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Laser Acquisition, Inc., Senior Secured First Lien Debt, 12/31/2025 Maturity, 12024-09-300001534254Adapt Laser Acquisition, Inc., Senior Secured First Lien Debt, 12/31/2025 Maturity, 22024-09-300001534254AHF Parent Holding, Inc., Senior Secured First Lien Debt, 2/1/2028 Maturity2024-09-300001534254Allen Media, LLC, Senior Secured First Lien Debt, 2/10/2027 Maturity2024-09-300001534254ALM Global, LLC, Senior Secured First Lien Debt, 2/21/2029 Maturity, 12024-09-300001534254ALM Global, LLC, Senior Secured First Lien Debt, 2/21/2029 Maturity, 22024-09-300001534254ALM Global, LLC, Senior Secured First Lien Debt, 2/21/2029 Maturity, 32024-09-300001534254ALM Global, LLC, Senior Secured First Lien Debt, 2/21/2029 Maturity, 42024-09-300001534254American Clinical Solutions LLC, Senior Secured First Lien Debt, 6/30/2025 Maturity2024-09-300001534254American Clinical Solutions LLC, Senior Secured First Lien Debt, 6/30/2025 Maturity, 12024-09-300001534254American Clinical Solutions LLC, Senior Secured First Lien Debt, 6/30/2025 Maturity, 1 2024-09-300001534254American Clinical Solutions LLC, Senior Secured First Lien Debt, 6/30/2025 Maturity, 22024-09-300001534254American Family Care, LLC, Senior Secured First Lien Debt, 2/28/2029 Maturity 12024-09-300001534254American Family Care, LLC, Senior Secured First Lien Debt, 2/28/2026 Maturity2024-09-300001534254American Family Care, LLC, Senior Secured First Lien Debt, 2/28/2029 Maturity 32024-09-300001534254American Health Staffing Group, Inc. Senior Secured First Lien Debt, 11/19/2026 Maturity, 12024-09-300001534254American Health Staffing Group, Inc., Senior Secured First Lien Debt, 11/19/2026 Maturity, 22024-09-300001534254American Teleconferencing Services, Ltd., Senior Secured First Lien Debt, 4/07/2023 Maturity, 12024-09-300001534254American Teleconferencing Services, Ltd., Senior Secured First Lien Debt, 4/07/2023 Maturity, 22024-09-300001534254Ancile Solutions, Inc., Senior Secured First Lien Debt, 6/11/2026 Maturity2024-09-300001534254Anthem Sports & Entertainment Inc., Senior Secured First Lien Debt, 11/15/2026 Maturity, 12024-09-300001534254Anthem Sports & Entertainment Inc., Senior Secured First Lien Debt, 11/15/2026 Maturity, 22024-09-300001534254Anthem Sports & Entertainment Inc., Senior Secured First Lien Debt, 11/15/2026 Maturity, 32024-09-300001534254Appalachian Resource Company, LLC, Senior Secured First Lien Debt, 9/30/2024 Maturity2024-09-300001534254Appalachian Resource Company, LLC, Senior Secured First Lien Debt, 9/15/2024 Maturity2024-09-300001534254APS Acquisition Holdings, LLC, Senior Secured First Lien Debt, 7/11/2029 Maturity, 12024-09-300001534254APS Acquisition Holdings, LLC, Senior Secured First Lien Debt, 7/11/2026 Maturity2024-09-300001534254APS Acquisition Holdings, LLC, Senior Secured First Lien Debt, 7/11/2029 Maturity, 22024-09-300001534254Atlas Supply LLC, Senior Secured First Lien Debt, 4/29/2025 Maturity2024-09-300001534254Avison Young (USA) Inc., Senior Secured First Lien Debt, 3/12/2029 Maturity 12024-09-300001534254Avison Young (USA) Inc., Senior Secured First Lien Debt, 3/12/2029 Maturity 22024-09-300001534254Avison Young (USA) Inc., Senior Secured First Lien Debt, 3/12/2028 Maturity2024-09-300001534254BDS Solutions Intermediateco, LLC, Senior Secured First Lien Debt, 2/7/2027 Maturity, 12024-09-300001534254BDS Solutions Intermediateco, LLC, Senior Secured First Lien Debt, 2/7/2027 Maturity, 22024-09-300001534254BDS Solutions Intermediateco, LLC, Senior Secured First Lien Debt, 2/7/2027 Maturity, 32024-09-300001534254Berlitz Holdings, Inc., Senior Secured First Lien Debt, 5/31/2025 Maturity2024-09-300001534254Bradshaw International Parent Corp., Senior Secured First Lien Debt, 10/21/2027 Maturity2024-09-300001534254Bradshaw International Parent Corp., Senior Secured First Lien Debt, 10/21/2026 Maturity 12024-09-300001534254Bradshaw International Parent Corp., Senior Secured First Lien Debt, 10/21/2026 Maturity 22024-09-300001534254Cabi, LLC, Senior Secured First Lien Debt, 2/28/2027 Maturity2024-09-300001534254Carestream Health, Inc., Senior Secured First Lien Debt, 9/30/2027 Maturity2024-09-300001534254Celerity Acquisition Holdings, LLC, Senior Secured First Lien Debt, 5/28/2026 Maturity2024-09-300001534254Cennox, Inc., Senior Secured First Lien Debt, 5/4/2026 Maturity, 12024-09-300001534254Cennox, Inc., Senior Secured First Lien Debt, 5/4/2026 Maturity, 42024-09-300001534254CION/EagleTree Partners, LLC., Senior Secured First Lien Debt, 12/21/2026 Maturity2024-09-300001534254Community Tree Service, LLC., Senior Secured First Lien Debt, 6/17/2027 Maturity2024-09-300001534254Core Health & Fitness, LLC, Senior Secured First Lien Debt, 6/17/2029 Maturity2024-09-300001534254Country Fresh Holdings, LLC., Senior Secured First Lien Debt, 4/30/2024 Maturity, 12024-09-300001534254Country Fresh Holdings, LLC., Senior Secured First Lien Debt, 4/30/2024 Maturity, 22024-09-300001534254Critical Nurse Staffing, LLC., Senior Secured First Lien Debt, 11/1/2026 Maturity, 12024-09-300001534254Critical Nurse Staffing, LLC., Senior Secured First Lien Debt, 11/1/2026 Maturity, 22024-09-300001534254David's Bridal, LLC., Senior Secured First Lien Debt, 12/21/2027 Maturity, 12024-09-300001534254David's Bridal, LLC., Senior Secured First Lien Debt, 12/21/2027 Maturity, 22024-09-300001534254Deluxe Entertainment Services, Inc., Senior Secured First Lien Debt, 3/25/2024 Maturity2024-09-300001534254Dermcare Management, LLC., Senior Secured First Lien Debt, 4/22/2028 Maturity, 12024-09-300001534254Dermcare Management, LLC., Senior Secured First Lien Debt, 4/22/2028 Maturity, 22024-09-300001534254Dermcare Management, LLC., Senior Secured First Lien Debt, 4/22/2028 Maturity, 32024-09-300001534254Dermcare Management, LLC., Senior Secured First Lien Debt, 4/22/2028 Maturity, 42024-09-300001534254Emerald Technologies (U.S.) Acquisitionco, Inc.., Senior Secured First Lien Debt, 12/29/2027 Maturity2024-09-300001534254Entertainment Studios P&A LLC., Senior Secured First Lien Debt, 9/28/2027 Maturity2024-09-300001534254Entertainment Studios P&A LLC., Senior Secured First Lien Debt, 5/18/2037 Maturity2024-09-300001534254ESP Associates, Inc., Senior Secured First Lien Debt, 7/24/2028 Maturity, 12024-09-300001534254ESP Associates, Inc., Senior Secured First Lien Debt, 7/24/2028 Maturity, 22024-09-300001534254ESP Associates, Inc., Senior Secured First Lien Debt, 7/24/2028 Maturity, 32024-09-300001534254Flatworld Intermediate Corp.., Senior Secured First Lien Debt, 10/3/2027 Maturity, 12024-09-300001534254Flatworld Intermediate Corp.., Senior Secured First Lien Debt, 10/3/2027 Maturity, 22024-09-300001534254FuseFX, LLC., Senior Secured First Lien Debt, 9/30/2026 Maturity2024-09-300001534254Future Pak, LLC., Senior Secured First Lien Debt, 9/22/2026 Maturity2024-09-300001534254Gold Medal Holdings, Inc., Senior Secured First Lien Debt, 3/17/2027 Maturity, 12024-09-300001534254Gold Medal Holdings, Inc., Senior Secured First Lien Debt, 3/17/2027 Maturity, 22024-09-300001534254GSC Technologies Inc., Senior Secured First Lien Debt, 9/30/2025 Maturity, 12024-09-300001534254GSC Technologies Inc., Senior Secured First Lien Debt, 9/30/2025 Maturity, 22024-09-300001534254H.W. Lochner, Inc., Senior Secured First Lien Debt, 7/2/2027 Maturity, 12024-09-300001534254H.W. Lochner, Inc., Senior Secured First Lien Debt, 7/2/2027 Maturity, 22024-09-300001534254H.W. Lochner, Inc., Senior Secured First Lien Debt, 7/2/2027 Maturity, 32024-09-300001534254H.W. Lochner, Inc., Senior Secured First Lien Debt, 7/2/2027 Maturity, 42024-09-300001534254HEC Purchaser Corp., Senior Secured First Lien Debt, 6/17/2029 Maturity, 12024-09-300001534254HEC Purchaser Corp., Senior Secured First Lien Debt, 6/17/2029 Maturity, 22024-09-300001534254HEC Purchaser Corp., Senior Secured First Lien Debt, 6/17/2029 Maturity, 32024-09-300001534254Heritage Power, LLC., Senior Secured First Lien Debt, 7/20/2028 Maturity2024-09-300001534254Hilliard, Martinez & Gonzales, LLP., Senior Secured First Lien Debt, 9/16/2024 Maturity2024-09-300001534254Hollander Intermediate LLC., Senior Secured First Lien Debt, 9/19/2026 Maturity2024-09-300001534254Homer City Generation, L.P., Senior Secured First Lien Debt, 4/16/2025 Maturity, 12024-09-300001534254Homer City Generation, L.P., Senior Secured First Lien Debt, 4/16/2025 Maturity, 22024-09-300001534254Hudson Hospital Opco, LLC., Senior Secured First Lien Debt, 11/4/2023 Maturity2024-09-300001534254HUMC Holdco, LLC., Senior Secured First Lien Debt, 11/4/2023 Maturity2024-09-300001534254HW Acquisition, LLC., Senior Secured First Lien Debt, 9/28/2026 Maturity, 12024-09-300001534254HW Acquisition, LLC., Senior Secured First Lien Debt, 9/28/2026 Maturity, 22024-09-300001534254ICA Foam Holdings, LLC., Senior Secured First Lien Debt, 11/5/2025 Maturity2024-09-300001534254IJKG Opco LLC., Senior Secured First Lien Debt, 11/4/2023 Maturity2024-09-300001534254Inotiv, Inc., Senior Secured First Lien Debt, 11/5/2026 Maturity2024-09-300001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 12024-09-300001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 22024-09-300001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 32024-09-300001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 42024-09-300001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 52024-09-300001534254Instant Web, LLC., Senior Secured First Lien Debt, 2/25/2027 Maturity, 62024-09-300001534254Invincible Boat Company LLC., Senior Secured First Lien Debt, 8/28/2025 Maturity, 12024-09-300001534254Invincible Boat Company LLC., Senior Secured First Lien Debt, 8/28/2025 Maturity, 22024-09-300001534254INW Manufacturing, LLC., Senior Secured First Lien Debt, 3/25/2027 Maturity2024-09-300001534254Ironhorse Purchaser, LLC., Senior Secured First Lien Debt, 9/30/2027 Maturity 12024-09-300001534254Ironhorse Purchaser, LLC., Senior Secured First Lien Debt, 9/30/2027 Maturity 22024-09-300001534254Ironhorse Purchaser, LLC., Senior Secured First Lien Debt, 9/30/2027 Maturity 32024-09-300001534254Ironhorse Purchaser, LLC., Senior Secured First Lien Debt, 9/30/2027 Maturity 42024-09-300001534254Isagenix International, LLC., Senior Secured First Lien Debt, 4/14/2028 Maturity2024-09-300001534254Jenny C Acquisition, Inc., Senior Secured First Lien Debt, 10/1/2024 Maturity2024-09-300001534254JP Intermediate B, LLC., Senior Secured First Lien Debt, 11/20/2027 Maturity2024-09-300001534254K&N Parent, Inc., Senior Secured First Lien Debt, 8/16/2027 Maturity2024-09-300001534254K&N Parent, Inc., Senior Secured First Lien Debt, 2/16/2027 Maturity2024-09-300001534254KeyImpact Holdings, Inc., Senior Secured First Lien Debt, 1/31/2029 Maturity2024-09-300001534254Klein Hersh, LLC., Senior Secured First Lien Debt, 4/27/2028 Maturity2024-09-300001534254KNB Holdings Corp., Senior Secured First Lien Debt, 4/26/2024 Maturity2024-09-300001534254LAV Gear Holdings, Inc., Senior Secured First Lien Debt, 10/31/2025 Maturity, 12024-09-300001534254LAV Gear Holdings, Inc., Senior Secured First Lien Debt, 10/31/2025 Maturity, 22024-09-300001534254LGC US Finco, LLC., Senior Secured First Lien Debt, 12/20/2025 Maturity, 12024-09-300001534254LGC US Finco, LLC., Senior Secured First Lien Debt, 12/20/2025 Maturity, 22024-09-300001534254Lift Brands, Inc., Senior Secured First Lien Debt, 6/29/2025 Maturity, 12024-09-300001534254Lift Brands, Inc., Senior Secured First Lien Debt, 6/29/2025 Maturity, 22024-09-300001534254Lift Brands, Inc., Senior Secured First Lien Debt, 6/29/2025 Maturity, 32024-09-300001534254Lux Credit Consultants LLC, Senior Secured First Lien Debt, 4/29/2028 Maturity, 12024-09-300001534254Lux Credit Consultants LLC, Senior Secured First Lien Debt, 4/29/2028 Maturity, 22024-09-300001534254Lux Credit Consultants LLC, Senior Secured First Lien Debt, 4/29/2028 Maturity, 32024-09-300001534254Lux Credit Consultants LLC, Senior Secured First Lien Debt, 4/29/2025 Maturity, 42024-09-300001534254Lux Credit Consultants LLC, Senior Secured First Lien Debt, 4/29/2028 Maturity, 52024-09-300001534254MacNeill Pride Group Corp., Senior Secured First Lien Debt, 4/22/2026 Maturity, 12024-09-300001534254MacNeill Pride Group Corp., Senior Secured First Lien Debt, 4/22/2026 Maturity, 22024-09-300001534254Manus Bio Inc., Senior Secured First Lien Debt, 8/20/2026 Maturity2024-09-300001534254Medplast Holdings, Inc.., Senior Secured First Lien Debt, 7/2/2025 Maturity2024-09-300001534254Mimeo.com, Inc., Senior Secured First Lien Debt, 12/21/2024 Maturity, 12024-09-300001534254Mimeo.com, Inc., Senior Secured First Lien Debt, 12/21/2024 Maturity, 22024-09-300001534254Mimeo.com, Inc., Senior Secured First Lien Debt, 12/21/2024 Maturity, 32024-09-300001534254Moss Holding Company., Senior Secured First Lien Debt, 10/17/2026 Maturity, 12024-09-300001534254Moss Holding Company, Senior Secured First Lien Debt, 10/17/2026 Maturity, 22024-09-300001534254Moss Holding Company, Senior Secured First Lien Debt, 10/17/2026 Maturity, 32024-09-300001534254NewsCycle Solutions, Inc., Senior Secured First Lien Debt, 2/27/2024 Maturity2024-09-300001534254Nova Compression, LLC, Senior Secured First Lien Debt, 10/13/2027 Maturity, 12024-09-300001534254Nova Compression, LLC, Senior Secured First Lien Debt, 10/13/2027 Maturity, 22024-09-300001534254Nova Compression, LLC, Senior Secured First Lien Debt, 10/13/2024 Maturity2024-09-300001534254NTM Acquisition Corp., Senior Secured First Lien Debt, 6/18/2026 Maturity2024-09-300001534254OpCo Borrower, LLC., Senior Secured First Lien Debt, 4/26/2029 Maturity2024-09-300001534254Optio Rx, LLC., Senior Secured First Lien Debt, 6/28/2024 Maturity, 12024-09-300001534254Optio Rx, LLC., Senior Secured First Lien Debt, 6/28/2024 Maturity, 22024-09-300001534254Optio Rx, LLC., Senior Secured First Lien Debt, 6/28/2024 Maturity, 32024-09-300001534254Optio Rx, LLC., Senior Secured First Lien Debt, 10/10/2024 Maturity, 12024-09-300001534254Playboy Enterprises, Inc., Senior Secured First Lien Debt, 5/25/2027 Maturity2024-09-300001534254PRA Acquisition, LLC, 5/12/2028 Maturity2024-09-300001534254RA Outdoors, LLC, Senior Secured First Lien Debt, 4/8/2026 Maturity, 12024-09-300001534254RA Outdoors, LLC, Senior Secured First Lien Debt, 4/8/2026 Maturity, 22024-09-300001534254Riddell, Inc / All American Sports Corp., Senior Secured First Lien Debt, 3/29/2029 Maturity2024-09-300001534254Riddell, Inc / All American Sports Corp., Senior Secured First Lien Debt, 9/29/2026 Maturity2024-09-300001534254Robert C. Hilliard, L.L.P., Senior Secured First Lien Debt, 9/16/2024 Maturity2024-09-300001534254Rogers Mechanical Contractors, LLC., Senior Secured First Lien Debt, 9/28/2028 Maturity, 12024-09-300001534254Rogers Mechanical Contractors, LLC., Senior Secured First Lien Debt, 9/28/2028 Maturity, 22024-09-300001534254Rogers Mechanical Contractors, LLC., Senior Secured First Lien Debt, 3/28/2026 Maturity2024-09-300001534254Rogers Mechanical Contractors, LLC., Senior Secured First Lien Debt, 9/28/2028 Maturity, 32024-09-300001534254RumbleOn, Inc., Senior Secured First Lien Debt, 8/31/2026 Maturity, 12024-09-300001534254RumbleOn, Inc., Senior Secured First Lien Debt, 8/31/2026 Maturity, 22024-09-300001534254Securus Technologies Holdings, Inc., Senior Secured First Lien Debt, 11/1/2024 Maturity2024-09-300001534254Securus Technologies Holdings, Inc., Senior Secured First Lien Debt, 7/31/2025 Maturity2024-09-300001534254Sequoia Healthcare Management, LLC., Senior Secured First Lien Debt, 11/4/2023 Maturity2024-09-300001534254Sleep Opco, LLC., Senior Secured First Lien Debt, 10/12/2026 Maturity, 12024-09-300001534254Sleep Opco, LLC., Senior Secured First Lien Debt, 10/12/2026 Maturity, 22024-09-300001534254Sleep Opco, LLC., Senior Secured First Lien Debt, 10/12/2026 Maturity, 32024-09-300001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 5/29/2025 Maturity, 12024-09-300001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 5/29/2025 Maturity, 22024-09-300001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 5/29/2025 Maturity, 32024-09-300001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 5/29/2025 Maturity, 42024-09-300001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 5/29/2025 Maturity, 52024-09-300001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt, 5/29/2025Maturity, 62024-09-300001534254STATinMED, LLC., Senior Secured First Lien Debt, 7/1/2027 Maturity, 12024-09-300001534254STATinMED, LLC., Senior Secured First Lien Debt, 7/1/2027 Maturity, 22024-09-300001534254STATinMED, LLC., Senior Secured First Lien Debt, 7/1/2027 Maturity, 32024-09-300001534254Stengel Hill Architecture, LLC, Senior Secured First Lien Debt, 8/16/2028 Maturity2024-09-300001534254Stengel Hill Architecture, LLC, Senior Secured First Lien Debt, 8/16/2028 Maturity 12024-09-300001534254Stengel Hill Architecture, LLC, Senior Secured First Lien Debt, 8/16/2028 Maturity 22024-09-300001534254Stengel Hill Architecture, LLC, Senior Secured First Lien Debt, 8/16/2028 Maturity 32024-09-300001534254Tactical Air Support, Inc., Senior Secured First Lien Debt, 12/22/2028 Maturity,12024-09-300001534254Tactical Air Support, Inc., Senior Secured First Lien Debt, 12/22/2028 Maturity, 22024-09-300001534254The Men's Wearhouse, LLC, Senior Secured First Lien Debt, 2/26/2029 Maturity2024-09-300001534254Thrill Holdings LLC., Senior Secured First Lien Debt, 5/27/2027 Maturity, 12024-09-300001534254Thrill Holdings LLC., Senior Secured First Lien Debt, 5/27/2027 Maturity, 22024-09-300001534254TMK Hawk Parent, Corp., Senior Secured First Lien Debt, 6/30/2029, Maturity 2024-09-300001534254Trademark Global, LLC., Senior Secured First Lien Debt, 6/30/2027 Maturity2024-09-300001534254Trammell, P.C., Senior Secured First Lien Debt, 4/28/2026 Maturity2024-09-300001534254Williams Industrial Services Group, Inc., Senior Secured First Lien Debt, 12/16/2025 Maturity, 12024-09-300001534254Williams Industrial Services Group, Inc., Senior Secured First Lien Debt, 12/16/2025 Maturity, 22024-09-300001534254Wok Holdings Inc., Senior Secured First Lien Debt, 3/1/2026 Maturity2024-09-300001534254WorkGenius, Inc., Senior Secured First Lien Debt, 6/7/2027 Maturity, 12024-09-300001534254WorkGenius, Inc., Senior Secured First Lien Debt, 6/7/2027 Maturity, 22024-09-300001534254WorkGenius, Inc., Senior Secured First Lien Debt, 6/7/2027 Maturity, 32024-09-300001534254Xenon Arc, Inc., Senior Secured First Lien Debt, 12/20/2028 Maturity2024-09-300001534254cion:SeniorSecuredSecondLienDebtMember2024-09-300001534254RA Outdoors, LLC, Senior Secured Second Lien Debt, 10/8/2026 Maturity2024-09-300001534254Securus Technologies Holdings, Inc., Senior Secured Second Lien Debt, 11/1/2025 Maturity2024-09-300001534254cion:CollateralizedSecuritiesAndStructuredProductsEquityMember2024-09-300001534254APIDOS CLO XVI Subordinated Notes., Collateralized Securities and Structured Products - Equity, 1/19/2025 Maturity2024-09-300001534254Galaxy XV CLO Ltd. Class A Subordinated Notes., Collateralized Securities and Structured Products - Equity, 4/15/2025 Maturity2024-09-300001534254us-gaap:UnsecuredDebtMember2024-09-300001534254Klein Hersh, LLC, Unsecured Debt, 4/27/2032 Maturity2024-09-300001534254Lucky Bucks Holdings LLC., Unsecured Debt, 5/29/2028 Maturity2024-09-300001534254SRA Holdings, LLC., Unsecured Debt, 3/24/2025 Maturity2024-09-300001534254TMK Hawk Parent, Corp., Unsecured Debt, 12/15/2031 Maturity2024-09-300001534254us-gaap:EquitySecuritiesMember2024-09-300001534254ACS Holdings LLC, Class A-1 Membership Units2024-09-300001534254ARC Financial Partners, LLC, Membership Interests., Equity2024-09-300001534254Ascent Resources - Marcellus, LLC, Membership Units., Equity2024-09-300001534254Avison Young (Canada) Inc., Class A Preferred Shares, Equity2024-09-300001534254Avison Young (Canada) Inc., Class F Common Shares, Equity2024-09-300001534254Carestream Health Holdings, Inc., Common Stock, Equity2024-09-300001534254CF Arch Holdings LLC, Class A Units, Equity2024-09-300001534254CION/EagleTree Partners, LLC, Participating Preferred Shares, Equity2024-09-300001534254CION/EagleTree Partners, LLC, Membership Units Equity2024-09-300001534254CTS Ultimate Holdings, LLC, Class A Preferred Units2024-09-300001534254David's Bridal Holdings, LLC, Preferred Units, Equity2024-09-300001534254David's Bridal Holdings, LLC, Common Units, Equity2024-09-300001534254EBSC Holdings LLC, Preferred Units, Equity2024-09-300001534254FWS Parent Holdings, LLC, Class A Membership Interests, Equity2024-09-300001534254GSC Technologies Inc., Common Shares, Equity2024-09-300001534254Heritage Litigation Trust, Restricted Stock, Equity2024-09-300001534254Instant Web Holdings, LLC, Class A Common Units, Equity2024-09-300001534254IPP Buyer Holdings, LLC., Class A Units, Equity2024-09-300001534254Isagenix Worldwide, Inc., Common Shares, Equity2024-09-300001534254K&N Holdco, LLC, Membership Units, Equity2024-09-300001534254Language Education Holdings GP LLC, Common Units, Equity2024-09-300001534254Language Education Holdings LP, Ordinary Common Units., Equity2024-09-300001534254LB NewHoldco LLC, Voting Units, Equity 2024-09-300001534254Longview Intermediate Holdings C, LLC, Membership Units., Equity2024-09-300001534254Mount Logan Capital Inc., Common Stock., Equity2024-09-300001534254New Giving Acquisition, Inc., Common Stock, Equity2024-09-300001534254New HW Holdings Corp, Preferred Stock, Equity2024-09-300001534254New HW Holdings Corp, Common Stock, Equity2024-09-300001534254NS NWN Acquisition, LLC, Class A Preferred Units., Equity2024-09-300001534254NS NWN Acquisition, LLC, Common Equity, Equity2024-09-300001534254NS NWN Holdco LLC, Non-Voting Units, Equity2024-09-300001534254NSG Co-Invest (Bermuda) LP, Partnership Interests., Equity2024-09-300001534254Palmetto Clean Technology, Inc., Warrants., Equity2024-09-300001534254RumbleOn, Inc., Warrants, Equity2024-09-300001534254Service Compression Holdings, LLC, Junior Preferred Units., Equity2024-09-300001534254Service Compression Holdings, LLC, Warrants., Equity2024-09-300001534254Snap Fitness Holdings, Inc., Class A Common Stock., Equity2024-09-300001534254Snap Fitness Holdings, Inc., Warrants., Equity2024-09-300001534254SRA Holdings, LLC, Membership Units, Equity2024-09-300001534254SRA Parent, LLC, Preferred Units, Equity2024-09-300001534254SRA Parent, LLC, Common Units, Equity2024-09-300001534254STATinMed Parent, LLC, Class A Preferred Units, Equity2024-09-300001534254STATinMed Parent, LLC, Class B Preferred Units, Equity2024-09-300001534254TG Parent NewCo LLC, Common Units2024-09-300001534254TMK Hawk Parent, Corp., Common Shares, Equity2024-09-300001534254TMK Hawk Parent, Corp., Warrants, Equity2024-09-300001534254URS Topco, LLC, Common Equity, Equity2024-09-300001534254WorkGenius, LLC, Class A Units., Equity2024-09-300001534254Yak Holding II, LLC, Series A Common Units, Equity2024-09-300001534254us-gaap:ShortTermInvestmentsMember2024-09-300001534254First American Treasury Obligations Fund, Class Z Shares, Short Term Investments2024-09-300001534254Afore Insurance Services, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254Afore Insurance Services, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254Afore Insurance Services, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-09-300001534254American Clinical Solutions LLC, First Lien Term Loan2023-12-310001534254American Clinical Solutions LLC, First Lien Term Loan2024-01-012024-09-300001534254American Clinical Solutions LLC, First Lien Term Loan2024-09-300001534254American Clinical Solutions LLC, Class A-1 Membership Interests2023-12-310001534254American Clinical Solutions LLC, Class A-1 Membership Interests2024-01-012024-09-300001534254American Clinical Solutions LLC, Class A-1 Membership Interests2024-09-300001534254ARC Financial, LLC, Membership Interests, Non-Controlled, Affiliated Investments2023-12-310001534254ARC Financial, LLC, Membership Interests, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254ARC Financial, LLC, Membership Interests, Non-Controlled, Affiliated Investments2024-09-300001534254Carestream Health, Inc., First Lien Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254Carestream Health, Inc., First Lien Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254Carestream Health, Inc., First Lien Term Loan, Non-Controlled, Affiliated Investments2024-09-300001534254Carestream, Common Shares, Non-Controlled, Affiliated Investments2023-12-310001534254Carestream, Common Shares, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254Carestream, Common Shares, Non-Controlled, Affiliated Investments2024-09-300001534254DESG Holdings, Inc., First Lien Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254DESG Holdings, Inc., First Lien Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254DESG Holdings, Inc., First Lien Term Loan, Non-Controlled, Affiliated Investments2024-09-300001534254GSC Technologies Inc., First Lien Term Loan A, Non-Controlled, Affiliated Investments2023-12-310001534254GSC Technologies Inc., First Lien Term Loan A, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254GSC Technologies Inc., First Lien Term Loan A, Non-Controlled, Affiliated Investments2024-09-300001534254GSC Technologies Inc., First Lien Term Loan B, Non-Controlled, Affiliated Investments2023-12-310001534254GSC Technologies Inc., First Lien Term Loan B, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254GSC Technologies Inc., First Lien Term Loan B, Non-Controlled, Affiliated Investments2024-09-300001534254GSC Technologies Inc., Common Shares, Non-Controlled, Affiliated Investments2023-12-310001534254GSC Technologies Inc., Common Shares, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254GSC Technologies Inc., Common Shares, Non-Controlled, Affiliated Investments2024-09-300001534254HW Acquisitions, LLC, Revolving Loan, Non-Controlled, Affiliated Investments2023-12-310001534254HW Acquisitions, LLC, Revolving Loan, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254HW Acquisitions, LLC, Revolving Loan, Non-Controlled, Affiliated Investments2024-09-300001534254HW Acquisitions, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254HW Acquisitions, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254HW Acquisitions, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-09-300001534254Instant Web, LLC, Revolving Loan, Non-Controlled, Affiliated Investments2023-12-310001534254Instant Web, LLC, Revolving Loan, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254Instant Web, LLC, Revolving Loan, Non-Controlled, Affiliated Investments2024-09-300001534254Instant Web, LLC, Priming Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254Instant Web, LLC, Priming Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254Instant Web, LLC, Priming Term Loan, Non-Controlled, Affiliated Investments2024-09-300001534254Instant Web, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254Instant Web, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254Instant Web, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-09-300001534254Instant 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 Investments2024-01-012024-09-300001534254Instant Web, LLC, First Lien Delayed Draw Term Loan, Non-Controlled, Affiliated Investments2024-09-300001534254Instant Web Holdings, LLC, Class A Common Units, Non-Controlled, Affiliated Investments2023-12-310001534254Instant Web Holdings, LLC, Class A Common Units, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254Instant Web Holdings, LLC, Class A Common Units, Non-Controlled, Affiliated Investments2024-09-300001534254IPP Buyer Holdings, LLC2023-12-310001534254IPP Buyer Holdings, LLC2024-01-012024-09-300001534254IPP Buyer Holdings, LLC2024-09-300001534254Isagenix International, LLC, First Lien Term Loan2023-12-310001534254Isagenix International, LLC, First Lien Term Loan2024-01-012024-09-300001534254Isagenix International, LLC, First Lien Term Loan2024-09-300001534254Isagenix Worldwide, Inc.2023-12-310001534254Isagenix Worldwide, Inc.2024-01-012024-09-300001534254Isagenix Worldwide, Inc.2024-09-300001534254Lift Brands, Inc., Term Loan A, Non-Controlled, Affiliated Investments2023-12-310001534254Lift Brands, Inc., Term Loan A, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254Lift Brands, Inc., Term Loan A, Non-Controlled, Affiliated Investments2024-09-300001534254Lift Brands, Inc., Term Loan B, Non-Controlled, Affiliated Investments2023-12-310001534254Lift Brands, Inc., Term Loan B, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254Lift Brands, Inc., Term Loan B, Non-Controlled, Affiliated Investments2024-09-300001534254Lift Brands, Inc., Term Loan C, Non-Controlled, Affiliated Investments2023-12-310001534254Lift Brands, Inc., Term Loan C, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254Lift Brands, Inc., Term Loan C, Non-Controlled, Affiliated Investments2024-09-300001534254Longview Intermediate Holdings C, LLC, Membership Units, Non-Controlled, Affiliated Investments2023-12-310001534254Longview Intermediate Holdings C, LLC, Membership Units, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254Longview Intermediate Holdings C, LLC, Membership Units, Non-Controlled, Affiliated Investments2024-09-300001534254Mount Logan Capital Inc., Common Stock, Non-Controlled, Affiliated Investments2023-12-310001534254Mount Logan Capital Inc., Common Stock, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254Mount Logan Capital Inc., Common Stock, Non-Controlled, Affiliated Investments2024-09-300001534254New HW Holdings Corp., Preferred Stock, Non-Controlled, Affiliated Investments2023-12-310001534254New HW Holdings Corp., Preferred Stock, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254New HW Holdings Corp., Preferred Stock, Non-Controlled, Affiliated Investments2024-09-300001534254New HW Holdings Corp., Common Stock, Non-Controlled, Affiliated Investments2023-12-310001534254New HW Holdings Corp., Common Stock, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254New HW Holdings Corp., Common Stock, Non-Controlled, Affiliated Investments2024-09-300001534254Snap Fitness Holdings, Inc., Class A Stock, Non-Controlled, Affiliated Investments2023-12-310001534254Snap Fitness Holdings, Inc., Class A Stock, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254Snap Fitness Holdings, Inc., Class A Stock, Non-Controlled, Affiliated Investments2024-09-300001534254Snap Fitness Holdings, Inc., Warrants, Non-Controlled, Affiliated Investments2023-12-310001534254Snap Fitness Holdings, Inc., Warrants, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254Snap Fitness Holdings, Inc., Warrants, Non-Controlled, Affiliated Investments2024-09-300001534254SRA Holdings, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254SRA Holdings, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254SRA Holdings, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-09-300001534254SRA Holdings, LLC, Membership Units, Non-Controlled, Affiliated Investments2023-12-310001534254SRA Holdings, LLC, Membership Units, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254SRA Holdings, LLC, Membership Units, Non-Controlled, Affiliated Investments2024-09-300001534254SRA Parent, LLC, Preferred Equity, Non-Controlled, Affiliated Investments2023-12-310001534254SRA Parent, LLC, Preferred Equity, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254SRA Parent, LLC, Preferred Equity, Non-Controlled, Affiliated Investments2024-09-300001534254SRA Parent, LLC, Common Equity, Non-Controlled, Affiliated Investments2023-12-310001534254SRA Parent, LLC, Common Equity, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254SRA Parent, LLC, Common Equity, Non-Controlled, Affiliated Investments2024-09-300001534254STATinMED, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254STATinMED, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254STATinMED, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-09-300001534254STATinMED, LLC, Senior Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254STATinMED, LLC, Senior Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254STATinMED, LLC, Senior Term Loan, Non-Controlled, Affiliated Investments2024-09-300001534254STATinMED, LLC, Senior Superpriority Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254STATinMED, LLC, Senior Superpriority Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254STATinMED, LLC, Senior Superpriority Term Loan, Non-Controlled, Affiliated Investments2024-09-300001534254STATinMed Parent, LLC, Class A Preferred Units, Non-Controlled, Affiliated Investments2023-12-310001534254STATinMed Parent, LLC, Class A Preferred Units, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254STATinMed Parent, LLC, Class A Preferred Units, Non-Controlled, Affiliated Investments2024-09-300001534254STATinMed Parent, LLC, Class B Preferred Units, Non-Controlled, Affiliated Investments2023-12-310001534254STATinMed Parent, LLC, Class B Preferred Units, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254STATinMed Parent, LLC, Class B Preferred Units, Non-Controlled, Affiliated Investments2024-09-300001534254TG Parent NewCo LLC, Common Equity, Non-Controlled, Affiliated Investments2023-12-310001534254TG Parent NewCo LLC, Common Equity, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254TG Parent NewCo LLC, Common Equity, Non-Controlled, Affiliated Investments2024-09-300001534254Trademark Global, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2023-12-310001534254Trademark Global, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-01-012024-09-300001534254Trademark Global, LLC, First Lien Term Loan, Non-Controlled, Affiliated Investments2024-09-300001534254CION/EagleTree Partners, LLC, Senior Secured Note, Controlled Investments2023-12-310001534254CION/EagleTree Partners, LLC, Senior Secured Note, Controlled Investments2024-01-012024-09-300001534254CION/EagleTree Partners, LLC, Senior Secured Note, Controlled Investments2024-09-300001534254CION/EagleTree Partners, LLC, Participating Preferred Shares, Controlled Investments2023-12-310001534254CION/EagleTree Partners, LLC, Participating Preferred Shares, Controlled Investments2024-01-012024-09-300001534254CION/EagleTree Partners, LLC, Participating Preferred Shares, Controlled Investments2024-09-300001534254CION/EagleTree Partners, LLC, Common Shares, Controlled Investments2023-12-310001534254CION/EagleTree Partners, LLC, Common Shares, Controlled Investments2024-01-012024-09-300001534254CION/EagleTree Partners, LLC, Common Shares, Controlled Investments2024-09-300001534254David's Bridal, Inc., Exit First Lien Term Loan, Controlled Investments2023-12-310001534254David's Bridal, Inc., Exit First Lien Term Loan, Controlled Investments2024-01-012024-09-300001534254David's Bridal, Inc., Exit First Lien Term Loan, Controlled Investments2024-09-300001534254David's Bridal, Inc., Incremental First Lien Term Loan, Controlled Investments2023-12-310001534254David's Bridal, Inc., Incremental First Lien Term Loan, Controlled Investments2024-01-012024-09-300001534254David's Bridal, Inc., Incremental First Lien Term Loan, Controlled Investments2024-09-300001534254David's Bridal Holdings, LLC, LLC, Preferred Units, Controlled Investments2023-12-310001534254David's Bridal Holdings, LLC, LLC, Preferred Units, Controlled Investments2024-01-012024-09-300001534254David's Bridal Holdings, LLC, LLC, Preferred Units, Controlled Investments2024-09-300001534254David's Bridal Holdings, LLC, Common Units, Controlled Investments2023-12-310001534254David's Bridal Holdings, LLC, Common Units, Controlled Investments2024-01-012024-09-300001534254David's Bridal Holdings, LLC, Common Units, Controlled Investments2024-09-300001534254American Clinical Solutions LLC, Senior Secured First Lien Debt2024-09-300001534254Anthem Sports & Entertainment Inc., Senior Secured First Lien Debt2024-09-300001534254Avison Young (Canada) Inc./Avison Young (USA) Inc., Senior Secured First Lien Debt2024-09-300001534254Celerity Acquisition Holdings, LLC, Senior Secured First Lien Debt2024-09-300001534254CION/EagleTree Partners, LLC, Senior Secured Note2024-09-300001534254Community Tree Service, LLC, Senior Secured First Lien Debt2024-09-300001534254Deluxe Entertainment Services, Inc., Senior Secured First Lien Debt2024-09-300001534254FuseFX, LLC, Senior Secured First Lien Debt2024-09-300001534254GSC Technologies Inc., Senior Secured First Lien Debt2024-09-300001534254Heritage Power, LLC., Senior Secured First Lien Debt2024-09-300001534254Hilliard, Martinez & Gonzales, LLP, Senior Secured First Lien Debt2024-09-300001534254Homer City Generation, L.P., Senior Secured First Lien Debt2024-09-300001534254HW Acquisition, LLC., Senior Secured First Lien Debt2024-09-300001534254Inotiv, Inc., Senior Secured First Lien Debt2024-09-300001534254Instant Web, LLC, Senior Secured First Lien Debt 2024-09-300001534254Isagenix International, LLC, Senior Secured First Lien Debt2024-09-300001534254K&N Parent, Inc, Senior Secured First Lien Debt2024-09-300001534254Lift Brands, Inc., Senior Secured First Lien Debt2024-09-300001534254Lucky Bucks Holdings LLC, Unsecured Note2024-09-300001534254Premiere Global Services, Inc.2024-09-300001534254Playboy Enterprises, Inc., Senior Secured First Lien Debt2024-09-300001534254RA Outdoors, LLC, Senior Secured First Lien Debt2024-09-300001534254RA Outdoors, LLC, Senior Secured Second Lien Debt2024-09-300001534254Robert C. Hilliard, L.L.P., Senior Secured First Lien Debt2024-09-300001534254RumbleOn, Inc., Senior Secured First Lien Debt2024-09-300001534254Securus Technologies Holdings, Inc., Senior Secured First Lien Debt2024-09-300001534254Securus Technologies Holdings, Inc., Senior Secured Second Lien Debt2024-09-300001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt2024-09-300001534254STATinMED, LLC, Senior Secured First Lien Debt2024-09-300001534254TMK Hawk Parent, Corp., Senior Secured First Lien Debt2024-09-300001534254TMK Hawk Parent, Corp., Unsecured Debt2024-09-300001534254Trademark Global, LLC, Senior Secured First Lien Debt2024-09-300001534254Trammell, P.C., Senior Secured First Lien Debt2024-09-300001534254Williams Industrial Services Group, Inc., Senior Secured First Lien Debt2024-09-300001534254cion: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 Maturity, 12023-12-310001534254AMCP Clean Acquisition Company, LLC, Senior Secured First Lien Debt, 6/15/2025 Maturity, 22023-12-310001534254American 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 Maturity2023-12-310001534254American 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 Maturity, 12023-12-310001534254Avison Young (USA) Inc., Senior Secured First Lien Debt, 1/31/2026 Maturity, 22023-12-310001534254BDS 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, 2/6/2026 Maturity2023-12-310001534254Coyote Buyer, LLC., Senior Secured First Lien Debt, 8/6/2026 Maturity2023-12-310001534254Coyote Buyer, LLC., Senior Secured First Lien Debt, 2/6/2025 Maturity2023-12-310001534254Critical 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, 32023-12-310001534254David'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 Maturity2023-12-310001534254JP 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, 22023-12-310001534254Optio 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, 32023-12-310001534254Spinal 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 LLC, Equity 2023-12-310001534254Mount 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, 8/14/2018, Maturity 2023-12-310001534254Service 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 Investments2022-12-310001534254David's Bridal Holdings, LLC, Common Units, Controlled Investments2023-01-012023-12-310001534254us-gaap:InvestmentAffiliatedIssuerControlledMember2022-12-310001534254American Clinical Solutions LLC, Senior Secured First Lien Debt2023-12-310001534254Anthem Sports & Entertainment Inc., Senior Secured First Lien Debt2023-12-310001534254Celerity Acquisition Holdings, LLC, Senior Secured First Lien Debt2023-12-310001534254Cennox, Inc., Senior Secured First Lien Debt2023-12-310001534254CION/EagleTree Partners, LLC, Senior Secured Note2023-12-310001534254Community Tree Service, LLC, Senior Secured First Lien Debt2023-12-310001534254Deluxe Entertainment Services, Inc., Senior Secured First Lien Debt2023-12-310001534254FuseFX, LLC, Senior Secured First Lien Debt2023-12-310001534254GSC Technologies Inc., Senior Secured First Lien Debt2023-12-310001534254Hilliard, Martinez & Gonzales, LLP, Senior Secured First Lien Debt2023-12-310001534254Homer City Generation, L.P., Senior Secured First Lien Debt 12023-12-310001534254Homer City Generation, L.P., Senior Secured First Lien Debt 22023-12-310001534254Inotiv, Inc., Senior Secured First Lien Debt2023-12-310001534254Instant Web, LLC, Senior Secured First Lien Debt 2023-12-310001534254Isagenix International, LLC, Senior Secured First Lien Debt2023-12-310001534254K&N Parent, Inc., Senior Secured First Lien Debt2023-12-310001534254Klein Hersh , LLC, Senior Secured First Lien Debt2023-12-310001534254Lift Brands, Inc., Senior Secured First Lien Debt2023-12-310001534254Lucky Bucks Holdings LLC, Unsecured Note2023-12-310001534254Nova Compression, LLC, Senior Secured First Lien Debt2023-12-310001534254Playboy Enterprises, Inc., Senior Secured First Lien Debt2023-12-310001534254Robert C. Hilliard, L.L.P., Senior Secured First Lien Debt2023-12-310001534254RumbleOn, Inc., Senior Secured First Lien Debt2023-12-310001534254Securus Technologies Holdings, Inc., Senior Secured First Lien Debt2023-12-310001534254Securus Technologies Holdings, Inc., Senior Secured Second Lien Debt2023-12-310001534254Service Compression, LLC, Senior Secured First Lien Debt2023-12-310001534254Spinal USA, Inc. / Precision Medical Inc., Senior Secured First Lien Debt2023-12-310001534254STATinMED, LLC, Senior Secured First Lien Debt2023-12-310001534254Trademark Global, LLC, Senior Secured First Lien Debt2023-12-310001534254Trammell, P.C., Senior Secured First Lien Debt2023-12-310001534254Williams Industrial Services Group, Inc., Senior Secured First Lien Debt2023-12-310001534254WPLM Acquisition Corp., Unsecured 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Acquisition Holdings, LLC2024-09-300001534254APS Acquisition Holdings, LLC2023-12-310001534254American Clinical Solutions LLC2024-09-300001534254American Clinical Solutions LLC2023-12-310001534254American Family Care, LLC2024-09-300001534254American Family Care, LLC2023-12-310001534254Flatworld Intermediate Corp.2024-09-300001534254Flatworld Intermediate Corp.2023-12-310001534254Rogers Mechanical Contractors, LLC2024-09-300001534254Rogers Mechanical Contractors, LLC2023-12-310001534254Lux Credit Consultants LLC2024-09-300001534254Lux Credit Consultants LLC2023-12-310001534254American Health Staffing Group, Inc.2024-09-300001534254American Health Staffing Group, Inc.2023-12-310001534254Homer City Holdings LLC2024-09-300001534254Homer City Holdings LLC2023-12-310001534254Cennox, Inc.2024-09-300001534254Cennox, Inc.2023-12-310001534254Gold Medal Holdings, Inc.2024-09-300001534254Gold Medal Holdings, Inc.2023-12-310001534254Moss Holding Company2024-09-300001534254Moss Holding Company2023-12-310001534254ALM Media, LLC2024-09-300001534254ALM Media, LLC2023-12-310001534254Nova Compression, LLC2024-09-300001534254Nova Compression, LLC2023-12-310001534254Instant Web, LLC2024-09-300001534254Instant Web, LLC2023-12-310001534254Sleep Opco, LLC2024-09-300001534254Sleep Opco, LLC2023-12-310001534254Thrill Holdings LLC2024-09-300001534254Thrill Holdings LLC2023-12-310001534254Riddell, Inc. 2024-09-300001534254Riddell, Inc. 2023-12-310001534254Stengel Hill Architecture, LLC2024-09-300001534254Stengel Hill Architecture, LLC2023-12-310001534254Bradshaw International Parent Corp.2024-09-300001534254Bradshaw International Parent Corp.2023-12-310001534254ESP Associates, Inc.2024-09-300001534254ESP Associates, Inc.2023-12-310001534254Mimeo.com, Inc.2024-09-300001534254Mimeo.com, Inc.2023-12-310001534254Critical Nurse Staffing, LLC2024-09-300001534254Critical Nurse Staffing, LLC2023-12-310001534254Dermcare Management, LLC2024-09-300001534254Dermcare Management, LLC2023-12-310001534254BDS Solutions Intermediateco, LLC2024-09-300001534254BDS Solutions Intermediateco, LLC2023-12-310001534254HEC Purchaser Corp.2024-09-300001534254HEC Purchaser Corp.2023-12-310001534254Ironhorse Purchaser, LLC2024-09-300001534254Ironhorse Purchaser, LLC2023-12-310001534254American Teleconferencing Services, Ltd.2024-09-300001534254American Teleconferencing Services, Ltd.2023-12-310001534254Anthem Sports & Entertainment Inc.2024-09-300001534254Anthem Sports & Entertainment Inc.2023-12-310001534254Coyote Buyer, LLC2024-09-300001534254Coyote Buyer, LLC2023-12-310001534254MacNeill Pride Group Corp.2024-09-300001534254MacNeill Pride Group Corp.2023-12-310001534254Tactical Air Support, Inc.2024-09-300001534254Tactical Air Support, Inc.2023-12-310001534254Fluid Control Intermediate Inc. 2024-09-300001534254Fluid Control Intermediate Inc. 2023-12-310001534254OpCo Borrower, LLC2024-09-300001534254OpCo Borrower, LLC2023-12-310001534254H.W. Lochner, Inc.2024-09-300001534254H.W. Lochner, Inc.2023-12-310001534254Service Compression, LLC2024-09-300001534254Service Compression, LLC2023-12-310001534254Invincible Boat Company LLC2024-09-300001534254Invincible Boat Company LLC2023-12-310001534254RA Outdoors, LLC2024-09-300001534254RA Outdoors, LLC2023-12-310001534254HW Acquisition, LLC2024-09-300001534254HW Acquisition, LLC2023-12-310001534254cion:A2029NotesMemberus-gaap:UnsecuredDebtMemberus-gaap:SubsequentEventMember2024-10-030001534254cion:A2029NotesMemberus-gaap:UnsecuredDebtMemberus-gaap:SubsequentEventMember2024-10-032024-10-030001534254cion:A2029NotesMemberus-gaap:UnsecuredDebtMemberus-gaap:SubsequentEventMembersrt:MinimumMember2024-10-032024-10-030001534254cion:A2029NotesMemberus-gaap:UnsecuredDebtMemberus-gaap:SubsequentEventMembersrt:MaximumMember2024-10-032024-10-03

