| Schedule of Investments [Text Block] |
TriLinc Global Impact Fund, LLC
Consolidated Schedule of Investments
As of June 30, 2026
(Unaudited)
| 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 | | | $ | 2,727,088 | | | | 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 | | | | 22,219,565 | | | | 100 | % | | | 22,219,565 | | | | 14,208,553 | | | | 5.2 | % |
| Indonesia | | PT Citra Labuantirta (5), (6), (8) | | Chocolate and Cocoa Products | | Cocoa Processor | | 8.0% Cash / 5.0% Redemption | | | | | 0.0 | % | | 12/31/2024 | | | | 15,000,000 | | | | 51 | % | | | 15,000,000 | | | | 10,910,350 | | | | 4.0 | % |
| 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 | | | | 3,919,175 | | | | 1.4 | % |
| Mexico | | Blue Arrow Biojet Holdings, LLC (15) | | Refuse Systems | | Waste to Fuels Processor | | 20.0% PIK | | | | | 0.0 | % | | 9/30/2026 | | | | 78,074,055 | | | | 65 | % | | | 78,074,055 | | | | 78,074,055 | | | | 28.7 | % |
| 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 | % | | 6/30/2026 | | | | 21,799,281 | | | | 100 | % | | | 21,799,281 | | | | 19,025,669 | | | | 7.0 | % |
| Total Senior Secured Term Loans | | | | | | | | | | | | | | | | | | | | | | | | 161,544,052 | | | | 128,864,890 | | | | 47.3 | % |
| 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 | % | | 3/31/2026 | | | | 7,236,159 | | | | 42 | % | | | 7,236,159 | | | | 4,780,946 | | | | 1.8 | % |
| Cabo Verde | | TRG Cape Verde Holdings Ltd | | Hotels and Motels | | Hospitality Service Provider | | 10.0% Cash/3.5% PIK | | | | | 0.0 | % | | 12/31/2027 | | | | 8,041,074 | | | | 88 | % | | | 8,041,074 | | | | 7,728,053 | | | | 2.8 | % |
| 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 | | | | 18,473,849 | | | | 6.8 | % |
| Netherlands | | Cevher International B.V. Netherlands (6), (14) | | Motor Vehicle Parts and Accessories | | Wheel Manufacturer | | | 17.00% | | | | | 0.0 | % | | 8/28/2026 | | | | 6,679,690 | | | | 44 | % | | | 9,804,129 | | | | 9,987,459 | | | | 3.7 | % |
| Nigeria | | Maritime One Limited | | Towing and Tugboat Service | | Marine Logistics Provider | | | 3.00 | % | | | | 0.0 | % | | 10/31/2026 | | | | 605,951 | | | | 100 | % | | | 605,951 | | | | 520,357 | | | | 0.2 | % |
| 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 | | | | 6,521,990 | | | | 2.4 | % |
| Uganda | | Agilis Partners Holding LLC (5), (15) | | Corn | | Grain Processor G | | 12.80% PIK | | | | | 0.0 | % | | 6/30/2026 | | | | 882,160 | | | | 49 | % | | | 882,160 | | | | 748,287 | | | | 0.3 | % |
| Uganda | | Agilis Partners (5), (15) | | Corn | | Grain Processor F | | 3.50% Cash/8.0% PIK | | | | | 0.0 | % | | 6/30/2026 | | | | 15,877,350 | | | | 57 | % | | | 15,877,350 | | | | 12,660,158 | | | | 4.7 | % |
| Total Senior Secured Term Loan Participations | | | | | | | | | | | | | | | | | | | | | | | | 88,994,091 | | | | 66,297,945 | | | | 24.5 | % |
| 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 | | | | 6,155,479 | | | | N/A | | | | 6,155,479 | | | | 5,944,929 | | | | 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 | | | | 3,919,677 | | | | 1.4 | % |
| 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 | | | | 12,603,957 | | | | 4.6 | % |
| 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 | | | | 2,390,516 | | | | 0.9 | % |
| Total Senior Secured Trade Finance Participations | | | | | | | | | | | | | | | | | | | | | | | | 32,328,967 | | | | 24,859,079 | | | | 9.1 | % |
| 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 | | | | 1,403,608 | | | | 0.5 | % |
| 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 (5), (10) | | Other | | Profit sharing rights on cocoa distribution | | | N/A | | | | | 0.0 | % | | | N/A | | | | 1,452,415 | | | | N/A | | | | 1,452,415 | | | | 1,176,152 | | | | 0.4 | % |
| Brazil | | Usivale Industria E Commercio Ltda | | Other | | Installment under Judicial Recovery | | | N/A | | | | | 0.0 | % | | 12/15/2026 | | | | 200,000 | | | | 100 | % | | | 200,000 | | | | 103,015 | | | | 0.0 | % |
| 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 | | | | | | | | | | | | | | | | | | | | | | | | 21,575,474 | | | | 11,816,853 | | | | 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 | | | | 384,605 | | | | 4 | % | | | 599,401 | | | | 670,424 | | | | 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 | | | | 31,232,395 | | | | 23 | % | | | 28,736,056 | | | | 30,136,450 | | | | 11.1 | % |
| Total convertible notes | | | | | | | | | | | | | | | | | | | | | | | | 29,335,457 | | | | 30,806,874 | | | | 11.3 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | | | | | | | | | | | | | | | | | | | | | | | $ | 333,778,041 | | | $ | 262,645,641 | | | | 96.5 | % |
See accompanying notes to the consolidated financial statements.
| 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 paid-in-kind interest accrual, the value of Blue Arrow has declined such that the value of the warrant is zero as of June 30, 2026. |
| 8 | Another 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. |
| 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. |
| 10 | Courtyard 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, 2023 and October 16, 2023, respectively. |
| 11 | Class A and Class B convertible notes were issued to the Company through a restructuring in August 2023. |
| 12 | Investment is in default. |
|
13
| Investment is in bankruptcy. |
|
14
| The Company is currently engaged in discussions with the borrower regarding a final settlement. |
| 15 | Investment is undergoing a restructuring. |
| 16 | The Company has completed a debt restructuring, which included an extension of the maturity date to 2039. |
| 17 | The interest rate is 9.5% on the first and second trade finance participation, and 6.0% on the third trade finance participation. |
TriLinc Global Impact Fund, LLC
Consolidated Schedule of Investments
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.
| 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. |
| 10 | Courtyard 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, 2023 and October 16, 2023, respectively. |
| 11 | Class A and Class B convertible notes were issued to the Company through a restructuring in August 2023. |
| 12 | Investment is in default. |
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13
| Investment is in bankruptcy. |
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14
| The Company is currently engaged in discussions with the borrower regarding a final settlement. |
| 15 | Investment is undergoing a restructuring. |
| 16 | The Company has completed a debt restructuring, which included an extension of the maturity date to 2039. |
| 17 | The interest rate is 9.5% on the first and second trade finance participation, and 6.0% on the third trade finance participation. |
| 18 | Another 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. |
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