TriLinc Global Impact Fund makes impact loans to small and medium enterprises, mainly in developing economies, through local sub-advisors. The mandate covers direct term loans, loan participations, trade finance, convertible debt, structured credit and equity, with most assets in senior secured term loans and trade finance participations. The Fund has made no new investments since 2023 and is working through a concentrated legacy book: at mid-2026 about half the portfolio by fair value was on non-accrual, the largest position (a PIK loan in Mexico) was close to 30% of investments, and the board had engaged a financial advisor to review liquidity options. All holdings are valued with Level 3 inputs.