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 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 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 Statements of Operations within Interest expense on repurchase transactions.

During the six months ended June 30, 2023, the Company entered into Barclays Transactions on January 1, 2023 and April 3, 2023 which settled on January 25, 2023 and April 25, 2023, respectively. Interest expense incurred on the Barclays Transactions was $208 and $274 during the three and six months ended June 30, 2023, respectively. As of June 30, 2023 and December 31, 2022, the Company had no outstanding Repurchase Obligations with Barclays.

The Macquarie Transactions entered into by the Company during the six months ended June 30, 2023 are listed below, along with the respective investments which collateralize each Repurchase Obligation. 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 listed in the table below, as stipulated in the respective repurchase agreements.

Interest expense associated with the Company's Macquarie Transactions was $209 and $247 for the three and six months ended June 30, 2023, respectively, and is reported on the Company’s Statements of Operations within Interest expense on repurchase transactions.


Issuer	Investment	Agreement Date	Interest Rate	Settlement Date
Florida Marine Transporters, LLC	Term Loan B	3/16/2023	0.00021626	3/29/2023
Del Real, LLC	Term Loan	3/28/2023	0.00022052	4/20/2023
Baxters North America Holdings, Inc.	Term Loan	5/17/2023	0.00023097	5/31/2023
Five Star Buyer, Inc.	Term Loan	5/11/2023	0.00022815	6/28/2023
Propulsion Acquisition, LLC	Term Loan	5/22/2023	0.00022955	6/28/2023
Mark Andy, Inc.	Term Loan	6/16/2023	0.00023023	N/A	*
Sunland Asphalt & Construction, LLC	Term Loan B	6/16/2023	0.00023023	N/A	*
CSAT Holdings, LLC	Term Loan	6/30/2023	0.00023089	N/A	*

* N/A - Repurchase Obligations with Macquarie which remain outstanding as of June 30, 2023. As of June 30, 2023 and December 31, 2022, the Company had $19,916 and $0, respectively, in outstanding Repurchase Obligations with Macquarie, which are categorized as Level 2 within the fair value hierarchy.