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.

Except for “us”, “us”, “us” or “Company” references refer to TriLinc Global Impact Fund, LLC:.

Prospective announcements


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;

• Impact of the COVID-19 epidemic և actions taken to prevent its spread

բիզնես our business, operating results, financial condition, liquidity և

unit net asset value.

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

      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 overall economy and its impact

on the companies in which we invest.

• Availability of cash 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 consultant և our dependence on its availability

      the financial resources of our Sponsor;


  • the ability of our borrowers to make required payments;

• Sufficient staff to engage and retain the capacity of our consultant

      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;

• Making our investments relative to our expectations և impact

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

• Any failure by our Consultant or Sub-Consultants to properly identify everyone

relevant facts in our recommendation process or otherwise.

• The ability of our subcontractors և borrowers to achieve their goals.

• The effectiveness of our portfolio management techniques և strategies.


  • failure to maintain effective internal controls; and

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

According to the 1940 Law on Investment Company.



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
reason.

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.

Hint:


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.

                                       32

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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 six months ended June 30, 2021, we issued 559,321 of our units pursuant
to our Distribution Reinvestment Plan for gross proceeds of approximately
$4,253,000. In addition, for the six months ended June 30, 2021, we issued
401,148 of our units for gross proceeds of approximately $3,059,000 pursuant to
our ongoing private placement described above. As of June 30, 2021, $33,176,000
in units remained available for sale pursuant to the Distribution Reinvestment
Plan.

From our inception to June 30, 2021, we have issued an aggregate of 53,734,346
of our units, including 6,526,908 units issued under our Distribution
Reinvestment Plan, for gross proceeds of approximately $500,343,000 including
approximately $55,162,000 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 $478,681,000.





Impact of COVID-19

The ongoing COVID-19 pandemic (more commonly referred to as the Coronavirus),
which 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, in an attempt to curb the spread of the Coronavirus. 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 further
adversely impacts the Company's borrowers' businesses, financial condition and
results of operations, it may result in their inability to make required
payments in the near term, which could 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 certain other parts
of the world 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. During the six months ended June 30,
2021 and the year ended December 31, 2020, 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 $3,225,544 and $6,417,933,
respectively, in the aggregate during the six months ended and the year ended
December 31, 2020, were made with respect to 20.6% and 23.0%, respectively, of
the Company's investments (calculated based on the aggregate fair value of the
Company's total investments).

Although the Coronavirus has created material uncertainty and economic
disruption, due to the rapidly evolving nature of the situation, we 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 and encouraging employees
to work remotely, temporarily ceasing travel and significantly enhanced office
sterilization procedures to minimize the probability of contagion.

                                       33

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While many of the Company's borrowers' businesses have experienced some
disruption related to COVID-19, degrees of effect have varied. As indicated
under "-Watch List Investments" below, the borrowers with respect to the
investment added to the Watch List for the six months ended June 30, 2021 and
three of the six investments added to the Watch List for the year ended December
31, 2020 have not made required payments in part due to adverse impacts they
have experienced related to the COVID-19 pandemic. 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 to the disruptions associated with COVID-19, 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 caused by the pandemic is expected to be prolonged 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 $0.26 decline in the Company's NAV per unit as of
June 30, 2021, as compared to the Company's NAV per unit as of December 31,
2020.

In addition, the Company saw a slowdown in transaction volume due to the impact
of the pandemic through most of 2020, 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 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.



Outlook:


As noted above, the pandemic has had an adverse impact on many of our borrowers
as a result of the ongoing pandemic. 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, which has 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. We believe conditions
should continue to improve if the global economy continues to emerge from the
restrictions and lockdowns that were put in place to curb the spread of
COVID-19. In order to see a rebound in global supply and demand, the supply
chain challenges must be eased. As noted above, we have seen some improvement in
conditions as vaccinations are deployed in greater numbers, but we believe the
effective distribution of vaccines to the populations of emerging market
countries will be critical to a full economic recovery for our affected
borrowers. Although certain emerging market countries, especially in Asia, are
expected to have strong economic growth in the coming quarters, the delay in
rolling out vaccinations in emerging market countries where many of our
borrowers are located has caused, and we believe will continue to cause, a lag
in their economic recovery in coming quarters.



Investments:


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 June 30, 2021, 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.

                                       34

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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.

