TriLinc Global Impact Fund: NAV $5.699 at June 30, 2026, Repurchases Limited to Death or Disability

What TriLinc is, and who holds it

TGIF is a Delaware LLC that sold units to individual investors and has not issued any since the first quarter of 2023. From inception through December 31, 2025 it issued about 56,404,000 units, including 8,179,306 through its distribution reinvestment plan, for gross proceeds of about $515,089,000 and net proceeds of $493,427,000 (Form 10-K). Class A units were offered at $10.00, Class C at $9.576 and Class I at $9.025 (Form 10-K). It is taxed as a partnership: holders get a Schedule K-1, and the 10-K says management will attempt to give estimated tax information before March 15 but that extensions may be needed (see when K-1s are due in 2027 and K-1 against 1099-DIV).

The fund pays its adviser an asset management fee of 2.00% a year of gross assets, quarterly in arrears, and an incentive fee that was not charged in 2025 or 2024 (Form 10-K). The fee was $5,641,735 in 2025. At December 31, 2025 the units were held of record by 3,788 persons (Class A), 1,900 (Class C), 1,949 (Class I), 4 (Class W), 226 (Class Y) and 2 (Class Z), 7,869 in all (our sum).

At June 30, 2026 the six classes had the same NAV of about $5.70 a unit. Net assets by class: A $104,306,565, C $43,888,449, I $60,295,065, W $138,933, Y $15,289,886 and Z $48,005,601 (Form 10-Q).

NAV per unit, quarter by quarter

The fund calculates NAV quarterly. These are the figures it tagged in its filings, with net assets from the same XBRL data:

Two things stand out. First, NAV rose from $5.69 at March 31, 2024 to $5.96 at June 30, 2025, $0.27 a unit (our arithmetic), with no distribution after March 2024. The 10-Q says the NAV at June 30, 2026 “is higher than it would have been if the Company had continued to pay regular monthly distributions” in that half-year, and, as the income table below shows, income has been PIK accrual rather than cash. Second, the one large step down since 2022 came in the third quarter of 2025, $0.23 or 3.9% (our arithmetic), about $11.0 million of net assets.

The September 30, 2026 NAV is not public as of November 2, 2026. It will be in the third-quarter 10-Q. Last year the third-quarter 10-Q was filed on November 14, 2025.

Repurchases and distributions: the dated record

Why nothing was repurchased for two years. The program limits repurchases in a calendar year to the units that reinvestment-plan proceeds can buy, unless the board decides otherwise, and it may also use cash on hand, borrowings or proceeds from selling investments. With no distributions there is nothing to reinvest. The 8-K of September 10, 2026 says: “We have not received any proceeds from our distribution reinvestment plan since the Repurchase Program reopened.”

What changed on September 10, 2026. The board waived that limit for the third quarter because of cash from settlements, “including our investments referred to in our filings as Cevher and Dock Brasil”, and approved using available liquidity for all eligible pending death and disability requests, about $2.5 million at the June 30, 2026 NAV, payable on or in the week after the repurchase date. It also said: “We do not currently intend to resume regular Unit repurchases or the payment of cash distributions as a result of these settlements or otherwise.” Under the program, repurchases happen on the last calendar day of the quarter at the NAV most recently disclosed, and when requests exceed what can be funded, death or disability requests come first.

A separate item with a similar name. The balance sheet shows a “repurchase obligation” of $2,876,926 at June 30, 2026. It is not unit repurchases. In November 2022 the fund sold a $5.0 million participation interest in one of its term loans to an outside institution and agreed to buy it back with interest; the date was extended to June 18, 2025, and the 10-Q reports about $2.9 million of debt outstanding, solely this obligation, a debt to equity ratio of 1.1%. The 10-Q says the proceeds of the Surpapel loan sale, which closed on July 17, 2026, are expected to repay a participation interest in a term loan.

Monthly portfolio updates: repayments jump in August and September 2026

Each month the fund files an 8-K with the same five numbers. This is the series from April 2025:

Every update also says the fund has funded about $1.210 billion to 103 borrowers (including $104.7 million of temporary investments), with a weighted average loan size of about $10 million and a weighted average duration of 0.4 years. The employees supported figure moved from 42,855 to 43,572 with the December 31, 2025 update.

Reading the series (our arithmetic): between April 30, 2025 and July 31, 2026, fifteen months, repayments rose $12.4 million, about $0.8 million a month. In August and September 2026 they rose $17.1 million. The quarter to September 30, 2026 added $18.0 million, 2.9 times the $6.2 million of the first half (901.0 to 907.2). Of the $18.0 million, the $2.5 million of death and disability repurchases is 14%.

The “portfolio assets” line did not follow the repayments. It stayed at about $283 million while cumulative repayments rose by $25.5 million from October 31, 2025 to September 30, 2026. The 8-K does not explain how it is built. At June 30, 2026 total assets were $282,804,665 and at December 31, 2025 $282,803,356 (Form 10-Q); investments at fair value were $262,645,641 and $262,216,317. Read it as a rounded balance-sheet total, not as the loan book at fair value.

What the book looks like at June 30, 2026

The fair value to cost ratio is our arithmetic: $262,645,641 of $333,778,041. The fund made no new investments in the first half of 2026 and received about $6.1 million of principal from repayments and dispositions. Its stated weighted average contractual yield on cost was 13.5%.

