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 average principal balances of $391,122 and $479,923, respectively and weighted average interest rates of 4.53% 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 $145 (comprised of interest expense of $2,178 net of realized gains on short-term investments of $2,033) and $371 (comprised of interest expense of $3,434 net of realized gains on short-term investments of $3,063), respectively.

The Company had no outstanding Repurchase Obligations as of June 30, 2025 and December 31, 2024. Interest expense incurred under these Repurchase Transactions was $1,080 and $1,699 for the three months ended June 30, 2025 and 2024, respectively. Interest expense incurred under these Repurchase Transactions was $2,178 and $3,434 for the six months ended June 30, 2025 and 2024, respectively.