Open Road Impact: 2025 Annual Report

Keeping Impact on Track

2025 ANNUAL REPORT

OpenRoadImpact.org

TABLE OF CON TE N TS

01

INTRO Letter from the CEO .......... 01 Open Road Impact: Overview . . . . . .................. 02 Our Impact Model: Unsticking Capital....... ...... 03

02

OPEN ROAD LOAN PORTFOLIO Our Borrowers ................. 0 4 Pipeline & Investment Process . . . . . . .................. 0 5 Portfolio & Investor Contribution . .................. 0 6 poa! Internet Case Study .... 07 NextProtein Case Study .. ... 08 Product Expansion ........... 09 60 Decibels Case Study ..... 10

03 04 05

I N N O VAT I O N & PA RT N E R SH I P S .......... 1 1 Simprints Case Study ........ 12

ADVOCACY & F I E L D B U I L D I NG ......... 1 3

THANK YOU & A P P E N D I C E S ............. 1 4 Open Road Portfolio List .. .. 15 USAID DIV Freeze Fund Organization List ............. 16 Impact Reporting Norms Index . . . . . . . . . . . . . . ............. 1 7

OPEN ROAD

INTRO

01

LETTER FROM THE CEO

Dear Friends and Partners, When we closed the Open Road Impact Fund in April 2025 and returned capital to our investors, we did so with a mix of pride and momentum I rarely expected to feel at a fund wind-down.

Ninety-four loans. $54 million disbursed. $549 million of committed funding kept on track.

By any measure, our first fund was a resounding success—and yet the lessons it taught us pointed unmistakably toward something bolder.

So in 2025, we took the leap. Open Road Impact became a nonprofit.

This was not a pivot born of necessity. It was a deliberate choice, rooted in something we had been wrestling with for years: the inevitable tension between impact and risk. If we are serious about being additional—about showing up for the borrowers that no one else will touch—we cannot confine ourselves to only the lowest-risk deals. We must serve a broad range of impactfirst organizations, even when the path forward is uncertain. A philanthropic hybrid model gives us the freedom to do exactly that.

The timing, as it turned out, could not have been more important. Early in the year, the Trump administration’s funding freeze put hundreds of USAID-backed projects at immediate risk. Organizations that had done the work, deployed the resources, and delivered results were suddenly left without the funds they had been promised. Through a partnership with USAID’s former Development Innovation Ventures

team, Open Road deplo loans—funded by phi main fund—to keep crit while grantees waited fo leased. Eighty-five perce already been repaid. The

At the same time, we offering, raising $24.1M more than a capital mile With an evergreen struc us continuously present no longer constrained b lifecycle. We can show which, as the last five y always sooner than anyo

Looking ahead, we are work. Artificial intelligen possible in impact inves be at the front of that ch underwriting to portfolio as a force multiplier for a bitious mandate—allow assess risk more precise more mission-driven o could before. The core be human: the relationsh the trust that borrowers most uncertain moments to that work should be a

The only certainty is unce in 2020, and the years s

oyed 0% interest bridge ilanthropy outside our tical operations running or federal funds to be reent of those loans have e bridge held.

again and again. What has also been confirmed is this: when impact-first organizations have a trusted partner to turn to, they don’t just survive the headwinds—they grow through them. That is what Open Road is here for. And we are just getting started.

e launched our second M in June 2025. This is estone. It is a mandate. cture designed to keep t in the market, we are by the rhythms of a fund w up when it matters— years have taught us, is one expects.

With gratitude, Caroline Bressan, CEO, Open Road Impact

e investing in how we nce is changing what’s sting, and we intend to hange. From sourcing to o monitoring, we see AI a lean team with an amwing us to move faster, ely, and ultimately serve organizations than we of our work will always hips, the judgment calls, s place in us during their s. But the tools we bring as sharp as possible.

