TriLinc Global Impact Fund is a non-traded, externally managed private credit fund that makes debt investments in small and medium-sized enterprises (SMEs) in developing economies. TriLinc deploys capital primarily as senior secured term loans and trade finance facilities to SMEs — defined as businesses with fewer than 500 employees — in countries that traditional banks tend to underserve. Borrowers use the capital to finance trade or fund business growth. TriLinc raises capital from accredited investors and institutions, then deploys it through a network of local sub-advisors who source and structure deals on the ground in their respective regions. TriLinc frames its strategy as "impact investing," arguing that lending to SMEs in developing economies generates measurable social and economic outcomes alongside financial returns. TriLinc earns returns primarily through interest income on its loan portfolio, with rates that vary widely depending on the borrower and structure. A meaningful portion of interest accrues as paid-in-kind (PIK), meaning cash is not received until maturity or disposition. TriLinc has no employees of its own and is managed externally by TriLinc Advisors, which earns a 2% annual asset management fee on gross assets plus an incentive fee. As of December 31, 2025, the portfolio had a fair value of approximately $262M across 28 companies, spread across roughly 20 countries, with the largest concentrations in Mexico and Brazil. The portfolio is heavily concentrated, with the top five investments comprising roughly 58% of total value. A significant share of investments are currently in default, restructuring, or bankruptcy proceedings.