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TRLC on OTC

TriLinc Global Impact Fund LLC

TriLinc Global Impact Fund LLC is an American finance services company based in Manhattan Beach.1 Its shares trade on OTC under the symbol TRLC.1

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Last updated Oct 21, 2026.

Overview

-$8.5MNet income, fiscal 20252

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  • TickerTRLC on OTC1
  • IndustryFinance Services1
  • HeadquartersManhattan Beach, California1
  • Incorporated inDE3
  • Business address1230 Rosecrans Ave, Suite 602, Manhattan Beach, Ca 902663
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formLimited Liability Company
  • Kind of organizationInvestment fund1

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The foregoing list of factors is not exhaustive. All forward-looking statements included in this Annual Report on Form 10-K are based on information available to us on the date hereof and we are under no duty to update any of the forward-looking statements after the date of this report to conform these statements to actual results.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income678910112$5.0M in 2025−80% since 2018
0$10.0M$20.0M$30.0M2018: $24.9M$24.9M20182019: $23.1M$23.1M2019−7%2020: $23.9M$23.9M2020+4%2021: $21.1M$21.1M2021−12%2022: $5.8M$5.8M2022−72%2023: $909.0K$909.0K2023−84%2024: $12.2M$12.2M2024+1242%2025: $5.0M$5.0M2025−59%
Net income678910112-$8.5M in 2025
-$40.0M-$20.0M0$20.0M2018: $16.7M$16.7M20182019: $18.2M$18.2M2019+9%2020: $8.9M$8.9M2020−51%2021: $3.4M$3.4M2021−62%2022: -$33.5M-$33.5M20222023: $414.6K$414.6K20232024: $12.5M$12.5M2024+2907%2025: -$8.5M-$8.5M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2025-12-312024-12-31
Interest income$2.2M$6.7M
Payment-in-kind interest income$16.2M$18.5M
Fee income$36.6K$485.9K
Other income$68.8K$184.8K
Interest from cash$484$2.3K
Total investment income$18.5M$25.9M
Asset management fees$5.6M$5.6M
Professional fees$6.1M$6.4M
General and administrative expenses$1.0M$1.5M
Interest expense$553.8K$0
Board of managers fees$257.5K$257.5K
Total expenses$13.5M$13.7M
NET INVESTMENT INCOME$5.0M$12.2M
Net change in unrealized (depreciation) appreciation on investments-$7.4M$1.7M
Net realized losses on investments-$6.1M-$1.5M
NET CHANGE IN NET ASSETS RESULTING FROM OPERATIONS-$8.5M$12.5M
NET INVESTMENT INCOME PER UNIT - BASIC AND DILUTED (in dollars per share)$0.10$0.26
(LOSS) EARNING PER UNIT - BASIC AND DILUTED (in dollars per share)-$0.18$0.26
WEIGHTED AVERAGE UNITS OUTSTANDING - BASIC AND DILUTED (in shares)47.8M shares47.8M shares

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Corporate structure

TriLinc Global Impact Fund LLC sits at the top of its group. 14 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

  • TriLinc Global Impact Fund LLC Manhattan Beach, California
    • TriLinc Global Impact Fund – Africa, Ltd Subsidiary · Cayman Islands
    • TriLinc Global Impact Fund – African Trade Finance II, Ltd Subsidiary · Cayman Islands
    • TriLinc Global Impact Fund – African Trade Finance III, Ltd Subsidiary · Cayman Islands
    • TriLinc Global Impact Fund – African Trade Finance, Ltd Subsidiary · Cayman Islands
    • TriLinc Global Impact Fund – Asia III, Ltd Subsidiary · Cayman Islands
    • TriLinc Global Impact Fund – Asia IV, Ltd Subsidiary · Cayman Islands
    • TriLinc Global Impact Fund – Asia, Ltd Subsidiary · Cayman Islands
    • TriLinc Global Impact Fund – Cayman Master (formerly known as TriLinc Global Impact Fund - North America, Ltd.) Subsidiary · Cayman Islands
    • TriLinc Global Impact Fund – Cayman, Ltd Subsidiary · Cayman Islands
    • TriLinc Global Impact Fund – Europe, Ltd Subsidiary · Cayman Islands
    • TriLinc Global Impact Fund – Latin America III, Ltd Subsidiary · Cayman Islands
    • TriLinc Global Impact Fund – Latin America, Ltd Subsidiary · Cayman Islands
    • TriLinc Global Impact Fund – Trade Finance, Ltd Subsidiary · Cayman Islands

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What TriLinc Global Impact Fund LLC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$54.6K2 Dec 31, 2025$98.2K2 Dec 31, 2024−44.4%

Properties, in its own words

We do not own or lease any properties. Our administrative and principal executive offices, which are located at 1230 Rosecrans Avenue, Suite 602, Manhattan Beach, CA 90266, are leased by our Sponsor.