$12.5M

ertainty. We learned that since have confirmed it

$39.4M FUNDS RAISED FUNDS DISBURSED

38 ORGANIZATIONS 21 COUNTRIES

$71M IMPACT KEPT ON TRACK

OPEN ROAD

INTRO

02

OVE RV I E W

HOW WE WORK Open Road Impact works to unlock capital for social and environmental change across the impact-first ecosystem. Our work is organized across three mutually reinforcing pillars. First, our loan portfolio works to eliminate barriers for mission-driven organizations working toward their impact goals. Second, our partnerships and innovation workstream identifies moments where the broader impact

LOAN PORTFOLIO

• Our flagship work, the

provides bridge and w cilities to mission-driv addressing climate cha ity across the globe.

• By using non-dilutive c

and by prioritizing sp ity, Open Road both creates impact in sp capital isn’t currently se BUILD REPLICATE AMPLIFY

• In 2025, the Open Roa

disbursed $8.4M to 12 ing $44.5M of impact o

finance system is “stuck” and creates products to meet the need, partnering with others to unstick capital in new sectors and geographies. Finally, we use our family office roots and on-the-ground lending experience to make the case for impact-first investing. This report covers all three areas of our work in 2025.

e Loan Portfolio, working capital faven organizations ange and inequal-

capital structures peed and flexibilh preserves and paces traditional erving.

ad Loan Portfolio borrowers, keepon track.

INNOVATION & PARTNERSHIPS • In 2025, Open Road worked with Coefficient Giving (formerly known as Open Philanthropy), Wellspring Philanthropic Fund, and the former USAID Development Innovation Ventures (DIV) team to set up a $12.3M recoverable grant fund to keep USAID DIV grantees on track while they waited for their unpaid but completed work to be reimbursed.

ADVOCACY & FIELD BUILDING • In 2025, Open Road convened other family office leaders and philanthropic advisors to encourage more allocations to impact-first initiatives.

• We also partnered with other impactfirst allocators to build a community of practice to share lessons learned and advocate with a unified voice.

OPEN ROAD

INTRO

DELAYED FUNDS

03

O U R I M PA C T M O D E L : U N S T I C K I N G C A P

OPEN ROAD LOAN

INCOMING FUNDS

$ UNSTICKING CAPITAL Across all geographies, sectors, and business models, delays in funding threaten both impact and financial success.

Based on Open Road’s borrower data, mission-driven organizations routinely wait 8+ months for committed capital to arrive. During this time operations often slow or stall hindering the financial and social impact the organization is targeting.

Open Road’s impact framework starts with the borrower’s mission, looking at the communities they serve, the climate outcomes they are working toward, the inequality they are trying to reduce.

We think about our own contribution in terms of “additionality”: what impact would have been lost, delayed, or diminished without our loan?

The metric we use to measure this additionality is “Impact Kept on Track” the dollar value of the incoming financing that our loan bridges to, divided by the Open Road loan amount.

For example, a $500K loan that unlocks a $15.8M equity round has multiplied its impact over 31x. Note that Open Road only counts Impact Kept on Track upon full loan repayment, ensuring we can verify that the bridged capital actually arrived.

P I TA L

IMPACT KEPT ON TRACK For 2025, the four loans that were fully repaid ($2.5M) bridged to a confirmed $44.5M in follow-on financing resulting in an average impact multiple of 17.8X. Across the full 2025 portfolio, including the nine loans still active at year-end, the expected impact on track totals approximately $111.7M against $8.4M disbursed, a potential multiple of 13.1X.

$2.5M

$44.5M

17.8X

BRIDGE FULLY REPAID

FOLLOW-ON FINANCING

IMPACT ON TRACK

IMPACT THEME

31.8% Reducing Inequality

19.0% Mitigating Climate Change

49.2% Both

IMPACT VERIFICATION In 2025, Open Road participated in BlueMark’s Fund Impact Diagnostic (Fund ID) for the second time. As a leading provider of independent impact verification and intelligence across impact investing, the tool was created to help investors analyze a fund’s strengths and areas of growth across Impact Strategy, Impact Governance, Impact Management, and Impact Reporting.

