Total expected yield combining (1) the floating-rate index (e.g., Term SOFR subject to any SOFR floor), (2) the contractual spread, (3) OID/upfront fees amortized over expected life using the yield-to-takeout convention y_t ≈ y_c + (Par-Price)/(n · Price), and (4) PIK income if any. For a typical middle-market unitranche at SOFR + 600 with a 1% floor, 99 OID, and a 3-year expected life, the all-in yield runs roughly 11%–12%.