WORK


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 LIBOR in
derivatives and other financial contracts. We are not able to predict when LIBOR
will cease to be available or when there will be sufficient liquidity in the
SOFR markets. Any changes adopted by the FCA or other governing bodies in the
method used for determining LIBOR may result in a sudden or prolonged increase
or decrease in reported LIBOR. If that were to occur, interest rates of our debt
could decrease, which could adversely affect our operating results. In addition,
uncertainty about the extent and manner of future changes may result in interest
rate that are higher or lower than if LIBOR were to remain available in the
current form.

LIBOR is expected to be phased out or modified by June 2023, and the writing of
contracts using LIBOR is expected to stop by the end of 2021. As of June 30,
2021, 18% of the fair value of the Company's total investments bore interest at
floating rates based on LIBOR. 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 potential phasing out of
LIBOR after 2023 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.

Revenues:


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.

Expenses:


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
$16.3 million have not been reimbursed to the Sponsor as of June 30, 2021.

Portfolio և investment activity


During the six months ended June 30, 2021, we invested approximately $40.9
million across two separate portfolio companies, including one new borrower. Our
investments consisted of senior secured trade finance participations, senior
secured term loan participations, senior secured term loans, short term notes,
and equity warrants. Additionally, we received proceeds from repayments of
investment principal of approximately $12.6 million.

                                       35

————————————————– —- ———————————-

The time June 30, 2021 and December 31, 2020“The investment portfolio of the company included 40 և 41 companies, respectively, the real value of our portfolio consisted of the following:



                                          As of June 30, 2021                       As of December 31, 2020
                                  Investments          Percentage of          Investments           Percentage of
                                 at Fair Value       Total Investments       at Fair Value        Total Investments
Senior secured term loans        $  118,347,223                    37.4 %   $    106,899,154                    37.2 %
Senior secured term loan
participations                      147,656,352                    46.5 %        129,917,253                    45.2 %
Senior secured trade finance
participations                       46,392,899                    14.6 %         45,800,210                    15.9 %
Short term and other
investments *                         3,758,063                     1.2 %          3,758,063                     1.3 %
Equity warrants                       1,088,168                     0.3 %          1,199,618                     0.4 %
Total investments                $  317,242,705                   100.0 %   $    287,574,298                   100.0 %



* Short-term investments are defined by the company as investments in general

Comply with standard trade finance and term loan insurance guidelines

Transactions that also have the following characteristics: (1) Repayment period

less than one year, (2) loans to borrowers at the time of financing,

The company does not expect to repay the loan. Impact data are not considered short-term

investments.



As of June 30, 2021, the weighted average yields, based upon the cost of our
portfolio, on trade finance participations, term loan participations, senior
secured term loans, and short term investments were 10.6%, 12.6%, 11.6%, and
8.8%, respectively, for a weighted average yield on investments of approximately
11.8% on our total portfolio.

As of June 30, 2020, the weighted average yields, based upon the cost of our
portfolio, on trade finance participations, term loan participations, senior
secured term loans, and short term investments were 11.7%, 12.7%, 12.4%, and
8.8%, respectively, for a weighted average yield on investments of approximately
12.3% on our total portfolio.

                                       36

————————————————– —- ———————————-

Since June 30, 2021, we had the following investments with a description of the underlying borrower listed (if applicable).