美國

證券交易委員會

華盛頓特區20549

表格：10-Q 

☒			根據1934年《證券交易法》第13或15(D)款規定的季度報告

截至本季度末2024年9月30日

或

☐			根據1934年《證券交易法》第13或15(D)款提交的過渡報告

由_至_的過渡期

佣金文件編號 000-54755 

			康泰投資公司
			(註冊人的確切姓名載於其章程)

 

馬里蘭州						45-3058280
(述明或其他司法管轄權 公司或組織)						(稅務局僱主 識別號碼)
公園大道100號, 25樓 紐約, 紐約						10017
（主要行政辦公室地址）						(郵政編碼)

			(212) 418-4700
			(註冊人的電話號碼，包括區號)
			不適用
			(前姓名、前地址和前財政年度，如果自上次報告以來發生變化)

根據該法第12(B)節登記的證券：

每個班級的標題			交易代碼			註冊的每個交易所的名稱
普通股，每股票面價值0.001美元			接穗			紐約證券交易所
7.50% 2029年到期票據			CICB			紐約證券交易所

通過勾選標記標明註冊人是否（1）在過去12個月內（或在註冊人被要求提交此類報告的較短期限內）提交了1934年證券交易法第13或15（d）條要求提交的所有報告，以及（2）在過去90天內是否已遵守此類提交要求。

是 沒有

用複選標記表示註冊人是否在過去12個月內(或在註冊人被要求提交此類文件的較短時間內)以電子方式提交了根據S-T規則第405條(本章232.405節)要求提交的每個交互數據文件。

是 沒有

用複選標記表示註冊人是大型加速申報公司、加速申報公司、非加速申報公司、較小的報告公司或新興成長型公司。請參閱《交易法》第12b-2條規則中「大型加速申報公司」、「加速申報公司」、「較小申報公司」和「新興成長型公司」的定義。

大型加速文件服務器

☐

加速文件管理器

☒

非加速文件服務器

☐

規模較小的報告公司

☐

新興成長型公司

☐

---

如果是一家新興的成長型公司，用複選標記表示註冊人是否已選擇不使用延長的過渡期來遵守根據《交易所法》第13(A)節提供的任何新的或修訂的財務會計準則。

☐

通過勾選標記檢查註冊人是否是空殼公司（定義見《交易法》第120億.2條）。

是☐ 沒有預設

截至2024年10月30日，註冊人普通股（面值0.001美元）的流通股數爲 53,285,943.

---

Courier ON Investmentt Corporation

表格10-Q

目錄

						頁面
			第一部分-財務信息
			項目1.財務報表			1
			合併資產負債表			1
			合併業務報表			2
			合併股東權益表			3
			合併現金流量表			4
			綜合投資時間表			5
			合併財務報表附註			28
			項目2.管理層對財務狀況和經營結果的討論和分析			67
			項目3.關於市場風險的定量和定性披露			83
			項目4.控制和程序			84
			第二部分--其他資料
			項目1.法律訴訟			85
			第1A項。風險因素			85
			第二項股權證券的未經登記的銷售和收益的使用			85
			項目3.高級證券違約			85
			項目4.礦山安全信息披露			85
			第5項：其他信息			85
			項目6.展品			86
			簽名			89

---

第一部分-財務信息

項目1.財務報表

康泰投資公司

合併資產負債表

(單位爲千，不包括每股和每股金額)

						9月30日， 2024						十二月三十一日， 2023
						(未經審計)
資產
按公允價值計算的投資：
非受控、非附屬投資（攤銷成本爲美元1,421,998 和$1,610,822，分別)						$	1,381,177					$	1,570,676
非受控、關聯投資（攤銷成本爲美元276,204 和$210,103，分別)						273,152						206,301
受控投資（攤銷成本爲美元152,042 和$154,705，分別)						151,900						177,293
投資總額，按公允價值計算（攤銷成本爲美元1,850,244 和$1,975,630，分別)						1,806,229						1,954,270
現金						29,765						8,415
投資應收利息和費用						49,446						36,724
應收股利						76						—
出售和償還投資的應收賬款						28,604						967
預付費用和其他資產						1,501						1,348
**總資產						$	1,915,621					$	2,001,724

負債與股東權益
負債
融資安排（扣除未攤銷債務發行成本美元14,925 和$10,643，分別)						$	1,054,919					$	1,081,701
應爲購買的投資支付						—						4,692
應付賬款和應計費用						1,316						1,036
應付利息						7,201						10,231
應計管理費						6,854						6,893
收入的應計次級激勵費						4,586						4,615
應計行政服務費用						1,515						2,156
應付股東分配						—						10,837
應付股份回購						40						—
總負債						1,076,431						1,122,161
承諾和或有事項（注4和注11）
股東權益
普通股，$0.001票面價值；500,000,000 授權股份; 53,363,245
和54,184,636已發行及已發行股份53,359,886 和 54,184,636 已發行股份分別						53						54
超出票面價值的資本						1,023,687						1,033,030
累計可分配損失						(184,550)						(153,521)
股東權益總額						839,190						879,563
總負債和股東權益						$	1,915,621					$	2,001,724
期末每股普通股資產淨值						$	15.73					$	16.23

見合併財務報表附註。

1

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康泰投資公司

合併業務報表

(單位爲千，不包括每股和每股金額)

						截至三個月 9月30日，												九個月結束 9月30日，																		截至的年度 十二月三十一日，
						2024						2023						2024						2023																		2023
						(未經審計)						(未經審計)						(未經審計)						(未經審計)
投資收益
非控制、非附屬投資
利息收入						$	40,613					$	51,032					$	134,497					$	140,917																	$	184,013
實物支付利息收入						5,526						6,608						19,811						15,736																		22,317
費收入						900						2,447						6,111						4,744																		7,871
股息收入						345						82						5,484						82																		210
非受控、關聯投資
利息收入						429						1,341						4,331						5,549																		7,068
實物支付利息收入						3,831						2,471						8,882						5,953																		8,372
費收入						2,894						35						3,598						2,432																		2,432
股息收入						89						13						129						3,946																		3,946
受控投資
利息收入						2,991						1,413						9,386						5,304																		8,090
實物支付利息收入						—						1,048						—						1,048																		1,050
費收入						2,009						1,050						2,309						1,050																		1,391
股息收入						—						—						—						4,250																		4,250
總投資收益						59,627						67,540						194,538						191,011																		251,010
運營費用
管理費						6,854						6,741						20,559						19,963																		26,856
行政服務費用						1,184						996						3,522						2,743																		3,971
次級收入激勵費						4,586						6,362						16,371						17,662																		22,277
一般和行政						1,855						1,931						5,298						5,960																		7,382
利息開支						23,551						21,757						71,626						61,533																		85,556
總運營支出						38,030						37,787						117,376						107,861																		146,042
稅前淨投資收入						21,597						29,753						77,162						83,150																		104,968
所得稅優惠，包括消費稅						(21)						(237)						(12)						(114)																		(54)
稅後淨投資收益						21,618						29,990						77,174						83,264																		105,022
已實現和未實現收益（損失）
已實現淨收益（虧損）：
非受控、非附屬投資						3,938						(8,123)						(18,984)						(31,576)																		(31,927)
非受控、關聯投資						—						—						(7,091)						—																		—
受控投資						—						—						—						—																		—
已實現淨收益(虧損)						3,938						(8,123)						(26,075)						(31,576)																		(31,927)
以下項目未實現（折舊）增值的淨變化：
非受控、非附屬投資						(4,242)						26,298						(9,342)						8,608																		15,658
非受控、關聯投資						(7,539)						559						9,417						(9,136)																		(7,335)
受控投資						(14,154)						(1,251)						(22,730)						(6,838)																		13,896
未實現（折舊）增值淨變化						(25,935)						25,606						(22,655)						(7,366)																		22,219
已實現和未實現（損失）淨收益						(21,997)						17,483						(48,730)						(38,942)																		(9,708)
經營淨資產淨(減)增						$	(379)					$	47,473					$	28,444					$	44,322																	$	95,314
每股信息-基本和稀釋
經營導致的每股淨資產淨（減少）增加						$	(0.01)					$	0.87					$	0.53					$	0.81																	$	1.74
每股淨投資收益						$	0.40					$	0.55					$	1.44					$	1.52																	$	1.92
已發行普通股加權平均股份						53,439,316						54,561,367						53,663,884						54,817,855																		54,685,327

See accompanying notes to consolidated financial statements.