Concentration. The largest investment is a Mexican waste-to-fuels processor, shown only as a description; the schedule lists it at 20.0% PIK with principal of $78,074,055, cost of $78,074,055 and fair value of $78,074,055. At December 31, 2025 the same line showed principal of $70,740,611 and a maturity of March 31, 2026, so the principal grew by PIK accrual and the maturity moved six months. At June 30, 2026 the schedule lists a maturity of September 30, 2026 and a footnote: “The Company is negotiating with the borrower to amend the loan term to extend the maturity date.” The second-largest is a Brazilian IT service provider at 12.0% PIK, principal $31,232,395, fair value $30,136,450, maturity August 11, 2026. Together they are $108,210,505, 41.2% of investments (our arithmetic). The 10-Q says 95.0% of interest receivable ($19,597,350) comes from the five largest investments. The fund’s 5% single-investment limit is tested only on the date of investment.

Industry. By the fund’s own classification, Recycling is $80,801,143 (30.7%), Sustainable Agriculture & Agroprocessing $48,792,305 (18.6%), Responsible Natural Resources Distribution $33,234,222 (12.7%), Infrastructure Development $30,982,848 (11.8%) and Access to Technology $30,806,874 (11.7%).

Watch List borrowers with the largest carrying values. The 10-Q lists each Watch List position; these are the largest at June 30, 2026 (companies only):

The Watch List total at June 30, 2026 is principal of $206,063,245 and fair value of $134,164,482, 65.1% (our arithmetic), with $13,486,253 of interest not accrued in the six months. Trustco is a Namibian group; the 10-Q reports that a court recognized the UK judgment in Namibia on September 24, 2025, that Trustco appealed, and that a judgment from a hearing held in June 2026 is “expected to be delivered in the third quarter of 2026”.

The two named in the 8-K. The 10-Q says the fund funded $5,500,000 of a $13,000,000 loan to Dock Brasil in December 2018, and that in November 2025 the company’s shareholders agreed to allocate 73 million Brazilian reais (about US$14.1 million at the June 30, 2026 rate) to the fund as part of final settlement proceeds, of which 10 million reais (about US$1.99 million) was paid in early June 2026; the 10-Q expects the sale to be finalized in the third quarter of 2026. The loan was carried at $4,780,946. For the loan to Cevher International B.V. the schedule shows principal of $6,679,690 and a fair value of $9,987,459, with a stated rate of 17.00% and a maturity of August 28, 2026; the 8-K does not give the amount received. NAV at September 30, 2026 will show how these settlements were booked.

Income, fees and cash

The 10-Q says the negative interest income reflects the first-quarter write-down of the net realizable value of interest receivable on one investment; without it, the fund recorded about $11.0 million of investment income in the half. For the full year 2025, total investment income was $18,506,243, of which PIK was $16,245,179 and cash interest income $2,155,237 (Form 10-K).

The balance sheet at June 30, 2026 shows cash of $388,302 against a management fee payable of $1,989,007 (5.1 times the cash, our arithmetic), accrued expenses of $3,059,618 and amounts due to affiliates of $1,395,556. The 10-Q says “Until we are able to accumulate more cash, our primary use of our limited cash will be the payment of our expenses.” The same section adds that the fund had engaged a financial advisor in the second quarter of 2026 to analyze liquidity options and expects to give an update. The 10-Q also repeats that, having passed August 25, 2021 without a liquidity event, the fund said it would start an orderly liquidation unless the board decides it is not in unitholders’ interests, and that the board reviews continuing operations each quarter.

What a reader can do with this

• If you hold units and the reason is death or disability: the 8-K says eligible pending requests are to be satisfied on September 30, 2026, with proceeds delivered on or in the week after. If you submitted a request and have not heard, ask the transfer agent or the fund for your status and the unit price used, which the 8-K says is the June 30, 2026 NAV of $5.699. The payment is not confirmed in any filing we read.
• If you hold units for any other reason: there is no repurchase route and no distribution today. The paths named in the filings are settlements, sales of investments and a possible liquidity transaction. Check the Q3 10-Q, expected around mid-November 2026 on last year’s date, for the September 30 NAV, cash, and the footnotes on the two largest loans.
• If you are working out tax on a loss: the K-1 and the sale mechanics sit in our pages on Form 8949 and Schedule D for REIT, BDC and interval fund sales and estimated tax payments on K-1 income. Ask your tax preparer whether the PIK interest the fund accrues is included in the income on your K-1; the filings do not say.
• If you are comparing liquidity across funds: the table of programs is in evergreen fund redemptions compared. TGIF is the opposite case to those: a closed fund whose repurchases depend on settlements.
• What would change the picture (our thresholds, not the company’s): a Q3 10-Q showing a NAV drop larger than $0.10 a unit, a maturity extension or restructuring of the $78.1 million loan, a repurchase offer beyond death and disability, or a financial-advisor outcome.

FAQ

All figures are from the SEC filings of TriLinc Global Impact Fund, LLC (CIK 1550453) read on EDGAR on November 2, 2026: the Form 10-Q for June 30, 2026 (accession 0001437749-26-027238), the Form 10-K for 2025 (accession 0001437749-26-010358), the Form 8-K of September 10, 2026 on liquidity and unit repurchases (accession 0001437749-26-030059), the monthly portfolio-update 8-Ks filed between July 21, 2025 and October 26, 2026 (accessions in the CSV), and SEC XBRL data for quarterly NAV per unit and net assets. Percentages and differences marked as our arithmetic are our calculations from those filings. This is analysis of public documents, not investment, legal or tax advice.