8. Repurchase Transactions

The Company may, from time to time, enter into repurchase agreements with Barclays Bank PLC (“Barclays”), whereby the Company sells to Barclays its short-term investments and concurrently enters into an agreement to repurchase the same investments at an agreed-upon price at a future date, generally within 30-days (each, a “Repurchase Transaction”).

In accordance with ASC 860, Transfers and Servicing, these Repurchase Transactions meet the criteria for secured borrowings. Accordingly, the short-term investments remain on the Company’s Consolidated Statements of Assets and Liabilities as an asset, and the Company records a liability to reflect its repurchase obligation to Barclays (the “Repurchase Obligation”). The Repurchase Obligation is secured by the short-term investments that are the subject of the repurchase agreement.

The Repurchase Transactions entered into during the six months ended June 30, 2025 and 2024 had an average principal balance of $296,225 and $86,356, respectively and a weighted average interest rate of 4.52% and 5.57%, respectively.

The net proceeds received from Repurchase Transactions during the six months ended June 30, 2025 and 2024 was a net loss of $113 (comprised of interest expense of $1,651 net of realized gains on short-term investments of $1,538) and a net loss of $69 (comprised of interest expense of $617 net of realized gains on short-term investments of $548), respectively.

The Company had no outstanding Repurchase Obligations as of June 30, 2025 and December 31, 2024.