2

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CĪON Investment Corporation

Consolidated Statements of Shareholders' Equity

(in thousands, except share and per share amounts)

			Common Stock												Capital in Excess of Par Value						Accumulated Undistributed (Overdistributed) Earnings						Total Shareholders' Equity
			Shares						Amount
Balance at December 31, 2022 (audited)			55,299,484						$	55					$	1,044,547					$	(160,968)					$	883,634
Repurchases of common stock			(338,029)						—						(3,592)						—						(3,592)
Net investment income			—						—						—						29,858						29,858
Net realized losses on investments			—						—						—						(4,525)						(4,525)
Net unrealized losses on investments			—						—						—						(56,378)						(56,378)
Dividends declared and payable ($0.34 per share)			—						—						—						(18,687)						(18,687)
Balance at March 31, 2023 (unaudited)			54,961,455						55						1,040,955						(210,700)						830,310
Repurchases of common stock			(328,628)						—						(3,226)						—						(3,226)
Net investment income			—						—						—						23,416						23,416
Net realized losses on investments			—						—						—						(18,928)						(18,928)
Net unrealized gains on investments			—						—						—						23,406						23,406
Dividends declared and payable ($0.34 per share)			—						—						—						(18,614)						(18,614)
Balance at June 30, 2023 (unaudited)			54,632,827						55						1,037,729						(201,420)						836,364
Repurchases of common stock			(168,023)						(1)						(1,800)						—						(1,801)
Net investment income			—						—						—						29,990						29,990
Net realized losses on investments			—						—						—						(8,123)						(8,123)
Net unrealized gains on investments			—						—						—						25,606						25,606
Dividends declared and payable ($0.39 per share)			—						—						—						(21,276)						(21,276)
Balance at September 30, 2023 (unaudited)			54,464,804						54						1,035,929						(175,223)						860,760
Repurchases of common stock			(280,168)						—						(2,899)						—						(2,899)
Net investment income			—						—						—						21,758						21,758
Net realized losses on investments			—						—						—						(351)						(351)
Net unrealized gains on investments			—						—						—						29,585						29,585
Dividends declared and payable ($0.54 per share)			—						—						—						(29,290)						(29,290)
Balance at December 31, 2023 (audited)			54,184,636						54						1,033,030						(153,521)						879,563
Repurchases of common stock			(424,031)						—						(4,670)						—						(4,670)
Net investment income			—						—						—						32,593						32,593
Net realized losses on investments			—						—						—						(9,736)						(9,736)
Net unrealized losses on investments			—						—						—						(16,412)						(16,412)
Dividends declared and payable ($0.34 per share)			—						—						—						(18,279)						(18,279)
Balance at March 31, 2024 (unaudited)			53,760,605						54						1,028,360						(165,355)						863,059
Repurchases of common stock			(234,982)						—						(2,671)						—						(2,671)
Net investment income			—						—						—						22,963						22,963
Net realized losses on investments			—						—						—						(20,277)						(20,277)
Net unrealized gains on investments			—						—						—						19,692						19,692
Dividends declared and payable ($0.41 per share)			—						—						—						(21,960)						(21,960)
Balance at June 30, 2024 (unaudited)			53,525,623						54						1,025,689						(164,937)						860,806
Repurchases of common stock			(165,737)						(1)						(2,002)						—						(2,003)
Net investment income			—						—						—						21,618						21,618
Net realized gains on investments			—						—						—						3,938						3,938
Net unrealized losses on investments			—						—						—						(25,935)						(25,935)
Dividends declared and payable ($0.36 per share)			—						—						—						(19,234)						(19,234)
Balance at September 30, 2024 (unaudited)			53,359,886						$	53					$	1,023,687					$	(184,550)					$	839,190

See accompanying notes to consolidated financial statements.

3

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CĪON Investment Corporation

Consolidated Statements of Cash Flows

(in thousands)

						Three Months Ended September 30,												Nine Months Ended September 30,												Year Ended December 31,
						2024						2023						2024						2023						2023
						(unaudited)						(unaudited)						(unaudited)						(unaudited)
Operating activities:
Net (decrease) increase in net assets resulting from operations						$	(379)					$	47,473					$	28,444					$	44,322					$	95,314
Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Net accretion of discount on investments						(1,864)						(3,899)						(15,162)						(10,842)						(13,506)
Proceeds from principal repayment of investments						129,225						94,454						396,753						204,725						287,480
Purchase of investments						(92,469)						(103,044)						(351,634)						(195,977)						(350,203)
Paid-in-kind interest and dividends capitalized						(9,795)						(10,125)						(29,504)						(22,736)						(31,739)
Decrease (increase) in short term investments, net						29,659						(16,164)						59,943						(106,065)						(102,577)
Proceeds from sale of investments						24,356						1,920						41,411						12,521						12,771
Net realized (gain) loss on investments						(3,938)						8,123						26,075						31,576						31,927
Net change in unrealized depreciation (appreciation) on investments						25,935						(25,606)						22,655						7,366						(22,219)
Amortization of debt issuance costs						1,325						975						3,834						2,871						4,073
(Increase) decrease in interest receivable on investments						(9,818)						(9,253)						(15,218)						(19,267)						(16,372)
(Increase) decrease in dividends receivable on investments						53						(82)						(76)						1,193						1,275
(Increase) decrease in receivable due on investments sold and repaid						(25,973)						(1,649)						(27,637)						(1,630)						49
(Increase) decrease in prepaid expenses and other assets						(559)						(944)						(153)						(727)						(523)
Increase (decrease) in payable for investments purchased						(11,789)						9,663						(4,692)						9,663						4,692
Increase (decrease) in accounts payable and accrued expenses						285						166						280						498						24
Increase (decrease) in interest payable						(2,413)						(945)						(3,030)						(582)						2,411
Increase (decrease) in accrued management fees						13						195						(39)						(183)						(31)
Increase (decrease) in accrued administrative services expense						387						490						(641)						(639)						453
Increase (decrease) in subordinated incentive fee on income payable						(285)						1,395						(29)						1,297						(450)
Increase (decrease) in share repurchase payable						40						—						40						67						—
Net cash provided by (used in) operating activities						51,996						(6,857)						131,620						(42,549)						(97,151)
Financing activities:
Repurchase of common stock						(2,003)						(1,801)						(9,344)						(8,619)						(11,518)
Shareholders' distributions paid						(21,910)						(18,552)						(70,310)						(70,784)						(91,961)
Repayments under financing arrangements						(130,000)						—						(152,500)						(52,500)						(102,500)
Borrowings under financing arrangements						130,000						22,500						130,000						103,212						237,344
Debt issuance costs paid						(8,116)						—						(8,116)						(4,694)						(8,538)
Net cash (used in) provided by financing activities						(32,029)						2,147						(110,270)						(33,385)						22,827
Net increase (decrease) in cash						19,967						(4,710)						21,350						(75,934)						(74,324)
Cash, beginning of period						9,798						11,515						8,415						82,739						82,739
Cash, end of period						$	29,765					$	6,805					$	29,765					$	6,805					$	8,415
Supplemental disclosure of cash flow information:
Cash paid for interest						$	24,736					$	21,720					$	70,872					$	59,218					$	79,032
Supplemental non-cash operating activities:
Restructuring of portfolio investment						$	48,116					$	25,701					$	89,058					$	105,060					$	118,256
Cash interest receivable exchanged for additional securities						$	1,340					$	2,396					$	2,971					$	4,661					$	4,661

See accompanying notes to consolidated financial statements.

4

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CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2024

(in thousands)

Portfolio Company(a)						Interest(b)						Maturity						Industry						Principal/ Par Amount/ Units(e)						Cost(d)						Fair Value(c)
Senior Secured First Lien Debt - 178.1%
Adapt Laser Acquisition, Inc.(x)						S+1000, 1.00% SOFR Floor						12/31/2025						Capital Equipment						$	10,585					$	10,585					$	10,915
Adapt Laser Acquisition, Inc.(x)						S+1000, 1.00% SOFR Floor						12/31/2025						Capital Equipment						2,104						2,104						2,093
AHF Parent Holding, Inc.(n)(x)						S+625, 0.75% SOFR Floor						2/1/2028						Construction & Building						7,486						7,408						7,467
Allen Media, LLC(n)(x)						S+550, 0.00% SOFR Floor						2/10/2027						Media: Diversified & Production						8,704						8,663						7,572
ALM Global, LLC(m)(n)(x)						S+550, 1.00% SOFR Floor						2/21/2029						Media: Advertising, Printing & Publishing						29,577						29,576						29,613
ALM Global, LLC(x)						S+550, 1.00% SOFR Floor						2/21/2029						Media: Advertising, Printing & Publishing						540						540						541
ALM Global, LLC						5.50% Unfunded						2/21/2029						Media: Advertising, Printing & Publishing						230						—						—
ALM Global, LLC						0.50% Unfunded						2/21/2029						Media: Advertising, Printing & Publishing						1,930						—						2
American Clinical Solutions LLC(r)(t)(x)						S+700, 1.00% SOFR Floor						6/30/2025						Healthcare & Pharmaceuticals						11,732						11,732						11,204
American Clinical Solutions LLC(p)(r)						0.00% Unfunded						6/30/2025						Healthcare & Pharmaceuticals						6,450						—						(290)
American Family Care, LLC(m)(x)						S+600, 1.00% SOFR Floor						2/28/2029						Healthcare & Pharmaceuticals						13,364						13,364						13,364
American Family Care, LLC						1.00% Unfunded						2/28/2026						Healthcare & Pharmaceuticals						4,545						—						—
American Family Care, LLC						0.50% Unfunded						2/28/2029						Healthcare & Pharmaceuticals						1,818						—						—
American Health Staffing Group, Inc.(m)						Prime+500						11/19/2026						Services: Business						15,405						15,334						15,405
American Health Staffing Group, Inc.						0.50% Unfunded						11/19/2026						Services: Business						3,333						(14)						—
American Teleconferencing Services, Ltd.(q)						Prime+550						4/7/2023						Telecommunications						3,116						—						—
American Teleconferencing Services, Ltd.(p)						0.00% Unfunded						4/7/2023						Telecommunications						235						—						—
Ancile Solutions, Inc.(m)(x)						S+1000, 1.00% SOFR Floor						6/11/2026						High Tech Industries						10,892						10,750						11,165
Anthem Sports & Entertainment Inc.(m)(t)(x)						S+950, 1.00% SOFR Floor						11/15/2026						Media: Diversified & Production						43,891						43,790						40,161
Anthem Sports & Entertainment Inc.(t)(x)						S+950, 1.00% SOFR Floor						11/15/2026						Media: Diversified & Production						3,538						3,538						3,237
Anthem Sports & Entertainment Inc.						0.50% Unfunded						11/15/2026						Media: Diversified & Production						167						—						(14)
Appalachian Resource Company, LLC(w)(z)						S+500, 1.00% SOFR Floor						9/30/2024						Metals & Mining						11,137						11,137						10,065
Appalachian Resource Company, LLC(w)(z)						S+1000, 1.00% SOFR Floor						9/15/2024						Metals & Mining						5,000						5,000						4,750
APS Acquisition Holdings, LLC(m)(x)						S+575, 1.00% SOFR Floor						7/11/2029						Construction & Building						14,701						14,701						14,701
APS Acquisition Holdings, LLC						1.00% Unfunded						7/11/2026						Construction & Building						5,199						—						—
APS Acquisition Holdings, LLC						0.50% Unfunded						7/11/2029						Construction & Building						2,600						—						—
Atlas Supply LLC						13.00%						4/29/2025						Healthcare & Pharmaceuticals						5,000						5,000						4,656
Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(x)						S+800, 2.00% SOFR Floor						3/12/2029						Banking, Finance, Insurance & Real Estate						8,452						8,452						8,410
Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(x)						S+800, 2.00% SOFR Floor						3/12/2029						Banking, Finance, Insurance & Real Estate						2,888						2,888						2,693
Avison Young (Canada) Inc./Avison Young (USA) Inc.(n)(x)						S+625, 2.00% SOFR Floor						3/12/2028						Banking, Finance, Insurance & Real Estate						7,481						7,341						7,444
BDS Solutions Intermediateco, LLC(m)(x)						S+700, 2.00% SOFR Floor						2/7/2027						Services: Business						19,739						19,539						19,369
BDS Solutions Intermediateco, LLC(x)						S+700, 2.00% SOFR Floor						2/7/2027						Services: Business						2,333						2,267						2,290
BDS Solutions Intermediateco, LLC						0.50% Unfunded						2/7/2027						Services: Business						524						(10)						(10)
Berlitz Holdings, Inc.(w)						S+900, 1.00% SOFR Floor						5/31/2025						Services: Business						13,800						13,641						13,288

See accompanying notes to consolidated financial statements.

5

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CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2024

(in thousands)

Portfolio Company(a)						Interest(b)						Maturity						Industry						Principal/ Par Amount/ Units(e)						Cost(d)						Fair Value(c)
Bradshaw International Parent Corp.(m)(w)						S+575, 1.00% SOFR Floor						10/21/2027						Consumer Goods: Durable						12,794						12,602						12,794
Bradshaw International Parent Corp.(w)						S+575, 1.00% SOFR Floor						10/21/2026						Consumer Goods: Durable						615						596						615
Bradshaw International Parent Corp.						1.00% Unfunded						10/21/2026						Consumer Goods: Durable						1,230						—						—
Cabi, LLC(j)(m)(w)						S+600, 2.00% SOFR Floor						2/28/2027						Retail						14,366						14,244						14,258
Carestream Health, Inc.(n)(r)(x)						S+750, 1.00% SOFR Floor						9/30/2027						Healthcare & Pharmaceuticals						11,260						10,397						11,260
Celerity Acquisition Holdings, LLC(m)(t)(x)						S+850, 1.00% SOFR Floor						5/28/2026						Services: Business						16,608						16,592						16,608
Cennox, Inc.(m)(n)(x)						S+550, 1.00% SOFR Floor						5/4/2029						Services: Business						38,484						38,120						38,484
Cennox, Inc.						0.50% Unfunded						5/4/2029						Services: Business						2,987						—						—
CION/EagleTree Partners, LLC(h)(s)(t)						14.00%						12/21/2026						Diversified Financials						37,885						37,885						37,885
Community Tree Service, LLC(m)(t)(x)						S+975, 1.00% SOFR Floor						6/17/2027						Construction & Building						11,634						11,634						11,634
Core Health & Fitness, LLC(m)(w)						S+800, 3.00% SOFR Floor						6/17/2029						Consumer Goods: Durable						19,950						19,661						19,750
Country Fresh Holdings, LLC(q)						Prime+600						4/30/2024						Beverage, Food & Tobacco						844						—						—
Country Fresh Holdings, LLC(q)						Prime+600						4/30/2024						Beverage, Food & Tobacco						342						—						—
Critical Nurse Staffing, LLC(m)(x)						S+650, 1.00% SOFR Floor						11/1/2026						Healthcare & Pharmaceuticals						12,699						12,699						12,699
Critical Nurse Staffing, LLC						0.50% Unfunded						11/1/2026						Healthcare & Pharmaceuticals						1,000						—						—
David's Bridal, LLC(s)(x)						S+600, 0.00% SOFR Floor						12/21/2027						Retail						11,084						11,084						10,751
David's Bridal, LLC(m)(s)(x)						S+650, 0.00% SOFR Floor						12/21/2027						Retail						47,050						47,050						45,341
Deluxe Entertainment Services, Inc.(q)(r)(t)						Prime+550						3/25/2024						Media: Diversified & Production						2,621						—						—
Dermcare Management, LLC(m)(w)						S+575, 1.00% SOFR Floor						4/22/2028						Healthcare & Pharmaceuticals						9,191						9,063						9,191
Dermcare Management, LLC(m)(w)						S+575, 1.00% SOFR Floor						4/22/2028						Healthcare & Pharmaceuticals						4,176						4,115						4,176
Dermcare Management, LLC (w)						S+575, 1.00% SOFR Floor						4/22/2028						Healthcare & Pharmaceuticals						716						716						716
Dermcare Management, LLC						0.50% Unfunded						4/22/2028						Healthcare & Pharmaceuticals						627						—						—
Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(w)						S+625, 1.00% SOFR Floor						12/29/2027						Services: Business						2,813						2,777						2,373
Entertainment Studios P&A LLC(m)(x)						S+800, 1.00% SOFR Floor						9/28/2027						Media: Diversified & Production						28,783						28,717						28,783
Entertainment Studios P&A LLC(j)						5.00%						5/18/2037						Media: Diversified & Production						—						—						84
ESP Associates, Inc.(m)(w)						S+650, 1.50% SOFR Floor						7/24/2028						Construction & Building						8,619						8,479						8,619
ESP Associates, Inc.(w)						S+650, 1.50% SOFR Floor						7/24/2028						Construction & Building						197						197						197
ESP Associates, Inc.						0.50% Unfunded						7/24/2028						Construction & Building						1,118						(26)						—

See accompanying notes to consolidated financial statements.

6

---

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2024

(in thousands)

Portfolio Company(a)						Interest(b)						Maturity						Industry						Principal/ Par Amount/ Units(e)						Cost(d)						Fair Value(c)
Flatworld Intermediate Corp.(n)(x)						S+700, 1.00% SOFR Floor						10/3/2027						Services: Business						23,020						23,020						23,020
Flatworld Intermediate Corp.						0.50% Unfunded						10/3/2027						Services: Business						5,865						—						—
FuseFX, LLC(m)(t)(x)						S+600, 1.00% SOFR Floor						9/30/2026						Media: Diversified & Production						20,396						20,363						19,713
Future Pak, LLC(m)(w)						S+900, 4.00% SOFR Floor						9/22/2026						Healthcare & Pharmaceuticals						15,240						15,240						15,240
Gold Medal Holdings, Inc.(m)(x)						S+575, 1.00% SOFR Floor						3/17/2027						Environmental Industries						27,413						27,205						27,413
Gold Medal Holdings, Inc.						1.00% Unfunded						3/17/2027						Environmental Industries						2,498						(22)						—
GSC Technologies Inc.(r)(w)						S+500, 1.00% SOFR Floor						9/30/2025						Chemicals, Plastics & Rubber						2,080						2,052						2,080
GSC Technologies Inc.(r)(t)(w)						S+500, 1.00% SOFR Floor						9/30/2025						Chemicals, Plastics & Rubber						1,090						1,076						1,089
H.W. Lochner, Inc.(m)(x)						S+675, 1.00% SOFR Floor						7/2/2027						Construction & Building						10,242						10,034						10,242
H.W. Lochner, Inc.(m)(x)						S+625, 1.00% SOFR Floor						7/2/2027						Construction & Building						8,693						8,650						8,693
H.W. Lochner, Inc.(m)(x)						S+675, 1.00% SOFR Floor						7/2/2027						Construction & Building						2,523						2,463						2,523
H.W. Lochner, Inc.(x)						S+625, 1.00% SOFR Floor						7/2/2027						Construction & Building						2,000						1,950						2,000
HEC Purchaser Corp.(n)(x)						S+550, 1.00% SOFR Floor						6/17/2029						Healthcare & Pharmaceuticals						11,170						11,009						11,114
HEC Purchaser Corp.(w)						S+550, 1.00% SOFR Floor						6/17/2029						Healthcare & Pharmaceuticals						807						789						803
HEC Purchaser Corp.						0.50% Unfunded						6/17/2029						Healthcare & Pharmaceuticals						495						—						(2)
Heritage Power, LLC(t)(x)						S+700, 1.00% SOFR Floor						7/20/2028						Energy: Oil & Gas						1,176						1,176						1,167
Hilliard, Martinez & Gonzales, LLP(t)(w)						S+1200, 2.00% SOFR Floor						11/16/2024						Services: Consumer						26,698						26,698						26,198
Hollander Intermediate LLC(m)(w)						S+875, 3.00% SOFR Floor						9/19/2026						Consumer Goods: Durable						16,869						16,592						14,844
Homer City Generation, L.P.(q)(t)						15.00%						4/16/2025						Energy: Oil & Gas						14,700						12,024						11,025
Homer City Generation, L.P.(p)						0.00% Unfunded						4/16/2025						Energy: Oil & Gas						3,000						—						—
Hudson Hospital Opco, LLC(w)(z)						S+800, 3.00% SOFR Floor						11/4/2023						Healthcare & Pharmaceuticals						2,186						2,176						2,098
HUMC Holdco, LLC(w)(z)						S+800, 3.00% SOFR Floor						11/4/2023						Healthcare & Pharmaceuticals						7,780						7,780						7,391
HW Acquisition, LLC(m)(r)(t)(x)						S+600, 1.00% SOFR Floor						9/28/2026						Capital Equipment						4,989						4,967						4,684
HW Acquisition, LLC(r)						Prime+500						9/28/2026						Capital Equipment						2,933						2,922						2,754
ICA Foam Holdings, LLC(m)(x)						S+600, 1.00% SOFR Floor						11/5/2025						Containers, Packaging & Glass						18,926						18,780						18,926
IJKG Opco LLC(w)(z)						S+800, 3.00% SOFR Floor						11/4/2023						Healthcare & Pharmaceuticals						1,457						1,443						1,399
Inotiv, Inc.(m)(t)(x)						S+675, 1.00% SOFR Floor						11/5/2026						Healthcare & Pharmaceuticals						16,370						16,221						15,006
Instant Web, LLC(r)(t)(w)						S+700, 1.00% SOFR Floor						2/25/2027						Media: Advertising, Printing & Publishing						49,443						49,443						35,846

See accompanying notes to consolidated financial statements.

7

---

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2024

(in thousands)

Portfolio Company(a)						Interest(b)						Maturity						Industry						Principal/ Par Amount/ Units(e)						Cost(d)						Fair Value(c)
Instant Web, LLC(r)(t)(w)						S+650, 1.00% SOFR Floor						2/25/2027						Media: Advertising, Printing & Publishing						2,960						2,960						2,901
Instant Web, LLC(r)(t)						Prime+375, 4.00% Prime Floor						2/25/2027						Media: Advertising, Printing & Publishing						546						546						561
Instant Web, LLC(r)(w)						S+650, 1.00% SOFR Floor						2/25/2027						Media: Advertising, Printing & Publishing						1,515						1,515						1,490
Instant Web, LLC(r)						0.50% Unfunded						2/25/2027						Media: Advertising, Printing & Publishing						1,731						—						(28)
Instant Web, LLC(r)						0.00% Unfunded						2/25/2027						Media: Advertising, Printing & Publishing						216						—						(4)
Invincible Boat Company LLC(m)(x)						S+650, 1.50% SOFR Floor						8/28/2025						Consumer Goods: Durable						13,475						13,440						13,475
Invincible Boat Company LLC(x)						S+650, 1.50% SOFR Floor						8/28/2025						Consumer Goods: Durable						798						798						798
INW Manufacturing, LLC(n)(x)						S+575, 0.75% SOFR Floor						3/25/2027						Services: Business						17,000						16,741						16,129
Ironhorse Purchaser, LLC(n)(w)						S+525, 1.00% SOFR Floor						9/30/2027						Services: Business						7,000						6,950						7,000
Ironhorse Purchaser, LLC(w)						S+525, 1.00% SOFR Floor						9/30/2027						Services: Business						2,005						1,992						2,005
Ironhorse Purchaser, LLC(w)						S+525, 1.00% SOFR Floor						9/30/2027						Services: Business						327						322						327
Ironhorse Purchaser, LLC						0.50% Unfunded						9/30/2027						Services: Business						490						—						—
Isagenix International, LLC(r)(t)(x)						S+650, 1.00% SOFR Floor						4/14/2028						Beverage, Food & Tobacco						9,173						9,173						9,036
Jenny C Acquisition, Inc.(q)(x)						S+900, 1.75% SOFR Floor						10/1/2024						Services: Consumer						534						534						131
JP Intermediate B, LLC(m)(x)						S+550, 1.00% SOFR Floor						11/20/2027						Beverage, Food & Tobacco						36,732						19,706						29,340
K&N Parent, Inc.(m)(t)(w)						S+825, 1.00% SOFR Floor						8/16/2027						Consumer Goods: Durable						5,652						5,652						5,391
K&N Parent, Inc.(m)(w)						S+800, 1.00% SOFR Floor						2/16/2027						Consumer Goods: Durable						4,209						4,107						4,352
KeyImpact Holdings, Inc.(m)(x)						S+650, 1.00% SOFR Floor						1/31/2029						Beverage, Food & Tobacco						20,175						20,175						20,352
Klein Hersh, LLC(i)(w)						S+850, 0.50% SOFR Floor						4/27/2028						Services: Business						23,292						20,422						20,177
KNB Holdings Corp.(m)(q)(v)						L+550, 1.00% LIBOR Floor						4/26/2024						Consumer Goods: Durable						7,634						—						—
LAV Gear Holdings, Inc.(m)(n)(x)						S+628, 1.00% SOFR Floor						10/31/2025						Services: Business						27,391						27,358						27,391
LAV Gear Holdings, Inc.(m)(n)(x)						S+628, 1.00% SOFR Floor						10/31/2025						Services: Business						4,494						4,491						4,494
LGC US Finco, LLC(m)(w)						S+650, 1.00% SOFR Floor						12/20/2025						Capital Equipment						11,042						10,930						11,042
LGC US Finco, LLC(m)(w)						S+650, 1.00% SOFR Floor						12/20/2025						Capital Equipment						1,990						1,960						1,990
Lift Brands, Inc.(m)(n)(r)(w)						S+750, 1.00% SOFR Floor						6/29/2025						Services: Consumer						22,873						22,873						22,873
Lift Brands, Inc.(n)(r)(t)						9.50%						6/29/2025						Services: Consumer						6,504						6,481						6,374
Lift Brands, Inc.(n)(r)(t)						9.50%						6/29/2025						Services: Consumer						7,433						7,302						7,092
Lux Credit Consultants LLC(m)(x)						S+725, 1.50% SOFR Floor						4/29/2028						Automotive						17,585						17,585						17,585
Lux Credit Consultants LLC(x)						S+725, 1.50% SOFR Floor						4/29/2028						Automotive						1,892						1,892						1,892
Lux Credit Consultants LLC(x)						S+725, 1.50% SOFR Floor						4/29/2028						Automotive						302						302						302
Lux Credit Consultants LLC						2.25% Unfunded						4/29/2025						Automotive						4,612						—						—
Lux Credit Consultants LLC						1.00% Unfunded						4/29/2028						Automotive						560						—						—
MacNeill Pride Group Corp.(m)(x)						S+700, 1.00% SOFR Floor						4/22/2026						Services: Consumer						16,647						16,611						16,563
MacNeill Pride Group Corp.(m)(x)						S+700, 1.00% SOFR Floor						4/22/2026						Services: Consumer						6,143						6,120						6,112
Manus Bio Inc.						13.00%						8/20/2026						Healthcare & Pharmaceuticals						8,056						8,028						8,056
Medplast Holdings, Inc.(m)(u)						L+375, 0.00% LIBOR Floor						7/2/2025						Healthcare & Pharmaceuticals						4,921						4,838						4,934
Mimeo.com, Inc.(m)(x)						S+750, 1.00% SOFR Floor						12/21/2024						Media: Advertising, Printing & Publishing						21,097						21,097						21,097
Mimeo.com, Inc.(x)						S+750, 1.00% SOFR Floor						12/21/2024						Media: Advertising, Printing & Publishing						4,256						4,256						4,256
Mimeo.com, Inc.						1.00% Unfunded						12/21/2024						Media: Advertising, Printing & Publishing						1,000						—						—
Moss Holding Company(m)(n)(x)						S+575, 1.00% SOFR Floor						10/17/2026						Services: Business						21,953						21,588						21,953

See accompanying notes to consolidated financial statements.