Open Road received a Platinum Rating—the highest possible designation—securing a spot on BlueMark’s 2025 Fund ID Leaderboard, which highlights funds that exemplify the highest standards of impact accountability.

OPEN ROAD

04

OPE N ROA D LOA N P O RT FO L IO O

IR SECT

SDGs

No Poverty: 19.0% Affordable and Clean Energy: 18.9% Climate Action: 14.9% Sustainable Cities & Communities: 13.1% Zero Hunger: 11.9%

Industry, Innovation and Infrastructure: 8.9%

Clean En

Reduced Inequalities: 4.8%

Oceans &

Decent Work and Econonic Growth: 4.4%

Agricultu

Good Health and Well Being: 4.1%

Quality E

Infrastruc

Marker E

Health: 4

REGION

TOTAL DISBURSED

East Africa

34.7%

North America

27.8%

West Africa

13.1%

Latin America and Caribbean

9.5%

Middle East and North Africa

5.9%

Global

4.8%

Europe & Central Asia

4.2%

OUR BORROWERS

RIS TOR

BRIDGE TYPE

nergy: 32.0%

Equity: 46.0%

cture: 18.4%

Debt: 27.0%

& Coastal Zones: 18.4%

Grants: 22.0%

ure: 17.8%

Working Capital: 5.0%

Enablement: 4.8%

Education: 4.4%

4.2%

In 2025, the Open Road Loan Portfolio disbursed $8.4M across 13 loans to 12 mission-driven organizations working on climate solutions and inequality reduction across 11 countries.

OPEN ROAD

05

OPE N ROA D LOA N P O RT FO L IO PI N

PIPELINE & SOURCING For borrowers that pass our initial impact screen, Open Road applies a proprietary impact scorecard to evaluate each applicant’s contribution to impact. Grounded in the Five Dimensions of Impact, this analysis is conducted at the application stage.

Prior to a final decision, Open Road also hosts an hour-long Impact Call with the borrower and our full Investment Committee —an opportunity to probe areas where information is limited or where the applicant’s impact case warrants deeper exploration.

To make a final investment decision, Open Road combines an applicant’s Impact Score with their Financial Score and Transaction Score. This integrated approach allows the Investment Committee to weigh all three dimensions when making a decision and setting terms.

INQUIRIES

224

INITIAL CALLS

130

APPLICATIONS

22

APPROVED

21

DISBURSED

13

PIPELINE & NVESTMENT PROCESS

REFERRALS

TYPE

TOTAL DISBURSED

Partner

58.8%

Staff

20.4%

Self

20.8%

In 2025, 54% of disbursed borrowers scored High, 31% scored Medium, and 15% scored Low on our impact scorecard. Organizations that received a Low rating still met a minimum level of impact as determined by our proprietary scoring tool and were engaged in conversation for how to increase their impact.

The organizations and investors who refer borrowers to us are often the same ones who have seen our work up close. They recognize the value of our capital in keeping the lights on and preserving impact, and bring us deals time and time again.

OPEN ROAD

06

OPE N ROA D LOA N P O RT FO L IO PC

WHAT OUR BORROWERS SAID

In 2025, the Open Road Loan Portfolio disbursed $8.4M across 12 By year-end, four loans ($2.5M) had successfully repaid, keeping impact multiple on track and surpassing our 9x minimum target. The portfolio of 9 loans ($5.9M) continues toward follow-on financing.

At every loan repayment, Open Road conducts an impact survey to g around end-beneficiary outcomes and the impact of Open Road’s lo four repaid loans in 2025, we saw confirmation of our core thesis: ever lacked a comparable alternative to Open Road’s capital, and 80% have covered operating expenses without it.