Item 2 of the 10-K filed Mar 30, 2026.5

Leadership

Who has led TriLinc Global Impact Fund LLC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Gloria S. Nelund2015–2016

Chair

  1. Gloria S. Nelund2015–2016

President

  1. Gloria S. Nelund2015–2016

Chief financial officer

  1. Brent L. Vannorman2016
  2. Mark Tipton2019
  3. Kun Yong Park2025–now

Chief operating officer

  1. Brent L. Vannorman2016
20202025
Board members and other officers (5)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Chief Operating OfficerScott T. Hall named Nov 9, 202326
  • Independent ManagerR. Michael Barth named Nov 9, 202326

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • TriLinc Global Impact Fund – Africa, Ltd Cayman Islands4
  • TriLinc Global Impact Fund – African Trade Finance II, Ltd Cayman Islands4
  • TriLinc Global Impact Fund – African Trade Finance III, Ltd Cayman Islands4
  • TriLinc Global Impact Fund – African Trade Finance, Ltd Cayman Islands4
  • TriLinc Global Impact Fund – Asia III, Ltd Cayman Islands4
  • TriLinc Global Impact Fund – Asia IV, Ltd Cayman Islands4
  • TriLinc Global Impact Fund – Asia, Ltd Cayman Islands4
  • TriLinc Global Impact Fund – Cayman Master (formerly known as TriLinc Global Impact Fund - North America, Ltd.) Cayman Islands4
  • TriLinc Global Impact Fund – Cayman, Ltd Cayman Islands4
  • TriLinc Global Impact Fund – Europe, Ltd Cayman Islands4
  • TriLinc Global Impact Fund – Latin America III, Ltd Cayman Islands4
  • TriLinc Global Impact Fund – Latin America, Ltd Cayman Islands4
  • TriLinc Global Impact Fund – Trade Finance, Ltd Cayman Islands4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 10, 20268-K Other events27
  2. Sep 10, 20268-K Other events28
  3. Aug 18, 20268-K Other events29
  4. Jul 16, 20268-K Other events30
  5. Jun 10, 20268-K Other events31
  6. Jun 1, 20268-K Other events32
  7. Apr 23, 20268-K Other events33
  8. Mar 26, 20268-K Other events34
  9. Feb 25, 20268-K Other events35
  10. Jan 23, 20268-K Other events36
  11. Dec 19, 20258-K Other events37
  12. Nov 26, 20258-K Other events38
  13. Apr 28, 2015New chief executive Gloria S. Nelund becomes CEO18

Filings

119 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 71 major events, 2 insider forms, 2 private raises, 24 other. The latest 20:

  1. Sep 10, 20268-K EDGAR
  2. Sep 10, 20268-K EDGAR
  3. Aug 18, 20268-K EDGAR
  4. Aug 13, 2026424B3 EDGAR
  5. Aug 12, 202610-Q EDGAR
  6. Jul 16, 20268-K EDGAR
  7. Jun 10, 20268-K EDGAR
  8. Jun 1, 20268-K EDGAR
  9. May 19, 20263 EDGAR
  10. May 15, 2026424B3 EDGAR
  11. May 14, 202610-Q EDGAR
  12. Apr 23, 20268-K EDGAR
  13. Mar 31, 2026POS EX EDGAR
  14. Mar 31, 2026424B3 EDGAR
  15. Mar 30, 202610-K EDGAR
  16. Mar 26, 20268-K EDGAR
  17. Feb 25, 20268-K EDGAR
  18. Jan 23, 20268-K EDGAR
  19. Dec 19, 20258-K EDGAR
  20. Nov 26, 20258-K EDGAR

The 119 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$12.3M 2019–2019
Money received by yearMoney received by year, 2019–2019: $12.3M in all. Private raises (Form D) $12.3M.$0$5M$10M$15M2019 · Private raises (Form D): $12.3M2019
Figures by year
YearPrivate raises (Form D)Total
2019$12.3M$12.3M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Nov 19, 2019Raised $12.3 million in a private offering of equity26 Form D: $500 million offered in all Form D

SEC filer profile

How TriLinc Global Impact Fund LLC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTriLinc Global Impact Fund LLC1
  • CIK0001550453
  • Employer ID (EIN)36-47328025
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6199 Finance Services1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address1230 Rosecrans Ave, Suite 602, Manhattan Beach, CA 902661
  • Phone310-997-05801
  • Shares outstanding18,303,344 Capital Unit Class A shares; 7,759,823 Capital Unit Class C shares; 10,582,818 Capital Unit Class I shares; 24,555 Capital Unit Class W shares; 2,683,015 Capital Unit Class Y shares; 8,423,851 Capital Unit Class Z shares as of Mar 30, 20265
  • Public float$0 as of Dec 31, 202411
  • AuditorKPMG LLP, Los Angeles, California PCAOB ID 185; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceJul 10, 20121
  • Filings347 in all: 8-K (145), 424B3 (77), 10-Q (41), 10-K (13), 3 (10), D/A (9), UPLOAD (8), CORRESP (7)1
    All 25 form types

