TRILINC GLOBAL IMPACT FUND LLC Management’s Report of Financial Condition and Results of Operations (Form 10-Q)

The following discussion and analysis should be read in conjunction with the
Company's financial statements and related notes and other financial information
appearing elsewhere in this Quarterly Report on Form 10-Q.

Unless otherwise specified, references to “we”, “us”, “our” or the “Company” mean TriLinc Global Impact Fund, LLC.

Forward-looking statements

Some of the statements in this Form 10-Q constitute forward-looking statements,
which relate to future events or our future performance or financial condition.
The forward-looking statements contained in this Quarterly Report involve risks
and uncertainties, including statements as to:
  • our future operating results;

  • our ability to purchase or make investments in a timely manner;

  • our business prospects and the prospects of our borrowers;

• the impact of the COVID-19 pandemic and the measures taken to prevent its spread

on our business, results of operations, financial condition, liquidity and

net asset value per unit;

• the economic, social and/or environmental impact of the investments that we

      expect to make;

  • our contractual arrangements and relationships with third parties;

  • our ability to make distributions to our unitholders;

• the dependence of our future success on the general economy and its impact

about the companies in which we invest;

• the availability of cash flows from operating activities for distributions

      and payment of operating expenses;

  • the performance of our Advisor, our sub-advisors and our Sponsor;

• our dependence on our Advisor and our dependence on the availability of

      the financial resources of our Sponsor;

  • the ability of our borrowers to make required payments;

• our advisor’s ability to attract and retain sufficient staff to support

      our growth and operations;

  • the lack of a public trading market for our units;

  • our ongoing litigation;

  • our ability to borrow funds;

  • our expected financings and investments;

  • the adequacy of our cash resources and working capital;

• the performance of our investments compared to our expectations and the impact

      on our actual return on invested equity, as well as the cash provided by
      these investments;

• any failure of our advisor or sub-advisers to exercise due diligence in identifying all

relevant facts in our underwriting process or otherwise;

• the ability of our sub-advisors and borrowers to achieve their objectives;

• the effectiveness of our portfolio management techniques and strategies;

  • failure to maintain effective internal controls; and

• the loss of our exemption from the definition of “investment company”

under the Investment Company Act of 1940, as amended.

We use words such as "anticipates," "believes," "expects," "intends" and similar
expressions to identify forward-looking statements. Our actual results could
differ materially from those projected in the forward-looking statements for any

The foregoing list of factors is not exhaustive. We have based the
forward-looking statements included in this report on information available to
us on the date of this report, and we assume no obligation to update any such
forward-looking statements. Although we undertake no obligation to revise or
update any forward-looking statements, whether as a result of new information,
future events or otherwise, you are advised to consult any additional
disclosures that we may make directly to you or through reports that we may file
in the future with the SEC.


We make impact investments in SMEs that provide the opportunity to achieve both
competitive financial returns and positive measurable impact. We were organized
as a Delaware limited liability company on April 30, 2012. We have operated and
intend to continue to operate our business in a manner that will permit us to
maintain our exemption from registration under the Investment Company Act of
1940, as amended. We use the proceeds raised from the issuance of units to
invest in SMEs through local market sub-advisors in a diversified portfolio of
financial assets, including direct loans, loan participations, convertible debt
instruments, trade finance, structured credit and preferred and common equity
investments. A substantial portion of our assets consists of collateralized
private debt instruments, which we believe offer opportunities for competitive
risk-adjusted returns and income generation. We are externally managed and
advised by TriLinc Advisors, LLC, or the Advisor. The Advisor is an investment
advisor registered with the SEC.

Our business strategy is to generate competitive financial returns and positive
economic, social and environmental impact by providing financing to SMEs, which
we define as those business having less than 500 employees, primarily in
developing economies. To a lesser extent, we may also make impact investments in
companies that may not meet our technical definition of SMEs due to a larger
number of employees but that also provide the opportunity to achieve both
competitive financial returns and positive measurable impact. We generally
expect that such investments will have similar investment characteristics as
SMEs as defined by us. Our style of investment is referred to as impact
investing, which J.P. Morgan Global Research and Rockefeller Foundation in a
2010 report called "an emerging alternative asset class" and defined as
investing with the intent to create positive impact beyond financial return. We
believe it is possible to generate competitive financial returns while creating
positive, measurable impact. We measure the economic, social and environmental
impact of our investments using industry-standard metrics, including the Impact
Reporting and Investment Standards. Through our investments in SMEs, we intend
to enable job creation and stimulate economic growth.

We commenced the Offering on February 25, 2013. Pursuant to the Offering, we
were offering on a continuous basis up to $1.5 billion in units of our limited
liability company interest, consisting of up to $1.25 billion of units in the
primary offering consisting of Class A and Class C units at initial offering
prices of $10.00 and $9.576 per unit, respectively, and Class I units at $9.025
per unit, and up to $250 million of units pursuant to our Distribution
Reinvestment Plan. SC Distributors, LLC was the dealer manager for the Offering.
In May 2012, the Advisor purchased 22,161 Class A units for aggregate gross
proceeds of $200,000. On June 11, 2013, we satisfied the minimum offering
requirement of $2,000,000 when the Sponsor purchased 321,330 Class A units for
aggregate gross proceeds of $2,900,000 and we commenced operations. The Offering
terminated on March 31, 2017. Through the termination of the Offering, we raised
approximately $361,776,000 in gross proceeds, including approximately
$13,338,000 raised through our Distribution Reinvestment Plan.