                                            Industry                                                                   Principal
Description             Sector              Classification        Country           Interest         Maturity (1)        Amount         Fair Value
Sugar Producer          Agricultural        Sustainable           Brazil
                        Products            Agriculture &
                                            Agroprocessing                           12.43%           12/15/2020  (2) $  2,851,296     $  2,494,362
LED Lighting Service    Electric Services   Technological         Chile
Provider                                    Innovation                               11.00%            6/6/2021   (2)    1,456,162        1,456,162
Minor Metals Resource   Secondary           Responsible Metals    Hong Kong
Trader                  Nonferrous Metals   Distribution                             12.00%           6/22/2021   (4)    2,500,000        2,500,000
Consumer Lender         Personal Credit     Inclusive Finance     Colombia
                        Institutions                                                 11.25%            8/1/2021          1,009,965        1,009,965
Sustainable Packaging   Corrugated and      Recycling             Ecuador       9.16% Cash/2.20%
Manufacturer            solid fiber boxes                                             PIK             6/18/2025         13,654,514       13,654,514
Resource Trader         Coal and Other      Responsible Natural   Hong Kong
                        Minerals and Ores   Resources
                                            Distribution                           11.50% PIK         6/30/2023         19,241,663       19,241,663
Wholesale Distributor   Chemicals and       Responsible           Malaysia
                        Allied Products     Industrial Goods
                                            Distribution                             12.00%           6/30/2023         15,858,045       15,858,045
Waste to Fuels          Refuse Systems      Recycling             Mexico
Processor                                                                          14.50% PIK         7/27/2022   (3)   30,660,919       31,749,087
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     Consumer Products   Responsible           Peru
II                                          Consumer Goods
                                            Production                               11.00%           12/31/2024         4,737,437        4,737,437
SME Financier           Short-Term          Inclusive Finance     Botswana
                        Business Credit                                              11.47%           8/18/2021          4,740,000        4,740,000
IT Service Provider     Programming and     Access to             Brazil             10.00%
                        Data Processing     Technology                           Cash/3.00% PIK       11/23/2023        18,898,970       19,099,159
Ship Maintenance &      Boatbuilding and    Infrastructure        Brazil
Repair Service          Repairing           Development                         8.00% Cash/8.00%
Provider                                                                              PIK             12/7/2023          6,243,279        6,198,973
Hospitality Service     Hotels and Motels   Infrastructure        Cabo Verde         10.00%
Provider                                    Development                          Cash/4.75% PIK       8/21/2021   (2)   13,802,102       11,491,902
Consumer Lender         Personal Credit     Inclusive Finance     Colombia
                        Institutions                                                 11.90%            9/1/2025          8,109,916        8,109,916
Mall Operator           Department Stores   Infrastructure        Croatia       8.50% Cash/4.50%
                                            Development                               PIK             1/23/2022          9,886,180        9,886,180
Tank Farm Operator      Petroleum and       Responsible Fuel      Ghana
                        Petroleum           Storage
                        Products                                                     12.00%           2/10/2023         10,386,712       10,386,712
Mobile Network          Telephone           Access to             Jersey
Operator                Communications      Technology                               9.70%            9/30/2026         15,000,000       15,000,000
Freight and Cargo       Freight             Responsible           Kenya
Transporter             Transportation      Logistics                           7.67% Cash/4.00%
                        Arrangement         Management                                PIK             3/31/2023   (2)   14,320,165       13,270,083
Property Developer      Land Subdividers    Infrastructure        Namibia       8.50% Cash/4.00%
                        and Developers      Development                               PIK             8/15/2021   (2)   17,884,001       15,282,684
Wheel Manufacturer      Motor Vehicle       Responsible           Netherlands
                        Parts and           Consumer Goods
                        Accessories         Production                               14.23%           8/20/2021          8,275,000        9,728,061
Marine Logistics        Water               Responsible           Nigeria
Provider                Transportation      Logistics
                                            Management                               10.60%           9/16/2020   (2)   16,452,971       11,262,055
Bread Manufacturer      Food Products       Responsible           Romania
                                            Consumer Goods                      7.00% Cash/7.00%
                                            Production                                PIK             5/20/2024          3,764,972        3,764,972
Grain Processor C       Farm Products       Sustainable           Uganda
                                            Agriculture &
                                            Agroprocessing                           14.50%           4/30/2024          9,363,985        9,435,655
FMCG Manufacturer       Soap, Detergents,   Responsible           Zambia
                        and Cleaning        Consumer Goods
                                            Production                               10.38%           8/27/2023                  -                -
Agriculture             Agricultural        Sustainable           Argentina
Distributor             Products            Agriculture &
                                            Agroprocessing                           10.45%           6/30/2018   (2)   12,500,000        6,055,061
Dairy Co-Operative      Consumer Products   Sustainable Dairy     Argentina
                                            Production                               10.67%           7/29/2019   (2)    6,000,000        4,590,979
Beef Exporter           Meat, Poultry &     Sustainable           Argentina
                        Fish                Agriculture &
                                            Agroprocessing                           11.50%           8/31/2017   (2)    9,000,000        6,361,679
Oilseed Distributor     Fats and Oils       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)   14,208,736       13,616,859
Chia Seed Exporter      Farm Products       Sustainable           Chile
                                            Agriculture &
                                            Agroprocessing                           10.90%            3/4/2018   (2)    1,326,687        1,375,794
Non-Ferrous Metal       Coal and Other      Responsible Metals    Singapore     3.00% Cash/3.00%
Trader                  Minerals and Ores   Distribution                              PIK             8/18/2025   (2)   18,876,517       16,734,156
Mobile Phone            Telephone and       Access to             Hong Kong
Distributor             Telegraph           Technology
                        Apparatus                                                    12.00%           5/31/2020   (2)    9,500,000        2,495,595
Vanilla Exporter        Groceries and       Sustainable           Mauritius
                        Related Products    Agriculture &
                                            Agroprocessing                           10.61%           8/31/2021   (4)      209,397          209,397
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%            12/15/2021  (4)      675,256          675,256
Cocoa Trader II         Farm Products       Sustainable           Nigeria
                                            Agriculture &
                                            Agroprocessing                           8.50%            12/15/2021  (4)      838,967          838,967


