TriLinc Global Impact Fund, LLC has reported its financial results for the six months ending June 30, 2025, revealing a total investment income of $13.7 million, an increase from $12.5 million in the same period last year. The growth in revenue was primarily driven by a rise in interest income, which reached $4 million, up from $3.3 million in the prior year. Payment-in-kind (PIK) interest income also saw an increase, totaling $9.7 million compared to $8.7 million in the previous year. However, the company recorded a net change in unrealized depreciation on investments of approximately $3.4 million, contrasting with a net change in unrealized appreciation of $1.4 million in the prior year.
The company's total assets as of June 30, 2025, amounted to $292.9 million, a slight increase from $285.6 million at the end of 2024. Notably, net assets rose to $284.4 million, up from $281.1 million, reflecting a net asset value per unit of approximately $5.96, an increase from $5.89 at the end of the previous fiscal year. The increase in net assets was attributed to improved cash flows from certain borrowers and moderating inflation in various markets.
Operationally, TriLinc maintained a consistent portfolio size, with 28 companies represented in its investment portfolio. The company did not make any new investments during the reporting period but received approximately $4.2 million from repayments and dispositions of investment principal. The fair value of the company's investments stood at $273.5 million, with senior secured term loans comprising 47.8% of the total investments. The company continues to face challenges with liquidity, primarily due to borrowers struggling to meet repayment obligations, which has led to inconsistent cash flows.
In terms of strategic developments, TriLinc has been actively managing its investments, with 21 investments currently on the Watch List, representing 60.3% of the fair value of total investments. The company has also been involved in restructuring efforts with several borrowers to improve repayment prospects. Looking ahead, TriLinc anticipates continued challenges in liquidity and cash flow management, which may impact its ability to pay distributions to unitholders. The company is exploring various strategies to address these liquidity needs, including potential sales of investments and seeking new credit facilities.
Overall, while TriLinc Global Impact Fund has shown some positive financial metrics, the ongoing economic environment and borrower performance remain critical factors influencing its future operations and investment strategies. The company has indicated that it may not be able to resume regular monthly distributions in the near term, reflecting the cautious outlook amid current market conditions.
About TriLinc Global Impact Fund LLC
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