Upon termination of the primary portion of the Offering, we registered $75
million in Class A, Class C and Class I units to continue to be offered pursuant
to our Distribution Reinvestment Plan to the investors who have purchased units
in the Offering. Units issued pursuant to our Distribution Reinvestment Plan are
being offered at the price equal to the net asset value per unit of each class
of units, as most recently disclosed by the Company in a public filing with the
SEC at the time of reinvestment. Our Distribution Reinvestment Plan was amended,
effective May 25, 2020, to allow holders of all classes of units other than
Class Z units to participate, including holders who purchased units in our
private placements. The offering must be registered or exempt from registration
in every state in which we offer or sell units. If the offering is not exempt
from registration, the required registration generally is for a period of one
year. Therefore, we may have to stop selling units in any state in which the
registration is not renewed annually and the offering is not otherwise exempt
from registration.

From time to time we opportunistically seek to raise capital through sales of
our common units in private placements that are exempt from registration under
the Securities Act, as amended (the "Securities Act"). For example, we currently
are seeking to raise up to $500,000,000 in a continuous private offering of our
Class Y and Class Z units that will expire on August 25, 2022, unless extended
or terminated earlier by us.

For the three months ended March 31, 2022, we issued 247,432 of our units
pursuant to our Distribution Reinvestment Plan for gross proceeds of
approximately $1,783,000. In addition, for the three months ended March 31,
2022, we issued 25,159 of our units for gross proceeds of approximately $183,000
pursuant to our ongoing private placement described above. As of March 31, 2022,
$27,646,000 in units remained available for sale pursuant to the Distribution
Reinvestment Plan.

From our inception to March 31, 2022, we have issued an aggregate of 55,489,971
of our units, including 7,284,548 units issued under our Distribution
Reinvestment Plan, for gross proceeds of approximately $509,103,000 including
approximately $60,692,000 reinvested under our Distribution Reinvestment Plan
(before dealer manager fees of approximately $4,800,000 and selling commissions
of $16,862,000), for net proceeds of $487,441,000.

Impact of COVID-19

The ongoing COVID-19 pandemic (more commonly referred to as the Coronavirus),
including the emergence of the Omicron and other variants, continues to
adversely impact many industries and businesses directly or indirectly. Adverse
impacts include disrupted global travel and supply chains, which adversely
impact global commercial activity. Many businesses across the globe have seen a
downturn in production and productivity due to the suspension of business and
temporary closure of offices and factories that was prevalent during most of
2020, and continued into the first quarter of 2022 in certain areas, including
particularly in developing markets, in an attempt to curb the spread of the
Coronavirus. Although economic contractions associated with such suspensions and
closures have subsided either in whole for most advanced economies or in part
for most developing economies, the economic recovery has been significantly
affected by supply chain disruptions and higher input costs. These issues have
more acutely affected developing economies. The Company believes that most
regions in which it invests are poised to achieve economic normalization once
the supply chain disruptions and input cost increases dissipate. However, the
Company expects economic recovery to be slower in Sub-Saharan Africa, where
vaccination rates have been lower than in the rest of the world and the impact
of COVID-19 is likely to impede economic recovery more so than in other regions.
Any of these adverse developments could have a material adverse effect on our
business, financial condition and results of operations. In addition, if
COVID-19 cases began to spike again globally, as we saw with recent variants, it
could further adversely impact the Company's borrowers' businesses, financial
condition and results of operations, which could result in their inability to
make required payments in the near term and impact the fair value of the
Company's investments. Although multiple vaccines have been approved for use in
certain countries and the vaccination rates in the United States and most
advanced economies have been encouraging, there is still uncertainty as to when
a sufficient portion of the population will

be vaccinated such that restrictions and safety protocols can be fully relaxed
in certain of the regions in which the Company invests. During the three months
ended March 31, 2022 and the year ended December 31, 2021, the Company made
material adjustments to the fair value of certain of its investments, in part
due to the impact of COVID-19. These adjustments, which amounted to
approximately $231,000 and $6,368,000, respectively, in the aggregate during the
three months ended March 31, 2022 and the year ended December 31, 2021, were
made with respect to 18.7% and 18.5%, respectively, of the Company's investments
(calculated based on the aggregate fair value of the Company's total

Although the Coronavirus has created material uncertainty and economic
disruption, due to the rapidly evolving nature of the situation, the Company
cannot predict the ultimate impact it will have on us. The Company is managing
the situation through active engagement with its borrowers and is analyzing the
potential effects COVID-19 may have on the portfolio or any potential capital
deployments. Additionally, our Advisor has implemented its business continuity
plan and additional procedures designed to protect against the introduction of
the Coronavirus to the workforce, including permitting employees to work
remotely and significantly enhanced office sterilization procedures to minimize
the probability of contagion.

