0001534254false12/312024Q1twenty-four months0.50.33330.66660.5xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purecion:subsidiaryutr:Dcion:componentcion:member00015342542024-01-012024-03-3100015342542024-05-010001534254us-gaap:InvestmentUnaffiliatedIssuerMember2024-03-310001534254us-gaap:InvestmentUnaffiliatedIssuerMember2023-12-310001534254us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-03-310001534254us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-12-310001534254us-gaap:InvestmentAffiliatedIssuerControlledMember2024-03-310001534254us-gaap:InvestmentAffiliatedIssuerControlledMember2023-12-3100015342542024-03-3100015342542023-12-310001534254us-gaap:InvestmentUnaffiliatedIssuerMember2024-01-012024-03-310001534254us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-03-310001534254us-gaap:InvestmentUnaffiliatedIssuerMember2023-01-012023-12-310001534254us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2024-01-012024-03-310001534254us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-03-310001534254us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2023-01-012023-12-310001534254us-gaap:InvestmentAffiliatedIssuerControlledMember2024-01-012024-03-310001534254us-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-03-310001534254us-gaap:InvestmentAffiliatedIssuerControlledMember2023-01-012023-12-3100015342542023-01-012023-03-3100015342542023-01-012023-12-3100015342542022-12-3100015342542023-03-310001534254cion:SeniorSecuredFirstLienDebtMember2024-03-310001534254Adapt Laser Acquisition, Inc., Senior Secured First Lien Debt, 12/31/2025 Maturity, 12024-03-310001534254Adapt Laser Acquisition, Inc., Senior Secured First Lien Debt, 12/31/2025 Maturity, 22024-03-310001534254Afore Insurance Services, LLC., Senior Secured First Lien Debt, 3/24/2025 Maturity 2024-03-310001534254Afore Insurance Services, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-03-310001534254AHF Parent Holding, Inc., Senior Secured First Lien Debt, 2/1/2028 Maturity2024-03-310001534254Allen Media, LLC, Senior Secured First Lien Debt, 2/10/2027 Maturity2024-03-310001534254ALM Global, LLC, Senior Secured First Lien Debt, 2/21/2029 Maturity2024-03-310001534254ALM Global, LLC,, Senior Secured First Lien Debt, 2/21/2019 Maturity2024-03-310001534254American Clinical Solutions LLC, Senior Secured First Lien Debt, 6/30/2025 Maturity2024-03-310001534254American Clinical Solutions LLC, Senior Secured First Lien Debt, 6/30/2025 Maturity, 1 2024-03-310001534254American Family Care, LLC, Senior Secured First Lien Debt, 2/28/2029 Maturity 12024-03-310001534254American Family Care, LLC, Senior Secured First Lien Debt, 2/28/2029 Maturity 22024-03-310001534254American Family Care, LLC, Senior Secured First Lien Debt, 2/28/2026 Maturity2024-03-310001534254American Family Care, LLC, Senior Secured First Lien Debt, 2/28/2029 Maturity 32024-03-310001534254American Health Staffing Group, Inc. Senior Secured First Lien Debt, 11/19/2026 Maturity, 12024-03-310001534254American Health Staffing Group, Inc., Senior Secured First Lien Debt, 11/19/2026 Maturity, 22024-03-310001534254American Teleconferencing Services, Ltd., Senior Secured First Lien Debt, 4/07/2023 Maturity, 12024-03-310001534254American Teleconferencing Services, Ltd., Senior Secured First Lien Debt, 4/07/2023 Maturity, 22024-03-310001534254Ancile Solutions, Inc., Senior Secured First Lien Debt, 6/11/2026 Maturity2024-03-310001534254Anthem Sports & Entertainment Inc., Senior Secured First Lien Debt, 11/15/2026 Maturity, 12024-03-310001534254Anthem Sports & Entertainment Inc., Senior Secured First Lien Debt, 11/15/2026 Maturity, 22024-03-310001534254Anthem Sports & Entertainment Inc., Senior Secured First Lien Debt, 11/15/2026 Maturity, 32024-03-310001534254Appalachian Resource Company, LLC, Senior Secured First Lien Debt, 9/30/2024 Maturity2024-03-310001534254Appalachian Resource Company, LLC, Senior Secured First Lien Debt, 9/15/2024 Maturity2024-03-310001534254Atlas Supply LLC, Senior Secured First Lien Debt, 4/29/2025 Maturity2024-03-310001534254Avison Young (USA) Inc., Senior Secured First Lien Debt, 3/12/2029 Maturity 12024-03-310001534254Avison Young (USA) Inc., Senior Secured First Lien Debt, 3/12/2029 Maturity 22024-03-310001534254Avison Young (USA) Inc., Senior Secured First Lien Debt, 3/12/2028 Maturity2024-03-310001534254BDS Solutions Intermediateco, LLC, Senior Secured First Lien Debt, 2/7/2027 Maturity, 12024-03-310001534254BDS Solutions Intermediateco, LLC, Senior Secured First Lien Debt, 2/7/2027 Maturity, 22024-03-310001534254BDS Solutions Intermediateco, LLC, Senior Secured First Lien Debt, 2/7/2027 Maturity, 32024-03-310001534254Berlitz Holdings, Inc., Senior Secured First Lien Debt, 2/14/2025 Maturity2024-03-310001534254Bradshaw International Parent Corp., Senior Secured First Lien Debt, 10/21/2027 Maturity, 32024-03-310001534254Bradshaw International Parent Corp., Senior Secured First Lien Debt, 10/21/2026 Maturity, 12024-03-310001534254Cabi, LLC, Senior Secured First Lien Debt, 2/28/2027 Maturity2024-03-310001534254Carestream Health, Inc., Senior Secured First Lien Debt, 9/30/2027 Maturity2024-03-310001534254Carestream Health, Inc., First Lien Term Loan, Non-Controlled, Affiliated Investments2024-03-310001534254Celerity Acquisition Holdings, LLC, Senior Secured First Lien Debt, 5/28/2026 Maturity2024-03-310001534254Cennox, Inc., Senior Secured First Lien Debt, 5/4/2026 Maturity, 12024-03-310001534254Cennox, Inc., Senior Secured First Lien Debt, 5/4/2026 Maturity, 22024-03-310001534254Cennox, Inc., Senior Secured First Lien Debt, 5/4/2026 Maturity, 32024-03-310001534254CION/EagleTree Partners, LLC., Senior Secured First Lien Debt, 12/21/2026 Maturity2024-03-310001534254Community Tree Service, LLC., Senior Secured First Lien Debt, 6/17/2027 Maturity2024-03-310001534254Country Fresh Holdings, LLC., Senior Secured First Lien Debt, 4/30/2024 Maturity, 12024-03-310001534254Country Fresh Holdings, LLC., Senior Secured First Lien Debt, 4/30/2024 Maturity, 22024-03-310001534254Critical Nurse Staffing, LLC., Senior Secured First Lien Debt, 11/1/2026 Maturity, 12024-03-310001534254Critical Nurse Staffing, LLC., Senior Secured First Lien Debt, 11/1/2026 Maturity, 22024-03-310001534254Critical Nurse Staffing, LLC., Senior Secured First Lien Debt, 11/1/2026 Maturity, 52024-03-310001534254David's Bridal, LLC., Senior Secured First Lien Debt, 12/21/2027 Maturity2024-03-310001534254David's Bridal, LLC., Senior Secured First Lien Debt, 12/21/2027 Maturity, 12024-03-310001534254Deluxe Entertainment Services, Inc., Senior Secured First Lien Debt, 3/25/2024 Maturity2024-03-310001534254Dermcare Management, LLC., Senior Secured First Lien Debt, 4/22/2028 Maturity, 12024-03-310001534254Dermcare Management, LLC., Senior Secured First Lien Debt, 4/22/2028 Maturity, 22024-03-310001534254Dermcare Management, LLC., Senior Secured First Lien Debt, 4/22/2028 Maturity, 32024-03-310001534254Dermcare Management, LLC., Senior Secured First Lien Debt, 4/22/2028 Maturity, 42024-03-310001534254Emerald Technologies (U.S.) Acquisitionco, Inc.., Senior Secured First Lien Debt, 12/29/2027 Maturity2024-03-310001534254Entertainment Studios P&A LLC., Senior Secured First Lien Debt, 9/28/2027 Maturity2024-03-310001534254Entertainment Studios P&A LLC., Senior Secured First Lien Debt, 5/18/2037 Maturity2024-03-310001534254ESP Associates, Inc., Senior Secured First Lien Debt, 7/24/2028 Maturity, 12024-03-310001534254ESP Associates, Inc., Senior Secured First Lien Debt, 7/24/2028 Maturity, 22024-03-310001534254Flatworld Intermediate Corp.., Senior Secured First Lien Debt, 10/3/2027 Maturity, 12024-03-310001534254Flatworld Intermediate Corp.., Senior Secured First Lien Debt, 10/3/2027 Maturity, 22024-03-310001534254Fluid Control II Inc., Senior Secured First Lien Debt 8/3/2029 Maturity, 12024-03-310001534254Fluid Control II Inc., Senior Secured First Lien Debt 8/3/2029 Maturity, 22024-03-310001534254FuseFX, LLC., Senior Secured First Lien Debt, 9/30/2026 Maturity2024-03-310001534254Future Pak, LLC., Senior Secured First Lien Debt, 9/22/2026 Maturity2024-03-310001534254Gold Medal Holdings, Inc., Senior Secured First Lien Debt, 3/17/2027 Maturity2024-03-310001534254GSC Technologies Inc., Senior Secured First Lien Debt, 9/30/2025 Maturity, 12024-03-310001534254GSC Technologies Inc., First Lien Term Loan A, Non-Controlled, Affiliated Investments2024-03-310001534254GSC Technologies Inc., Senior Secured First Lien Debt, 9/30/2025 Maturity, 22024-03-310001534254GSC Technologies Inc., First Lien Term Loan B, Non-Controlled, Affiliated Investments2024-03-310001534254H.W. Lochner, Inc., Senior Secured First Lien Debt, 7/2/2027 Maturity, 12024-03-310001534254H.W. Lochner, Inc., Senior Secured First Lien Debt, 7/2/2027 Maturity, 22024-03-310001534254H.W. Lochner, Inc., Senior Secured First Lien Debt, 7/2/2027 Maturity, 32024-03-310001534254H.W. Lochner, Inc., Senior Secured First Lien Debt, 7/2/2027 Maturity, 42024-03-310001534254H.W. Lochner, Inc., Senior Secured First Lien Debt, 7/2/2027 Maturity, 52024-03-310001534254Heritage Power, LLC., Senior Secured First Lien Debt, 7/20/2026 Maturity2024-03-310001534254Hilliard, Martinez & Gonzales, LLP., Senior Secured First Lien Debt, 9/16/2024 Maturity2024-03-310001534254Hollander Intermediate LLC., Senior Secured First Lien Debt, 9/19/2026 Maturity2024-03-310001534254Homer City Generation, L.P., Senior Secured First Lien Debt, 4/16/2024 Maturity, 12024-03-310001534254Homer City Generation, L.P., Senior Secured First Lien Debt, 4/16/2024 Maturity, 22024-03-310001534254Hudson Hospital Opco, LLC., Senior Secured First Lien Debt, 11/4/2023 Maturity2024-03-310001534254HUMC Holdco, LLC., Senior Secured First Lien Debt, 11/4/2023 Maturity2024-03-310001534254HW Acquisition, LLC., Senior Secured First Lien Debt, 9/28/2026 Maturity, 12024-03-310001534254HW Acquisition, LLC., Senior Secured First Lien Debt, 9/28/2026 Maturity, 22024-03-310001534254HW Acquisition, LLC., Senior Secured First Lien Debt, 9/28/2026 Maturity, 32024-03-310001534254ICA Foam Holdings, LLC., Senior Secured First Lien Debt, 11/5/2025 Maturity2024-03-310001534254IJKG Opco LLC., Senior Secured First Lien Debt, 11/4/2023 Maturity2024-03-310001534254Inotiv, Inc., Senior Secured First Lien Debt, 11/5/2026 Maturity2024-03-310001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 12024-03-310001534254Instant Web, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-03-310001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 22024-03-310001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 32024-03-310001534254Instant Web, LLC, Priming Term Loan, Non-Controlled, Affiliated Investments2024-03-310001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 42024-03-310001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 52024-03-310001534254Invincible Boat Company LLC., Senior Secured First Lien Debt, 8/28/2025 Maturity, 12024-03-310001534254Invincible Boat Company LLC., Senior Secured First Lien Debt, 8/28/2025 Maturity, 22024-03-310001534254Invincible Boat Company LLC., Senior Secured First Lien Debt, 8/28/2025 Maturity, 32024-03-310001534254INW Manufacturing, LLC., Senior Secured First Lien Debt, 3/25/2027 Maturity2024-03-310001534254Ironhorse Purchaser, LLC., Senior Secured First Lien Debt, 9/30/2027 Maturity 12024-03-310001534254Ironhorse Purchaser, LLC., Senior Secured First Lien Debt, 9/30/2027 Maturity 22024-03-310001534254Ironhorse Purchaser, LLC., Senior Secured First Lien Debt, 9/30/2027 Maturity 32024-03-310001534254Ironhorse Purchaser, LLC., Senior Secured First Lien Debt, 9/30/2027 Maturity 42024-03-310001534254Isagenix International, LLC., Senior Secured First Lien Debt, 4/14/2028 Maturity2024-03-310001534254Jenny C Acquisition, Inc., Senior Secured First Lien Debt, 10/1/2024 Maturity, 12024-03-310001534254JP Intermediate B, LLC., Senior Secured First Lien Debt, 8/21/2027 Maturity2024-03-310001534254K&N Parent, Inc., Senior Secured First Lien Debt, 8/16/2027 Maturity2024-03-310001534254K&N Parent, Inc., Senior Secured First Lien Debt, 2/16/2027 Maturity2024-03-310001534254KeyImpact Holdings, Inc., Senior Secured First Lien Debt, 1/31/2029 Maturity2024-03-310001534254Klein Hersh, LLC., Senior Secured First Lien Debt, 4/27/2027 Maturity2024-03-310001534254KNB Holdings Corp., Senior Secured First Lien Debt, 4/26/2024 Maturity2024-03-310001534254LAV Gear Holdings, Inc., Senior Secured First Lien Debt, 10/31/2025 Maturity, 12024-03-310001534254LAV Gear Holdings, Inc., Senior Secured First Lien Debt, 10/31/2025 Maturity, 22024-03-310001534254LGC US Finco, LLC., Senior Secured First Lien Debt, 12/20/2025 Maturity2024-03-310001534254Lift Brands, Inc., Senior Secured First Lien Debt, 6/29/2025 Maturity, 12024-03-310001534254Lift Brands, Inc., Senior Secured First Lien Debt, 6/29/2025 Maturity, 22024-03-310001534254Lift Brands, Inc., Senior Secured First Lien Debt, 6/29/2025 Maturity, 32024-03-310001534254MacNeill Pride Group Corp., Senior Secured First Lien Debt, 4/22/2026 Maturity, 12024-03-310001534254MacNeill Pride Group Corp., Senior Secured First Lien Debt, 4/22/2026 Maturity, 22024-03-310001534254MacNeill Pride Group Corp., Senior Secured First Lien Debt, 4/30/2024 Maturity 2024-03-310001534254Manus Bio Inc., Senior Secured First Lien Debt, 8/20/2026 Maturity2024-03-310001534254Medplast Holdings, Inc.., Senior Secured First Lien Debt, 7/2/2025 Maturity2024-03-310001534254Mimeo.com, Inc., Senior Secured First Lien Debt, 12/21/2024 Maturity, 12024-03-310001534254Mimeo.com, Inc., Senior Secured First Lien Debt, 12/21/2024 Maturity, 22024-03-310001534254Mimeo.com, Inc., Senior Secured First Lien Debt, 12/21/2024 Maturity, 32024-03-310001534254Moss Holding Company., Senior Secured First Lien Debt, 10/17/2026 Maturity, 12024-03-310001534254Moss Holding Company, Senior Secured First Lien Debt, 10/17/2026 Maturity, 22024-03-310001534254Moss Holding Company, Senior Secured First Lien Debt, 10/17/2026 Maturity, 32024-03-310001534254NewsCycle Solutions, Inc., Senior Secured First Lien Debt, 4/27/2024 Maturity2024-03-310001534254Nova Compression, LLC, Senior Secured First Lien Debt, 10/13/2027 Maturity, 12024-03-310001534254Nova Compression, LLC, Senior Secured First Lien Debt, 10/13/2027 Maturity, 22024-03-310001534254Nova Compression, LLC, Senior Secured First Lien Debt, 10/13/2024 Maturity2024-03-310001534254NTM Acquisition Corp., Senior Secured First Lien Debt, 6/18/2026 Maturity2024-03-310001534254OpCo Borrower, LLC., Senior Secured First Lien Debt, 8/19/2027 Maturity, 12024-03-310001534254OpCo Borrower, LLC., Senior Secured First Lien Debt, 8/19/2027 Maturity, 22024-03-310001534254Optio Rx, LLC., Senior Secured First Lien Debt, 6/28/2024 Maturity, 12024-03-310001534254Optio Rx, LLC., Senior Secured First Lien Debt, 6/28/2024 Maturity, 22024-03-310001534254Optio Rx, LLC., Senior Secured First Lien Debt, 6/28/2024 Maturity, 32024-03-310001534254PH Beauty Holdings III. Inc., Senior Secured First Lien Debt, 9/28/2025 Maturity2024-03-310001534254Playboy Enterprises, Inc., Senior Secured First Lien Debt, 5/25/2027 Maturity2024-03-310001534254PRA Acquisition, LLC, 5/12/2028 Maturity2024-03-310001534254RA Outdoors, LLC, Senior Secured First Lien Debt, 4/8/2026 Maturity, 12024-03-310001534254RA Outdoors, LLC, Senior Secured First Lien Debt, 4/8/2026 Maturity, 22024-03-310001534254Retail Services WIS Corp., Senior Secured First Lien Debt, 5/20/2025 Maturity2024-03-310001534254Riddell, Inc / All American Sports Corp., Senior Secured First Lien Debt, 3/29/2029 Maturity2024-03-310001534254Riddell, Inc / All American Sports Corp., Senior Secured First Lien Debt, 9/29/2026 Maturity2024-03-310001534254Robert C. Hilliard, L.L.P., Senior Secured First Lien Debt, 12/17/2023 Maturity2024-03-310001534254Rogers Mechanical Contractors, LLC., Senior Secured First Lien Debt, 9/9/2025 Maturity, 12024-03-310001534254Rogers Mechanical Contractors, LLC., Senior Secured First Lien Debt, 9/9/2025 Maturity, 22024-03-310001534254Rogers Mechanical Contractors, LLC., Senior Secured First Lien Debt, 9/9/2025 Maturity, 32024-03-310001534254Rogers Mechanical Contractors, LLC., Senior Secured First Lien Debt, 9/9/2025 Maturity, 42024-03-310001534254RumbleOn, Inc., Senior Secured First Lien Debt, 8/31/2026 Maturity, 12024-03-310001534254RumbleOn, Inc., Senior Secured First Lien Debt, 8/31/2026 Maturity, 22024-03-310001534254Securus Technologies Holdings, Inc., Senior Secured First Lien Debt, 11/1/2024 Maturity2024-03-310001534254Sequoia Healthcare Management, LLC., Senior Secured First Lien Debt, 11/4/2023 Maturity2024-03-310001534254Sleep Opco, LLC., Senior Secured First Lien Debt, 10/12/2026 Maturity, 12024-03-310001534254Sleep Opco, LLC., Senior Secured First Lien Debt, 10/12/2026 Maturity, 22024-03-310001534254Sleep Opco, LLC., Senior Secured First Lien Debt, 10/12/2026 Maturity, 32024-03-310001534254Sleep Opco, LLC., Senior Secured First Lien Debt, 10/12/2026 Maturity, 42024-03-310001534254Spectrum Group Buyer, Inc., Senior Secured First Lien Debt, 5/19/2028 Maturity2024-03-310001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 11/29/2024 Maturity, 12024-03-310001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 11/29/2024 Maturity, 22024-03-310001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 11/29/2024 Maturity, 32024-03-310001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 11/29/2024 Maturity, 42024-03-310001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 11/29/2024 Maturity, 52024-03-310001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 11/29/2024 Maturity, 62024-03-310001534254STATinMED, LLC., Senior Secured First Lien Debt, 7/1/2027 Maturity2024-03-310001534254Stengel Hill Architecture, LLC, Senior Secured First Lien Debt, 8/16/2028 Maturity2024-03-310001534254Tactical Air Support, Inc., Senior Secured First Lien Debt, 12/22/2028 Maturity,12024-03-310001534254Tactical Air Support, Inc., Senior Secured First Lien Debt, 12/22/2028 Maturity, 22024-03-310001534254The Men's Wearhouse, LLC, Senior Secured First Lien Debt, 2/26/2029 Maturity2024-03-310001534254Thrill Holdings LLC., Senior Secured First Lien Debt, 5/27/2027 Maturity, 12024-03-310001534254Thrill Holdings LLC., Senior Secured First Lien Debt, 5/27/2027 Maturity, 22024-03-310001534254Thrill Holdings LLC., Senior Secured First Lien Debt, 5/27/2024 Maturity, 32024-03-310001534254TMK Hawk Parent, Corp., Senior Secured First Lien Debt2024-03-310001534254Trademark Global, LLC., Senior Secured First Lien Debt, 7/30/2024 Maturity2024-03-310001534254Trammell, P.C., Senior Secured First Lien Debt, 4/28/2026 Maturity2024-03-310001534254Usalco, LLC., Senior Secured First Lien Debt, 10/19/2027 Maturity2024-03-310001534254Williams Industrial Services Group, Inc., Senior Secured First Lien Debt, 12/16/2025 Maturity, 12024-03-310001534254Williams Industrial Services Group, Inc., Senior Secured First Lien Debt, 12/16/2025 Maturity, 22024-03-310001534254Wok Holdings Inc., Senior Secured First Lien Debt, 3/1/2026 Maturity2024-03-310001534254WorkGenius, Inc., Senior Secured First Lien Debt, 6/7/2027 Maturity, 12024-03-310001534254WorkGenius, Inc., Senior Secured First Lien Debt, 6/7/2027 Maturity, 22024-03-310001534254WorkGenius, Inc., Senior Secured First Lien Debt, 6/7/2027 Maturity, 32024-03-310001534254Xenon Arc, Inc., Senior Secured First Lien Debt, 12/17/2027 Maturity2024-03-310001534254cion:SeniorSecuredSecondLienDebtMember2024-03-310001534254Global Tel*Link Corp., Senior Secured Second Lien Debt, 11/29/2026 Maturity2024-03-310001534254OpCo Borrower, LLC., Senior Secured Second Lien Debt, 2/19/2028 Maturity2024-03-310001534254RA Outdoors, LLC, Senior Secured Second Lien Debt, 10/8/2026 Maturity2024-03-310001534254Securus Technologies Holdings, Inc., Senior Secured Second Lien Debt, 11/1/2025 Maturity2024-03-310001534254cion:CollateralizedSecuritiesAndStructuredProductsEquityMember2024-03-310001534254APIDOS CLO XVI Subordinated Notes., Collateralized Securities and Structured Products - Equity, 1/19/2025 Maturity2024-03-310001534254Galaxy XV CLO Ltd. Class A Subordinated Notes., Collateralized Securities and Structured Products - Equity, 4/15/2025 Maturity2024-03-310001534254us-gaap:UnsecuredDebtMember2024-03-310001534254Lucky Bucks Holdings LLC., Unsecured Debt, 5/29/2028 Maturity2024-03-310001534254TMK Hawk Parent, Corp., Unsecured Debt2024-03-310001534254us-gaap:EquitySecuritiesMember2024-03-310001534254ARC Financial Partners, LLC, Membership Interests., Equity2024-03-310001534254Ascent Resources - Marcellus, LLC, Membership Units., Equity2024-03-310001534254Avison Young (Canada) Inc., Class A Preferred Shares, Equity2024-03-310001534254Avison Young (Canada) Inc., Class F Common Shares, Equity2024-03-310001534254Carestream Health Holdings, Inc., Common Stock, Equity2024-03-310001534254CF Arch Holdings LLC, Class A Units, Equity2024-03-310001534254CION/EagleTree Partners, LLC, Participating Preferred Shares Equity2024-03-310001534254CION/EagleTree Partners, LLC, Membership Units Equity2024-03-310001534254David's Bridal Holdings, LLC, Preferred Units, Equity2024-03-310001534254David's Bridal Holdings, LLC, Common Units, Equity2024-03-310001534254EBSC Holdings LLC, Preferred Units, Equity2024-03-310001534254FWS Parent Holdings, LLC, Class A Membership Interests, Equity2024-03-310001534254GSC Technologies Inc., Common Shares, Equity2024-03-310001534254Heritage Litigation Trust, Restricted Stock, Equity2024-03-310001534254Instant Web Holdings, LLC, Class A Common Units., Equity2024-03-310001534254IPP Buyer Holdings, LLC., Class A Units, Equity2024-03-310001534254Isagenix Worldwide, Inc., Common Shares, Equity2024-03-310001534254K&N Holdco, LLC, Membership Units, Equity2024-03-310001534254Language Education Holdings GP LLC, Common Units., Equity2024-03-310001534254Language Education Holdings LP, Ordinary Common Units., Equity2024-03-310001534254Longview Intermediate Holdings C, LLC, Membership Units., Equity2024-03-310001534254Macquarie Capital Funding LLC 2024-03-310001534254Mount Logan Capital Inc., Common Stock., Equity2024-03-310001534254New Giving Acquisition, Inc., Warrants, Equity, 8/19/2029 Maturity2024-03-310001534254New HW Holdings Corp, Common Stock, Equity2024-03-310001534254NS NWN Acquisition, LLC, Class A Preferred Units., Equity2024-03-310001534254NS NWN Acquisition, LLC, Common Equity, Equity2024-03-310001534254NS NWN Holdco LLC, Non-Voting Units, Equity2024-03-310001534254NSG Co-Invest (Bermuda) LP, Partnership Interests., Equity2024-03-310001534254Palmetto Clean Technology, Inc., Warrants., Equity2024-03-310001534254Reorganized Heritage TopCo, LLC, Common Stock, Equity2024-03-310001534254RumbleOn, Inc., Warrants, Equity, 8/14/2028 Maturity2024-03-310001534254Service Compression Holdings, LLC, Junion Preferred Units., Equity, 12024-03-310001534254Service Compression Holdings, LLC, Warrants., Equity, 22024-03-310001534254Snap Fitness Holdings, Inc., Class A Common Stock., Equity2024-03-310001534254Snap Fitness Holdings, Inc., Warrants., Equity2024-03-310001534254SRA Holdings, LLC, Membership Units, Equity2024-03-310001534254STATinMed Parent, LLC, Class A Preferred Units, Equity2024-03-310001534254STATinMed Parent, LLC, Class B Preferred Units, Equity2024-03-310001534254TMK Hawk Parent, Corp., Common Shares, Equity2024-03-310001534254TMK Hawk Parent, Corp., Warrants, Equity2024-03-310001534254URS Topco, LLC, Common Equity, Equity2024-03-310001534254WorkGenius, LLC, Class A Units., Equity2024-03-310001534254Yak Holding II, LLC, Series A Preferred Units, Equity2024-03-310001534254Yak Holding II, LLC, Series B-1 Preferred Units, Equity2024-03-310001534254Yak Holding II, LLC, Series A Common Units, Equity2024-03-310001534254us-gaap:ShortTermInvestmentsMember2024-03-310001534254First American Treasury Obligations Fund, Class Z Shares, Short Term Investments2024-03-310001534254Afore Insurance Services, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254Afore Insurance Services, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254ARC Financial, LLC, Membership Interests, Non-Controlled, Affiliated Investments2023-12-310001534254ARC Financial, LLC, Membership Interests, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254ARC Financial, LLC, Membership Interests, Non-Controlled, Affiliated Investments2024-03-310001534254Carestream Health, Inc., First Lien Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254Carestream Health, Inc., First Lien Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254Carestream, Common Shares, Non-Controlled, Affiliated Investments2023-12-310001534254Carestream, Common Shares, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254Carestream, Common Shares, Non-Controlled, Affiliated Investments2024-03-310001534254DESG Holdings, Inc., First Lien Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254DESG Holdings, Inc., First Lien Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254GSC Technologies Inc., First Lien Term Loan A, Non-Controlled, Affiliated Investments2023-12-310001534254GSC Technologies Inc., First Lien Term Loan A, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254GSC Technologies Inc., First Lien Term Loan B, Non-Controlled, Affiliated Investments2023-12-310001534254GSC Technologies Inc., First Lien Term Loan B, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254GSC Technologies Inc., Common Shares, Non-Controlled, Affiliated Investments2023-12-310001534254GSC Technologies Inc., Common Shares, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254GSC Technologies Inc., Common Shares, Non-Controlled, Affiliated Investments2024-03-310001534254Instant Web, LLC, Revolving Loan, Non-Controlled, Affiliated Investments2023-12-310001534254Instant Web, LLC, Revolving Loan, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254Instant Web, LLC, Revolving Loan, Non-Controlled, Affiliated Investments2024-03-310001534254Instant Web, LLC, Priming Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254Instant Web, LLC, Priming Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254Instant Web, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254Instant Web, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254Instant Web, LLC, First Lien Delayed Draw Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254Instant Web, LLC, First Lien Delayed Draw Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254Instant Web, LLC, First Lien Delayed Draw Term Loan, Non-Controlled, Affiliated Investments2024-03-310001534254Instant Web Holdings, LLC, Class A Common Units, Non-Controlled, Affiliated Investments2023-12-310001534254Instant Web Holdings, LLC, Class A Common Units, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254Instant Web Holdings, LLC, Class A Common Units, Non-Controlled, Affiliated Investments2024-03-310001534254IPP Buyer Holdings, LLC2023-12-310001534254IPP Buyer Holdings, LLC2024-01-012024-03-310001534254IPP Buyer Holdings, LLC2024-03-310001534254Isagenix International, LLC, First Lien Term Loan2023-12-310001534254Isagenix International, LLC, First Lien Term Loan2024-01-012024-03-310001534254Isagenix International, LLC, First Lien Term Loan2024-03-310001534254Isagenix Worldwide, Inc.2023-12-310001534254Isagenix Worldwide, Inc.2024-01-012024-03-310001534254Isagenix Worldwide, Inc.2024-03-310001534254Lift Brands, Inc., Term Loan A, Non-Controlled, Affiliated Investments2023-12-310001534254Lift Brands, Inc., Term Loan A, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254Lift Brands, Inc., Term Loan A, Non-Controlled, Affiliated Investments2024-03-310001534254Lift Brands, Inc., Term Loan B, Non-Controlled, Affiliated Investments2023-12-310001534254Lift Brands, Inc., Term Loan B, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254Lift Brands, Inc., Term Loan B, Non-Controlled, Affiliated Investments2024-03-310001534254Lift Brands, Inc., Term Loan C, Non-Controlled, Affiliated Investments2023-12-310001534254Lift Brands, Inc., Term Loan C, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254Lift Brands, Inc., Term Loan C, Non-Controlled, Affiliated Investments2024-03-310001534254Longview Intermediate Holdings C, LLC, Membership Units, Non-Controlled, Affiliated Investments2023-12-310001534254Longview Intermediate Holdings C, LLC, Membership Units, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254Longview Intermediate Holdings C, LLC, Membership Units, Non-Controlled, Affiliated Investments2024-03-310001534254Mount Logan Capital Inc., Common Stock, Non-Controlled, Affiliated Investments2023-12-310001534254Mount Logan Capital Inc., Common Stock, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254Mount Logan Capital Inc., Common Stock, Non-Controlled, Affiliated Investments2024-03-310001534254Snap Fitness Holdings, Inc., Class A Stock, Non-Controlled, Affiliated Investments2023-12-310001534254Snap Fitness Holdings, Inc., Class A Stock, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254Snap Fitness Holdings, Inc., Class A Stock, Non-Controlled, Affiliated Investments2024-03-310001534254Snap Fitness Holdings, Inc., Warrants, Non-Controlled, Affiliated Investments2023-12-310001534254Snap Fitness Holdings, Inc., Warrants, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254Snap Fitness Holdings, Inc., Warrants, Non-Controlled, Affiliated Investments2024-03-310001534254SRA Holdings, LLC, Membership Units, Non-Controlled, Affiliated Investments2023-12-310001534254SRA Holdings, LLC, Membership Units, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254SRA Holdings, LLC, Membership Units, Non-Controlled, Affiliated Investments2024-03-310001534254STATinMED, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254STATinMED, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254STATinMED, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-03-310001534254STATinMed Parent, LLC, Class A Preferred Units, Non-Controlled, Affiliated Investments2023-12-310001534254STATinMed Parent, LLC, Class A Preferred Units, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254STATinMed Parent, LLC, Class A Preferred Units, Non-Controlled, Affiliated Investments2024-03-310001534254STATinMed Parent, LLC, Class B Preferred Units, Non-Controlled, Affiliated Investments2023-12-310001534254STATinMed Parent, LLC, Class B Preferred Units, Non-Controlled, Affiliated Investments2024-01-012024-03-310001534254STATinMed Parent, LLC, Class B Preferred Units, Non-Controlled, Affiliated Investments2024-03-310001534254CION/EagleTree Partners, LLC, Senior Secured Note, Controlled Investments2023-12-310001534254CION/EagleTree Partners, LLC, Senior Secured Note, Controlled Investments2024-01-012024-03-310001534254CION/EagleTree Partners, LLC, Senior Secured Note, Controlled Investments2024-03-310001534254CION/EagleTree Partners, LLC, Participating Preferred Shares, Controlled Investments2023-12-310001534254CION/EagleTree Partners, LLC, Participating Preferred Shares, Controlled Investments2024-01-012024-03-310001534254CION/EagleTree Partners, LLC, Participating Preferred Shares, Controlled Investments2024-03-310001534254CION/EagleTree Partners, LLC, Common Shares, Controlled Investments2023-12-310001534254CION/EagleTree Partners, LLC, Common Shares, Controlled Investments2024-01-012024-03-310001534254CION/EagleTree Partners, LLC, Common Shares, Controlled Investments2024-03-310001534254David's Bridal, Inc., Exit First Lien Term Loan, Controlled Investments2023-12-310001534254David's Bridal, Inc., Exit First Lien Term Loan, Controlled Investments2024-01-012024-03-310001534254David's Bridal, Inc., Exit First Lien Term Loan, Controlled Investments2024-03-310001534254David's Bridal, Inc., Incremental First Lien Term Loan, Controlled Investments2023-12-310001534254David's Bridal, Inc., Incremental First Lien Term Loan, Controlled Investments2024-01-012024-03-310001534254David's Bridal, Inc., Incremental First Lien Term Loan, Controlled Investments2024-03-310001534254David's Bridal Holdings, LLC, LLC, Preferred Units, Controlled Investments2023-12-310001534254David's Bridal Holdings, LLC, LLC, Preferred Units, Controlled Investments2024-01-012024-03-310001534254David's Bridal Holdings, LLC, LLC, Preferred Units, Controlled Investments2024-03-310001534254David's Bridal Holdings, LLC, Common Units, Controlled Investments2023-12-310001534254David's Bridal Holdings, LLC, Common Units, Controlled Investments2024-01-012024-03-310001534254David's Bridal Holdings, LLC, Common Units, Controlled Investments2024-03-310001534254American Clinical Solutions LLC, Senior Secured First Lien Debt2024-03-310001534254Anthem Sports & Entertainment Inc., Senior Secured First Lien Debt2024-03-310001534254Celerity Acquisition Holdings, LLC, Senior Secured First Lien Debt2024-03-310001534254Cennox, Inc., Senior Secured First Lien Debt2024-03-310001534254CION/EagleTree Partners, LLC, Senior Secured Note2024-03-310001534254Community Tree Service, LLC, Senior Secured First Lien Debt2024-03-310001534254Deluxe Entertainment Services, Inc., Senior Secured First Lien Debt2024-03-310001534254FuseFX, LLC, Senior Secured First Lien Debt2024-03-310001534254GSC Technologies Inc., Senior Secured First Lien Debt2024-03-310001534254Hilliard, Martinez & Gonzales, LLP, Senior Secured First Lien Debt2024-03-310001534254Homer City Generation, L.P., Senior Secured First Lien Debt 12024-03-310001534254Homer City Generation, L.P., Senior Secured First Lien Debt 22024-03-310001534254HW Acquisition, LLC, Senior Secured First Lien Debt2024-03-310001534254Inotiv, Inc., Senior Secured First Lien Debt2024-03-310001534254Instant Web, LLC, Senior Secured First Lien Debt 2024-03-310001534254Isagenix International, LLC, Senior Secured First Lien Debt2024-03-310001534254K&N Parent, Inc, Senior Secured First Lien Debt2024-03-310001534254Klein Hersh , LLC, Senior Secured First Lien Debt2024-03-310001534254Lift Brands, Inc., Senior Secured First Lien Debt2024-03-310001534254Lucky Bucks Holdings LLC, Unsecured Note2024-03-310001534254Premiere Global Services, Inc.2024-03-310001534254Playboy Enterprises, Inc., Senior Secured First Lien Debt2024-03-310001534254Robert C. Hilliard, L.L.P., Senior Secured First Lien Debt2024-03-310001534254RumbleOn, Inc., Senior Secured First Lien Debt2024-03-310001534254Securus Technologies Holdings, Inc., Senior Secured First Lien Debt2024-03-310001534254Securus Technologies Holdings, Inc., Senior Secured Second Lien Debt2024-03-310001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt2024-03-310001534254STATinMED, LLC, Senior Secured First Lien Debt2024-03-310001534254Trademark Global, LLC, Senior Secured First Lien Debt2024-03-310001534254Trammell, P.C., Senior Secured First Lien Debt2024-03-310001534254Williams Industrial Services Group, Inc., Senior Secured First Lien Debt2024-03-310001534254cion:SeniorSecuredFirstLienDebtMember2023-12-310001534254Adapt Laser Acquisition, Inc., Senior Secured First Lien Debt, 12/31/2025 Maturity, 12023-12-310001534254Adapt Laser Acquisition, Inc., Senior Secured First Lien Debt, 12/31/2025 Maturity, 22023-12-310001534254Afore Insurance Services, LLC., Senior Secured First Lien Debt, 3/24/2025 Maturity 2023-12-310001534254AHF Parent Holding, Inc., Senior Secured First Lien Debt, 2/1/2028 Maturity2023-12-310001534254Allen Media, LLC, Senior Secured First Lien Debt, 2/10/2027 Maturity2023-12-310001534254ALM Media, LLC, Senior Secured First Lien Debt, 11/25/2024 Maturity2023-12-310001534254AMCP Clean Acquisition Company, LLC, Senior Secured First Lien Debt, 6/15/2025 Maturity2023-12-310001534254AMCP Clean Acquisition Company, LLC, Senior Secured First Lien Debt, 6/15/2025 Maturity, 12023-12-310001534254American Clinical Solutions LLC, Senior Secured First Lien Debt, 6/30/2025 Maturity2023-12-310001534254American Clinical Solutions LLC, Senior Secured First Lien Debt, 3/29/2024 Maturity, 12023-12-310001534254American Health Staffing Group, Inc. Senior Secured First Lien Debt, 11/19/2026 Maturity, 12023-12-310001534254American Health Staffing Group, Inc., Senior Secured First Lien Debt, 11/19/2026 Maturity, 22023-12-310001534254American Teleconferencing Services, Ltd., Senior Secured First Lien Debt, 4/07/2023 Maturity, 12023-12-310001534254American Teleconferencing Services, Ltd., Senior Secured First Lien Debt, 4/07/2023 Maturity, 22023-12-310001534254Ancile Solutions, Inc., Senior Secured First Lien Debt, 6/11/2026 Maturity2023-12-310001534254Anthem Sports & Entertainment Inc., Senior Secured First Lien Debt, 11/15/2026 Maturity, 12023-12-310001534254Anthem Sports & Entertainment Inc., Senior Secured First Lien Debt, 11/15/2026 Maturity, 22023-12-310001534254Anthem Sports & Entertainment Inc., Senior Secured First Lien Debt, 11/15/2026 Maturity, 32023-12-310001534254Appalachian Resource Company, LLC, Senior Secured First Lien Debt, 9/30/2024 Maturity2023-12-310001534254Appalachian Resource Company, LLC, Senior Secured First Lien Debt, 9/15/2024 Maturity2023-12-310001534254Atlas Supply LLC, Senior Secured First Lien Debt, 4/29/2025 Maturity2023-12-310001534254Avalign Holdings, Inc., Senior Secured First Lien Debt, 12/22/2025 Maturity2023-12-310001534254Avison Young (USA) Inc., Senior Secured First Lien Debt, 1/31/2026 Maturity2023-12-310001534254Avison Young (USA) Inc., Senior Secured First Lien Debt, 1/31/2026 Maturity, 12023-12-310001534254BDS Solutions Intermediateco, LLC, Senior Secured First Lien Debt, 2/7/2027 Maturity, 12023-12-310001534254BDS Solutions Intermediateco, LLC, Senior Secured First Lien Debt, 2/7/2027 Maturity, 22023-12-310001534254BDS Solutions Intermediateco, LLC, Senior Secured First Lien Debt, 2/7/2027 Maturity, 32023-12-310001534254Berlitz Holdings, Inc., Senior Secured First Lien Debt, 2/14/2025 Maturity2023-12-310001534254Bradshaw International Parent Corp., Senior Secured First Lien Debt, 10/21/2027 Maturity2023-12-310001534254Bradshaw International Parent Corp., Senior Secured First Lien Debt, 10/21/2026 Maturity2023-12-310001534254Cabi, LLC, Senior Secured First Lien Debt, 2/28/2027 Maturity2023-12-310001534254Carestream Health, Inc., Senior Secured First Lien Debt, 9/30/2027 Maturity2023-12-310001534254Celerity Acquisition Holdings, LLC, Senior Secured First Lien Debt, 5/28/2026 Maturity2023-12-310001534254Cennox, Inc., Senior Secured First Lien Debt, 5/4/2026 Maturity, 12023-12-310001534254Cennox, Inc., Senior Secured First Lien Debt, 5/4/2026 Maturity, 22023-12-310001534254Cennox, Inc., Senior Secured First Lien Debt, 5/4/2026 Maturity, 42023-12-310001534254CION/EagleTree Partners, LLC., Senior Secured First Lien Debt, 12/21/2026 Maturity2023-12-310001534254Community Tree Service, LLC., Senior Secured First Lien Debt, 6/17/2027 Maturity2023-12-310001534254Country Fresh Holdings, LLC., Senior Secured First Lien Debt, 4/30/2024 Maturity, 12023-12-310001534254Country Fresh Holdings, LLC., Senior Secured First Lien Debt, 4/30/2024 Maturity, 22023-12-310001534254Coyote Buyer, LLC., Senior Secured First Lien Debt, 2/6/2025 Maturity, 12023-12-310001534254Coyote Buyer, LLC., Senior Secured First Lien Debt, 8/6/2026 Maturity2023-12-310001534254Coyote Buyer, LLC., Senior Secured First Lien Debt, 2/6/2025 Maturity, 32023-12-310001534254Critical Nurse Staffing, LLC., Senior Secured First Lien Debt, 11/1/2026 Maturity, 12023-12-310001534254Critical Nurse Staffing, LLC., Senior Secured First Lien Debt, 11/1/2026 Maturity, 22023-12-310001534254Critical Nurse Staffing, LLC., Senior Secured First Lien Debt, 11/1/2026 Maturity, 52023-12-310001534254David's Bridal, LLC., Senior Secured First Lien Debt, 12/21/2027 Maturity, 12023-12-310001534254David's Bridal, LLC., Senior Secured First Lien Debt, 12/21/2027 Maturity, 22023-12-310001534254Deluxe Entertainment Services, Inc., Senior Secured First Lien Debt, 3/25/2024 Maturity2023-12-310001534254Dermcare Management, LLC., Senior Secured First Lien Debt, 4/22/2028 Maturity, 12023-12-310001534254Dermcare Management, LLC., Senior Secured First Lien Debt, 4/22/2028 Maturity, 22023-12-310001534254Dermcare Management, LLC., Senior Secured First Lien Debt, 4/22/2028 Maturity, 32023-12-310001534254Dermcare Management, LLC., Senior Secured First Lien Debt, 4/22/2028 Maturity, 42023-12-310001534254Emerald Technologies (U.S.) Acquisitionco, Inc.., Senior Secured First Lien Debt, 12/29/2027 Maturity2023-12-310001534254Entertainment Studios P&A LLC., Senior Secured First Lien Debt, 9/28/2027 Maturity2023-12-310001534254Entertainment Studios P&A LLC., Senior Secured First Lien Debt, 5/18/2037 Maturity2023-12-310001534254ESP Associates, Inc., Senior Secured First Lien Debt, 7/24/2028 Maturity, 12023-12-310001534254ESP Associates, Inc., Senior Secured First Lien Debt, 7/24/2028 Maturity, 22023-12-310001534254Flatworld Intermediate Corp.., Senior Secured First Lien Debt, 10/3/2027 Maturity, 12023-12-310001534254Flatworld Intermediate Corp.., Senior Secured First Lien Debt, 10/3/2027 Maturity, 22023-12-310001534254Fluid Control II Inc., Senior Secured First Lien Debt 8/3/2029 Maturity, 12023-12-310001534254Fluid Control II Inc., Senior Secured First Lien Debt 8/3/2029 Maturity, 22023-12-310001534254FuseFX, LLC., Senior Secured First Lien Debt, 9/30/2026 Maturity2023-12-310001534254Future Pak, LLC., Senior Secured First Lien Debt, 9/22/2026 Maturity2023-12-310001534254Gold Medal Holdings, Inc., Senior Secured First Lien Debt, 3/17/2027 Maturity2023-12-310001534254GSC Technologies Inc., Senior Secured First Lien Debt, 9/30/2025 Maturity, 12023-12-310001534254GSC Technologies Inc., Senior Secured First Lien Debt, 9/30/2025 Maturity, 22023-12-310001534254H.W. Lochner, Inc., Senior Secured First Lien Debt, 7/2/2027 Maturity, 12023-12-310001534254H.W. Lochner, Inc., Senior Secured First Lien Debt, 7/2/2027 Maturity, 22023-12-310001534254H.W. Lochner, Inc., Senior Secured First Lien Debt, 7/2/2027 Maturity, 32023-12-310001534254H.W. Lochner, Inc., Senior Secured First Lien Debt, 7/2/2027 Maturity, 42023-12-310001534254Harland Clarke Holdings Corp., Senior Secured First Lien Debt, 6/16/2026 Maturity2023-12-310001534254Heritage Power, LLC., Senior Secured First Lien Debt, 7/20/2026 Maturity2023-12-310001534254Hilliard, Martinez & Gonzales, LLP., Senior Secured First Lien Debt, 9/16/2024 Maturity2023-12-310001534254Hollander Intermediate LLC., Senior Secured First Lien Debt, 9/19/2026 Maturity2023-12-310001534254Homer City Generation, L.P., Senior Secured First Lien Debt, 4/16/2024 Maturity, 12023-12-310001534254Homer City Generation, L.P., Senior Secured First Lien Debt, 4/16/2024 Maturity, 22023-12-310001534254Homer City Generation, L.P., Senior Secured First Lien Debt, 4/16/2024 Maturity, 32023-12-310001534254Hudson Hospital Opco, LLC., Senior Secured First Lien Debt, 11/4/2023 Maturity2023-12-310001534254HUMC Holdco, LLC., Senior Secured First Lien Debt, 11/4/2023 Maturity2023-12-310001534254HW Acquisition, LLC., Senior Secured First Lien Debt, 9/28/2026 Maturity, 12023-12-310001534254HW Acquisition, LLC., Senior Secured First Lien Debt, 9/28/2026 Maturity, 22023-12-310001534254HW Acquisition, LLC., Senior Secured First Lien Debt, 9/28/2026 Maturity, 32023-12-310001534254ICA Foam Holdings, LLC., Senior Secured First Lien Debt, 11/5/2025 Maturity2023-12-310001534254IJKG Opco LLC., Senior Secured First Lien Debt, 11/4/2023 Maturity2023-12-310001534254Inotiv, Inc., Senior Secured First Lien Debt, 11/5/2026 Maturity2023-12-310001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 12023-12-310001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 22023-12-310001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 32023-12-310001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 42023-12-310001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 52023-12-310001534254Invincible Boat Company LLC., Senior Secured First Lien Debt, 8/28/2025 Maturity, 12023-12-310001534254Invincible Boat Company LLC., Senior Secured First Lien Debt, 8/28/2025 Maturity, 22023-12-310001534254Invincible Boat Company LLC., Senior Secured First Lien Debt, 8/28/2025 Maturity, 32023-12-310001534254INW Manufacturing, LLC., Senior Secured First Lien Debt, 3/25/2027 Maturity2023-12-310001534254Ironhorse Purchaser, LLC., Senior Secured First Lien Debt, 9/30/2027 Maturity 12023-12-310001534254Ironhorse Purchaser, LLC., Senior Secured First Lien Debt, 9/30/2027 Maturity 22023-12-310001534254Ironhorse Purchaser, LLC., Senior Secured First Lien Debt, 9/30/2027 Maturity 32023-12-310001534254Ironhorse Purchaser, LLC., Senior Secured First Lien Debt, 9/30/2027 Maturity 42023-12-310001534254Isagenix International, LLC., Senior Secured First Lien Debt, 4/14/2028 Maturity2023-12-310001534254Jenny C Acquisition, Inc., Senior Secured First Lien Debt, 10/1/2024 Maturity, 22023-12-310001534254JP Intermediate B, LLC., Senior Secured First Lien Debt, 8/21/2027 Maturity2023-12-310001534254K&N Parent, Inc., Senior Secured First Lien Debt, 8/16/2027 Maturity2023-12-310001534254K&N Parent, Inc., Senior Secured First Lien Debt, 2/16/2027 Maturity2023-12-310001534254Klein Hersh, LLC., Senior Secured First Lien Debt, 4/27/2027 Maturity2023-12-310001534254KNB Holdings Corp., Senior Secured First Lien Debt, 4/26/2024 Maturity2023-12-310001534254LAV Gear Holdings, Inc., Senior Secured First Lien Debt, 10/31/2024 Maturity, 12023-12-310001534254LAV Gear Holdings, Inc., Senior Secured First Lien Debt, 10/31/2024 Maturity, 22023-12-310001534254LGC US Finco, LLC., Senior Secured First Lien Debt, 12/20/2025 Maturity2023-12-310001534254Lift Brands, Inc., Senior Secured First Lien Debt, 6/29/2025 Maturity, 12023-12-310001534254Lift Brands, Inc., Senior Secured First Lien Debt, 6/29/2025 Maturity, 22023-12-310001534254Lift Brands, Inc., Senior Secured First Lien Debt, 6/29/2025 Maturity, 32023-12-310001534254MacNeill Pride Group Corp., Senior Secured First Lien Debt, 4/22/2026 Maturity, 12023-12-310001534254MacNeill Pride Group Corp., Senior Secured First Lien Debt, 4/22/2026 Maturity, 22023-12-310001534254MacNeill Pride Group Corp., Senior Secured First Lien Debt, 4/30/2024 Maturity 2023-12-310001534254Manus Bio Inc., Senior Secured First Lien Debt, 8/20/2026 Maturity2023-12-310001534254Medplast Holdings, Inc.., Senior Secured First Lien Debt, 7/2/2025 Maturity2023-12-310001534254Mimeo.com, Inc., Senior Secured First Lien Debt, 12/21/2024 Maturity, 12023-12-310001534254Mimeo.com, Inc., Senior Secured First Lien Debt, 12/21/2024 Maturity, 22023-12-310001534254Mimeo.com, Inc., Senior Secured First Lien Debt, 12/21/2024 Maturity, 32023-12-310001534254Moss Holding Company., Senior Secured First Lien Debt, 4/17/2024 Maturity, 12023-12-310001534254Moss Holding Company, Senior Secured First Lien Debt, 4/17/2024 Maturity, 22023-12-310001534254Moss Holding Company, Senior Secured First Lien Debt, 4/17/2024 Maturity, 32023-12-310001534254NewsCycle Solutions, Inc., Senior Secured First Lien Debt, 2/27/2024 Maturity2023-12-310001534254Nova Compression, LLC., Senior Secured First Lien Debt, 10/13/2027 Maturity2023-12-310001534254Nova Compression, LLC., Senior Secured First Lien Debt, 10/13/2024 Maturity2023-12-310001534254Nova Compression, LLC., Senior Secured First Lien Debt, 10/13/2027 Maturity, 22023-12-310001534254NTM Acquisition Corp., Senior Secured First Lien Debt, 6/18/2026 Maturity2023-12-310001534254OpCo Borrower, LLC., Senior Secured First Lien Debt, 8/19/2027 Maturity, 12023-12-310001534254OpCo Borrower, LLC., Senior Secured First Lien Debt, 8/19/2027 Maturity, 32023-12-310001534254Optio Rx, LLC., Senior Secured First Lien Debt, 6/28/2028 Maturity, 12023-12-310001534254Optio Rx, LLC., Senior Secured First Lien Debt, 6/28/2028 Maturity, 22023-12-310001534254Pentec Acquisition Corp., Senior Secured First Lien Debt, 10/8/2026 Maturity2023-12-310001534254PH Beauty Holdings III. Inc., Senior Secured First Lien Debt, 9/28/2025 Maturity2023-12-310001534254Playboy Enterprises, Inc., Senior Secured First Lien Debt, 5/25/2027 Maturity2023-12-310001534254PRA Acquisition, LLC, 5/12/2028 Maturity2023-12-310001534254Project Castle, Inc., Senior Secured First Lien Debt, 6/1/2029 Maturity2023-12-310001534254R. R. Donnelley & Sons Company , 3/22/2028 Maturity2023-12-310001534254RA Outdoors, LLC., Senior Secured First Lien Debt, 4/8/2026 Maturity, 12023-12-310001534254RA Outdoors, LLC., Senior Secured First Lien Debt, 4/8/2026 Maturity, 22023-12-310001534254RA Outdoors, LLC., Senior Secured First Lien Debt, 4/8/2026 Maturity, 32023-12-310001534254Retail Services WIS Corp., Senior Secured First Lien Debt, 5/20/2025 Maturity2023-12-310001534254Robert C. Hilliard, L.L.P., Senior Secured First Lien Debt, 12/17/2023 Maturity2023-12-310001534254Rogers Mechanical Contractors, LLC., Senior Secured First Lien Debt, 9/9/2025 Maturity, 12023-12-310001534254Rogers Mechanical Contractors, LLC., Senior Secured First Lien Debt, 9/9/2025 Maturity, 22023-12-310001534254Rogers Mechanical Contractors, LLC., Senior Secured First Lien Debt, 9/9/2025 Maturity, 42023-12-310001534254RumbleOn, Inc., Senior Secured First Lien Debt, 8/31/2026 Maturity, 12023-12-310001534254RumbleOn, Inc., Senior Secured First Lien Debt, 8/31/2026 Maturity, 22023-12-310001534254Securus Technologies Holdings, Inc., Senior Secured First Lien Debt, 11/1/2024 Maturity2023-12-310001534254Sequoia Healthcare Management, LLC., Senior Secured First Lien Debt, 11/4/2023 Maturity2023-12-310001534254Service Compression, LLC., Senior Secured First Lien Debt, 5/6/2027 Maturity, 12023-12-310001534254Service Compression, LLC., Senior Secured First Lien Debt, 5/6/2027 Maturity, 22023-12-310001534254Service Compression, LLC., Senior Secured First Lien Debt, 5/5/2025 Maturity2023-12-310001534254Sleep Opco, LLC., Senior Secured First Lien Debt, 10/12/2026 Maturity, 12023-12-310001534254Sleep Opco, LLC., Senior Secured First Lien Debt, 10/12/2026 Maturity, 22023-12-310001534254Sleep Opco, LLC., Senior Secured First Lien Debt, 10/12/2026 Maturity, 42023-12-310001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 11/29/2024 Maturity, 12023-12-310001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 11/29/2024 Maturity, 22023-12-310001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 11/29/2024 Maturity, 32023-12-310001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 11/29/2024 Maturity, 42023-12-310001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 11/29/2024 Maturity, 52023-12-310001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 11/29/2024 Maturity, 62023-12-310001534254STATinMED, LLC., Senior Secured First Lien Debt, 7/1/2027 Maturity2023-12-310001534254Stengel Hill Architecture, LLC, Senior Secured First Lien Debt, 8/16/2028 Maturity2023-12-310001534254Tactical Air Support, Inc., Senior Secured First Lien Debt, 12/22/2028 Maturity2023-12-310001534254Tactical Air Support, Inc., Senior Secured First Lien Debt, 12/23/2024 Maturity2023-12-310001534254Thrill Holdings LLC., Senior Secured First Lien Debt, 5/27/2027 Maturity, 12023-12-310001534254Thrill Holdings LLC., Senior Secured First Lien Debt, 5/27/2027 Maturity, 22023-12-310001534254Thrill Holdings LLC., Senior Secured First Lien Debt, 5/27/2024 Maturity2023-12-310001534254TMK Hawk Parent, Corp., Senior Secured First Lien Debt, 8/28/2024 Maturity, 12023-12-310001534254TMK Hawk Parent, Corp., Senior Secured First Lien Debt, 8/28/2024 Maturity, 22023-12-310001534254Trademark Global, LLC., Senior Secured First Lien Debt, 7/30/2024 Maturity2023-12-310001534254Trammell, P.C., Senior Secured First Lien Debt, 4/28/2026 Maturity2023-12-310001534254Usalco, LLC., Senior Secured First Lien Debt, 10/19/2027 Maturity2023-12-310001534254Williams Industrial Services Group, Inc., Senior Secured First Lien Debt, 12/16/2025 Maturity, 12023-12-310001534254Williams Industrial Services Group, Inc., Senior Secured First Lien Debt, 12/16/2025 Maturity, 22023-12-310001534254Wok Holdings Inc., Senior Secured First Lien Debt, 3/1/2026 Maturity2023-12-310001534254WorkGenius, Inc., Senior Secured First Lien Debt, 6/7/2027 Maturity, 12023-12-310001534254WorkGenius, Inc., Senior Secured First Lien Debt, 6/7/2027 Maturity, 22023-12-310001534254WorkGenius, Inc., Senior Secured First Lien Debt, 6/7/2027 Maturity, 32023-12-310001534254Xenon Arc, Inc., Senior Secured First Lien Debt, 12/17/2027 Maturity2023-12-310001534254Yak Access, LLC., Senior Secured First Lien Debt, 3/10/2028 Maturity2023-12-310001534254cion:SeniorSecuredSecondLienDebtMember2023-12-310001534254Global Tel*Link Corp., Senior Secured Second Lien Debt, 11/29/2026 Maturity2023-12-310001534254OpCo Borrower, LLC., Senior Secured Second Lien Debt, 2/19/2028 Maturity2023-12-310001534254RA Outdoors, LLC, Senior Secured Second Lien Debt, 10/8/2026 Maturity2023-12-310001534254Securus Technologies Holdings, Inc., Senior Secured Second Lien Debt, 11/1/2025 Maturity2023-12-310001534254TMK Hawk Parent, Corp., Senior Secured Second Lien Debt, 8/26/2025 Maturity2023-12-310001534254cion:CollateralizedSecuritiesAndStructuredProductsEquityMember2023-12-310001534254APIDOS CLO XVI Subordinated Notes., Collateralized Securities and Structured Products - Equity, 1/19/2025 Maturity2023-12-310001534254Galaxy XV CLO Ltd. Class A Subordinated Notes., Collateralized Securities and Structured Products - Equity, 4/15/2025 Maturity2023-12-310001534254us-gaap:UnsecuredDebtMember2023-12-310001534254Lucky Bucks Holdings LLC., Unsecured Debt, 5/26/2028 Maturity2023-12-310001534254WPLM Acquisition Corp., Unsecured Debt, 11/24/2025 Maturity2023-12-310001534254us-gaap:EquitySecuritiesMember2023-12-310001534254ARC Financial Partners, LLC, Membership Interests., Equity2023-12-310001534254Ascent Resources - Marcellus, LLC, Membership Units., Equity2023-12-310001534254Carestream Health Holdings Inc., Common Stock, Equity2023-12-310001534254CF Arch Holdings LLC, Class A Units, Equity2023-12-310001534254CION/EagleTree Partners, LLC, Participating Preferred Shares Equity2023-12-310001534254CION/EagleTree Partners, LLC, Membership Units Equity2023-12-310001534254David's Bridal Holdings, LLC, Preferred Units, Equity2023-12-310001534254David's Bridal Holdings, LLC, Common Units, Equity2023-12-310001534254FWS Parent Holdings, LLC, Class A Membership Interests, Equity2023-12-310001534254GSC Technologies Inc., Common Shares., Equity2023-12-310001534254Heritage Litigation Trust, Restricted Stock2023-12-310001534254IPP Buyer Holdings, LLC., Equity2023-12-310001534254Instant Web Holdings, LLC, Class A Common Units., Equity2023-12-310001534254Isagenix Worldwide, Inc. Equity2023-12-310001534254K&N Holdco, LLC, Membership Units, Equity2023-12-310001534254Language Education Holdings GP LLC, Common Units., Equity2023-12-310001534254Language Education Holdings LP, Ordinary Common Units., Equity2023-12-310001534254Longview Intermediate Holdings C, LLC, Membership Units., Equity2023-12-310001534254Macquarie Capital Funding LLC2023-12-310001534254Mount Logan Capital Inc., Common Stock., Equity2023-12-310001534254New Giving Acquisition, Inc., Warrants, Equity, 8/19/2029 Maturity2023-12-310001534254New HW Holdings Corp., Common Stock, Equity2023-12-310001534254NS NWN Acquisition, LLC, Class A Preferred Units., Equity2023-12-310001534254NS NWN Acquisition, LLC, Common Equity, Equity2023-12-310001534254NS NWN Holdco LLC, Non-Voting Units, Equity2023-12-310001534254NSG Co-Invest (Bermuda) LP, Partnership Interests., Equity2023-12-310001534254Palmetto Clean Technology, Inc., Warrants., Equity2023-12-310001534254Reorganized Heritage TopCo, LLC, Common Stock2023-12-310001534254RumbleOn, Inc., Warrants, Equity, 8/14/2028 Maturity2023-12-310001534254Service Compression, LLC, Warrants., Equity2023-12-310001534254Snap Fitness Holdings, Inc., Class A Common Stock., Equity2023-12-310001534254Snap Fitness Holdings, Inc., Warrants., Equity2023-12-310001534254SRA Holdings, LLC, Membership Units, Equity2023-12-310001534254STATinMed Parent, LLC, Class A Preferred Units, Equity2023-12-310001534254STATinMed Parent, LLC, Class B Preferred Units, Equity2023-12-310001534254URS Topco, LLC, Common Equity2023-12-310001534254WorkGenius, LLC, Class A Units., Equity2023-12-310001534254Yak Holding II, LLC, Series A Preferred Units, Equity2023-12-310001534254Yak Holding II, LLC, Series B-1 Preferred Units, Equity2023-12-310001534254Yak Holding II, LLC, Series A Common Units, Equity2023-12-310001534254us-gaap:ShortTermInvestmentsMember2023-12-310001534254First American Treasury Obligations Fund, Class Z Shares, Short Term Investments2023-12-310001534254Afore Insurance Services, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2022-12-310001534254Afore Insurance Services, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254ARC Financial, LLC, Membership Interests, Non-Controlled, Affiliated Investments2022-12-310001534254ARC Financial, LLC, Membership Interests, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Carestream Health, Inc., First Lien Term Loan, Non-Controlled, Affiliated Investments2022-12-310001534254Carestream Health, Inc., First Lien Term Loan, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Carestream, Common Shares, Non-Controlled, Affiliated Investments2022-12-310001534254Carestream, Common Shares, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254DESG Holdings, Inc., First Lien Term Loan, Non-Controlled, Affiliated Investments2022-12-310001534254DESG Holdings, Inc., First Lien Term Loan, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254GSC Technologies Inc., Incremental Term Loan, Non-Controlled, Affiliated Investments2022-12-310001534254GSC Technologies Inc., Incremental Term Loan, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254GSC Technologies Inc., Incremental Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254GSC Technologies Inc., First Lien Term Loan A, Non-Controlled, Affiliated Investments2022-12-310001534254GSC Technologies Inc., First Lien Term Loan A, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254GSC Technologies Inc., First Lien Term Loan B, Non-Controlled, Affiliated Investments2022-12-310001534254GSC Technologies Inc., First Lien Term Loan B, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254GSC Technologies Inc., Common Shares, Non-Controlled, Affiliated Investments2022-12-310001534254GSC Technologies Inc., Common Shares, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Instant Web, LLC, Revolving Loan, Non-Controlled, Affiliated Investments2022-12-310001534254Instant Web, LLC, Revolving Loan, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Instant Web, LLC, Priming Term Loan, Non-Controlled, Affiliated Investments2022-12-310001534254Instant Web, LLC, Priming Term Loan, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Instant Web, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2022-12-310001534254Instant Web, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Instant Web, LLC, First Lien Delayed Draw Term Loan, Non-Controlled, Affiliated Investments2022-12-310001534254Instant Web, LLC, First Lien Delayed Draw Term Loan, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Instant Web Holdings, LLC, Class A Common Units, Non-Controlled, Affiliated Investments2022-12-310001534254Instant Web Holdings, LLC, Class A Common Units, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254IPP Buyer Holdings, LLC2022-12-310001534254IPP Buyer Holdings, LLC2023-01-012023-12-310001534254Isagenix International, LLC, First Lien Term Loan2022-12-310001534254Isagenix International, LLC, First Lien Term Loan2023-01-012023-12-310001534254Isagenix Worldwide, Inc.2022-12-310001534254Isagenix Worldwide, Inc.2023-01-012023-12-310001534254Lift Brands, Inc., Term Loan A, Non-Controlled, Affiliated Investments2022-12-310001534254Lift Brands, Inc., Term Loan A, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Lift Brands, Inc., Term Loan B, Non-Controlled, Affiliated Investments2022-12-310001534254Lift Brands, Inc., Term Loan B, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Lift Brands, Inc., Term Loan C, Non-Controlled, Affiliated Investments2022-12-310001534254Lift Brands, Inc., Term Loan C, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Longview Intermediate Holdings C, LLC, Membership Units, Non-Controlled, Affiliated Investments2022-12-310001534254Longview Intermediate Holdings C, LLC, Membership Units, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Longview Power, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2022-12-310001534254Longview Power, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Longview Power, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254Mount Logan Capital Inc., Common Stock, Non-Controlled, Affiliated Investments2022-12-310001534254Mount Logan Capital Inc., Common Stock, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Snap Fitness Holdings, Inc., Class A Stock, Non-Controlled, Affiliated Investments2022-12-310001534254Snap Fitness Holdings, Inc., Class A Stock, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Snap Fitness Holdings, Inc., Warrants, Non-Controlled, Affiliated Investments2022-12-310001534254Snap Fitness Holdings, Inc., Warrants, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254SRA Holdings, LLC, Membership Units, Non-Controlled, Affiliated Investments2022-12-310001534254SRA Holdings, LLC, Membership Units, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254STATinMED, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2022-12-310001534254STATinMED, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Delayed Draw First Lien Term Loan, Non-Controlled, Affiliated Investments2022-12-310001534254Delayed Draw First Lien Term Loan, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254Delayed Draw First Lien Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254STATinMed Parent, LLC, Class A Preferred Units, Non-Controlled, Affiliated Investments2022-12-310001534254STATinMed Parent, LLC, Class A Preferred Units, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254STATinMed Parent, LLC, Class B Preferred Units, Non-Controlled, Affiliated Investments2022-12-310001534254STATinMed Parent, LLC, Class B Preferred Units, Non-Controlled, Affiliated Investments2023-01-012023-12-310001534254us-gaap:InvestmentAffiliatedIssuerNoncontrolledMember2022-12-310001534254CION/EagleTree Partners, LLC, Senior Secured Note, Controlled Investments2022-12-310001534254CION/EagleTree Partners, LLC, Senior Secured Note, Controlled Investments2023-01-012023-12-310001534254CION/EagleTree Partners, LLC, Participating Preferred Shares, Controlled Investments2022-12-310001534254CION/EagleTree Partners, LLC, Participating Preferred Shares, Controlled Investments2023-01-012023-12-310001534254CION/EagleTree Partners, LLC, Common Shares, Controlled Investments2022-12-310001534254CION/EagleTree Partners, LLC, Common Shares, Controlled Investments2023-01-012023-12-310001534254David's Bridal, Inc., LLC, Exit First Lien Term Loan, Controlled Investments2022-12-310001534254David's Bridal, Inc., LLC, Exit First Lien Term Loan, Controlled Investments2023-01-012023-12-310001534254David's Bridal, Inc., LLC, Exit First Lien Term Loan, Controlled Investments2023-12-310001534254David's Bridal, Inc., LLC, Incremental First Lien Term Loan, Controlled Investments2022-12-310001534254David's Bridal, Inc., LLC, Incremental First Lien Term Loan, Controlled Investments2023-01-012023-12-310001534254David's Bridal, Inc., LLC, Incremental First Lien Term Loan, Controlled Investments2023-12-310001534254David's Bridal Holdings, LLC, LLC, Preferred Units, Controlled Investments2022-12-310001534254David's Bridal Holdings, LLC, LLC, Preferred Units, Controlled Investments2023-01-012023-12-310001534254David's Bridal Holdings, LLC, Common Units, Controlled 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number 000-54755 
 CĪON Investment Corporation 
 (Exact name of registrant as specified in its charter) 
 
