MeritValue

TriLinc Global Impact Fund LLC

TRLCdata completeness 63%13 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'stockholdersEquity'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

The applicable estimate puts fair value near $0.09 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$36.5M1$27.3M2$15.8M3$25.9M4$18.5M4
Net income$3.4M5−$33.5M6$414,5997$12.5M8−$8.49M8
Operating cash flow−$17.7M9$4.05M10$17.2M11$3.3M12−$43,58712
Capital expenditure—————
Free cash flow (derived)—————
Total debt$5M13$17M14$014——
Cash & equivalents$16.8M15$14.5M16$980,74117$98,19918$54,61218
Diluted shares47.1M47.7M47.8M47.8M47.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
—
your share of equity
Profit it earned you last year
−$1.78
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares of this business that earned you −$1.78 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 100% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$0.09
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$414,599
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-23-027196 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-010102 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-009799 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-010358 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-027196 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-010102 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-009799 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-010358 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-027196 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-010102 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-009799 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-010358 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-027196 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-010102 (LongTermDebt)
  15. 10-K · period ending 2021-12-31 · accession 0001437749-23-027196 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001437749-24-010102 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0001437749-25-009799 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001437749-26-010358 (CashAndCashEquivalentsAtCarryingValue)