While many of the Company's borrowers' businesses have experienced some
disruption related to COVID-19, degrees of effect have varied. For example, as
indicated under "-Watch List Investments" below, the borrowers with respect to
the investment added to the Watch List for the three months ended March 31, 2022
and for the year ended December 31, 2021 have not made required payments in part
due to adverse impacts they have experienced related to the COVID-19 pandemic,
as well as due to the adverse impacts of supply chain disruptions and higher
input costs associated with shortages of goods and labor. Where appropriate, the
Company and/or the Company's sub-advisors are working with borrowers to
restructure facilities and may restructure additional facilities to provide
relief needed by certain borrowers, without necessarily providing concessions
that are out of market. Due in part to the disruptions associated with COVID-19
as well as due to the supply chain disruptions and increased input costs, the
Company can provide no assurances that it will be able to continue to collect
interest and principal payments at levels comparable to those prior to the
pandemic. Further, the Company can provide no assurances that it will be able to
recover all past due amounts from delinquent borrowers. The economic uncertainty
and disruption described above is expected to continue and the Company may see
further defaults and additional investments may be added to the Watch List in
subsequent quarters. The adverse impact of COVID-19 was one of the material
contributors to the approximate $0.07 decline in the Company's NAV per unit as
of March 31, 2022, as compared to the Company's NAV per unit as of December 31,

In addition, the Company saw a slowdown in transaction volume due to the impact
of the pandemic in the first quarter of 2022 and through most of 2021, as
smaller SMEs and those in industries most affected by COVID-19 (travel and
hospitality, retail sales, etc.) were no longer in a position to appropriately
add debt capital.  While transaction volume has increased in recent months, it
has not yet recovered to pre-pandemic levels and may continue to be affected by
restrictions on travel and other shelter in place orders, making it more
difficult to conduct in-person visits with potential borrowers. Additionally, in
future periods, the Company may hold higher levels of cash than before the
pandemic to ensure it has sufficient cash available to meet its cash
obligations. Uncertain or inconsistent deployment of capital or higher cash
balances each have the potential to further reduce cash flow generated to cover
the Company's distributions to its unitholders and/or cause the Company to
further reduce its NAV in future periods.


As noted above, the pandemic has had an adverse impact on many of our borrowers.
The adverse impact on the global supply chain has been one of the largest
challenges for our borrowers, as most of them are exporters directly tied to
global trade. Some of these challenges include: demand from suppliers to be paid
in cash rather than supplier credit, significant increases in shipping costs
(when and if shipping is reliably available), and delays in the payment of
receivables, all of which put pressure on borrowers' working capital needs.
Similarly, our borrowers experienced challenges related to the decrease in
global demand during 2021, which resulted in declines in revenue for many of
them. While many of our borrowers have been able to manage these declines by
proactively reducing their operating expenses, a return to pre-pandemic global
demand levels will be critical to our borrowers seeing a sustainable recovery
with respect to revenue. As conditions continue to improve, due to the easing of
restrictions and lockdowns that were put in place to curb the spread of
COVID-19, global demand has recovered. However, in order to see a full
normalization of economic conditions, supply chain challenges must be eased. As
noted above, we have seen improvement in conditions as vaccinations are deployed
globally in greater numbers, but we believe the effective distribution of
vaccines to the populations of emerging market countries will remain critical to
a full economic recovery for our affected borrowers. The delay of vaccination
distribution in emerging market countries, where many of our borrowers are
located caused a lag in their economic recovery in 2021, which the Company
expects to improve in coming quarters, particularly if supply chain disruptions
and input costs normalize.

Additionally, input costs remain high and the conflict between Russia and
Ukraine has increased the disruption, instability and volatility in global
markets and industries. We do not have any investments in, and none of our
borrowers receive supplies directly from, Russia, Belarus or Ukraine. Therefore,
to date, we have not been materially impacted by the actions of the Russian
government. Market disruptions in a single country could cause a worsening of
conditions on a regional and even global level, as economic problems in a single
country can significantly impact other markets and economies. While the direct
impact on the Company of Russia's invasion of Ukraine is limited, we are being
affected by increases in the price of oil as a result of sanctions on Russia,
which contributes to overall inflation and increased costs. The ongoing conflict
could cause increased volatility in the economies and

financial markets of countries throughout the region, or even globally. We
continue to monitor the uncertainty surrounding the extent and duration of this
ongoing conflict and the impact that it may have on the global economy and on
our business.


Our investment objectives are to provide our unitholders current income, capital
preservation, and modest capital appreciation. These objectives are achieved
primarily through SME trade finance and term loan financing, while employing
rigorous risk-mitigation and due diligence practices, and transparently
measuring and reporting the economic, social and environmental impacts of our
investments. The majority of our investments are senior and other collateralized
loans to SMEs with established, profitable businesses in developing economies.
To a lesser extent, we may also make investments in financing to companies that
may not meet our technical definition of SMEs due, for example, to the companies
having a larger number of employees, but that also provide the opportunity to
achieve both competitive financial returns and positive measurable impact.
Furthermore, we may also make investments in developed economies, including the
United States. With the sub-advisors that our Advisor has contracted with to
assist the Advisor in implementing the Company's investment program, we expect
to provide growth capital financing generally ranging in size from $5-20 million
per transaction for direct SME loans and $500,000 to $15 million for trade
finance transactions. We seek to protect and grow investor capital by:
(1) targeting countries with favorable economic growth and investor protections;
(2) partnering with sub-advisors with significant experience in local markets;
(3) focusing on creditworthy lending targets who have at least 3-year operating
histories and demonstrated cash flows enabling loan repayment; (4) making
primarily debt investments, backed by collateral and borrower guarantees;
(5) employing best practices in our due diligence and risk mitigation processes;
and (6) monitoring our portfolio on an ongoing basis. By providing additional
liquidity to growing small businesses, we believe we support both economic
growth and the expansion of the global middle class.