8

---

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2024

(in thousands)

Portfolio Company(a)						Interest(b)						Maturity						Industry						Principal/ Par Amount/ Units(e)						Cost(d)						Fair Value(c)
Moss Holding Company						5.75% Unfunded						10/17/2026						Services: Business						106						—						—
Moss Holding Company						0.50% Unfunded						10/17/2026						Services: Business						2,126						—						—
NewsCycle Solutions, Inc.(n)(q)(x)						S+700, 1.00% SOFR Floor						2/27/2024						Media: Advertising, Printing & Publishing						12,286						12,282						10,090
Nova Compression, LLC(m)(t)(w)						S+1050, 2.00% SOFR Floor						10/13/2027						Energy: Oil & Gas						27,970						27,970						27,970
Nova Compression, LLC(t)(w)						S+1050, 2.00% SOFR Floor						10/13/2027						Energy: Oil & Gas						1,326						1,326						1,326
Nova Compression, LLC						1.00% Unfunded						10/13/2024						Energy: Oil & Gas						1,957						—						—
NTM Acquisition Corp.(m)(x)						S+675, 1.00% SOFR Floor						6/18/2026						Hotel, Gaming & Leisure						24,813						24,812						24,812
OpCo Borrower, LLC(m)(x)						S+600, 1.00% SOFR Floor						4/26/2029						Healthcare & Pharmaceuticals						29,625						29,503						29,625
Optio Rx, LLC(n)(v)(z)						L+1200, 0.00% LIBOR Floor						6/28/2024						Healthcare & Pharmaceuticals						2,480						2,480						2,480
Optio Rx, LLC(v)(z)						L+900, 0.00% LIBOR Floor						6/28/2024						Healthcare & Pharmaceuticals						1,508						1,508						1,508
Optio Rx, LLC(m)(n)(v)(z)						L+900, 0.00% LIBOR Floor						6/28/2024						Healthcare & Pharmaceuticals						9,267						9,267						9,267
Optio Rx, LLC(w)						S+525, 5.00% SOFR Floor						10/10/2024						Healthcare & Pharmaceuticals						1,505						1,505						1,505
Playboy Enterprises, Inc.(h)(t)(w)						S+425, 0.50% SOFR Floor						5/25/2027						Consumer Goods: Non-Durable						20,240						19,983						19,430
PRA Acquisition, LLC(n)(x)						S+650, 1.00% SOFR Floor						5/12/2028						Hotel, Gaming & Leisure						18,752						18,752						18,611
RA Outdoors, LLC(m)(t)(x)						S+675, 1.00% SOFR Floor						4/8/2026						Media: Diversified & Production						11,317						11,317						10,426
RA Outdoors, LLC(x)						S+675, 1.00% SOFR Floor						4/8/2026						Media: Diversified & Production						1,082						1,031						997
Riddell, Inc. / All American Sports Corp.(m)(w)						S+600, 1.00% SOFR Floor						3/29/2029						Consumer Goods: Durable						16,159						15,864						15,917
Riddell, Inc. / All American Sports Corp.						1.00% Unfunded						9/29/2026						Consumer Goods: Durable						1,636						—						(25)
Robert C. Hilliard, L.L.P.(m)(t)(w)						S+1200, 2.00% SOFR Floor						11/16/2024						Services: Consumer						2,215						2,215						2,174
Rogers Mechanical Contractors, LLC(m)(y)						S+625, 1.00% SOFR Floor						9/9/2028						Construction & Building						15,863						15,833						15,942
Rogers Mechanical Contractors, LLC(y)						S+625, 1.00% SOFR Floor						9/9/2028						Construction & Building						1,251						1,221						1,257
Rogers Mechanical Contractors, LLC						1.00% Unfunded						3/28/2026						Construction & Building						2,953						—						15
Rogers Mechanical Contractors, LLC						0.75% Unfunded						9/9/2028						Construction & Building						2,885						(6)						—
RumbleOn, Inc.(m)(t)(x)						S+875, 1.00% SOFR Floor						8/31/2026						Automotive						8,662						8,359						8,446
RumbleOn, Inc.(m)(t)(x)						S+875, 1.00% SOFR Floor						8/31/2026						Automotive						2,614						2,602						2,549
Securus Technologies Holdings, Inc.(m)(t)(x)						S+509, 1.00% SOFR Floor						11/1/2024						Telecommunications						3,958						3,933						3,765
Securus Technologies Holdings, Inc.(x)						S+750, 1.00% SOFR Floor						7/31/2025						Telecommunications						74						74						75
Sequoia Healthcare Management, LLC(z)						12.75%						11/4/2023						Healthcare & Pharmaceuticals						8,525						8,525						4,476
Sleep Opco, LLC(m)(x)						S+650, 1.00% SOFR Floor						10/12/2026						Retail						13,530						13,416						13,530
Sleep Opco, LLC(m)(x)						S+700, 1.00% SOFR Floor						10/12/2026						Retail						394						382						398
Sleep Opco, LLC						0.50% Unfunded						10/12/2026						Retail						1,750						(14)						—
Spinal USA, Inc. / Precision Medical Inc.(t)(v)						L+950						5/29/2025						Healthcare & Pharmaceuticals						17,298						17,262						9,341

See accompanying notes to consolidated financial statements.

9

---

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2024

(in thousands)

Portfolio Company(a)						Interest(b)						Maturity						Industry						Principal/ Par Amount/ Units(e)						Cost(d)						Fair Value(c)
Spinal USA, Inc. / Precision Medical Inc.(t)(v)						L+950						5/29/2025						Healthcare & Pharmaceuticals						1,537						1,537						784
Spinal USA, Inc. / Precision Medical Inc.(t)(v)						L+950						5/29/2025						Healthcare & Pharmaceuticals						988						901						504
Spinal USA, Inc. / Precision Medical Inc.(t)(v)						L+950						5/29/2025						Healthcare & Pharmaceuticals						938						938						479
Spinal USA, Inc. / Precision Medical Inc.(t)(v)						L+950						5/29/2025						Healthcare & Pharmaceuticals						783						714						427
Spinal USA, Inc. / Precision Medical Inc.(t)(v)						L+950						5/29/2025						Healthcare & Pharmaceuticals						715						715						722
STATinMED, LLC(q)(r)(t)(w)						S+950, 2.00% SOFR Floor						7/1/2027						Healthcare & Pharmaceuticals						11,971						11,659						5,028
STATinMED, LLC(r)						0.00%						7/1/2027						Healthcare & Pharmaceuticals						1,004						1,004						945
STATinMED, LLC(r)						0.00%						7/1/2027						Healthcare & Pharmaceuticals						224						224						273
Stengel Hill Architecture, LLC(n)(x)						S+650, 1.00% SOFR Floor						8/16/2028						Construction & Building						14,888						14,887						14,887
Stengel Hill Architecture, LLC(w)						S+650, 1.00% SOFR Floor						8/16/2028						Construction & Building						750						750						750
Stengel Hill Architecture, LLC(n)(x)						S+650, 1.00% SOFR Floor						8/16/2028						Construction & Building						1,530						1,530						1,530
Stengel Hill Architecture, LLC						0.38% Unfunded						8/16/2028						Construction & Building						1,500						—						—
Tactical Air Support, Inc.(m)(x)						S+850, 1.00% SOFR Floor						12/22/2028						Aerospace & Defense						12,000						12,000						12,000
Tactical Air Support, Inc.(w)						S+850, 1.00% SOFR Floor						12/22/2028						Aerospace & Defense						2,000						1,951						2,000
The Men's Wearhouse, LLC(x)						S+650, 0.00% SOFR Floor						2/26/2029						Retail						2,558						2,546						2,553
Thrill Holdings LLC(m)(x)						S+650, 1.00% SOFR Floor						5/27/2027						Media: Diversified & Production						19,132						19,132						19,045
Thrill Holdings LLC						0.50% Unfunded						5/27/2027						Media: Diversified & Production						1,739						—						17
TMK Hawk Parent, Corp.(t)(w)						S+525, 1.00% SOFR Floor						6/30/2029						Services: Business						7,093						7,093						6,880
Trademark Global, LLC(m)(r)(t)(w)						S+850, 1.00% SOFR Floor						6/30/2027						Consumer Goods: Non-Durable						17,603						17,559						14,038
Trammell, P.C.(t)(w)						S+1550, 2.00% SOFR Floor						4/28/2026						Services: Consumer						14,998						14,998						14,998
Williams Industrial Services Group, Inc.(q)(t)(x)						S+1100, 1.00% SOFR Floor						12/16/2025						Services: Business						1,525						1,426						641
Williams Industrial Services Group, Inc.(q)(t)(x)						S+1100, 1.00% SOFR Floor						12/16/2025						Services: Business						325						304						136
Wok Holdings Inc.(m)(x)						S+625, 0.00% SOFR Floor						3/1/2026						Beverage, Food & Tobacco						24,713						24,352						24,142
WorkGenius, Inc.(m)(x)						S+700, 0.50% SOFR Floor						6/7/2027						Services: Business						14,746						14,746						14,746
WorkGenius, Inc.(x)						S+700, 0.50% SOFR Floor						6/7/2027						Services: Business						750						741						750
WorkGenius, Inc.(m)(x)						S+700, 0.50% SOFR Floor						6/7/2027						Services: Business						7,483						7,483						7,482
Xenon Arc, Inc.(m)(x)						S+525, 0.75% SOFR Floor						12/20/2028						High Tech Industries						3,846						3,820						3,846
Total Senior Secured First Lien Debt																														1,541,136						1,494,524
Senior Secured Second Lien Debt - 0.5%
RA Outdoors, LLC(m)(t)(x)						S+900, 1.00% SOFR Floor						10/8/2026						Media: Diversified & Production						1,934						1,934						1,175
Securus Technologies Holdings, Inc.(t)(v)						S+931, 1.00% SOFR Floor						11/1/2025						Telecommunications						3,188						3,182						2,698
Total Senior Secured Second Lien Debt																														5,116						3,873
Collateralized Securities and Structured Products - Equity - 0.1%
APIDOS CLO XVI Subordinated Notes(g)(h)						0.00% Estimated Yield						1/19/2025						Diversified Financials						9,000						—						—
Galaxy XV CLO Ltd. Class A Subordinated Notes(g)(h)						19.30% Estimated Yield						10/15/2030						Diversified Financials						4,000						1,003						685
Total Collateralized Securities and Structured Products - Equity																														1,003						685
Unsecured Debt - 1.4%
Klein Hersh, LLC(m)(p)						0.00%						4/27/2032						Services: Business						4,368						988						950
Lucky Bucks Holdings LLC(q)(t)						12.50%						5/29/2028						Hotel, Gaming & Leisure						25,846						22,860						5,298
SRA Holdings, LLC(m)(r)(x)						S+600, 1.00% SOFR Floor						3/24/2025						Banking, Finance, Insurance & Real Estate						4,159						4,159						4,159
TMK Hawk Parent, Corp.(t)						11.00%						12/15/2031						Services: Business						1,494						1,494						1,354
Total Unsecured Debt																														29,501						11,761

See accompanying notes to consolidated financial statements.

10

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CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2024

(in thousands)

Portfolio Company(a)

Maturity

Industry

Principal/ Par Amount/ Units(e)

Cost(d)

Fair Value(c)

Equity - 28.8%

ACS Holdings LLC, Class A-1 Membership Units(r)

Healthcare & Pharmaceuticals

23,265,901 Units

—

—

ARC Financial Partners, LLC, Membership Interests (25% ownership)(o)(r)

Metals & Mining

NA

—

—

Ascent Resources - Marcellus, LLC, Membership Units(p)

Energy: Oil & Gas

511,255 Units

1,642

626

Avison Young (Canada) Inc., Class A Preferred Shares (12.5% Return)

Banking, Finance, Insurance & Real Estate

8,800,606 Units

9,430

7,613

Avison Young (Canada) Inc., Class F Common Shares(p)

Banking, Finance, Insurance & Real Estate

6,575 Units

3,183

5,017

Carestream Health Holdings, Inc., Common Stock(p)(r)

Healthcare & Pharmaceuticals

614,368 Units

21,759

21,589

CF Arch Holdings LLC, Class A Units(p)

Services: Business

380,952 Units

381

636

CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(p)(s)

Diversified Financials

22,072,841 Units

22,073

18,851

CION/EagleTree Partners, LLC, Membership Units (85% ownership)(h)(p)(s)

Diversified Financials

NA

—

—

CTS Ultimate Holdings, LLC, Class A Preferred Units

Construction & Building

849,201 Units

237

238

David's Bridal Holdings, LLC, Preferred Units(p)(s)

Retail

1,000 Units

10,820

10,362

David's Bridal Holdings, LLC, Common Units(p)(s)

Retail

900,000 Units

23,130

28,710

EBSC Holdings LLC, Preferred Units (10% Return)

Consumer Goods: Durable

2,000 Units

2,075

2,323

FWS Parent Holdings, LLC, Class A Membership Interests(p)

Services: Business

35,242 Units

800

568

GSC Technologies Inc., Common Shares(p)(r)

Chemicals, Plastics & Rubber

807,268 Units

—

242

Heritage Litigation Trust, Restricted Stock(p)

Energy: Oil & Gas

238,375 Units

119

117

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

11,822

Isagenix Worldwide, Inc., Common Shares(p)(r)

Beverage, Food & Tobacco

601,941 Units

8,987

6,450

K&N Holdco, LLC, Membership Units(p)

Consumer Goods: Durable

743,846 Units

8,927

5,309

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

2,145

LB NewHoldco LLC, Voting Units(p)

Hotel, Gaming & Leisure

123,568 Units

4,200

1,478

Longview Intermediate Holdings C, LLC, Membership Units(p)(r)

Energy: Oil & Gas

1,491,731 Units

12,835

49,272

Mount Logan Capital Inc., Common Stock(f)(h)(r)

Banking, Finance, Insurance & Real Estate

1,075,557 Units

3,534

1,511

New Giving Acquisition, Inc., Common Stock

Healthcare & Pharmaceuticals

4,630 Units

633

2,251

New HW Holdings Corp., Preferred Stock(p)(r)

Capital Equipment

14 Units

9,899

5,614

New HW Holdings Corp., Common Stock(p)(r)

Capital Equipment

119 Units

—

—

NS NWN Acquisition, LLC, Class A Preferred Units

High Tech Industries

111 Units

—

588

NS NWN Acquisition, LLC, Common Equity(p)

High Tech Industries

346 Units

—

—

NS NWN Holdco LLC, Non-Voting Units(p)

High Tech Industries

522 Units

—

178

NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(p)

Consumer Goods: Durable

1,575 Units

1,000

970

Palmetto Clean Technology, Inc., Warrants(p)

12/12/2029

High Tech Industries

724,112 Units

472

2,752

RumbleOn, Inc., Warrants(p)

8/14/2028

Automotive

60,606 Units

378

160

See accompanying notes to consolidated financial statements.

11

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CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2024

(in thousands)

Portfolio Company(a)						Interest												Industry						Principal/ 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						1,233
Service Compression Holdings, LLC, Warrants(p)																		Energy: Oil & Gas						730,586 Units						1,426						1,768
Snap Fitness Holdings, Inc., Class A Common Stock(p)(r)																		Services: Consumer						9,858 Units						3,078						4,618
Snap Fitness Holdings, Inc., Warrants(p)(r)																		Services: Consumer						3,996 Units						1,247						1,872
SRA Parent, LLC, Preferred Units (12% Return)(r)																		Banking, Finance, Insurance & Real Estate						9,166,827 Units						9,167						9,258
SRA Parent, LLC, Common Units(p)(r)																		Banking, Finance, Insurance & Real Estate						147,827 Units						17,539						17,539
STATinMed Parent, LLC, Class A Preferred Units(p)(r)																		Healthcare & Pharmaceuticals						6,182 Units						6,182						—
STATinMed Parent, LLC, Class B Preferred Units(p)(r)																		Healthcare & Pharmaceuticals						51,221 Units						3,193						—
TG Parent NewCo LLC, Common Units(p)(r)																		Consumer Goods: Non-Durable						9 Units						—						—
TMK Hawk Parent, Corp., Common Shares(p)																		Services: Business						643,588 Units						8,579						5,471
TMK Hawk Parent, Corp., Warrants(p)																		Services: Business						36,734 Units						—						138
URS Topco, LLC, Common Equity(p)																		Transportation: Cargo						430,540 Units						9,669						11,533
WorkGenius, LLC, Class A Units(p)																		Services: Business						500 Units						500						719
Yak Holding II, LLC, Series A Common Units(p)																		Construction & Building						127,419 Units						—						342
Total Equity																														219,985						241,883
Short Term Investments - 6.4%(k)
First American Treasury Obligations Fund, Class Z Shares						4.75%(l)																								53,503						53,503
Total Short Term Investments																														53,503						53,503
TOTAL INVESTMENTS - 215.2%																														$	1,850,244					1,806,229
LIABILITIES IN EXCESS OF OTHER ASSETS - (115.2)%																																				(967,039)
NET ASSETS - 100.0%																																				$	839,190

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 September 30, 2024, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to September 30, 2024. The actual London Interbank Offered Rate, or LIBOR, rate for each loan listed may not be the applicable LIBOR rate as of September 30, 2024, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to September 30, 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 September 30, 2024, 95.8% of the Company’s total assets represented qualifying assets.

See accompanying notes to consolidated financial statements.

12

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CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2024

(in thousands)

i.Due to an annual cap in interest in the loan agreement, the applicable rate on this loan as of September 30, 2024 was 3.79%.

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 September 30, 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 September 30, 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 September 30, 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 September 30, 2024.

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 September 30, 2024, along with transactions during the nine months ended September 30, 2024 in these affiliated investments, were as follows:

												Nine Months Ended September 30, 2024																								Nine Months Ended September 30, 2024
Non-Controlled, Affiliated Investments						Fair Value at December 31, 2023						Gross Additions (Cost)(1)						Gross Reductions (Cost)(2)						Net Unrealized Gain (Loss)						Fair Value at September 30, 2024						Net Realized Gain (Loss)						Interest Income(3)						Dividend Income						Fee Income
Afore Insurance Services, LLC
First Lien Term Loan						$	4,583					$	—					$	(4,583)					$	—					$	—					$	—					$	363					$	—					$	—
American Clinical Solutions LLC
First Lien Term Loan						—						11,299						—						(385)						10,914						—						133						—						—
Class A-1 Membership Interests						—						—						—						—						—						—						—						—						—
ARC Financial, LLC
Membership Interests						—						—						—						—						—						—						—						—						—
Carestream Health, Inc.
First Lien Term Loan						11,423						161						(221)						(103)						11,260						—						1,281						—						—
Carestream Health Holdings Inc.
Common Shares						21,386						—						—						203						21,589						—						—						—						—
DESG Holdings, Inc.
First Lien Term Loan						85						—						(2,542)						2,457						—						(2,542)						93						—						—
GSC Technologies Inc.
First Lien Term Loan A						1,983						19						(18)						96						2,080						—						186						—						—
First Lien Term Loan B						942						91						—						56						1,089						—						93						—						—
Common Shares						1,251						—						—						(1,009)						242						—						—						—						—
HW Acquisition, LLC
Revolving Loan						—						2,449						—						305						2,754						—						214						—						—
First Lien Term Loan						—						16,407						(14,448)						2,725						4,684						(4,549)						822						—						—
Instant Web, LLC
Revolving Loan						2,832						3,188						(3,136)						13						2,897						—						265						—						—
Priming Term Loan						513						49						—						(1)						561						—						49						—						—
First Lien Term Loan						28,555						4,475						—						2,816						35,846						—						4,445						—						—
First Lien Delayed Draw Term Loan						1,013						433						—						16						1,462						—						137						—						—
Instant Web Holdings, LLC
Class A Common Units						—						—						—						—						—						—						—						—						—
IPP Buyer Holdings, LLC
Class A Units						11,910						—						—						(88)						11,822						—						—						—						—
Isagenix International, LLC
First Lien Term Loan						8,518						591						—						(73)						9,036						—						800						—						—
Isagenix Worldwide, Inc.
Common Shares						8,404						—						—						(1,954)						6,450						—						—						—						—

See accompanying notes to consolidated financial statements.

13

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CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2024

(in thousands)

												Nine Months Ended September 30, 2024																								Nine Months Ended September 30, 2024
Non-Controlled, Affiliated Investments						Fair Value at December 31, 2023						Gross Additions (Cost)(1)						Gross Reductions (Cost)(2)						Net Unrealized Gain (Loss)						Fair Value at September 30, 2024						Net Realized Gain (Loss)						Interest Income(3)						Dividend Income						Fee Income
Lift Brands, Inc.
Term Loan A						23,050						—						(177)						—						22,873						—						2,261						—						—
Term Loan B						5,814						468						—						92						6,374						—						465						—						—
Term Loan C						6,259						631						—						202						7,092						—						628						—						—
Longview Intermediate Holdings C, LLC
Membership Units						21,726						10,132						—						17,414						49,272						—						—						—						—
Mount Logan Capital Inc.
Common Stock						1,624						—						—						(113)						1,511						—						—						53						—
New HW Holdings Corp.
Preferred Stock						—						9,899						—						(4,285)						5,614						—						—						—						—
Common Stock						—						—						—						—						—						—						—						—						—
Snap Fitness Holdings, Inc.
Class A Stock						4,653						—						—						(35)						4,618						—						—						—						—
Warrants						1,886						—						—						(14)						1,872						—						—						—						—
SRA Holdings, LLC
First Lien Term Loan						—						4,158						—						1						4,159						—						33						—						—
Membership Units						25,515						—						(23,611)						(1,904)						—						—						—						—						—
SRA Parent, LLC
Preferred Equity						—						9,167						—						91						9,258						—						—						76						—
Common Equity						—						17,539						—						—						17,539						—						—						—						—
STATinMED, LLC
First Lien Term Loan						10,358						981						—						(6,311)						5,028						—						843						—						—
Senior Term Loan						—						1,004						—						(59)						945						—						36						—						2,894
Senior Superpriority Term Loan						—						224						—						49						273						—						—						—						704
STATinMed Parent, LLC
Class A Preferred Units						2,018						—						—						(2,018)						—						—						—						—						—
Class B Preferred Units						—						—						—						—						—						—						—						—						—
TG Parent NewCo LLC
Common Equity						—						—						—						—						—						—						—						—						—
Trademark Global, LLC
First Lien Term Loan						—						12,805						—						1,233						14,038						—						66						—						—
Totals						$	206,301					$	106,170					$	(48,736)					$	9,417					$	273,152					$	(7,091)					$	13,213					$	129					$	3,598

(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.

14

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CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2024

(in thousands)

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 September 30, 2024, along with transactions during the nine months ended September 30, 2024 in these controlled investments, were as follows:

												Nine Months Ended September 30, 2024																								Nine Months Ended September 30, 2024
Controlled Investments						Fair Value at December 31, 2023						Gross Additions (Cost)(1)						Gross Reductions (Cost)(2)						Net  Unrealized Gain (Loss)						Fair Value at September 30, 2024						Net Realized Gain (Loss)						Interest Income(3)						Dividend Income						Fee Income
CION/EagleTree Partners, LLC
Senior Secured Note						$	59,598					$	—					$	(21,713)					$	—					$	37,885					$	—					$	5,210					$	—					$	—
Participating Preferred Shares						25,039						—						—						(6,188)						18,851						—						—						—						—
Common Shares						—						—						—						—						—						—						—						—						—
David's Bridal, Inc.
Exit First Lien Term Loan						22,050						25,000						—						(1,709)						45,341						—						2,885						—						2,309
Incremental First Lien Term Loan						16,694						—						(5,950)						7						10,751						—						1,291						—						—
David's Bridal Holdings, LLC
Preferred Units						12,494						—						—						(2,132)						10,362						—						—						—						—
Common Units						41,418						—						—						(12,708)						28,710						—						—						—						—
Totals						$	177,293					$	25,000					$	(27,663)					$	(22,730)					$	151,900					$	—					$	9,386					$	—					$	2,309

(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.

15

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CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2024

(in thousands)

t.As of September 30, 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 Company						Investment Type						Cash						PIK						All-in-Rate
American Clinical Solutions LLC						Senior Secured First Lien Debt						8.00%						4.75%						12.75%
Anthem Sports & Entertainment Inc.						Senior Secured First Lien Debt						3.00%						11.10%						14.10%
Avison Young (Canada) Inc./Avison Young (USA) Inc.						Senior Secured First Lien Debt						6.11%						6.50%						12.61%
Celerity Acquisition Holdings, LLC						Senior Secured First Lien Debt						10.00%						3.98%						13.98%
CION/EagleTree Partners, LLC						Senior Secured Note						—						14.00%						14.00%
Community Tree Service, LLC						Senior Secured First Lien Debt						13.98%						1.25%						15.23%
Deluxe Entertainment Services, Inc.						Senior Secured First Lien Debt						12.50%						1.50%						14.00%
FuseFX, LLC						Senior Secured First Lien Debt						6.32%						5.00%						11.32%
GSC Technologies Inc.						Senior Secured First Lien Debt						—						10.35%						10.35%
Heritage Power, LLC						Senior Secured First Lien Debt						6.10%						5.50%						11.60%
Hilliard, Martinez & Gonzales, LLP						Senior Secured First Lien Debt						—						17.32%						17.32%
Homer City Generation, L.P.						Senior Secured First Lien Debt						—						15.00%						15.00%
HW Acquisition, LLC						Senior Secured First Lien Debt						—						11.33%						11.33%
Inotiv, Inc.						Senior Secured First Lien Debt						12.00%						0.25%						12.25%
Instant Web, LLC						Senior Secured First Lien Debt						—						11.96%						11.96%
Isagenix International, LLC						Senior Secured First Lien Debt						2.50%						9.39%						11.89%
K&N Parent, Inc.						Senior Secured First Lien Debt						8.21%						5.00%						13.21%
Lift Brands, Inc.						Senior Secured First Lien Debt						—						9.50%						9.50%
Lucky Bucks Holdings LLC						Unsecured Note						—						12.50%						12.50%
Nova Compression, LLC						Senior Secured First Lien Debt						12.10%						3.25%						15.35%
Playboy Enterprises, Inc.						Senior Secured First Lien Debt						6.21%						3.25%						9.46%
RA Outdoors, LLC						Senior Secured First Lien Debt						—						11.49%						11.49%
RA Outdoors, LLC						Senior Secured Second Lien Debt						—						13.74%						13.74%
Robert C. Hilliard, L.L.P.						Senior Secured First Lien Debt						—						17.32%						17.32%
RumbleOn, Inc.						Senior Secured First Lien Debt						12.77%						1.50%						14.27%
Securus Technologies Holdings, Inc.						Senior Secured First Lien Debt						5.87%						4.09%						9.96%
Securus Technologies Holdings, Inc.						Senior Secured Second Lien Debt						6.60%						8.05%						14.65%
Spinal USA, Inc. / Precision Medical Inc.						Senior Secured First Lien Debt						—						15.09%						15.09%
STATinMED, LLC						Senior Secured First Lien Debt						—						14.79%						14.79%
TMK Hawk Parent, Corp.						Senior Secured First Lien Debt						—						10.17%						10.17%
TMK Hawk Parent, Corp.						Unsecured Debt						—						11.00%						11.00%
Trademark Global, LLC						Senior Secured First Lien Debt						—						13.10%						13.10%
Trammell, P.C.						Senior Secured First Lien Debt						—						20.46%						20.46%
Williams Industrial Services Group, Inc.						Senior Secured First Lien Debt						10.00%						6.18%						16.18%

u.The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2024 was 4.96%.

v.The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2024 was 4.85%.

w.The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2024 was 4.85%.

x.The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2024 was 4.59%.

y.The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2024 was 4.25%.