981

80%

80%

100

JOBS PRESERVED OR CREATED

COULD NOT COVER OPEX WITHOUT LOAN

GREW DURING LOAN TENOR

NO CO ING BR LEN IDENT

Open Road’s loan provided timely, flexible capital at a critical sta owing us to sustain our team and advance high-integrity, comm blue carbon projects without compromising our mission. It playe role in keeping our work on track.”—WEST AFRICA BLUE

PORTFOLIO & INVESTOR CONTRIBUTION

borrowers. our 17.8X e remaining

gather data oan. For the ry borrower % would not

$647K

62%

AVG LOAN SIZE

OF 2025 LOANS STAYED ON THEIR ORIGINAL PAYMENT SCHEDULE

5.6 Months AVG TENOR

11.8%

38% OF 2025 LOANS WERE AMENDED OR EXTENDED

AVG INTEREST RATE

0%

OMPETRIDGE DER TIFIED

age, allmunity-led ed a key

LIKELIHOOD TO RECOMMEND

VALUE FOR MONEY

40 %

40 %

VERY LIKELY

GOOD

60%

60%

EXTREMELY LIKELY

VERY GOOD

OPEN ROAD

07

OPE N ROA D LOA N P O RT FO L IO C

internet

LOAN:

$750K Disbursed April 2025

BRIDGE:

$11M Debt facility

REPAID:

ON T I M E

POA! INT

Founded fordable c but a pre ticipation, internet s unlimited come co nesses ac builds an infrastruc and custo it exclusiv hoods it s poa! had 63,000 ho tomers e for the firs

In early 20 Road for track with installing new cust

In full ~4 month IMPACT MULTIPLE:

1 4 .7 X

Th whilst th loan, the capital a

C A S E S T U DY

TERNET: Bridging Africa’s Digital Divide

on the conviction that afconnectivity is not a luxury erequisite for economic par, poa! Internet is a Kenyan service provider delivering home internet to low-inommunities and micro-busicross Kenya. The company nd owns the last-mile digital cture, e.g. towers, cables, omer equipment, that gives ve access to the neighborserves. By the end of 2025, installed connectivity in over omes, with 70% of its cusexperiencing home internet st time.

025, poa! approached Open r a bridge loan to stay on h its 2025 growth targets— internet access for 70,000 tomers—while it finalized an

$11 million long-term debt facility.

Open Road provided a $750,000 bridge loan in April 2025, which poa! repaid four months later upon completing the FinnFund debt transaction.

The loan helped keep $11M of longterm impact capital on track, a 14.7X impact multiple. poa!’s model goes beyond connectivity. Its Community Schools program reached 535 learners and 18 teachers in 2025 with digital literacy training and STEM mentorship, reflecting a broader conviction that access alone is not enough. poa! also established its first Scope 1, 2, and 3 emissions baseline in 2025, a foundation for its 2030 carbon neutrality target, and strengthened workplace inclusion through expanded DEI and employee wellbeing programs.

he Open Road loan supported business liquidity and growth he business was closing a long-term debt round. Without this e business would have been challenged adversely on working as well as restrict or stop business growth.”

OPEN ROAD

08

OPE N ROA D LOA N P O RT FO L IO C

NEXTPR

LOAN:

$500K Disbursed March 2025

BRIDGE:

€18M Debt facility

REPAID:

ON T I M E In 7 months

IMPACT MULTIPLE:

36 X

Founded and Moh a Tunisia ducer tha into susta ing a lo alternative for the a agriculture bridge loa a critical m Protein ha for its Ser liquidity g igence ra term fina disrupting ing the c round.

Open Ro bridge loa May, and around S backed b investors,

Op viding th funding r unique fi

C A S E S T U DY

ROTEIN: Turning Waste Into Protein

in 2015 by Syrine Chaalala hamed Gastli, nextProtein is a-based insect protein proat converts organic waste ainable animal feed—offerower-cost, lower-emissions e to fishmeal and soymeal aquaculture, pet food, and re industries. The company’s an from Open Road arrived at moment in early 2025: nextad secured the lead investor ries B but faced a dangerous gap while institutional due dilan its course. Without shortancing, the company risked g operations and jeopardizclosing of a transformative

oad disbursed a $500,000 an in three tranches (March, d June 2025), structured Series B milestones and by a guarantee from existing , Mirova and RAISE Capital.

