolio and market conditions.
About TriLinc Global Impact Fund LLC
TriLinc Global Impact Fund, LLC invests in small and medium enterprises primarily in developing economies, providing impact-focused debt and equity financing. Its portfolio includes trade finance, loans, and structured credit aimed at generating competitive financial returns and positive social, economic, and environmental impacts. Managed by TriLinc Advisors, the company emphasizes diversification, risk mitigation, and impact measurement in its impact investing business model.
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