Maryland45-3058280
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
100 Park Avenue, 25th Floor
New York, New York
10017
(Address of principal executive offices)(Zip Code)
 
(212) 418-4700
 
 (Registrant’s telephone number, including area code) 
   
 Not applicable 
 (Former name, former address and former fiscal year, if changed since last report) 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, par value $0.001 per share
CIONThe New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                                      
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 Large accelerated filerAccelerated filer
 Non-accelerated filerSmaller reporting company
Emerging growth company




If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  
Yes No ☒
The number of shares of the registrant’s common stock, $0.001 par value, outstanding as of May 1, 2024 was 53,589,124.



CĪON INVESTMENT CORPORATION
FORM 10-Q
TABLE OF CONTENTS
Page
 




PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
CĪON Investment Corporation
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
March 31,
2024
December 31,
2023
(unaudited)
Assets
Investments, at fair value:
     Non-controlled, non-affiliated investments (amortized cost of $1,541,138 and $1,610,822, respectively)
$1,494,478 $1,570,676 
     Non-controlled, affiliated investments (amortized cost of $212,966 and $210,103, respectively)
202,915 206,301 
     Controlled investments (amortized cost of $154,505 and $154,705, respectively)
173,444 177,293 
          Total investments, at fair value (amortized cost of $1,908,609 and $1,975,630, respectively)
1,870,837 1,954,270 
Cash48,482 8,415 
Interest receivable on investments36,366 36,724 
Receivable due on investments sold and repaid11,452 967 
Prepaid expenses and other assets1,137 1,348 
   Total assets$1,968,274 $2,001,724 
Liabilities and Shareholders' Equity
Liabilities
Financing arrangements (net of unamortized debt issuance costs of $9,388 and $10,643, respectively)
$1,060,455 $1,081,701 
Payable for investments purchased21,041 4,692 
Accounts payable and accrued expenses743 1,036 
Interest payable8,556 10,231 
Accrued management fees6,864 6,893 
Accrued subordinated incentive fee on income6,914 4,615 
Accrued administrative services expense642 2,156 
Shareholder distribution payable 10,837 
Total liabilities1,105,215 1,122,161 
Commitments and contingencies (Note 4 and Note 11)
Shareholders' Equity
Common stock, $0.001 par value; 500,000,000 shares authorized; 53,760,605
and 54,184,636 shares issued and 53,760,605 and 54,184,636 shares outstanding, respectively
54 54 
Capital in excess of par value1,028,360 1,033,030 
Accumulated distributable losses(165,355)(153,521)
Total shareholders' equity863,059 879,563 
Total liabilities and shareholders' equity$1,968,274 $2,001,724 
Net asset value per share of common stock at end of period$16.05 $16.23 

See accompanying notes to consolidated financial statements.
1


CĪON Investment Corporation
Consolidated Statements of Operations
(in thousands, except share and per share amounts)
Three Months Ended
March 31,
Year Ended
December 31,
202420232023
(unaudited)(unaudited)
Investment income
Non-controlled, non-affiliated investments
     Interest income$55,372 $42,768 $184,013 
     Paid-in-kind interest income7,049 4,831 22,317 
     Fee income3,873 1,143 7,871 
     Dividend income  210 
Non-controlled, affiliated investments
     Interest income1,519 2,474 7,068 
     Paid-in-kind interest income2,482 1,731 8,372 
     Fee income 1,920 2,432 
     Dividend income27 3,881 3,946 
Controlled investments
     Interest income3,232 1,977 8,090 
     Paid-in-kind interest income  1,050 
     Fee income  1,391 
     Dividend income 4,250 4,250 
Total investment income73,554 64,975 251,010 
Operating expenses
Management fees6,864 6,676 26,856 
Administrative services expense1,092 837 3,971 
Subordinated incentive fee on income6,914 6,335 22,277 
General and administrative1,784 1,955 7,382 
Interest expense24,302 19,309 85,556 
Total operating expenses40,956 35,112 146,042 
   Net investment income before taxes32,598 29,863 104,968 
Income tax expense (benefit), including excise tax5 5 (54)
Net investment income after taxes32,593 29,858 105,022 
Realized and unrealized (losses) gains
Net realized losses on:
   Non-controlled, non-affiliated investments(9,736)(4,525)(31,927)
   Non-controlled, affiliated investments   
   Controlled investments   
Net realized losses(9,736)(4,525)(31,927)
Net change in unrealized (depreciation) appreciation on:
   Non-controlled, non-affiliated investments(6,517)(41,086)15,658 
   Non-controlled, affiliated investments(6,246)(10,290)(7,335)
   Controlled investments(3,649)(5,002)13,896 
Net change in unrealized (depreciation) appreciation(16,412)(56,378)22,219 
Net realized and unrealized losses(26,148)(60,903)(9,708)
Net increase (decrease) in net assets resulting from operations$6,445 $(31,045)$95,314 
Per share information—basic and diluted
Net increase (decrease) in net assets per share resulting from operations$0.12 $(0.56)$1.74 
Net investment income per share$0.60 $0.54 $1.92 
Weighted average shares of common stock outstanding53,960,698 55,109,482 54,685,327 
See accompanying notes to consolidated financial statements.
2


CĪON Investment Corporation
Consolidated Statements of Changes in Net Assets
(in thousands, except share and per share amounts)
Three Months Ended
March 31,
Year Ended
December 31,
202420232023
(unaudited)(unaudited)
Changes in net assets from operations:
Net investment income$32,593 $29,858 $105,022 
Net realized loss on investments(9,736)(4,525)(31,927)
Net change in unrealized (depreciation) appreciation on investments(16,412)(56,378)22,219 
Net increase (decrease) in net assets resulting from operations6,445 (31,045)95,314 
Changes in net assets from shareholders' distributions:
Distributions to shareholders(18,279)(18,687)(87,867)
Net decrease in net assets resulting from shareholders' distributions(18,279)(18,687)(87,867)
Changes in net assets from capital share transactions:
Repurchase of common stock(4,670)(3,592)(11,518)
Net decrease in net assets resulting from capital share transactions(4,670)(3,592)(11,518)
Total decrease in net assets(16,504)(53,324)(4,071)
Net assets at beginning of period879,563 883,634 883,634 
Net assets at end of period$863,059 $830,310 $879,563 
Net asset value per share of common stock at end of period$16.05 $15.11 $16.23 
Shares of common stock outstanding at end of period53,760,605 54,961,455 54,184,636 
See accompanying notes to consolidated financial statements.
3


CĪON Investment Corporation
Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended
March 31,
Year Ended
December 31,
202420232023
(unaudited)(unaudited)
Operating activities:
Net increase (decrease) in net assets resulting from operations$6,445 $(31,045)$95,314 
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net accretion of discount on investments(11,665)(4,342)(13,506)
Proceeds from principal repayment of investments190,574 57,462 287,480 
Purchase of investments(111,636)(23,048)(350,203)
Paid-in-kind interest and dividends capitalized(9,531)(6,562)(31,739)
Increase in short term investments, net(16,691)(55,457)(102,577)
Proceeds from sale of investments17,047 8,812 12,771 
Net realized loss on investments9,736 4,525 31,927 
Net change in unrealized depreciation (appreciation) on investments16,412 56,378 (22,219)
Amortization of debt issuance costs1,254 895 4,073 
(Increase) decrease in interest receivable on investments(455)(1,897)(16,372)
(Increase) decrease in dividends receivable on investments 1,275 1,275 
(Increase) decrease in receivable due on investments sold and repaid(10,485)(2,223)49 
(Increase) decrease in prepaid expenses and other assets211 (3,727)(523)
Increase (decrease) in payable for investments purchased16,349  4,692 
Increase (decrease) in accounts payable and accrued expenses(293)63 24 
Increase (decrease) in interest payable(1,675)(813)2,411 
Increase (decrease) in accrued management fees(29)(248)(31)
Increase (decrease) in accrued administrative services expense(1,514)(1,009)453 
Increase (decrease) in subordinated incentive fee on income payable2,299 1,269 (450)
Net cash provided by (used in) operating activities96,353 308 (97,151)
Financing activities:
Repurchase of common stock(4,670)(3,592)(11,518)
Shareholders' distributions paid(29,116)(33,618)(91,961)
Repayments under financing arrangements(22,500)(27,500)(102,500)
Borrowings under financing arrangements 80,712 237,344 
Debt issuance costs paid (3,033)(8,538)
Net cash (used in) provided by financing activities(56,286)12,969 22,827 
Net increase (decrease) in cash40,067 13,277 (74,324)
Cash, beginning of period8,415 82,739 82,739 
Cash, end of period$48,482 $96,016 $8,415 
Supplemental disclosure of cash flow information:
Cash paid for interest$24,703 $19,214 $79,032 
Supplemental non-cash operating activities:
Restructuring of portfolio investment$31,043 $45,986 $118,256 
        Cash interest receivable exchanged for additional securities$1,631 $912 $4,661 
See accompanying notes to consolidated financial statements.
4