                                       37
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Fruit & Nut            Food Products       Sustainable          South
Distributor                                Agriculture &        Africa
                                           Agroprocessing                    17.50%       5/22/2015 (2)     785,806           497,462
Pharmaceuticals        Drugs,              Access to            United
Distributor            Proprietaries,      Healthcare and       Arab
                       and Sundries        Pharmaceuticals      Emirates     14.60%       6/30/2018 (2)     648,430           648,430
Receivable from IIG    Financial           Other                N/A
TOF B.V.               services                                              8.75%           N/A    (2)   6,000,000         3,758,063
Total Investments                                                                                                       $ 317,242,705



1 Trade finance borrowers may be given repayment flexibility

in order to comply with certain contracts և (or) compared to the specified repayment period

Business cycle features: This flexibility is agreed upon in each case

Company և sub-consultant և sub-consultant և

Borrower:

2 For more information, see the Watch List Investments section below.

3 This investment consists of senior guaranteed term loan և equity guarantees

Borrower:

4 Refer to the Consolidated Investment Schedule for more information

  the status of this investment.



Since June 30, 2021“Based on the industry classification created by the company, the composition of our investments was as follows:




Industry Classification                          Value          of Total
Access to Healthcare and Pharmaceuticals     $     648,430            0.2 %
Access to Technology                            36,594,754           11.5 %
Inclusive Finance                               13,859,881            4.4 %
Infrastructure Development                      42,859,739           13.5 %
Recycling                                       46,032,463           14.5 %
Responsible Consumer Goods Production           18,230,470            5.7 %
Responsible Fuel Storage                        10,386,712            3.3 %
Responsible Industrial Goods Distribution       15,858,045            5.0 %
Responsible Logistics Management                24,532,138            7.7 %
Responsible Metals Distribution                 19,234,156            6.1 %
Responsible Natural Resources Distribution      19,241,663            6.1 %
Sustainable Agriculture & Agroprocessing        59,959,050           18.9 %
Sustainable Dairy Production                     4,590,979            1.4 %
Technological Innovation                         1,456,162            0.5 %
Other                                            3,758,063            1.2 %
Total                                        $ 317,242,705          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 June 30, 2021, the Company was in compliance
with all of the above concentration limits.

Watch List Investments:

Please see “Notes on Consolidated Financial Statements – Note 3. Investments – Investments List View”.




                                       38

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Results of operations:


Consolidated operating results for the three and six months ended June 30, 2021
and 2020 are as follows:



                                              Three Months Ended                       Six Months Ended
                                       June 30, 2021       June 30, 2020       June 30, 2021       June 30, 2020
Investment income
Interest income                       $     9,464,096     $    10,903,460     $    18,614,542     $    20,860,302
Interest from cash                              9,870              18,722              37,299              62,379
Total investment income                     9,473,966          10,922,182          18,651,841          20,922,681
Expenses
Asset management fees                       1,769,982           1,844,871           3,579,212           3,691,427
Incentive fees                              1,347,541           1,628,075           2,128,997           2,479,186
Professional fees                             459,852             516,940           1,321,807           1,786,759
General and administrative expenses           394,258             287,086             678,745             643,253
Interest expense                               47,794              68,536              95,062             137,073
Board of managers fees                         64,375              64,375             128,750             128,750
Total expenses                              4,083,802           4,409,883           7,932,573           8,866,448
Net investment income                 $     5,390,164     $     6,512,299     $    10,719,268     $    12,056,233






Revenues

Three months are over June 30, 2021 և 2020


For the three months ended June 30, 2021 and 2020, total investment income
amounted to $9,473,966 and $10,922,182, respectively. Interest income decreased
by $1,439,364 during the three months ended June 30, 2021 compared to the same
period in 2020 as a result of a decrease in our weighted average investment
portfolio of approximately $8,853,000 and decrease in the weighted average yield
of approximately 1.6% from a weighted average yield of 12.7% for the three
months ended June 30, 2020 to approximately 11.1% for the three months ended
June 30, 2021. The decrease in the average size of our portfolio during the
second quarter of 2021 was due to investment repayments that were not
redeployed. The decrease in yield was primarily due to a change in the mix of
investments.

