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 60-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.

During the six months ended June 30, 2024, the Company entered into Barclays Transactions on January 2, 2024 and April 1, 2024 which settled on January 25, 2024 and April 25, 2024, respectively. During the six months ended June 30, 2023, the Company entered into Barclays Transactions on January 3, 2023 and April 3, 2023 which settled on January 25, 2023 and April 25, 2023, respectively.

Interest expense incurred on the Barclays Transactions was $107 and $208 during the three months ended June 30, 2024 and 2023, respectively. Interest expense incurred on the Barclays Transactions was $228 and $274 during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, the Company had no outstanding Repurchase Obligations with Barclays.

During the six months ended June 30, 2024, the Company entered into Macquarie Transactions which resulted in interest expense of $315 and $330 for the three and six months ended June 30, 2024, respectively, and is reported on the Company’s Consolidated Statements of Operations within Interest expense on repurchase transactions. During the six months ended June 30, 2023, the Company entered into Macquarie Transactions which resulted in interest expense of $209 and $247 for the three and six months ended June 30, 2023, respectively, and is reported on the Company’s Consolidated Statements of Operations within Interest expense on repurchase transactions. The weighted average annual interest rate on Macquarie Transactions for the six months ended June 30, 2024 and 2023 was 8.36% and 8.07%, respectively.

The Macquarie Transactions entered into by the Company during the six months ended June 30, 2024 and 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 tables below, as stipulated in the respective repurchase agreements.

Macquarie Transactions during the six months ended June 30, 2024:

        Issuer

        Investment

        Agreement Date

        Principal

        Interest Rate

        Settlement Date

Hoffmaster Group, Inc.

Term Loan

3/15/2024

811,723

0.00023228

4/30/2024

Comprehensive Logistics Co., LLC

Term Loan

3/26/2024

4,214,000

0.00023205

5/24/2024

Fenix Intermediate, LLC

Term Loan

3/28/2024

5,999,947

0.00023205

5/24/2024

HydroSource Logistics, LLC

Term Loan

4/5/2024

4,753,000

0.00023191

5/24/2024

VoltaGrid, LLC

Term Loan

4/9/2024

5,534,757

0.00023171

5/24/2024

The HC Companies, Inc.

Incremental Term Loan

5/22/2024

780,000

0.00023224

N/A

Great Kitchens Food Company, Inc.

Term Loan

5/31/2024

8,982,503

0.00023280

N/A

Macquarie Transactions during the six months ended June 30, 2023:

        Issuer

        Investment

        Agreement Date

        Principal

        Interest Rate

        Settlement Date

Florida Marine Transporters, LLC

Term Loan B

3/16/2023

10,943,137

0.00021626

3/29/2023

Del Real, LLC

Term Loan

3/28/2023

2,917,500

0.00022052

4/20/2023

Baxters North America Holdings, Inc.

Term Loan

5/17/2023

7,878,754

0.00023097

6/28/2023

Five Star Buyer, Inc.

Term Loan

5/11/2023

4,801,786

0.00022815

6/28/2023

Propulsion Acquisition, LLC

Term Loan

5/22/2023

4,259,594

0.00022955

6/28/2023

Mark Andy, Inc.

Term Loan

6/16/2023

6,796,894

0.00023023

8/15/2023

Sunland Asphalt & Construction, LLC

Term Loan B

6/16/2023

4,820,146

0.00023023

8/15/2023

CSAT Holdings, LLC

Term Loan

6/30/2023

8,298,874

0.00023089

8/29/2023

As of June 30, 2024 and December 31, 2023, the Company had $9,763 and $0, respectively, in outstanding Repurchase Obligations with Macquarie, which are categorized as Level 2 within the fair value hierarchy.