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2024
(in thousands)
Portfolio Company(a)Interest(b)MaturityIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
Senior Secured First Lien Debt - 169.8%
Adapt Laser Acquisition, Inc.(x)
S+1000, 1.00% SOFR Floor
12/31/2025Capital Equipment$10,765 $10,765 $11,088 
Adapt Laser Acquisition, Inc.(x)
S+1000, 1.00% SOFR Floor
12/31/2025Capital Equipment2,104 2,104 2,093 
Afore Insurance Services, LLC(m)(r)(x)
S+600, 1.00% SOFR Floor
3/24/2025Banking, Finance, Insurance & Real Estate4,583 4,583 4,583 
AHF Parent Holding, Inc.(n)(x)
S+625, 0.75% SOFR Floor
2/1/2028Construction & Building2,700 2,662 2,688 
Allen Media, LLC(n)(x)
S+550, 0.00% SOFR Floor
2/10/2027Media: Diversified & Production8,749 8,700 8,356 
ALM Global, LLC(m)(n)(x)
S+625, 1.00% SOFR Floor
2/21/2029Media: Advertising, Printing & Publishing29,726 29,726 29,727 
ALM Global, LLC
0.50% Unfunded
2/21/2029Media: Advertising, Printing & Publishing2,700   
American Clinical Solutions LLC(m)(t)(x)
S+700, 1.00% SOFR Floor
6/30/2025Healthcare & Pharmaceuticals7,914 7,914 7,598 
American Clinical Solutions LLC(p)
0.00% Unfunded
6/30/2025Healthcare & Pharmaceuticals3,500  (140)
American Family Care, LLC(m)(x)
S+600, 1.00% SOFR Floor
2/28/2029Healthcare & Pharmaceuticals13,636 13,636 13,636 
American Family Care, LLC(x)
S+600, 1.00% SOFR Floor
2/28/2029Healthcare & Pharmaceuticals227 227 227 
American Family Care, LLC
1.00% Unfunded
2/28/2026Healthcare & Pharmaceuticals4,545   
American Family Care, LLC
0.50% Unfunded
2/28/2029Healthcare & Pharmaceuticals1,591   
American Health Staffing Group, Inc.(m)(x)
S+600, 1.00% SOFR Floor
11/19/2026Services: Business16,333 16,239 16,333 
American Health Staffing Group, Inc.
0.50% Unfunded
11/19/2026Services: Business3,333 (17) 
American Teleconferencing Services, Ltd.(q)
Prime+550
4/7/2023Telecommunications3,116 3,116 140 
American Teleconferencing Services, Ltd.(p)
0.00% Unfunded
4/7/2023Telecommunications235   
Ancile Solutions, Inc.(m)(x)
S+1000, 1.00% SOFR Floor
6/11/2026High Tech Industries11,126 10,947 11,001 
Anthem Sports & Entertainment Inc.(m)(t)(x)
S+950, 1.00% SOFR Floor
11/15/2026Media: Diversified & Production41,366 41,250 38,988 
Anthem Sports & Entertainment Inc.(t)(x)
S+950, 1.00% SOFR Floor
11/15/2026Media: Diversified & Production3,359 3,359 3,166 
Anthem Sports & Entertainment Inc.
0.50% Unfunded
11/15/2026Media: Diversified & Production167  (10)
Appalachian Resource Company, LLC(w)
S+500, 1.00% SOFR Floor
9/30/2024Metals & Mining11,137 11,129 10,804 
Appalachian Resource Company, LLC(w)
S+1000, 1.00% SOFR Floor
9/15/2024Metals & Mining5,000 5,000 5,000 
Atlas Supply LLC11.00%4/29/2025Healthcare & Pharmaceuticals5,000 5,000 4,400 
Avison Young (Canada) Inc./Avison Young (USA) Inc.(m)(x)
S+800, 2.00% SOFR Floor
3/12/2029Banking, Finance, Insurance & Real Estate8,178 8,178 7,749 
Avison Young (Canada) Inc./Avison Young (USA) Inc.(x)
S+800, 2.00% SOFR Floor
3/12/2029Banking, Finance, Insurance & Real Estate2,795 2,795 2,494 
Avison Young (Canada) Inc./Avison Young (USA) Inc.(x)
S+750, 2.00% SOFR Floor
3/12/2028Banking, Finance, Insurance & Real Estate3,320 3,221 3,320 
BDS Solutions Intermediateco, LLC(m)(x)
S+700, 1.00% SOFR Floor
2/7/2027Services: Business19,841 19,602 19,270 
BDS Solutions Intermediateco, LLC(x)
S+700, 1.00% SOFR Floor
2/7/2027Services: Business762 761 740 
BDS Solutions Intermediateco, LLC
0.50% Unfunded
2/7/2027Services: Business2,095 (73)(60)
Berlitz Holdings, Inc.(w)
S+900, 1.00% SOFR Floor
2/14/2025Services: Business13,800 13,438 13,267 
See accompanying notes to consolidated financial statements.
5


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2024
(in thousands)
Portfolio Company(a)Interest(b)MaturityIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
Bradshaw International Parent Corp.(m)(w)
S+575, 1.00% SOFR Floor
10/21/2027Consumer Goods: Durable12,860 12,645 12,860 
Bradshaw International Parent Corp.
1.00% Unfunded
10/21/2026Consumer Goods: Durable1,844 (24) 
Cabi, LLC(j)(m)(w)
S+450, 1.00% SOFR Floor
2/28/2027Retail16,477 16,315 16,394 
Carestream Health, Inc.(n)(r)(x)
S+750, 1.00% SOFR Floor
9/30/2027Healthcare & Pharmaceuticals11,432 10,458 11,432 
Celerity Acquisition Holdings, LLC(m)(t)(x)
S+1000, 1.00% SOFR Floor
5/28/2026Services: Business16,278 16,259 16,278 
Cennox, Inc.(m)(t)(x)
S+625, 1.00% SOFR Floor
5/4/2026Services: Business22,382 22,381 22,354 
Cennox, Inc.(m)(n)(t)(x)
S+625, 1.00% SOFR Floor
5/4/2026Services: Business11,441 11,438 11,427 
Cennox, Inc.(t)(x)
S+625, 1.00% SOFR Floor
5/4/2026Services: Business2,987 2,987 2,983 
CION/EagleTree Partners, LLC(h)(s)(t)14.00%12/21/2026Diversified Financials59,598 59,598 59,598 
Community Tree Service, LLC(m)(t)(x)
S+1100, 1.00% SOFR Floor
6/17/2027Construction & Building11,608 11,608 11,667 
Country Fresh Holdings, LLC(q)
Prime+600
4/30/2024Beverage, Food & Tobacco844 645 11 
Country Fresh Holdings, LLC(q)
Prime+600
4/30/2024Beverage, Food & Tobacco342 268 5 
Critical Nurse Staffing, LLC(m)(x)
S+650, 1.00% SOFR Floor
11/1/2026Healthcare & Pharmaceuticals12,764 12,764 12,764 
Critical Nurse Staffing, LLC(m)(x)
S+650, 1.00% SOFR Floor
11/1/2026Healthcare & Pharmaceuticals986 986 986 
Critical Nurse Staffing, LLC
0.50% Unfunded
11/1/2026Healthcare & Pharmaceuticals1,000   
David's Bridal, LLC(s)(x)
S+600, 0.00% SOFR Floor
12/21/2027Retail16,834 16,834 16,623 
David's Bridal, LLC(m)(s)(x)
S+650, 0.00% SOFR Floor
12/21/2027Retail22,050 22,050 21,831 
Deluxe Entertainment Services, Inc.(m)(q)(r)(t)
Prime+550
3/25/2024Media: Diversified & Production2,621 2,531 85 
Dermcare Management, LLC(m)(w)
S+575, 1.00% SOFR Floor
4/22/2028Healthcare & Pharmaceuticals9,238 9,098 9,238 
Dermcare Management, LLC(m)(w)
S+575, 1.00% SOFR Floor
4/22/2028Healthcare & Pharmaceuticals4,193 4,127 4,193 
Dermcare Management, LLC (w)
S+575, 1.00% SOFR Floor
4/22/2028Healthcare & Pharmaceuticals896 896 896 
Dermcare Management, LLC
0.50% Unfunded
4/22/2028Healthcare & Pharmaceuticals448   
Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(x)
S+625, 1.00% SOFR Floor
12/29/2027Services: Business2,850 2,810 2,622 
Entertainment Studios P&A LLC(m)(x)
S+900, 1.00% SOFR Floor
9/28/2027Media: Diversified & Production30,931 30,858 30,931 
Entertainment Studios P&A LLC(j)5.00%5/18/2037Media: Diversified & Production  265 
ESP Associates, Inc.(m)(x)
S+650, 1.50% SOFR Floor
7/24/2028Construction & Building8,663 8,507 8,576 
ESP Associates, Inc.
0.50% Unfunded
7/24/2028Construction & Building1,316 (26)(13)
See accompanying notes to consolidated financial statements.
6


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2024
(in thousands)
Portfolio Company(a)Interest(b)MaturityIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
Flatworld Intermediate Corp.(n)(x)
S+700, 1.00% SOFR Floor
10/3/2027Services: Business23,145 23,145 23,145 
Flatworld Intermediate Corp.
0.50% Unfunded
10/3/2027Services: Business5,865   
Fluid Control II Inc.(m)(x)
S+650, 1.00% SOFR Floor
8/3/2029Chemicals, Plastics & Rubber13,202 13,202 13,153 
Fluid Control II Inc.
0.50% Unfunded
8/3/2029Chemicals, Plastics & Rubber1,765  (7)
FuseFX, LLC(m)(n)(t)(w)
S+600, 1.00% SOFR Floor
9/30/2026Media: Diversified & Production19,987 19,944 19,437 
Future Pak, LLC(m)(w)
S+900, 4.00% SOFR Floor
9/22/2026Healthcare & Pharmaceuticals18,070 18,070 18,070 
Gold Medal Holdings, Inc.(m)(w)
S+700, 1.00% SOFR Floor
3/17/2027Environmental Industries15,297 15,188 15,297 
GSC Technologies Inc.(r)(w)
S+500, 1.00% SOFR Floor
9/30/2025Chemicals, Plastics & Rubber2,093 2,052 1,998 
GSC Technologies Inc.(r)(t)(w)
S+500, 1.00% SOFR Floor
9/30/2025Chemicals, Plastics & Rubber1,034 1,015 977 
H.W. Lochner, Inc.(m)(x)
S+675, 1.00% SOFR Floor
7/2/2027Construction & Building10,295 10,053 10,295 
H.W. Lochner, Inc.(m)(x)
S+625, 1.00% SOFR Floor
7/2/2027Construction & Building8,738 8,687 8,738 
H.W. Lochner, Inc.(m)(x)
S+675, 1.00% SOFR Floor
7/2/2027Construction & Building2,536 2,466 2,504 
H.W. Lochner, Inc.(x)
S+625, 1.00% SOFR Floor
7/2/2027Construction & Building1,464 1,414 1,464 
H.W. Lochner, Inc.
0.50% Unfunded
7/2/2027Construction & Building536   
Heritage Power, LLC(x)
S+550, 1.00% SOFR Floor
7/20/2026Energy: Oil & Gas1,159 1,159 1,159 
Hilliard, Martinez & Gonzales, LLP(m)(t)(w)
S+1200, 2.00% SOFR Floor
9/16/2024Services: Consumer25,872 25,855 25,613 
Hollander Intermediate LLC(m)(w)
S+875, 3.00% SOFR Floor
9/19/2026Consumer Goods: Durable16,846 16,519 16,173 
Homer City Generation, L.P.(m)(q)(t)15.00%4/16/2024Energy: Oil & Gas13,667 12,024 9,225 
Homer City Generation, L.P.(t)17.00%4/16/2024Energy: Oil & Gas2,226 2,226 2,226 
Hudson Hospital Opco, LLC(w)(z)
S+800, 3.00% SOFR Floor
11/4/2023Healthcare & Pharmaceuticals2,186 2,176 2,060 
HUMC Holdco, LLC(w)(z)
S+800, 3.00% SOFR Floor
11/4/2023Healthcare & Pharmaceuticals7,780 7,780 7,780 
HW Acquisition, LLC(m)(t)
Prime+500
9/28/2026Capital Equipment18,781 18,677 15,564 
HW Acquisition, LLC
Prime+500
9/28/2026Capital Equipment2,933 2,904 2,431 
HW Acquisition, LLC
0.50% Unfunded
9/28/2026Capital Equipment 15  
ICA Foam Holdings, LLC(m)(x)
S+725, 1.00% SOFR Floor
11/5/2025Containers, Packaging & Glass19,026 18,815 18,455 
IJKG Opco LLC(w)(z)
S+800, 3.00% SOFR Floor
11/4/2023Healthcare & Pharmaceuticals1,457 1,443 1,373 
Inotiv, Inc.(m)(t)(y)
S+675, 1.00% SOFR Floor
11/5/2026Healthcare & Pharmaceuticals16,311 16,129 15,801 
Instant Web, LLC(r)(t)(w)
S+700, 1.00% SOFR Floor
2/25/2027Media: Advertising, Printing & Publishing46,383 46,384 30,613 
See accompanying notes to consolidated financial statements.
7


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2024
(in thousands)
Portfolio Company(a)Interest(b)MaturityIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
Instant Web, LLC(r)(t)(w)
S+650, 1.00% SOFR Floor
2/25/2027Media: Advertising, Printing & Publishing2,996 2,996 2,936 
Instant Web, LLC(r)(t)
Prime+375, 4.00% Prime Floor
2/25/2027Media: Advertising, Printing & Publishing512 512 528 
Instant Web, LLC(r)(w)
S+650, 1.00% SOFR Floor
2/25/2027Media: Advertising, Printing & Publishing1,515 1,515 1,482 
Instant Web, LLC(r)
0.50% Unfunded
2/25/2027Media: Advertising, Printing & Publishing1,731  (37)
Invincible Boat Company LLC(m)(x)
S+650, 1.50% SOFR Floor
8/28/2025Consumer Goods: Durable13,475 13,422 13,475 
Invincible Boat Company LLC(x)
S+650, 1.50% SOFR Floor
8/28/2025Consumer Goods: Durable80 80 80 
Invincible Boat Company LLC
0.50% Unfunded
8/28/2025Consumer Goods: Durable718   
INW Manufacturing, LLC(n)(x)
S+575, 0.75% SOFR Floor
3/25/2027Services: Business17,500 17,195 16,166 
Ironhorse Purchaser, LLC(n)(x)
S+650, 1.00% SOFR Floor
9/30/2027Services: Business7,036 6,982 7,036 
Ironhorse Purchaser, LLC(x)
S+650, 1.00% SOFR Floor
9/30/2027Services: Business2,015 2,001 2,015 
Ironhorse Purchaser, LLC(x)
S+650, 1.00% SOFR Floor
9/30/2027Services: Business408 402 408 
Ironhorse Purchaser, LLC
0.50% Unfunded
9/30/2027Services: Business408   
Isagenix International, LLC(r)(t)(x)
S+550, 1.00% SOFR Floor
4/14/2028Beverage, Food & Tobacco8,770 8,770 8,540 
Jenny C Acquisition, Inc.(q)(x)
S+900, 1.75% SOFR Floor
10/1/2024Services: Consumer534 534 131 
JP Intermediate B, LLC(m)(x)
S+550, 1.00% SOFR Floor
8/21/2027Beverage, Food & Tobacco35,197 18,921 28,114 
K&N Parent, Inc.(m)(t)(w)
S+825, 1.00% SOFR Floor
8/16/2027Consumer Goods: Durable5,509 5,510 5,302 
K&N Parent, Inc.(m)(w)
S+800, 1.00% SOFR Floor
2/16/2027Consumer Goods: Durable4,220 4,100 4,363 
KeyImpact Holdings, Inc.(m)(x)
S+650, 1.00% SOFR Floor
1/31/2029Beverage, Food & Tobacco24,123 24,123 24,123 
Klein Hersh, LLC(m)(t)(w)
S+1111, 0.50% SOFR Floor
4/27/2027Services: Business22,672 22,672 19,356 
KNB Holdings Corp.(m)(q)(v)
L+550, 1.00% LIBOR Floor
4/26/2024Consumer Goods: Durable7,634 7,387 229 
LAV Gear Holdings, Inc.(m)(n)(x)
S+628, 1.00% SOFR Floor
10/31/2025Services: Business27,523 27,455 27,420 
LAV Gear Holdings, Inc.(m)(n)(x)
S+628, 1.00% SOFR Floor
10/31/2025Services: Business4,515 4,508 4,498 
LGC US Finco, LLC(m)(w)
S+650, 1.00% SOFR Floor
12/20/2025Capital Equipment11,164 11,015 11,164 
Lift Brands, Inc.(m)(n)(r)(w)
S+750, 1.00% SOFR Floor
6/29/2025Services: Consumer22,991 22,991 22,991 
Lift Brands, Inc.(n)(r)(t)9.50%6/29/2025Services: Consumer6,198 6,163 5,966 
Lift Brands, Inc.(n)(r)(t)9.50%6/29/2025Services: Consumer7,084 6,874 6,546 
MacNeill Pride Group Corp.(m)(x)
S+625, 1.00% SOFR Floor
4/22/2026Services: Consumer17,007 16,952 16,901 
MacNeill Pride Group Corp.(m)(x)
S+625, 1.00% SOFR Floor
4/22/2026Services: Consumer6,277 6,247 6,237 
MacNeill Pride Group Corp.
1.00% Unfunded
4/30/2024Services: Consumer2,017 (10)(13)
Manus Bio Inc.13.00%8/20/2026Healthcare & Pharmaceuticals10,081 10,039 10,081 
Medplast Holdings, Inc.(m)(u)
L+375, 0.00% LIBOR Floor
7/2/2025Healthcare & Pharmaceuticals4,948 4,814 4,940 
Mimeo.com, Inc.(m)(x)
S+640, 1.00% SOFR Floor
12/21/2024Media: Advertising, Printing & Publishing21,466 21,466 21,466 
Mimeo.com, Inc.(x)
S+640, 1.00% SOFR Floor
12/21/2024Media: Advertising, Printing & Publishing2,756 2,756 2,756 
Mimeo.com, Inc.
1.00% Unfunded
12/21/2024Media: Advertising, Printing & Publishing2,500   
Moss Holding Company(m)(n)(x)
S+625, 1.00% SOFR Floor
10/17/2026Services: Business22,067 22,055 22,067 
See accompanying notes to consolidated financial statements.
8


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2024
(in thousands)
Portfolio Company(a)Interest(b)MaturityIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
Moss Holding Company
6.25% Unfunded
10/17/2026Services: Business106   
Moss Holding Company
0.50% Unfunded
10/17/2026Services: Business2,126   
NewsCycle Solutions, Inc.(m)(n)(x)
S+700, 1.00% SOFR Floor
4/27/2024Media: Advertising, Printing & Publishing12,286 12,285 11,057 
Nova Compression, LLC(m)(t)(w)
S+1050, 2.00% SOFR Floor
10/13/2027Energy: Oil & Gas27,316 27,316 27,316 
Nova Compression, LLC(t)(w)
S+1050, 2.00% SOFR Floor
10/13/2027Energy: Oil & Gas657 657 657 
Nova Compression, LLC
1.00% Unfunded
10/13/2024Energy: Oil & Gas2,609 1  
NTM Acquisition Corp.(m)(x)
S+675, 1.00% SOFR Floor
6/18/2026Hotel, Gaming & Leisure24,938 24,938 24,939 
OpCo Borrower, LLC(m)(x)
S+650, 1.00% SOFR Floor
8/19/2027Healthcare & Pharmaceuticals10,827 10,740 10,935 
OpCo Borrower, LLC
0.50% Unfunded
8/19/2027Healthcare & Pharmaceuticals1,042   
Optio Rx, LLC(n)(v)
L+1200, 0.00% LIBOR Floor
6/28/2024Healthcare & Pharmaceuticals2,480 2,479 2,514 
Optio Rx, LLC(v)
L+900, 0.00% LIBOR Floor
6/28/2024Healthcare & Pharmaceuticals2,500 2,500 2,500 
Optio Rx, LLC(m)(n)(v)
L+900, 0.00% LIBOR Floor
6/28/2024Healthcare & Pharmaceuticals15,366 15,360 15,251 
PH Beauty Holdings III. Inc.(m)(x)
S+500, 0.00% SOFR Floor
9/28/2025Consumer Goods: Non-Durable9,450 9,236 9,356 
Playboy Enterprises, Inc.(h)(n)(t)(y)
S+425, 0.50% SOFR Floor
5/25/2027Consumer Goods: Non-Durable19,856 19,560 19,161 
PRA Acquisition, LLC(n)(x)
S+650, 1.00% SOFR Floor
5/12/2028Hotel, Gaming & Leisure19,850 19,850 19,701 
RA Outdoors, LLC(m)(x)
S+675, 1.00% SOFR Floor
4/8/2026Media: Diversified & Production10,979 10,979 10,979 
RA Outdoors, LLC(m)(x)
S+675, 1.00% SOFR Floor
4/8/2026Media: Diversified & Production1,049 980 1,049 
Retail Services WIS Corp.(m)(x)
S+835, 1.00% SOFR Floor
5/20/2025Services: Business8,921 8,814 8,832 
Riddell, Inc. / All American Sports Corp.(m)(x)
S+600, 1.00% SOFR Floor
3/29/2029Services: Consumer16,364 16,036 16,036 
Riddell, Inc. / All American Sports Corp.
1.00% Unfunded
9/29/2026Services: Consumer1,636  (33)
Robert C. Hilliard, L.L.P.(m)(t)(w)
S+1200, 2.00% SOFR Floor
9/16/2024Services: Consumer2,146 2,146 2,125 
Rogers Mechanical Contractors, LLC(m)(y)
S+625, 1.00% SOFR Floor
9/9/2025Construction & Building16,438 16,404 16,438 
Rogers Mechanical Contractors, LLC(y)
S+625, 1.00% SOFR Floor
9/9/2025Construction & Building869 869 869 
Rogers Mechanical Contractors, LLC
1.00% Unfunded
9/9/2025Construction & Building3,365 (34) 
Rogers Mechanical Contractors, LLC
0.75% Unfunded
9/9/2025Construction & Building2,885 (10) 
RumbleOn, Inc.(m)(t)(x)
S+875, 1.00% SOFR Floor
8/31/2026Automotive8,651 8,288 8,392 
RumbleOn, Inc.(m)(t)(x)
S+875, 1.00% SOFR Floor
8/31/2026Automotive2,611 2,598 2,532 
Securus Technologies Holdings, Inc.(m)(t)(x)
S+489, 1.00% SOFR Floor
11/1/2024Telecommunications3,895 3,725 3,383 
Sequoia Healthcare Management, LLC(z)12.75%11/4/2023Healthcare & Pharmaceuticals8,525 8,536 6,309 
Sleep Opco, LLC(m)(x)
S+650, 1.00% SOFR Floor
10/12/2026Retail13,600 13,457 13,600 
Sleep Opco, LLC(m)(x)
S+700, 1.00% SOFR Floor
10/12/2026Retail396 384 400 
Sleep Opco, LLC(x)
S+650, 1.00% SOFR Floor
10/12/2026Retail200 201 200 
Sleep Opco, LLC
0.50% Unfunded
10/12/2026Retail1,550 (18) 
Spectrum Group Buyer, Inc.(x)
S+650, 0.75% SOFR Floor
5/19/2028Forest Products & Paper10 9 8 
Spinal USA, Inc. / Precision Medical Inc.(t)(v)
L+950
11/29/2024Healthcare & Pharmaceuticals16,051 16,017 8,427 
See accompanying notes to consolidated financial statements.
9


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2024
(in thousands)
Portfolio Company(a)Interest(b)MaturityIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
Spinal USA, Inc. / Precision Medical Inc.(t)(v)
L+950
11/29/2024Healthcare & Pharmaceuticals1,426 1,426 706 
Spinal USA, Inc. / Precision Medical Inc.(t)(v)
L+950
11/29/2024Healthcare & Pharmaceuticals917 849 454 
Spinal USA, Inc. / Precision Medical Inc.(t)(v)
L+950
11/29/2024Healthcare & Pharmaceuticals871 871 431 
Spinal USA, Inc. / Precision Medical Inc.(t)(v)
L+950
11/29/2024Healthcare & Pharmaceuticals726 672 381 
Spinal USA, Inc. / Precision Medical Inc.(t)(v)
L+950
11/29/2024Healthcare & Pharmaceuticals664 664 670 
STATinMED, LLC(r)(t)(w)
S+950, 2.00% SOFR Floor
7/1/2027Healthcare & Pharmaceuticals11,087 11,087 10,588 
Stengel Hill Architecture, LLC(n)(x)
S+650, 1.00% SOFR Floor
8/16/2028Construction & Building14,925 14,925 14,925 
Tactical Air Support, Inc.(n)(x)
S+850, 1.00% SOFR Floor
12/22/2028Aerospace & Defense12,000 12,000 12,000 
Tactical Air Support, Inc.
0.75% Unfunded
12/22/2028Aerospace & Defense2,000   
The Men's Wearhouse, LLC(x)
S+650, 0.00% SOFR Floor
2/26/2029Retail3,000 2,985 2,985 
Thrill Holdings LLC(m)(w)
S+650, 1.00% SOFR Floor
5/27/2027Media: Diversified & Production19,981 19,981 20,430 
Thrill Holdings LLC
0.50% Unfunded
5/27/2027Media: Diversified & Production1,739  39 
Thrill Holdings LLC
1.00% Unfunded
5/27/2024Media: Diversified & Production3,261  73 
TMK Hawk Parent, Corp.(x)
S+525, 0.00% SOFR Floor
6/30/2029Services: Business6,711 6,711 6,711 
Trademark Global, LLC(m)(t)(w)
S+750, 1.00% SOFR Floor
7/30/2024Consumer Goods: Non-Durable15,801 15,797 13,144 
Trammell, P.C.(t)(w)
S+1550, 2.00% SOFR Floor
4/28/2026Services: Consumer13,497 13,497 13,497 
USALCO, LLC(m)(w)
S+600, 1.00% SOFR Floor
10/19/2027Chemicals, Plastics & Rubber25,370 25,231 25,370 
Williams Industrial Services Group, Inc.(q)(t)(x)
S+1100, 1.00% SOFR Floor
12/16/2025Services: Business1,687 1,577 843 
Williams Industrial Services Group, Inc.(q)(t)(x)
S+1100, 1.00% SOFR Floor
12/16/2025Services: Business337 315 169 
Wok Holdings Inc.(m)(w)
S+625, 0.00% SOFR Floor
3/1/2026Beverage, Food & Tobacco24,779 24,293 24,536 
WorkGenius, Inc.(m)(x)
S+700, 1.00% SOFR Floor
6/7/2027Services: Business14,784 14,784 14,784 
WorkGenius, Inc.(x)
S+750, 1.00% SOFR Floor
6/7/2027Services: Business750 739 750 
WorkGenius, Inc.(m)(x)
S+700, 1.00% SOFR Floor
6/7/2027Services: Business3,491 3,491 3,491 
Xenon Arc, Inc.(m)(x)
S+575, 0.75% SOFR Floor
12/17/2027High Tech Industries3,866 3,837 3,866 
Total Senior Secured First Lien Debt1,518,099 1,465,051 
Senior Secured Second Lien Debt - 3.3%
Global Tel*Link Corp.(n)(x)
S+1000, 0.00% SOFR Floor
11/29/2026Telecommunications11,500 11,413 11,443 
OpCo Borrower, LLC(m)12.50%2/19/2028Healthcare & Pharmaceuticals12,500 11,834 12,875 
RA Outdoors, LLC(m)(x)
S+900, 1.00% SOFR Floor
10/8/2026Media: Diversified & Production1,804 1,804 1,748 
Securus Technologies Holdings, Inc.(t)(v)
S+905, 1.00% SOFR Floor
11/1/2025Telecommunications3,060 3,052 2,394 
Total Senior Secured Second Lien Debt28,103 28,460 
Collateralized Securities and Structured Products - Equity - 0.1%
APIDOS CLO XVI Subordinated Notes(g)(h)
0.00% Estimated Yield
1/19/2025Diversified Financials9,000   
Galaxy XV CLO Ltd. Class A Subordinated Notes(g)(h)
19.30% Estimated Yield
4/15/2025Diversified Financials4,000 1,088 1,004 
Total Collateralized Securities and Structured Products - Equity1,088 1,004 
Unsecured Debt - 0.6%
Lucky Bucks Holdings LLC(q)(t)12.50%5/29/2028Hotel, Gaming & Leisure25,846 22,860 4,135 
TMK Hawk Parent, Corp.(t)
11.00%
12/15/2031Services: Business1,421 1,421 1,371 
Total Unsecured Debt24,281 5,506 
See accompanying notes to consolidated financial statements.
10


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2024
(in thousands)
Portfolio Company(a)Interest(b)MaturityIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
Equity - 27.9%
ARC Financial Partners, LLC, Membership Interests (25% ownership)(o)(q)
Metals & MiningNA 177 
Ascent Resources - Marcellus, LLC, Membership Units(p)Energy: Oil & Gas
511,255 Units
1,642 971 
Avison Young (Canada) Inc., Class A Preferred Shares (12.5% Return)
Banking, Finance, Insurance & Real Estate
8,800,606 Units
8,801 6,666 
Avison Young (Canada) Inc., Class F Common Shares(p)Banking, Finance, Insurance & Real Estate
6,575 Units
3,182 4,128 
Carestream Health Holdings, Inc., Common Stock(p)(r)Healthcare & Pharmaceuticals
614,368 Units
21,759 17,970 
CF Arch Holdings LLC, Class A Units(p)Services: Business
380,952 Units
381 663 
CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(s)Diversified Financials
22,072,841 Units
22,073 19,393 
CION/EagleTree Partners, LLC, Membership Units (85% ownership)(h)(p)(s)
Diversified FinancialsNA  
David's Bridal Holdings, LLC, Preferred Units(p)(s)Retail
1,000 Units
10,820 13,429 
David's Bridal Holdings, LLC, Common Units(p)(s)Retail
900,000 Units
23,130 42,570 
EBSC Holdings LLC, Preferred Units (10% Return)
Services: Consumer
2,000 Units
1,970 1,970 
FWS Parent Holdings, LLC, Class A Membership Interests(p)Services: Business
35,242 Units
800 458 
GSC Technologies Inc., Common Shares(p)(r)Chemicals, Plastics & Rubber
807,268 Units
 1,066 
Heritage Litigation Trust, Restricted Stock(p)Energy: Oil & Gas
238,375 Units
119 132 
Instant Web Holdings, LLC, Class A Common Units(p)(r)Media: Advertising, Printing & Publishing
10,819 Units
  
IPP Buyer Holdings, LLC, Class A Units(p)(r)Retail
8,888,354 Units
10,740 12,266 
Isagenix Worldwide, Inc., Common Shares(p)(r)Beverage, Food & Tobacco
601,941 Units
8,987 6,107 
K&N Holdco, LLC, Membership Units(p)Consumer Goods: Durable
458,364 Units
8,356 5,469 
Language Education Holdings GP LLC, Common Units(p)Services: Business
366,667 Units
  
Language Education Holdings LP, Ordinary Common Units(p)Services: Business
366,667 Units
825 1,683 
Longview Intermediate Holdings C, LLC, Membership Units(p)(r)Energy: Oil & Gas
653,989 Units
2,704 20,408 
Macquarie Capital Funding LLC(i)(p)Hotel, Gaming & Leisure
123,568 Units
4,200 2,045 
Mount Logan Capital Inc., Common Stock(f)(h)(r)Banking, Finance, Insurance & Real Estate
1,075,557 Units
3,534 1,589 
New Giving Acquisition, Inc., Warrants(p)8/19/2029Healthcare & Pharmaceuticals
4,630 Units
633 3,198 
New HW Holdings Corp., Common Stock(p)Capital Equipment
133 Units
  
NS NWN Acquisition, LLC, Class A Preferred Units(p)High Tech Industries
111 Units
 962 
NS NWN Acquisition, LLC, Common Equity(p)High Tech Industries
346 Units
393  
NS NWN Holdco LLC, Non-Voting Units(p)High Tech Industries
522 Units
 212 
NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(p)Consumer Goods: Durable
1,575 Units
1,000 934 
Palmetto Clean Technology, Inc., Warrants(p)High Tech Industries
724,112 Units
472 2,266 
Reorganized Heritage TopCo, LLC, Common Stock(p)Energy: Oil & Gas
201,249 Units
7,225 7,790 
RumbleOn, Inc., Warrants(p)8/14/2028Automotive
60,606 Units
378 253 
See accompanying notes to consolidated financial statements.
11


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2024
(in thousands)
Portfolio Company(a)InterestIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
Service Compression Holdings, LLC, Junior Preferred Units(p)Energy: Oil & Gas
389,001 Units
1,326 1,365 
Service Compression Holdings, LLC, Warrants(p)Energy: Oil & Gas
730,586 Units
1,426 1,976 
Snap Fitness Holdings, Inc., Class A Common Stock(p)(r)Services: Consumer
9,858 Units
3,078 4,204 
Snap Fitness Holdings, Inc., Warrants(p)(r)Services: Consumer
3,996 Units
1,247 1,704 
SRA Holdings, LLC, Membership Units(p)(r)Banking, Finance, Insurance & Real Estate
224,865 Units
23,611 26,948 
STATinMed Parent, LLC, Class A Preferred Units(p)(r)Healthcare & Pharmaceuticals
6,182 Units
6,182 1,248 
STATinMed Parent, LLC, Class B Preferred Units(p)(r)Healthcare & Pharmaceuticals
51,221 Units
3,193  
TMK Hawk Parent, Corp., Common Shares(p)Services: Business
643,588 Units
8,579 8,502 
TMK Hawk Parent, Corp., Warrants(p)Services: Business
36,734 Units
 193 
URS Topco, LLC, Common Equity(p)Transportation: Cargo
430,540 Units
9,669 12,363 
WorkGenius, LLC, Class A Units(p)Services: Business
500 Units
500 667 
Yak Holding II, LLC, Series A Preferred Units(p)Construction & Building
4,000,000 Units
2,000 4,000 
Yak Holding II, LLC, Series B-1 Preferred Units(p)Construction & Building
1,966,018 Units
1,966 1,986 
Yak Holding II, LLC, Series A Common Units(p)Construction & Building
127,419 Units
 748 
Total Equity206,901 240,679 
Short Term Investments - 15.1%(k)
First American Treasury Obligations Fund, Class Z Shares
5.18%(l)
130,137 130,137 
Total Short Term Investments130,137 130,137 
TOTAL INVESTMENTS - 216.8%
$1,908,609 1,870,837 
LIABILITIES IN EXCESS OF OTHER ASSETS - (116.8)%
(1,007,778)
NET ASSETS - 100.0%
$863,059 
a.All of the Company’s investments are issued by eligible U.S. portfolio companies, as defined in the Investment Company Act of 1940, as amended, or the 1940 Act, except for investments specifically identified as non-qualifying per note h. below. Unless specifically identified in note t. below, investments do not contain a paid-in-kind, or PIK, interest provision.
b.The actual Secured Overnight Financing Rate, or SOFR, rate for each loan listed may not be the applicable SOFR rate as of March 31, 2024, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to March 31, 2024. The actual London Interbank Offered Rate, or LIBOR, rate for each loan listed may not be the applicable LIBOR rate as of March 31, 2024, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to March 31, 2024.
c.Fair value determined in good faith by the Company’s board of directors (see Note 9), including via delegation to CIM as the Company’s valuation designee (see Note 2), using significant unobservable inputs unless otherwise noted.
d.Represents amortized cost for debt securities and cost for equity investments.
e.Denominated in U.S. dollars unless otherwise noted.
f.Fair value determined using level 1 inputs.
g.The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated. Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
h.The investment or a portion thereof is not a qualifying asset under the 1940 Act. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets as defined under Section 55 of the 1940 Act. As of March 31, 2024, 94.7% of the Company’s total assets represented qualifying assets.
See accompanying notes to consolidated financial statements.
12


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2024
(in thousands)
i.The Company has entered into a proceeds agreement with Macquarie Capital Funding LLC, or Macquarie, in which any proceeds received by Macquarie from an underlying first lien term loan were passed onto the Company. The underlying first lien term loan was subsequently exchanged for common shares of the underlying portfolio company. Macquarie's obligations under the proceeds agreement are not secured by any collateral. The industry and other investment characteristics reflect the terms of the underlying equity security.
j.In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company may be entitled to receive additional residual amounts.
k.Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.
l.7-day effective yield as of March 31, 2024.
m.Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street Funding, LLC, or 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPMorgan Chase Bank, National Association, or JPM, as of March 31, 2024 (see Note 8).
n.Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, LLC, or Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the repurchase agreement with UBS AG, or UBS, as of March 31, 2024 (see Note 8).
o.Investment is held through CIC Holdco, LLC, a wholly-owned taxable subsidiary of the Company.
p.Non-income producing security.
q.Investment or a portion thereof was on non-accrual status as of March 31, 2024.
See accompanying notes to consolidated financial statements.
13


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2024
(in thousands)
r.Investment determined to be an affiliated investment as defined in the 1940 Act as the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities but does not control the portfolio company. Fair value as of December 31, 2023 and March 31, 2024, along with transactions during the three months ended March 31, 2024 in these affiliated investments, were as follows:
Three Months Ended March 31, 2024
Three Months Ended March 31, 2024
Non-Controlled, Affiliated InvestmentsFair Value at
December 31, 2023
Gross
Additions
(Cost)(1)
Gross
Reductions
(Cost)(2)
Net Unrealized Gain (Loss)
Fair Value at March 31, 2024
Net Realized Gain (Loss)Interest
Income(3)
Dividend IncomeFee Income
    Afore Insurance Services, LLC
        First Lien Term Loan$4,583 $ $ $ $4,583 $ $133 $ $ 
    ARC Financial, LLC
        Membership Interests   177 177     
    Carestream Health, Inc.
        First Lien Term Loan11,423 50 (49)8 11,432  422   
    Carestream Health Holdings Inc.
        Common Shares21,386   (3,416)17,970     
    DESG Holdings, Inc.
        First Lien Term Loan85  (11)11 85     
    GSC Technologies Inc.
        First Lien Term Loan A1,983 6 (6)15 1,998  62   
        First Lien Term Loan B942 30  5 977  30   
        Common Shares1,251   (185)1,066     
    Instant Web, LLC
        Revolving Loan2,832 88  16 2,936  88   
        Priming Term Loan513 15   528  16   
        First Lien Term Loan28,555 1,415  643 30,613  1,432   
        First Lien Delayed Draw Term Loan1,013 433  (1)1,445  43   
    Instant Web Holdings, LLC
        Class A Common Units         
    IPP Buyer Holdings, LLC
        Class A Units11,910   356 12,266     
    Isagenix International, LLC
        First Lien Term Loan8,518 187  (165)8,540  252   
    Isagenix Worldwide, Inc.
        Common Shares8,404   (2,297)6,107     
    Lift Brands, Inc.
        Term Loan A23,050  (59) 22,991  754   
        Term Loan B5,814 150  2 5,966  151   
        Term Loan C6,259 202  85 6,546  204   
    Longview Intermediate Holdings C, LLC
        Membership Units21,726   (1,318)20,408     
    Mount Logan Capital Inc.
        Common Stock1,624   (35)1,589   27  
    Snap Fitness Holdings, Inc.
        Class A Stock4,653   (449)4,204     
        Warrants1,886   (182)1,704     
    SRA Holdings, LLC
        Membership Units25,515   1,433 26,948     
    STATinMED, LLC
        First Lien Term Loan10,358 409  (179)10,588  414   
    STATinMed Parent, LLC
        Class A Preferred Units2,018   (770)1,248     
        Class B Preferred Units         
    Totals$206,301 $2,985 $(125)$(6,246)$202,915 $ $4,001 $27 $ 
See accompanying notes to consolidated financial statements.
14