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)						Maturity						Industry						Principal/ 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						12/31/2025						Capital Equipment						$	10,855					$	10,855					$	11,126
Adapt Laser Acquisition, Inc.(w)						S+1000, 1.00% SOFR Floor						12/31/2025						Capital Equipment						2,104						2,104						2,085
Afore Insurance Services, LLC(m)(q)(w)						S+600, 1.00% SOFR Floor						3/24/2025						Banking, Finance, Insurance & Real Estate						4,583						4,583						4,583
AHF Parent Holding, Inc.(n)(w)						S+625, 0.75% SOFR Floor						2/1/2028						Construction & Building						2,738						2,697						2,662
Allen Media, LLC(n)(w)						S+550, 0.00% SOFR Floor						2/10/2027						Media: Diversified & Production						8,772						8,718						8,487
ALM Media, LLC(m)(n)(w)						S+600, 1.00% SOFR Floor						11/25/2024						Media: Advertising, Printing & Publishing						16,000						15,934						16,000
AMCP Clean Acquisition Company, LLC(w)						S+425, 0.00% SOFR Floor						6/15/2025						Services: Business						12,117						11,403						11,439
AMCP Clean Acquisition Company, LLC(w)						S+425, 0.00% SOFR Floor						6/15/2025						Services: Business						2,843						2,676						2,684
American Clinical Solutions LLC(m)(s)(w)						S+700, 1.00% SOFR Floor						6/30/2025						Healthcare & Pharmaceuticals						6,312						6,321						6,107
American Clinical Solutions LLC(o)						0.00% Unfunded						3/29/2024						Healthcare & Pharmaceuticals						250						(8)						(8)
American Health Staffing Group, Inc.(m)						Prime+500						11/19/2026						Services: Business						16,375						16,271						16,375
American Health Staffing Group, Inc.						0.50% Unfunded						11/19/2026						Services: Business						3,333						(19)						—
American Teleconferencing Services, Ltd.(p)						Prime+550						4/7/2023						Telecommunications						3,116						3,116						140
American Teleconferencing Services, Ltd.(o)						0.00% Unfunded						4/7/2023						Telecommunications						235						—						—
Ancile Solutions, Inc.(m)(w)						S+1000, 1.00% SOFR Floor						6/11/2026						High Tech Industries						11,204						11,006						11,078
Anthem Sports & Entertainment Inc.(m)(s)(w)						S+950, 1.00% SOFR Floor						11/15/2026						Media: Diversified & Production						40,242						40,112						38,029
Anthem Sports & Entertainment Inc.(s)(w)						S+950, 1.00% SOFR Floor						11/15/2026						Media: Diversified & Production						3,261						3,261						3,081
Anthem Sports & Entertainment Inc.						0.50% Unfunded						11/15/2026						Media: Diversified & Production						167						—						(9)
Appalachian Resource Company, LLC(v)						S+500, 1.00% SOFR Floor						9/30/2024						Metals & Mining						11,137						11,123						8,957
Appalachian Resource Company, LLC(v)						S+500, 1.00% SOFR Floor						9/15/2024						Metals & Mining						5,000						5,000						5,000
Atlas Supply LLC						11.00%						4/29/2025						Healthcare & Pharmaceuticals						5,000						5,000						4,938
Avalign Holdings, Inc.(v)						S+450, 0.00% SOFR Floor						12/22/2025						Healthcare & Pharmaceuticals						6,710						6,318						6,268
Avison Young (USA) Inc.(m)(w)						S+650, 0.00% SOFR Floor						1/31/2026						Banking, Finance, Insurance & Real Estate						23,696						13,299						18,602
Avison Young (USA) Inc.(w)						S+700, 0.00% SOFR Floor						1/31/2026						Banking, Finance, Insurance & Real Estate						2,481						922						1,948
BDS Solutions Intermediateco, LLC(m)(w)						S+700, 2.00% SOFR Floor						2/7/2027						Services: Business						19,892						19,629						19,394
BDS Solutions Intermediateco, LLC(w)						S+700, 2.00% SOFR Floor						2/7/2027						Services: Business						952						928						929
BDS Solutions Intermediateco, LLC						0.50% Unfunded						2/7/2027						Services: Business						1,905						(48)						(48)
Berlitz Holdings, Inc.(v)						S+900, 1.00% SOFR Floor						2/14/2025						Services: Business						13,800						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)						Maturity						Industry						Principal/ Par Amount/ Units(e)						Cost(d)						Fair Value(c)
Bradshaw International Parent Corp.(m)(v)						S+575, 1.00% SOFR Floor						10/21/2027						Consumer Goods: Durable						12,893						12,662						12,877
Bradshaw International Parent Corp.						0.50% Unfunded						10/21/2026						Consumer Goods: Durable						1,844						(26)						(2)
Cabi, LLC(j)(m)(v)						S+450, 1.00% SOFR Floor						2/28/2027						Retail						16,477						16,300						16,394
Carestream Health, Inc.(n)(q)(w)						S+750, 1.00% SOFR Floor						9/30/2027						Healthcare & Pharmaceuticals						11,481						10,457						11,423
Celerity Acquisition Holdings, LLC(m)(s)(w)						S+1000, 1.00% SOFR Floor						5/28/2026						Services: Business						16,118						16,096						16,118
Cennox, Inc.(m)(s)(w)						S+625, 1.00% SOFR Floor						5/4/2026						Services: Business						22,423						22,422						22,395
Cennox, Inc.(m)(n)(s)(w)						S+625, 1.00% SOFR Floor						5/4/2026						Services: Business						11,554						11,551						11,540
Cennox, Inc.(s)(w)						S+625, 1.00% SOFR Floor						5/4/2026						Services: Business						2,987						2,987						2,983
CION/EagleTree Partners, LLC(h)(r)(s)						14.00%						12/21/2026						Diversified Financials						59,598						59,598						59,598
Community Tree Service, LLC(m)(s)(w)						S+850, 1.00% SOFR Floor						6/17/2027						Construction & Building						11,567						11,567						11,596
Country Fresh Holdings, LLC(p)						Prime+600						4/30/2024						Beverage, Food & Tobacco						844						645						21
Country Fresh Holdings, LLC(p)						Prime+600						4/30/2024						Beverage, Food & Tobacco						342						268						9
Coyote Buyer, LLC(m)(n)(w)						S+600, 1.00% SOFR Floor						2/6/2026						Chemicals, Plastics & Rubber						33,688						33,569						33,688
Coyote Buyer, LLC(n)(w)						S+800, 1.00% SOFR Floor						8/6/2026						Chemicals, Plastics & Rubber						6,063						5,997						6,063
Coyote Buyer, LLC						0.50% Unfunded						2/6/2025						Chemicals, Plastics & Rubber						2,500						—						—
Critical Nurse Staffing, LLC(m)(w)						S+650, 1.00% SOFR Floor						11/1/2026						Healthcare & Pharmaceuticals						12,797						12,797						12,797
Critical Nurse Staffing, LLC(m)(w)						S+650, 1.00% SOFR Floor						11/1/2026						Healthcare & Pharmaceuticals						989						989						989
Critical Nurse Staffing, LLC						0.50% Unfunded						11/1/2026						Healthcare & Pharmaceuticals						1,000						—						—
David's Bridal, LLC(r)(v)						S+600, 0.00% SOFR Floor						12/21/2027						Retail						17,034						17,034						16,694
David's Bridal, LLC(m)(r)(w)						S+650, 0.00% SOFR Floor						12/21/2027						Retail						22,050						22,050						22,050
Deluxe Entertainment Services, Inc.(m)(p)(q)(s)						Prime+550						3/25/2024						Media: Diversified & Production						2,623						2,542						85
Dermcare Management, LLC(m)(v)						S+600, 1.00% SOFR Floor						4/22/2028						Healthcare & Pharmaceuticals						9,262						9,111						9,262
Dermcare Management, LLC(m)(v)						S+600, 1.00% SOFR Floor						4/22/2028						Healthcare & Pharmaceuticals						4,202						4,132						4,202
Dermcare Management, LLC (v)						S+600, 1.00% SOFR Floor						4/22/2028						Healthcare & Pharmaceuticals						672						672						672
Dermcare Management, LLC						0.50% Unfunded						4/22/2028						Healthcare & Pharmaceuticals						672						—						—
Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(w)						S+625, 1.00% SOFR Floor						12/29/2027						Services: Business						2,869						2,826						2,611
Entertainment Studios P&A LLC(m)(w)						S+900, 1.00% SOFR Floor						9/28/2027						Media: Diversified & Production						32,189						32,111						32,189
Entertainment Studios P&A LLC(j)						5.00%						5/18/2037						Media: 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)						Maturity						Industry						Principal/ Par Amount/ Units(e)						Cost(d)						Fair Value(c)
ESP Associates, Inc.(m)(w)						S+650, 1.50% SOFR Floor						7/24/2028						Construction & Building						8,684						8,518						8,597
ESP Associates, Inc.						0.50% Unfunded						7/24/2028						Construction & Building						1,316						(26)						(13)
Flatworld Intermediate Corp.(n)(w)						S+700, 1.00% SOFR Floor						10/3/2027						Services: Business						23,208						23,208						23,208
Flatworld Intermediate Corp.						0.50% Unfunded						10/3/2027						Services: Business						5,865						—						—
Fluid Control II Inc.(m)(w)						S+650, 1.00% SOFR Floor						8/3/2029						Chemicals, Plastics & Rubber						13,235						13,235						13,235
Fluid Control II Inc.						0.50% Unfunded						8/3/2029						Chemicals, Plastics & Rubber						1,765						—						—
FuseFX, LLC(m)(n)(s)(v)						S+600, 1.00% SOFR Floor						9/30/2026						Media: Diversified & Production						19,706						19,643						19,115
Future Pak, LLC(m)(v)						S+900, 4.00% SOFR Floor						9/22/2026						Healthcare & Pharmaceuticals						18,811						18,811						18,811
Gold Medal Holdings, Inc.(m)(v)						S+700, 1.00% SOFR Floor						3/17/2027						Environmental Industries						15,336						15,220						15,336
GSC Technologies Inc.(q)(v)						S+500, 1.00% SOFR Floor						9/30/2025						Chemicals, Plastics & Rubber						2,099						2,051						1,983
GSC Technologies Inc.(q)(s)(v)						S+500, 1.00% SOFR Floor						9/30/2025						Chemicals, Plastics & Rubber						1,007						985						942
H.W. Lochner, Inc.(m)(w)						S+675, 1.00% SOFR Floor						7/2/2027						Construction & Building						12,862						12,529						12,802
H.W. Lochner, Inc.(m)(w)						S+625, 1.00% SOFR Floor						7/2/2027						Construction & Building						8,760						8,704						8,760
H.W. Lochner, Inc.(w)						S+625, 1.00% SOFR Floor						7/2/2027						Construction & Building						964						914						964
H.W. Lochner, Inc.						0.50% Unfunded						7/2/2027						Construction & Building						1,036						—						—
Harland Clarke Holdings Corp.(m)(w)						S+775, 1.00% SOFR Floor						6/16/2026						Media: Advertising, Printing & Publishing						9,244						9,239						8,886
Heritage Power, LLC(w)						S+550, 1.00% SOFR Floor						7/20/2026						Energy: Oil & Gas						1,159						1,159						1,159
Hilliard, Martinez & Gonzales, LLP(m)(s)(v)						S+1200, 2.00% SOFR Floor						9/16/2024						Services: Consumer						25,061						25,027						24,841
Hollander Intermediate LLC(m)(v)						S+875, 3.00% SOFR Floor						9/19/2026						Consumer Goods: Durable						16,745						16,391						16,326
Homer City Generation, L.P.(m)(p)(s)						15.00%						4/16/2024						Energy: Oil & Gas						13,169						12,024						8,889
Homer City Generation, L.P.(s)						17.00%						4/16/2024						Energy: Oil & Gas						1,937						1,937						1,937
Homer City Generation, L.P.(o)						0.00% Unfunded						4/16/2024						Energy: Oil & Gas						197						—						—
Hudson Hospital Opco, LLC(v)(y)						S+800, 3.00% SOFR Floor						11/4/2023						Healthcare & Pharmaceuticals						2,186						2,176						2,137
HUMC Holdco, LLC(m)(v)(y)						S+800, 3.00% SOFR Floor						11/4/2023						Healthcare & Pharmaceuticals						7,780						7,780						7,780
HW Acquisition, LLC(m)						Prime+500						9/28/2026						Capital Equipment						18,781						18,664						15,658
HW Acquisition, LLC						Prime+500						9/28/2026						Capital Equipment						2,922						2,908						2,436
HW Acquisition, LLC						0.50% Unfunded						9/28/2026						Capital Equipment						12						(2)						(2)
ICA Foam Holdings, LLC(m)(w)						S+725, 1.00% SOFR Floor						11/5/2025						Containers, Packaging & Glass						19,076						18,829						18,480
IJKG Opco LLC(v)(y)						S+800, 3.00% SOFR Floor						11/4/2023						Healthcare & Pharmaceuticals						1,457						1,443						1,424
Inotiv, Inc.(m)(s)(x)						S+675, 1.00% SOFR Floor						11/5/2026						Healthcare & Pharmaceuticals						16,345						16,149						15,773
Instant Web, LLC(q)(s)(v)						S+700, 1.00% SOFR Floor						2/25/2027						Media: Advertising, Printing & Publishing						44,968						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)						Maturity						Industry						Principal/ Par Amount/ Units(e)						Cost(d)						Fair Value(c)
Instant Web, LLC(q)(s)(v)						S+650, 1.00% SOFR Floor						2/25/2027						Media: Advertising, Printing & Publishing						2,908						2,908						2,832
Instant Web, LLC(q)(s)						Prime+375, 4.00% Prime Floor						2/25/2027						Media: Advertising, Printing & Publishing						497						497						513
Instant Web, LLC(q)(s)						S+650, 1.00% SOFR Floor						2/25/2027						Media: Advertising, Printing & Publishing						1,082						1,131						1,059
Instant Web, LLC(q)						0.50% Unfunded						2/25/2027						Media: Advertising, Printing & Publishing						2,164						(49)						(46)
Invincible Boat Company LLC(m)(w)						S+650, 1.50% SOFR Floor						8/28/2025						Consumer Goods: Durable						13,475						13,415						13,475
Invincible Boat Company LLC(w)						S+650, 1.50% SOFR Floor						8/28/2025						Consumer Goods: Durable						399						399						399
Invincible Boat Company LLC						0.50% Unfunded						8/28/2025						Consumer Goods: Durable						399						—						—
INW Manufacturing, LLC(n)(w)						S+575, 0.75% SOFR Floor						3/25/2027						Services: Business						17,750						17,419						16,286
Ironhorse Purchaser, LLC(n)(w)						S+650, 1.00% SOFR Floor						9/30/2027						Services: Business						7,054						6,995						7,054
Ironhorse Purchaser, LLC(w)						S+650, 1.00% SOFR Floor						9/30/2027						Services: Business						2,020						2,005						2,020
Ironhorse Purchaser, LLC(w)						S+650, 1.00% SOFR Floor						9/30/2027						Services: Business						469						463						469
Ironhorse Purchaser, LLC						0.50% Unfunded						9/30/2027						Services: Business						347						—						—
Isagenix International, LLC(q)(s)(w)						S+550, 1.00% SOFR Floor						4/14/2028						Beverage, Food & Tobacco						8,583						8,583						8,518
Jenny C Acquisition, Inc.(p)(v)						S+900, 1.75% SOFR Floor						10/1/2024						Services: Consumer						534						534						131
JP Intermediate B, LLC(m)(w)						S+550, 1.00% SOFR Floor						8/21/2027						Beverage, Food & Tobacco						34,703						18,528						27,155
K&N Parent, Inc.(m)(s)(v)						S+825, 1.00% SOFR Floor						8/16/2027						Consumer Goods: Durable						5,441						5,441						5,244
K&N Parent, Inc.(m)(v)						S+800, 1.00% SOFR Floor						2/16/2027						Consumer Goods: Durable						4,231						4,102						4,384
Klein Hersh, LLC(m)(s)(v)						S+1313, 0.50% SOFR Floor						4/27/2027						Services: Business						21,918						21,918						18,795
KNB Holdings Corp.(m)(p)(u)						L+550, 1.00% LIBOR Floor						4/26/2024						Consumer Goods: Durable						7,634						7,387						229
LAV Gear Holdings, Inc.(m)(n)(w)						S+628, 1.00% SOFR Floor						10/31/2024						Services: Business						27,590						27,484						27,383
LAV Gear Holdings, Inc.(m)(n)(w)						S+628, 1.00% SOFR Floor						10/31/2024						Services: Business						4,526						4,514						4,492
LGC US Finco, LLC(m)(v)						S+650, 1.00% SOFR Floor						12/20/2025						Capital Equipment						11,226						11,053						11,226
Lift Brands, Inc.(m)(n)(q)(v)						S+750, 1.00% SOFR Floor						6/29/2025						Services: Consumer						23,050						23,051						23,050
Lift Brands, Inc.(m)(n)(q)(s)						9.50%						6/29/2025						Services: Consumer						6,056						6,013						5,814
Lift Brands, Inc.(m)(n)(q)(s)						9.50%						6/29/2025						Services: Consumer						6,921						6,671						6,259
MacNeill Pride Group Corp.(m)(w)						S+625, 1.00% SOFR Floor						4/22/2026						Services: Consumer						17,051						16,987						16,966
MacNeill Pride Group Corp.(m)(w)						S+625, 1.00% SOFR Floor						4/22/2026						Services: Consumer						6,293						6,260						6,262
MacNeill Pride Group Corp.						1.00% Unfunded						4/30/2024						Services: Consumer						2,017						(11)						(10)
Manus Bio Inc.						13.00%						8/20/2026						Healthcare & Pharmaceuticals						11,094						11,043						11,094
Medplast Holdings, Inc.(m)(t)						L+375, 0.00% LIBOR Floor						7/2/2025						Healthcare & Pharmaceuticals						4,961						4,801						4,914
Mimeo.com, Inc.(m)(w)						L+640, 1.00% LIBOR Floor						12/21/2024						Media: Advertising, Printing & Publishing						21,638						21,638						21,638
Mimeo.com, Inc.(w)						L+640, 1.00% LIBOR Floor						12/21/2024						Media: Advertising, Printing & Publishing						2,756						2,756						2,756
Mimeo.com, Inc.						1.00% Unfunded						12/21/2024						Media: Advertising, Printing & Publishing						2,500						—						—
Moss Holding Company(m)(n)(w)						S+625, 1.00% SOFR Floor						4/17/2024						Services: Business						22,125						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)						Maturity						Industry						Principal/ Par Amount/ Units(e)						Cost(d)						Fair Value(c)
Moss Holding Company						6.25% Unfunded						4/17/2024						Services: Business						106						—						(1)
Moss Holding Company						0.50% Unfunded						4/17/2024						Services: Business						2,126						—						(21)
NewsCycle Solutions, Inc.(m)(n)(w)						S+700, 1.00% SOFR Floor						2/27/2024						Media: Advertising, Printing & Publishing						12,317						12,317						12,317
Nova Compression, LLC(m)(s)(v)						S+1050, 2.00% SOFR Floor						10/13/2027						Energy: Oil & Gas						27,004						27,004						27,004
Nova Compression, LLC						1.00% Unfunded						10/13/2024						Energy: Oil & Gas						2,609						—						—
Nova Compression, LLC(s)(v)						S+1050, 2.00% SOFR Floor						10/13/2027						Energy: Oil & Gas						652						652						652
NTM Acquisition Corp.(m)(w)						S+675, 1.00% SOFR Floor						6/18/2026						Hotel, Gaming & Leisure						25,000						25,000						25,000
OpCo Borrower, LLC(m)(w)						S+650, 1.00% SOFR Floor						8/19/2027						Healthcare & Pharmaceuticals						10,827						10,735						10,935
OpCo Borrower, LLC						0.50% Unfunded						8/19/2027						Healthcare & Pharmaceuticals						1,042						—						10
Optio Rx, LLC(m)(n)(u)						L+900, 0.00% LIBOR Floor						6/28/2024						Healthcare & Pharmaceuticals						15,366						15,354						15,309
Optio Rx, LLC(n)(u)						L+1200, 0.00% LIBOR Floor						6/28/2024						Healthcare & Pharmaceuticals						2,480						2,477						2,504
Pentec Acquisition Corp.(m)(v)						S+600, 1.00% SOFR Floor						10/8/2026						Healthcare & Pharmaceuticals						24,500						24,351						24,500
PH Beauty Holdings III. Inc.(m)(w)						S+500, 0.00% SOFR Floor						9/28/2025						Consumer Goods: Non-Durable						9,475						9,227						9,108
Playboy Enterprises, Inc.(h)(n)(s)(x)						S+425, 0.50% SOFR Floor						5/25/2027						Consumer Goods: Non-Durable						19,689						19,372						18,926
PRA Acquisition, LLC(n)(w)						S+650, 1.00% SOFR Floor						5/12/2028						Hotel, Gaming & Leisure						19,900						19,900						19,751
Project Castle, Inc.(m)(w)						S+550, 0.50% SOFR Floor						6/1/2029						Capital Equipment						7,890						7,186						7,042
R. R. Donnelley & Sons Company(n)(v)						S+725, 0.75% SOFR Floor						3/22/2028						Media: Advertising, Printing & Publishing						12,821						12,791						12,851
RA Outdoors, LLC(w)						S+675, 1.00% SOFR Floor						4/8/2026						Media: Diversified & Production						677						600						677
RA Outdoors, LLC(m)						S+675, 1.00% SOFR Floor						4/8/2026						Media: Diversified & Production						10,979						10,979						10,979
RA Outdoors, LLC						0.50% Unfunded						4/8/2026						Media: Diversified & Production						373						—						—
Retail Services WIS Corp.(m)(w)						S+835, 1.00% SOFR Floor						5/20/2025						Services: Business						9,046						8,926						8,956
Robert C. Hilliard, L.L.P.(m)(s)(v)						S+1200, 2.00% SOFR Floor						9/16/2024						Services: Consumer						2,149						2,149						2,130
Rogers Mechanical Contractors, LLC(m)(x)						S+700, 1.00% SOFR Floor						9/9/2025						Construction & Building						14,930						14,930						14,911
Rogers Mechanical Contractors, LLC(m)(x)						S+700, 1.00% SOFR Floor						9/9/2025						Construction & Building						881						881						880
Rogers Mechanical Contractors, LLC						0.75% Unfunded						9/9/2025						Construction & Building						2,404						—						(3)
RumbleOn, Inc.(m)(s)(w)						S+875, 1.00% SOFR Floor						8/31/2026						Automotive						9,525						9,089						9,239
RumbleOn, Inc.(m)(s)(w)						S+875, 1.00% SOFR Floor						8/31/2026						Automotive						2,875						2,858						2,788
Securus Technologies Holdings, Inc.(m)(s)(w)						S+489, 1.00% SOFR Floor						11/1/2024						Telecommunications						3,865						3,627						3,623
Sequoia Healthcare Management, LLC(y)						12.75%						11/4/2023						Healthcare & Pharmaceuticals						8,525						8,540						7,289
Service Compression, LLC(m)(s)(v)						S+1000, 1.00% SOFR Floor						5/6/2027						Energy: Oil & Gas						23,443						23,152						25,553
Service Compression, LLC(m)(s)(v)						S+1000, 1.00% SOFR Floor						5/6/2027						Energy: Oil & Gas						7,036						6,948						7,669
Service Compression, LLC						0.50% Unfunded						5/6/2025						Energy: Oil & Gas						419						—						38
Sleep Opco, LLC(m)(w)						S+650, 1.00% SOFR Floor						10/12/2026						Retail						13,635						13,469						13,635
Sleep Opco, LLC(m)(w)						S+700, 1.00% SOFR Floor						10/12/2026						Retail						397						392						405
Sleep Opco, LLC						0.50% Unfunded						10/12/2026						Retail						1,750						(20)						—
Spinal USA, Inc. / Precision Medical Inc.(s)(u)						L+950						11/29/2024						Healthcare & Pharmaceuticals						15,453						15,398						8,576

See accompanying notes to consolidated financial statements.

21

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CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2023

(in thousands)

Portfolio Company(a)						Interest(b)						Maturity						Industry						Principal/ Par Amount/ Units(e)						Cost(d)						Fair Value(c)
Spinal USA, Inc. / Precision Medical Inc.(s)(u)						L+950						11/29/2024						Healthcare & Pharmaceuticals						1,373						1,373						721
Spinal USA, Inc. / Precision Medical Inc.(s)(u)						L+950						11/29/2024						Healthcare & Pharmaceuticals						883						806						463
Spinal USA, Inc. / Precision Medical Inc.(s)(u)						L+950						11/29/2024						Healthcare & Pharmaceuticals						838						838						440
Spinal USA, Inc. / Precision Medical Inc.(s)(u)						L+950						11/29/2024						Healthcare & Pharmaceuticals						699						638						388
Spinal USA, Inc. / Precision Medical Inc.(s)(u)						L+950						11/29/2024						Healthcare & Pharmaceuticals						639						639						645
STATinMED, LLC(q)(s)(v)						S+950, 2.00% SOFR Floor						7/1/2027						Healthcare & Pharmaceuticals						10,678						10,678						10,358
Stengel Hill Architecture, LLC(n)(w)						S+650, 1.00% SOFR Floor						8/16/2028						Construction & Building						15,000						15,000						15,000
Tactical Air Support, Inc.(n)(v)						S+850, 1.00% SOFR Floor						12/22/2028						Aerospace & Defense						12,000						12,000						12,000
Tactical Air Support, Inc.						0.75% Unfunded						12/23/2024						Aerospace & Defense						2,000						—						—
Thrill Holdings LLC(m)(v)						S+650, 1.00% SOFR Floor						5/27/2027						Media: Diversified & Production						20,033						20,033						20,004
Thrill Holdings LLC						0.50% Unfunded						5/27/2027						Media: Diversified & Production						1,739						—						26
Thrill Holdings LLC						1.00% Unfunded						5/27/2024						Media: Diversified & Production						3,261						—						49
TMK Hawk Parent, Corp.(w)						S+350, 1.00% SOFR Floor						8/28/2024						Services: Business						7,957						5,997						5,359
TMK Hawk Parent, Corp.(w)						S+350, 1.00% SOFR Floor						8/28/2024						Services: Business						3,084						2,369						1,958
Trademark Global, LLC(m)(s)(v)						S+750, 1.00% SOFR Floor						7/30/2024						Consumer Goods: Non-Durable						15,731						15,720						14,347
Trammell, P.C.(s)(v)						S+1550, 2.00% SOFR Floor						4/28/2026						Services: Consumer						15,213						15,213						15,213
USALCO, LLC(m)(v)						S+600, 1.00% SOFR Floor						10/19/2027						Chemicals, Plastics & Rubber						25,435						25,243						25,435
Williams Industrial Services Group, Inc.(p)(s)(w)						S+1100, 1.00% SOFR Floor						12/16/2025						Services: Business						1,747						1,636						1,092
Williams Industrial Services Group, Inc.(p)(s)(w)						S+1100, 1.00% SOFR Floor						12/16/2025						Services: Business						349						327						218
Wok Holdings Inc.(m)(v)						S+625, 0.00% SOFR Floor						3/1/2026						Beverage, Food & Tobacco						24,844						24,291						24,673
WorkGenius, Inc.(m)(w)						S+750, 1.00% SOFR Floor						6/7/2027						Services: Business						14,821						14,821						14,821
WorkGenius, Inc.(w)						S+750, 1.00% SOFR Floor						6/7/2027						Services: Business						750						738						750
WorkGenius, Inc.(m)(w)						S+750, 1.00% SOFR Floor						6/7/2027						Services: Business						3,500						3,500						3,500
Xenon Arc, Inc.(m)(w)						S+575, 0.75% SOFR Floor						12/17/2027						High Tech Industries						3,876						3,844						3,876
Yak Access, LLC(m)(n)(w)						S+640, 1.00% SOFR Floor						3/10/2028						Construction & Building						20,592						18,768						20,618
Total Senior Secured First Lien Debt																														1,604,111						1,565,171
Senior Secured Second Lien Debt - 3.3%
Global Tel*Link Corp.(n)(w)						S+1000, 0.00% SOFR Floor						11/29/2026						Telecommunications						11,500						11,401						11,414
OpCo Borrower, LLC(m)						12.50%						2/19/2028						Healthcare & Pharmaceuticals						12,500						11,795						11,813
RA Outdoors, LLC(m)(w)						S+900, 1.00% SOFR Floor						10/8/2026						Media: Diversified & Production						1,809						1,809						1,820
Securus Technologies Holdings, Inc.(s)(w)						S+891, 1.00% SOFR Floor						11/1/2025						Telecommunications						2,999						2,990						2,591
TMK Hawk Parent, Corp.(p)(w)						S+800, 1.00% SOFR Floor						8/26/2025						Services: Business						13,393						13,285						1,473
Total Senior Secured Second Lien Debt																														41,280						29,111
Collateralized Securities and Structured Products - Equity - 0.1%
APIDOS CLO XVI Subordinated Notes(g)(h)						0.00% Estimated Yield						1/19/2025						Diversified Financials						9,000						1,217						20
Galaxy XV CLO Ltd. Class A Subordinated Notes(g)(h)						19.30% Estimated Yield						4/15/2025						Diversified Financials						4,000						1,145						1,076
Total Collateralized Securities and Structured Products - Equity																														2,362						1,096
Unsecured Debt - 1.5%
Lucky Bucks Holdings LLC(p)(s)						12.50%						5/26/2028						Hotel, Gaming & Leisure						25,308						22,860						4,135

See accompanying notes to consolidated financial statements.