The loan was repaid in full in October 2025 upon the close of nextProtein’s €18M Series B—exceeding their original €15M target and resulting in a 35x impact multiple for Open Road’s loan. nextProtein’s Black Soldier Fly larvae are raised on organic waste that would otherwise go to landfill, producing insect meal with a CO2 footprint of under 2 tonnes per tonne of output, versus 8.4 tonnes for conventional fishmeal. At current production of 400 tonnes of meal annually, the company avoids an estimated 2,560 tonnes of CO2 emissions per year.

The company employs 77 full-time staff in Tunisia, over 40% of whom are women, in a market with unemployment exceeding 16%. nextProtein is the first insect protein producer worldwide to receive EU export authorization, and holds an active commercial pipeline of signed LOIs totaling €29.6M.

pen Road has been an invaluable partner for nextProtein, prohe essential bridge financing needed to secure our next major round. Their team is exceptionally supportive, and they offer a financial product that fills a vital gap in the market.”

OPEN ROAD

09

OPE N ROA D LOA N P O RT FO L IO P

OUR PRODUCT SUITE While bridge loans remain a vital tool for addressing one-time financing gaps, they fall short when it comes to the recurring working capital constraints faced by many strong, missiondriven organizations. Over our 10+ years of lending, we have cultivated deep relationships with repeat borrowers — in our previous loan fund, 40% of borrowers had received prior loans from Open Road. Supporting these companies through various stages of growth made one thing increasingly clear: there is a meaningful market gap for working capital.

Like many traditional businesses, impact-first organizations often experience cash flow volatility—not because their business model is flawed, but because of payment timing mismatches inherent to contract-based or seasonal revenue models. This challenge is compounded for social enterprises operating in developing markets, where less robust financial systems leave many organizations without access to the affordable working capital needed to finance growth and impact.

At the same time, the broader funding landscape has shifted: venture capital in the sectors where we work has contracted significantly, pushing many impact-first organizations to prioritize sustainable, profitable growth over the pursuit of rapid scale. As a result, the financing tool most in demand is no longer growth equity—it’s working capital.

P R O D U C T E X PA N S I O N

Open Road’s ultimate goal is to unstick capital. In keeping with our commitment to innovation and our belief in learning by doing, we are thoughtfully developing our working capital product to better support highimpact organizations at critical moments. We disbursed our first working capital loan in 2025 and are building a strong pipeline of additional deals for 2026.

VC AVAILABILITY VS WORKING CAPITAL DEMAND Impact VC funding (Dealroom, 2025) Working capital demand—illustrative index 1 00 90 80 70 60 50 40 30 20 10 0 201 8

201 9

2020

2021

2022

2023

2024

2025*

While this data represents only the US market, it is representative of the broader trend towards working capital, globally.

VC funding: Dealroom/ImpactCity/Microsoft, State of Impact 2025 (Oct 2025). Key anchors: 2021 ($89bn record high), 2024 (~$43bn—20%YoY), 2025 ($33bn projected, lowest since 2017). Intervening years estimated from reported percentage changes. 2025*=projected. Working capital demand: Illustrated index—not sourced data. Reflects qualitative trend based on ORI’s lending experience and marker.

OPEN ROAD

10

OPE N ROA D LOA N P O RT FO L IO C

60 DECIBELS 60 Decibels is a global impact measurement and customer insights company that helps social purpose organizations understand whether they are truly improving people’s lives.

Founded in 2018, the organization works with impact investors, development finance institutions, foundations, NGOs, and enterprises to collect fast, comparable, and actionable feedback directly from end customers—often those who are hardest to reach.

Operating across more than 70 countries, 60 Decibels has conducted hundreds of thousands of interviews with low-income and underserved populations, helping ensure that the voices of customers and communities are reflected in capital allocation and management decisions. Their work puts social performance on par with financial performance, enabling more accountable and responsive impact investing.