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2024
(in thousands)
(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(2)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
(3)Includes PIK interest income.
s.Investment determined to be a controlled investment as defined in the 1940 Act as the Company is deemed to exercise a controlling influence over the management or policies of the portfolio company due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of such portfolio company. Fair value as of December 31, 2023 and March 31, 2024, along with transactions during the three months ended March 31, 2024 in these controlled investments, were as follows:
Three Months Ended March 31, 2024
Three Months Ended March 31, 2024
Controlled InvestmentsFair Value at
December 31, 2023
Gross
Additions
(Cost)(1)
Gross
Reductions
(Cost)(2)
Net 
Unrealized
Gain (Loss)
Fair Value at
March 31, 2024
Net Realized
Gain (Loss)
Interest
Income(3)
Dividend IncomeFee Income
    CION/EagleTree Partners, LLC
        Senior Secured Note$59,598 $ $ $ $59,598 $ $2,074 $ $ 
        Participating Preferred Shares25,039   (5,646)19,393     
        Common Shares         
    David's Bridal, Inc.
        Exit First Lien Term Loan22,050   (219)21,831  669   
        Incremental First Lien Term Loan16,694  (200)129 16,623  489   
    David's Bridal Holdings, LLC
        Preferred Units12,494   935 13,429     
        Common Units41,418   1,152 42,570     
    Totals$177,293 $ $(200)$(3,649)$173,444 $ $3,232 $ $ 
(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(2)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
(3)Includes PIK interest income.
See accompanying notes to consolidated financial statements.
15


CĪON Investment Corporation
Consolidated Schedule of Investments (unaudited)
March 31, 2024
(in thousands)
t.As of March 31, 2024, the below investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. For certain investments, the borrower may toggle between cash and PIK interest payments.
  Interest Rate
Portfolio CompanyInvestment TypeCashPIKAll-in-Rate
American Clinical Solutions LLCSenior Secured First Lien Debt7.00%5.30%12.30%
Anthem Sports & Entertainment Inc.Senior Secured First Lien Debt3.00%12.07%15.07%
Celerity Acquisition Holdings, LLCSenior Secured First Lien Debt10.00%3.98%13.98%
Cennox, Inc.Senior Secured First Lien Debt11.41%0.25%11.66%
CION/EagleTree Partners, LLCSenior Secured Note14.00%14.00%
Community Tree Service, LLCSenior Secured First Lien Debt14.00%2.50%16.50%
Deluxe Entertainment Services, Inc.Senior Secured First Lien Debt12.50%1.50%14.00%
FuseFX, LLCSenior Secured First Lien Debt6.60%5.00%11.60%
GSC Technologies Inc.Senior Secured First Lien Debt10.48%10.48%
Hilliard, Martinez & Gonzales, LLPSenior Secured First Lien Debt17.44%17.44%
Homer City Generation, L.P.Senior Secured First Lien Debt15.00%15.00%
Homer City Generation, L.P.Senior Secured First Lien Debt17.00%17.00%
HW Acquisition, LLCSenior Secured First Lien Debt13.50%13.50%
Inotiv, Inc.Senior Secured First Lien Debt12.08%0.25%12.33%
Instant Web, LLCSenior Secured First Lien Debt12.44%12.44%
Isagenix International, LLCSenior Secured First Lien Debt2.50%8.54%11.04%
K&N Parent, Inc.Senior Secured First Lien Debt8.69%5.00%13.69%
Klein Hersh, LLCSenior Secured First Lien Debt4.68%12.00%16.68%
Lift Brands, Inc.Senior Secured First Lien Debt9.50%9.50%
Lucky Bucks Holdings LLCUnsecured Note12.50%12.50%
Nova Compression, LLCSenior Secured First Lien Debt12.58%3.25%15.83%
Playboy Enterprises, Inc.Senior Secured First Lien Debt6.50%3.25%9.75%
Robert C. Hilliard, L.L.P.Senior Secured First Lien Debt17.44%17.44%
RumbleOn, Inc.Senior Secured First Lien Debt13.69%0.50%14.19%
Securus Technologies Holdings, Inc.Senior Secured First Lien Debt6.57%4.09%10.66%
Securus Technologies Holdings, Inc.Senior Secured Second Lien Debt6.57%8.05%14.62%
Spinal USA, Inc. / Precision Medical Inc.Senior Secured First Lien Debt15.09%15.09%
STATinMED, LLCSenior Secured First Lien Debt14.82%14.82%
TMK Hawk Parent, Corp.Unsecured Debt11.00%11.00%
Trademark Global, LLCSenior Secured First Lien Debt11.19%1.75%12.94%
Trammell, P.C.Senior Secured First Lien Debt20.94%20.94%
Williams Industrial Services Group, Inc.Senior Secured First Lien Debt10.00%6.18%16.18%
u.The interest rate on these loans is subject to 1 month LIBOR, which as of March 31, 2024 was 5.44%.
v.The interest rate on these loans is subject to 3 month LIBOR, which as of March 31, 2024 was 5.56%.
w.The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2024 was 5.33%.
x.The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2024 was 5.30%.
y.The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2024 was 5.22%.
z.While the maturity date of this loan has passed, the Company expects all interest and principal to be collected.
See accompanying notes to consolidated financial statements.
16


CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 2023
(in thousands)
Portfolio Company(a)Interest(b)MaturityIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
Senior Secured First Lien Debt - 178.0%
Adapt Laser Acquisition, Inc.(w)
S+1000, 1.00% SOFR Floor
12/31/2025Capital Equipment$10,855 $10,855 $11,126 
Adapt Laser Acquisition, Inc.(w)
S+1000, 1.00% SOFR Floor
12/31/2025Capital Equipment2,104 2,104 2,085 
Afore Insurance Services, LLC(m)(q)(w)
S+600, 1.00% SOFR Floor
3/24/2025Banking, Finance, Insurance & Real Estate4,583 4,583 4,583 
AHF Parent Holding, Inc.(n)(w)
S+625, 0.75% SOFR Floor
2/1/2028Construction & Building2,738 2,697 2,662 
Allen Media, LLC(n)(w)
S+550, 0.00% SOFR Floor
2/10/2027Media: Diversified & Production8,772 8,718 8,487 
ALM Media, LLC(m)(n)(w)
S+600, 1.00% SOFR Floor
11/25/2024Media: Advertising, Printing & Publishing16,000 15,934 16,000 
AMCP Clean Acquisition Company, LLC(w)
S+425, 0.00% SOFR Floor
6/15/2025Services: Business12,117 11,403 11,439 
AMCP Clean Acquisition Company, LLC(w)
S+425, 0.00% SOFR Floor
6/15/2025Services: Business2,843 2,676 2,684 
American Clinical Solutions LLC(m)(s)(w)
S+700, 1.00% SOFR Floor
6/30/2025Healthcare & Pharmaceuticals6,312 6,321 6,107 
American Clinical Solutions LLC(o)
0.00% Unfunded
3/29/2024Healthcare & Pharmaceuticals250 (8)(8)
American Health Staffing Group, Inc.(m)
Prime+500
11/19/2026Services: Business16,375 16,271 16,375 
American Health Staffing Group, Inc.
0.50% Unfunded
11/19/2026Services: Business3,333 (19) 
American Teleconferencing Services, Ltd.(p)
Prime+550
4/7/2023Telecommunications3,116 3,116 140 
American Teleconferencing Services, Ltd.(o)
0.00% Unfunded
4/7/2023Telecommunications235   
Ancile Solutions, Inc.(m)(w)
S+1000, 1.00% SOFR Floor
6/11/2026High Tech Industries11,204 11,006 11,078 
Anthem Sports & Entertainment Inc.(m)(s)(w)
S+950, 1.00% SOFR Floor
11/15/2026Media: Diversified & Production40,242 40,112 38,029 
Anthem Sports & Entertainment Inc.(s)(w)
S+950, 1.00% SOFR Floor
11/15/2026Media: Diversified & Production3,261 3,261 3,081 
Anthem Sports & Entertainment Inc.
0.50% Unfunded
11/15/2026Media: Diversified & Production167  (9)
Appalachian Resource Company, LLC(v)
S+500, 1.00% SOFR Floor
9/30/2024Metals & Mining11,137 11,123 8,957 
Appalachian Resource Company, LLC(v)
S+500, 1.00% SOFR Floor
9/15/2024Metals & Mining5,000 5,000 5,000 
Atlas Supply LLC11.00%4/29/2025Healthcare & Pharmaceuticals5,000 5,000 4,938 
Avalign Holdings, Inc.(v)
S+450, 0.00% SOFR Floor
12/22/2025Healthcare & Pharmaceuticals6,710 6,318 6,268 
Avison Young (USA) Inc.(m)(w)
S+650, 0.00% SOFR Floor
1/31/2026Banking, Finance, Insurance & Real Estate23,696 13,299 18,602 
Avison Young (USA) Inc.(w)
S+700, 0.00% SOFR Floor
1/31/2026Banking, Finance, Insurance & Real Estate2,481 922 1,948 
BDS Solutions Intermediateco, LLC(m)(w)
S+700, 2.00% SOFR Floor
2/7/2027Services: Business19,892 19,629 19,394 
BDS Solutions Intermediateco, LLC(w)
S+700, 2.00% SOFR Floor
2/7/2027Services: Business952 928 929 
BDS Solutions Intermediateco, LLC
0.50% Unfunded
2/7/2027Services: Business1,905 (48)(48)
Berlitz Holdings, Inc.(v)
S+900, 1.00% SOFR Floor
2/14/2025Services: Business13,800 13,339 13,095 
See accompanying notes to consolidated financial statements.
17


CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 2023
(in thousands)
Portfolio Company(a)Interest(b)MaturityIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
Bradshaw International Parent Corp.(m)(v)
S+575, 1.00% SOFR Floor
10/21/2027Consumer Goods: Durable12,893 12,662 12,877 
Bradshaw International Parent Corp.
0.50% Unfunded
10/21/2026Consumer Goods: Durable1,844 (26)(2)
Cabi, LLC(j)(m)(v)
S+450, 1.00% SOFR Floor
2/28/2027Retail16,477 16,300 16,394 
Carestream Health, Inc.(n)(q)(w)
S+750, 1.00% SOFR Floor
9/30/2027Healthcare & Pharmaceuticals11,481 10,457 11,423 
Celerity Acquisition Holdings, LLC(m)(s)(w)
S+1000, 1.00% SOFR Floor
5/28/2026Services: Business16,118 16,096 16,118 
Cennox, Inc.(m)(s)(w)
S+625, 1.00% SOFR Floor
5/4/2026Services: Business22,423 22,422 22,395 
Cennox, Inc.(m)(n)(s)(w)
S+625, 1.00% SOFR Floor
5/4/2026Services: Business11,554 11,551 11,540 
Cennox, Inc.(s)(w)
S+625, 1.00% SOFR Floor
5/4/2026Services: Business2,987 2,987 2,983 
CION/EagleTree Partners, LLC(h)(r)(s)14.00%12/21/2026Diversified Financials59,598 59,598 59,598 
Community Tree Service, LLC(m)(s)(w)
S+850, 1.00% SOFR Floor
6/17/2027Construction & Building11,567 11,567 11,596 
Country Fresh Holdings, LLC(p)
Prime+600
4/30/2024Beverage, Food & Tobacco844 645 21 
Country Fresh Holdings, LLC(p)
Prime+600
4/30/2024Beverage, Food & Tobacco342 268 9 
Coyote Buyer, LLC(m)(n)(w)
S+600, 1.00% SOFR Floor
2/6/2026Chemicals, Plastics & Rubber33,688 33,569 33,688 
Coyote Buyer, LLC(n)(w)
S+800, 1.00% SOFR Floor
8/6/2026Chemicals, Plastics & Rubber6,063 5,997 6,063 
Coyote Buyer, LLC
0.50% Unfunded
2/6/2025Chemicals, Plastics & Rubber2,500   
Critical Nurse Staffing, LLC(m)(w)
S+650, 1.00% SOFR Floor
11/1/2026Healthcare & Pharmaceuticals12,797 12,797 12,797 
Critical Nurse Staffing, LLC(m)(w)
S+650, 1.00% SOFR Floor
11/1/2026Healthcare & Pharmaceuticals989 989 989 
Critical Nurse Staffing, LLC
0.50% Unfunded
11/1/2026Healthcare & Pharmaceuticals1,000   
David's Bridal, LLC(r)(v)
S+600, 0.00% SOFR Floor
12/21/2027Retail17,034 17,034 16,694 
David's Bridal, LLC(m)(r)(w)
S+650, 0.00% SOFR Floor
12/21/2027Retail22,050 22,050 22,050 
Deluxe Entertainment Services, Inc.(m)(p)(q)(s)
Prime+550
3/25/2024Media: Diversified & Production2,623 2,542 85 
Dermcare Management, LLC(m)(v)
S+600, 1.00% SOFR Floor
4/22/2028Healthcare & Pharmaceuticals9,262 9,111 9,262 
Dermcare Management, LLC(m)(v)
S+600, 1.00% SOFR Floor
4/22/2028Healthcare & Pharmaceuticals4,202 4,132 4,202 
Dermcare Management, LLC (v)
S+600, 1.00% SOFR Floor
4/22/2028Healthcare & Pharmaceuticals672 672 672 
Dermcare Management, LLC
0.50% Unfunded
4/22/2028Healthcare & Pharmaceuticals672   
Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(w)
S+625, 1.00% SOFR Floor
12/29/2027Services: Business2,869 2,826 2,611 
Entertainment Studios P&A LLC(m)(w)
S+900, 1.00% SOFR Floor
9/28/2027Media: Diversified & Production32,189 32,111 32,189 
Entertainment Studios P&A LLC(j)5.00%5/18/2037Media: Diversified & Production  505 
See accompanying notes to consolidated financial statements.
18


CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 2023
(in thousands)
Portfolio Company(a)Interest(b)MaturityIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
ESP Associates, Inc.(m)(w)
S+650, 1.50% SOFR Floor
7/24/2028Construction & Building8,684 8,518 8,597 
ESP Associates, Inc.
0.50% Unfunded
7/24/2028Construction & Building1,316 (26)(13)
Flatworld Intermediate Corp.(n)(w)
S+700, 1.00% SOFR Floor
10/3/2027Services: Business23,208 23,208 23,208 
Flatworld Intermediate Corp.
0.50% Unfunded
10/3/2027Services: Business5,865   
Fluid Control II Inc.(m)(w)
S+650, 1.00% SOFR Floor
8/3/2029Chemicals, Plastics & Rubber13,235 13,235 13,235 
Fluid Control II Inc.
0.50% Unfunded
8/3/2029Chemicals, Plastics & Rubber1,765   
FuseFX, LLC(m)(n)(s)(v)
S+600, 1.00% SOFR Floor
9/30/2026Media: Diversified & Production19,706 19,643 19,115 
Future Pak, LLC(m)(v)
S+900, 4.00% SOFR Floor
9/22/2026Healthcare & Pharmaceuticals18,811 18,811 18,811 
Gold Medal Holdings, Inc.(m)(v)
S+700, 1.00% SOFR Floor
3/17/2027Environmental Industries15,336 15,220 15,336 
GSC Technologies Inc.(q)(v)
S+500, 1.00% SOFR Floor
9/30/2025Chemicals, Plastics & Rubber2,099 2,051 1,983 
GSC Technologies Inc.(q)(s)(v)
S+500, 1.00% SOFR Floor
9/30/2025Chemicals, Plastics & Rubber1,007 985 942 
H.W. Lochner, Inc.(m)(w)
S+675, 1.00% SOFR Floor
7/2/2027Construction & Building12,862 12,529 12,802 
H.W. Lochner, Inc.(m)(w)
S+625, 1.00% SOFR Floor
7/2/2027Construction & Building8,760 8,704 8,760 
H.W. Lochner, Inc.(w)
S+625, 1.00% SOFR Floor
7/2/2027Construction & Building964 914 964 
H.W. Lochner, Inc.
0.50% Unfunded
7/2/2027Construction & Building1,036   
Harland Clarke Holdings Corp.(m)(w)
S+775, 1.00% SOFR Floor
6/16/2026Media: Advertising, Printing & Publishing9,244 9,239 8,886 
Heritage Power, LLC(w)
S+550, 1.00% SOFR Floor
7/20/2026Energy: Oil & Gas1,159 1,159 1,159 
Hilliard, Martinez & Gonzales, LLP(m)(s)(v)
S+1200, 2.00% SOFR Floor
9/16/2024Services: Consumer25,061 25,027 24,841 
Hollander Intermediate LLC(m)(v)
S+875, 3.00% SOFR Floor
9/19/2026Consumer Goods: Durable16,745 16,391 16,326 
Homer City Generation, L.P.(m)(p)(s)15.00%4/16/2024Energy: Oil & Gas13,169 12,024 8,889 
Homer City Generation, L.P.(s)17.00%4/16/2024Energy: Oil & Gas1,937 1,937 1,937 
Homer City Generation, L.P.(o)
0.00% Unfunded
4/16/2024Energy: Oil & Gas197   
Hudson Hospital Opco, LLC(v)(y)
S+800, 3.00% SOFR Floor
11/4/2023Healthcare & Pharmaceuticals2,186 2,176 2,137 
HUMC Holdco, LLC(m)(v)(y)
S+800, 3.00% SOFR Floor
11/4/2023Healthcare & Pharmaceuticals7,780 7,780 7,780 
HW Acquisition, LLC(m)
Prime+500
9/28/2026Capital Equipment18,781 18,664 15,658 
HW Acquisition, LLC
Prime+500
9/28/2026Capital Equipment2,922 2,908 2,436 
HW Acquisition, LLC
0.50% Unfunded
9/28/2026Capital Equipment12 (2)(2)
ICA Foam Holdings, LLC(m)(w)
S+725, 1.00% SOFR Floor
11/5/2025Containers, Packaging & Glass19,076 18,829 18,480 
IJKG Opco LLC(v)(y)
S+800, 3.00% SOFR Floor
11/4/2023Healthcare & Pharmaceuticals1,457 1,443 1,424 
Inotiv, Inc.(m)(s)(x)
S+675, 1.00% SOFR Floor
11/5/2026Healthcare & Pharmaceuticals16,345 16,149 15,773 
Instant Web, LLC(q)(s)(v)
S+700, 1.00% SOFR Floor
2/25/2027Media: Advertising, Printing & Publishing44,968 44,968 28,555 
See accompanying notes to consolidated financial statements.
19


CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 2023
(in thousands)
Portfolio Company(a)Interest(b)MaturityIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
Instant Web, LLC(q)(s)(v)
S+650, 1.00% SOFR Floor
2/25/2027Media: Advertising, Printing & Publishing2,908 2,908 2,832 
Instant Web, LLC(q)(s)
Prime+375, 4.00% Prime Floor
2/25/2027Media: Advertising, Printing & Publishing497 497 513 
Instant Web, LLC(q)(s)
S+650, 1.00% SOFR Floor
2/25/2027Media: Advertising, Printing & Publishing1,082 1,131 1,059 
Instant Web, LLC(q)
0.50% Unfunded
2/25/2027Media: Advertising, Printing & Publishing2,164 (49)(46)
Invincible Boat Company LLC(m)(w)
S+650, 1.50% SOFR Floor
8/28/2025Consumer Goods: Durable13,475 13,415 13,475 
Invincible Boat Company LLC(w)
S+650, 1.50% SOFR Floor
8/28/2025Consumer Goods: Durable399 399 399 
Invincible Boat Company LLC
0.50% Unfunded
8/28/2025Consumer Goods: Durable399   
INW Manufacturing, LLC(n)(w)
S+575, 0.75% SOFR Floor
3/25/2027Services: Business17,750 17,419 16,286 
Ironhorse Purchaser, LLC(n)(w)
S+650, 1.00% SOFR Floor
9/30/2027Services: Business7,054 6,995 7,054 
Ironhorse Purchaser, LLC(w)
S+650, 1.00% SOFR Floor
9/30/2027Services: Business2,020 2,005 2,020 
Ironhorse Purchaser, LLC(w)
S+650, 1.00% SOFR Floor
9/30/2027Services: Business469 463 469 
Ironhorse Purchaser, LLC
0.50% Unfunded
9/30/2027Services: Business347   
Isagenix International, LLC(q)(s)(w)
S+550, 1.00% SOFR Floor
4/14/2028Beverage, Food & Tobacco8,583 8,583 8,518 
Jenny C Acquisition, Inc.(p)(v)
S+900, 1.75% SOFR Floor
10/1/2024Services: Consumer534 534 131 
JP Intermediate B, LLC(m)(w)
S+550, 1.00% SOFR Floor
8/21/2027Beverage, Food & Tobacco34,703 18,528 27,155 
K&N Parent, Inc.(m)(s)(v)
S+825, 1.00% SOFR Floor
8/16/2027Consumer Goods: Durable5,441 5,441 5,244 
K&N Parent, Inc.(m)(v)
S+800, 1.00% SOFR Floor
2/16/2027Consumer Goods: Durable4,231 4,102 4,384 
Klein Hersh, LLC(m)(s)(v)
S+1313, 0.50% SOFR Floor
4/27/2027Services: Business21,918 21,918 18,795 
KNB Holdings Corp.(m)(p)(u)
L+550, 1.00% LIBOR Floor
4/26/2024Consumer Goods: Durable7,634 7,387 229 
LAV Gear Holdings, Inc.(m)(n)(w)
S+628, 1.00% SOFR Floor
10/31/2024Services: Business27,590 27,484 27,383 
LAV Gear Holdings, Inc.(m)(n)(w)
S+628, 1.00% SOFR Floor
10/31/2024Services: Business4,526 4,514 4,492 
LGC US Finco, LLC(m)(v)
S+650, 1.00% SOFR Floor
12/20/2025Capital Equipment11,226 11,053 11,226 
Lift Brands, Inc.(m)(n)(q)(v)
S+750, 1.00% SOFR Floor
6/29/2025Services: Consumer23,050 23,051 23,050 
Lift Brands, Inc.(m)(n)(q)(s)9.50%6/29/2025Services: Consumer6,056 6,013 5,814 
Lift Brands, Inc.(m)(n)(q)(s)9.50%6/29/2025Services: Consumer6,921 6,671 6,259 
MacNeill Pride Group Corp.(m)(w)
S+625, 1.00% SOFR Floor
4/22/2026Services: Consumer17,051 16,987 16,966 
MacNeill Pride Group Corp.(m)(w)
S+625, 1.00% SOFR Floor
4/22/2026Services: Consumer6,293 6,260 6,262 
MacNeill Pride Group Corp.
1.00% Unfunded
4/30/2024Services: Consumer2,017 (11)(10)
Manus Bio Inc.13.00%8/20/2026Healthcare & Pharmaceuticals11,094 11,043 11,094 
Medplast Holdings, Inc.(m)(t)
L+375, 0.00% LIBOR Floor
7/2/2025Healthcare & Pharmaceuticals4,961 4,801 4,914 
Mimeo.com, Inc.(m)(w)
L+640, 1.00% LIBOR Floor
12/21/2024Media: Advertising, Printing & Publishing21,638 21,638 21,638 
Mimeo.com, Inc.(w)
L+640, 1.00% LIBOR Floor
12/21/2024Media: Advertising, Printing & Publishing2,756 2,756 2,756 
Mimeo.com, Inc.
1.00% Unfunded
12/21/2024Media: Advertising, Printing & Publishing2,500   
Moss Holding Company(m)(n)(w)
S+625, 1.00% SOFR Floor
4/17/2024Services: Business22,125 22,038 21,904 
See accompanying notes to consolidated financial statements.
20


CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 2023
(in thousands)
Portfolio Company(a)Interest(b)MaturityIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
Moss Holding Company
6.25% Unfunded
4/17/2024Services: Business106  (1)
Moss Holding Company
0.50% Unfunded
4/17/2024Services: Business2,126  (21)
NewsCycle Solutions, Inc.(m)(n)(w)
S+700, 1.00% SOFR Floor
2/27/2024Media: Advertising, Printing & Publishing12,317 12,317 12,317 
Nova Compression, LLC(m)(s)(v)
S+1050, 2.00% SOFR Floor
10/13/2027Energy: Oil & Gas27,004 27,004 27,004 
Nova Compression, LLC
1.00% Unfunded
10/13/2024Energy: Oil & Gas2,609   
Nova Compression, LLC(s)(v)
S+1050, 2.00% SOFR Floor
10/13/2027Energy: Oil & Gas652 652 652 
NTM Acquisition Corp.(m)(w)
S+675, 1.00% SOFR Floor
6/18/2026Hotel, Gaming & Leisure25,000 25,000 25,000 
OpCo Borrower, LLC(m)(w)
S+650, 1.00% SOFR Floor
8/19/2027Healthcare & Pharmaceuticals10,827 10,735 10,935 
OpCo Borrower, LLC
0.50% Unfunded
8/19/2027Healthcare & Pharmaceuticals1,042  10 
Optio Rx, LLC(m)(n)(u)
L+900, 0.00% LIBOR Floor
6/28/2024Healthcare & Pharmaceuticals15,366 15,354 15,309 
Optio Rx, LLC(n)(u)
L+1200, 0.00% LIBOR Floor
6/28/2024Healthcare & Pharmaceuticals2,480 2,477 2,504 
Pentec Acquisition Corp.(m)(v)
S+600, 1.00% SOFR Floor
10/8/2026Healthcare & Pharmaceuticals24,500 24,351 24,500 
PH Beauty Holdings III. Inc.(m)(w)
S+500, 0.00% SOFR Floor
9/28/2025Consumer Goods: Non-Durable9,475 9,227 9,108 
Playboy Enterprises, Inc.(h)(n)(s)(x)
S+425, 0.50% SOFR Floor
5/25/2027Consumer Goods: Non-Durable19,689 19,372 18,926 
PRA Acquisition, LLC(n)(w)
S+650, 1.00% SOFR Floor
5/12/2028Hotel, Gaming & Leisure19,900 19,900 19,751 
Project Castle, Inc.(m)(w)
S+550, 0.50% SOFR Floor
6/1/2029Capital Equipment7,890 7,186 7,042 
R. R. Donnelley & Sons Company(n)(v)
S+725, 0.75% SOFR Floor
3/22/2028Media: Advertising, Printing & Publishing12,821 12,791 12,851 
RA Outdoors, LLC(w)
S+675, 1.00% SOFR Floor
4/8/2026Media: Diversified & Production677 600 677 
RA Outdoors, LLC(m)
S+675, 1.00% SOFR Floor
4/8/2026Media: Diversified & Production10,979 10,979 10,979 
RA Outdoors, LLC
0.50% Unfunded
4/8/2026Media: Diversified & Production373   
Retail Services WIS Corp.(m)(w)
S+835, 1.00% SOFR Floor
5/20/2025Services: Business9,046 8,926 8,956 
Robert C. Hilliard, L.L.P.(m)(s)(v)
S+1200, 2.00% SOFR Floor
9/16/2024Services: Consumer2,149 2,149 2,130 
Rogers Mechanical Contractors, LLC(m)(x)
S+700, 1.00% SOFR Floor
9/9/2025Construction & Building14,930 14,930 14,911 
Rogers Mechanical Contractors, LLC(m)(x)
S+700, 1.00% SOFR Floor
9/9/2025Construction & Building881 881 880 
Rogers Mechanical Contractors, LLC
0.75% Unfunded
9/9/2025Construction & Building2,404  (3)
RumbleOn, Inc.(m)(s)(w)
S+875, 1.00% SOFR Floor
8/31/2026Automotive9,525 9,089 9,239 
RumbleOn, Inc.(m)(s)(w)
S+875, 1.00% SOFR Floor
8/31/2026Automotive2,875 2,858 2,788 
Securus Technologies Holdings, Inc.(m)(s)(w)
S+489, 1.00% SOFR Floor
11/1/2024Telecommunications3,865 3,627 3,623 
Sequoia Healthcare Management, LLC(y)12.75%11/4/2023Healthcare & Pharmaceuticals8,525 8,540 7,289 
Service Compression, LLC(m)(s)(v)
S+1000, 1.00% SOFR Floor
5/6/2027Energy: Oil & Gas23,443 23,152 25,553 
Service Compression, LLC(m)(s)(v)
S+1000, 1.00% SOFR Floor
5/6/2027Energy: Oil & Gas7,036 6,948 7,669 
Service Compression, LLC
0.50% Unfunded
5/6/2025Energy: Oil & Gas419  38 
Sleep Opco, LLC(m)(w)
S+650, 1.00% SOFR Floor
10/12/2026Retail13,635 13,469 13,635 
Sleep Opco, LLC(m)(w)
S+700, 1.00% SOFR Floor
10/12/2026Retail397 392 405 
Sleep Opco, LLC
0.50% Unfunded
10/12/2026Retail1,750 (20) 
Spinal USA, Inc. / Precision Medical Inc.(s)(u)
L+950
11/29/2024Healthcare & Pharmaceuticals15,453 15,398 8,576 
See accompanying notes to consolidated financial statements.
21


CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 2023
(in thousands)
Portfolio Company(a)Interest(b)MaturityIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
Spinal USA, Inc. / Precision Medical Inc.(s)(u)
L+950
11/29/2024Healthcare & Pharmaceuticals1,373 1,373 721 
Spinal USA, Inc. / Precision Medical Inc.(s)(u)
L+950
11/29/2024Healthcare & Pharmaceuticals883 806 463 
Spinal USA, Inc. / Precision Medical Inc.(s)(u)
L+950
11/29/2024Healthcare & Pharmaceuticals838 838 440 
Spinal USA, Inc. / Precision Medical Inc.(s)(u)
L+950
11/29/2024Healthcare & Pharmaceuticals699 638 388 
Spinal USA, Inc. / Precision Medical Inc.(s)(u)
L+950
11/29/2024Healthcare & Pharmaceuticals639 639 645 
STATinMED, LLC(q)(s)(v)
S+950, 2.00% SOFR Floor
7/1/2027Healthcare & Pharmaceuticals10,678 10,678 10,358 
Stengel Hill Architecture, LLC(n)(w)
S+650, 1.00% SOFR Floor
8/16/2028Construction & Building15,000 15,000 15,000 
Tactical Air Support, Inc.(n)(v)
S+850, 1.00% SOFR Floor
12/22/2028Aerospace & Defense12,000 12,000 12,000 
Tactical Air Support, Inc.
0.75% Unfunded
12/23/2024Aerospace & Defense2,000   
Thrill Holdings LLC(m)(v)
S+650, 1.00% SOFR Floor
5/27/2027Media: Diversified & Production20,033 20,033 20,004 
Thrill Holdings LLC
0.50% Unfunded
5/27/2027Media: Diversified & Production1,739  26 
Thrill Holdings LLC
1.00% Unfunded
5/27/2024Media: Diversified & Production3,261  49 
TMK Hawk Parent, Corp.(w)
S+350, 1.00% SOFR Floor
8/28/2024Services: Business7,957 5,997 5,359 
TMK Hawk Parent, Corp.(w)
S+350, 1.00% SOFR Floor
8/28/2024Services: Business3,084 2,369 1,958 
Trademark Global, LLC(m)(s)(v)
S+750, 1.00% SOFR Floor
7/30/2024Consumer Goods: Non-Durable15,731 15,720 14,347 
Trammell, P.C.(s)(v)
S+1550, 2.00% SOFR Floor
4/28/2026Services: Consumer15,213 15,213 15,213 
USALCO, LLC(m)(v)
S+600, 1.00% SOFR Floor
10/19/2027Chemicals, Plastics & Rubber25,435 25,243 25,435 
Williams Industrial Services Group, Inc.(p)(s)(w)
S+1100, 1.00% SOFR Floor
12/16/2025Services: Business1,747 1,636 1,092 
Williams Industrial Services Group, Inc.(p)(s)(w)
S+1100, 1.00% SOFR Floor
12/16/2025Services: Business349 327 218 
Wok Holdings Inc.(m)(v)
S+625, 0.00% SOFR Floor
3/1/2026Beverage, Food & Tobacco24,844 24,291 24,673 
WorkGenius, Inc.(m)(w)
S+750, 1.00% SOFR Floor
6/7/2027Services: Business14,821 14,821 14,821 
WorkGenius, Inc.(w)
S+750, 1.00% SOFR Floor
6/7/2027Services: Business750 738 750 
WorkGenius, Inc.(m)(w)
S+750, 1.00% SOFR Floor
6/7/2027Services: Business3,500 3,500 3,500 
Xenon Arc, Inc.(m)(w)
S+575, 0.75% SOFR Floor
12/17/2027High Tech Industries3,876 3,844 3,876 
Yak Access, LLC(m)(n)(w)
S+640, 1.00% SOFR Floor
3/10/2028Construction & Building20,592 18,768 20,618 
Total Senior Secured First Lien Debt1,604,111 1,565,171 
Senior Secured Second Lien Debt - 3.3%
Global Tel*Link Corp.(n)(w)
S+1000, 0.00% SOFR Floor
11/29/2026Telecommunications11,500 11,401 11,414 
OpCo Borrower, LLC(m)12.50%2/19/2028Healthcare & Pharmaceuticals12,500 11,795 11,813 
RA Outdoors, LLC(m)(w)
S+900, 1.00% SOFR Floor
10/8/2026Media: Diversified & Production1,809 1,809 1,820 
Securus Technologies Holdings, Inc.(s)(w)
S+891, 1.00% SOFR Floor
11/1/2025Telecommunications2,999 2,990 2,591 
TMK Hawk Parent, Corp.(p)(w)
S+800, 1.00% SOFR Floor
8/26/2025Services: Business13,393 13,285 1,473 
Total Senior Secured Second Lien Debt41,280 29,111 
Collateralized Securities and Structured Products - Equity - 0.1%
APIDOS CLO XVI Subordinated Notes(g)(h)
0.00% Estimated Yield
1/19/2025Diversified Financials9,000 1,217 20 
Galaxy XV CLO Ltd. Class A Subordinated Notes(g)(h)
19.30% Estimated Yield
4/15/2025Diversified Financials4,000 1,145 1,076 
Total Collateralized Securities and Structured Products - Equity2,362 1,096 
Unsecured Debt - 1.5%
Lucky Bucks Holdings LLC(p)(s)12.50%5/26/2028Hotel, Gaming & Leisure25,308 22,860 4,135 
See accompanying notes to consolidated financial statements.
22


CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 2023
(in thousands)
Portfolio Company(a)Interest(b)MaturityIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
WPLM Acquisition Corp.(s)15.00%11/24/2025Media: Advertising, Printing & Publishing8,872 8,833 8,739 
Total Unsecured Debt31,693 12,874 
Equity - 26.4%
ARC Financial Partners, LLC, Membership Interests (25% ownership)(o)(q)
Metals & MiningNA  
Ascent Resources - Marcellus, LLC, Membership Units(o)Energy: Oil & Gas
511,255 Units
1,642 971 
Carestream Health Holdings, Inc., Common Stock(o)(q)Healthcare & Pharmaceuticals
614,368 Units
21,758 21,386 
CF Arch Holdings LLC, Class A Units(o)Services: Business
380,952 Units
381 606 
CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(r)Diversified Financials
22,072,841 Units
22,073 25,039 
CION/EagleTree Partners, LLC, Membership Units (85% ownership)(h)(o)(r)
Diversified FinancialsNA  
David's Bridal Holdings, LLC, Preferred Units(o)(r)Retail
1,000 Units
10,820 12,494 
David's Bridal Holdings, LLC, Common Units(o)(r)Retail
900,000 Units
23,130 41,418 
FWS Parent Holdings, LLC, Class A Membership Interests(o)Services: Business
35,242 Units
800 434 
GSC Technologies Inc., Common Shares(o)(q)Chemicals, Plastics & Rubber
807,268 Units
 1,251 
Heritage Litigation Trust, Restricted Stock(o)Energy: Oil & Gas
238,375 Units
119 132 
IPP Buyer Holdings, LLC, Class A Units(o)(q)Retail
8,888,354 Units
10,740 11,910 
Instant Web Holdings, LLC, Class A Common Units(o)(q)Media: Advertising, Printing & Publishing
10,819 Units
  
Isagenix Worldwide, Inc., Common Shares(o)(q)Beverage, Food & Tobacco
601,941 Units
8,987 8,404 
K&N Holdco, LLC, Membership Units(o)Consumer Goods: Durable
458,364 Units
8,356 6,061 
Language Education Holdings GP LLC, Common Units(o)Services: Business
366,667 Units
  
Language Education Holdings LP, Ordinary Common Units(o)Services: Business
366,667 Units
825 1,382 
Longview Intermediate Holdings C, LLC, Membership Units(q)Energy: Oil & Gas
653,989 Units
2,704 21,726 
Macquarie Capital Funding LLC(i)(o)
Hotel, Gaming & Leisure
123,568 Units
4,200 2,020 
Mount Logan Capital Inc., Common Stock(f)(h)(q)Banking, Finance, Insurance & Real Estate
1,075,557 Units
3,534 1,624 
New Giving Acquisition, Inc., Warrants(o)8/19/2029Healthcare & Pharmaceuticals
4,630 Units
633 2,686 
New HW Holdings Corp., Common Stock(o)Capital Equipment
133 Units
  
NS NWN Acquisition, LLC, Class A Preferred Units(o)High Tech Industries
111 Units
110 4,051 
NS NWN Acquisition, LLC, Common Equity(o)High Tech Industries
346 Units
393  
NS NWN Holdco LLC, Non-Voting Units(o)High Tech Industries
522 Units
504 893 
NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(o)Consumer Goods: Durable
1,575 Units
1,000 962 
Palmetto Clean Technology, Inc., Warrants(o)High Tech Industries
724,112 Units
471 2,773 
Reorganized Heritage TopCo, LLC, Common Stock(o)Energy: Oil & Gas
201,249 Units
7,225 7,737 
RumbleOn, Inc., Warrants(o)8/14/2028Automotive
60,606 Units
378 376 
Service Compression, LLC, Warrants(o)Energy: Oil & GasN/A509 1,426 
Snap Fitness Holdings, Inc., Class A Common Stock(o)(q)Services: Consumer
9,858 Units
3,078 4,653 
Snap Fitness Holdings, Inc., Warrants(o)(q)Services: Consumer
3,996 Units
1,247 1,886 
SRA Holdings, LLC, Membership Units(m)(o)(q)Banking, Finance, Insurance & Real Estate
224,865 Units
23,611 25,515 
STATinMed Parent, LLC, Class A Preferred Units(o)(q)Healthcare & Pharmaceuticals
6,182 Units
6,182 2,018 
STATinMed Parent, LLC, Class B Preferred Units(o)(q)Healthcare & Pharmaceuticals
51,221 Units
3,193  
See accompanying notes to consolidated financial statements.
23


CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 2023
(in thousands)
Portfolio Company(a)InterestIndustryPrincipal/
Par Amount/
Units(e)
Cost(d)Fair
Value(c)
URS Topco, LLC, Common Equity(o)Transportation: Cargo
430,540 Units
9,669 12,201 
WorkGenius, LLC, Class A Units(o)Services: Business
500 Units
500 584 
Yak Holding II, LLC, Series A Preferred Units(o)Construction & Building
4,000,000 Units
2,000 4,000 
Yak Holding II, LLC, Series B-1 Preferred Units(o)Construction & Building
1,966,018 Units
1,966 1,986 
Yak Holding II, LLC, Series A Common Units(o)Construction & Building
127,419 Units
 1,967 
Total Equity182,738 232,572 
Short Term Investments - 12.9%(k)
First American Treasury Obligations Fund, Class Z Shares
5.24%(l)
113,446 113,446 
Total Short Term Investments113,446 113,446 
TOTAL INVESTMENTS - 222.2%
$1,975,630 1,954,270 
LIABILITIES IN EXCESS OF OTHER ASSETS - (122.2)%
(1,074,707)
NET ASSETS - 100.0%
$879,563 
a.All of the Company’s investments are issued by eligible U.S. portfolio companies, as defined in the 1940 Act, except for investments specifically identified as non-qualifying per note h. below. Unless specifically identified in note s. below, investments do not contain a PIK interest provision.
b.The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2023, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2023. The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2023, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2023.
c.Fair value determined in good faith by the Company’s board of directors (see Note 9), including via delegation to CIM as the Company’s valuation designee (see Note 2), using significant unobservable inputs unless otherwise noted.
d.Represents amortized cost for debt securities and cost for equity investments.
e.Denominated in U.S. dollars unless otherwise noted.
f.Fair value determined using level 1 inputs.
g.The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated. Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
h.The investment or a portion thereof is not a qualifying asset under the 1940 Act. A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets as defined under Section 55 of the 1940 Act. As of December 31, 2023, 94.6% of the Company’s total assets represented qualifying assets.
i.The Company has entered into a proceeds agreement with Macquarie Capital Funding LLC, or Macquarie, in which any proceeds received by Macquarie from an underlying first lien term loan were passed onto the Company. The underlying first lien term loan was subsequently exchanged for common shares of the underlying portfolio company. Macquarie's obligations under the proceeds agreement are not secured by any collateral. The industry and other investment characteristics reflect the terms of the underlying equity security.
j.In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company may be entitled to receive additional residual amounts.
k.Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.
l.7-day effective yield as of December 31, 2023.
m.Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPM as of December 31, 2023 (see Note 8).
n.Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the repurchase agreement with UBS as of December 31, 2023 (see Note 8).
o.Non-income producing security.
See accompanying notes to consolidated financial statements.
24


CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 2023
(in thousands)
p.Investment or a portion thereof was on non-accrual status as of December 31, 2023.
q.Investment determined to be an affiliated investment as defined in the 1940 Act as the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities but does not control the portfolio company. Fair value as of December 31, 2022 and 2023, along with transactions during the year ended December 31, 2023 in these affiliated investments, were as follows:
Year Ended December 31, 2023
Year Ended December 31, 2023
Non-Controlled, Affiliated InvestmentsFair Value at
December 31, 2022
Gross
Additions
(Cost)(1)
Gross
Reductions
(Cost)(2)
Net Unrealized Gain (Loss)
Fair Value at December 31, 2023
Net Realized Gain (Loss)Interest
Income(3)
Dividend IncomeFee Income
    Afore Insurance Services, LLC
        First Lien Term Loan$ $4,583 $ $ $4,583 $ $405 $ $ 
    ARC Financial, LLC
        Membership Interests       25  
    Carestream Health, Inc.
        First Lien Term Loan7,539 2,976 (115)1,023 11,423  1,373   
    Carestream Health Holdings Inc.
        Common Shares21,544   (158)21,386     
    DESG Holdings, Inc.
        First Lien Term Loan246  (82)(79)85     
    GSC Technologies Inc.
        Incremental Term Loan154 6 (160)   11   
        First Lien Term Loan A2,064 27 (297)189 1,983  279   
        First Lien Term Loan B388 103  451 942  112   
        Common Shares   1,251 1,251     
    Instant Web, LLC
        Revolving Loan321 2,587  (76)2,832  247   
        Priming Term Loan469 39  5 513  57   
        First Lien Term Loan28,167 5,166  (4,778)28,555  5,188   
        First Lien Delayed Draw Term Loan 1,082  (69)1,013  42   
    Instant Web Holdings, LLC
        Class A Common Units         
    IPP Buyer Holdings, LLC
        Class A Units 10,740  1,170 11,910     
    Isagenix International, LLC
        First Lien Term Loan 8,583  (65)8,518  647  477 
    Isagenix Worldwide, Inc.
        Common Shares 8,987  (583)8,404     
    Lift Brands, Inc.
        Term Loan A23,287  (236)(1)23,050  2,965  64 
        Term Loan B5,154 523  137 5,814  572   
        Term Loan C4,732 1,724  (197)6,259  741  1,891 
    Longview Intermediate Holdings C, LLC
        Membership Units23,995   (2,269)21,726   3,881  
    Longview Power, LLC
        First Lien Term Loan2,348 6 (1,396)(958)  1,306   
    Mount Logan Capital Inc.
        Common Stock2,341   (717)1,624   40  
    Snap Fitness Holdings, Inc.
        Class A Stock5,123   (470)4,653     
        Warrants2,077   (191)1,886     
    SRA Holdings, LLC
        Membership Units 23,611  1,904 25,515     
    STATinMED, LLC
        First Lien Term Loan9,107 1,456  (205)10,358  1,485   
        Delayed Draw First Lien Term Loan156 6 (159)(3)  10   
    STATinMed Parent, LLC
        Class A Preferred Units4,530   (2,512)2,018     
        Class B Preferred Units134   (134)     
    Totals$143,876 $72,205 $(2,445)$(7,335)$206,301 $ $15,440 $3,946 $2,432 
See accompanying notes to consolidated financial statements.
25


CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 2023
(in thousands)
(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(2)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
(3)Includes PIK interest income.
r.Investment determined to be a controlled investment as defined in the 1940 Act as the Company is deemed to exercise a controlling influence over the management or policies of the portfolio company due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of such portfolio company. Fair value as of December 31, 2022 and 2023, along with transactions during the year ended December 31, 2023 in these controlled investments, were as follows:
Year Ended December 31, 2023
Year Ended December 31, 2023
Controlled InvestmentsFair Value at
December 31, 2022
Gross
Additions
(Cost)(1)
Gross
Reductions
(Cost)(2)
Net 
Unrealized
Gain (Loss)
Fair Value at December 31, 2023
Net Realized
Gain (Loss)
Interest
Income(3)
Dividend IncomeFee Income
    CION/EagleTree Partners, LLC
        Senior Secured Note$60,348 $4,771 $(5,521)$ $59,598 $ $7,843 $ $ 
        Participating Preferred Shares30,766   (5,727)25,039   4,250  
        Common Shares         
    David's Bridal, Inc.
        Exit First Lien Term Loan 22,050   22,050  1,205  1,050 
        Incremental First Lien Term Loan 17,033  (339)16,694  92  341 
    David's Bridal Holdings, LLC
        Preferred Units 10,820  1,674 12,494     
        Common Units 23,130  18,288 41,418     
    Totals$91,114 $77,804 $(5,521)$13,896 $177,293 $ $9,140 $4,250 $1,391 
(1)Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
(2)Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
(3)Includes PIK interest income.
See accompanying notes to consolidated financial statements.
26


CĪON Investment Corporation
Consolidated Schedule of Investments
December 31, 2023
(in thousands)
s.As of December 31, 2023, the below investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. For certain investments, the borrower may toggle between cash and PIK interest payments.
  Interest Rate
Portfolio CompanyInvestment TypeCashPIKAll-in-Rate
American Clinical Solutions LLCSenior Secured First Lien Debt7.15%5.35%12.50%
Anthem Sports & Entertainment Inc.Senior Secured First Lien Debt3.00%12.11%15.11%
Celerity Acquisition Holdings, LLCSenior Secured First Lien Debt10.00%4.05%14.05%
Cennox, Inc.Senior Secured First Lien Debt11.65%0.25%11.90%
CION/EagleTree Partners, LLCSenior Secured Note14.00%14.00%
Community Tree Service, LLCSenior Secured First Lien Debt14.00%2.50%16.50%
Deluxe Entertainment Services, Inc.Senior Secured First Lien Debt12.50%1.50%14.00%
FuseFX, LLCSenior Secured First Lien Debt6.47%5.00%11.47%
GSC Technologies Inc.Senior Secured First Lien Debt10.51%10.51%
Hilliard, Martinez & Gonzales, LLPSenior Secured First Lien Debt17.46%17.46%
Homer City Generation, L.P.Senior Secured First Lien Debt15.00%15.00%
Homer City Generation, L.P.Senior Secured First Lien Debt17.00%17.00%
Inotiv, Inc.Senior Secured First Lien Debt11.96%0.25%12.21%
Instant Web, LLCSenior Secured First Lien Debt12.47%12.47%
Isagenix International, LLCSenior Secured First Lien Debt2.50%8.54%11.04%
K&N Parent, Inc.Senior Secured First Lien Debt8.72%5.00%13.72%
Klein Hersh, LLCSenior Secured First Lien Debt6.74%12.00%18.74%
Lift Brands, Inc.Senior Secured First Lien Debt9.50%9.50%
Lucky Bucks Holdings LLCUnsecured Note12.50%12.50%
Nova Compression, LLCSenior Secured First Lien Debt12.61%3.25%15.86%
Playboy Enterprises, Inc.Senior Secured First Lien Debt6.50%3.25%9.75%
Robert C. Hilliard, L.L.P.Senior Secured First Lien Debt17.44%17.44%
RumbleOn, Inc.Senior Secured First Lien Debt13.86%0.50%14.36%
Securus Technologies Holdings, Inc.Senior Secured First Lien Debt6.61%3.89%10.50%
Securus Technologies Holdings, Inc.Senior Secured Second Lien Debt6.61%7.65%14.26%
Service Compression, LLCSenior Secured First Lien Debt13.46%2.00%15.46%
Spinal USA, Inc. / Precision Medical Inc.Senior Secured First Lien Debt15.16%15.16%
STATinMED, LLCSenior Secured First Lien Debt14.96%14.96%
Trademark Global, LLCSenior Secured First Lien Debt11.11%1.75%12.86%
Trammell, P.C.Senior Secured First Lien Debt20.86%20.86%
Williams Industrial Services Group, Inc.Senior Secured First Lien Debt10.00%6.18%16.18%
WPLM Acquisition Corp.Unsecured Note15.00%15.00%
t.The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2023 was 5.47%.
u.The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2023 was 5.59%.
v.The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35%.
w.The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%.
x.The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2023 was 5.16%.
y.While the maturity date of this loan has passed, the Company expects all interest and principal to be collected.
See accompanying notes to consolidated financial statements.
27

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)

Note 1. Organization and Principal Business    
CĪON Investment Corporation, or the Company, was incorporated under the general corporation laws of the State of Maryland on August 9, 2011. On December 17, 2012, the Company successfully raised gross proceeds from unaffiliated outside investors of at least $2,500, or the minimum offering requirement, and commenced operations. The Company is an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a business development company, or BDC, under the 1940 Act. The Company elected to be treated for federal income tax purposes as a regulated investment company, or RIC, as defined under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code.
The Company’s investment objective is to generate current income and, to a lesser extent, capital appreciation for investors. The Company’s portfolio is comprised primarily of investments in senior secured debt, including first lien loans, second lien loans and unitranche loans, and, to a lesser extent, collateralized securities, structured products and other similar securities, unsecured debt, and equity, of private and thinly-traded U.S. middle-market companies.
The Company is managed by CION Investment Management, LLC, or CIM, a registered investment adviser and an affiliate of the Company. Pursuant to an investment advisory agreement with the Company, CIM oversees the management of the Company’s activities and is responsible for making investment decisions for the Company’s investment portfolio. On August 7, 2023, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the renewal of the second amended and restated investment advisory agreement with CIM for a period of twelve months, commencing August 9, 2023. The Company has also entered into an administration agreement with CIM to provide the Company with administrative services necessary for it to operate. The Company and CIM previously engaged Apollo Investment Management, L.P., or AIM, a subsidiary of Apollo Global Management, Inc., or, together with its subsidiaries, Apollo, a leading global alternative investment manager, to act as the Company’s investment sub-adviser.
On July 11, 2017, the members of CIM entered into a third amended and restated limited liability company agreement of CIM, or the Third Amended CIM LLC Agreement, for the purpose of creating a joint venture between AIM and CION Investment Group, LLC, or CIG, an affiliate of the Company. Under the Third Amended CIM LLC Agreement, AIM became a member of CIM and was issued a newly-created class of membership interests in CIM pursuant to which AIM, among other things, shares in the profits, losses, distributions and expenses of CIM with the other members in accordance with the terms of the Third Amended CIM LLC Agreement, which results in CIG and AIM each owning a 50% economic interest in CIM.
On July 10, 2017, the Company’s independent directors unanimously approved the termination of the investment sub-advisory agreement with AIM, effective as of July 11, 2017. Although the investment sub-advisory agreement and AIM's engagement as the Company’s investment sub-adviser were terminated, AIM continues to perform certain services for CIM and the Company. AIM is not paid a separate fee in exchange for such services, but is entitled to receive distributions as a member of CIM as described above.
On December 4, 2017, the members of CIM entered into a fourth amended and restated limited liability company agreement of CIM, or the Fourth Amended CIM LLC Agreement, under which AIM performs certain services for CIM, which include, among other services, providing (a) trade and settlement support; (b) portfolio and cash reconciliation; (c) market pipeline information regarding syndicated deals, in each case, as reasonably requested by CIM; and (d) monthly valuation reports and support for all broker-quoted investments. AIM may also, from time to time, provide the Company with access to potential investment opportunities made available on Apollo's credit platform on a similar basis as other third-party market participants. All of the Company's investment decisions are the sole responsibility of, and are made at the sole discretion of, CIM's investment committee, which consists entirely of CIG senior personnel.
The amended and restated investment advisory agreement was approved by shareholders on August 9, 2021 at the Company’s reconvened 2021 annual meeting of shareholders. As a result, on August 10, 2021, the Company and CIM entered into the amended and restated investment advisory agreement in order to implement the change to the calculation of the subordinated incentive fee payable from the Company to CIM that expresses the hurdle rate required for CIM to earn, and be paid, the incentive fee as a percentage of the Company’s net assets rather than adjusted capital.
On October 5, 2021, the Company's shares of common stock commenced trading on the New York Stock Exchange, or the NYSE, under the ticker symbol "CION", or the Listing. As a result, on October 5, 2021, the Company and CIM entered into the second amended and restated investment advisory agreement in order to implement the changes to the advisory fees payable from the Company to CIM that became effective upon the Listing that (i) reduced the annual base management fee, (ii) amended the structure of the subordinated incentive fee on income payable by the Company to CIM and reduced the hurdle and incentive fee rates, and (iii) reduced the incentive fee on capital gains payable by the Company to CIM (as described in further detail in Notes 2 and 4). On February 26, 2023, the Company’s shares of common stock and the Company's Series A Notes listed and commenced trading in Israel on the Tel Aviv Stock Exchange Ltd., or the TASE, under the ticker symbol “CION” and "CION B1", respectively.
28

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
Note 2. Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and pursuant to the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of December 31, 2023 and for the year then ended included in the Company’s Annual Report on Form 10-K. Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. The consolidated balance sheet and the consolidated schedule of investments as of December 31, 2023 and the consolidated statements of operations, changes in net assets, and cash flows for the year ended December 31, 2023 are derived from the 2023 audited consolidated financial statements and include the accounts of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The Company does not consolidate its equity interest in CION/EagleTree Partners, LLC, or CION/EagleTree. See Note 7 for a description of the Company’s investment in CION/EagleTree.
The Company evaluates subsequent events through the date that the consolidated financial statements are issued.
Recent Accounting Pronouncements
In June 2022, the Financial Accounting Standards Board, or the FASB, issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, or ASU 2022-03, which clarifies the guidance when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2023. The Company has adopted this guidance and concluded that it did not have a material impact on the Company's consolidated financial statements.
In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, or ASU 2020-04, which provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The expedients and exceptions provided by this guidance do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the sunset date of this guidance to December 31, 2024. The Company is evaluating the potential impact that the adoption of this guidance will have on the Company’s consolidated financial statements.
Cash and Cash Equivalents
Cash and cash equivalents include cash in banks and highly liquid investments with original maturity dates of three months or less. The Company’s cash and cash equivalents are held principally at one financial institution and at times may exceed insured limits. The Company periodically evaluates the creditworthiness of this institution and has not experienced any losses on such deposits.
29

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
Foreign Currency Translations
The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the foreign exchange rate on the date of valuation. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Changes in the relationship of foreign currencies to the U.S. dollar can significantly affect the value of these investments and therefore the earnings of the Company.
Short Term Investments
Short term investments include an investment in a U.S. Treasury obligations fund, which seeks to provide current income and daily liquidity by purchasing U.S. Treasury securities and repurchase agreements that are collateralized by such securities. The Company had $130,137 and $113,446 of such investments at March 31, 2024 and December 31, 2023, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.
Income Taxes
The Company elected to be treated for federal income tax purposes as a RIC under Subchapter M of the Code. To qualify and maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements and distribute to shareholders, for each taxable year, at least 90% of the Company’s “investment company taxable income”, which is generally equal to the sum of the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. If the Company continues to qualify as a RIC and continues to satisfy the annual distribution requirement, the Company will not be subject to corporate level federal income taxes on any income that the Company distributes to its shareholders. The Company intends to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. The Company will also be subject to nondeductible federal excise taxes if the Company does not distribute at least 98.0% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no federal income taxes. 
Three of the Company’s wholly-owned consolidated subsidiaries, CIC Holdco, LLC, View ITC, LLC and View Rise, LLC, or collectively the Taxable Subsidiaries, have elected to be treated as taxable entities for U.S. federal income tax purposes. As a result, the Taxable Subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense or benefit, and the related tax assets and liabilities, as a result of their ownership of certain portfolio investments. The income tax expense or benefit, if any, and the related tax assets and liabilities, where material, are reflected in the Company’s consolidated financial statements. There were no deferred tax assets or liabilities as of March 31, 2024 or December 31, 2023.
Book/tax differences relating to permanent differences are reclassified among the Company’s capital accounts, as appropriate. Additionally, the tax character of distributions is determined in accordance with income tax regulations that may differ from GAAP (see Note 5).
Uncertainty in Income Taxes
The Company evaluates its tax positions to determine if the tax positions taken meet the minimum recognition threshold for the purposes of measuring and recognizing tax liabilities in the consolidated financial statements. Recognition of a tax benefit or liability with respect to an uncertain tax position is required only when the position is “more likely than not” to be sustained assuming examination by the taxing authorities. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the consolidated statements of operations. The Company did not have any uncertain tax positions during the periods presented herein. 
The Company is subject to examination by U.S. federal, New York State, New York City and Maryland income tax jurisdictions for 2020, 2021 and 2022.
30

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.
Actual results may materially differ from those estimates.
Valuation of Portfolio Investments
The fair value of the Company’s investments is determined quarterly in good faith by the Company’s board of directors pursuant to its consistently applied valuation procedures and valuation process in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or ASC 820. In accordance with Rule 2a-5 of the 1940 Act, the Company’s board of directors has designated CIM as the Company’s “valuation designee.” The Company’s board of directors and the audit committee of the board of directors, the latter of which is comprised solely of independent directors, oversees the activities, methodology and processes of the valuation designee. ASC 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a three-tier fair value hierarchy that prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Inputs used to measure these fair values are classified into the following hierarchy:
Level 1 -Quoted prices in active markets for identical assets or liabilities, accessible by the Company at the measurement date.
Level 2 -Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or other observable inputs other than quoted prices.
Level 3 -Unobservable inputs for the asset or liability. The inputs used in the determination of fair value may require significant management judgment or estimation. Such information may be the result of consensus pricing information or broker quotes that include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by the disclaimer would result in classification as a Level 3 asset, assuming no additional corroborating evidence.
Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
Based on the observability of the inputs used in the valuation techniques, the Company is required to provide disclosures on fair value measurements according to the fair value hierarchy. The level in the fair value hierarchy for each fair value measurement has been determined based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each investment. The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments. Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the value that would be received upon an actual sale of such investments. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses that the Company ultimately realizes on these investments to materially differ from the valuations currently assigned.
31

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
A portion of the Company’s investments consist of debt securities that are traded on a private over-the-counter market for institutional investments. CIM attempts to obtain market quotations from at least two brokers or dealers for each investment (if available, otherwise from a principal market maker or a primary market dealer or other independent pricing service). CIM typically uses the average midpoint of the broker bid/ask price to determine fair value unless a different point within the range is more representative. Because of the private nature of this marketplace (meaning actual transactions are not publicly reported) and the non-binding nature of consensus pricing and/or quotes, the Company believes that these valuation inputs result in Level 3 classification within the fair value hierarchy. As these quotes are only indicative of fair value, CIM benchmarks the implied fair value yield and leverage against what has been observed in the market. If the implied fair value yield and leverage fall within the range of CIM's market pricing matrix, the quotes are deemed to be reliable and used to determine the investment's fair value.
Notwithstanding the foregoing, if in the reasonable judgment of CIM, the price of any investment held by the Company and determined in the manner described above does not accurately reflect the fair value of such investment, CIM will value such investment at a price that reflects such investment’s fair value and report such change in the valuation to the board of directors or its designee as soon as practicable. Investments that carry certain restrictions on sale will typically be valued at a discount from the public market value of the investment.
Any investments that are not publicly traded or for which a market price is not otherwise readily available are valued at a price that reflects its fair value. With respect to such investments, if CIM is unable to obtain market quotations, the investments are reviewed and valued using one or more of the following types of analyses:
i.Market comparable statistics and public trading multiples discounted for illiquidity, minority ownership and other factors for companies with similar characteristics.
ii.Valuations implied by third-party investments in the applicable portfolio companies.
iii.A benchmarking analysis to compare implied fair value and leverage to comparable market investments.
iv.Discounted cash flow analysis, including a terminal value or exit multiple.
Determination of fair value involves subjective judgments and estimates. Accordingly, these notes to the Company’s consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the Company’s consolidated financial statements. Below is a description of factors that CIM may consider when valuing the Company’s equity and debt investments where a market price is not readily available:
the size and scope of a portfolio company and its specific strengths and weaknesses;
prevailing interest rates for like securities;
expected volatility in future interest rates;
leverage; 
call features, put features, fees and other relevant terms of the debt;
the borrower’s ability to adequately service its debt;
the fair market value of the portfolio company in relation to the face amount of its outstanding debt;
the quality of collateral securing the Company’s debt investments;
multiples of earnings before interest, taxes, depreciation and amortization, or EBITDA, cash flows, net income, revenues or, in some cases, book value or liquidation value; and
other factors deemed applicable.
All of these factors may be subject to adjustment based upon the particular circumstances of a portfolio company or the Company’s actual investment position. For example, adjustments to EBITDA may take into account compensation to previous owners, or acquisition, recapitalization, and restructuring expenses or other related or non-recurring items. The choice of analyses and the weight assigned to such factors may vary across investments and may change within an investment if events occur that warrant such a change.
When CIM uses the discounted cash flow model to value the Company's investments, such model deemed appropriate by CIM is prepared for the applicable investments and reviewed by designated members of CIM’s management team. Such models are prepared at least quarterly or on an as needed basis. The model uses the estimated cash flow projections for the underlying investments and an appropriate discount rate is determined based on the latest financial information available for the borrower, prevailing market trends, comparable analysis and other inputs. The model, key assumptions, inputs, and results are reviewed by designated members of CIM’s management team with final approval from the board of directors or its designee.
32

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
Consistent with the Company’s valuation policy, the Company evaluates the source of inputs, including any markets in which the Company’s investments are trading, in determining fair value.
The Company periodically benchmarks the broker quotes from the brokers or dealers against the actual prices at which the Company purchases and sells its investments. Based on the results of the benchmark analysis and the experience of the Company’s management in purchasing and selling these investments, the Company believes that these quotes are reliable indicators of fair value. The Company may also use other methods to determine fair value for securities for which it cannot obtain market quotations through brokers or dealers, including the use of an independent valuation firm. Designated members of CIM’s management team and the Company's board of directors or its designee review and approve the valuation determinations made with respect to these investments in a manner consistent with the Company’s valuation process.
As a practical expedient, the Company uses net asset value, or NAV, as the fair value for its equity investment in CION/EagleTree. CION/EagleTree records its underlying investments at fair value on a quarterly basis in accordance with ASC 820.
Revenue Recognition
Securities transactions are accounted for on the trade date. The Company records interest and dividend income on an accrual basis beginning on the trade settlement date or the ex-dividend date, respectively, to the extent that the Company expects to collect such amounts.  For investments in equity tranches of collateralized loan obligations, the Company records income based on the effective interest rate determined using the amortized cost and estimated cash flows, which is updated periodically. Loan origination fees, original issue discounts, or OID, and market discounts/premiums are recorded and such amounts are amortized as adjustments to interest income over the respective term of the loan using the effective interest rate method. Upon the prepayment of a loan or security, prepayment premiums, any unamortized loan origination fees, OID, or market discounts/premiums are recorded as interest income.
The Company may have investments in its investment portfolio that contain a PIK interest provision. PIK interest is accrued as interest income if the portfolio company valuation indicates that such PIK interest is collectible and recorded as interest receivable up to the interest payment date. On the interest payment dates, the Company will capitalize the accrued interest receivable attributable to PIK as additional principal due from the borrower. Additional PIK securities typically have the same terms, including maturity dates and interest rates, as the original securities. In order to maintain RIC status, substantially all of this income must be paid out to shareholders in the form of distributions, even if the Company has not collected any cash. For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of March 31, 2024 and December 31, 2023.
Loans and debt securities, including those that are individually identified as being impaired under Accounting Standards Codification 310, Receivables, or ASC 310, are generally placed on non-accrual status immediately if, in the opinion of management, principal or interest is not likely to be paid, or when principal or interest is past due 90 days or more. Interest accrued but not collected at the date a loan or security is placed on non-accrual status is reversed against interest income. Interest income is recognized on non-accrual loans or debt securities only to the extent received in cash. However, where there is doubt regarding the ultimate collectability of principal, cash receipts, whether designated as principal or interest, are thereafter applied to reduce the carrying value of the loan or debt security. Loans or securities are restored to accrual status only when interest and principal payments are brought current and future payments are reasonably assured.
Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.
The Company may receive fees for capital structuring services that are fixed based on contractual terms, are normally paid at the closing of the investment, are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the investment. The services that CIM provides vary by investment, but generally include reviewing existing credit facilities, arranging bank financing, arranging equity financing, structuring financing from multiple lenders, structuring financing from multiple equity investors, restructuring existing loans, raising equity and debt capital, and providing general financial advice, which concludes upon closing of the investment. In certain instances where the Company is invited to participate as a co-lender in a transaction and does not provide significant services in connection with the investment, a portion of loan fees paid to the Company in such situations will be deferred and amortized over the estimated life of the loan as interest income.
Other income includes amendment fees that are fixed based on contractual terms and are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the transaction. Other income also includes fees for managerial assistance and other consulting services, loan guarantees, commitments, and other services rendered by the Company to its portfolio companies. Such fees are fixed based on contractual terms and are recognized as fee income when earned.
33

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation
Gains or losses on the sale of investments are calculated by using the weighted-average method. The Company measures realized gains or losses by the difference between the net proceeds from the sale and the weighted-average amortized cost of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.
Capital Gains Incentive Fee
Pursuant to the terms of the investment advisory agreement the Company entered into with CIM, the incentive fee on capital gains earned on liquidated investments of the Company’s investment portfolio during operations is determined and payable in arrears as of the end of each calendar year. Prior to October 5, 2021 and under the investment advisory agreement, such fee equaled 20% of the Company’s incentive fee capital gains (i.e., the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis), less the aggregate amount of any previously paid capital gains incentive fees. Pursuant to the second amended and restated investment advisory agreement, the incentive fee on capital gains was reduced to 17.5%, which became effective on October 5, 2021.
On a cumulative basis and to the extent that all realized capital losses and unrealized capital depreciation exceed realized capital gains as well as the aggregate realized net capital gains for which a fee has previously been paid, the Company would not be required to pay CIM a capital gains incentive fee. On a quarterly basis, the Company accrues for the capital gains incentive fee by calculating such fee as if it were due and payable as of the end of such period.
While the investment advisory agreement with CIM neither includes nor contemplates the inclusion of unrealized gains in the calculation of the capital gains incentive fee, pursuant to an interpretation of the American Institute for Certified Public Accountants, or AICPA, Technical Practice Aid for investment companies, the Company accrues capital gains incentive fees on unrealized gains. This accrual reflects the incentive fees that would be payable to CIM if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though CIM is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.
Net Increase (Decrease) in Net Assets per Share
Net increase (decrease) in net assets per share is calculated based upon the daily weighted average number of shares of common stock outstanding during the reporting period.
Distributions
Distributions to shareholders are recorded as of the record date. The amount paid as a distribution is declared by the Company's co-chief executive officers and ratified by the board of directors on a quarterly basis. Net realized capital gains, if any, are distributed at least annually.
Note 3. Share Transactions
The Company’s initial continuous public offering commenced on July 2, 2012 and ended on December 31, 2015. The Company’s follow-on continuous public offering commenced on January 25, 2016 and ended on January 25, 2019.
The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the three months ended March 31, 2024 and 2023 and the year ended December 31, 2023:
Three Months Ended
March 31,
Year Ended
December 31,
202420232023
SharesAmountSharesAmountSharesAmount
Gross shares/proceeds from the offering $  $  $ 
Reinvestment of distributions      
Total gross shares/proceeds      
Share repurchase program(424,031)(4,670)(338,029)(3,592)(1,114,848)(11,518)
    Net shares/amounts for share transactions(424,031)$(4,670)(338,029)$(3,592)(1,114,848)$(11,518)
34

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)

Since commencing its initial continuous public offering on July 2, 2012 and through March 31, 2024, the Company sold 53,760,605 shares of common stock for net proceeds of $1,128,675. The net proceeds include gross proceeds received from reinvested shareholder distributions of $237,451, for which the Company issued 13,523,489 shares of common stock, and gross proceeds paid for shares of common stock repurchased of $264,062, for which the Company repurchased 16,508,762 shares of common stock. As of March 31, 2024, 16,508,762 shares of common stock repurchased had been retired.
On September 15, 2023, the Company's shareholders approved a proposal that authorizes the Company to issue shares of its common stock at prices below the then current NAV per share of the Company’s common stock in one or more offerings for a 12-month period following such shareholder approval. As of March 31, 2024, the Company had not issued any such shares.
Distribution Reinvestment Plan
In connection with the Listing of its shares of common stock on the NYSE, on September 15, 2021, the Company terminated its previous fifth amended and restated distribution reinvestment plan, or the Old DRP. The final distribution reinvestment under the Old DRP was made as part of the monthly base distribution paid on September 14, 2021. On September 15, 2021, the Company adopted a new distribution reinvestment plan, or the New DRP, which became effective as of the Listing and first applied to the reinvestment of distributions paid on December 8, 2021. For additional information regarding the terms of the New DRP, see Note 5.
Reverse Stock Split
Effective on September 21, 2021, every two shares of the Company's common stock then issued and outstanding were automatically combined into one share of the Company's common stock, with the number of then issued and outstanding shares reduced from 113,916,869 to 56,958,440. The reverse stock split amendment also provided that there was no change in the par value of $0.001 per share as a result of the reverse stock split. In addition, the reverse stock split did not modify the rights or preferences of the Company’s common stock.
Listing and Fractional Shares
On October 5, 2021, the Company's shares of common stock commenced trading on the NYSE under the ticker symbol “CION”. As approved by shareholders on September 7, 2021, the Listing was staggered such that (i) up to 1/3rd of shares held by all shareholders were available for trading upon Listing, (ii) up to 2/3rd of shares held by all shareholders were available for trading starting 180 days after Listing, or April 4, 2022, and (iii) all shares were available for trading starting 270 days after Listing, or July 5, 2022. The Company eliminated all then outstanding fractional shares of its common stock in connection with the Listing, as permitted by the Maryland General Corporation Law, on July 14, 2022. On February 26, 2023, the Company’s shares of common stock also listed and commenced trading in Israel on the TASE under the ticker symbol “CION”.
Pre-Listing Share Repurchase Program
Historically, the Company offered to repurchase shares on a quarterly basis on such terms as determined by the Company’s board of directors in its complete and absolute discretion unless, in the judgment of the independent directors of the Company’s board of directors, such repurchases would not have been in the best interests of the Company’s shareholders or would have violated applicable law.
On July 30, 2021, the Company's board of directors, including the independent directors, determined to suspend the Company's pre-Listing share repurchase program commencing with the third quarter of 2021 in anticipation of the Listing and the concurrent enhanced liquidity the Listing was expected to provide. The pre-Listing share repurchase program ultimately terminated upon the Listing and the Company does not expect to implement a new quarterly share repurchase program in the future.
Historically, the Company generally limited the number of shares to be repurchased during any calendar year to the number of shares it could have repurchased with the proceeds it received from the issuance of shares pursuant to the Old DRP. At the discretion of the Company’s board of directors, it could have also used cash on hand, cash available from borrowings and cash from liquidation of investments as of the end of the applicable period to repurchase shares. The Company offered to repurchase such shares at a price equal to the estimated NAV per share on each date of repurchase.
Any periodic repurchase offers were subject in part to the Company’s available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively.
35

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
Post-Listing Share Repurchase Policy
On September 15, 2021, the Company’s board of directors, including the independent directors, approved a share repurchase policy authorizing the Company to repurchase up to $50 million of its outstanding common stock after the Listing. On June 24, 2022, the Company’s board of directors, including the independent directors, increased the amount of shares of the Company’s common stock that may be repurchased under the share repurchase policy by $10 million to up to an aggregate of $60 million. Under the share repurchase policy, the Company may purchase shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at the Company's discretion. Factors include, but are not limited to, share price, trading volume and general market conditions, along with the Company’s general business conditions. The policy may be suspended or discontinued at any time and does not obligate the Company to acquire any specific number of shares of its common stock.
On August 29, 2023, as part of the share repurchase policy, the Company entered into a new trading plan with an independent broker, Wells Fargo Securities, LLC, or Wells Fargo, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, based in part on historical trading data with respect to the Company’s shares. The 10b5-1 trading plan permits common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan expires on August 29, 2024, and is subject to price, market volume and timing restrictions.