22

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CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2023

(in thousands)

Portfolio Company(a)

Interest(b)

Maturity

Industry

Principal/ Par Amount/ Units(e)

Cost(d)

Fair Value(c)

WPLM Acquisition Corp.(s)

15.00%

11/24/2025

Media: Advertising, Printing & Publishing

8,872

8,833

8,739

Total Unsecured Debt

31,693

12,874

Equity - 26.4%

ARC Financial Partners, LLC, Membership Interests (25% ownership)(o)(q)

Metals & Mining

NA

—

—

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 Financials

NA

—

—

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)

8/19/2029

Healthcare & 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)

8/14/2028

Automotive

60,606 Units

378

376

Service Compression, LLC, Warrants(o)

Energy: Oil & Gas

N/A

509

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

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CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2023

(in thousands)

Portfolio Company(a)						Interest												Industry						Principal/ 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 Equity																														182,738						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 Investments																														113,446						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

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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 Investments						Fair 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 Income						Fee 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 Loan						7,539						2,976						(115)						1,023						11,423						—						1,373						—						—
Carestream Health Holdings Inc.
Common Shares						21,544						—						—						(158)						21,386						—						—						—						—
DESG Holdings, Inc.
First Lien Term Loan						246						—						(82)						(79)						85						—						—						—						—
GSC Technologies Inc.
Incremental Term Loan						154						6						(160)						—						—						—						11						—						—
First Lien Term Loan A						2,064						27						(297)						189						1,983						—						279						—						—
First Lien Term Loan B						388						103						—						451						942						—						112						—						—
Common Shares						—						—						—						1,251						1,251						—						—						—						—
Instant Web, LLC
Revolving Loan						321						2,587						—						(76)						2,832						—						247						—						—
Priming Term Loan						469						39						—						5						513						—						57						—						—
First Lien Term Loan						28,167						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 A						23,287						—						(236)						(1)						23,050						—						2,965						—						64
Term Loan B						5,154						523						—						137						5,814						—						572						—						—
Term Loan C						4,732						1,724						—						(197)						6,259						—						741						—						1,891
Longview Intermediate Holdings C, LLC
Membership Units						23,995						—						—						(2,269)						21,726						—						—						3,881						—
Longview Power, LLC
First Lien Term Loan						2,348						6						(1,396)						(958)						—						—						1,306						—						—
Mount Logan Capital Inc.
Common Stock						2,341						—						—						(717)						1,624						—						—						40						—
Snap Fitness Holdings, Inc.
Class A Stock						5,123						—						—						(470)						4,653						—						—						—						—
Warrants						2,077						—						—						(191)						1,886						—						—						—						—
SRA Holdings, LLC
Membership Units						—						23,611						—						1,904						25,515						—						—						—						—
STATinMED, LLC
First Lien Term Loan						9,107						1,456						—						(205)						10,358						—						1,485						—						—
Delayed Draw First Lien Term Loan						156						6						(159)						(3)						—						—						10						—						—
STATinMed Parent, LLC
Class A Preferred Units						4,530						—						—						(2,512)						2,018						—						—						—						—
Class B Preferred Units						134						—						—						(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

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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 Investments						Fair 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 Income						Fee Income
CION/EagleTree Partners, LLC
Senior Secured Note						$	60,348					$	4,771					$	(5,521)					$	—					$	59,598					$	—					$	7,843					$	—					$	—
Participating Preferred Shares						30,766						—						—						(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.

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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 Company						Investment Type						Cash						PIK						All-in-Rate
American Clinical Solutions LLC						Senior Secured First Lien Debt						7.15%						5.35%						12.50%
Anthem Sports & Entertainment Inc.						Senior Secured First Lien Debt						3.00%						12.11%						15.11%
Celerity Acquisition Holdings, LLC						Senior Secured First Lien Debt						10.00%						4.05%						14.05%
Cennox, Inc.						Senior Secured First Lien Debt						11.65%						0.25%						11.90%
CION/EagleTree Partners, LLC						Senior Secured Note						—						14.00%						14.00%
Community Tree Service, LLC						Senior Secured First Lien Debt						14.00%						2.50%						16.50%
Deluxe Entertainment Services, Inc.						Senior Secured First Lien Debt						12.50%						1.50%						14.00%
FuseFX, LLC						Senior Secured First Lien Debt						6.47%						5.00%						11.47%
GSC Technologies Inc.						Senior Secured First Lien Debt						—						10.51%						10.51%
Hilliard, Martinez & Gonzales, LLP						Senior Secured First Lien Debt						—						17.46%						17.46%
Homer City Generation, L.P.						Senior Secured First Lien Debt						—						15.00%						15.00%
Homer City Generation, L.P.						Senior Secured First Lien Debt						—						17.00%						17.00%
Inotiv, Inc.						Senior Secured First Lien Debt						11.96%						0.25%						12.21%
Instant Web, LLC						Senior Secured First Lien Debt						—						12.47%						12.47%
Isagenix International, LLC						Senior Secured First Lien Debt						2.50%						8.54%						11.04%
K&N Parent, Inc.						Senior Secured First Lien Debt						8.72%						5.00%						13.72%
Klein Hersh, LLC						Senior Secured First Lien Debt						6.74%						12.00%						18.74%
Lift Brands, Inc.						Senior Secured First Lien Debt						—						9.50%						9.50%
Lucky Bucks Holdings LLC						Unsecured Note						—						12.50%						12.50%
Nova Compression, LLC						Senior Secured First Lien Debt						12.61%						3.25%						15.86%
Playboy Enterprises, Inc.						Senior Secured First Lien Debt						6.50%						3.25%						9.75%
Robert C. Hilliard, L.L.P.						Senior Secured First Lien Debt						—						17.44%						17.44%
RumbleOn, Inc.						Senior Secured First Lien Debt						13.86%						0.50%						14.36%
Securus Technologies Holdings, Inc.						Senior Secured First Lien Debt						6.61%						3.89%						10.50%
Securus Technologies Holdings, Inc.						Senior Secured Second Lien Debt						6.61%						7.65%						14.26%
Service Compression, LLC						Senior Secured First Lien Debt						13.46%						2.00%						15.46%
Spinal USA, Inc. / Precision Medical Inc.						Senior Secured First Lien Debt						—						15.16%						15.16%
STATinMED, LLC						Senior Secured First Lien Debt						—						14.96%						14.96%
Trademark Global, LLC						Senior Secured First Lien Debt						11.11%						1.75%						12.86%
Trammell, P.C.						Senior Secured First Lien Debt						—						20.86%						20.86%
Williams Industrial Services Group, Inc.						Senior Secured First Lien Debt						10.00%						6.18%						16.18%
WPLM Acquisition Corp.						Unsecured Note						—						15.00%						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

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 6, 2024, 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, 2024. 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. On October 9, 2024, the Company’s 7.50% Notes due 2029 listed and commenced trading on the NYSE under the ticker symbol “CICB”.

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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, shareholders' equity, 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.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, or ASU 2023-09, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under this new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation and must also further disaggregate income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 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.

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 $53,503 and $113,446 of such investments at September 30, 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. 

One of the Company’s wholly-owned consolidated subsidiaries, CIC Holdco, LLC, or CIC Holdco, has elected to be treated as a taxable entity for U.S. federal income tax purposes. As a result, CIC Holdco is 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 its 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 September 30, 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.

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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.

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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.

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 September 30, 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

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023:

			Nine Months Ended September 30,																								Year Ended December 31,
			2024												2023												2023
			Shares						Amount						Shares						Amount						Shares						Amount
Gross shares/proceeds from the offering			—						$	—					—						$	—					—						$	—
Reinvestment of distributions			—						—						—						—						—						—
Total gross shares/proceeds			—						—						—						—						—						—
Share repurchase program			(824,750)						(9,344)						(834,680)						(8,619)						(1,114,848)						(11,518)
Net shares/amounts for share transactions			(824,750)						$	(9,344)					(834,680)						$	(8,619)					(1,114,848)						$	(11,518)

34

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

Since commencing its initial continuous public offering on July 2, 2012 and through September 30, 2024, the Company sold 53,359,886 shares of common stock for net proceeds of $1,124,001. 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 $268,736, for which the Company repurchased 16,909,481 shares of common stock. As of September 30, 2024, 16,906,122 shares of common stock repurchased had been retired.

On August 27, 2024, 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 September 30, 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.

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 19, 2024, 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 19, 2025, 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 nine months ended September 30, 2024:

Period						Total Number of Shares Repurchased						Average Price Paid per Share						Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs						Approximate Dollar Value of Shares That May Yet Be Repurchased Under Publicly Announced Plans or Programs(1)
2023
January 1 to January 31, 2023						129,873						$10.58						129,873						$	43,218
February 1 to February 28, 2023						114,733						11.06						114,733						41,951
March 1 to March 31, 2023						93,423						10.17						93,423						41,003
April 1 to April 30, 2023						126,980						9.69						126,980						39,775
May 1 to May 31, 2023						86,950						9.34						86,950						38,964
June 1 to June 30, 2023						114,698						10.31						114,698						37,784
July 1 to July 31, 2023						54,048						10.74						54,048						37,205
August 1 to August 31, 2023						18,518						10.96						18,518						37,002
September 1 to September 30, 2023						95,457						10.65						95,457						35,988
October 1 to October 31, 2023						145,599						10.08						145,599						34,056
November 1 to November 30, 2023						45,556						10.26						45,556						34,056
December 1 to December 31, 2023						89,013						10.84						89,013						33,093
Total for the year ended December 31, 2023						1,114,848												1,114,848
2024
January 1 to January 31, 2024						125,304						$11.14						125,304						$	31,700
February 1 to February 29, 2024						165,876						10.97						165,876						29,883
March 1 to March 31, 2024						132,851						10.95						132,851						28,431
April 1 to April 30, 2024						168,002						11.14						168,002						26,564
May 1 to May 31, 2024						27,449						11.67						27,449						26,244
June 1 to June 30, 2024						39,531						12.14						39,531						25,765
July 1 to July 31, 2024						71,305						12.35						71,305						24,885
August 1 to August 31, 2024						26,874						11.93						26,874						24,565
September 1 to September 30, 2024						67,558						11.86						67,558						23,764
Total for the nine months ended September 30, 2024						824,750												824,750

(1)Amounts do not include any commissions paid to Wells Fargo on shares repurchased.

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

From October 1, 2024 to October 30, 2024, the Company repurchased 73,943 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $881, or an average purchase price of $11.92 per share. As of October 30, 2024, 16,906,122 shares of common stock repurchased by the Company had been retired.

Note 4. Transactions with Related Parties

For the three and nine months ended September 30, 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 September 30,												Nine Months Ended September 30,												Year Ended December 31,
Entity									Capacity						Description						2024						2023						2024						2023						2023
CIM									Investment adviser						Management fees(1)						$	6,854					$	6,741					$	20,559					$	19,963					$	26,856
CIM									Investment adviser						Incentive fees(1)						4,586						6,362						16,371						17,662						22,277
CIM									Administrative services provider						Administrative services expense(1)						1,184						996						3,522						2,743						3,971
																					$	12,624					$	14,099					$	40,452					$	40,368					$	53,104

(1)Amounts charged directly to operations.

The Company has entered into an investment advisory agreement with CIM. On August 6, 2024, 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, 2024. 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 September 30, 2024 and 2023, the Company recorded subordinated incentive fees on income of $4,586 and $6,362, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded subordinated incentive fees on income of $16,371 and $17,662, respectively. As of September 30, 2024 and December 31, 2023, the liabilities recorded for subordinated incentive fees were $4,586 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 and nine months ended September 30, 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

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 6, 2024, 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, 2024.

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 September 30, 2024 and December 31, 2023, the total liability payable to CIM and its affiliates was $12,955 and $13,664, respectively, which primarily related to fees earned by CIM during the three months ended September 30, 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 and the administration 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 4 record dates during the year ended December 31, 2023 and the nine months ended September 30, 2024, respectively.

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 nine months ended September 30, 2024:

						Distributions
Three Months Ended						Per Share						Amount
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
June 30, 2024 (two record dates)						0.41						21,960
September 30, 2024 (one record date)						0.36						19,234
Total distributions for the nine months ended September 30, 2024						$	1.11					$	59,473

On November 4, 2024, the Company’s co-chief executive officers declared a quarterly base distribution of $0.36 per share for the fourth quarter of 2024 payable on December 16, 2024 to shareholders of record as of December 2, 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

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 nine months ended September 30, 2024 pursuant to the New DRP in order to satisfy the reinvestment portion of the Company’s distributions:

Period						Total Number of Shares Purchased						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Approximate Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans of Programs
2023
January 1 to January 31, 2023						146,946						$	11.19					146,946						(1)
February 1 to February 28, 2023						—						—						—						—
March 1 to March 31, 2023						204,427						9.78						204,427						(1)
April 1 to April 30, 2023						—						—						—						—
May 1 to May 31, 2023						—						—						—						—
June 1 to June 30, 2023						174,424						10.71						174,424						(1)
July 1 to July 31, 2023						—						—						—						—
August 1 to August 31, 2023						—						—						—						—
September 1 to September 30, 2023						160,383						11.10						160,383						(1)
October 1 to October 31, 2023						25,764						10.30						25,764						(1)
November 1 to November 30, 2023						—						—						—						—
December 1 to December 31, 2023						139,731						11.66						139,731						(1)
Total for the year ended December 31, 2023						851,675						$	10.79					851,675						(1)
2024
January 1 to January 31, 2024						92,108						$	11.05					92,108						(1)
February 1 to February 29, 2024						—						—						—						—
March 1 to March 31, 2024						170,571						11.09						170,571						(1)
April 1 to April 30, 2024						—						—						—						—
May 1 to May 31, 2024						—						—						—						—
June 1 to June 30, 2024						135,440						12.44						135,440						(1)
July 1 to July 31, 2024						18,789						12.51						18,789						(1)
August 1 to August 31, 2024						—						—						—						—
September 1 to September 30, 2024						131,659						12.10						131,659						(1)
Total for the nine months ended September 30, 2024						548,567						$	11.71					548,567						(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 nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023:

						Nine Months Ended September 30,																																				Year Ended December 31,
						2024																		2023																		2023
Source of Distribution						Per Share						Amount						Percentage						Per Share						Amount						Percentage						Per Share						Amount						Percentage
Net investment income						$	1.11					$	59,473					100.0		%				$	1.07					$	58,577					100.0		%				$	1.61					$	87,867					100.0		%
Total distributions						$	1.11					$	59,473					100.0		%				$	1.07					$	58,577					100.0		%				$	1.61					$	87,867					100.0		%

40

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

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.

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 September 30, 2024, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $60,588; the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $171,799; the net unrealized depreciation was $111,211; and the aggregate cost of securities for Federal income tax purposes was $1,917,440.

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 September 30, 2024 and December 31, 2023 at amortized cost and fair value was as follows:

						September 30, 2024																		December 31, 2023
						Cost(1)						Fair Value						Percentage of Investment Portfolio						Cost(1)						Fair Value						Percentage of Investment Portfolio
Senior secured first lien debt						$	1,541,136					$	1,494,524					85.3		%				$	1,604,111					$	1,565,171					85.0		%
Senior secured second lien debt						5,116						3,873						0.2		%				41,280						29,111						1.6		%
Collateralized securities and structured products - equity						1,003						685						—						2,362						1,096						0.1		%
Unsecured debt						29,501						11,761						0.7		%				31,693						12,874						0.7		%
Equity						219,985						241,883						13.8		%				182,738						232,572						12.6		%
Subtotal/total percentage						1,796,741						1,752,726						100.0		%				1,862,184						1,840,824						100.0		%
Short term investments(2)						53,503						53,503												113,446						113,446
Total investments						$	1,850,244					$	1,806,229											$	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

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 September 30, 2024 and December 31, 2023:

						September 30, 2024												December 31, 2023
Industry Classification						Investments at Fair Value						Percentage of Investment Portfolio						Investments at Fair Value						Percentage of Investment Portfolio
Services: Business						$	272,919					15.5		%				$	282,237					15.3		%
Healthcare & Pharmaceuticals						224,219						12.6		%				238,624						13.0		%
Retail						137,725						7.9		%				135,000						7.3		%
Media: Diversified & Production						131,196						7.5		%				135,037						7.3		%
Services: Consumer						109,005						6.2		%				107,195						5.8		%
Media: Advertising, Printing & Publishing						106,365						6.1		%				116,100						6.3		%
Construction & Building						101,037						5.8		%				104,727						5.7		%
Consumer Goods: Durable						96,513						5.5		%				59,955						3.3		%
Energy: Oil & Gas						94,504						5.4		%				104,893						5.7		%
Beverage, Food & Tobacco						89,320						5.1		%				68,780						3.7		%
Banking, Finance, Insurance & Real Estate						63,644						3.6		%				52,272						2.8		%
Diversified Financials						57,421						3.3		%				85,733						4.7		%
Hotel, Gaming & Leisure						50,199						2.9		%				50,906						2.8		%
Capital Equipment						39,092						2.2		%				49,571						2.7		%
Consumer Goods: Non-Durable						33,468						1.9		%				42,381						2.3		%
Automotive						30,934						1.8		%				12,403						0.7		%
Environmental Industries						27,413						1.6		%				15,336						0.8		%
Containers, Packaging & Glass						18,926						1.1		%				18,480						1.0		%
High Tech Industries						18,529						1.1		%				22,671						1.2		%
Metals & Mining						14,815						0.8		%				13,957						0.8		%
Aerospace & Defense						14,000						0.8		%				12,000						0.6		%
Transportation: Cargo						11,533						0.7		%				12,201						0.7		%
Telecommunications						6,538						0.4		%				17,768						1.0		%
Chemicals, Plastics & Rubber						3,411						0.2		%				82,597						4.5		%
Subtotal/total percentage						1,752,726						100.0		%				1,840,824						100.0		%
Short term investments						53,503												113,446
Total investments						$	1,806,229											$	1,954,270

						September 30, 2024												December 31, 2023
Geographic Dispersion(1)						Investments at Fair Value						Percentage of Investment Portfolio						Investments at Fair Value						Percentage of Investment Portfolio
United States						$	1,714,972					97.8		%				$	1,812,416					98.4		%
Canada						36,099						2.1		%				26,350						1.4		%
Bermuda						970						0.1		%				962						0.1		%
Cayman Islands						685						—						1,096						0.1		%
Subtotal/total percentage						1,752,726						100.0		%				1,840,824						100.0		%
Short term investments						53,503												113,446
Total investments						$	1,806,229											$	1,954,270

(1)The geographic dispersion is determined by the portfolio company's country of domicile.

As of September 30, 2024 and December 31, 2023, investments on non-accrual status represented 1.8% and 0.9%, respectively, of the Company's investment portfolio on a fair value basis.

42

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 September 30, 2024 and December 31, 2023, the Company’s unfunded commitments amounted to $71,113 and $47,349, respectively. As of October 30, 2024, the Company’s unfunded commitments amounted to $69,980. 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

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

The following table sets forth the individual investments in CION/EagleTree's portfolio as of September 30, 2024:

Portfolio Company						Interest(a)						Maturity						Industry						Principal/ Par Amount/ Units						Cost(b)						Fair Value
Senior Secured First Lien Debt
Berlitz Holdings, Inc.(e)						S+900, 1.00% SOFR Floor						5/31/2025						Services: Business						$	1,200					$	1,186					$	1,215
Community Tree Service, LLC(f)						S+1100, 1.00% SOFR Floor						6/17/2027						Construction & Building						465						465						465
Total Senior Secured First Lien Debt																														1,651						1,680
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(c)						11.84% Estimated Yield						2/2/2026						Diversified Financials						10,000						9,360						9,901
Total Collateralized Securities and Structured Products - Equity																														9,360						9,901
Equity
American Clinical Solutions LLC, Class A Membership Interests(d)																		Healthcare & Pharmaceuticals						6,030,384 Units						5,200						1,809
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(d)																		Media: Diversified & Production						1,469 Units						486						53
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 Financials						N/A						10,576						10,922
Carestream Health Holdings, Inc., Common Stock(d)																		Healthcare & Pharmaceuticals						614,367 Units						21,759						21,589
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend																		Healthcare & Pharmaceuticals						2,727,273 Units						8,464						12,191
CHC Medical Partners, Inc., Additional Series C Preferred Stock, 8% Dividend																		Healthcare & Pharmaceuticals						183,723 Units						308						608
CTS Ultimate Holdings LLC, Class A Preferred Units(d)																		Construction & Building						3,578,701 Units						1,000						1,002
Dayton HoldCo, LLC, Membership Units(d)																		Construction & Building						37,264 Units						—						180
HDNet Holdco LLC, Preferred Unit Call Option(d)																		Media: Diversified & Production						1 Unit						—						270
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						780
Skillsoft Corp., Class A Common Stock(d)																		High Tech Industries						12,171 Units						2,000						189
Spinal USA, Inc. / Precision Medical Inc., Warrants(d)																		Healthcare & Pharmaceuticals						20,667,324 Units						—						—
Total Equity																														50,093						49,593
Short Term Investments(g)
First American Treasury Obligations Fund, Class Z Shares						4.75%(h)																								1,427						1,427
Total Short Term Investments																														1,427						1,427
TOTAL INVESTMENTS																														$	62,531					$	62,601

a.The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of September 30, 2024, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to September 30, 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 SOFR, which as of September 30, 2024 was 4.85%.

f.The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2024 was 4.59%.

g.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.

h.7-day effective yield as of September 30, 2024.

44

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 Company						Interest(a)						Maturity						Industry						Principal/ Par Amount/ Units						Cost(b)						Fair Value
Senior Secured First Lien Debt
Berlitz Holdings, Inc.(f)						S+900, 1.00% SOFR Floor						2/14/2025						Services: Business						1,200						1,157						1,194
Community Tree Service, LLC(g)						S+850, 1.00% SOFR Floor						6/17/2027						Construction & Building						463						463						464
Total Senior Secured First Lien Debt																														1,620						1,658
Senior Secured Second Lien Debt
Access CIG, LLC(g)						S+775, 0.00% SOFR Floor						2/27/2026						Services: Business						7,250						7,229						7,244
MedPlast Holdings, Inc.(e)						L+775, 0.00% LIBOR Floor						7/2/2026						Healthcare & Pharmaceuticals						6,750						6,276						6,535
Total Senior Secured Second Lien Debt																														13,505						13,779
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(c)						11.84% Estimated Yield						2/2/2026						Diversified Financials						10,000						9,717						9,117
Total Collateralized Securities and Structured Products - Equity																														9,717						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 Financials						N/A						12,144						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 Equity																														59,507						67,490
Short Term Investments(g)
First American Treasury Obligations Fund, Class Z Shares						5.24%(i)																								1,306						1,306
Total Short Term Investments																														1,306						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

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

The following table includes selected balance sheet information for CION/EagleTree as of September 30, 2024 and December 31, 2023:

Selected Balance Sheet Information:						September 30, 2024						December 31, 2023
Investments, at fair value (amortized cost of $62,531 and $85,655, respectively)						$	62,601					$	93,350
Cash and other assets						—						14
Dividend receivable on investments						410						414
Interest receivable on investments						240						287
Total assets						$	63,251					$	94,065
Senior secured notes (net of unamortized debt issuance costs of $53 and $70, respectively)						$	40,949					$	64,432
Other liabilities						120						166
Total liabilities						41,069						64,598
Members' capital						22,182						29,467
Total liabilities and members' capital						$	63,251					$	94,065

The following table includes selected statement of operations information for CION/EagleTree for the three and nine months ended September 30, 2024 and 2023 and for the year ended December 31, 2023:

			Three Months Ended September 30,												Nine Months Ended September 30,																		Year Ended December 31,
Selected Statement of Operations Information:			2024						2023						2024						2023																		2023
Total investment income			$	901					$	1,777					$	3,346					$	4,840																	$	6,230
Total expenses			1,638						2,541						6,329						7,799																		10,213
Net realized (loss) gain on investments			—						(177)						3,325						(1)																		(2,083)
Net change in unrealized appreciation (depreciation) on investments			2,247						780						(7,627)						1,226																		4,338
Net increase (decrease) in net assets			$	1,510					$	(161)					$	(7,285)					$	(1,734)																	$	(1,728)

46

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 September 30, 2024: 

Financing Arrangement

Type of Financing Arrangement

Rate

Amount Outstanding

Amount Available

Maturity Date

JPM Credit Facility

Term Loan Credit Facility

SOFR+2.55%(1)

$

450,000

$

112,500

June 15, 2027

2026 Notes(2)

Note Purchase Agreement

4.50%

125,000

—

February 11, 2026

UBS Facility

Repurchase Agreement

SOFR+3.20%

100,000

50,000

November 19, 2024

Series A Notes(3)

Israel Public Bond Offering

SOFR+3.82%

114,844

—

August 31, 2026

2027 Notes (Tranche A)

Note Purchase Agreement

SOFR+4.75%

100,000

—

November 8, 2027

2027 Notes (Tranche B)

Amended and Restated Note Purchase Agreement

SOFR+3.90%

100,000

—

November 8, 2027

2022 Term Loan

Term Loan Facility Agreement

SOFR+3.50%

50,000

—

April 27, 2027

2024 Term Loan

Term Loan Facility Agreement

SOFR+3.80%

30,000

—

September 30, 2027

$

1,069,844

$

162,500

(1)34th Street will pay an annual administration fee of 0.20% on JPM's total financing commitment. The administration fee is included in interest expense in the consolidated statements of operations.

(2)As of September 30, 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 September 30, 2024.

(3)As of September 30, 2024, the fair value of the Series A Notes was $120,114, 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 September 30, 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 could have been 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.

47

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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.

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 bore 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.

On May 14, 2024 and June 17, 2024, 34th Street entered into a Third Amendment and a Fourth Amendment, respectively, to the Third Amended JPM Credit Agreement with JPM. Under these amendments, the reinvestment period was extended from May 15, 2024 to June 17, 2024 and from June 17, 2024 to July 15, 2024, respectively, as a bridge to the parties entering into a broader amendment to the Third Amended JPM Credit Facility.

On July 15, 2024, 34th Street entered into a Fifth Amendment to the Third Amended JPM Credit Agreement with JPM, or the JPM Fifth Amendment. Under the JPM Fifth Amendment, advances to 34th Street remain unchanged of up to $675,000, but the credit spread on the floating interest rate payable by 34th Street on all such advances was reduced from the three-month SOFR plus a credit spread of 3.20% per year to SOFR plus a credit spread of 2.55% per year. Also under the JPM Fifth Amendment, the reinvestment period was extended from July 15, 2024 to June 15, 2026 and the maturity date was extended from May 15, 2025 to June 15, 2027. 34th Street incurred certain customary costs and expenses in connection with the JPM Fifth Amendment and will pay an annual administrative fee of 0.20% on JPM's total financing commitment.

Interest is payable quarterly in arrears. 34th Street may prepay advances pursuant to the terms and conditions of the Third Amended JPM Credit Facility, subject to a 1.0% premium in certain circumstances. In addition, 34th Street will be subject to a non-usage fee of 0.8% per year on the amount, if any, of the aggregate principal amount available under the Third Amended JPM Credit Facility that has not been borrowed through June 14, 2026. This non-usage fee of 0.8% was reduced from 1.0% in the JPM Fifth Amendment. The non-usage fees, if any, are payable quarterly in arrears.

As of December 31, 2023, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $550,000. On September 25, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $675,000 to $600,000 and repaid $70,000 of outstanding borrowings. On September 30, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $600,000 to $562,500 and repaid $30,000 of outstanding borrowings. As of September 30, 2024, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $450,000 and the aggregate unfunded principal amount was $112,500. The carrying amount outstanding under the Third Amended JPM Credit Facility 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 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 are non-recourse to the Company, and the Company’s exposure under the Third Amended JPM Credit Facility is limited to the value of the Company’s investment in 34th Street.

In connection with the Third Amended JPM Credit Facility, 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 September 30, 2024, 34th Street was in compliance with all covenants and reporting requirements.

Through September 30, 2024, the Company incurred debt issuance costs of $18,070 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, which is included in the Company’s consolidated balance sheet as of September 30, 2024 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility. At September 30, 2024, the unamortized portion of the debt issuance costs was $5,494.

48

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

For the three and nine months ended September 30, 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 Third Amended JPM Credit Facility were as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,												Year Ended December 31,
						2024						2023						2024						2023						2023
Stated interest expense						$	11,226					$	13,193					$	35,007					$	37,568					$	50,223
Amortization of deferred financing costs						522						501						1,512						1,597						2,097
Non-usage fee						318						192						950						552						808
Total interest expense						$	12,066					$	13,886					$	37,469					$	39,717					$	53,128
Weighted average interest rate(1)						8.30		%				8.64		%				8.62		%				8.34		%				8.45		%
Average borrowings						$	544,348					$	600,000					$	548,102					$	602,198					$	595,342

(1)Includes the stated interest expense and non-usage fee on the unused portion of the Third Amended JPM Credit Facility and is annualized for periods covering less than one year.

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 September 30, 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 September 30, 2024, the aggregate principal amount of 2026 Notes outstanding was $125,000.

Through September 30, 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 September 30, 2024 and will amortize to interest expense over the term of the 2026 Notes. At September 30, 2024, the unamortized portion of the debt issuance costs was $729.

49

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

For the three and nine months ended September 30, 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 September 30,												Nine Months Ended September 30,												Year Ended December 31, 2023
						2024						2023						2024						2023
Stated interest expense						$	1,407					$	1,407					$	4,219					$	4,219					$	5,625
Amortization of deferred financing costs						134						135						400						399						533
Total interest expense						$	1,541					$	1,542					$	4,619					$	4,618					$	6,158
Weighted average interest rate(1)						4.50		%				4.50		%				4.50		%				4.50		%				4.50		%
Average borrowings						$	125,000					$	125,000					$	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 September 30, 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.

50

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 was 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 was 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 was 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.

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.

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

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 September 30, 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 September 30, 2024, all upfront fees and other expenses were fully amortized.