    EFFECT (7), POS AM (6), NT 10-Q (4), D (3), S-1 (3), 5 (2), S-1/A (2), 8-A12G (1), 8-A12G/A (1), 8-K/A (1), DRS (1), DRS/A (1), FWP (1), NT 10-K (1), POS EX (1), RW (1), S-3D (1)

  • Latest filingsAnnual report (10-K) Mar 30, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Latest 8-K (8-K) Sep 10, 2026

Risk factors and legal proceedings

The risks TriLinc Global Impact Fund LLC names in Item 1A of its 10-K filed Mar 30, 2026: 65 risks under these headings, as written.5

  • Risks Relating to Our Business and Structure: General
  • The lack of liquidity of our privately held investments may adversely affect our business.
  • When we are a debt or minority equity investor in a portfolio company, which we expect will generally be the case, we may not be in a position to control the entity, and its management may make decisions that could decrease the value of our investment.
  • Floating rate investments subject us to certain risks related to the discontinuation of LIBOR.
  • We may be exposed to higher risks with respect to our investments that include PIK interest, particularly our investments in interest-only loans.
  • We operate in a highly competitive market for investment opportunities.
  • An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies, a dependence on the talents and efforts of only a few key borrower and/or sub-advisor personnel and a greater vulnerability to economic downturns.
  • We may not realize gains from equity instruments granted as return enhancement vehicles when we acquire certain debt instruments.
  • Actions of our sub-advisors and other investment partners could negatively impact our performance.
  • We face risks related to health epidemics which could adversely affect our business.
  • Our borrowers may incur debt that ranks equally with, or senior to, the debt instruments in which we invest.
  • There is a risk that our unitholders may not receive distributions or that our distributions may not grow over time or may be reduced.
The other 54 risks
  • If we pay distributions from sources other than our cash flow from operations, we will have less funds available for the investments, and the overall return for our unitholders may be reduced.
  • If we internalize our management functions, we could incur adverse effects on our business and financial condition, including significant costs associated with becoming and being self-managed and the percentage of our units owned by our unitholders could be reduced.
  • We may engage in hedging activity, which could expose us to risks associated with such transactions, including the risk that we may artificially limit the investment income realized by the Company on certain investments.
  • Our business plan anticipates external financing which may expose us to risks associated with leverage.
  • We may enter into and have entered into financing arrangements involving balloon payment obligations, which may adversely affect our ability to make distributions to our unitholders.
  • We may be unable to invest a significant portion of our raised capital on acceptable terms or within the time period we anticipate.
  • We may enter into financing arrangements that require us to enter into restrictive covenants that relate to or otherwise limit our operations, which could limit our ability to make distributions to our unitholders, to replace the Advisor or to otherwise achieve our investment objectives.
  • A change in interest rates may adversely affect our profitability and our hedging strategy may expose us to additional risks.
  • Non-payment by borrowers and acts or omissions by our sub-advisors that result in us not being repaid for our investments have prevented and may continue to prevent us from realizing expected income and have resulted and may continue to result in a decrease in our net asset value.
  • Prepayments by our borrowers could adversely impact our operating results, reducing total income and increasing the number of investments the Company will have to execute.
  • Our investments may be long term and may require several years to realize liquidation events.
  • We allocate substantially all of our fixed-income investment capital to unrated instruments, which may be viewed as highly speculative.
  • Risks Related to Investments in Small and Medium-Sized Businesses
  • Small and medium-sized businesses may have limited financial resources and may not be able to repay the loans we make to them.
  • Small and medium-sized businesses typically have narrower product offerings and smaller market shares than large businesses.
  • Small and medium-sized businesses generally have less predictable operating results.
  • Small and medium-sized businesses are more likely to be dependent on one or two persons.
  • Small and medium-sized businesses are likely to have greater exposure to economic downturns than larger businesses.
  • Small and medium-sized businesses may have limited operating histories.
  • Lack of minimum requirements when lending to small and medium-sized businesses could increase the risk of default.
  • Risks Related to Non-U.S. Investments
  • Our investments in foreign debt and equity instruments may involve significant risks in addition to the risks inherent in U.S. investments.
  • Non-U.S. investments involve certain legal, geopolitical, investment, repatriation, and transparency risks not typically associated with investing in the U.S.
  • Fluctuation in currency exchange rates may negatively affect our borrowers’ ability to pay U.S. dollars denominated loans.
  • Our strategy or emphasis on environmental, social and governance (“ESG”) and impact factors may limit the investment opportunities available.
  • Exposure to increasing shifts in climate patterns or unpredictable climate driven events may have significant, and at times abrupt, adverse financial and operational implications.
