Total expected yield on a discount-priced floating-rate loan, including the pull-to-par over the loan's expected life: y_t ≈ y_c + (Par-Price)/(n · Price), where y_c is current yield, Price is the current fair value, and n is the expected years to repayment (typically 3 years for middle-market loans, shorter than stated maturity due to prepayments and refinancings). Example: a SOFR + 600 bps loan trading at $0.97 with a 3-year expected life yields 10.82% + 1.03% = 11.85%.