During the three months ended June 30, 2021, $5,846,232 or 61.8% of the interest
income earned came from loan and trade finance participations and $3,617,865 or
38.2% came from direct loans. In addition, we earned $9,870 in interest income
on our cash balances.

During the three months ended June 30, 2020, $7,676,064 or 70.4% of the interest
income earned came from loan and trade finance participations and $3,227,397 or
29.6% came from direct loans. In addition, we earned $18,722 in interest income
on our cash balances.

Six months are over June 30, 2021 և 2020


For the six months ended June 30, 2021 and 2020, total investment income
amounted to $18,651,841 and $20,922,681, respectively. Interest income decreased
by $2,245,760 during the six months ended June 30, 2021 compared to the same
period in 2020 as a result of a decrease in our weighted average investment
portfolio of approximately $17,288,000 and decrease in the weighted average
yield of approximately 0.5% from a weighted average yield of 12.3% for the six
months ended June 30, 2020 to approximately 11.8% for the six months ended
June 30, 2021. The decrease in the average size of our portfolio during the
second quarter of 2021 was due to investment repayments that were not
redeployed. The decrease in yield was primarily due to a change in the mix of
investments.

During the six months ended June 30, 2021, $11,607,526 or 62.4% of the interest
income earned came from loan and trade finance participations and $7,007,016 or
37.6% came from direct loans. In addition, we earned $37,299 in interest income
on our cash balances.

During the six months ended June 30, 2020, $14,736,859 or 70.7% of the interest
income earned came from loan and trade finance participations and $6,123,444 or
29.3% came from direct loans. In addition, we earned $62,379 in interest income
on our cash balances.

Expenses

Three months are over June 30, 2021 և 2020


Total operating expenses, excluding the asset management and incentive fees,
incurred for the three months ended June 30, 2021 increased by $29,342 to
$966,279 from $936,937 for the three months ended June 30, 2020. The increase
was primarily due to the following: 1) increase in general and administrative
expenses of $107,172 offset by 2) a decrease in interest expense of $20,742,
which was attributable to a decrease in outstanding indebtedness and 3) a
decrease in professional fees of $57,088 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.

                                       39

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For the three months ended June 30, 2021 and 2020, the asset management fees
amounted to $1,769,982 and $1,844,871, respectively. The incentive fees for the
three months ended June 30, 2021 and 2020 amounted to $1,347,541 and $1,628,075,
respectively. The decrease in incentive fees is due to the decrease in revenue
during the second quarter of 2021.

Six months are over June 30, 2021 և 2020


Total operating expenses, excluding the asset management and incentive fees,
incurred for the six months ended June 30, 2021 decreased by $471,471 to
$2,224,364 from $2,695,835 for the six months ended June 30, 2020. The decrease
was primarily due to the following: 1) a decrease in interest expense of
$42,011, which was attributable to a decrease in outstanding indebtedness and 2)
a decrease in professional fees of $464,952 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 six months ended June 30, 2021 and 2020, the asset management fees
amounted to $3,579,212 and $3,691,427, respectively. The incentive fees for the
six months ended June 30, 2021 and 2020 amounted to $2,128,997 and $2,479,186,
respectively. The decrease in incentive fees is due to the decrease in revenue
during the second quarter of 2021.

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
recorded realized losses of $909,584 for the three and six months ended June 30,
2021 and none for the three and six months ended June 30, 2020. We recorded
unrealized losses of $7,555,975 and $1,052,185 for the three months ended June
30, 2021 and 2020. We recorded unrealized losses of $8,531,302 and $9,730,903
for the six months ended June 30, 2021 and 2020, 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 condition, liquidity ներ capital assets


As of June 30, 2021, we had approximately $11.6 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 June 30, 2021. 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 June 30, 2021. As of June 30, 2021, 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
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 million of Series 2 Senior Secured
Promissory Notes to Christian Super. As of June 30, 2021, TGIFC has $5 million
total outstanding under the Christian Super notes. For more information on this
note, please see "Notes to Consolidated Financial Statements- Note 7. Notes
Payable-Christian Super Promissory Note." As of June 30, 2021, we had $5 million
in total debt outstanding with a debt to equity ratio of 1.4%.