  • Economic and trade sanctions laws in the United States and other jurisdictions may prohibit us, our sub-advisors or borrower companies from transacting with or in certain countries and/or with certain individuals.
  • Lack of compliance with the U.S. Foreign Corrupt Practices Act, or FCPA, could subject us to penalties and other adverse consequences.
  • Risks Related to our Advisor and its Affiliates
  • We are dependent upon our key management personnel and the key management personnel of our Advisor, who will face conflicts of interest relating to time management, and on our Advisor and its affiliates, for our future success.
  • Our success will be dependent on the performance of our sub-advisors, and their failure to identify and make investments that meet our investment criteria or perform their responsibilities under the sub-advisory agreements may adversely affect our ability to realize our investment objectives.
  • We have paid substantial compensation to our Advisor and its affiliates. The compensation we pay to the Advisor and its affiliates may be increased by our independent managers. This compensation was not determined on an arm’s-length basis and therefore may not be on the same terms we could achieve from a third party.
  • There are significant potential conflicts of interest, which could impact our investment returns.
  • Our subordinated incentive fee may induce our Advisor to make certain investments, including speculative investments.
  • We rely on third-party service providers to perform and support certain advisory services and processes.
  • Risks related to Tax Matters
  • Our failure to be taxed as a partnership may result in adverse tax consequences for us and our investors.
  • Transfer restrictions imposed with respect to our interests and potential restructurings or agreements we enter into to avoid publicly traded partnership status, may adversely impact a unitholder’s ability to transfer or sell its units.
  • Unitholders may be allocated taxable income in excess of the cash available for distribution to them.
  • An audit or tax adjustment by the IRS may result in additional taxes or costs to the Company and our unitholders.
  • Legislative or regulatory action could adversely affect our unitholders.
  • Changes to the U.S. federal income tax laws, including the enactment of certain tax reform measures, could have an adverse impact on our business and financial results.
  • Our operations may result in reportable transactions for the Company and our unitholders.
  • Unitholders may be required to obtain U.S. federal income tax return filing extensions and to file tax returns in multiple jurisdictions.
  • We may incur unrelated business taxable income which will be taxable to our tax –exempt investors.
  • Our operations may result in the Company being subject to foreign income taxes.
  • Our operations may result in non-U.S. unitholders being subject to U.S. federal, state and local income and withholding tax and filing requirements.
  • Risks related to the Investment Company Act
  • We are not registered as an investment company under the Investment Company Act and, therefore, we will not be subject to the requirements imposed on an investment company by the Investment Company Act which may limit or otherwise affect our investment choices.
  • Risks related to ERISA
  • If our assets are deemed to be “plan assets” for purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the Advisor and we may be exposed to liabilities under Title I of ERISA and the Code.
  • Risks Relating to Our Units
  • The units sold will not be listed on an exchange for the foreseeable future, if ever. Therefore, it will be difficult for our unitholders to sell their units and, if they are able to sell their units, they will likely sell them at a substantial discount. Our units are generally illiquid.
  • Our unitholders will not have the opportunity to evaluate our investments before we make them, which makes investment in our units more speculative.
  • Our unitholders will experience substantial dilution in the net tangible book value of their units equal to the offering costs associated with their units.
  • Because of all the risks described in this section, investing in units may involve an above average degree of risk.
  • Our unitholders may experience dilution through subsequent offerings.
  • The price for units redeemed pursuant to the Company’s unit repurchase program and issued pursuant to the DRP is the most recently disclosed estimated NAV per unit for such class of units, which may not equal the actual NAV per unit at the time of repurchase or reinvestment. The estimated NAV per unit may not be an accurate reflection of the fair market value of the Company’s assets and liabilities and likely will not represent the amount of net proceeds that would result if the Company liquidated or dissolved or the amount the Company’s unitholders would receive upon the sale of their units.
  • We do not, and do not expect to, have research analysts reviewing our performance.
  • General Risk Factors
  • Terrorist attacks, military conflicts, acts of war or national disasters may affect any market for units, impact the businesses in which we invest, and harm our business, operating results and financial condition.
  • The occurrence of cyber incidents, or a deficiency in our cyber security, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships, all of which could negatively impact our financial results.

Legal proceedings

As of December 31, 2025, the Company was not a defendant in any material litigation.

The opening of Item 3, Legal Proceedings.5

Sources

The numbers on this page point here. Each one links to the record it came from.

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    SEC EDGAROther events
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