In 2025, 60 Decibels Open Road for a workin cility to support a grow of impact measuremen While demand for their strong, the timing of pro and milestone-based pa ates uneven cash flows— challenge for mission-dr businesses operating at g The working capital facil a liquidity cushion that team to continue deliveri investing in product devel serving global clients with momentum due to payme

For Open Road, the tran resents an opportunity to t nancing tool aimed at addr and recurring constraint. disbursed a $400,000 in 60 Decibels, helping them than $13M in global contr

C A S E S T U DY

approached g capital fawing pipeline nt projects. services is oject delivery ayments cre—a common riven service global scale. lity provided allowed the ing projects, lopment, and hout slowing ent timing.

nsaction reptest a new firessing a real Open Road late 2025 to m fulfill more racts.

Open Road’s working capital facility has enabled 60 Decibels to deliver impact at scale without being constrained by timing gaps between program delivery and cash inflows.

By aligning financing with the realities of our work, it has allowed us to execute projects more efficiently and maintain momentum in serving the social impact community. It’s a good example of how flexible capital can unlock both operational resilience and greater impact.”

OPEN ROAD

11

INNOVATI ON & PA RT NERSH IP S

THE USAID DIV FREEZE FUND On January 20, 2025, the new U.S. administration issued a stopwork order on nearly all active USAID grants, sending shockwaves through the global development ecosystem. USAID’s Development Innovation Ventures (DIV) group, an evidencebased, tiered innovation program that funded breakthrough solutions across sectors and geographies, went dark overnight.

Organizations that had completed milestones and submitted invoices were left with uncertainty about whether anything would be paid.

Open Road mobilized quickly. Backed by $12.3M in grants from Coefficient Giving (formerly known as Open Philanthropy), Open Road worked with former USAID/DIV staff to stand up an $12.8M forgivable loan and grant program from scratch. We extended the offer of a forgivable loan across DIV’s last active portfolio, reviewed 47 loan applications, and disbursed $2.9 million across 22 organizations in 15 countries, covering work completed but not yet paid by the U.S. government. As we made progress in disbursements, USAID resumed payments for some completed work, meaning that fewer organizations needed loans than originally anticipated. In parallel, we deployed direct grants to eight organizations whose randomized controlled trials, field studies, and community programs were at risk of collapse.

Open Road’s loans kept 87% of funded projects on track. By year-end, 67% of borrowers had secured some alternative funding for their DIV projects.

47%

67%

OF BORROWERS reported that they wouldn’t be able to cover opex without ORI funding.

OF DIV BORROWERS surveyed said that ORI’s non-financial support specifically helped them unlock frozen funds.

BY 81 % PAID YEAR-END

8

GRANTS TO DIV ORGANIZATIONS

4.9/5 BORROWER SATISFACTION 22

Without Open Road’s support, we would not have known if/how to navigate DIV closing and getting milestones paid.”

—HACERPERU

LOANS TO DIV ORGANIZATIONS

$2.9M TOTAL DISBURSED

OPEN ROAD

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INNOVATI ON & PA RT NERSH IP S

C

S

LOAN:

$170K Disbursed May 2025

REPAID:

July 11, 2025

We would not have been able to pay our partners for the work they had completed.

The fact that some essential project activities were able to continue meant delays were minimized, partnerships were maintained, and the re-launch was smooth.”

F S t t i b c a w h a S M t i m s h d s h p

C A S E S T U DY

SIMPRINTS: Every Person Counts

Founded in 2015 as a non-profit, Simprints offers biometric identification solutions that are built to be affordable and operable in remote environments. Their biometric systems are specifically developed to work across all skin tones and for individuals with worn fingerprints. Simprints has over 4 million enrollees across 17 countries. In Ghana, Simprints partnered with the Ministry of Health to integrate their biometric tools with a digital immunization tracker. With biometric identification, the digital system matches children to their health records, flags when children are due for vaccinations, sends reminders, and provides healthcare workers with lists of patients with whom to follow up.

In 2024, USAID’s Development Innovation Ventures (DIV) selected Simprints as a grantee, supporting a randomized controlled trial (RCT) to study the impact and cost-effectiveness of the Simprints technology on vaccination rates.