The following table summarizes the share repurchases completed during the year ended December 31, 2023 and the three months ended March 31, 2024:
PeriodTotal Number of Shares RepurchasedAverage Price Paid per ShareTotal Number of Shares Repurchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares That May Yet Be Repurchased Under Publicly Announced Plans or Programs(1)
2023
January 1 to January 31, 2023129,873$10.58129,873$43,218 
February 1 to February 28, 2023114,73311.06114,73341,951 
March 1 to March 31, 202393,42310.1793,42341,003 
April 1 to April 30, 2023126,9809.69126,98039,775 
May 1 to May 31, 202386,9509.3486,95038,964 
June 1 to June 30, 2023114,69810.31114,69837,784 
July 1 to July 31, 202354,04810.7454,04837,205 
August 1 to August 31, 202318,51810.9618,51837,002 
September 1 to September 30, 202395,45710.6595,45735,988 
October 1 to October 31, 2023145,59910.08145,59934,056 
November 1 to November 30, 202345,55610.2645,55634,056 
December 1 to December 31, 202389,01310.8489,01333,093 
Total for the year ended December 31, 20231,114,8481,114,848
2024
January 1 to January 31, 2024125,304$11.14125,304$31,700 
February 1 to February 29, 2024165,87610.97165,87629,883 
March 1 to March 31, 2024132,85110.95132,85128,431 
Total for the three months ended March 31, 2024424,031424,031
(1)Amounts do not include any commissions paid to Wells Fargo on shares repurchased.
From April 1, 2024 to May 1, 2024, the Company repurchased 171,481 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $1,911, or an average purchase price of $11.14 per share. As of May 1, 2024, 16,508,762 shares of common stock repurchased by the Company had been retired.
36

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
Note 4. Transactions with Related Parties
For the three months ended March 31, 2024 and 2023 and the year ended December 31, 2023, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows:
Three Months Ended
March 31,
Year Ended December 31,
EntityCapacityDescription202420232023
CIMInvestment adviserIncentive fees(1)$6,914 $6,335 $22,277 
CIMInvestment adviserManagement fees(1)6,864 6,676 26,856 
CIMAdministrative services providerAdministrative services expense(1)1,092 837 3,971 
$14,870 $13,848 $53,104 
(1)Amounts charged directly to operations.
The Company has entered into an investment advisory agreement with CIM. On August 7, 2023, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the renewal of the second amended and restated investment advisory agreement with CIM for a period of twelve months, commencing August 9, 2023. Pursuant to the investment advisory agreement in effect prior to the Listing, CIM was paid an annual base management fee equal to 2.0% of the average value of the Company’s gross assets, less cash and cash equivalents, and an incentive fee based on the Company’s performance, as described below. Pursuant to the second amended and restated investment advisory agreement, which was effective upon the Listing on October 5, 2021, the annual base management fee was reduced to 1.5% of the average value of the Company’s gross assets (including cash pledged as collateral for the Company’s secured financing arrangements, but excluding other cash and cash equivalents so that investors do not pay the base management fee on such assets), to the extent that the Company’s asset coverage ratio is greater than or equal to 200% (i.e., $1 of debt outstanding for each $1 of equity); provided that, the annual base management fee will be reduced further to 1.0% for any such gross assets purchased with leverage resulting in the Company’s asset coverage ratio dropping below 200%. On December 30, 2021, shareholders approved a proposal to reduce the Company’s asset coverage ratio to 150%. As a result, commencing on December 31, 2021, the Company is required to maintain asset coverage for its senior securities of 150% (i.e., $2 of debt outstanding for each $1 of equity) rather than 200%. The base management fee is payable quarterly in arrears and is calculated based on the two most recently completed calendar quarters.
The incentive fee consists of two parts. The first part, which is referred to as the subordinated incentive fee on income, is calculated and payable quarterly in arrears based on “pre-incentive fee net investment income” for the immediately preceding quarter and was subject to a hurdle rate, measured quarterly and expressed as a rate of return on adjusted capital, as defined in the investment advisory agreement in effect prior to the Listing, equal to 1.875% per quarter, or an annualized rate of 7.5%. Under the investment advisory agreement in effect prior to the Listing, the Company paid to CIM 100% of pre-incentive fee net investment income once the hurdle rate was exceeded until the annualized rate of 9.375% was exceeded, at which point the Company paid to CIM 20% of all pre-incentive fee net investment income that exceeded the annualized rate of 9.375%. Under the amended and restated investment advisory agreement also in effect prior to the Listing, the change to the calculation of the subordinated incentive fee payable to CIM that expresses the hurdle rate required for CIM to earn, and be paid, the incentive fee as a percentage of the Company's net assets rather than adjusted capital was implemented. Under the second amended and restated investment advisory agreement, the hurdle rate was reduced to 1.625% per quarter, or an annualized rate of 6.5%, and the Company pays to CIM 100% of pre-incentive fee net investment income once the hurdle rate is exceeded until the annualized rate of 7.879% is exceeded, at which point the Company pays to CIM 17.5% of all pre-incentive fee net investment income. These changes to the subordinated incentive fee on income were effective upon the Listing, except for the change to the calculation of the subordinated incentive fee payable to CIM that replaced adjusted capital with the Company's net assets, which was effective on August 10, 2021. For the three months ended March 31, 2024 and 2023, the Company recorded subordinated incentive fees on income of $6,914 and $6,335, respectively. As of March 31, 2024 and December 31, 2023, the liabilities recorded for subordinated incentive fees were $6,914 and $4,615, respectively. The second part of the incentive fee, which is referred to as the capital gains incentive fee, is described in Note 2.
The Company accrues the capital gains incentive fee based on net realized gains and net unrealized appreciation; however, under the terms of the investment advisory agreement, the fee payable to CIM is based on net realized gains and unrealized depreciation and no such fee is payable with respect to unrealized appreciation unless and until such appreciation is actually realized. For the three months ended March 31, 2024 and 2023 and the year ended December 31, 2023, the Company had no liability for and did not record any capital gains incentive fees.
37

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
On April 1, 2018, the Company entered into an administration agreement with CIM pursuant to which CIM furnishes the Company with administrative services including accounting, investor relations and other administrative services necessary to conduct its day-to-day operations. CIM is reimbursed for administrative expenses it incurs on the Company’s behalf in performing its obligations, provided that such reimbursement is for the lower of CIM’s actual costs or the amount that the Company would have been required to pay for comparable administrative services in the same geographic location. Such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other reasonable methods. The Company does not reimburse CIM for any services for which it receives a separate fee or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a person with a controlling interest in CIM. On August 7, 2023, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the renewal of the administration agreement with CIM for a period of twelve months commencing August 9, 2023.
On January 1, 2019, the Company entered into a servicing agreement with Apollo Investment Administration, L.P., or AIA, pursuant to which AIA furnished the Company with administrative services including, but not limited to, loan and high yield trading services, trade and settlement support, and supplementary investment valuation information. AIA was reimbursed for administrative expenses it incurred on the Company’s behalf in performing its obligations, provided that such reimbursement was reasonable, and costs and expenses incurred were documented. The servicing agreement may be terminated at any time, without the payment of any penalty, by either party, upon 60 days' written notice to the other party.
As of March 31, 2024 and December 31, 2023, the total liability payable to CIM and its affiliates was $14,420 and $13,664, respectively, which primarily related to fees earned by CIM during the three months ended March 31, 2024 and December 31, 2023, respectively.
In the event that CIM undertakes to provide investment advisory services to other clients in the future, it will strive to allocate investment opportunities in a fair and equitable manner consistent with the Company’s investment objective and strategies so that the Company will not be disadvantaged in relation to any other client of the investment adviser or its senior management team. However, it is currently possible that some investment opportunities will be provided to other clients of CIM rather than to the Company.
Indemnifications
The investment advisory agreement, the administration agreement and the dealer manager agreement each provide certain indemnifications from the Company to the other relevant parties to such agreements. The Company’s maximum exposure under these agreements is unknown. However, the Company has not experienced claims or losses pursuant to these agreements and believes the risk of loss related to such indemnifications to be remote.
Note 5. Distributions
From February 1, 2014 through July 17, 2017, the Company’s board of directors authorized and declared on a monthly basis a weekly distribution amount per share of common stock. On July 18, 2017, the Company's board of directors authorized and declared on a quarterly basis a weekly distribution amount per share of common stock. Effective September 28, 2017, the Company's board of directors delegated to management the authority to determine the amount, record dates, payment dates and other terms of distributions to shareholders, which will be ratified by the board of directors on a quarterly basis. Beginning on March 19, 2020, management changed the timing of declaring distributions from quarterly to monthly and temporarily suspended the payment of distributions to shareholders commencing with the month ended April 30, 2020, whether in cash or pursuant to the Old DRP. On July 15, 2020, the board of directors determined to recommence the payment of distributions to shareholders in August 2020. On September 15, 2021, management changed the timing of declaring and paying base distributions to shareholders from monthly to quarterly commencing with the fourth quarter of 2021. Base distributions in respect of future quarters and any supplemental or special distributions will be evaluated by management and the board of directors based on circumstances and expectations existing at the time of consideration.
The Company’s management declared and the Company's board of directors ratified distributions for 7 and 1 record dates during the year ended December 31, 2023 and the three months ended March 31, 2024, respectively.
38

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
The following table presents distributions per share that were declared during the year ended December 31, 2023 and the three months ended March 31, 2024:
Distributions
Three Months EndedPer ShareAmount
2023
March 31, 2023 (one record date)$0.34 $18,687 
June 30, 2023 (one record date)0.34 18,614 
September 30, 2023 (two record dates)0.39 21,276 
December 31, 2023 (three record dates)0.54 29,290 
Total distributions for the year ended December 31, 2023$1.61 $87,867 
2024
March 31, 2024 (one record date)$0.34 $18,279 
Total distributions for the three months ended March 31, 2024$0.34 $18,279 
On May 6, 2024, the Company’s co-chief executive officers declared a quarterly base distribution of $0.36 per share for the second quarter of 2024 payable on June 17, 2024 to shareholders of record as of June 3, 2024.
In connection with the Listing of its shares of common stock on the NYSE, on September 15, 2021, the Company terminated the Old DRP. The final distribution reinvestment under the Old DRP was made as part of the monthly base distribution paid on September 14, 2021. On September 15, 2021, the Company adopted the New DRP, which became effective as of the Listing and first applied to the reinvestment of distributions paid on December 8, 2021.
Under the Old DRP and prior to the Listing, distributions to participating shareholders who “opted in” to the Old DRP were reinvested in additional shares of the Company's common stock at a purchase price equal to the estimated NAV per share of common stock as of the date of issuance.
Upon the Listing, all shareholders were automatically enrolled in the New DRP and will receive distributions as declared by the Company in additional shares of its common stock unless such shareholder affirmatively elects to receive an entire distribution in cash by notifying (i) such shareholder’s financial adviser; or (ii) if such shareholder has a registered account maintained at the Company’s transfer agent, the plan administrator. With respect to distributions to participating shareholders under the New DRP, the Company reserves the right to either issue new shares or cause the plan administrator to purchase shares in the open market in connection with implementation of the New DRP. Unless the Company, in its sole discretion, otherwise directs DST Asset Management Solutions, Inc., the plan administrator, (A) if the per share “market price” (as defined in the New DRP) is equal to or greater than the estimated NAV per share on the payment date for the distribution, then the Company will issue shares at the greater of (i) the estimated NAV or (ii) 95% of the market price, or (B) if the market price is less than the estimated NAV, then, in the Company’s sole discretion, (i) shares will be purchased in open market transactions for the accounts of participating shareholders to the extent practicable, or (ii) the Company will issue shares at the estimated NAV. Pursuant to the terms of the New DRP, the number of shares to be issued to a participating shareholder will be determined by dividing the total dollar amount of the distribution payable to a participating shareholder by the price per share at which the Company issues such shares; provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participating shareholder based on the weighted average purchase price, excluding any brokerage charges or other charges, of all shares purchased in the open market with respect to such distribution.
If a shareholder receives distributions in the form of common stock pursuant to the New DRP, such shareholder generally will be subject to the same federal, state and local tax consequences as if they elected to receive distributions in cash. If the Company’s common stock is trading at or below NAV, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of cash that such shareholder would have received if they had elected to receive the distribution in cash. If the Company’s common stock is trading above NAV, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of the fair market value of the Company’s common stock. The shareholder’s basis for determining gain or loss upon the sale of common stock received in a distribution will be equal to the total dollar amount of the distribution payable to the shareholder. Any stock received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the shareholder’s account.
39

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
The following table provides information concerning the Company’s purchases of shares of its common stock in the open market during the year ended December 31, 2023 and the three months ended March 31, 2024 pursuant to the New DRP in order to satisfy the reinvestment portion of the Company’s distributions:
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsApproximate Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans of Programs
2023
January 1 to January 31, 2023146,946 $11.19 146,946 (1)
February 1 to February 28, 2023    
March 1 to March 31, 2023204,427 9.78 204,427 (1)
April 1 to April 30, 2023    
May 1 to May 31, 2023    
June 1 to June 30, 2023174,424 10.71 174,424 (1)
July 1 to July 31, 2023    
August 1 to August 31, 2023    
September 1 to September 30, 2023160,383 11.10 160,383 (1)
October 1 to October 31, 202325,764 10.30 25,764 (1)
November 1 to November 30, 2023    
December 1 to December 31, 2023139,731 11.66 139,731 (1)
    Total for the year ended December 31, 2023851,675 $10.79 851,675 (1)
2024
January 1 to January 31, 202492,108 $11.05 92,108 (1)
February 1 to February 29, 2024    
March 1 to March 31, 2024170,571 11.09 170,571 (1)
    Total for the three months ended March 31, 2024262,679 $11.07 262,679 (1)
(1) See the description of the New DRP above.
The Company may fund its distributions to shareholders from any sources of funds available to the Company, including borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies. Any such distributions can only be sustained if the Company maintains positive investment performance in future periods. There can be no assurances that the Company will maintain such performance in order to sustain these distributions or be able to pay distributions at all. On December 31, 2021, the Company and CIM allowed the expense support and conditional reimbursement agreement to expire in accordance with its terms. As a result, CIM has no obligation to provide expense support to the Company in future periods. The Company has not established limits on the amount of funds it may use from available sources to pay distributions.
The following table reflects the sources of distributions on a GAAP basis that the Company has declared on its shares of common stock during the three months ended March 31, 2024 and 2023 and the year ended December 31, 2023:
Three Months Ended
March 31,
Year Ended
December 31,
202420232023
Source of DistributionPer ShareAmountPercentagePer ShareAmountPercentagePer ShareAmountPercentage
Net investment income$0.34 $18,279 100.0 %$0.34 $18,687 100.0 %$1.61 $87,867 100.0 %
Total distributions$0.34 $18,279 100.0 %$0.34 $18,687 100.0 %$1.61 $87,867 100.0 %
It is the Company's policy to comply with all requirements of the Code applicable to RICs and to distribute at least 90% of its taxable income to its shareholders. In addition, by distributing during each calendar year at least 90% of its “investment company taxable income”, which is generally equal to the sum of the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses, the Company intends not to be subject to corporate level federal income tax. Accordingly, no federal income tax provision was required for the year ended December 31, 2023. The Company will also be subject to nondeductible federal excise taxes of 4% if the Company does not distribute at least 98.0% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no federal income taxes.
40

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
Income and capital gain distributions are determined in accordance with the Code and federal tax regulations, which may differ from amounts determined in accordance with GAAP. These book/tax differences, which could be material, are primarily due to differing treatments of income and gains on various investments held by the Company. Permanent book/tax differences result in reclassifications to capital in excess of par value, accumulated undistributed net investment income and accumulated undistributed realized gain on investments.
The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year. The tax characteristics of distributions to shareholders are reported to shareholders annually on Form 1099-DIV. All distributions for 2023 were characterized as ordinary income distributions for federal income tax purposes.
The tax components of accumulated earnings or losses for the current year will be determined at year end. As of December 31, 2023, the components of accumulated losses on a tax basis were as follows:
December 31, 2023
Undistributed ordinary income$6,562 
Other accumulated losses(1)(84,271)
Net unrealized depreciation on investments(74,433)
Total accumulated losses$(152,142)
(1)Includes short term capital loss carryforwards of $0 and long term capital loss carryforwards of $82,541.
As of March 31, 2024, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $60,134; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $158,114; the net unrealized depreciation was $97,980; and the aggregate cost of securities for Federal income tax purposes was $1,968,817.
As of December 31, 2023, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $71,010; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $145,443; the net unrealized depreciation was $74,433; and the aggregate cost of securities for Federal income tax purposes was $2,028,711.
Note 6. Investments
The composition of the Company’s investment portfolio as of March 31, 2024 and December 31, 2023 at amortized cost and fair value was as follows:
March 31, 2024December 31, 2023
Cost(1)Fair
Value
Percentage of
Investment
Portfolio
Cost(1)Fair
Value
Percentage of
Investment
Portfolio
Senior secured first lien debt$1,518,099 $1,465,051 84.2 %$1,604,111 $1,565,171 85.0 %
Senior secured second lien debt28,103 28,460 1.6 %41,280 29,111 1.6 %
Collateralized securities and structured products - equity1,088 1,004 0.1 %2,362 1,096 0.1 %
Unsecured debt24,281 5,506 0.3 %31,693 12,874 0.7 %
Equity206,901 240,679 13.8 %182,738 232,572 12.6 %
Subtotal/total percentage1,778,472 1,740,700 100.0 %1,862,184 1,840,824 100.0 %
Short term investments(2)130,137 130,137 113,446 113,446 
Total investments$1,908,609 $1,870,837 $1,975,630 $1,954,270 
(1)Cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, for debt investments and cost for equity investments.
(2)Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.
41

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
The following tables show the composition of the Company’s investment portfolio by industry classification and geographic dispersion, and the percentage, by fair value, of the total investment portfolio assets in such industries and geographies as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
Industry ClassificationInvestments at
Fair Value
Percentage of
Investment Portfolio
Investments at
Fair Value
Percentage of
Investment Portfolio
Services: Business$276,442 15.9 %$282,237 15.3 %
Healthcare & Pharmaceuticals219,792 12.6 %238,624 13.0 %
Retail140,298 8.1 %135,000 7.3 %
Media: Diversified & Production135,536 7.8 %135,037 7.3 %
Services: Consumer123,875 7.1 %107,195 5.8 %
Media: Advertising, Printing & Publishing100,528 5.8 %116,100 6.3 %
Beverage, Food & Tobacco91,436 5.3 %68,780 3.7 %
Construction & Building84,885 4.9 %104,727 5.7 %
Diversified Financials79,995 4.6 %85,733 4.7 %
Energy: Oil & Gas73,225 4.2 %104,893 5.7 %
Consumer Goods: Durable58,885 3.4 %59,955 3.3 %
Banking, Finance, Insurance & Real Estate57,477 3.3 %52,272 2.8 %
Hotel, Gaming & Leisure50,820 2.9 %50,906 2.8 %
Chemicals, Plastics & Rubber42,557 2.4 %82,597 4.5 %
Capital Equipment42,340 2.4 %49,571 2.7 %
Consumer Goods: Non-Durable41,661 2.4 %42,381 2.3 %
Containers, Packaging & Glass18,455 1.1 %18,480 1.0 %
High Tech Industries18,307 1.0 %22,671 1.2 %
Telecommunications17,360 1.0 %17,768 1.0 %
Metals & Mining15,981 0.9 %13,957 0.8 %
Environmental Industries15,297 0.9 %15,336 0.8 %
Transportation: Cargo12,363 0.7 %12,201 0.7 %
Aerospace & Defense12,000 0.7 %12,000 0.6 %
Automotive11,177 0.6 %12,403 0.7 %
Forest Products & Paper8    
Subtotal/total percentage1,740,700 100.0 %1,840,824 100.0 %
Short term investments130,137 113,446 
Total investments$1,870,837 $1,954,270 
March 31, 2024December 31, 2023
Geographic Dispersion(1)Investments at
Fair Value
Percentage of
Investment Portfolio
Investments at
Fair Value
Percentage of
Investment Portfolio
United States$1,708,775 98.2 %$1,812,416 98.4 %
Canada29,987 1.7 %26,350 1.4 %
Cayman Islands1,004 0.1 %1,096 0.1 %
Bermuda934  962 0.1 %
Subtotal/total percentage1,740,700 100.0 %1,840,824 100.0 %
Short term investments130,137 113,446 
Total investments$1,870,837 $1,954,270 
(1)The geographic dispersion is determined by the portfolio company's country of domicile.
As of March 31, 2024 and December 31, 2023, investments on non-accrual status represented 0.9% of the Company's investment portfolio on a fair value basis.
42

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
The Company’s investment portfolio may contain senior secured investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or unfunded commitments, which may require the Company to provide funding when requested in accordance with the terms of the underlying agreements. As of March 31, 2024 and December 31, 2023, the Company’s unfunded commitments amounted to $60,632 and $47,349, respectively. As of May 1, 2024, the Company’s unfunded commitments amounted to $82,946. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.  Refer to Note 11 for further details on the Company’s unfunded commitments.
Note 7. Joint Venture
CION/EagleTree Partners, LLC
On December 21, 2021, the Company formed CION/EagleTree, an off-balance sheet joint venture partnership with ET-BC Debt Opportunities, LP, or ET-BC, which is an affiliate of EagleTree Capital, LP, or EagleTree. EagleTree made a Firm-level investment with proprietary capital. CION/EagleTree jointly pursues debt and equity opportunities, as well as special situation, crossover, subordinated and other junior capital investments that leverages the Company's and EagleTree's combined sourcing and portfolio management capabilities.
The Company contributed a portfolio of second lien loans and equity investments and ET-BC contributed proprietary Firm-level cash in exchange for 85% and 15%, respectively, of the senior secured notes, participating preferred equity, and common share interests of CION/EagleTree. The Company and ET-BC are not required to make any additional capital contributions to CION/EagleTree. The Company’s equity investment in CION/EagleTree is not redeemable. All portfolio and other material decisions regarding CION/EagleTree must be submitted to its board of managers, which is comprised of four members, two of whom were selected by the Company and the other two were selected by ET-BC. Further, all portfolio and other material decisions require the affirmative vote of at least one board member from the Company and one board member from ET-BC.
The Company also serves as administrative agent to CION/EagleTree to provide servicing functions and other administrative services. In certain cases, these servicing functions and other administrative services may be performed by CIM. Amounts charged to CION/EagleTree by the Company for services performed by CIM are netted against amounts the Company is charged by CIM for administrative services.
On December 21, 2021, CION/EagleTree issued senior secured notes of $61,629 to the Company and $10,875 to ET-BC, or the CION/EagleTree Notes. The CION/EagleTree Notes bear interest at a fixed rate of 14.0% per year and are secured by a first priority security interest in all of the assets of CION/EagleTree. On November 16, 2023, the Company purchased a portion of the CION/EagleTree Notes held by ET-BC. As a result, as of December 31, 2023, the Company held $59,598 and ET-BC held $4,904 of the CION/Eagletree Notes. The obligations of CION/EagleTree under the CION/EagleTree Notes are non-recourse to the Company.
In accordance with ASU 2015-02, Consolidation, the Company determined that CION/EagleTree is not a variable interest entity, or VIE, as the Company is not the primary beneficiary and therefore does not consolidate CION/EagleTree. The Company's maximum exposure to losses from CION/EagleTree is limited to its investment in CION/EagleTree.
43

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
The following table sets forth the individual investments in CION/EagleTree's portfolio as of March 31, 2024:
Portfolio CompanyInterest(a)MaturityIndustryPrincipal/
Par Amount/
Units
Cost(b)Fair
Value
Senior Secured First Lien Debt
Berlitz Holdings, Inc.(f)
S+900, 1.00% SOFR Floor
2/14/2025Services: Business$1,200 $1,167 $1,209 
Community Tree Service, LLC(g)
S+1100, 1.00% SOFR Floor
6/17/2027Construction & Building463 464 467 
Total Senior Secured First Lien Debt1,631 1,676 
Senior Secured Second Lien Debt
MedPlast Holdings, Inc.(e)
L+775, 0.00% LIBOR Floor
7/2/2026Healthcare & Pharmaceuticals6,750 6,317 6,666 
Total Senior Secured Second Lien Debt6,317 6,666 
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(c)
11.84% Estimated Yield
2/2/2026Diversified Financials10,000 9,592 9,751 
Total Collateralized Securities and Structured Products - Equity9,592 9,751 
Equity
American Clinical Solutions LLC, Class A Membership Interests(d)Healthcare & Pharmaceuticals
6,030,384 Units
5,200 3,196 
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(d)Media: Diversified & Production
1,469 Units
486 634 
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(d)Media: Diversified & Production
255 Units
  
Anthem Sports and Entertainment Inc., Common Stock Warrants(d)Media: Diversified & Production
4,746 Units
  
BCP Great Lakes II - Series A Holdings LP, Partnership Interests (4.2% ownership)
Diversified FinancialsN/A10,643 11,029 
Carestream Health Holdings, Inc., Common Stock(d)Healthcare & Pharmaceuticals
614,367 Units
21,759 17,970 
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend
Healthcare & Pharmaceuticals
2,727,273 Units
8,300 10,800 
CTS Ultimate Holdings LLC, Class A Preferred Units(d)Construction & Building
3,578,701 Units
1,000 895 
Dayton HoldCo, LLC, Membership Units(d)Construction & Building
37,264 Units
8,400 14,043 
HDNet Holdco LLC, Preferred Unit Call Option(d)Media: Diversified & Production
1 Unit
 360 
Language Education Holdings GP LLC, Common Units(d)Services: Business
133,333 Units
  
Language Education Holdings LP, Ordinary Common Units(d)Services: Business
133,333 Units
300 612 
Skillsoft Corp., Class A Common Stock(d)High Tech Industries
12,171 Units
2,000 109 
Spinal USA, Inc. / Precision Medical Inc., Warrants(d)Healthcare & Pharmaceuticals
20,667,324 Units
  
Total Equity58,088 59,648 
Short Term Investments(g)
First American Treasury Obligations Fund, Class Z Shares
5.18%(h)
8,188 8,188 
Total Short Term Investments8,188 8,188 
TOTAL INVESTMENTS$83,816 $85,929 
a.The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of March 31, 2024, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to March 31, 2024. The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of March 31, 2024, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to March 31, 2024.
b.Represents amortized cost for debt securities and cost for equity investments.
c.The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated. Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
d.Non-income producing security.
e.The interest rate on these loans is subject to 1 month LIBOR, which as of March 31, 2024 was 5.44%.
f.The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2024 was 5.33%.
g.The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2024 was 5.30%.
h.Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.
i.7-day effective yield as of March 31, 2024.
44

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
The following table sets forth the individual investments in CION/EagleTree's portfolio as of December 31, 2023:
Portfolio CompanyInterest(a)MaturityIndustryPrincipal/
Par Amount/
Units
Cost(b)Fair
Value
Senior Secured First Lien Debt
Berlitz Holdings, Inc.(f)
S+900, 1.00% SOFR Floor
2/14/2025Services: Business1,200 1,157 1,194 
Community Tree Service, LLC(g)
S+850, 1.00% SOFR Floor
6/17/2027Construction & Building463 463 464 
Total Senior Secured First Lien Debt1,620 1,658 
Senior Secured Second Lien Debt
Access CIG, LLC(g)
S+775, 0.00% SOFR Floor
2/27/2026Services: Business7,250 7,229 7,244 
MedPlast Holdings, Inc.(e)
L+775, 0.00% LIBOR Floor
7/2/2026Healthcare & Pharmaceuticals6,750 6,276 6,535 
Total Senior Secured Second Lien Debt13,505 13,779 
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(c)
11.84% Estimated Yield
2/2/2026Diversified Financials10,000 9,717 9,117 
Total Collateralized Securities and Structured Products - Equity9,717 9,117 
Equity
American Clinical Solutions LLC, Class A Membership Interests(d)Healthcare & Pharmaceuticals
6,030,384 Units
5,200 5,065 
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(d)Media: Diversified & Production
1,469 Units
486 1,622 
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(d)Media: Diversified & Production
255 Units
 31 
Anthem Sports and Entertainment Inc., Common Stock Warrants(d)Media: Diversified & Production
4,746 Units
  
BCP Great Lakes II - Series A Holdings LP, Partnership Interests (4.2% ownership)
Diversified FinancialsN/A12,144 12,464 
Carestream Health Holdings, Inc., Common Stock(d)Healthcare & Pharmaceuticals
614,367 Units
21,759 21,386 
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend
Healthcare & Pharmaceuticals
2,727,273 Units
8,218 10,391 
CTS Ultimate Holdings LLC, Class A Preferred Units(d)Construction & Building
3,578,701 Units
1,000 895 
Dayton HoldCo, LLC, Membership Units(d)Construction & Building
37,264 Units
8,400 14,537 
HDNet Holdco LLC, Preferred Unit Call Option(d)Media: Diversified & Production
1 Unit
 382 
Language Education Holdings GP LLC, Common Units(d)Services: Business
133,333 Units
  
Language Education Holdings LP, Ordinary Common Units(d)Services: Business
133,333 Units
300 503 
Skillsoft Corp., Class A Common Stock(d)High Tech Industries
12,171 Units
2,000 214 
Spinal USA, Inc. / Precision Medical Inc., Warrants(d)Healthcare & Pharmaceuticals
20,667,324 Units
  
Total Equity59,507 67,490 
Short Term Investments(g)
First American Treasury Obligations Fund, Class Z Shares
5.24%(i)
1,306 1,306 
Total Short Term Investments1,306 1,306 
TOTAL INVESTMENTS$85,655 $93,350 
a.The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2023, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2023. The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2023, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2023.
b.Represents amortized cost for debt securities and cost for equity investments.
c.The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated. Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses. The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
d.Non-income producing security.
e.The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2023 was 5.47%.
f.The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35%.
g.The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%.
h.Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.
i.7-day effective yield as of December 31, 2023.
45

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
The following table includes selected balance sheet information for CION/EagleTree as of March 31, 2024 and December 31, 2023:
Selected Balance Sheet Information:March 31, 2024December 31, 2023
Investments, at fair value (amortized cost of $83,816 and $85,655, respectively)
$85,929 $93,350 
Cash and other assets761 14 
Dividend receivable on investments361 414 
Interest receivable on investments258 287 
   Total assets$87,309 $94,065 
Senior secured notes (net of unamortized debt issuance costs of $64 and $70, respectively)
$64,438 $64,432 
Other liabilities203 166 
   Total liabilities64,641 64,598 
Members' capital22,668 29,467 
   Total liabilities and members' capital$87,309 $94,065 
The following table includes selected statement of operations information for CION/EagleTree for the three months ended March 31, 2024 and 2023 and for the year ended December 31, 2023:
Three Months Ended
March 31,
Year Ended
December 31,
Selected Statement of Operations Information:202420232023
Total investment income$1,302 $1,595 $6,230 
Total expenses2,518 2,692 10,213 
Net realized gain (loss) on investments 176 (2,083)
Net change in unrealized (depreciation) appreciation on investments(5,583)37 4,338 
Net decrease in net assets$(6,799)$(884)$(1,728)
46

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
Note 8. Financing Arrangements
The following table presents summary information with respect to the Company’s outstanding financing arrangements as of March 31, 2024: 
Financing ArrangementType of Financing ArrangementRateAmount OutstandingAmount AvailableMaturity Date
JPM Credit FacilityTerm Loan Credit Facility
SOFR+3.20%
$550,000 $125,000 May 15, 2025
2026 Notes(1)Note Purchase Agreement
4.50%
125,000  February 11, 2026
UBS FacilityRepurchase Agreement
SOFR+3.20%
100,000 50,000 November 19, 2024
Series A Notes(2)Israel Public Bond Offering
SOFR+3.82%
114,844  August 31, 2026
2027 NotesNote Purchase Agreement
SOFR+4.75%
100,000  November 8, 2027
2022 More Term LoanTerm Loan Facility Agreement
SOFR+3.50%
50,000  April 27, 2027
2021 More Term Loan(3)Term Loan Facility Agreement
5.20%
30,000  September 30, 2024
$1,069,844 $175,000 
(1)As of March 31, 2024, the fair value of the 2026 Notes was $125,000, which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2024.
(2)As of March 31, 2024, the fair value of the Series A Notes was $120,573, which was based on readily observable, transparent prices. The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of March 31, 2024.
(3)As of March 31, 2024, the fair value of the 2021 More Term Loan was $30,000, which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt. The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2024.
JPM Credit Facility
On August 26, 2016, 34th Street entered into a senior secured credit facility with JPM. The senior secured credit facility with JPM, or the JPM Credit Facility, provided for borrowings in an aggregate principal amount of $150,000, of which $25,000 could have been funded as a revolving credit facility, each subject to conditions described in the JPM Credit Facility. On August 26, 2016, 34th Street drew down $57,000 of borrowings under the JPM Credit Facility.
On September 30, 2016, July 11, 2017, November 28, 2017 and May 23, 2018, 34th Street amended and restated the JPM Credit Facility, or the Amended JPM Credit Facility, with JPM. Under the Amended JPM Credit Facility entered into on September 30, 2016, the aggregate principal amount available for borrowings was increased from $150,000 to $225,000, of which $25,000 could have been funded as a revolving credit facility, subject to conditions described in the Amended JPM Credit Facility. Under the Amended JPM Credit Facility entered into on July 11, 2017 and November 28, 2017, certain immaterial administrative amendments were made as a result of the termination of AIM as the Company's investment sub-adviser as discussed in Note 1. Under the Amended JPM Credit Facility entered into on May 23, 2018, (i) the aggregate principal amount available for borrowings was increased from $225,000 to $275,000, of which $25,000 could have been funded as a revolving credit facility, subject to conditions described in the Amended JPM Credit Facility, (ii) the reinvestment period was extended until August 24, 2020 and (iii) the maturity date was extended to August 24, 2021.
On May 15, 2020, 34th Street amended and restated the Amended JPM Credit Facility, or the Second Amended JPM Credit Facility, with JPM in order to fully repay all amounts outstanding under the Company's prior Citibank Credit Facility and MS Credit Facility and repay $100,000 of advances outstanding under the UBS Facility (as described below). Under the Second Amended JPM Credit Facility, the aggregate principal amount available for borrowings was increased from $275,000 to $700,000, of which $75,000 may be funded as a revolving credit facility, subject to conditions described in the Second Amended JPM Credit Facility, during the reinvestment period. Under the Second Amended JPM Credit Facility, the reinvestment period was extended until May 15, 2022 and the maturity date was extended to May 15, 2023. Advances under the Second Amended JPM Credit Facility bore interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.25% per year.
On February 26, 2021, 34th Street amended and restated the Second Amended JPM Credit Facility, or the Third Amended JPM Credit Facility, with JPM. Under the Third Amended JPM Credit Facility, the aggregate principal amount available for borrowings was reduced from $700,000 to $575,000, subject to conditions described in the Third Amended JPM Credit Facility. In addition, under the Third Amended JPM Credit Facility, the reinvestment period was extended from May 15, 2022 to May 15, 2023 and the maturity date was extended from May 15, 2023 to May 15, 2024. Advances under the Third Amended JPM Credit Facility bore interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.10% per year. 34th Street incurred certain customary costs and expenses in connection with the Third Amended JPM Credit Facility. No other material terms of the Second Amended JPM Credit Facility were revised in connection with the Third Amended JPM Credit Facility.
47

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
On March 28, 2022, 34th Street entered into a First Amendment to the Third Amended JPM Credit Facility with JPM, or the JPM First Amendment. Under the JPM First Amendment, the aggregate principal amount available for borrowings was increased from $575,000 to $675,000, subject to conditions described in the JPM First Amendment. Additional advances of up to $100,000 under the JPM First Amendment bore interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.10% per year, and a LIBOR to SOFR credit spread adjustment of 0.15%. 34th Street incurred certain customary costs and expenses in connection with the JPM First Amendment. No other material terms of the Third Amended JPM Credit Facility were revised in connection with the JPM First Amendment.
On May 15, 2023, 34th Street entered into a Second Amendment to the Third Amended JPM Credit Facility with JPM, or the JPM Second Amendment. Under the JPM Second Amendment, the aggregate principal amount available for borrowings remained unchanged of up to $675,000 but all such advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.05% per year, and a LIBOR to SOFR credit spread adjustment of 0.15%. The reinvestment period was extended from May 15, 2023 to May 15, 2024 and the maturity date was extended from May 15, 2024 to May 15, 2025. Also under the JPM Second Amendment, the amount of minimum borrowings required was reduced by $50,000 to $550,000 with a six-month non-call provision. 34th Street incurred certain customary costs and expenses in connection with the JPM Second Amendment. No other material terms of the Third Amended JPM Credit Facility were revised in connection with the JPM Second Amendment.
Interest is payable quarterly in arrears. 34th Street may prepay advances pursuant to the terms and conditions of the Third Amended JPM Credit Facility and the JPM Second Amendment, subject to a 1.0% premium in certain circumstances. In addition, 34th Street will be subject to a non-usage fee of 1.0% per year on the amount, if any, of the aggregate principal amount available under the Third Amended JPM Credit Facility and the JPM Second Amendment that has not been borrowed through May 14, 2024. The non-usage fees, if any, are payable quarterly in arrears.
As of March 31, 2024 and December 31, 2023, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $550,000. The carrying amount outstanding under the Third Amended JPM Credit Facility and the JPM Second Amendment approximates its fair value.
The Company contributed loans and other corporate debt securities to 34th Street in exchange for 100% of the membership interests of 34th Street, and may contribute additional loans and other corporate debt securities to 34th Street in the future. 34th Street’s obligations to JPM under the Third Amended JPM Credit Facility and the JPM Second Amendment are secured by a first priority security interest in all of the assets of 34th Street. The obligations of 34th Street under the Third Amended JPM Credit Facility and the JPM Second Amendment are non-recourse to the Company, and the Company’s exposure under the Third Amended JPM Credit Facility and the JPM Second Amendment is limited to the value of the Company’s investment in 34th Street.
In connection with the Third Amended JPM Credit Facility and the JPM Second Amendment, 34th Street made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar facilities. As of and for the three months ended March 31, 2024, 34th Street was in compliance with all covenants and reporting requirements.
Through March 31, 2024, the Company incurred debt issuance costs of $13,790 in connection with obtaining and amending the JPM Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Third Amended JPM Credit Facility and the JPM Second Amendment, which is included in the Company’s consolidated balance sheet as of March 31, 2024 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility and the JPM Second Amendment. At March 31, 2024, the unamortized portion of the debt issuance costs was $2,230.
For the three months ended March 31, 2024 and 2023 and for the year ended December 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the JPM Second Amendment and the Third Amended JPM Credit Facility were as follows:
Three Months Ended
March 31,
Year Ended December 31,
202420232023
Stated interest expense$11,957 $11,990 $50,223 
Amortization of deferred financing costs494 564 2,097 
Non-usage fee316 171 808 
Total interest expense$12,767 $12,725 $53,128 
Weighted average interest rate(1)8.79 %8.02 %8.45 %
Average borrowings$550,000 $606,667 $595,342 
(1)Includes the stated interest expense and non-usage fee on the unused portion of the JPM Second Amendment and the Third Amended JPM Credit Facility and is annualized for periods covering less than one year.
48

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
2026 Notes
On February 11, 2021, the Company entered into a Note Purchase Agreement with certain purchasers, or the Note Purchase Agreement, in connection with the Company’s issuance of $125,000 aggregate principal amount of its 4.50% senior unsecured notes due in 2026, or the 2026 Notes. The net proceeds to the Company were approximately $122,300, after the deduction of placement agent fees and other financing expenses, which the Company used to repay debt under its secured financing arrangements.
The 2026 Notes mature on February 11, 2026. The 2026 Notes bear interest at a rate of 4.50% per year payable semi-annually on February 11th and August 11th of each year, which commenced on August 11, 2021. The Company has the right to, at its option, redeem all or a part that is not less than 10% of the 2026 Notes (i) after February 11, 2024 but on or before February 11, 2025, at a redemption price equal to 102% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, (ii) after February 11, 2025 but on or before August 11, 2025, at a redemption price equal to 101% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, and (iii) after August 11, 2025, at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any.
The 2026 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.
The Note Purchase Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC, (iii) minimum shareholders’ equity of $543.6 million, (iv) a minimum asset coverage ratio of not less than 150%, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65% of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15% of the total value of unencumbered assets used by the Company for purposes of the ratio. As of and for the three months ended March 31, 2024, the Company was in compliance with all covenants and reporting requirements.
The Note Purchase Agreement also contains a “most favored lender” provision in favor of the purchasers in respect of any new unsecured credit facilities, loans or indebtedness in excess of $25,000 incurred by the Company, which indebtedness contains a financial covenant not contained in, or more restrictive against the Company than those contained, in the Note Purchase Agreement. In addition, the Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $25,000, certain judgments and orders, and certain events of bankruptcy.
As of March 31, 2024, the aggregate principal amount of 2026 Notes outstanding was $125,000.
Through March 31, 2024, the Company incurred debt issuance costs of $2,669 in connection with issuing the 2026 Notes, which were recorded as a direct reduction to the outstanding balance of the 2026 Notes, which is included in the Company’s consolidated balance sheet as of March 31, 2024 and will amortize to interest expense over the term of the 2026 Notes. At March 31, 2024, the unamortized portion of the debt issuance costs was $996.
49

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
For the three months ended March 31, 2024 and 2023 and for the year ended December 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:
Three Months Ended
March 31,
Year Ended December 31,
2023
20242023
Stated interest expense$1,406 $1,406 $5,625 
Amortization of deferred financing costs133 131 533 
Total interest expense$1,539 $1,537 $6,158 
Weighted average interest rate(1)4.50 %4.50 %4.50 %
Average borrowings$125,000 $125,000 $125,000 
(1)Includes the stated interest expense on the 2026 Notes and is annualized for periods covering less than one year.
UBS Facility
On May 19, 2017, the Company, through two newly-formed, wholly-owned, special-purpose financing subsidiaries, entered into a financing arrangement with UBS pursuant to which up to $125,000 was made available to the Company.
Pursuant to the financing arrangement, assets in the Company's portfolio may be contributed from time to time to Murray Hill Funding II through Murray Hill Funding, LLC, or Murray Hill Funding, each a newly-formed, wholly-owned, special-purpose financing subsidiary of the Company. On May 19, 2017, the Company contributed assets to Murray Hill Funding II. The assets held by Murray Hill Funding II secure the obligations of Murray Hill Funding II under Class A-1 Notes, or the Notes, issued by Murray Hill Funding II. Pursuant to an Indenture, dated May 19, 2017, between Murray Hill Funding II and U.S. Bank National Association, or U.S. Bank, as trustee, or the Indenture, the aggregate principal amount of Notes that may be issued by Murray Hill Funding II from time to time was $192,308. Murray Hill Funding purchased the Notes issued by Murray Hill Funding II at a purchase price equal to their par value. Murray Hill Funding makes capital contributions to Murray Hill Funding II to, among other things, maintain the value of the portfolio of assets held by Murray Hill Funding II.
Principal on the Notes will be due and payable on the stated maturity date of May 19, 2027. Pursuant to the Indenture, Murray Hill Funding II made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar transactions. The Indenture contains events of default customary for similar transactions, including, without limitation: (a) the failure to make principal payments on the Notes at their stated maturity or any earlier redemption date or to make interest payments on the Notes and such failure is not cured within three business days; (b) the failure to disburse amounts in accordance with the priority of payments and such failure is not cured within three business days; and (c) the occurrence of certain bankruptcy and insolvency events with respect to Murray Hill Funding II or Murray Hill Funding. As of and for the three months ended March 31, 2024, Murray Hill Funding II was in compliance with all covenants and reporting requirements.
Murray Hill Funding, in turn, entered into a repurchase transaction with UBS, pursuant to the terms of a Global Master Repurchase Agreement and the related Annex and Master Confirmation thereto, each dated May 19, 2017, or collectively, the UBS Facility. Pursuant to the UBS Facility, on May 19, 2017 and June 19, 2017, UBS purchased Notes held by Murray Hill Funding for an aggregate purchase price equal to 65% of the principal amount of Notes purchased. Subject to certain conditions, the maximum principal amount of Notes that may be purchased under the UBS Facility was $192,308. Accordingly, the aggregate maximum amount payable to Murray Hill Funding under the UBS Facility would not exceed $125,000. Murray Hill Funding was required to repurchase the Notes sold to UBS under the UBS Facility by no later than May 19, 2020. The repurchase price paid by Murray Hill Funding to UBS will be equal to the purchase price paid by UBS for the repurchased Notes (giving effect to any reductions resulting from voluntary partial prepayment(s)). The financing fee under the UBS Facility was equal to the three-month LIBOR plus a spread of up to 3.50% per year for the relevant period.
On December 1, 2017, Murray Hill Funding II amended and restated the Indenture, or the Amended Indenture, pursuant to which the aggregate principal amount of Notes that may be issued by Murray Hill Funding II was increased from $192,308 to $266,667. On December 1, 2017, Murray Hill Funding entered into a First Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Amended Master Confirmation, which sets forth the terms of the repurchase transaction between Murray Hill Funding and UBS under the UBS Facility. As part of the Amended Master Confirmation, on December 15, 2017 and April 2, 2018, UBS purchased the increased aggregate principal amount of Notes held by Murray Hill Funding for an aggregate purchase price equal to 75% of the principal amount of Notes issued. As a result of the Amended Master Confirmation, the aggregate maximum amount payable to Murray Hill Funding and made available to the Company under the UBS Facility was increased from $125,000 to $200,000. No other material terms of the UBS Facility were revised in connection with the amended UBS Facility, or the Amended UBS Facility.
50