Investments will continue to be primarily credit facilities and participations
in credit facilities to developing economy SMEs, including trade finance and
term loans, through the Advisor's team of professional sub-advisors with a local
presence in the markets where they invest. As of March 31, 2022, more than a
majority of our investments were in the form of participations and we expect
that future investments will continue to be primarily participations. We
typically provide financing that is collateralized, has a short to medium-term
maturity and is self-liquidating through the repayment of principal. Our
counterparty for participations generally will be the respective sub-advisor or
its affiliate that originates the loan in which we are participating. We will
not have a contract with the underlying borrower and therefore, in the event of
default, we will not have the ability to directly seek recovery against the
collateral and instead will have to seek recovery through our sub-advisor
counterparty, which increases the risk of full recovery.

Certain investments, including loans and participations, may carry equity
warrants on borrowers, which allow us to buy shares of the portfolio company at
a given price, which we will exercise at our discretion during the life of the
portfolio company. Our goal is to ultimately dispose of such equity interests
and realize gains upon the disposition of such interests. However, these
warrants and equity interests are illiquid and it may be difficult for the
Company to dispose of them. In addition, we expect that any warrants or other
return enhancements received when we make or invest in loans may require several
years to appreciate in value and may not appreciate at all.


In July 2017, the United Kingdom's Financial Conduct Authority ("FCA") announced
it intends to stop compelling banks to submit rates for the calculation of
LIBOR. As a result, the U.S. Federal Reserve, in conjunction with the
Alternative Reference Rates Committee, identified the Secured Overnight
Financing Rate ("SOFR") as its preferred alternative rate for USD LIBOR in
derivatives and other financial contracts. Similarly, the Bank of England and
the FCA formed the Working Group on Sterling Risk-Free Reference Rates, which
identified the Sterling Overnight Index Average ("SONIA") as its preferred
reference rate for GBP LIBOR. The transition away from LIBOR could cause
interest rates on our debt to decrease, which could adversely affect our
operating results. In addition, uncertainty about the extent and manner of
future changes may result in interest rates that are higher or lower than if
LIBOR were to remain available in the current form.

LIBOR is expected to be phased out completely by June 2023, and new contracts
ceased to be written using USD LIBOR at the beginning of 2022. As of March 31,
2022, 18% of the fair value of the Company's total investments bore interest at
floating rates based on LIBOR, with an alternative rate to be designated by the
Company in the event that LIBOR is unavailable. There can be no assurances as to
whether such replacement or alternative rate will be more or less favorable than
LIBOR. We intend to monitor the developments with respect to the phasing out of
LIBOR and work with our sub-advisors to seek to ensure any transition away from
LIBOR will have minimal impact on our investments, but we can provide no
assurances regarding the impact of the discontinuation of LIBOR.


————————————————– ——————————


Since we anticipate that the majority of our assets will continue to consist of
trade finance instruments and term loans, we expect that the majority of our
revenue will continue to be generated in the form of interest. Our senior and
subordinated debt investments may bear interest at a fixed or floating rate.
Interest on debt securities is generally payable monthly, quarterly or
semi-annually. In some cases, some of our investments provide for deferred
interest payments or PIK interest. The principal amount of the debt securities
and any accrued but unpaid interest generally is due at the maturity date. In
addition, we generate revenue in the form of acquisition and other fees in
connection with some transactions. Original issue discounts and market discounts
or premiums are capitalized, and we accrete or amortize such amounts as interest
income. We record prepayment premiums on loans and debt securities as interest
income. Dividend income, if any, will be recognized on an accrual basis to the
extent that we expect to collect such amounts.


Our primary operating expenses include the payment of asset management fees and
expenses reimbursable to our Advisor under the Advisory Agreement. We bear all
other costs and expenses of our operations and transactions.

From our inception through December 31, 2017, under the terms of the
Responsibility Agreement, our Sponsor assumed substantially all our operating
expenses. Our Sponsor has not assumed any of our operating expenses subsequent
to December 31, 2017. As of December 31, 2017, the Sponsor had agreed to pay a
cumulative total of approximately $16.7 million of operating expenses, of which
approximately $16.3 million have not been reimbursed to the Sponsor as of
March 31, 2022.

Portfolio and investment activity

During the three months ended March 31, 2022, the Company did not fund any new
investments. Our investments consisted of senior secured trade finance
participations, senior secured term loan participations, senior secured term
loans, other investments, and equity warrants. Additionally, we received
proceeds from repayments of investment principal of approximately $2.2 million.

To March 31, 2022 and December 31, 2021the Company’s investment portfolio consisted of 35 and 36 companies, respectively, and the fair value of our portfolio consisted of the following components:

                                                       As of March 31, 2022                      As of December 31, 2021
                                               Investments          Percentage of          Investments           Percentage of
                                              at Fair Value       Total

Investments at fair value Total investments Senior secured term loans

                     $  121,013,963                    40.1 %   $    119,374,062                    39.6 %
Senior secured term loan participations          130,648,340                    43.3 %        132,290,743                    43.9 %
Senior secured trade finance participations       45,213,830                    15.0 %         45,092,689                    15.0 %
Other investments *                                3,758,063                     1.2 %          3,758,063                     1.2 %
Equity warrants                                    1,088,168                     0.4 %          1,088,168                     0.4 %
Total investments                             $  301,722,364                   100.0 %   $    301,603,725                   100.0 %

* This investment was originally classified as an investment in a credit facility

native IIG TOF B.V.

As of March 31, 2022, the weighted average yields, based upon the cost of our
portfolio, on trade finance participations, term loan participations, senior
secured term loans, and other investments were 10.5%, 12.4%, 11.6%, and 8.8%,
respectively, for a weighted average yield on investments of approximately 11.7%
on our total portfolio.

