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 six months ended June 30, 2026 and 2025.

The Macquarie Transactions entered into by the Company during the six months ended June 30, 2026 and 2025 had an average principal balance of $8,629 and $13,169, respectively, and a weighted average annual interest rate of 6.78% and 8.01%, 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 June 30, 2026 and December 31, 2025, the Company had $527 and $0, respectively, in outstanding Repurchase Obligations with Macquarie. The Repurchase Obligation outstanding as of June 30, 2026 is associated with a repurchase agreement that was entered into on May 27, 2026. Such Repurchase Obligation was collateralized by the Company’s term loan to ADAN-B LLC (24 Hour Fitness). Interest under this Repurchase Obligation 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) 0.00018187” as stipulated in the repurchase agreement. As of June 30, 2026, the remaining contractual maturity of the repurchase agreement was between 31-90 days. As of June 30, 2026 and December 31, 2025, the Company's outstanding Repurchase Obligation is categorized as Level 2 within the fair value hierarchy.

The net proceeds the Company received from Macquarie Transactions during the six months ended June 30, 2026 and 2025 was a net loss of $255 and $488, respectively, comprised entirely of interest expense.

Interest expense incurred on Macquarie Transactions for the three months ended June 30, 2026 and 2025 was $140 and $278, respectively.

Interest expense incurred on Macquarie Transactions for the six months ended June 30, 2026 and 2025 was $255 and $488, respectively.