In order to finance certain investment transactions, the Company may, from time to time, enter into repurchase agreements with Macquarie US Trading LLC (“Macquarie”), whereby the Company sells to Macquarie an investment that it holds and concurrently enters into an agreement to repurchase the same investment at an agreed-upon price at a future date, not to exceed 90-days from the date it was sold (each, a “Macquarie Transaction”).

Additionally, 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 “Barclays Transaction” and together with the Macquarie Transactions, the “Repurchase Transactions”).

In accordance with ASC 860, Transfers and Servicing, these Repurchase Transactions meet the criteria for secured borrowings. Accordingly, the investments financed by these Repurchase Transactions 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 Macquarie and Barclays (the “Repurchase Obligations”). Outstanding Repurchase Obligations are presented on the Company's Consolidated Statements of Assets and Liabilities as Repurchase obligations. Repurchase Obligations are secured by the respective investment or short-term investment that is the subject of the repurchase agreement. Interest expense associated with the Repurchase Obligations is reported on the Company’s Consolidated Statements of Operations within Interest expense on repurchase transactions.

The Company did not enter into any Barclays Transactions during the year ended December 31, 2025. The Barclays Transactions entered into during the years ended December 31, 2024 and 2023 had an average principal balance of $31,958 and $47,606, respectively and a weighted average annual interest rate of 5.57% and 5.11%, respectively. As of December 31, 2025 and December 31, 2024 the Company had no outstanding Repurchase Obligations with Barclays.

The net proceeds the Company received from the Barclays Transactions during the years ended December 31, 2024 and 2023 was a net loss of $25 (comprised of interest expense of $229 net of realized gains on short-term investments of $204) and $180 (comprised of interest expense of $580 net of realized gains on short-term investments of $400), respectively.

The Macquarie Transactions entered into by the Company during the years ended December 31, 2025, 2024, and 2023 had an average principal balance of $12,031, $11,269, and $16,815, respectively, and a weighted average annual interest rate of 7.91%, 8.22%, and 8.63%, respectively. Interest expense under these Repurchase Obligations is calculated as the product of (i) the difference in days between the trade date and the settlement date of the respective Macquarie Transaction and (ii) the interest rates, as stipulated in the respective repurchase agreements.

As of December 31, 2025 and December 31, 2024, the Company had $0 and $6,592, respectively, in outstanding Repurchase Obligations with Macquarie.

The outstanding repurchase obligation as of December 31, 2024 is associated with repurchase agreements that were entered into on November 22, 2024 and December 9, 2024, respectively. Such Repurchase Obligations were collateralized by the Company’s term loans to Pallet Logistics of America, LLC and Pango Group, respectively. Interest under these Repurchase Obligations is calculated as “the product of (i) the difference in days between the trade date and the settlement date of the Macquarie Transaction and (ii) 0.00020879 or 0.00020621”, respectively, as stipulated in the repurchase agreements. As of December 31, 2024, the remaining contractual maturity of the repurchase agreement with Pallet Logistics of America, LLC was between 31-90 days and the remaining contractual maturity of the repurchase agreement with Pango Group was also between 31-90 days. As of December 31, 2024, the Company's outstanding Repurchase Obligation is categorized as Level 2 within fair value hierarchy.

The net proceeds the Company received from Macquarie Transactions during the years ended December 31, 2025, 2024, and 2023, was a net loss of $568, $739, and $1,034, respectively, comprised entirely of interest expense.