Simprints’ $1.5M DIV grant began in late 2024 and was in critical planning stages for the RCT to begin in summer of 2025 when USAID funding was frozen and their award terminated.

The timing of their work was critical, as the RCT leveraged the planned government rollout.

Open Road’s $170,000 forgivable loan bridged Simprints until they received payment from USAID for work completed and ultimately secured funding for the RCT from the newly established DIV Fund.

OPEN ROAD

13

ADVOCACY & FI EL D B U IL D ING

MAKING THE CASE FOR IMPACT-FIRST INVESTING

Solving the world’s most urgent challenges like climate change, deepening inequality, broken food and health systems requires not just more capital, bu the right capital. Impact-first invest starts with the problem to be solved works backwards to identify the rig grants to de-risk innovation, patient prove models, commercial capital to works.

Yet enormous amounts of philanthropic and investment capital remain held back by a field that has lacked both the infrastructure to support ne data- backed case for why impact-first works. Founded by a family office, positioned to help close that gap. Our growing public voice isn’t incidental. nals credibility to peers, and builds the networks that move family offices fro

THE TRUE COST OF IMPACT INVESTING Open Road partnered with Miller Center for Global Impact and seven peer organizations to produce The True Cost of Impact-First Investing, a first-of-its-kind study that moves beyond conviction to evidence. The research found that impact-first funds match or outperform commercial funds on deals per year and cost per deal. However, they have a higher cost per dollar deployed due to the smaller ticket sizes on average and intensive support that drive up operational costs. The study argues these “extra” costs aren’t inefficiency, they’re the cost of inclusion and market-building. The study was featured in ImpactAlpha and is informing a broader publication and outreach roadmap into 2026.

OPEN ROAD’S GROWING PUBLIC VOICE MEDIA HIGHLIGHTS

• Impact Alpha • InsidePhilantrhopy

ut ting d and ght tool: capital to o scale what

• Chronical of Philanthropy • Forbes SPEAKING ENGAGEMENTS

on the sidelines, ew entrants and the Open Road is uniquely It drives fundraising, sigom curiosity to commitment.

OPEN ROAD’S THOUGHT LEADERSHIP STRATEGY In 2025 we dedicated significant resources to three interconnected efforts:

01

Original research

02

Speaking and publishing

03

Building peer networks across the field.

OPEN ROAD

14

T HANK YOU

77% O F T H E O P E N ROA D LOAN P O RT FO L I O’S 2025 D ISB U RSEM EN T S WE RE TO 2 X QUA L I F I E D ORGANI ZATI ONS

54% O F O RGA N IZAT I O NS H A D OVE R 30% WOMEN I N S E NI O R L EA D ERSH IP AT D I S B URS E M E NT

OPEN ROAD

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APPENDIX O P E N R O A D L O A N P O R T F O L I O L I S

ORGANIZATION

C

60 Decibels

G

African Management Institute

K

CrossBoundary Energy Access

N

East Africa Foods Ltd.

T

Fibrazo SAS

C

GoPower1

U

GoPower2

U

HealthRight

U

Mvuvi

M

MyJouleBox

B

NextProtein

T

poa! International

K

West Africa Blue

S

ST

COUNTRY

AMOUNT

Global

$500K

Kenya

$350K

Nigeria

$1M

Tanzania

$1.5M

Colombia

$800K

USA

$500K

USA

$600K

Ukraine

$1M

Mozambique

$800K

Benin

$590K

Tunisia

$500K

Kenya

$500K

Sierra Leone

$750K

OPEN ROAD

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APPENDIX

USAID DIV FREEZE FUND ORGANI

NAME

COUNTRY

LOAN/GRANT

Adaptive Symbiotic Technologies

India

Loan

Agency Fund

India

Loan

ARCED Foundation

Bangladesh

Grant

Dimagi

India

Grant

Dimagi

India

Loan

Diversificando Peru (Hacer Peru)