As of March 31, 2021, the weighted average yields, based upon the cost of our
portfolio, on trade finance participations, term loan participations, senior
secured term loans, and other investments were 10.6%, 12.8%, 11.6%, and 8.8%,
respectively, for a weighted average yield on investments of approximately 11.8%
on our total portfolio.


————————————————– ——————————

From March 31, 2022we had the following investments, listed by description of the underlying borrower (if applicable):

                                             Industry                                                                    Principal
Description             Sector               Classification         Country           Interest         Maturity (1)        Amount         Fair Value
Sugar Producer          Sugarcane and        Sustainable            Brazil
                        Sugar Beets          Agriculture &
                                             Agroprocessing                            12.43%           12/15/2020  (2) $  2,851,296     $     877,326

LED Lighting Service Electrical Service Technology Provider in Chile

                                     Innovation                                11.00%            6/6/2021   (2)    1,456,162         1,456,162
Sustainable Packaging   Corrugated and       Recycling              Ecuador       9.16% Cash/2.20%
Manufacturer            solid fiber boxes                                               PIK             6/18/2025         12,387,189        12,387,189
Resource Trader         Coal and Other       Responsible Natural    Hong Kong
                        Minerals and Ores    Resources

11.50% PIK 06/30/2023 20 975 455 20 975 455 Wholesaler Distributor of Chemical Products and Manager

                        Allied Products      Industrial Goods
                                             Distribution                              12.00%           6/30/2023         17,844,102        17,844,102
Waste to Fuels          Refuse Systems       Recycling              Mexico
Processor                                                                            14.50% PIK         1/27/2023   (3)   34,611,271        35,378,964
Cocoa Processor         Chocolate and        Sustainable            Indonesia
                        Cocoa Products       Agriculture &
                                             Agroprocessing                            13.00%            3/4/2024         10,000,000        10,000,000
Cocoa Processor         Chocolate and        Sustainable            Indonesia
                        Cocoa Products       Agriculture &
                                             Agroprocessing                            11.00%           5/26/2022          5,000,000         5,000,000
Diaper Manufacturer     Sanitary Paper       Responsible Consumer   Peru          8.00% Cash/3.00%
II                      Products             Goods Production                           PIK             12/31/2024         4,916,465         4,916,465
SME Financier           Short-Term           Inclusive Finance      Botswana
                        Business Credit                                                9.63%            8/18/2023          4,740,000         4,740,000
IT Service Provider     Computer Related     Access to Technology   Brazil             10.75%
                        Services, NEC                                      

Cash/3.25% PIK 23/11/2023 18,809,701 19,089,806 Ship maintenance, shipbuilding and infrastructure Brazil Repair service Repair

            Development                          8.00% Cash/8.00%
Provider                                                                                PIK             12/7/2023          6,663,699         6,633,143

Hospitality Service Hotels and Motels Infrastructure Green cap 10.00% Supplier

                                     Development                           Cash/4.75% PIK       12/31/2021  (2)   14,312,720        12,002,520
Consumer Lender II      Personal Credit      Inclusive Finance      Colombia
                        Institutions                                                   11.90%            9/1/2025          4,596,613         4,596,613
Tank Farm Operator      Petroleum and        Responsible Fuel       Ghana
                        Petroleum Products   Storage                                   12.00%           2/10/2023          6,972,901         6,972,901
Mobile Network          Telephone            Access to Technology   Jersey
Operator                Communications                                                 9.70%            9/30/2026         15,000,000        15,000,000
Freight and Cargo       Freight              Responsible            Kenya
Transporter             Transportation       Logistics Management          

7.75% Cash/4.00%

                        Arrangement                                                     PIK             3/31/2023   (2)   14,758,950        13,204,359

Property developer Land subdivisions Infrastructure Namibia

8.50% cash/4.00%

                        and Developers       Development                                PIK             8/15/2021   (2)   18,440,097        15,069,506
Wheel Manufacturer      Motor Vehicle        Responsible Consumer   Netherlands
                        Parts and            Goods Production
                        Accessories                                                    14.23%            2/7/2024          8,275,000         9,779,546
Marine Logistics        Towing and Tugboat   Responsible            Nigeria
Provider                Service              Logistics Management                      10.60%           1/31/2022   (2)   17,007,004         8,442,990
Frozen Bakery           Retail Bakeries      Responsible Consumer   Romania       7.00% Cash/7.00%
Products Manufacturer                        Goods Production                           PIK             5/20/2024          3,969,407         3,984,401
Grain Processor G       Corn                 Sustainable            Uganda
                                             Agriculture &
                                             Agroprocessing                          12.80% PIK          7/8/2024            533,527           533,527
Grain Processor F       Corn                 Sustainable            Uganda
                                             Agriculture &                 

3.50% cash/8.00%

                                             Agroprocessing                             PIK             6/30/2025         11,628,566        10,599,028
Agriculture             Soybeans             Sustainable            Argentina
Distributor                                  Agriculture &
                                             Agroprocessing                            10.45%           6/30/2018   (2)   12,500,000         5,772,744
Dairy Co-Operative      Dairy Farms          Sustainable Dairy      Argentina
                                             Production                                10.67%           7/29/2019   (2)    5,802,296         4,393,274
Beef Exporter           Beef Cattle,         Sustainable            Argentina
                        Except Feedlots      Agriculture &
                                             Agroprocessing                            11.50%           8/31/2017   (2)    9,000,000         6,361,679
Cotton Producer         Cotton Ginning       Sustainable            Argentina
                                             Agriculture &
                                             Agroprocessing                            9.00%            8/31/2017   (2)    6,000,000         3,398,558
Cocoa & Coffee          Chocolate and        Sustainable            Cameroon
Exporter                Cocoa Products       Agriculture &
                                             Agroprocessing                         9.50%, 6.00%        6/30/2022   (2)   15,319,644        14,599,214
Non-Ferrous Metal       Coal and Other       Responsible Metals     Singapore
Trader                  Minerals and Ores    Distribution                            6.00% PIK          8/18/2025   (2)   20,408,828        18,266,468
Mobile Phone            Telephone and        Access to Technology   Hong Kong
Distributor             Telegraph
                        Apparatus                                                      12.00%           5/31/2020   (2)    9,433,430         2,429,024
Scrap Metal Recycler    Secondary            Recycling              Morocco
                        Nonferrous Metals                                              11.00%           7/31/2018   (2)    1,433,058           628,862
Cocoa Trader III        Farm Products        Sustainable            Nigeria
                                             Agriculture &
                                             Agroprocessing                            8.50%            12/31/2022  (4)      664,101           664,101
Cocoa Trader II         Farm Products        Sustainable            Nigeria
                                             Agriculture &
                                             Agroprocessing                            8.50%            12/31/2022  (4)      820,482           820,482
Fruit & Nut             Salted and Roasted   Sustainable            South
Distributor             Nuts and Seeds       Agriculture &          Africa
                                             Agroprocessing                            17.50%           5/22/2015   (2)      785,806           497,462
Pharmaceuticals         Drugs,               Access to Healthcare   United Arab
Distributor             Proprietaries, and   and Pharmaceuticals    Emirates
                        Sundries                                                       14.60%           6/30/2018   (2)      648,430           648,430
Receivable from IIG     Miscellaneous        Other                  N/A
TOF B.V.                Business Credit                                                8.75%               N/A      (2)    6,000,000         3,758,063
Total Investments                                                                                                                        $ 301,722,364

1 Trade finance borrowers may be granted repayment flexibility

relative to the maturity date indicated to take account of specific contracts and/or

characteristics of the business cycle. This flexibility in each case is agreed

between the Company and the sub-advisor and between the sub-advisor and the


2 See the Watch List Investments section below for more information.

3 This investment consists of a senior secured term loan and warrants

the borrower.

4 Refer to the consolidated table of investments for more information on

  the status of this investment.


From March 31, 2022the composition of our investments based on the industry classification created by the company was as follows:

Industry Classification                          Value          of Total
Access to Healthcare and Pharmaceuticals     $     648,430            0.2 %
Access to Technology                            36,518,830           12.1 %
Inclusive Finance                                9,336,613            3.1 %
Infrastructure Development                      33,705,169           11.2 %
Recycling                                       48,395,015           16.0 %
Responsible Consumer Goods Production           18,680,412            6.2 %
Responsible Fuel Storage                         6,972,901            2.3 %
Responsible Industrial Goods Distribution       17,844,102            5.9 %
Responsible Logistics Management                21,647,349            7.2 %
Responsible Metals Distribution                 18,266,468            6.1 %
Responsible Natural Resources Distribution      20,975,455            7.0 %
Sustainable Agriculture & Agroprocessing        59,124,121           19.6 %
Sustainable Dairy Production                     4,393,274            1.5 %
Technological Innovation                         1,456,162            0.5 %
Other                                            3,758,063            1.1 %
Total                                        $ 301,722,364          100.0 %

Concentration Limits

The Company is subject to the following concentration limits:

  • Maximum 45% regional exposure

  • Maximum 20% country exposure

  • Maximum 5% individual investment exposure

We may only make investments that do not cause us to exceed these limits on the
date of investment. These limits are calculated as a percentage of the aggregate
of all outstanding principal balances on our investments and our cash balances
on the date of investment. As of March 31, 2022, the Company was in compliance
with all of the above concentration limits.

Investment Watch List

Please refer to “Notes to Consolidated Financial Statements – Note 3. Investments – Investment Watchlist”.

Results of Operations

Consolidated operating results for the three months ended March 31, 2022 and
2021 are as follows:

                                               Three Months Ended
                                       March 31, 2022       March 31, 2021
Investment income
Interest income                       $      8,584,968     $      9,150,446
Interest from cash                               3,481               27,429
Total investment income                      8,588,449            9,177,875
Asset management fees                        1,689,960            1,809,230
Incentive fees                                 895,878              781,456
Professional fees                              615,740              861,955
General and administrative expenses            230,452              284,487
Interest expense                                11,169               47,268
Board of managers fees                          64,375               64,375
Total expenses                               3,507,574            3,848,771
Net investment income                 $      5,080,875     $      5,329,104



Three months completed March 31, 2022 and 2021

For the three months ended March 31, 2022 and 2021, total investment income
amounted to $8,588,449 and $9,177,875, respectively. Interest income decreased
by $565,478 during the three months ended March 31, 2022 compared to the same
period in 2021 as a result of a decrease in the weighted average yield of
approximately 0.1% from a weighted average yield of 11.8% for the three months
ended March 31, 2021 to approximately 11.7% for the three months ended March 31,
2022. The decrease in yield was primarily due to a change in the mix of

In the three months ended March 31, 2022, $4,773,202 or 55.6% of interest income came from loans and participations in trade finance and
$3,811,766 or 44.4% direct loans. Also, we won $3,481 in interest income on our cash balances.

In the three months ended March 31, 2021, $5,761,294 or 63.0% of interest income was from loans and trade finance participations and
$3,389,152 or 37.0% direct loans. Also, we won $27,429 in interest income on our cash balances.