As of September 30, 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 September 30, 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 September 30, 2024, the fair value of assets held by Murray Hill Funding II was $234,227.

For the three and nine months ended September 30, 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 September 30,												Nine Months Ended September 30,												Year Ended December 31,
						2024						2023						2024						2023						2023
Stated interest expense						$	2,152					$	2,554					$	6,926					$	7,520					$	10,297
Non-usage fee						96						74						245						186						239
Total interest expense						$	2,248					$	2,628					$	7,171					$	7,706					$	10,536
Weighted average interest rate(1)						8.80		%				9.03		%				8.80		%				8.65		%				8.76		%
Average borrowings						$	100,000					$	111,250					$	107,062					$	117,299					$	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

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 September 30, 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 September 30, 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 September 30, 2024 and will amortize to interest expense over the term of the Series A Notes and the Additional Series A Notes. At September 30, 2024, the unamortized portion of the debt issuance costs was $3,057.

For the three months ended September 30, 2024 and 2023, for the nine months ended September 30, 2024, for the period from February 28, 2023 through September 30, 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 September 30,												Nine Months Ended September 30, 2024						For the Period From February 28, 2023 Through September 30, 2023						For the Period From February 28, 2023 Through December 31, 2023
						2024						2023
Stated interest expense						$	2,660					$	1,844					$	7,973					$	4,243					$	6,886
Amortization of deferred financing costs						402						217						1,197						507						887
Total interest expense						$	3,062					$	2,061					$	9,170					$	4,750					$	7,773
Weighted average interest rate(1)						9.13		%				8.97		%				9.12		%				8.87		%				8.98		%
Average borrowings						$	114,844					$	80,712					$	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, tranche A, 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

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 September 30, 2024, the Company was in compliance with all covenants and reporting requirements.

On September 18, 2024, the Company entered into an Amended and Restated Note Purchase Agreement with certain institutional investors, or the AR Note Purchase Agreement, in connection with the Company’s issuance of $100,000 aggregate principal amount of its floating rate senior unsecured notes, tranche B, due 2027, or the Tranche B Notes, at a purchase price equal to par. The Tranche B Notes represent an add-on, second tranche of, and except as described herein have the same terms and conditions as, the 2027 Notes that were issued by the Company in November 2023. The net proceeds to the Company were approximately $96,200, after the deduction of a commitment fee of $2,875, placement agent fees and other financing expenses. The Tranche B Notes are rated investment grade.

The Tranche B Notes mature on November 8, 2027. The Tranche B Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 3.90% 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 November 15, 2024.

Through September 30, 2024, the Company incurred debt issuance costs of $5,365 in connection with issuing the 2027 Notes and the Tranche B Notes, which were recorded as a direct reduction to the outstanding balance of the 2027 Notes and the Tranche B Notes, which is included in the Company’s consolidated balance sheet as of September 30, 2024 and will amortize to interest expense over the term of the 2027 Notes and the Tranche B Notes. At September 30, 2024, the unamortized portion of the debt issuance costs was $4,939.

54

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

For the three and nine months ended September 30, 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 and the Tranche B Notes were as follows:

						Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024						For the Period From November 8, 2023 Through December 31, 2023
Stated interest expense						$	2,864					$	7,952					$	1,495
Amortization of deferred financing costs						149						362						63
Total interest expense						$	3,013					$	8,314					$	1,558
Weighted average interest rate(1)						9.82		%				9.97		%				9.97		%
Average borrowings						$	114,130					$	104,745					$	100,000

(1) Includes the stated interest expense on the 2027 Notes and the Tranche B Notes and is annualized for periods covering less than one year.

2022 Term Loan

On April 27, 2022, the Company entered into an Unsecured Term Loan Facility Agreement, or the 2022 Term Loan Agreement, with an Israeli institutional investor, as lender, which provided for an unsecured term loan to the Company in an aggregate principal amount of $50,000, or the 2022 Term Loan. On April 27, 2022, the Company drew down $50,000 of borrowings under the 2022 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 Term Loan approximates its fair value.

Advances under the 2022 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 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 2022 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 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 2022 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 2022 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 September 30, 2024, the Company was in compliance with all covenants and reporting requirements.

Through September 30, 2024, the Company incurred debt issuance costs of $1,025 in connection with obtaining the 2022 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2022 Term Loan, which is included in the Company’s consolidated balance sheet as of September 30, 2024 and will amortize to interest expense over the term of the 2022 Term Loan. At September 30, 2024, the unamortized portion of the debt issuance costs was $526.

55

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

For the three and nine months ended September 30, 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 Term Loan were as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,												Year Ended December 31,
						2024						2023						2024						2023						2023
Stated interest expense						$	1,128					$	1,118					$	3,356					$	3,191					$	4,328
Amortization of deferred financing costs						52						51						154						153						205
Total interest expense						$	1,180					$	1,169					$	3,510					$	3,344					$	4,533
Weighted average interest rate(1)						8.83		%				8.74		%				8.82		%				8.42		%				8.54		%
Average borrowings						$	50,000					$	50,000					$	50,000					$	50,000					$	50,000

(1) Includes the stated interest expense on the 2022 Term Loan and is annualized for periods covering less than one year.

2021 Term Loan

On April 14, 2021, the Company entered into an Unsecured Term Loan Facility Agreement, or the Term Loan Agreement, with an Israeli institutional investor, as lender. The Term Loan Agreement with such lender, or the 2021 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 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.

Advances under the 2021 Term Loan were scheduled to mature on September 30, 2024, and bore interest at a rate of 5.20% per year payable quarterly in arrears. The Company had 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 was to be prepaid or became due and payable pursuant to the Term Loan Agreement. The discounted present value portion of the prepayment fee was calculated by applying a discount rate on the same periodic basis as that on which interest on advances was 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 Term Loan, or if there were 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 Term Loan were general unsecured obligations of the Company that ranked pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, ranked 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 ranked 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 contained 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 represented 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 represented 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 contained 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 September 30, 2024, the Company was in compliance with all covenants and reporting requirements.

On September 24, 2024, the Company fully repaid all outstanding principal and interest on and otherwise satisfied all its obligations under the 2021 Term Loan.

Through September 30, 2024, the Company incurred debt issuance costs of $992 in connection with obtaining the 2021 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2021 Term Loan, which is included in the Company’s consolidated balance sheet as of September 30, 2024 and was to amortize to interest expense over the term of the 2021 Term Loan. At September 30, 2024, all upfront fees and other expenses were fully amortized.

56

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

For the three and nine months ended September 30, 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 Term Loan were as follows:

						Three Months Ended September 30,												Nine Months Ended September 30,												Year Ended December 31,
						2024						2023						2024						2023						2023
Stated interest expense						$	368					$	399					$	1,157					$	1,183					$	1,582
Amortization of deferred financing costs						66						72						209						215						288
Total interest expense						$	434					$	471					$	1,366					$	1,398					$	1,870
Weighted average interest rate(1)						5.20		%				5.20		%				5.20		%				5.20		%				5.20		%
Average borrowings						$	27,717					$	30,000					$	29,234					$	30,000					$	30,000

(1) Includes the stated interest expense on the 2021 Term Loan and is annualized for periods covering less than one year.

2024 Term Loan

On September 30, 2024, the Company entered into an Unsecured Term Loan Facility Agreement, or the 2024 Term Loan Agreement, with an Israeli institutional investor, as lender, which provides for an unsecured term loan to the Company in an aggregate principal amount of $30,000, or the 2024 Term Loan. After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $29,400 less customary legal fees and other expenses, which the Company used for working capital and other general corporate purposes.

Advances under the 2024 Term Loan bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.80% per year and subject to a 4.0% SOFR floor, payable quarterly in arrears. Advances under the 2024 Term Loan mature on September 30, 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 2024 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 2024 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 2024 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 business development company within the meaning of the Investment Company Act of 1940, as amended, (iii) minimum shareholders’ equity of $543.6 million, (iv) a minimum asset coverage ratio of not less than 150%, (v) an interest coverage ratio of not less than 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. In addition, the 2024 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 September 30, 2024, the Company was in compliance with all covenants.

On September 30, 2024, the Company incurred debt issuance costs of $180 in connection with obtaining the 2024 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2024 Term Loan, which is included in the Company’s consolidated balance sheet as of September 30, 2024 and will amortize to interest expense over the term of the 2024 Term Loan. At September 30, 2024, the unamortized portion of the debt issuance costs was $180.

57

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

As of September 30, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2024 Term Loan were as follows:

																		September 30, 2024
Stated interest expense																														$	7
Amortization of deferred financing costs																														—
Total interest expense																														$	7
Weighted average interest rate(1)																														8.40		%
Average borrowings																														$	30,000

(1) Includes the stated interest expense on the 2024 Term Loan and is annualized for periods covering less than one year.

Note 9. Fair Value of Financial Instruments

The following table presents fair value measurements of the Company’s portfolio investments as of September 30, 2024 and December 31, 2023, according to the fair value hierarchy: 

			September 30, 2024(1)																								December 31, 2023(2)
			Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3						Total
Senior secured first lien debt			$	—					$	—					$	1,494,524					$	1,494,524					$	—					$	—					$	1,565,171					$	1,565,171
Senior secured second lien debt			—						—						3,873						3,873						—						—						29,111						29,111
Collateralized securities and structured products - equity			—						—						685						685						—						—						1,096						1,096
Unsecured debt			—						—						11,761						11,761						—						—						12,874						12,874
Equity			1,511						—						221,521						223,032						1,624						—						205,909						207,533
Short term investments			53,503						—						—						53,503						113,446						—						—						113,446
Total Investments			$	55,014					$	—					$	1,732,364					$	1,787,378					$	115,070					$	—					$	1,814,161					$	1,929,231

(1)Excludes the Company's $18,851 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 and nine months ended September 30, 2024 and 2023:

			Three Months Ended September 30, 2024
			Senior Secured First Lien Debt						Senior Secured Second Lien Debt												Collateralized Securities and Structured Products - Equity						Unsecured Debt						Equity						Total
Beginning balance, June 30, 2024			$	1,536,753					$	15,050											$	770					$	5,493					$	245,634					$	1,803,700
Investments purchased(2)(3)			122,203						134												—						5,187						11,326						138,850
Net realized (loss) gain			(1,792)						—												—						—						5,730						3,938
Net change in unrealized (depreciation) appreciation			(6,653)						107												(64)						1,081						(21,509)						(27,038)
Accretion of discount			1,781						83												—						—						—						1,864
Sales and principal repayments(3)			(157,768)						(11,501)												(21)						—						(19,660)						(188,950)
Ending balance, September 30, 2024			$	1,494,524					$	3,873											$	685					$	11,761					$	221,521					$	1,732,364
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2024(1)			$	(6,228)					$	174											$	(64)					$	1,081					$	(17,503)					$	(22,540)

(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.

58

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

			Nine Months Ended September 30, 2024
			Senior Secured First Lien Debt						Senior Secured Second Lien Debt												Collateralized Securities and Structured Products - Equity						Unsecured Debt						Equity						Total
Beginning balance, December 31, 2023			$	1,565,171					$	29,111											$	1,096					$	12,874					$	205,909					$	1,814,161
Investments purchased(2)(3)			398,176						323												—						6,641						54,805						459,945
Net realized (loss) gain			(22,209)						(11,809)												(1,210)						—						9,153						(26,075)
Net change in unrealized (depreciation) appreciation			(7,672)						10,926												948						1,079						(21,635)						(16,354)
Accretion of discount			14,315						808												—						39						—						15,162
Sales and principal repayments(3)			(453,257)						(25,486)												(149)						(8,872)						(26,711)						(514,475)
Ending balance, September 30, 2024			$	1,494,524					$	3,873											$	685					$	11,761					$	221,521					$	1,732,364
Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2024(1)			$	(10,575)					$	(856)											$	(249)					$	985					$	(14,229)					$	(24,924)

(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.

			Three Months Ended September 30, 2023
			Senior Secured First Lien Debt						Senior Secured Second Lien Debt												Collateralized Securities and Structured Products - Equity						Unsecured Debt						Equity												Total
Beginning balance, June 30, 2023			$	1,468,630					$	39,544											$	1,046					$	17,301					$	133,725											$	1,660,246
Investments purchased(2)(3)			112,470						—												—						—						34,328												146,798
Net realized loss			(5,844)						—												—						—						(2,279)												(8,123)
Net change in unrealized appreciation (depreciation)			30,233						(3,473)												264						(2,675)						1,795												26,144
Accretion of discount			3,847						47												—						5						—												3,899
Sales and principal repayments(3)			(127,838)						(4)												(86)						—						—												(127,928)
Ending balance, September 30, 2023			$	1,481,498					$	36,114											$	1,224					$	14,631					$	167,569											$	1,701,036
Change in net unrealized appreciation (depreciation) on investments still held as of September 30, 2023(1)			$	10,453					$	(3,473)											$	264					$	(2,675)					$	444											$	5,013

(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.

59

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

			Nine Months Ended September 30, 2023
			Senior Secured First Lien Debt						Senior Secured Second Lien Debt												Collateralized Securities and Structured Products - Equity						Unsecured Debt						Equity						Total
Beginning balance, December 31, 2022			$	1,579,512					$	38,769											$	1,179					$	22,643					$	73,951					$	1,716,054
Investments purchased(2)(3)			231,183						—												—						4,200						99,657						335,040
Net realized loss			(23,518)						—												—						—						(8,058)						(31,576)
Net change in unrealized appreciation (depreciation)			11,547						(2,814)												308						(12,225)						2,019						(1,165)
Accretion of discount			10,657						172												—						13						—						10,842
Sales and principal repayments(3)			(327,883)						(13)												(263)						—						—						(328,159)
Ending balance, September 30, 2023			$	1,481,498					$	36,114											$	1,224					$	14,631					$	167,569					$	1,701,036
Change in net unrealized appreciation (depreciation) on investments still held as of September 30, 2023(1)			$	1,685					$	(2,814)											$	308					$	(12,225)					$	(461)					$	(13,507)

(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 September 30, 2024 and December 31, 2023 were as follows:

September 30, 2024

Fair Value

Valuation Techniques/ Methodologies

Unobservable Inputs

Range

Weighted Average(1)

Senior secured first lien debt

$

1,332,134

Discounted Cash Flow

Discount Rates

8.5%

—

30.0%

13.2%

67,169

Market Comparable Approach

Revenue Multiple

1.00x

—

6.50x

1.83x

28,019

EBITDA Multiple

5.38x

—

10.25x

7.99x

55,269

Broker Quotes

Broker Quotes

N/A

N/A

11,933

Other(2)

Other(2)

N/A

N/A

Senior secured second lien debt

3,873

Market Comparable Approach

EBITDA Multiple

5.88x

—

6.25x

5.99x

Collateralized securities and structured products - equity

685

Discounted Cash Flow

Discount Rates

21.0%

N/A

Unsecured debt

5,513

Discounted Cash Flow

Discount Rates

11.5%

—

13.0%

11.9%

5,298

Other(2)

Other(2)

N/A

N/A

950

Options Pricing Model

Expected Volatility

35.0%

N/A

Equity

78,754

Market Comparable Approach

EBITDA Multiple

5.00x

—

17.00x

10.84x

70,186

Revenue Multiple

0.30x

—

6.50x

0.52x

49,272

$ per kW

$442.5

N/A

8,374

Options Pricing Model

Expected Volatility

47.5%

—

100.0%

52.9%

7,613

Discounted Cash Flow

Discount Rates

19.0%

N/A

6,439

Broker Quotes

Broker Quotes

N/A

N/A

883

Other(2)

Other(2)

N/A

N/A

Total

$

1,732,364

(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.

60

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

December 31, 2023

Fair Value

Valuation Techniques/ Methodologies

Unobservable Inputs

Range

Weighted Average(1)

Senior secured first lien debt

$

1,354,388

Discounted Cash Flow

Discount Rates

8.5%

—

32.5%

13.8%

108,992

Broker Quotes

Broker Quotes

N/A

N/A

72,229

Market Comparable Approach

Revenue Multiple

1.00x

—

2.50x

1.61x

27,867

EBITDA Multiple

9.00x

—

16.25x

14.35x

1,695

Other(2)

Other(2)

N/A

N/A

Senior secured second lien debt

27,638

Discounted Cash Flow

Discount Rates

13.4%

—

25.0%

16.1%

1,473

Market Comparable Approach

EBITDA Multiple

9.00x

N/A

Collateralized securities and structured products - equity

1,096

Discounted Cash Flow

Discount Rates

5.4%

—

21.0%

20.7%

Unsecured debt

8,739

Discounted Cash Flow

Discount Rates

16.0%

N/A

4,135

Other(2)

Other(2)

N/A

N/A

Equity

90,771

Market Comparable Approach

EBITDA 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 Quotes

Broker Quotes

N/A

N/A

376

Options Pricing Model

Expected Volatility

115.0%

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 and nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023:

			Three Months Ended September 30,												Nine Months Ended September 30,												Year Ended December 31,
			2024						2023						2024						2023						2023
Professional fees			$	777					$	405					$	1,753					$	1,576					$	2,178
Dues and subscriptions			117						162						649						635						800
Valuation expense			205						212						578						637						853
Insurance expense			195						168						533						504						675
Director fees and expenses			171						177						519						525						696
Accounting and administrative costs			137						282						459						606						637
Transfer agent expense			121						189						368						736						911
Printing and marketing expense			127						284						292						558						351
Other expenses			5						52						147						183						281
Total general and administrative expense			$	1,855					$	1,931					$	5,298					$	5,960					$	7,382

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 September 30, 2024 and December 31, 2023, the Company’s unfunded commitments were as follows:

Unfunded Commitments						September 30, 2024(1)						December 31, 2023(1)
APS Acquisition Holdings, LLC						$	7,799					$	—
American Clinical Solutions LLC						6,450						250
American Family Care, LLC						6,364						—
Flatworld Intermediate Corp.						5,865						5,865
Rogers Mechanical Contractors, LLC						5,838						2,404
Lux Credit Consultants LLC						5,172						—
American Health Staffing Group, Inc.						3,333						3,333
Homer City Holdings LLC						3,000						196
Cennox, Inc.						2,987						—
Gold Medal Holdings, Inc.						2,498						—
Moss Holding Company						2,232						2,232
ALM Media, LLC						2,160						—
Nova Compression, LLC						1,957						2,609
Instant Web, LLC						1,947						2,164
Sleep Opco, LLC						1,750						1,750
Thrill Holdings LLC						1,739						5,000
Riddell, Inc.						1,636						—
Stengel Hill Architecture, LLC						1,500						—
Bradshaw International Parent Corp.						1,230						1,844
ESP Associates, Inc.						1,118						1,316
Mimeo.com, Inc.						1,000						2,500
Critical Nurse Staffing, LLC						1,000						1,000
Dermcare Management, LLC						627						671
BDS Solutions Intermediateco, LLC						524						1,905
HEC Purchaser Corp.						495						—
Ironhorse Purchaser, LLC						490						347
American Teleconferencing Services, Ltd.						235						234
Anthem Sports & Entertainment Inc.						167						167
Coyote Buyer, LLC						—						2,500
MacNeill Pride Group Corp.						—						2,017
Tactical Air Support, Inc.						—						2,000
Fluid Control Intermediate Inc.						—						1,765
OpCo Borrower, LLC						—						1,042
H.W. Lochner, Inc.						—						1,036
Service Compression, LLC						—						419
Invincible Boat Company LLC						—						399
RA Outdoors, LLC						—						372
HW Acquisition, LLC						—						12
Total						$	71,113					$	47,349

(1)Unless otherwise noted, the funding criteria for these unfunded commitments had not been met at the date indicated.

62

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 September 30, 2024 and December 31, 2023, refer to the table above and the consolidated schedules of investments. As of October 30, 2024, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $69,980.

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 and nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023:

			Three Months Ended September 30,												Nine Months Ended September 30,												Year Ended December 31,
			2024						2023						2024						2023						2023
Capital structuring and other fees			$	4,951					$	1,763					$	8,180					$	2,295					$	4,309
Amendment fees			802						1,769						1,950						5,115						6,415
Commitment fees			—						—						1,760						309						308
Conversion fees			—						—						78						477						477
Administrative agent fees			50						—						50						30						185
Total(1)			$	5,803					$	3,532					$	12,018					$	8,226					$	11,694

(1)A portion of our fee income is derived from non-controlled, affiliated investments and controlled investments. Refer to notes r. and s. to the consolidated schedule of investments as of September 30, 2024 included in this report for further details on the sources of our fee income.

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.

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 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 nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023:

						Nine Months Ended September 30,												Year Ended December 31,
						2024						2023						2023
Per share data:(1)
Net asset value at beginning of period						$	16.23					$	15.98					$	15.98
Results of operations:
Net investment income						1.44						1.52						1.92
Net realized loss and net change in unrealized depreciation on investments and loss on foreign currency(2)						(0.91)						(0.71)						(0.18)
Net increase in net assets resulting from operations(2)						0.53						0.81						1.74
Shareholder distributions:
Distributions from net investment income						(1.11)						(1.07)						(1.61)
Net decrease in net assets resulting from shareholders' distributions						(1.11)						(1.07)						(1.61)
Capital share transactions:
Repurchases of common stock below net asset value(3)						0.08						0.08						0.12
Net increase in net assets resulting from capital share transactions						0.08						0.08						0.12
Net asset value at end of period						$	15.73					$	15.80					$	16.23
Shares of common stock outstanding at end of period						53,359,886						54,464,804						54,184,636
Total investment return-net asset value(4)						6.26		%				9.14		%				17.00		%
Total investment return-market value(5)						15.36		%				19.85		%				34.33		%
Net assets at beginning of period						$	879,563					$	883,634					$	883,634
Net assets at end of period						$	839,190					$	860,760					$	879,563
Average net assets						$	868,759					$	859,301					$	864,886
Ratio/Supplemental data(6):
Ratio of net investment income to average net assets						8.88		%				9.69		%				12.14		%
Ratio of net operating expenses to average net assets						13.51		%				12.54		%				16.88		%
Portfolio turnover rate(7)						19.56		%				11.51		%				17.43		%
Total amount of senior securities outstanding						$	1,069,844					$	1,008,212					$	1,092,344
Asset coverage ratio(8)						1.78						1.85						1.81

(1)The per share data for the nine months ended September 30, 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 in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.

(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 nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023.

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

(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 nine months ended September 30, 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.

Note 14. Subsequent Event

On October 3, 2024, the Company issued and sold $172,500 in aggregate principal amount of its unsecured 7.50% Notes due 2029, or the 2029 Notes, which includes $22,500 in aggregate principal amount of the 2029 Notes issued and sold pursuant to the exercise in full of the underwriters’ option to purchase additional 2029 Notes to cover overallotments. The 2029 Notes were issued pursuant to an Indenture, or the Base Indenture, and a First Supplemental Indenture, or the First Supplemental Indenture, and, together with the Base Indenture, the Indenture, between the Company and U.S. Bank Trust Company, National Association, as trustee, or the Trustee. The Company used the net proceeds of the offering of the 2029 Notes to pay down borrowings under the Company's senior secured credit facility with JPM. The 2029 Notes began trading on the NYSE under the ticker symbol “CICB” on October 9, 2024.

The 2029 Notes will mature on December 30, 2029, unless previously redeemed or repurchased in accordance with their terms. The interest rate of the 2029 Notes is 7.50% per year and will be paid quarterly in arrears on March 30, June 30, September 30 and December 30 of each year, commencing December 30, 2024. The 2029 Notes are the Company's direct unsecured obligations and rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness; senior to any series of preferred stock that the Company may issue in the future; senior to any of the Company's future indebtedness that expressly provides it is subordinated to the 2029 Notes; effectively subordinated to all of the Company's existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company's existing or future subsidiaries.

The 2029 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option on or after December 30, 2026, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price of $25 per 2029 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption.

The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage ratio requirements set forth in the 1940 Act, but giving effect to any exemptive relief granted to the Company by the SEC, and certain other exceptions, and to provide financial information to the holders of the 2029 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Securities Exchange Act of 1934, as amended.

65

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CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

The 2029 Notes were offered and sold in an offering registered under the Securities Act of 1933, as amended, pursuant to the Company's shelf registration statement on Form N-2 (Registration No. 333-278658) previously filed with the SEC, as supplemented by a preliminary prospectus supplement dated September 26, 2024 and a final prospectus supplement dated September 26, 2024.

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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 and high interest rates;

•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 prices at which shares of our common stock and our 2029 Notes 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. On October 9, 2024, our 2029 Notes listed and commenced trading on the NYSE under the ticker symbol “CICB”.

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 6, 2024, 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, 2024. 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.

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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

Q4 Base Distribution

On November 4, 2024, our co-chief executive officers declared a quarterly base distribution of $0.36 per share for the fourth quarter of 2024, payable on December 16, 2024 to shareholders of record as of December 2, 2024.

2029 Notes

On October 3, 2024, we issued and sold $172,500 in aggregate principal amount of our 2029 Notes, which includes $22,500 in aggregate principal amount of the 2029 Notes issued and sold pursuant to the exercise in full of the underwriters’ option to purchase additional 2029 Notes to cover overallotments. The 2029 Notes were issued pursuant to the Indenture between us and the Trustee. We used the net proceeds of the offering of the 2029 Notes to pay down borrowings under our senior secured credit facility with JPM. The 2029 Notes began trading on the NYSE under the ticker symbol “CICB” on October 9, 2024.

The 2029 Notes will mature on December 30, 2029, unless previously redeemed or repurchased in accordance with their terms. The interest rate of the 2029 Notes is 7.50% per year and will be paid quarterly in arrears on March 30, June 30, September 30 and December 30 of each year, commencing December 30, 2024. The 2029 Notes are our direct unsecured obligations and rank pari passu with our existing and future unsecured, unsubordinated indebtedness; senior to any series of preferred stock that we may issue in the future; senior to any of our future indebtedness that expressly provides it is subordinated to the 2029 Notes; effectively subordinated to all of our existing and future secured indebtedness (including indebtedness that is initially unsecured to which we subsequently grant security), to the extent of the value of the assets securing such indebtedness; and structurally subordinated to all existing and future indebtedness and other obligations of any of our existing or future subsidiaries.

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The 2029 Notes may be redeemed in whole or in part at any time or from time to time at our option on or after December 30, 2026, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price of $25 per 2029 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption.

The Indenture contains certain covenants, including covenants requiring us to comply with the asset coverage ratio requirements set forth in the 1940 Act, but giving effect to any exemptive relief granted to us by the SEC, and certain other exceptions, and to provide financial information to the holders of the 2029 Notes and the Trustee if we should no longer be subject to the reporting requirements under the Securities Exchange Act of 1934, as amended.

The 2029 Notes were offered and sold in an offering registered under the Securities Act of 1933, as amended, pursuant to our shelf registration statement on Form N-2 (Registration No. 333-278658) previously filed with the SEC, as supplemented by a preliminary prospectus supplement dated September 26, 2024 and a final prospectus supplement dated September 26, 2024.

