TriLinc Global Impact Fund LLC reported a significant increase in financial performance for the year ended December 31, 2024, with total investment income reaching $25.9 million, up from $15.8 million in 2023. This increase was primarily driven by a rise in interest income and payment-in-kind (PIK) interest income, which grew by $5.5 million and $4.5 million, respectively. The company’s net investment income also saw a substantial rise, totaling $12.2 million compared to $909,000 in the previous year. However, the company recorded net realized losses of $1.5 million, contrasting with losses of $15.2 million in 2023, indicating a recovery in some areas of its investment portfolio.
In terms of operational changes, TriLinc did not make any new investments during 2024, a notable shift from the previous year when it invested approximately $11.3 million across six separate portfolio companies. The company’s investment portfolio as of December 31, 2024, included 28 companies, down from 32 in 2023, with a total fair value of $268.4 million. The portfolio was primarily composed of senior secured term loans (45.3%) and senior secured term loan participations (29.1%). The company also faced challenges, with 14 portfolio companies on non-accrual status, representing 37.4% of the total fair value of investments.
TriLinc's strategic focus remains on impact investing in small and medium enterprises (SMEs) in developing economies, aiming to generate competitive financial returns while creating positive social and environmental impacts. The company has been actively managing its liquidity constraints, which have arisen from borrowers struggling to meet repayment obligations. In response, TriLinc has engaged in the sale of certain investments to improve liquidity, including a $2 million sale of its remaining investment in HINV, S.A. DE C.V. and a $1 million sale of a portion of its investment in TriLinc Peru S.A.C.
Looking ahead, the company anticipates continued challenges in liquidity and cash flow due to the ongoing recovery of its borrowers from the economic impacts of the COVID-19 pandemic and geopolitical tensions. The company has suspended regular monthly distributions since June 2023, although it did issue two special distributions in early 2024. TriLinc's management is exploring various strategies to address liquidity needs, including potential sales of investments and seeking new credit facilities. The company’s net asset value per unit increased to approximately $5.89 as of December 31, 2024, reflecting some recovery in macroeconomic conditions and borrower performance, but the outlook remains cautious as many borrowers continue to face operational challenges.
About TriLinc Global Impact Fund LLC
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