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
On May 19, 2020, Murray Hill Funding entered into a Second Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Second Amended Master Confirmation, which extended the date that Murray Hill Funding will be required to repurchase the Notes sold to UBS under the Amended UBS Facility from May 19, 2020 to November 19, 2020, and increased the spread on the financing fee from 3.50% to 3.90% per year.
On May 19, 2020, Murray Hill Funding also repurchased Notes in the aggregate principal amount of $133,333 from UBS for an aggregate repurchase price of $100,000, which was then repaid by Murray Hill Funding II. The repurchase of the Notes on May 19, 2020 resulted in a repayment of one-half of the outstanding amount of borrowings under the Amended UBS Facility as of May 19, 2020. As of December 31, 2020, Notes remained outstanding in the aggregate principal amount of $133,333, which was purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Facility for aggregate proceeds of $100,000.
On November 12, 2020, Murray Hill Funding entered into a Third Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Third Amended Master Confirmation, to further extend the date that Murray Hill Funding will be required to repurchase the Notes to December 18, 2020.
On December 17, 2020, Murray Hill Funding entered into a Fourth Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Fourth Amended Master Confirmation, which further extended the date that Murray Hill Funding will be required to repurchase the Notes sold to UBS under the Amended UBS Facility from December 18, 2020 to November 19, 2023, and decreased the spread on the financing fee from 3.90% to 3.375% per year. No other material terms of the Amended UBS Facility were revised in connection with the Fourth Amended Master Confirmation.
On December 17, 2020, Murray Hill Funding also entered into a Revolving Credit Note Agreement, or the Revolving Note Agreement, with Murray Hill Funding II, UBS and U.S. Bank, as note agent and trustee, which provides for a revolving credit facility in an aggregate principal amount of $50,000, subject to compliance with a borrowing base. Murray Hill Funding II will issue Class A-R Notes, or the Class A-R Notes, in exchange for advances under the Revolving Note Agreement. Principal on the Class A-R Notes will be due and payable on the stated maturity date of May 19, 2027, which is the same stated maturity date as the Notes.
The Class A-R Notes will be issued pursuant to a Second Amended and Restated Indenture, dated December 17, 2020, between Murray Hill Funding II and U.S. Bank, as trustee, or the Second Amended Indenture. Under the Second Amended Indenture, the aggregate principal amount of Notes and Class A-R Notes that may be issued by Murray Hill Funding II from time to time is $150,000. Murray Hill Funding, in turn, entered into a repurchase transaction with UBS pursuant to the terms of the related Annex and Master Confirmation, dated December 17, 2020, to the Global Master Repurchase Agreement, dated May 19, 2017, related to the Class A-R Notes. Murray Hill Funding was required to repurchase the Class A-R Notes that will be sold to UBS by no later than November 19, 2023. The financing fee for the funded Class A-R Notes was equal to the three-month LIBOR plus a spread of 3.375% per year while the financing fee for the unfunded Class A-R Notes is equal to 0.75% per year.
On June 14, 2023, Murray Hill Funding entered into with UBS (i) a Fifth Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement, or the Fifth Amended Master Confirmation, and (ii) an Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement, or the Amended Master Confirmation. Under both Confirmations, the date that Murray Hill Funding will be required to repurchase the Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Facility was extended from November 19, 2023 to November 19, 2024. Also under both Confirmations, the financing fee payable to UBS was revised from a floating rate equal to the three-month LIBOR, plus a spread of 3.375% per year, to a floating rate equal to the three-month SOFR, plus a spread of (a) to (but excluding) November 19, 2023, 3.525% per year, and (b) thereafter, 3.20% per year. The effective date of both Confirmations was June 15, 2023. No other material terms of the Amended UBS Facility were revised in connection with the Fifth Amended Master Confirmation or the Amended Master Confirmation.
On July 1, 2021, December 14, 2021, April 19, 2022 and August 16, 2023, UBS purchased Class A-R Notes held by Murray Hill Funding for an aggregate purchase price equal to 100% of the principal amount of Class A-R Notes purchased, which was $21,000, $25,000, $17,500 and $22,500, respectively. On August 20, 2021, March 7, 2023 and April 14, 2023, Murray Hill Funding repurchased Class A-R Notes from UBS in the aggregate principal amount of $21,000, $17,500 and $25,000, respectively, for an aggregate repurchase price of $21,000, $17,500 and $25,000, respectively, which was then repaid by Murray Hill Funding II. The repurchase of the Class A-R Notes on August 20, 2021, March 7, 2023 and April 14, 2023 resulted in repayments of $21,000, $17,500 and $25,000, respectively, of the outstanding amount of borrowings under the Amended UBS Facility.
UBS may require Murray Hill Funding to post cash collateral if, without limitation, the sum of the market value of the portfolio of assets and the cash and eligible investments held by Murray Hill Funding II, together with any posted cash collateral, is less than the required margin amount under the Amended UBS Facility; provided, however, that Murray Hill Funding will not be required to post cash collateral with UBS until such market value has declined at least 10% from the initial market value of the portfolio assets.
51

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
The Company has no contractual obligation to post any such cash collateral or to make any payments to UBS on behalf of Murray Hill Funding. The Company may, but is not obligated to, increase its investment in Murray Hill Funding for the purpose of funding any cash collateral or payment obligations for which Murray Hill Funding becomes obligated in connection with the Amended UBS Facility. The Company’s exposure under the Amended UBS Facility is limited to the value of the Company’s investment in Murray Hill Funding.  
Pursuant to the Amended UBS Facility, Murray Hill Funding made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar transactions. The Amended UBS Facility contains events of default customary for similar financing transactions, including, without limitation: (a) failure to transfer the Notes to UBS on the applicable purchase date or repurchase the Notes from UBS on the applicable repurchase date; (b) failure to pay certain fees and make-whole amounts when due; (c) failure to post cash collateral as required; (d) the occurrence of insolvency events with respect to Murray Hill Funding; and (e) the admission by Murray Hill Funding of its inability to, or its intention not to, perform any of its obligations under the Amended UBS Facility. As of and for the three months ended March 31, 2024, Murray Hill Funding was in compliance with all covenants and reporting requirements.
Murray Hill Funding paid an upfront fee and incurred certain other customary costs and expenses totaling $2,637 in connection with obtaining the Amended UBS Facility, which were recorded as a direct reduction to the outstanding balance of the Amended UBS Facility, which is included in the Company’s consolidated balance sheets and amortized to interest expense over the term of the Amended UBS Facility. At March 31, 2024, all upfront fees and other expenses were fully amortized.
As of March 31, 2024, Notes in the aggregate principal amount of $100,000 had been purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Facility for aggregate proceeds of $100,000. The carrying amount outstanding under the Amended UBS Facility approximates its fair value. The Company funded each purchase of Notes by Murray Hill Funding through a capital contribution to Murray Hill Funding. As of March 31, 2024, the amount due at maturity under the Amended UBS Facility was $100,000. The Notes issued by Murray Hill Funding II and purchased by Murray Hill Funding eliminate in consolidation on the Company’s consolidated financial statements.
As of March 31, 2024, the fair value of assets held by Murray Hill Funding II was $232,919.
For the three months ended March 31, 2024 and 2023 and for the year ended December 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Facility were as follows:
Three Months Ended
March 31,
Year Ended December 31,
202420232023
Stated interest expense$2,619 $2,804 $10,297 
Non-usage fee54 23 239 
Total interest expense$2,673 $2,827 $10,536 
Weighted average interest rate(1)8.72 %8.22 %8.76 %
Average borrowings$121,264 $137,639 $118,610 
(1)Includes the stated interest expense and non-usage fee on the unused portion of the Amended UBS Facility and is annualized for periods covering less than one year.
Series A Notes
On February 28, 2023, the Company entered into a Deed of Trust, or the Deed of Trust, with Mishmeret Trust Company Ltd., as trustee, under which the Company issued $80,712 in aggregate principal amount of its Series A Unsecured Notes due 2026, or the Series A Notes. The Series A Notes offering in Israel closed on February 28, 2023 and the Series A Notes listed and commenced trading on the TASE on February 28, 2023. After the deduction of fees and other offering expenses, the Company received net proceeds of approximately $77,900, which it used to make investments in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes. The Series A Notes are rated A1.il by Midroog Ltd., an affiliate of Moody’s. The carrying amount outstanding under the Series A Notes approximates its fair value.
The Series A Notes will mature on August 31, 2026 and may be redeemed in whole or in part at the Company's option at par plus a “make-whole” premium, if applicable, as set forth in the Deed of Trust. The Series A Notes bear interest at a rate equal to SOFR plus a credit spread of 3.82% per year, which will be paid quarterly on February 28, May 31, August 31, and November 30 of each year, which commenced on May 31, 2023. The Series A Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the Series A Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.
52

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
The Deed of Trust contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $525 million, (iv) a minimum asset coverage ratio of not less than 150%, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00. In addition, the Deed of Trust contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under the Company’s other indebtedness in an outstanding aggregate principal amount of at least $50,000, certain judgments and orders, and certain events of bankruptcy. As of and for the three months ended March 31, 2024, the Company was in compliance with all covenants and reporting requirements.
On February 26, 2023, the Company’s shares of common stock also listed and commenced trading on the TASE under the ticker symbol “CION”.
On October 10, 2023, the Company issued $34,132 in aggregate principal amount of its additional Series A Unsecured Notes due 2026, or the Additional Series A Notes, to institutional investors in Israel. The Additional Series A Notes were issued pursuant to the Deed of Trust and were issued by way of expanding, and have the same terms and conditions as, the existing Series A Notes that were issued by the Company on February 28, 2023. After the deduction of fees and other offering expenses, the Company received net proceeds of $32,317, which the Company used to make investments in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes. The Additional Series A Notes are rated A1.il by Midroog Ltd., an affiliate of Moody’s, and commenced trading on the TASE on October 10, 2023.
Through March 31, 2024, the Company incurred debt issuance costs of $5,139 in connection with issuing the Series A Notes and the Additional Series A Notes, which were recorded as a direct reduction to the outstanding balance of the Series A Notes and the Additional Series A Notes, which is included in the Company’s consolidated balance sheet as of March 31, 2024 and will amortize to interest expense over the term of the Series A Notes and the Additional Series A Notes. At March 31, 2024, the unamortized portion of the debt issuance costs was $3,856.
For the three months ended March 31, 2024, for the period from February 28, 2023 through March 31, 2023 and for the period from February 28, 2023 through December 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the Series A Notes were as follows:
Three Months Ended
March 31, 2024
For the Period From February 28, 2023 Through March 31, 2023For the Period From February 28, 2023 Through
December 31, 2023
Stated interest expense$2,642 $618 $6,886 
Amortization of deferred financing costs397 78 887 
Total interest expense$3,039 $696 $7,773 
Weighted average interest rate(1)9.10 %8.62 %8.98 %
Average borrowings$114,844 $80,712 $89,940 
(1) Includes the stated interest expense on the Series A Notes and the Additional Series A Notes and is annualized for periods covering less than one year.
2027 Notes
On November 8, 2023, the Company entered into a Note Purchase Agreement with certain institutional investors, or the 2027 Note Purchase Agreement, in connection with the Company’s issuance of $100,000 aggregate principal amount of its senior unsecured notes due 2027, or the 2027 Notes, at a purchase price equal to 99.25% of the principal amount of the 2027 Notes. The net proceeds to the Company were $98,290, after the deduction of placement agent fees and other financing expenses, which the Company used to primarily repay debt under its senior secured financing arrangements, make investments in portfolio companies in accordance with its investment objectives, and for working capital and general corporate purposes. The 2027 Notes are rated BBB (low) by DBRS, Inc.
53

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
The 2027 Notes mature on November 8, 2027. The 2027 Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 4.75% per year and subject to a 2.00% SOFR floor, which will be paid quarterly on February 15, May 15, August 15, and November 15 of each year, commencing on February 15, 2024. The Company has the right to, at its option, redeem all or a part that is not less than 10% of the 2027 Notes (i) on or before August 8, 2027, at a redemption price equal to 100% of the principal amount of 2027 Notes to be redeemed plus an applicable “make-whole” amount equal to (x) the discounted value of the remaining scheduled payments with respect to the principal of such 2027 Note that is to be prepaid or becomes due and payable pursuant to the 2027 Note Purchase Agreement over (y) the amount of such called principal, plus accrued and unpaid interest, if any, and (ii) after August 8, 2027, at a redemption price equal to 100% of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any. For any redemptions occurring on or before August 8, 2027, the discounted value portion of the “make whole amount” is calculated by applying a discount rate on the same periodic basis as that on which interest on the 2027 Notes is payable equal to the sum of 0.50% plus the yield to maturity of the most recently issued U.S. Treasury securities having a maturity equal to the remaining average life of the 2027 Notes, or if there are no such U.S. Treasury securities, using such implied yield to maturity determined in accordance with the terms of the 2027 Note Purchase Agreement.
The 2027 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.

The 2027 Note Purchase Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a business development company within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $543.6 million, (iv) a minimum asset coverage ratio of not less than 150%, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65% of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15% of the total value of unencumbered assets used by the Company for purposes of the ratio. The 2027 Note Purchase Agreement also contains a “most favored lender” provision in favor of the purchasers in respect of any new credit facilities, loans, notes or unsecured indebtedness in excess of $25 million incurred by the Company, which indebtedness contains a financial covenant not contained in, or more restrictive against the Company than those contained, in the 2027 Note Purchase Agreement. In addition, the 2027 Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $25 million, certain judgments and orders, and certain events of bankruptcy. As of and for the three months ended March 31, 2024, the Company was in compliance with all covenants and reporting requirements.
Through March 31, 2024, the Company incurred debt issuance costs of $1,710 in connection with issuing the 2027 Notes, which were recorded as a direct reduction to the outstanding balance of the 2027 Notes, which is included in the Company’s consolidated balance sheet as of March 31, 2024 and will amortize to interest expense over the term of the 2027 Notes. At March 31, 2024, the unamortized portion of the debt issuance costs was $1,540.
For the three months ended March 31, 2024 and for the period from November 8, 2023 through December 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the 2027 Notes were as follows:
Three Months Ended
March 31, 2024
For the Period From November 8, 2023 Through
December 31, 2023
Stated interest expense$2,544 $1,495 
Amortization of deferred financing costs107 63 
Total interest expense$2,651 $1,558 
Weighted average interest rate(1)10.06 %9.97 %
Average borrowings$100,000 $100,000 
(1) Includes the stated interest expense on the 2027 Notes and is annualized for periods covering less than one year.
2022 More Term Loan
On April 27, 2022, the Company entered into an Unsecured Term Loan Facility Agreement, or the More Term Loan Agreement, with More Provident Funds and Pension Ltd., or More Provident, as lender, which provided for an unsecured term loan to the Company in an aggregate principal amount of $50,000, or the 2022 More Term Loan. On April 27, 2022, the Company drew down $50,000 of borrowings under the 2022 More Term Loan. After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $49,000, which it used for working capital and other general corporate purposes. The carrying amount outstanding under the 2022 More Term Loan approximates its fair value.
54

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
Advances under the 2022 More Term Loan bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.50% per year and subject to a 1.0% SOFR floor, payable quarterly in arrears. Advances under the 2022 More Term Loan mature on April 27, 2027. The Company has the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that is to be prepaid or becomes due and payable pursuant to the More Term Loan Agreement. The discounted present value portion of the prepayment fee is calculated by applying a discount rate on the same periodic basis as that on which interest on advances is payable equal to the three-month SOFR plus 2.00%.
Advances under the 2022 More Term Loan are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.

The More Term Loan Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of 60% of the Company’s net asset value as of the year ended December 31, 2021 plus 50% of the net cash proceeds of the sale of certain equity interests by the Company after April 27, 2022, if any, (iv) a minimum asset coverage ratio of not less than 150%, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65% of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15% of the total value of unencumbered assets used by the Company for purposes of the ratio. In addition, the More Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $25,000, certain judgments and orders, and certain events of bankruptcy. As of and for the three months ended March 31, 2024, the Company was in compliance with all covenants and reporting requirements.
Through March 31, 2024, the Company incurred debt issuance costs of $1,025 in connection with obtaining the 2022 More Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2022 More Term Loan, which is included in the Company’s consolidated balance sheet as of March 31, 2024 and will amortize to interest expense over the term of the 2022 More Term Loan. At March 31, 2024, the unamortized portion of the debt issuance costs was $629.
For the three months ended March 31, 2024 and 2023 and for the year ended December 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the 2022 More Term Loan were as follows:
Three Months Ended
March 31,
Year Ended December 31,
202420232023
Stated interest expense$1,116 $1,012 $4,328 
Amortization of deferred financing costs51 51 205 
Total interest expense$1,167 $1,063 $4,533 
Weighted average interest rate(1)8.83 %8.10 %8.54 %
Average borrowings$50,000 $50,000 $50,000 
(1) Includes the stated interest expense on the 2022 More Term Loan and is annualized for periods covering less than one year.
2021 More Term Loan
On April 14, 2021, the Company entered into an Unsecured Term Loan Facility Agreement, or the Term Loan Agreement, with More Provident Funds Ltd., or More, as lender. The Term Loan Agreement with More, or the 2021 More Term Loan, provided for an unsecured term loan to the Company in an aggregate principal amount of $30,000. On April 20, 2021, the Company drew down $30,000 of borrowings under the 2021 More Term Loan. After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $29,000, which the Company used for working capital and other general corporate purposes.
55

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
Advances under the 2021 More Term Loan mature on September 30, 2024, and bear interest at a rate of 5.20% per year payable quarterly in arrears. The Company has the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that is to be prepaid or becomes due and payable pursuant to the Term Loan Agreement. The discounted present value portion of the prepayment fee is calculated by applying a discount rate on the same periodic basis as that on which interest on advances is payable equal to the sum of 2.00% plus the yield to maturity of the most recently issued U.S. Treasury securities having a maturity equal to the remaining average life of the 2021 More Term Loan, or if there are no such U.S. Treasury securities, using such implied yield to maturity determined in accordance with the terms of the Term Loan Agreement.
Advances under the 2021 More Term Loan are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company's subsidiaries, financing vehicles or similar facilities.
The Term Loan Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of 60% of the Company’s net asset value as of the year ended December 31, 2020 plus 50% of the net cash proceeds of the sale of certain equity interests by the Company after April 14, 2021, if any, (iv) a minimum asset coverage ratio of not less than 150%, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65% of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15% of the total value of unencumbered assets used by the Company for purposes of the ratio. In addition, the Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $25,000, certain judgments and orders, and certain events of bankruptcy. As of and for the three months ended March 31, 2024, the Company was in compliance with all covenants and reporting requirements.
Through March 31, 2024, the Company incurred debt issuance costs of $992 in connection with obtaining the 2021 More Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2021 More Term Loan, which is included in the Company’s consolidated balance sheet as of March 31, 2024 and will amortize to interest expense over the term of the 2021 More Term Loan. At March 31, 2024, the unamortized portion of the debt issuance costs was $137.
For the three months ended March 31, 2024 and 2023 and the year ended December 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 More Term Loan were as follows:
Three Months Ended
March 31,
Year Ended December 31,
202420232023
Stated interest expense$394 $390 $1,582 
Amortization of deferred financing costs72 71 288 
Total interest expense$466 $461 $1,870 
Weighted average interest rate(1)5.20 %5.20 %5.20 %
Average borrowings$30,000 $30,000 $30,000 
(1) Includes the stated interest expense on the 2021 More Term Loan and is annualized for periods covering less than one year.

56

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
Note 9. Fair Value of Financial Instruments
The following table presents fair value measurements of the Company’s portfolio investments as of March 31, 2024 and December 31, 2023, according to the fair value hierarchy: 
March 31, 2024(1)December 31, 2023(2)
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Senior secured first lien debt$ $ $1,465,051 $1,465,051 $ $ $1,565,171 $1,565,171 
Senior secured second lien debt  28,460 28,460   29,111 29,111 
Collateralized securities and structured products - equity  1,004 1,004   1,096 1,096 
Unsecured debt  5,506 5,506   12,874 12,874 
Equity1,589  219,697 221,286 1,624  205,909 207,533 
Short term investments130,137   130,137 113,446   113,446 
Total Investments$131,726 $ $1,719,718 $1,851,444 $115,070 $ $1,814,161 $1,929,231 
(1)Excludes the Company's $19,393 investment in CION/EagleTree, which is measured at NAV.
(2)Excludes the Company's $25,039 investment in CION/EagleTree, which is measured at NAV.

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2024 and 2023:
Three Months Ended
March 31, 2024
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, December 31, 2023$1,565,171 $29,111 $1,096 $12,874 $205,909 $1,814,161 
Investments purchased(2)(3)128,110 60  1,421 23,432 153,023 
Net realized (loss) gain(2,011)(11,809)(1,210) 5,294 (9,736)
Net change in unrealized (depreciation) appreciation(14,108)12,526 1,182 44 (10,375)(10,731)
Accretion of discount11,573 53  39  11,665 
Sales and principal repayments(3)(223,684)(1,481)(64)(8,872)(4,563)(238,664)
Ending balance, March 31, 2024$1,465,051 $28,460 $1,004 $5,506 $219,697 $1,719,718 
Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2024(1)$(3,822)$714 $(15)$(50)$(9,456)$(12,629)
(1)Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.
(2)Investments purchased includes PIK interest.
(3)Includes non-cash restructured securities.
57

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)

Three Months Ended
March 31, 2023
Senior Secured First Lien DebtSenior Secured Second Lien DebtCollateralized Securities and Structured Products - EquityUnsecured DebtEquityTotal
Beginning balance, December 31, 2022$1,579,512 $38,769 $1,179 $22,643 $73,951 $1,716,054 
Investments purchased(2)(3)40,752    35,933 76,685 
Net realized loss(4,511)   (14)(4,525)
Net change in unrealized (depreciation) appreciation(35,394)163 35 (7,130)(8,912)(51,238)
Accretion of discount4,269 69  4  4,342 
Sales and principal repayments(3)(112,175)(4)(81)  (112,260)
Ending balance, March 31, 2023$1,472,453 $38,997 $1,133 $15,517 $100,958 $1,629,058 
Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2023(1)$(34,672)$163 $35 $(7,130)$(8,912)$(50,516)
(1)Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.
(2)Investments purchased includes PIK interest.
(3)Includes non-cash restructured securities.

Significant Unobservable Inputs
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of March 31, 2024 and December 31, 2023 were as follows:
March 31, 2024
Fair ValueValuation Techniques/
Methodologies
Unobservable
Inputs
RangeWeighted Average(1)
Senior secured first lien debt$1,298,569 Discounted Cash FlowDiscount Rates9.9%31.8%14.0%
81,220 Broker QuotesBroker QuotesN/AN/A
72,822 Market Comparable ApproachRevenue Multiple
1.00x
3.00x
1.77x
11,057 EBITDA Multiple
5.63x
N/A
1,383 Other(2)Other(2)N/AN/A
Senior secured second lien debt26,066 Discounted Cash FlowDiscount Rates13.0%15.5%14.3%
2,394 Market Comparable ApproachEBITDA Multiple
5.88x
N/A
Collateralized securities and structured products - equity1,004 Discounted Cash FlowDiscount Rates21.0%N/A
Unsecured debt4,135 Other(2)Other(2)N/AN/A
1,371 Discounted Cash FlowDiscount Rates12.0%N/A
Equity96,108 Market Comparable ApproachEBITDA Multiple
4.75x
17.25x
10.47x
83,735 Revenue Multiple
0.18x
6.75x
0.52x
28,198 $ per kW$162.5$437.5$361.5
6,666 Discounted Cash FlowDiscount Rates20.0%N/A
2,713 Options Pricing ModelExpected Volatility45.0%100.0%71.0%
1,306 Other(2)Other(2)N/AN/A
971 Broker QuotesBroker QuotesN/AN/A
Total$1,719,718 
(1)Weighted average amounts are based on the estimated fair values.
(2)Fair value is based on the expected outcome of proposed corporate transactions and/or other factors.
58

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
December 31, 2023
Fair ValueValuation Techniques/
Methodologies
Unobservable
Inputs
RangeWeighted Average(1)
Senior secured first lien debt$1,354,388 Discounted Cash FlowDiscount Rates8.5%32.5%13.8%
108,992 Broker QuotesBroker QuotesN/AN/A
72,229 Market Comparable ApproachRevenue Multiple
1.00x
2.50x
1.61x
27,867 EBITDA Multiple
9.00x
16.25x
14.35x
1,695 Other(2)Other(2)N/AN/A
Senior secured second lien debt27,638 Discounted Cash FlowDiscount Rates13.4%25.0%16.1%
1,473 Market Comparable ApproachEBITDA Multiple
9.00x
N/A
Collateralized securities and structured products - equity1,096 Discounted Cash FlowDiscount Rates5.4%21.0%20.7%
Unsecured debt8,739 Discounted Cash FlowDiscount Rates16.0%N/A
4,135 Other(2)Other(2)N/AN/A
Equity90,771 Market Comparable ApproachEBITDA Multiple
4.75x
17.25x
9.38x
84,328 Revenue Multiple
0.15x
6.50x
1.48x
29,463 $ per kW$161.16$400.00$337.28
971 Broker QuotesBroker QuotesN/AN/A
376 Options Pricing ModelExpected Volatility115.0%N/A
Total$1,814,161 
(1)Weighted average amounts are based on the estimated fair values.
(2)Fair value is based on the expected outcome of proposed corporate transactions and/or other factors.
The significant unobservable inputs used in the fair value measurement of the Company’s senior secured first lien debt, senior secured second lien debt, collateralized securities and structured products, unsecured debt and equity are discount rates, EBITDA multiples, revenue multiples, broker quotes and expected volatility. A significant increase or decrease in discount rates would result in a significantly lower or higher fair value measurement, respectively. A significant increase or decrease in the EBITDA multiples, revenue multiples, expected proceeds from proposed corporate transactions, broker quotes and expected volatility would result in a significantly higher or lower fair value measurement, respectively.
Note 10. General and Administrative Expense
General and administrative expense consisted of the following items for the three months ended March 31, 2024 and 2023 and the year ended December 31, 2023:
Three Months Ended
March 31,
Year Ended December 31,
202420232023
Professional fees$521 $526 $2,178 
Dues and subscriptions435 429 800 
Director fees and expenses171 169 696 
Insurance expense169 167 675 
Accounting and administrative costs162 166 637 
Valuation expense144 173 853 
Transfer agent expense123 268 911 
Printing and marketing expense3 5 351 
Other expenses56 52 281 
Total general and administrative expense$1,784 $1,955 $7,382 
59

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
Note 11. Commitments and Contingencies
The Company entered into certain contracts with related and other parties that contain a variety of indemnifications. The Company’s maximum exposure under these arrangements is unknown. However, the Company has not experienced claims or losses pursuant to these contracts and believes the risk of loss related to such indemnifications to be remote.
As of March 31, 2024 and December 31, 2023, the Company’s unfunded commitments were as follows:
Unfunded CommitmentsMarch 31, 2024(1)December 31, 2023(1)
Rogers Mechanical Contractors, LLC$6,250 $2,404 
American Family Care, LLC6,136  
Flatworld Intermediate Corp.5,865 5,865 
Thrill Holdings LLC5,000 5,000 
American Clinical Solutions LLC3,500 250 
American Health Staffing Group, Inc.3,333 3,333 
ALM Media, LLC2,700  
Nova Compression, LLC2,609 2,609 
Mimeo.com, Inc.2,500 2,500 
Moss Holding Company2,232 2,232 
BDS Solutions Intermediateco, LLC2,095 1,905 
MacNeill Pride Group Corp.2,017 2,017 
Tactical Air Support, Inc.2,000 2,000 
Bradshaw International Parent Corp.1,844 1,844 
Fluid Control Intermediate Inc. 1,765 1,765 
Instant Web, LLC1,731 2,164 
Riddell, Inc. 1,636  
Sleep Opco, LLC1,550 1,750 
ESP Associates, Inc.1,316 1,316 
OpCo Borrower, LLC1,042 1,042 
Critical Nurse Staffing, LLC1,000 1,000 
Invincible Boat Company LLC718 399 
H.W. Lochner, Inc.536 1,036 
Dermcare Management, LLC448 671 
Ironhorse Purchaser, LLC408 347 
American Teleconferencing Services, Ltd.234 234 
Anthem Sports & Entertainment Inc.167 167 
Coyote Buyer, LLC 2,500 
Service Compression, LLC 419 
RA Outdoors, LLC 372 
Homer City Holdings LLC 196 
HW Acquisition, LLC 12 
Total$60,632 $47,349 
(1)Unless otherwise noted, the funding criteria for these unfunded commitments had not been met at the date indicated.
60

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
Unfunded commitments to provide funds to companies are not recorded on the Company’s consolidated balance sheets. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company. The Company intends to use cash on hand, short-term investments, proceeds from borrowings, and other liquid assets to fund these commitments should the need arise. For information on the companies to which the Company is committed to fund additional amounts as of March 31, 2024 and December 31, 2023, refer to the table above and the consolidated schedules of investments. As of May 1, 2024, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $82,946, which includes $20,000 to a controlled investment, David's Bridal, Inc.
The Company will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (i.e., advances from its financing arrangements and/or cash flows from operations). The Company will not fund its unfunded commitments from future net proceeds generated by securities offerings, if any. The Company follows a process to manage its liquidity and ensure that it has available capital to fund its unfunded commitments. Specifically, the Company prepares detailed analyses of the level of its unfunded commitments relative to its then available liquidity on a daily basis.  These analyses are reviewed and discussed on a weekly basis by the Company's executive officers and senior members of CIM (including members of the investment committee) and are updated on a “real time” basis in order to ensure that the Company has adequate liquidity to satisfy its unfunded commitments.
Note 12. Fee Income
Fee income consists of amendment fees, capital structuring and other fees, conversion fees, commitment fees and administrative agent fees. The following table summarizes the Company’s fee income for the three months ended March 31, 2024 and 2023 and the year ended December 31, 2023:
Three Months Ended
March 31,
Year Ended
December 31,
202420232023
Capital structuring and other fees$1,799 $ $4,309 
Commitment fees1,760 309 308 
Amendment fees236 2,724 6,415 
Conversion fees78  477 
Administrative agent fees 30 185 
Total$3,873 $3,063 $11,694 
Administrative agent fees are recurring income as long as the Company remains the administrative agent for the related investment. Income from all other fees was non-recurring.
61

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)
Note 13. Financial Highlights

The following is a schedule of financial highlights as of and for the three months ended March 31, 2024 and 2023 and the year ended December 31, 2023:
Three Months Ended
March 31,
Year Ended
December 31,
202420232023
Per share data:(1)
Net asset value at beginning of period$16.23 $15.98 $15.98 
Results of operations:
Net investment income0.60 0.54 1.92 
Net realized loss and net change in unrealized depreciation on investments and loss on foreign currency(2)(0.48)(1.10)(0.18)
Net increase (decrease) in net assets resulting from operations(2)0.12 (0.56)1.74 
Shareholder distributions:
Distributions from net investment income(0.34)(0.34)(1.61)
Net decrease in net assets resulting from shareholders' distributions(0.34)(0.34)(1.61)
Capital share transactions:
Repurchases of common stock below net asset value(3)0.04 0.03 0.12 
Net increase in net assets resulting from capital share transactions0.04 0.03 0.12 
Net asset value at end of period$16.05 $15.11 $16.23 
Shares of common stock outstanding at end of period53,760,605 54,961,455 54,184,636 
Total investment return-net asset value(4)1.92 %(2.17)%17.00 %
Total investment return-market value(5)0.24 %4.75 %34.33 %
Net assets at beginning of period$879,563 $883,634 $883,634 
Net assets at end of period$863,059 $830,310 $879,563 
Average net assets$878,758 $875,337 $864,886 
Ratio/Supplemental data(6):
Ratio of net investment income to average net assets3.71 %3.41 %12.14 %
Ratio of net operating expenses to average net assets4.66 %4.01 %16.88 %
Portfolio turnover rate(7)6.21 %1.35 %17.43 %
Total amount of senior securities outstanding$1,069,844 $1,010,712 $1,092,344 
Asset coverage ratio(8)1.81 1.82 1.81 
(1)The per share data for the three months ended March 31, 2024 and 2023 and the year ended December 31, 2023 was derived by using the weighted average shares of common stock outstanding during each period.
(2)The amount shown for net realized loss, net change in unrealized depreciation on investments and loss on foreign currency is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales and repurchases of the Company’s shares in relation to fluctuating market values for the portfolio. As a result, net increase (decrease) in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.
62

CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
March 31, 2024
(in thousands, except share and per share amounts)

(3)Repurchases of common stock may have caused an incremental decrease or increase in net asset value per share due to the repurchase of shares at a price in excess of or below net asset value per share, respectively, on each repurchase date. The per share impact of repurchases of common stock was a decrease to net asset value of less than $0.01 per share during the three months ended March 31, 2024 and 2023 and the year ended December 31, 2023.
(4)Total investment return-net asset value is a measure of the change in total value for shareholders who held the Company’s common stock at the beginning and end of the period, including distributions paid or payable during the period. Total investment return-net asset value is based on (i) the beginning period net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period of (A) one share plus (B) any fractional shares issued in connection with the reinvestment of distributions, and (iii) the value of distributions payable, if any, on the last day of the period. The total investment return-net asset value calculation assumes that distributions are reinvested in accordance with the Company's distribution reinvestment plan then in effect as described in Note 5. The total investment return-net asset value does not consider the effect of the sales load from the sale of the Company’s common stock. The total investment return-net asset value includes the effect of the issuance of shares at a net offering price that is greater than net asset value per share, which causes an increase in net asset value per share. Total returns covering less than a full year are not annualized.
(5)Total investment return-market value for the three months ended March 31, 2024 and 2023 and the year ended December 31, 2023 was calculated by taking the change in the market price of the Company's common stock since the first day of the period, and including the impact of distributions reinvested in accordance with the Company’s New DRP. Total investment return-market value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock. The historical calculation of total investment return-market value in the table should not be considered a representation of the Company’s future total return based on market value, which may be greater or less than the return shown in the table due to a number of factors, including the Company’s ability or inability to make investments in companies that meet its investment criteria, the interest rates payable on the debt securities the Company acquires, the level of the Company’s expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Company encounters competition in its markets, general economic conditions and fluctuations in per share market value. As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.
(6)Ratios are not annualized.
(7)Portfolio turnover rate is calculated using the lesser of year-to-date sales or purchases over the average of the invested assets at fair value, excluding short term investments.
(8)Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) total senior securities outstanding at the end of the period (excluding unfunded commitments), divided by (ii) total senior securities outstanding at the end of the period.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
As used in this Quarterly Report on Form 10-Q, “we,” “us,” “our” or similar terms include CĪON Investment Corporation and its consolidated subsidiaries. In addition, the term "portfolio companies" refers to companies in which we have invested, either directly or indirectly through our consolidated subsidiaries.
The following discussion should be read in conjunction with our unaudited consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2023. In addition to historical information, the following discussion and other parts of this Quarterly Report on Form 10-Q contain forward-looking information that involves risks and uncertainties. Amounts and percentages presented herein may have been rounded for presentation and all dollar amounts, excluding share and per share amounts, are presented in thousands unless otherwise noted.
Forward-Looking Statements
Some of the statements within this Quarterly Report on Form 10-Q constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve numerous risks and uncertainties, including statements as to:
our future operating results;
our business prospects and the prospects of our portfolio companies, including our and their ability to achieve our respective objectives as a result of inflation, high interest rates and the risk of recession;
the impact of the investments that we expect to make;
the ability of our portfolio companies to achieve their objectives;
our current and expected financings and investments;
the adequacy of our cash resources, financing sources and working capital;
the use of borrowed money to finance a portion of our investments;
the timing of cash flows, if any, from the operations of our portfolio companies;
our contractual arrangements and relationships with third parties;
the actual and potential conflicts of interest with CIM and its affiliates;
the ability of CIM's investment professionals to locate suitable investments for us and the ability of CIM to monitor and administer our investments;
the ability of CIM and its affiliates to attract and retain highly talented professionals;
the dependence of our future success on the general economy and its impact on the industries in which we invest, including inflation and high interest rates and the related economic disruptions caused thereby;
the effects of a changing interest rate environment;
our ability to source favorable private investments;
our tax status;
the effect of changes to tax legislation and our tax position;
the tax status of the companies in which we invest; and
the timing and amount of distributions and dividends from the companies in which we invest.
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In addition, words such as “anticipate,” “believe,” “expect” and “intend” indicate a forward-looking statement, although not all forward-looking statements include these words. The forward-looking statements contained in this Quarterly Report on Form 10-Q involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Risk Factors” in Item 1A of Part II of this Quarterly Report on Form 10-Q. Other factors that could cause actual results to differ materially include: 
changes in the economy;
risks associated with possible disruption in our operations or the economy generally due to terrorism, pandemics, or natural disasters;
future changes in laws or regulations and conditions in our operating areas;
the price at which shares of our common stock may trade on and volume fluctuations in the NYSE; and
the costs associated with being a publicly traded company.
We have based the forward-looking statements on information available to us on the date of this Quarterly Report on Form 10-Q. Except as required by the federal securities laws, we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised to review any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. The forward-looking statements contained in this Quarterly Report on Form 10-Q are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Overview
We were incorporated under the general corporation laws of the State of Maryland on August 9, 2011 and commenced operations on December 17, 2012 upon raising proceeds of $2,500 from persons not affiliated with us, CIM or its affiliates. We are an externally managed, non-diversified, closed-end management investment company that has elected to be regulated as a BDC under the 1940 Act. We elected to be treated for federal income tax purposes as a RIC, as defined under Subchapter M of the Code.
Our investment objective is to generate current income and, to a lesser extent, capital appreciation for investors. Our portfolio is comprised primarily of investments in senior secured debt, including first lien loans, second lien loans and unitranche loans, and, to a lesser extent, collateralized securities, structured products and other similar securities, unsecured debt, and equity, of private and thinly-traded U.S. middle-market companies. In connection with our debt investments, we may receive equity interests such as warrants or options as additional consideration. We may also purchase equity interests in the form of common or preferred stock in our target companies, either in conjunction with one of our debt investments or through a co-investment with a financial sponsor.
On October 5, 2021, shares of our common stock began trading on the NYSE under the ticker symbol “CION”. The Listing accomplished our goal of providing our shareholders with greatly enhanced liquidity. On February 26, 2023, our shares of common stock and our Series A Notes listed and commenced trading in Israel on the TASE under the ticker symbol “CION” and "CION B1", respectively.
We are managed by CIM, our affiliate and a registered investment adviser. Pursuant to an investment advisory agreement with us, CIM oversees the management of our activities and is responsible for making investment decisions for our portfolio. On August 7, 2023, our board of directors, including a majority of directors who are not interested persons, approved the renewal of the second amended and restated investment advisory agreement with CIM for a period of twelve months, commencing August 9, 2023. We have also entered into an administration agreement with CIM to provide us with administrative services necessary for us to operate. We and CIM previously engaged AIM to act as our investment sub-adviser.
On July 11, 2017, the members of CIM entered into the Third Amended CIM LLC Agreement for the purpose of creating a joint venture between AIM and CIG. Under the Third Amended CIM LLC Agreement, AIM became a member of CIM and was issued a newly-created class of membership interests in CIM pursuant to which AIM, among other things, shares in the profits, losses, distributions and expenses of CIM with the other members in accordance with the terms of the Third Amended CIM LLC Agreement, which results in CIG and AIM each owning a 50% economic interest in CIM.
On July 10, 2017, our independent directors unanimously approved the termination of the investment sub-advisory agreement with AIM, effective as of July 11, 2017, as part of the new and ongoing relationship among us, CIM and AIM. Although the investment sub-advisory agreement and AIM's engagement as our investment sub-adviser were terminated, AIM continues to perform certain services for CIM and us. AIM is not paid a separate fee in exchange for such services, but is entitled to receive distributions as a member of CIM as described above.
65