Peru

Loan

Educational Initiatives

India

Grant

Family Empowerment Media

Nigeria

Loan

Farm Input Promotions Africa

Kenya

Loan

HERA

Turkey

Loan

IPA

Sierra Leone

Grant

IPA - Peru / Volar

Peru

Loan

J-PAL Southeast Asia

Indonesia

Grant

LFR International

Sierra Leone

Loan

Loowatt SARL

Madagascar

Loan

Z AT I O N L I S T

NAME

COUNTRY

LOAN/GRANT

Maisha Healthcare

Kenya

Loan

Medici Group DBA Propaga

Mexico

Loan

NEPI

Liberia

Loan

oTree Open Source Research Foundation

Kenya

Loan

Promoting Equality in African Schools

Uganda

Loan

Rescue Global LLC

Kenya

Loan

Simprints Technology

Ghana

Loan

Terre des hommes

India

Loan

Terre des hommes

India

Grant

Vayu Global Health Innovations

Ghana

Loan

Viamo

Uganda

Loan

VisionSpring

Bangladesh

Loan

WASH Institute

India

Grant

Yale University

India

Grant

Zembo

Uganda

Loan

OPEN ROAD

17

APPENDIX

TOPIC

I M PA C T R E P O R T I N G N O R M S I N D E

LOCATION

1.1

Reporting entity and time period

Page 1: Letter from the CEO.

1.2

Impact thesis

Page 2: Overview.

Page 3: Our Impact Model.

2.1

Impact management process, standards, and frameworks

Pages 5 & 6: Open Road Loan Portfolio: Open Road’s Impact Strategy, Framework & Tools policy document is available for all investors.

2.2

Stakeholder engagement and assessment of significance of impacts

Open Road has adopted an assessment of borrower-level KPIs as they relate to each organization’s strategic goals during both underwriting and at repayment to understand contributions to end-beneficiary outcomes.

2.3

Usage of data

Open Road primarily collects impact data from applicants during underwriting and from borrowers after the close of the loan. Impact data is collected via a secure online portal. The data used is often self-reported; however, some applicants employ third-party impact reporting, such as 60 Decibels.

Across Open Road’s process, the impact data collected is used internally to make investment decisions, in aggregate for portfolio-level reporting, and in borrower case studies with borrower approval. Open Road does not collect personally identifiable impact data.

3.1

Management commentary

Page 6: Open Road Loan Portfolio.

3.2

Impact performance

Page 6: Open Road Loan Portfolio.

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TOPIC

LOCATION

Unintended and/or negative impacts

Open Road regularly examines cases of unintended or negative impact across the portfolio (see previous ORIF Impact Report). This report does not include a dedicated discussion of such cases, as the current portfolio is still in its early stages. From an investment process perspective, Open Road addresses unintended outcomes—both positive and negative—through the Impact Call during underwriting and the Impact Survey at loan close, using both touchpoints to identify and manage issues as they arise.

4.1

Entity governance

Open Road team members work across several roles and responsibilities to support the mission and impact objectives of the organization. More specifically: (i) the development of the Impact Strategy, Framework, and Tools sits under the responsibility of the Managing Director; (ii) the full IC are decision-makers at the Impact Commitee— an interim step in the investment process designed to specifically review an applicant’s mission and impact goals and assess alignment with Open Road’s impact framework; (iii) our non-profit board has a strong understanding of ORI’s theory of change and our impact objectives.

4.2

Diversity, equity, and inclusion

Open Road includes DEI considerations in our due dilligence process but is not yet a signatory to an industry-wide framework. At the portfolio level, Open Road collects gender disaggregated data to assess our alignment with 2x criteria.

4.3

Parent and holding company governance

N/A

5.1

Case studies

Pages 7, 8, & 10: Open Road Loan Portfolio.

Page 12: Innovation & Partnerships.

6.1

Independent review (if relevant)

Page 3: BlueMark’s Fund Impact Diagnostic —Platinum Rating.

2.3

Keeping Impact on Track