Three months completed March 31, 2022 and 2021

Total operating expenses, excluding the asset management and incentive fees,
incurred for the three months ended March 31, 2022 decreased by $336,349 to
$921,736 from $1,258,085 for the three months ended March 31, 2021. The decrease
was primarily due to the following: 1) a decrease in interest expense of
$36,099, which was attributable to a decrease in outstanding indebtedness and 2)
a decrease in professional fees of $246,215 which was primarily due to less fees
incurred for legal, valuation and accounting services in connection with the
valuation of our portfolio and our ongoing efforts to recover amounts
outstanding with respect to investments for which IIG was the sub-advisor.

For the three months ended March 31, 2022 and 2021, the asset management fees
amounted to $1,689,960 and $1,809,230, respectively. The incentive fees for the
three months ended March 31, 2022 and 2021 amounted to $895,878 and $781,456,
respectively. The decrease in incentive fees is due to the decrease in revenue
during the first quarter of 2022.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or
Depreciation on Investments. We measure net realized gains or losses by the
difference between the net proceeds from the repayment or sale of an investment
and the amortized cost basis of the investment, without regard to unrealized
appreciation or depreciation previously recognized, but considering unamortized
upfront fees and prepayment penalties. Net change in unrealized appreciation or
depreciation reflects the change in portfolio investment fair market values
during the reporting period, including any reversal of previously recorded
unrealized appreciation or depreciation, when gains or losses are realized. We
had no recorded realized losses of for the three months ended March 31, 2022 and
2021, respectively. We recorded unrealized losses of $2,646,200 and $975,327 for
the three months ended March 31, 2022 and 2021, respectively. These unrealized
losses were primarily driven by macro events, including the uncertainty created
by the recent COVID-19 pandemic and its impact on the future cash flows
generated by our investments as well as the ultimate realization of the
underlying collateral.

Financial position, liquidity and capital resources

As of March 31, 2022, we had approximately $7.5 million in cash. We generate
cash primarily from cash flows from interest, dividends and fees earned from our
investments and principal repayments, proceeds from sales of our investments and
from sales of promissory notes and proceeds from private placements of our
units. We may also generate cash in the future from debt financing. Our primary
use of cash will be to make loans, either directly or through participations,
payments of our expenses, payments on our notes and any other borrowings, and
cash distributions to our unitholders. We expect to maintain cash reserves from
time to time for investment opportunities, working capital and distributions. As
noted above, the combination of a slower pace of deployment of capital with
higher cash balances may further reduce cash flows generated to cover our
distributions to our unitholders and/or cause us to further reduce our NAV in
future periods. From the beginning of the Company's operations to date, our
Sponsor has assumed a significant portion of our operating expenses under the
Responsibility Agreement in the amount of approximately $16.7 million. The
Company may only reimburse the Sponsor for expenses assumed by the Sponsor
pursuant to the Responsibility Agreement to the extent the Company's investment
income in any quarter, as reflected on the statement of operations, exceeds the
sum of (a) total distributions to unitholders incurred during the quarter and
(b) the Company's expenses as reflected on the statement of operations for the
same quarter (the "Reimbursement Hurdle"). To the extent the Company is not
successful in satisfying the Reimbursement Hurdle, no amount will be payable in
that quarter by the Company for reimbursement to the Sponsor of the Company's
cumulative operating expenses. The Company did not meet the Reimbursement Hurdle
for the quarter ended March 31, 2022. Therefore, none of the expenses of the
Company covered by the Responsibility Agreement have been recorded as expenses
of the Company for the quarter ended March 31, 2022. As of March 31, 2022, there
is a remaining aggregate balance of approximately $16.3 million in operating

expenses assumed by the Sponsor pursuant to the Responsibility Agreement which
have not been recorded by the Company. Thus, such amounts are not yet
reimbursable by the Company to the Sponsor. Such reimbursements to the Sponsor
would affect the amount of cash available to the Company to pay distributions
and/or make investments.

We may borrow additional funds to make investments. We have not decided to what
extent going forward we will finance portfolio investments using debt or the
specific form that any such financing would take, but we believe that obtaining
financing is necessary for us to fully achieve our long-term goals. We have
been, and still are, actively seeking further financing through both development
banks and several commercial banks. Accordingly, we cannot predict with
certainty what terms any such financing would have or the costs we would incur
in connection with any such arrangement. On August 7, 2017, TGIFC issued $5.0
million in the first of a Series 1 Senior Secured Promissory Notes private
offering to State Street Australia Ltd ACF Christian Super ("Christian Super").
On December 18, 2018, TGIFC issued $5.0 million of Series 2 Senior Secured
Promissory Notes to Christian Super. The Company extended and repaid the CS Note
in full in January 2022.

Company Strategy

Although the Company has a perpetual duration, we disclosed previously that if
we do not consummate a liquidity event by August 25, 2021, we would commence an
orderly liquidation of our assets unless a majority of the board of managers,
including a majority of the independent managers, determines that liquidation is
not in the best interests of our unitholders. In light of this previous
disclosure, beginning in late 2020, the board of managers, together with our
management, conducted a review of the risks and benefits of various potential
strategic alternatives, with the goal of determining what is in the best
interests of the Company and our unitholders.  The board of managers engaged a
nationally recognized investment bank to evaluate possible strategic
alternatives, including: liquidation; continuing as an operating company;
listing the Company's units on a national securities exchange; and merger with
another company.  After review and discussion of the strategic alternatives and
market conditions, the board of managers, including all of the independent
managers, determined in May 2021 that the commencement of a liquidation of our
assets in August 2021 was not in the best interests of the unitholders and
approved the continuation of operations for at least an additional 12 months
thereafter, until August 26, 2022. This decision was consistent with the
recommendation of management and the investment bank. The board of managers and
management believe that this will provide the Company with time to stabilize its
portfolio and NAV as the world begins to emerge from the adverse impact of the
pandemic. In addition, the Company will continue to pursue leverage, which, if
obtained, is expected to be accretive as the portfolio stabilizes. The board of
managers will revisit this analysis no later than August 26, 2022 and then may
continue to reassess strategic alternatives annually, or may determine to extend
the period between its considerations of alternatives for a longer period.