On December 4, 2017, the members of CIM entered into the Fourth Amended CIM LLC Agreement under which AIM performs certain services for CIM, which include, among other services, providing (a) trade and settlement support; (b) portfolio and cash reconciliation; (c) market pipeline information regarding syndicated deals, in each case, as reasonably requested by CIM; and (d) monthly valuation reports and support for all broker-quoted investments. AIM may also, from time to time, provide us with access to potential investment opportunities made available on Apollo's credit platform on a similar basis as other third-party market participants. All of our investment decisions are the sole responsibility of, and are made at the sole discretion of, CIM's investment committee, which consists entirely of CIG senior personnel.
Upon the occurrence of the Listing on October 5, 2021, we and CIM entered into the second amended and restated investment advisory agreement in order to implement the changes to the advisory fees payable from us to CIM that (i) reduced the annual base management fee, (ii) amended the structure of the subordinated incentive fee on income payable from us to CIM and reduced the hurdle and incentive fee rates, and (iii) reduced the incentive fee on capital gains payable from us to CIM (as described in further detail in Notes 2 and 4 to our consolidated financial statements included in this report).
We seek to meet our investment objective by utilizing the experienced management team of CIM, which includes its access to the relationships and human capital of its affiliates in sourcing, evaluating and structuring transactions, as well as monitoring and servicing our investments. We focus primarily on the senior secured debt of private and thinly-traded U.S. middle-market companies, which we define as companies that generally possess annual EBITDA of $75 million or less, with experienced management teams, significant free cash flow, strong competitive positions and potential for growth.
Revenue
We primarily generate revenue in the form of interest income on the debt securities that we hold and capital gains on debt or other equity interests that we acquire in portfolio companies. The majority of our senior debt investments bear interest at a floating rate. Interest on debt securities is generally payable quarterly or monthly. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued, but unpaid, interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and capital structuring fees, monitoring fees, fees for providing managerial assistance and possibly consulting fees and performance-based fees. Any such fees generated in connection with our investments will be recognized when earned.
Operating Expenses
Our primary operating expenses are the payment of management fees and subordinated incentive fees on income under the investment advisory agreement and interest expense on our financing arrangements. Our investment advisory fees compensate CIM for its work in identifying, evaluating, negotiating, executing, monitoring and servicing our investments. We bear all other expenses of our operations and transactions.
Recent Developments
Q2 Base Distribution

On May 6, 2024, our co-chief executive officers declared a quarterly base distribution of $0.36 per share for the second quarter of 2024, payable on June 17, 2024 to shareholders of record as of June 3, 2024.
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Portfolio Investment Activity for the Three Months Ended March 31, 2024 and 2023 and the Year Ended December 31, 2023
The following table summarizes our investment activity, excluding short term investments and PIK securities, for the three months ended March 31, 2024 and 2023 and the year ended December 31, 2023:
Three Months Ended
March 31,
Year Ended
December 31,
Net Investment Activity202420232023
Purchases and drawdowns
    Senior secured first lien debt$101,895 $22,221 $340,704 
    Unsecured debt1,096 — 4,200 
    Equity8,645 2,000 5,283 
Sales and principal repayments(207,621)(66,274)(300,250)
Net portfolio activity$(95,985)$(42,053)$49,937 
The following tables summarize the composition of our investment portfolio at amortized cost and fair value as of March 31, 2024 and December 31, 2023:
March 31, 2024
Investments Cost(1)Investments Fair
Value
Percentage of
Investment
Portfolio
Senior secured first lien debt$1,518,099 $1,465,051 84.2 %
Senior secured second lien debt28,103 28,460 1.6 %
Collateralized securities and structured products - equity1,088 1,004 0.1 %
Unsecured debt24,281 5,506 0.3 %
Equity206,901 240,679 13.8 %
Subtotal/total percentage1,778,472 1,740,700 100.0 %
Short term investments(2)130,137 130,137 
Total investments$1,908,609 $1,870,837 
Number of portfolio companies109
Average annual EBITDA of portfolio companies$53.9 million
Median annual EBITDA of portfolio companies$33.7 million
Purchased at a weighted average price of par97.32 %
Gross annual portfolio yield based upon the purchase price(3)11.52 %
(1)Represents amortized cost for debt investments and cost for equity investments. Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on our investments.
(2)Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.
(3)The gross annual portfolio yield does not represent and may be higher than an actual investment return to shareholders because it excludes our expenses and all sales commissions and dealer manager fees and does not consider the cost of leverage.
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December 31, 2023
Investments Cost(1)Investments Fair
Value
Percentage of
Investment
Portfolio
Senior secured first lien debt$1,604,111 $1,565,171 85.0 %
Senior secured second lien debt41,280 29,111 1.6 %
Collateralized securities and structured products - equity2,362 1,096 0.1 %
Unsecured debt31,693 12,874 0.7 %
Equity182,738 232,572 12.6 %
Subtotal/total percentage1,862,184 1,840,824 100.0 %
Short term investments(2)113,446 113,446  
Total investments$1,975,630 $1,954,270 
Number of portfolio companies 111 
Average annual EBITDA of portfolio companies$61.7 million
Median annual EBITDA of portfolio companies$33.7 million
Purchased at a weighted average price of par96.33 %
Gross annual portfolio yield based upon the purchase price(3)12.12 %
(1)Represents amortized cost for debt investments and cost for equity investments. Amortized cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, on our investments.
(2)Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.
(3)The gross annual portfolio yield does not represent and may be higher than an actual investment return to shareholders because it excludes our expenses and all sales commissions and dealer manager fees and does not consider the cost of leverage.
The following table summarizes the composition of our investment portfolio by the type of interest rate as of March 31, 2024 and December 31, 2023, excluding short term investments of $130,137 and $113,446, respectively:
March 31, 2024December 31, 2023
Interest Rate AllocationInvestments CostInvestments Fair ValuePercentage of
Investment
Portfolio
Investments CostInvestments Fair ValuePercentage of
Investment
Portfolio
Floating interest rate investments$1,424,104 $1,376,221 79.1 %$1,521,848 $1,475,126 80.1 %
Non-income producing investments192,596 230,314 13.2 %154,419 184,175 10.0 %
Fixed interest rate investments157,150 131,307 7.5 %155,244 131,533 7.2 %
Other income producing investments4,622 2,858 0.2 %30,673 49,990 2.7 %
Total investments$1,778,472 $1,740,700 100.0 %$1,862,184 $1,840,824 100.0 %
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The following table shows the composition of our investment portfolio by industry classification and the percentage, by fair value, of the total assets in such industries as of March 31, 2024 and December 31, 2023:
March 31, 2024December 31, 2023
Industry ClassificationInvestments Fair ValuePercentage of
Investment Portfolio
Investments Fair ValuePercentage of
Investment Portfolio
Services: Business$276,442 15.9 %$282,237 15.3 %
Healthcare & Pharmaceuticals219,792 12.6 %238,624 13.0 %
Retail140,298 8.1 %135,000 7.3 %
Media: Diversified & Production135,536 7.8 %135,037 7.3 %
Services: Consumer123,875 7.1 %107,195 5.8 %
Media: Advertising, Printing & Publishing100,528 5.8 %116,100 6.3 %
Beverage, Food & Tobacco91,436 5.3 %68,780 3.7 %
Construction & Building84,885 4.9 %104,727 5.7 %
Diversified Financials79,995 4.6 %85,733 4.7 %
Energy: Oil & Gas73,225 4.2 %104,893 5.7 %
Consumer Goods: Durable58,885 3.4 %59,955 3.3 %
Banking, Finance, Insurance & Real Estate57,477 3.3 %52,272 2.8 %
Hotel, Gaming & Leisure50,820 2.9 %50,906 2.8 %
Chemicals, Plastics & Rubber42,557 2.4 %82,597 4.5 %
Capital Equipment42,340 2.4 %49,571 2.7 %
Consumer Goods: Non-Durable41,661 2.4 %42,381 2.3 %
Containers, Packaging & Glass18,455 1.1 %18,480 1.0 %
High Tech Industries18,307 1.0 %22,671 1.2 %
Telecommunications17,360 1.0 %17,768 1.0 %
Metals & Mining15,981 0.9 %13,957 0.8 %
Environmental Industries15,297 0.9 %15,336 0.8 %
Transportation: Cargo12,363 0.7 %12,201 0.7 %
Aerospace & Defense12,000 0.7 %12,000 0.6 %
Automotive11,177 0.6 %12,403 0.7 %
Forest Products & Paper— — — 
Subtotal/total percentage1,740,700 100.0 %1,840,824 100.0 %
Short term investments130,137  113,446 
Total investments$1,870,837 $1,954,270 
Our investment portfolio may contain senior secured investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or unfunded commitments, which may require us to provide funding when requested in accordance with the terms of the underlying agreements. As of March 31, 2024 and December 31, 2023, our unfunded commitments amounted to $60,632 and $47,349, respectively. As of May 1, 2024, our unfunded commitments amounted to $82,946, which includes $20,000 to a controlled investment, David's Bridal, Inc. Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for us. Refer to the section “Commitments and Contingencies” for further details on our unfunded commitments.
Investment Portfolio Asset Quality
CIM uses an investment rating system to characterize and monitor our expected level of returns on each investment in our portfolio. These ratings are just one of several factors that CIM uses to monitor our portfolio, are not in and of themselves determinative of fair value or revenue recognition and are presented for indicative purposes. CIM rates the credit risk of all investments on a scale of 1 to 5 no less frequently than quarterly. This system is intended primarily to reflect the underlying risk of a portfolio investment relative to our initial cost basis in respect of such portfolio investment (i.e., at the time of acquisition), although it may also take into account under certain circumstances the performance of the portfolio company’s business, the collateral coverage of the investment and other relevant factors.
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The following is a description of the conditions associated with each investment rating used in this ratings system:
Investment RatingDescription
1Indicates the least amount of risk to our initial cost basis. The trends and risk factors for this investment since origination or acquisition are generally favorable, which may include the performance of the portfolio company or a potential exit.
2Indicates a level of risk to our initial cost basis that is similar to the risk to our initial cost basis at the time of origination or acquisition. This portfolio company is generally performing in accordance with our analysis of its business and the full return of principal and interest or dividend is expected.
3Indicates that the risk to our ability to recoup the cost of such investment has increased since origination or acquisition, but full return of principal and interest or dividend is expected. A portfolio company with an investment rating of 3 requires closer monitoring.
4Indicates that the risk to our ability to recoup the cost of such investment has increased significantly since origination or acquisition, including as a result of factors such as declining performance and noncompliance with debt covenants, and we expect some loss of interest, dividend or capital appreciation, but still expect an overall positive internal rate of return on the investment.
5Indicates that the risk to our ability to recoup the cost of such investment has increased materially since origination or acquisition and the portfolio company likely has materially declining performance. Loss of interest or dividend and some loss of principal investment is expected, which would result in an overall negative internal rate of return on the investment.
For investments rated 3, 4, or 5, CIM enhances its level of scrutiny over the monitoring of such portfolio company.
The following table summarizes the composition of our investment portfolio based on the 1 to 5 investment rating scale at fair value as of March 31, 2024 and December 31, 2023, excluding short term investments of $130,137 and $113,446, respectively:    
March 31, 2024December 31, 2023
Investment RatingInvestments
Fair Value
Percentage of
Investment Portfolio
Investments
Fair Value
Percentage of
Investment Portfolio
1$265 — $98,255 5.3 %
21,541,628 88.5 %1,603,975 87.2 %
3180,541 10.4 %120,132 6.5 %
411,570 0.7 %10,304 0.6 %
56,696 0.4 %8,158 0.4 %
$1,740,700 100.0 %$1,840,824 100.0 %
The amount of the investment portfolio in each rating category may vary substantially from period to period resulting primarily from changes in the composition of such portfolio as a result of new investment, repayment and exit activities. In addition, changes in the rating of investments may be made to reflect our expectation of performance and changes in investment values.
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Current Investment Portfolio
The following table summarizes the composition of our investment portfolio at fair value as of May 1, 2024:
Investments Fair
Value
Percentage of
Investment
Portfolio
Senior secured first lien debt$1,516,890 85.6 %
Senior secured second lien debt15,648 0.9 %
Collateralized securities and structured products - equity1,004 0.1 %
Unsecured debt5,506 0.3 %
Equity232,859 13.1 %
Subtotal/total percentage1,771,907 100.0 %
Short term investments(1)143,600 
Total investments$1,915,507 
Number of portfolio companies110 
Average annual EBITDA of portfolio companies$51.5 million
Median annual EBITDA of portfolio companies$32.8 million
Purchased at a weighted average price of par97.30 %
Gross annual portfolio yield based upon the purchase price(2)11.38 %
(1)Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.
(2)The gross annual portfolio yield does not represent and may be higher than an actual investment return to shareholders because it excludes our expenses and all sales commissions and dealer manager fees and does not consider the cost of leverage.
Results of Operations for the Three Months Ended March 31, 2024 and 2023
Our results of operations for the three months ended March 31, 2024 and 2023 were as follows:
Three Months Ended
March 31,
20242023
Investment income$73,554 $64,975 
Operating expenses and income taxes40,961 35,117 
Net investment income after taxes32,593 29,858 
Net realized loss on investments and foreign currency(9,736)(4,525)
Net change in unrealized depreciation on investments(16,412)(56,378)
Net increase (decrease) in net assets resulting from operations$6,445 $(31,045)
Investment Income
For the three months ended March 31, 2024 and 2023, we generated investment income of $73,554 and $64,975, respectively, consisting primarily of interest income on investments in senior secured debt, collateralized securities and structured products, and unsecured debt of 95 and 102 portfolio companies held during each respective period. The increase in total investment income was primarily driven by an increase in base rates and origination fees, as well as additional investment income generated from restructured investments and yield-enhancement provisions from repayments on certain investments during the three months ended March 31, 2024 compared to the three months ended March 31, 2023. These increases were partially offset by a reduction in dividend income for the three months ended March 31, 2024 compared to the three months ended March 31, 2023.
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Operating Expenses and Income Taxes
The composition of our operating expenses and income taxes for the three months ended March 31, 2024 and 2023 was as follows:
Three Months Ended
March 31,
20242023
Management fees$6,864 $6,676 
Administrative services expense1,092 837 
Subordinated incentive fee on income6,914 6,335 
General and administrative1,784 1,955 
Interest expense24,302 19,309 
Income tax expense, including excise tax
Total operating expenses and income taxes$40,961 $35,117 

The increase in interest expense was primarily the result of (a) higher SOFR and LIBOR rates during the three months ended March 31, 2024 compared to the three months ended March 31, 2023 and (b) higher average borrowings under our financing arrangements during the three months ended March 31, 2024 compared to the three months ended March 31, 2023. The increase in subordinated incentive fee on income was primarily the result of the increase in investment income during the three months ended March 31, 2024 compared to the three months ended March 31, 2023, which was partially offset by the increase in interest expense during the three months ended March 31, 2024 compared to the three months ended March 31, 2023.
The composition of our general and administrative expenses for the three months ended March 31, 2024 and 2023 was as follows:
Three Months Ended
March 31,
20242023
Professional fees$521 $526 
Dues and subscriptions435 429 
Director fees and expenses171 169 
Insurance expense169 167 
Accounting and administrative costs162 166 
Valuation expense144 173 
Transfer agent expense123 268 
Printing and marketing expense
Other expenses56 52 
Total general and administrative expense$1,784 $1,955 
Net Investment Income After Taxes

Our net investment income after taxes totaled $32,593 and $29,858 for the three months ended March 31, 2024 and 2023, respectively. The increase in net investment income was a result of an increase in our investment income during the three months ended March 31, 2024 compared to the three months ended March 31, 2023, which was partially offset by an increase in our operating expenses during the same period, which was driven primarily by increases in interest expense and the subordinated incentive fee on income.
Net Realized Loss on Investments and Foreign Currency
Our net realized loss on investments and foreign currency totaled $(9,736) and $(4,525) for the three months ended March 31, 2024 and 2023, respectively. The increase was driven primarily by higher realized losses on the restructure of certain investments during the three months ended March 31, 2024 compared to the three months ended March 31, 2023.
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Net Change in Unrealized Depreciation on Investments
The net change in unrealized depreciation on our investments totaled $(16,412) and $(56,378) for the three months ended March 31, 2024 and 2023, respectively. This decrease was driven primarily by realized losses on certain investments with previously unrealized depreciation during the three months ended March 31, 2024, as well as larger mark-to-market declines in certain investments during the three months ended March 31, 2023 as compared to the three months ended March 31, 2024.
Net Increase (Decrease) in Net Assets Resulting from Operations
For the three months ended March 31, 2024 and 2023, we recorded a net increase (decrease) in net assets resulting from operations of $6,445 and $(31,045), respectively, as a result of our operating activity for the respective periods.
Financial Condition, Liquidity and Capital Resources

We generate cash primarily from cash flows from interest, fees and dividends earned from our investments as well as principal repayments and proceeds from sales of our investments. We also employ leverage to seek to enhance our returns as market conditions permit and at the discretion of CIM and pursuant to the 1940 Act. As a result, we also generate cash from our existing financing arrangements and may generate cash from future borrowings, as well as future offerings of securities including public and/or private issuances of debt and/or equity securities. We use cash primarily to (i) purchase investments in new and existing portfolio companies, (ii) pay for the cost of operations (including paying advisory fees to and reimbursing CIM), (iii) make debt service payments related to any of our financing arrangements and (iv) pay cash distributions to the holders of our shares.

On March 23, 2018, an amendment to Section 61(a) of the 1940 Act was signed into law to permit BDCs to reduce the minimum “asset coverage” ratio from 200% to 150% and, as a result, to potentially increase the ratio of a BDC’s debt to equity from a maximum of 1-to-1 to a maximum of 2-to-1, so long as certain approval and disclosure requirements are satisfied. As a result of receiving shareholder approval on December 30, 2021, effective December 31, 2021, we are required to maintain asset coverage for our senior securities of 150% rather than 200%, which allows us to increase the maximum amount of leverage that we are permitted to incur. We may from time to time enter into additional financing arrangements or amend the size of our existing financing arrangements. Any increase to our leverage would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors.

As of March 31, 2024 and December 31, 2023, our asset coverage ratio was 1.81 and 1.81, respectively. We seek to carefully consider our unfunded commitments for the purpose of planning our ongoing financial leverage and liquidity requirements.

On September 15, 2023, our shareholders authorized us to issue shares of our common stock at prices below the then current NAV per share in one or more offerings for a 12-month period following such shareholder approval. As of the date of this report, we are not engaged in discussions to issue any such shares.

As of March 31, 2024, we had cash of $48,482 and short term investments of $130,137 invested in a fund that primarily invests in U.S. government securities. Cash and short term investments as of March 31, 2024, taken together with our available debt, is expected to be sufficient for our investing and financing activities and to conduct our operations in the near term. As of March 31, 2024, we had $175 million available under our secured financing arrangements.

Our short-term cash needs include the funding of additional portfolio investments, the payment of operating expenses including interest expense, management fees, incentive fees, administrative services expense and general and administrative expenses, as well as paying distributions to our shareholders. Our long-term cash needs will include principal payments on outstanding financing arrangements and funding of additional portfolio investments. Funding for short and long-term cash needs will come from cash provided from operating activities and/or unused net proceeds from financing activities. We believe that our liquidity and sources of capital are adequate to satisfy our short and long-term cash requirements. We cannot, however, be certain that these sources of funds will be available at a time and upon terms acceptable to us in sufficient amounts in the future.
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Post-Listing Share Repurchase Policy

On September 15, 2021, our board of directors, including the independent directors, approved a share repurchase policy authorizing us to repurchase up to $50 million of our outstanding common stock after the Listing. On June 24, 2022, our board of directors, including the independent directors, increased the amount of shares of our common stock that may be repurchased under the share repurchase policy by $10 million to up to an aggregate of $60 million. Under the share repurchase policy, we may purchase shares of our common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions. The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at our discretion. Factors include, but are not limited to, share price, trading volume and general market conditions, along with our general business conditions. The policy may be suspended or discontinued at any time and does not obligate us to acquire any specific number of shares of our common stock.

On August 29, 2023, as part of the share repurchase policy, we entered into a new trading plan with an independent broker, Wells Fargo, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, based in part on historical trading data with respect to our shares. The 10b5-1 trading plan permits common stock to be repurchased at a time that we might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions. The 10b5-1 trading plan expires on August 29, 2024, and is subject to price, market volume and timing restrictions.

During the three months ended March 31, 2024, we repurchased an aggregate of 424,031 shares under the 10b5-1 trading plan for an aggregate purchase price of $4,670, or an average purchase price of $11.01 per share.
From April 1, 2024 to May 1, 2024, we repurchased an aggregate of 171,481 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $1,911, or an average purchase price of $11.14 per share. From the inception of the 10b5-1 trading plan in August 2022 through May 1, 2024, we repurchased an aggregate of 3,369,316 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $33,545, or an average purchase price of $9.96 per share.

RIC Status and Distributions
To qualify for and maintain RIC tax treatment, we must, among other things, distribute in respect of each taxable year at least 90% of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. We will incur an excise tax of 4% imposed on RICs to the extent we do not distribute in respect of each calendar year an amount at least equal to the sum of (1) 98.0% of our net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of our capital gains in excess of capital losses, or capital gain net income (adjusted for certain ordinary losses), for the one-year period ending on October 31 of the calendar year and (3) any net ordinary income and capital gain net income from preceding years that were not distributed during such years and on which we paid no federal income tax. For an additional discussion of our RIC status and distributions, refer to Note 2 and Note 5, respectively, of our consolidated financial statements included in this report.

We intend to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. Therefore, subject to applicable legal restrictions and the sole discretion of our board of directors, we intend to authorize, declare, and pay base distributions on a quarterly basis. Base and any supplemental and/or special distributions in respect of future periods will be evaluated by management and our board of directors based on circumstances and expectations existing at the time of consideration.
The following table presents distributions per share that were declared during the year ended December 31, 2023 and the three months ended March 31, 2024:
Distributions
Three Months EndedPer ShareAmount
2023
March 31, 2023 (one record date)$0.34 $18,687 
June 30, 2023 (one record date)0.34 18,614 
September 30, 2023 (two record dates)0.39 21,276 
December 31, 2023 (three record dates)0.54 29,290 
Total distributions for the year ended December 31, 2023$1.61 $87,867 
2024
March 31, 2024 (one record date)$0.34 $18,279 
Total distributions for the three months ended March 31, 2024$0.34 $18,279 
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On May 6, 2024, our co-chief executive officers declared a quarterly base distribution of $0.36 per share for the second quarter of 2024 payable on June 17, 2024 to shareholders of record as of June 3, 2024.

For an additional discussion of our RIC status and distributions, refer to Note 2 and Note 5, respectively, of our consolidated financial statements included in this report.

JPM Credit Facility
As of March 31, 2024 and May 1, 2024, our aggregate outstanding borrowings under the JPM Credit Facility were $550,000 and the aggregate unfunded principal amount in connection with the JPM Credit Facility was $125,000. For a detailed discussion of our JPM Credit Facility, refer to Note 8 to our consolidated financial statements included in this report.
UBS Facility
As of March 31, 2024 and May 1, 2024, our outstanding borrowings under the Amended UBS Facility were $100,000 and the aggregate unfunded principal amount in connection with the Amended UBS Facility was $50,000. For a detailed discussion of our Amended UBS Facility, refer to Note 8 to our consolidated financial statements included in this report.
2026 Notes

As of March 31, 2024 and May 1, 2024, we had $125,000 in aggregate principal amount of 2026 Notes outstanding and there was no unfunded principal amount in connection with the 2026 Notes. For a detailed discussion of our 2026 Notes, refer to Note 8 to our consolidated financial statements included in this report.
2021 More Term Loan
As of March 31, 2024 and May 1, 2024, our outstanding borrowings under the 2021 More Term Loan were $30,000 and there was no unfunded principal amount in connection with the 2021 More Term Loan. For a detailed discussion of our 2021 More Term Loan, refer to Note 8 to our consolidated financial statements included in this report.
2022 More Term Loan
As of March 31, 2024 and May 1, 2024, our outstanding borrowings under the 2022 More Term Loan were $50,000 and there was no unfunded principal amount in connection with the 2022 More Term Loan. For a detailed discussion of our 2022 More Term Loan, refer to Note 8 to our consolidated financial statements included in this report.
Series A Notes

As of March 31, 2024 and May 1, 2024, we had approximately $114,844 in aggregate principal amount of Series A Notes outstanding and there was no unfunded principal amount in connection with either the Series A Notes. For a detailed discussion of our Series A Notes, refer to Note 8 to our consolidated financial statements included in this report.

2027 Notes
As of March 31, 2024 and May 1, 2024, we had $100,000 in aggregate principal amount of 2027 Notes outstanding and there was no unfunded principal amount in connection with the 2027 Notes. For a detailed discussion of our 2027 Notes, refer to Note 8 to our consolidated financial statements included in this report.
Unfunded Commitments
As of March 31, 2024 and May 1, 2024, our unfunded commitments amounted to $60,632 and $82,946, respectively. For a detailed discussion of our unfunded commitments, refer to Note 11 to our consolidated financial statements included in this report.
Recent Accounting Pronouncements

See Note 2 to our consolidated financial statements included in this report for a discussion of certain recent accounting pronouncements that are applicable to us.
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Critical Accounting Policies
Our consolidated financial statements are prepared in conformity with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Critical accounting policies are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. In preparing the consolidated financial statements, we also utilize available information, including our past history, industry standards and the current economic environment, among other factors, in forming our estimates and judgments, giving due consideration to materiality. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses.
Valuation of Portfolio Investments
The value of our assets is determined quarterly and at such other times that an event occurs that materially affects the valuation. The valuation is made pursuant to Section 2(a)(41) of the 1940 Act, which requires that we value our assets as follows: (i) the market price for those securities for which a market quotation is readily available, and (ii) for all other securities and assets, at fair value, as determined in good faith by our board of directors. As a BDC, Section 2(a)(41) of the 1940 Act requires the board of directors to determine in good faith the fair value of portfolio securities for which a market price is not readily available, and it does so in conjunction with the application of our valuation procedures by CIM. In accordance with Rule 2a-5 of the 1940 Act, our board of directors has designated CIM as our “valuation designee.” Our board of directors and the audit committee of our board of directors, which is comprised solely of our independent directors, oversees the activities, methodology and processes of the valuation designee.
There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each asset while employing a valuation process that is consistently followed. Determinations of fair value involve subjective judgments and estimates. Accordingly, the notes to our consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations in our consolidated financial statements.
Valuation Methods
With respect to investments for which market quotations are not readily available, CIM, as the valuation designee of our board of directors, undertakes a multi-step valuation process each quarter, as described below:
our quarterly valuation process generally begins with each portfolio company or investment either being sent directly to an independent valuation firm or initially valued by certain of CIM’s investment professionals and certain members of its management team, with such valuation taking into account information received from various sources, including independent valuation firms, if applicable;
preliminary valuation conclusions are then documented and discussed with members of CIM’s management team;
designated members of CIM’s management team review the preliminary valuation, and, if applicable, deliver such preliminary valuation to an independent valuation firm for its review;
designated members of CIM’s management team and, if appropriate, the relevant investment professionals meet with the independent valuation firm to discuss the preliminary valuation;
designated members of CIM’s management team respond and supplement the preliminary valuation to reflect any comments provided by the independent valuation firm;
our audit committee meets with members of CIM’s management team and the independent valuation firms to discuss the assistance provided and the results of the independent valuation firms' review; and
our board of directors and our audit committee provide oversight with respect to this valuation process, including requesting such materials as they may determine appropriate.
We shall promptly (but no later than five business days after we become aware) report to our board of directors in writing on the occurrence of matters that materially affect the fair value of the designated portfolio of investments. Material matters in this instance include a significant deficiency or material weakness in the design or effectiveness of CIM’s fair value determination process resulting in a material error in the calculation of NAV of $0.01 per share or greater.
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In addition to the foregoing, certain investments for which a market price is not readily available are evaluated on a quarterly basis by an independent valuation firm and certain other investments are on a rotational basis reviewed by an independent valuation firm. Finally, certain investments are not evaluated by an independent valuation firm unless certain aspects of such investments in the aggregate meet certain criteria.

Given the expected types of investments, excluding short term investments and stock of publicly traded companies that are classified as Level 1, management expects our portfolio holdings to be classified as Level 3. Due to the uncertainty inherent in the valuation process, particularly for Level 3 investments, such fair value estimates may differ significantly from the values that would have been used had an active market for the investments existed. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses that we ultimately realize on these investments to materially differ from the valuations currently assigned. Inputs used in the valuation process are subject to variability in the future and can result in materially different fair values.
For an additional discussion of our investment valuation process, refer to Note 2 to our consolidated financial statements included in this report.
Related Party Transactions

For a discussion of our relationship with related parties including CIM, CIG, and AIA and amounts incurred under agreements with such related parties, refer to Note 4 to our consolidated financial statements included in this report. For a discussion of our relationship with CION/EagleTree, refer to Note 7 to our consolidated financial statements included in this report.
Contractual Obligations

On August 26, 2016, 34th Street entered into the JPM Credit Facility with JPM, as amended and restated on September 30, 2016, July 11, 2017, November 28, 2017, May 23, 2018, May 15, 2020, February 26, 2021, March 28, 2022 and May 15, 2023. See Note 8 to our consolidated financial statements for a more detailed description of the JPM Credit Facility.
    
On May 19, 2017, Murray Hill Funding II entered into the UBS Facility with UBS, as amended on December 1, 2017, May 19, 2020, November 12, 2020, December 17, 2020 and June 14, 2023. See Note 8 to our consolidated financial statements for a more detailed description of the UBS Facility.

On February 11, 2021, we entered into the 2026 Note Purchase Agreement with purchasers of the 2026 Notes. See Note 8 to our consolidated financial statements for a more detailed description of the 2026 Notes.

On April 14, 2021, we entered into the 2021 More Term Loan with More. See Note 8 to our consolidated financial statements for a more detailed description of the 2021 More Term Loan.

On April 27, 2022, we entered into the 2022 More Term Loan with More. See Note 8 to our consolidated financial statements for a more detailed description of the 2022 More Term Loan.

On February 28, 2023, we entered into a Deed of Trust with Mishmeret Trust Company Ltd., as trustee, pursuant to which we issued our Series A Notes. See Notes 8 to our consolidated financial statements for a more detailed description of the Deed of Trust and the Series A Notes.

On November 8, 2023, we entered into the 2027 Note Purchase Agreement with purchasers of the 2027 Notes. See Note 8 to our consolidated financial statements for a more detailed description of the 2027 Notes.
Commitments and Contingencies
We have entered into certain contracts with other parties that contain a variety of indemnifications. Our maximum exposure under these arrangements is unknown. However, we have not experienced claims or losses pursuant to these contracts and believe the risk of loss related to such indemnifications to be remote.
Our investment portfolio may contain debt investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or other unfunded commitments, which may require us to provide funding when requested in accordance with the terms of the underlying agreements. For further details on such debt investments, refer to Note 11 to our consolidated financial statements included in this report.
    
We currently have no off-balance sheet arrangements, except for those discussed in Note 7 and Note 11 to our consolidated financial statements included in this report.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are subject to financial market risks, including changes in interest rates. As of March 31, 2024, 79.1% of our investments paid variable interest rates. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments, especially to the extent that we hold variable rate investments, and to declines in the value of any fixed rate investments we may hold. To the extent that a majority of our investments may be in variable rate investments, an increase in interest rates could make it easier for us to meet or exceed our incentive fee hurdle rate, as defined in our investment advisory agreement, and may result in a substantial increase in our net investment income, and also to the amount of incentive fees payable to CIM with respect to our pre-incentive fee net investment income.
    
As of March 31, 2024, under the terms of the JPM Second Amendment, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.05% per year, and a LIBOR to SOFR credit spread adjustment of 0.15%. Pursuant to the terms of the Amended UBS Facility, we currently pay a financing fee equal to the three-month SOFR, plus a spread of 3.20% per year. Pursuant to the terms of the Deed of Trust, the Series A Notes bear interest at a floating rate equal to average overnight SOFR, plus a credit spread of 3.82% per year. The 2027 Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 4.75% per year and are subject to a 2.00% SOFR floor. Pursuant to the terms of the 2022 More Term Loan, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.50% per year and subject to a 1.0% SOFR floor. In addition, we may seek to further borrow funds in order to make additional investments. Our net investment income will be impacted, in part, by the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we would be subject to risks relating to changes in market interest rates. In periods of rising interest rates when we have debt outstanding, our cost of funds would increase, which could reduce our net investment income, especially to the extent we hold fixed rate investments. We expect that our long-term investments will be financed primarily with equity and long-term debt. Our interest rate risk management techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. Adverse developments resulting from changes in interest rates could have a material adverse effect on our business, financial condition and results of operations.

The following table shows the effect over a twelve month period of changes in interest rates on our net interest income, excluding short term investments, assuming no changes in our investment portfolio, the JPM Second Amendment, the Amended UBS Facility, the Series A Notes, the 2027 Notes or the 2022 More Term Loan in effect as of March 31, 2024:
Basis Point Change in Interest Rates(Decrease) Increase in Net Interest Income(1)Percentage Change in Net Interest Income
Down 300 basis points$(13,240)(13.8)%
Down 200 basis points(8,982)(9.3)%
Down 100 basis points(4,552)(4.7)%
Down 50 basis points(2,276)(2.4)%
No change to current base rate (5.39% as of March 31, 2024)
— — 
Up 50 basis points2,276 2.4 %
Up 100 basis points4,552 4.7 %
Up 200 basis points9,103 9.5 %
Up 300 basis points13,655 14.2 %
(1)This table assumes no change in defaults or prepayments by portfolio companies over the next twelve months.
The interest rate sensitivity analysis presented above does not consider the potential impact of the changes in fair value of our fixed rate debt investments, our fixed rate borrowings (the 2026 Notes and the 2021 More Term Loan), or the NAV of our common stock in the event of sudden changes in interest rates. Approximately 7.5% of our investments paid fixed interest rates as of March 31, 2024. Rising market interest rates will most likely lead to fair value declines for fixed interest rate investments and fixed interest rate borrowings and a decline in the net asset value of our common stock, while declining market interest rates will most likely lead to an increase in the fair value of fixed interest rate investments and fixed interest rate borrowings and an increase in the NAV of our common stock.
In addition, we may have risk regarding portfolio valuation as discussed in Note 2 to our consolidated financial statements included in this report.
Inflation
Economic activity has continued to accelerate across sectors and regions. Nevertheless, due to geopolitical events, a rise in energy prices and strong consumer demand, inflation is showing signs of remaining high in the U.S. and globally. Although the current outlook is uncertain, heightened inflation may persist in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response. Persistent inflationary pressures could affect our portfolio companies' respective profit margins.
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Item 4. Controls and Procedures
Evaluation of disclosure controls and procedures 
In connection with the preparation of this Quarterly Report on Form 10-Q for the three months ended March 31, 2024, we carried out an evaluation, under the supervision and with the participation of our management, including our Co-Chief Executive Officers and our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Rule 13a-15(b) and Rule 15d-15(b) of the Securities Exchange Act of 1934, as amended. Based on the foregoing evaluation, the Co-Chief Executive Officers and the Chief Financial Officer concluded that our disclosure controls and procedures were effective.
In designing and evaluating our disclosure controls and procedures, we recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met.  Our disclosure controls and procedures have been designed to meet reasonable assurance standards. Disclosure controls and procedures cannot detect or prevent all error and fraud. Some inherent limitations in disclosure controls and procedures include costs of implementation, faulty decision-making, simple error and mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based, in part, upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all anticipated and unanticipated future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with established policies or procedures.
Evaluation of internal control over financial reporting
There have been no changes in our internal control over financial reporting during the three months ended March 31, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings
We are not currently subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us. From time to time, we may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies and other third parties. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that any such proceedings will have a material effect upon our financial condition or results of operations.
Item 1A. Risk Factors
There have been no material changes from the risk factors disclosed in “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
We did not engage in any unregistered sales of equity securities during the three months ended March 31, 2024.
The table below provides information concerning our repurchases of shares of our common stock in the open market during the three months ended March 31, 2024 pursuant to our share repurchase policy.
PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsMaximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
January 1 to January 31, 2024125,304 $11.14 125,304 (1)
February 1 to February 29, 2024165,876 10.97 165,876 (1)
March 1 to March 31, 2024132,851 10.95 132,851 (1)
    Total424,031 $11.01 424,031 (1)
(1)A description of the shares of our common stock that may be repurchased is set forth in a discussion of our share repurchase program in Note 3 to our unaudited consolidated financial statements contained in this Quarterly Report on Form 10-Q.

The table below provides information concerning our purchases of shares of our common stock in the open market during the three months ended March 31, 2024 pursuant to our distribution reinvestment plan in order to satisfy the reinvestment portion of our distributions.

PeriodTotal Number of Shares PurchasedAverage Price Paid per ShareTotal Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsMaximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
January 1 to January 31, 202492,108 $11.05 92,108 (1)
February 1 to February 29, 2024— — — — 
March 1 to March 31, 2024170,571 11.09 170,571 (1)
    Total262,679 $11.07 262,679 (1)
(1) A description of the shares of our common stock that may be purchased is set forth in a discussion of the New DRP in Note 5 to our unaudited consolidated financial statements contained in this Quarterly Report on Form 10-Q.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the fiscal quarter ended March 31, 2024, none of our directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”
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Item 6. Exhibits
Exhibit
Number
Description of Document
2.1
3.1
3.2
3.3
4.1
4.2
4.3
10.1
10.2
10.3
10.4
10.5
10.6
10.7
10.8
10.9
10.10
10.11
10.12
10.13
10.14
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Exhibit
Number
Description of Document
10.15
10.16
10.17
10.18
10.19
10.20
10.21
10.22
10.23
10.24
10.25
10.26
10.27
14.1
21.1
31.1
31.2
31.3
32.1
32.2
32.3
97.1

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101.INSInline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCHInline XBRL Taxonomy Extension Schema Document.
101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document.
101.LABInline XBRL Taxonomy Extension Label Linkbase Document.
101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document.
104
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).
* Filed herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 8, 2024
CĪON Investment Corporation
(Registrant)
By: /s/ Michael A. Reisner
Michael A. Reisner
Co-Chief Executive Officer
(Principal Executive Officer)
By: /s/ Mark Gatto
Mark Gatto
Co-Chief Executive Officer
(Principal Executive Officer)
By: /s/ Keith S. Franz
Keith S. Franz
Chief Financial Officer
(Principal Financial and Accounting Officer)

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