Portfolio Investment Activity for the Three and Nine Months Ended September 30, 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 and nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023:

												Three Months Ended September 30,												Nine Months Ended September 30,												Year Ended December 31,
Net Investment Activity																														2024						2023						2024						2023						2023
Purchases and drawdowns
Senior secured first lien debt																														$	91,286					$	102,666					$	330,952					$	186,493					$	340,704
Unsecured debt																														—						—						1,096						4,200						4,200
Equity																														1,183						377						19,585						5,283						5,283
Sales and principal repayments																														(153,580)						(96,373)						(438,164)						(217,246)						(300,250)
Net portfolio activity																														$	(61,111)					$	6,670					$	(86,531)					$	(21,270)					$	49,937

The following tables summarize the composition of our investment portfolio at amortized cost and fair value as of September 30, 2024 and December 31, 2023:

						September 30, 2024
						Investments Cost(1)						Investments Fair Value						Percentage of Investment Portfolio
Senior secured first lien debt						$	1,541,136					$	1,494,524					85.3		%
Senior secured second lien debt						5,116						3,873						0.2		%
Collateralized securities and structured products - equity						1,003						685						—
Unsecured debt						29,501						11,761						0.7		%
Equity						219,985						241,883						13.8		%
Subtotal/total percentage						1,796,741						1,752,726						100.0		%
Short term investments(2)						53,503						53,503
Total investments						$	1,850,244					$	1,806,229
Number of portfolio companies																		103
Average annual EBITDA of portfolio companies												$51.8 million
Median annual EBITDA of portfolio companies																		$32.8 million
Purchased at a weighted average price of par																		97.11		%
Gross annual portfolio yield based upon the purchase price(3)																		10.88		%

(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 debt			41,280						29,111						1.6		%
Collateralized securities and structured products - equity			2,362						1,096						0.1		%
Unsecured debt			31,693						12,874						0.7		%
Equity			182,738						232,572						12.6		%
Subtotal/total percentage			1,862,184						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 par															96.33		%
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 September 30, 2024 and December 31, 2023, excluding short term investments of $53,503 and $113,446, respectively:

						September 30, 2024																		December 31, 2023
Interest Rate Allocation						Investments Cost						Investments Fair Value						Percentage of Investment Portfolio						Investments Cost						Investments Fair Value						Percentage of Investment Portfolio
Floating interest rate investments						$	1,466,022					$	1,423,920					81.2		%				$	1,521,848					$	1,475,126					80.1		%
Non-income producing investments						195,146						218,049						12.5		%				154,419						184,175						10.0		%
Fixed interest rate investments						130,179						105,365						6.0		%				155,244						131,533						7.2		%
Other income producing investments						5,394						5,392						0.3		%				30,673						49,990						2.7		%
Total investments						$	1,796,741					$	1,752,726					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 September 30, 2024 and December 31, 2023:

						September 30, 2024												December 31, 2023
Industry Classification						Investments Fair Value						Percentage of Investment Portfolio						Investments Fair Value						Percentage of Investment Portfolio
Services: Business						$	272,919					15.5		%				$	282,237					15.3		%
Healthcare & Pharmaceuticals						224,219						12.6		%				238,624						13.0		%
Retail						137,725						7.9		%				135,000						7.3		%
Media: Diversified & Production						131,196						7.5		%				135,037						7.3		%
Services: Consumer						109,005						6.2		%				107,195						5.8		%
Media: Advertising, Printing & Publishing						106,365						6.1		%				116,100						6.3		%
Construction & Building						101,037						5.8		%				104,727						5.7		%
Consumer Goods: Durable						96,513						5.5		%				59,955						3.3		%
Energy: Oil & Gas						94,504						5.4		%				104,893						5.7		%
Beverage, Food & Tobacco						89,320						5.1		%				68,780						3.7		%
Banking, Finance, Insurance & Real Estate						63,644						3.6		%				52,272						2.8		%
Diversified Financials						57,421						3.3		%				85,733						4.7		%
Hotel, Gaming & Leisure						50,199						2.9		%				50,906						2.8		%
Capital Equipment						39,092						2.2		%				49,571						2.7		%
Consumer Goods: Non-Durable						33,468						1.9		%				42,381						2.3		%
Automotive						30,934						1.8		%				12,403						0.7		%
Environmental Industries						27,413						1.6		%				15,336						0.8		%
Containers, Packaging & Glass						18,926						1.1		%				18,480						1.0		%
High Tech Industries						18,529						1.1		%				22,671						1.2		%
Metals & Mining						14,815						0.8		%				13,957						0.8		%
Aerospace & Defense						14,000						0.8		%				12,000						0.6		%
Transportation: Cargo						11,533						0.7		%				12,201						0.7		%
Telecommunications						6,538						0.4		%				17,768						1.0		%
Chemicals, Plastics & Rubber						3,411						0.2		%				82,597						4.5		%
Subtotal/total percentage						1,752,726						100.0		%				1,840,824						100.0		%
Short term investments						53,503												113,446
Total investments						$	1,806,229											$	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 September 30, 2024 and December 31, 2023, our unfunded commitments amounted to $71,113 and $47,349, respectively. As of October 30, 2024, our unfunded commitments amounted to $69,980. 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 Rating						Description
1						Indicates 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.
2						Indicates 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.
3						Indicates 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.
4						Indicates 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.
5						Indicates 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 September 30, 2024 and December 31, 2023, excluding short term investments of $53,503 and $113,446, respectively:    

						September 30, 2024												December 31, 2023
Investment Rating						Investments Fair Value						Percentage of Investment Portfolio						Investments Fair Value						Percentage of Investment Portfolio
1						$	10,429					0.6		%				$	98,255					5.3		%
2						1,501,302						85.7		%				1,603,975						87.2		%
3						207,168						11.8		%				120,132						6.5		%
4						26,920						1.5		%				10,304						0.6		%
5						6,907						0.4		%				8,158						0.4		%
						$	1,752,726					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 October 30, 2024:

												Investments Fair Value						Percentage of Investment Portfolio
Senior secured first lien debt												$	1,509,381					85.4		%
Senior secured second lien debt												3,860						0.2		%
Collateralized securities and structured products - equity												685						—
Unsecured debt												11,705						0.7		%
Equity												241,397						13.7		%
Subtotal/total percentage												1,767,028						100.0		%
Short term investments(1)												275,755
Total investments												$	2,042,783
Number of portfolio companies																		104
Average annual EBITDA of portfolio companies												$52.6 million
Median annual EBITDA of portfolio companies												$33.7 million
Purchased at a weighted average price of par																		97.01		%
Gross annual portfolio yield based upon the purchase price(2)																		10.93		%

(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 September 30, 2024 and 2023

Our results of operations for the three months ended September 30, 2024 and 2023 were as follows:

			Three Months Ended September 30,
			2024						2023
Investment income			$	59,627					$	67,540
Operating expenses and income taxes			38,009						37,550
Net investment income after taxes			21,618						29,990
Net realized gain (loss) on investments and foreign currency			3,938						(8,123)
Net change in unrealized (depreciation) appreciation on investments			(25,935)						25,606
Net (decrease) increase in net assets resulting from operations			$	(379)					$	47,473

Investment Income

For the three months ended September 30, 2024 and 2023, we generated investment income of $59,627 and $67,540, respectively, consisting primarily of interest income on investments in senior secured debt, collateralized securities and structured products, and unsecured debt of 99 and 101 portfolio companies held during each respective period. The decrease in total investment income was primarily driven by a decrease in transaction fees on investments received during the three months ended September 30, 2024 compared to the three months ended September 30, 2023.

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Operating Expenses and Income Taxes

The composition of our operating expenses and income taxes for the three months ended September 30, 2024 and 2023 was as follows:

			Three Months Ended September 30,
			2024						2023
Management fees			$	6,854					$	6,741
Administrative services expense			1,184						996
Subordinated incentive fee on income			4,586						6,362
General and administrative			1,855						1,931
Interest expense			23,551						21,757
Income tax benefit, including excise tax			(21)						(237)
Total operating expenses and income taxes			$	38,009					$	37,550

The increase in interest expense was primarily the result of higher average borrowings under our financing arrangements during the three months ended September 30, 2024 compared to the three months ended September 30, 2023. The decrease in subordinated incentive fee on income was primarily the result of the decrease in investment income during the three months ended September 30, 2024 compared to the three months ended September 30, 2023.

The composition of our general and administrative expenses for the three months ended September 30, 2024 and 2023 was as follows:

			Three Months Ended September 30,
			2024						2023
Professional fees			$	777					$	405
Valuation expense			205						212
Insurance expense			195						168
Director fees and expenses			171						177
Accounting and administrative costs			137						282
Printing and marketing expense			127						284
Transfer agent expense			121						189
Dues and subscriptions			117						162
Other expenses			5						52
Total general and administrative expense			$	1,855					$	1,931

Net Investment Income After Taxes

Our net investment income after taxes totaled $21,618 and $29,990 for the three months ended September 30, 2024 and 2023, respectively. The decrease in net investment income was a result of a decrease in our investment income during the three months ended September 30, 2024 compared to the three months ended September 30, 2023.

Net Realized Gain (Loss) on Investments and Foreign Currency

Our net realized gain (loss) on investments and foreign currency totaled $3,938 and $(8,123) for the three months ended September 30, 2024 and 2023, respectively. This change was driven primarily by lower realized losses due to the restructure of certain investments during the three months ended September 30, 2024 compared to the three months ended September 30, 2023.

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Net Change in Unrealized (Depreciation) Appreciation on Investments

The net change in unrealized (depreciation) appreciation on our investments totaled $(25,935) and $25,606 for the three months ended September 30, 2024 and 2023, respectively. This change was primarily due to the decline in fair value of certain investments from mark-to-market adjustments during the three months ended September 30, 2024 compared to during the three months ended September 30, 2023.

Net (Decrease) Increase in Net Assets Resulting from Operations

For the three months ended September 30, 2024 and 2023, we recorded a net (decrease) increase in net assets resulting from operations of $(379) and $47,473, respectively, as a result of our operating activity for the respective periods.

Results of Operations for the Nine Months Ended September 30, 2024 and 2023

Our results of operations for the nine months ended September 30, 2024 and 2023 were as follows:

			Nine Months Ended September 30,
			2024						2023
Investment income			$	194,538					$	191,011
Operating expenses and income taxes			117,364						107,747
Net investment income after taxes			77,174						83,264
Net realized loss on investments and foreign currency			(26,075)						(31,576)
Net change in unrealized depreciation on investments			(22,655)						(7,366)
Net increase in net assets resulting from operations			$	28,444					$	44,322

Investment Income

For the nine months ended September 30, 2024 and 2023, we generated investment income of $194,538 and $191,011, respectively, consisting primarily of interest income on investments in senior secured debt, collateralized securities and structured products, and unsecured debt of 104 and 107 portfolio companies held during each respective period. The increase in total investment income was primarily driven by an increase in certain transaction fees on investments received during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.

Operating Expenses and Income Taxes

The composition of our operating expenses and income taxes for the nine months ended September 30, 2024 and 2023 was as follows:

			Nine Months Ended September 30,
			2024						2023
Management fees			$	20,559					$	19,963
Administrative services expense			3,522						2,743
Subordinated incentive fee on income			16,371						17,662
General and administrative			5,298						5,960
Interest expense			71,626						61,533
Income tax benefit, including excise tax			(12)						(114)
Total operating expenses and income taxes			$	117,364					$	107,747

The increase in interest expense was primarily the result of higher average borrowings under our financing arrangements during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.

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The composition of our general and administrative expenses for the nine months ended September 30, 2024 and 2023 was as follows:

			Nine Months Ended September 30,
			2024						2023
Professional fees			$	1,753					$	1,576
Dues and subscriptions			649						635
Valuation expense			578						637
Insurance expense			533						504
Director fees and expenses			519						525
Accounting and administrative costs			459						606
Transfer agent expense			368						736
Printing and marketing expense			292						558
Other expenses			147						183
Total general and administrative expense			$	5,298					$	5,960

Net Investment Income After Taxes

Our net investment income after taxes totaled $77,174 and $83,264 for the nine months ended September 30, 2024 and 2023, respectively. The decrease in our net investment income was primarily the result of an increase in our interest expense during the nine months ended September 30, 2024 compared to during the nine months ended September 30, 2023.

Net Realized Loss on Investments and Foreign Currency

Our net realized loss on investments and foreign currency totaled $(26,075) and $(31,576) for the nine months ended September 30, 2024 and 2023, respectively. This decrease was driven primarily by lower realized losses due to the restructure of certain investments during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.

Net Change in Unrealized Depreciation on Investments

The net change in unrealized depreciation on our investments totaled $(22,655) and $(7,366) for the nine months ended September 30, 2024 and 2023, respectively. This increase was driven primarily by the decline in fair value of certain investments from mark-to-market adjustments during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.

Net Increase in Net Assets Resulting from Operations

For the nine months ended September 30, 2024 and 2023, we recorded a net increase in net assets resulting from operations of $28,444 and $44,322, 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.

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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 September 30, 2024 and December 31, 2023, our asset coverage ratio was 1.78 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 August 27, 2024, 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, or have any intent to, issue any such shares.

As of September 30, 2024, we had cash of $29,765 and short term investments of $53,503 invested in a fund that primarily invests in U.S. government securities. Cash and short term investments as of September 30, 2024, taken together with the undrawn debt available under our credit facilities, is expected to be sufficient for our investing and financing activities and to conduct our operations in the near term. As of September 30, 2024, we had $162 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.

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 19, 2024, 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 19, 2025, and is subject to price, market volume and timing restrictions.

During the nine months ended September 30, 2024, we repurchased an aggregate of 824,750 shares under the 10b5-1 trading plan for an aggregate purchase price of $9,344, or an average purchase price of $11.33 per share.

From October 1, 2024 to October 30, 2024, we repurchased an aggregate of 73,943 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $881, or an average purchase price of $11.92 per share. From the inception of the 10b5-1 trading plan in August 2022 through October 30, 2024, we repurchased an aggregate of 3,672,497 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $37,187, or an average purchase price of $10.13 per share.

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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 nine months ended September 30, 2024:

						Distributions
Three Months Ended						Per Share						Amount
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
June 30, 2024 (two record dates)						0.41						21,960
September 30, 2024 (one record date)						0.36						19,234
Total distributions for the nine months ended September 30, 2024						$	1.11					$	59,473

On November 4, 2024, our co-chief executive officers declared a quarterly base distribution of $0.36 per share for the fourth quarter of 2024 payable on December 16, 2024 to shareholders of record as of December 2, 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 September 30, 2024 and October 30, 2024, our aggregate outstanding borrowings under the JPM Credit Facility were $450,000 and the aggregate unfunded principal amount in connection with the JPM Credit Facility was $112,500. For a detailed discussion of our JPM Credit Facility, refer to Note 8 to our consolidated financial statements included in this report.

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UBS Facility

As of September 30, 2024 and October 30, 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 September 30, 2024 and October 30, 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 Term Loan

On September 24, 2024, the Company fully repaid all outstanding principal and interest on and otherwise satisfied all its obligations under the 2021 Term Loan. For a detailed discussion of our 2021 Term Loan, refer to Note 8 to our consolidated financial statements included in this report.

2022 Term Loan

As of September 30, 2024 and October 30, 2024, our outstanding borrowings under the 2022 Term Loan were $50,000 and there was no unfunded principal amount in connection with the 2022 Term Loan. For a detailed discussion of our 2022 Term Loan, refer to Note 8 to our consolidated financial statements included in this report.

2024 Term Loan

As of September 30, 2024 and October 30, 2024, our outstanding borrowings under the 2024 Term Loan were $30,000 and there was no unfunded principal amount in connection with the 2024 Term Loan. For a detailed discussion of our 2024 Term Loan, refer to Note 8 to our consolidated financial statements included in this report.

Series A Notes

As of September 30, 2024 and October 30, 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 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 September 30, 2024 and October 30, 2024, we had $200,000 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.

2029 Notes

As of October 30, 2024, we had $172,500 in aggregate principal amount of 2029 Notes outstanding and there was no unfunded principal amount in connection with the 2029 Notes. For a detailed discussion of our 2029 Notes, refer to Note 14 to our consolidated financial statements included in this report.

Unfunded Commitments

As of September 30, 2024 and October 30, 2024, our unfunded commitments amounted to $71,113 and $69,980, 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.

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.

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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 on September 30, 2016, July 11, 2017, November 28, 2017, May 23, 2018, May 15, 2020, February 26, 2021, March 28, 2022, May 15, 2023, May 14, 2024, June 17, 2024 and July 15, 2024. 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 Term Loan with an Israeli institutional investor. See Note 8 to our consolidated financial statements for a more detailed description of the 2021 Term Loan.

On April 27, 2022, we entered into the 2022 Term Loan with an Israeli institutional investor. See Note 8 to our consolidated financial statements for a more detailed description of the 2022 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 (Tranche A) and on September 18, 2024, we entered into the AR Note Purchase Agreement with purchasers of the 2027 Notes (Tranche B). See Note 8 to our consolidated financial statements for a more detailed description of the 2027 Notes.

On September 30, 2024, we entered into the 2024 Term Loan with an Israeli institutional investor. See Note 8 to our consolidated financial statements for a more detailed description of the 2024 Term Loan.

On October 3, 2024, we issued and sold our 2029 Notes under the Indenture pursuant to a U.S. public offering. See Note 14 to our consolidated financial statements for a more detailed description of the 2029 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 September 30, 2024, 81.2% 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 September 30, 2024, under the terms of the JPM Fifth Amendment, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 2.55% per year, and we will pay an annual administration fee of 0.20% on JPM’s total financing commitment. 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 (Tranche A) 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. The 2027 Notes (Tranche B) bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 3.90% per year and are subject to a 2.00% SOFR floor. Pursuant to the terms of the 2022 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. Pursuant to the terms of the 2024 Term Loan, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.80% per year and subject to a 4.0% 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 Fifth Amendment, the Amended UBS Facility, the Series A Notes, the 2027 Notes, the 2022 Term Loan or the 2024 Term Loan in effect as of September 30, 2024:

Basis Point Change in Interest Rates						(Decrease) Increase in Net Interest Income(1)						Percentage Change in Net Interest Income
Down 300 basis points						$	(14,192)					(14.7)		%
Down 200 basis points						(9,807)						(10.2)		%
Down 100 basis points						(4,985)						(5.2)		%
Down 50 basis points						(2,504)						(2.6)		%
No change to current base rate (4.98% as of September 30, 2024)						—						—
Up 50 basis points						2,504						2.6		%
Up 100 basis points						5,008						5.2		%
Up 200 basis points						10,017						10.4		%
Up 300 basis points						15,025						15.6		%

(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), or the NAV of our common stock in the event of sudden changes in interest rates. Approximately 6.0% of our investments paid fixed interest rates as of September 30, 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 September 30, 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 September 30, 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 September 30, 2024.

The table below provides information concerning our repurchases of shares of our common stock in the open market during the three months ended September 30, 2024 pursuant to our share repurchase policy.

Period						Total Number of Shares Purchased						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
July 1 to July 31, 2024						71,305						$	12.35					71,305						(1)
August 1 to August 31, 2024						26,874						11.93						26,874						(1)
September 1 to September 30, 2024						67,558						11.86						67,558						(1)
Total						165,737						$	12.08					165,737						(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 September 30, 2024 pursuant to our distribution reinvestment plan in order to satisfy the reinvestment portion of our distributions.

Period						Total Number of Shares Purchased						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
July 1 to July 31, 2024						18,789						$	12.51					18,789						(1)
August 1 to August 31, 2024						—						—						—						—
September 1 to September 30, 2024						131,659						12.10						131,659						(1)
Total						150,448						$	12.15					150,448						(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 September 30, 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						Purchase and Sale Agreement, dated as of September 30, 2016, by and between Park South Funding, LLC and Credit Suisse Alternative Capital, LLC (Incorporated by reference to Exhibit 2.1 to Registrant’s Current Report on Form 8-K filed with the SEC on October 4, 2016 (File No. 814-00941)).
3.1						Third Articles of Amendment and Restatement of the Articles of Incorporation of CĪON Investment Corporation (Incorporated by reference to Exhibit (a)(1) to Pre-Effective Amendment No. 1 to Registrant’s Registration Statement on Form N-2 filed with the SEC on June 14, 2024 (File No. 333-278658)).
3.2						Articles of Amendment to the Third Articles of Amendment and Restatement of the Articles of Incorporation of CĪON Investment Corporation (Incorporated by reference to Exhibit 3.1 to Registrant’s Current Report on Form 8-K filed with the SEC on September 16, 2021(File No. 814-00941)).
3.3						Bylaws of CĪON Investment Corporation (Incorporated by reference to Exhibit (B) to Pre-Effective Amendment No. 4 to Registrant’s Registration Statement on Form N-2 filed with the SEC on June 29, 2012 (File No. 333-178646)).
4.1						Fifth Amended and Restated Distribution Reinvestment Plan of CĪON Investment Corporation (Incorporated by reference to Exhibit 4.1 to Registrant’s Current Report on Form 8-K filed with the SEC on December 8, 2016 (File No. 814-00941)).
4.2						Distribution Reinvestment Plan of CĪON Investment Corporation (Incorporated by reference to Exhibit 4.1 to Registrant’s Current Report on Form 8-K filed with the SEC on September 16, 2021 (File No. 814-00941)).
4.3						Description of Registrant’s Securities (Incorporated by reference to Exhibit 4.4 to Registrant’s Annual Report on Form 10-K filed with the SEC on March 10, 2022 (File No. 814-00941)).
4.4						Indenture, dated as of October 3, 2024, by and between CĪON Investment Corporation and U.S. Bank Trust Company, National Association (Incorporated by reference to Exhibit 4.1 to Registrant’s Current Report on Form 8-K filed with the SEC on October 3, 2024 (File No. 814-00941)).
4.5						First Supplemental Indenture, dated as of October 3, 2024, by and between CĪON Investment Corporation and U.S. Bank Trust Company, National Association (Incorporated by reference to Exhibit 4.2 to Registrant’s Current Report on Form 8-K filed with the SEC on October 3, 2024 (File No. 814-00941)).
4.6						Form of 7.50% Notes due 2029 (Included as part of and incorporated by reference to Exhibit 4.2 to Registrant’s Current Report on Form 8-K filed with the SEC on October 3, 2024 (File No. 814-00941)).
10.1						Second Amended and Restated Investment Advisory Agreement, dated as of October 5, 2021, by and between CĪON Investment Corporation and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on October 5, 2021 (File No. 814-00941)).
10.2						Custody Agreement by and between CĪON Investment Corporation and U.S. Bank National Association (Incorporated by reference to Exhibit (J) to Pre-Effective Amendment No. 4 to Registrant’s Registration Statement on Form N-2 filed with the SEC on June 29, 2012 (File No. 333-178646)).
10.3						Third Amended and Restated Expense Support and Conditional Reimbursement Agreement, dated as of December 9, 2020, by and between CĪON Investment Corporation and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 15, 2020 (File No. 814-00941)).
10.4						Sale and Contribution Agreement, dated as of August 26, 2016, by and between 34th Street Funding, LLC and CĪON Investment Corporation (Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed with the SEC on September 1, 2016 (File No. 814-00941)).
10.5						Master Participation Agreement, dated as of August 26, 2016, by and between 34th Street Funding, LLC and CĪON Investment Corporation (Incorporated by reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K filed with the SEC on September 1, 2016 (File No. 814-00941)).
10.6						Amended and Restated Portfolio Management Agreement, dated as of September 30, 2016, by and among 34th Street Funding, LLC, CION Investment Management, LLC and JPMorgan Chase Bank, National Association (Incorporated by reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K filed with the SEC on October 4, 2016 (File No. 814-00941)).
10.7						Contribution Agreement, dated as of May 19, 2017, by and among CION Investment Corporation, Murray Hill Funding, LLC and Murray Hill Funding II, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)).
10.8						Murray Hill Funding II, LLC Class A Notes Due 2027 (Incorporated by reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)).
10.9						Contribution Agreement, dated as of May 19, 2017, by and among UBS AG, London Branch, Murray Hill Funding II, LLC, U.S. Bank National Association, Murray Hill Funding, LLC and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.4 to Registrant’s Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)).
10.10						October 2000 Version Global Master Repurchase Agreement, by and between UBS AG and Murray Hill Funding, LLC, together with the related Annex and Master Confirmation thereto, each dated as of May 19, 2017 (Incorporated by reference to Exhibit 10.5 to Registrant’s Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)).
10.11						Collateral Management Agreement, dated as of May 19, 2017, by and between CION Investment Management, LLC and Murray Hill Funding II, LLC (Incorporated by reference to Exhibit 10.6 to Registrant’s Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)).

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Exhibit Number						Description of Document
10.12						Collateral Administration Agreement, dated as of May 19, 2017, by and among Murray Hill Funding II, LLC, CION Investment Management, LLC and U.S. Bank National Association (Incorporated by reference to Exhibit 10.7 to Registrant’s Current Report on Form 8-K filed with the SEC on May 25, 2017 (File No. 814-00941)).
10.13						Murray Hill Funding II, LLC Class A Notes Due 2027 (Incorporated by reference to Exhibit 10.2 to the Registrant’s Current Report on Form 8-K filed with the SEC on December 7, 2017 (File No. 814-00941)).
10.14						Administration Agreement, dated as of April 1, 2018, by and between CĪON Investment Corporation and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed with the SEC on April 3, 2018 (File No. 814-00941)).
10.15						Revolving Credit Note Agreement, dated as of December 17, 2020, by and among Murray Hill Funding II, LLC, Murray Hill Funding, LLC, U.S. Bank National Association, and the Class A-R Noteholders (Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed with the SEC on December 23, 2020 (File No. 814-00941)).
10.16						Murray Hill Funding II, LLC Class A-R Notes Due 2027 (Incorporated by reference to Exhibit 10.3 to Registrant’s Current Report on Form 8-K filed with the SEC on December 23, 2020 (File No. 814-00941)).
10.17						Second Amended and Restated Indenture, dated as of December 17, 2020, by and between Murray Hill Funding II, LLC and U.S. Bank National Association (Incorporated by reference to Exhibit 10.4 to Registrant’s Current Report on Form 8-K filed with the SEC on December 23, 2020 (File No. 814-00941)).
10.18						Note Purchase Agreement of CĪON Investment Corporation related to the 2026 Notes, dated as of February 11, 2021 (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on February 16, 2021 (File No. 814-00941)).
10.19						Third Amended and Restated Loan and Security Agreement, dated as of February 26, 2021, by and among 34th Street Funding, LLC, JPMorgan Chase Bank, National Association, U.S. Bank National Association and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on March 1, 2021 (File No. 814-00941)).
10.20						First Amendment to Third Amended and Restated Loan and Security Agreement, dated as of March 28, 2022, by and among 34th Street Funding, LLC, JPMorgan Chase Bank, National Association, U.S. Bank Trust Company, National Association, U.S. Bank National Association and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on March 29, 2022 (File No. 814-00941)).
10.21						Unsecured Term Loan Facility Agreement, dated as of April 27, 2022, by and between CĪON Investment Corporation and an Israeli institutional investor (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on April 27, 2022 (File No. 814-00941)).
10.22						Deed of Trust, dated as of February 20, 2023, by and between CĪON Investment Corporation and Mishmeret Trust Company Ltd. (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on February 28, 2023 (File No. 814-00941)).
10.23						Second Amendment to Third Amended and Restated Loan and Security Agreement, dated as of May 15, 2023, by and among 34th Street Funding, LLC, JPMorgan Chase Bank, National Association, U.S. Bank Trust Company, National Association, U.S. Bank National Association and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on May 18, 2023 (File No. 814-00941)).
10.24						Fifth Amended and Restated Master Confirmation to the Global Master Repurchase Agreement (Class A-1 Notes), dated as of June 14, 2023, by and between Murray Hill Funding, LLC and UBS AG (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on June 15, 2023 (File No. 814-00941)).
10.25						Amended and Restated Master Confirmation to the Global Master Repurchase Agreement (Class A-R Notes), dated as of June 14, 2023, by and between Murray Hill Funding, LLC and UBS AG (Incorporated by reference to Exhibit 10.2 to Registrant’s Current Report on Form 8-K filed with the SEC on June 15, 2023 (File No. 814-00941)).
10.26						Note Purchase Agreement of CĪON Investment Corporation related to the 2027 Notes, dated as of November 8, 2023 (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on November 13, 2023 (File No. 814-00941)).
10.27						Third Amendment to Third Amended and Restated Loan and Security Agreement, dated as of May 14, 2024, by and among 34th Street Funding, LLC, JPMorgan Chase Bank, National Association, U.S. Bank Trust Company, National Association, U.S. Bank National Association and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on May 20, 2024 (File No. 814-00941)).
10.28						Fourth Amendment to Third Amended and Restated Loan and Security Agreement, dated as of June 17, 2024, by and among 34th Street Funding, LLC, JPMorgan Chase Bank, National Association, U.S. Bank Trust Company, National Association, U.S. Bank National Association and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on June 18, 2024 (File No. 814-00941)).
10.29						Fifth Amendment to Third Amended and Restated Loan and Security Agreement, dated as of July 15, 2024, by and among 34th Street Funding, LLC, JPMorgan Chase Bank, National Association, U.S. Bank Trust Company, National Association, U.S. Bank National Association and CION Investment Management, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on July 18, 2024 (File No. 814-00941)).
10.30						Amended and Restated Note Purchase Agreement, dated as of September 18, 2024, by and among CĪON Investment Corporation and certain institutional investors (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on September 23, 2024 (File No. 814-00941)).
10.31						Unsecured Term Loan Facility Agreement, dated as of September 30, 2024, by and between CĪON Investment Corporation and an Israeli institutional investor (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K filed with the SEC on October 4, 2024 (File No. 814-00941)).

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Exhibit Number						Description of Document
14.1						Code of Ethics of CĪON Investment Corporation, CION Investment Management, LLC, CION Investment Management II, LLC and Affiliated Advisers (Incorporated by reference to Exhibit 14.1 to Registrant’s Current Report on Form 8-K filed with the SEC on May 10, 2023 (File No. 814-00941)).
21.1						Subsidiaries of CĪON Investment Corporation. (Incorporated by reference to Exhibit 21.1 to Registrant’s Annual Report on Form 10-K filed with the SEC on March 14, 2024 (File No. 814-00941)).
31.1						Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.*
31.2						Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.*
31.3						Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.*
32.1						Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2						Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.3						Certification of Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
97.1						CĪON Investment Corporation Clawback Policy. (Incorporated by reference to Exhibit 97.1 to Registrant’s Annual Report on Form 10-K filed with the SEC on March 14, 2024 (File No. 814-00941)).
101.INS						Inline 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.SCH						Inline XBRL Taxonomy Extension Schema Document.
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE						Inline 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: November 6, 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)

89