                                       40

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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.

Contractual obligations և obligations

The table below shows our debt repayment obligations, which represent our total contractual obligations as of June 30, 2021:



                                                  Less than 1                                             More than 5
                                   Total             Year           1 - 3 Years        3- 5 years            years
Notes payable                   $ 5,000,000     $             -     $  5,000,000     $            -     $             -
Total contractual obligations   $ 5,000,000     $             -     $  5,000,000     $            -     $             -



We have included the following information to help investors understand our outstanding liabilities in the future.


We have entered into certain contracts under which we have material future
commitments. Our Advisory Agreement between us and the Advisor, originally dated
as of February 25, 2014, had previously been renewed and is subject to an
unlimited number of one-year renewals upon mutual consent of the Company and the
Advisor. The current term of the Advisory Agreement ends on February 25, 2022.
The Advisor will serve as our advisor in accordance with the terms of our
Advisory Agreement. Payments under our Advisory Agreement in each reporting
period will consist of (i) asset management and incentive fees described in Part
1, Item 1. Business - Operating Expense Responsibility Agreement and -
Investment Advisory Agreements and Fees of our Annual Report on Form 10-K for
the year ended December 31, 2020, and (ii) the reimbursement of certain
expenses.

If any of our contractual obligations discussed above are terminated, our costs
may increase under any new agreements that we enter into as replacements. We
would also likely incur expenses in locating alternative parties to provide the
services we expect to receive under our Advisory Agreement.

Inadequate balance sheet arrangements


Other than contractual commitments and other legal contingencies incurred in the
normal course of our business, we do not expect to have any off-balance sheet
financings or liabilities. The Company reimburses organization and offering
expenses to the Sponsor to the extent that the aggregate of selling commissions,
dealer manager fees and other organization and offering costs do not exceed
15.0% of the gross offering proceeds raised from the particular offering.

Pursuant to the terms of the Responsibility Agreement between the Company, the
Advisor and the Sponsor, the Sponsor has paid expenses on behalf of the Company
through December 31, 2017, which may not be reimbursable to the Sponsor if the
Company does not satisfy the Reimbursement Hurdle. Such expenses will be
expensed and payable by the Company in the period they become reimbursable and
are estimated to be approximately $16,273,800 as of June 30, 2021.

                                       41

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Distributions:


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 six months ended June 30, 2021, we paid a total of $13,668,364 in
distributions, comprised of $9,415,223 paid in cash and $4,253,141 reinvested
under our DRP.

Related party transactions

Completed for six months June 30, 2021 և In 2020, the advisor earned $ 3,579,212, և: $ 3,691,427respectively in asset management fees և $ 2,128,997 and
$ 2,479,186respectively, in terms of incentive payments.


From our inception through September 30, 2017, pursuant to the terms of the
Responsibility Agreement, the Sponsor has paid approximately $12,420,600 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 $16,273,800 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 June 30, 2021. 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 June 30, 2021.

As of June 30, 2021 and December 31, 2020, due from affiliates on the
Consolidated Statement of Assets and Liabilities in the amount of $4,240,231 and
$4,057,734, 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 business.

Completed for six months June 30, 2021 և In 2020, we paid SC Distributors, the dealer manager, for some of our initial offers. $ 220,000: and $ 239,000:respectively in current distribution fees, dealer manager fees և service fees.

Legal proceedings

Since June 30, 2021The Company was not a party to any substantial litigation other than “Consolidated Notes to Notes 3. Investments – Investments View List”.

Critical accounting policy օգտագործում 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 have been no significant changes to our critical accounting policies,
estimates and judgments during six months ended June 30, 2021, compared to the
critical accounting policies, estimates and judgments disclosed in "Management's
Discussion and Analysis of Financial Condition and Results of Operations"
included in our Annual Report on Form 10-K for the year ended December 31, 2020.

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.

                                       42

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Recent accounting statements

See our accompanying Consolidated Financial Statements Note 2 for a description of recent financial statements և our impact on our financial performance և financial performance.



Subsequent Events


Please see “Notes on Consolidated Financial Statements – Footnote 11. Further developments”.

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