Consolidated Schedule of Investments

12 Months Ended

Dec. 31, 2025

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

As of 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. As a result of continued interest accrual, the value of Blue Arrow has declined such that the value of the warrant is zero as of December 31, 2025.
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 Farm 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.
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.

TriLinc Global Impact Fund, LLC

Consolidated Schedule of Investments

December 31, 2024

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	Corrugated and Solid Fiber Boxes	Sustainable Packaging Manufacturer	11.86% Cash / 2.2% PIK / 3% Default					0.0	%	6/18/2025			$	2,829,356		10	%	$	2,829,356	$	2,829,356		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				22,219,566		100	%		22,219,566		15,079,739		5.4	%
Indonesia	PT Citra Labuantirta (15)	Chocolate and Cocoa Products	Cocoa Processor	PIK 12.5%					2.0	%	12/31/2024				19,864,760		51	%		19,864,760		19,864,760		7.1	%
Malaysia	Vikudha Malaysia Sdn Bhd (5), (6)	Chemicals and Allied Products	Wholesale Distributor		12.00	%			0.0	%	6/30/2023				18,484,704		67	%		18,484,704		6,531,441		2.3	%
Mexico	Blue Arrow Biojet Holdings, LLC (8)	Refuse Systems	Waste to Fuels Processor	20.0% PIK					0.0	%	12/31/2024				58,044,788		65	%		58,044,788		58,044,788		20.6	%
Singapore	Triton Metallics Pte Ltd. (5), (6)	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		19,329,238		6.9	%
*Total Senior Secured Term Loans*																				143,242,455		121,679,322		43.3	%
*Senior Secured Term Loan Participations (1)*
Botswana	Ecsponent Holdings Limited (5), (6), (13)	Short-Term Business Credit	SME Financier		13.89	%			0.0	%	8/18/2023				5,601,000		47	%		5,601,000		2,437,540		0.9	%
Brazil	Dock Brasil Engenharia E Servicos S.A. (8)	Boatbuilding and Repairing	Ship Maintenance & Repair Service Provider	14% Cash / 3% PIK					0.0	%	2/28/2025				7,898,395		42	%		7,898,395		7,898,395		2.8	%
Cabo Verde	TRG Cape Verde Holdings Ltd	Hotels and Motels	Hospitality Service Provider	10.0% Cash/3.5% PIK					0.0	%	3/31/2025				12,122,163		88	%		12,122,163		11,809,142		4.2	%
Kenya	Multiple ICD (Kenya) Limited (5), (6), (12)	Freight Transportation Arrangement	Freight and Cargo Transporter	12.7% Cash / 4.0% PIK					0.0	%	3/31/2023				15,092,408		30	%		15,092,408		3,874,961		1.4	%
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		16,540,160		5.9	%
Netherlands	Cevher International B.V. Netherlands (5), (8)	Motor Vehicle Parts and Accessories	Wheel Manufacturer	8.0% Cash / 3.0% Default					0.0	%		N/A	(16)		8,275,000		44	%		11,399,439		10,397,895		3.7	%
Nigeria	Maritime One Limited (5)	Towing and Tugboat Service	Marine Logistics Provider		3.00	%			0.0	%	10/31/2026				5,808,563		100	%		5,808,563		5,298,417		1.9	%
Romania	Lidas SRL (9)	Retail Bakeries	Frozen Bakery Products Manufacturer	18.5% Cash					0.0	%		N/A	(16)		6,836,622		41	%		7,136,229		7,136,229		2.5	%
Uganda	Agilis Partners Holding LLC (5), (15)	Corn	Grain Processor G	12.80% PIK					0.0	%	12/31/2024				730,724		49	%		730,724		498,234		0.2	%
Uganda	Agilis Partners (5), (15)	Corn	Grain Processor F	3.50% Cash/8.0% PIK					0.0	%	9/19/2025				14,188,395		57	%		14,188,395		12,265,720		4.4	%
*Total Senior Secured Term Loan Participations*																				98,694,947		78,156,693		27.9	%
*Senior Secured Trade Finance Participations* *(1)*
Argentina	Compania Argentina de Granos S.A. (5), (6), (13)	Soybeans	Agriculture Distributor		N/A				0.0	%	6/30/2018				12,500,000		N/A			12,500,000		5,723,296		2.0	%
Argentina	Sancor Cooperativas Unidas Ltda (5), (6), (12)	Dairy Farms	Dairy Co-Operative		10.67	%			0.0	%	7/29/2019				5,802,296		N/A			5,802,296		4,528,841		1.6	%
Cameroon	Producam SA (5), (6), (14)	Chocolate and Cocoa Products	Cocoa & Coffee Exporter		9.50%, 6.0	%	(17)		0.0	%	12/31/2024				16,077,863		77	%		16,077,863		14,519,154		5.2	%
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		2,893,848		1.0	%
*Total Senior Secured Trade Finance Participations*																				38,805,090		27,665,139		9.8	%
*Other Investments (1)*
N/A	IIG TOF B.V. (5), (6), (13)	Other	Claim in Bankruptcy		N/A				N/A			N/A			5,924,697		N/A			5,924,697		3,164,987		1.1	%
Chile	Itelecom Holding Chile SPA (5), (6), (13)	Electric Services	Claim in Bankruptcy		N/A				N/A			N/A			1,456,162		N/A			1,456,162		970,393		0.3	%
Argentina	Algodonera Avellaneda S.A. (5), (6), (13)	Cotton Ginning	Claim in Bankruptcy		N/A				N/A			N/A			4,935,048		N/A			4,935,048		1,792,698		0.6	%
Argentina	Frigorifico Regional Industrias Alimentarias, S.A., Sucursal Uruguay (5), (6), (13)	Beef Cattle, Except Feedlots	Claim in Bankruptcy		N/A				N/A			N/A			6,499,323		N/A			6,499,323		2,955,774		1.1	%
Nigeria	Equity Participation in Cocoa Transaction (10)	Other	Profit sharing rights on cocoa distribution		N/A				N/A			N/A			1,606,182		N/A			1,606,182		1,606,182		0.6	%
Brazil	Usivale Industria E Commercio Ltda	Other	Installment under Judicial Recovery		N/A				N/A			N/A			400,000		100	%		400,000		303,015		0.1	%
Peru	TriLinc Peru S.A.C.	Other	Real estate property		N/A				N/A			N/A			2,428,394		N/A			2,428,394		2,261,346		0.8	%
*Total other investments*																				23,249,806		13,054,395		4.6	%
*Convertible Notes (1)*
Brazil	Qintess Tecnologia e Participacoes Ltda, Series A (11)	Computer Related Services	IT Service Provider	4.49% PIK					0.0	%	2/11/2027				361,990		4	%		576,786		647,809		0.2	%
Brazil	Qintess Tecnologia e Participacoes Ltda, Series B (5), (11)	Computer Related Services	IT Service Provider	12.0% PIK					0.0	%	8/11/2026				26,362,131		23	%		23,865,792		24,739,380		8.8	%
*Total convertible notes*																				24,442,578		25,387,189		9.0	%
*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			—		2,466,534		0.9	%
*Total Investments*																			$	328,434,876	$	268,409,272		95.5	%

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.
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, 2024 and October 16, 2024, 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	Investment is in arbitration.
¹⁵	Investment is undergoing a restructuring.
¹⁶	The borrower is required to repay the loan upon request.
¹⁷	The interest rate is 9.5% on the first and second trade finance participation, and 6.0% on the third trade finance participation.

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details

TriLinc Global Impact Fund LLC 10-K