We have paid distributions commencing with the month beginning July 1, 2013, and
we intend to continue to pay distributions on a monthly basis. From time to
time, we may also pay interim distributions at the discretion of our board.
Distributions are subject to the board of managers' discretion and applicable
legal restrictions and accordingly, there can be no assurance that we will make
distributions at a specific rate or at all. Distributions are made on all
classes of our units at the same time. The cash distributions received by our
unitholders with respect to the Class C units, Class W units and certain Class I
units, are and will continue to be lower than the cash distributions with
respect to Class A and certain other Class I units because of the distribution
fee relating to Class C units, the ongoing dealer manager fee relating to Class
W units and Class I units issued pursuant to a private placement and the ongoing
service fee relating to the Class W units, which are expenses specific to those
classes of units. Amounts distributed to each class are allocated among the
unitholders in such class in proportion to their units. Distributions are paid
in cash or reinvested in units, for those unitholders participating in the DRP.
For the three months ended March 31, 2022, we paid a total of $5,956,374 in
distributions, comprised of $4,172,933 paid in cash and $1,783,441 reinvested
under our DRP.

Related Party Transactions

For the three months ended March 31, 2022 and 2021, the advisor obtained
$1,689,960and $1,809,230respectively, in asset management fees and $895,878
and $781,456respectively, in incentive bonuses.

From our inception through September 30, 2017, pursuant to the terms of the
Responsibility Agreement, the Sponsor has paid approximately $12,421,000 of
operating expenses, asset management fees, and incentive fees on our behalf and
will reimburse us an additional $4,240,231 of expenses, which we had paid as of
September 30, 2017. Such expenses, in the aggregate of approximately $16,274,000
since the Company's inception, may be expensed and payable by the Company to the
Sponsor only if the Company satisfies the Reimbursement Hurdle. The Company did
not meet the Reimbursement Hurdle for the quarter ended March 31, 2022.
Therefore, none of the expenses of the Company covered by the Responsibility
Agreement have been recorded as expenses of the Company for the quarter ended
March 31, 2022.

As of March 31, 2022 and December 31, 2021, due from affiliates on the
Consolidated Statements of Assets and Liabilities in the amount of $4,240,231
and $4,240,231, respectively was due from the Sponsor pursuant to the
Responsibility Agreement for operating expenses which were paid by the Company,
but, under the terms of the Responsibility Agreement, are the responsibility of
the Sponsor. The Sponsor anticipates paying this receivable in the due course of

For the three months ended March 31, 2022 and 2021, we paid SC Distributors, the
dealer manager for certain of our offerings, approximately $101,000 and
$111,000, respectively in ongoing distributions fees, dealer manager fees and
service fees.

Legal Proceedings

From March 31, 2022the Company was not party to any significant legal proceedings other than those indicated in the “Notes to the consolidated financial statements – Note 3. Investments – Investment watch list”.

Significant Accounting Policies and Use of Estimates

In preparing our Consolidated Financial Statements in accordance with GAAP and
pursuant to the rules and regulations promulgated by the SEC, we make
assumptions, judgments and estimates that can have a significant impact on our
net income/loss and affect the reported amounts of certain assets, liabilities,
revenue and expenses, and related disclosures. On an ongoing basis, we evaluate
our estimates and discuss our critical accounting policies and estimates with
the audit committee of our board of managers. We base our estimates on
historical experience and various other assumptions that we believe to be
reasonable under the circumstances. Actual results could differ materially from
these estimates under different assumptions or conditions.

There were no significant changes in our critical accounting policies, estimates and judgments during the three months ended March 31, 2022with respect to critical accounting policies, estimates and judgments disclosed in the “MD&A and Discussion of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2021.

The preparation of financial statements in conformity with GAAP requires the
Company's management to make estimates and assumptions that affect the amounts
reported in the financial statements. Although these estimates are based on
management's knowledge of current events and actions it may undertake in the
future, actual results may differ from these estimates. In particular, the
COVID-19 pandemic has adversely impacted and is likely to further adversely
impact the Company's business, the businesses of the Company's borrowers and the
global markets generally. The full extent to which the pandemic will directly or
indirectly impact the Company's business, results of operations and financial
condition, including fair value measurements, will depend on future developments
that are highly uncertain and difficult to predict. These developments include,
but are not limited to, the duration and spread of the outbreak, its severity,
the actions to contain the virus or address its impact, governmental actions to
contain the spread of the pandemic and respond to the reduction in global
economic activity, and how quickly and to what extent normal economic and
operating conditions can resume.

Recent accounting pronouncements

See Note 2 to the Company's accompanying Consolidated Financial Statements for a
description of recent accounting pronouncements and its expectation of their
impact on the Company's results of operations and financial condition.

Subsequent events

Please refer to “Notes to the consolidated financial statements – Note 11. Subsequent events”.

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