TRLC — what changed in the latest 10-Q
A section-by-section comparison of TRLC's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-12 vs the prior 10-Q · 2026-05-14
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +14 | −10 | ~45 | 76 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 0 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | +1 | −7 | 0 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Market risk (Item 3)
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-12
In 2022, Lidas began facing liquidity challenges driven by higher input costs following Russia’s invasion of Ukraine and delays in ramping up its new production facility. Although Lidas received Romanian government subsidies and grants in 2023 and 2024, Lidas continued to face declining sales, worki…
The Company has continued to pursue alternative avenues to facilitate recovery, including direct negotiations with the former borrower, Courtyard. During the three months ended June 30, 2026, a representative of the Company met with a director of Courtyard in the United Kingdom, and the Company has …
Depending on the specific terms of our investments, interest earned by us is payable either monthly, quarterly, or, in the case of most trade finance investments, at maturity. As such, some of our investments have up to a year or more of accrued interest receivable as of June 30, 2026. In addition, …
Consolidated operating results for the three and six months ended June 30, 2026 and 2025 are as follows:
For the three months ended June 30, 2026 and 2025, total investment income amounted to $5,638,056 and $7,474,016, respectively. The decrease was primarily attributable to the placement of several investments on non-accrual status since the second quarter of 2025. Other income primarily consists of c…
Text removed vs the prior filing · source: 10-Q · 2026-05-14
Investments through CEECAT Capital Limited & CCL Investments SARL (“CCL”) as the Sub-Advisor
In February 2019, the Company purchased an $8,275,000 Participation in a term loan facility with Cevher International B.V. Netherlands (“Cevher”), a Netherlands-domiciled company that wholly owns Cevher Jant Sanayii A.S., a manufacturer of aluminum alloy wheels in Türkiye. In early 2024, Cevher expe…
In 2022, Lidas began facing liquidity challenges, largely due to the impact of Russia’s invasion of Ukraine, which drove up input costs, particularly for wheat, a key raw material sourced significantly from both countries. To mitigate these challenges, Lidas received financial support from the Roman…
Depending on the specific terms of our investments, interest earned by us is payable either monthly, quarterly, or, in the case of most trade finance investments, at maturity. As such, some of our investments have up to a year or more of accrued interest receivable as of March 31, 2026. In addition,…
Consolidated operating results for the three months ended March 31, 2026 and 2025 are as follows:
Other information
Text added vs the prior filing · source: 10-Q · 2026-08-12
During the six months ended June 30, 2026, none of the Company's managers or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company's securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or an…
Text removed vs the prior filing · source: 10-Q · 2026-05-14
On May 14, 2026, Cynthia Hostetler, an independent manager of the Company, after more than 12 years of dedicated service on the Company's board of managers, announced her retirement from the board of managers, effective immediately. Ms. Hostetler's decision to retire was not the result of any disagr…
In connection with and effective upon Ms. Hostetler's departure from the board of managers, on May 14, 2026, the board of managers appointed Robert F. Williams, age 64, to serve as an independent manager of the Company, effective as of the close of business on May 14, 2026. Mr. Williams has also bee…
Robert F. Williams has served as an Independent Manager since May 2026. Mr. Williams has been the Chairman, Chief Executive Officer and Owner of Williams Capital Enterprises, a family office and private investment platform, since 1990. Since 2007, he has also served as Chairman, Chief Executive Offi…
Mr. Williams was selected to serve on the Company’s board of managers because of his extensive experience in private investing, operating leadership and capital allocation. His background as a founder and owner-operator, together with his experience across multiple industries and international marke…
There are no transactions between the Company and Mr. Williams that would be required to be reported under Item 404(a) of Regulation S-K. Mr. Williams does not have any family relationships with any current manager, executive officer, or person nominated to become a manager or executive officer, of …
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice