What changed in this filing

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Item 1. Financial Statements

2020-11-16 compared with 2020-08-13 · 745 added, 668 removed, 2175 unchanged (39% of the section changed)

Financial Statements

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of CĪON Investment Corporation

Results of Review of Interim Financial Statements

We have reviewed the accompanying consolidated balance sheets, including the consolidated schedules of investments, of CĪON Investment Corporation (the Company), as of June 30, 2020 and 2019, the related consolidated statements of operations, changes in net assets and cash flows for the three and six months ended June 30, 2020 and 2019, and the related notes to the consolidated financial statements (collectively, the interim financial information or interim financial statements).

We have reviewed the accompanying consolidated balance sheets, including the consolidated schedules of investments, of CĪON Investment Corporation (the Company), as of September 30, 2020 and 2019, the related consolidated statements of operations, changes in net assets, and cash flows for the three and nine months ended September 30, 2020 and 2019, and the related notes to the consolidated financial statements (collectively, the interim financial information or interim financial statements).

Based on our reviews, we are not aware of any material modifications that should be made to the interim financial statements referred to above for them to be in conformity with accounting principles generally accepted in the United States of America and the provisions of the Securities Regulations (Annual Financial Statements), 2010.

10 unchanged sentences

New York, New York

August 13, 2020

November 16, 2020

CĪON Investment Corporation

1 unchanged sentence

(in thousands, except share and per share amounts)

June 30, 2020 December 31, 2019 June 30, 2019

September 30, 2020 December 31, 2019 September 30, 2019

(unaudited) (unaudited)

35 unchanged sentences

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended December 31,

September 30, Nine Months Ended

September 30, Year Ended December 31,

2020 2019 2020 2019 2019

3 unchanged sentences

Interest income $ 30,477 $ 46,235 $ 98,055 $ 141,028 $ 187,104

Paid-in-kind interest income 3,076 223 4,952 876 2,017

Fee income 773 2,092 2,114 2,914 3,899

Paid-in-kind interest income 5,001 333 9,953 1,209 2,017

Dividend income 95 158 404 338 474

15 unchanged sentences

Realized and unrealized (losses) gains

Net realized loss on:

Net realized (loss) gain on:

Non-controlled, non-affiliated investments (42,543) (311) (57,506) (3,510) (13,594)

5 unchanged sentences

Non-controlled, affiliated investments (7,401) (3,747) (15,947) (7,243) 9,101

Controlled investments 823 — (3,991) — 6

Foreign currency — 113 — — —

Controlled, affiliated investments 1,007 — (2,984) — 6

Net change in unrealized appreciation (depreciation) 52,178 (23,568) (57,542) (38,871) (10,551)

9 unchanged sentences

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended December 31,

September 30, Nine Months Ended

September 30, Year Ended December 31,

2020 2019 2020 2019 2019

2 unchanged sentences

Net investment income

$ 21,420 $ 21,662 $ 56,997 $ 64,862 $ 87,312

Net realized loss on investments (42,543) (311) (57,717) (3,510) (24,778)

Net realized loss on foreign currency (6) (132) (8) (135) (139)

Net realized gain (loss) on foreign currency 32 (5) 24 (140) (139)

Net change in unrealized appreciation (depreciation) on investments 52,178 (23,568) (57,542) (38,871) (10,551)

Net change in unrealized appreciation on foreign currency translation — 113 — — —

Net increase (decrease) in net assets resulting from operations 16,587 8,147 (89,325) 24,563 51,844

Net increase (decrease) in net assets from operations 31,087 (2,222) (58,238) 22,341 51,844

Changes in net assets from shareholders' distributions:

Distributions to shareholders

Net decrease in net assets resulting from shareholders' distributions — (20,801) (20,793) (41,573) (84,772)

(10,011) (20,798) (30,804) (62,371) (84,772)

Net decrease in net assets from shareholders' distributions

(10,011) (20,798) (30,804) (62,371) (84,772)

Changes in net assets from capital share transactions:

1 unchanged sentence

Reinvestment of shareholders' distributions

3,713 8,562 11,783 26,849 35,800

Repurchase of common stock

Net (decrease) increase in net assets resulting from capital share transactions (15) — (15) 6,220 6,220

— (8,562) (8,085) (26,849) (35,799)

Net increase in net assets from capital share transactions 3,713 — 3,698 6,220 6,220

Total increase (decrease) in net assets 24,789 (23,020) (85,344) (33,810) (26,708)

8 unchanged sentences

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

2020 2019 2020 2019 2019

2 unchanged sentences

Net increase (decrease) in net assets resulting from operations $ 31,087 $ (2,222) $ (58,238) $ 22,341 $ 51,844

Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash provided by operating activities:

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:

Net accretion of discount on investments

(3,220) (3,723) (10,237) (10,058) (16,081)

Proceeds from principal repayment of investments

64,514 122,967 305,252 285,698 423,091

Purchase of investments

(36,130) (94,364) (237,633) (379,489) (563,884)

Paid-in-kind interest and dividends capitalized (5,305) (989) (12,658) (5,312) (7,072)

Decrease (increase) in short term investments, net 24,989 (7,572) (2,141) (21,203) (16,989)

(Increase) decrease in short term investments, net

(21,356) 10,680 (23,497) (10,523) (16,989)

Proceeds from sale of investments

12,640 19,108 57,068 167,432 245,698

Net realized loss on investments 42,543 311 57,717 3,510 24,778

1 unchanged sentence

Amortization of debt issuance costs

536 695 4,500 2,210 2,898

(Increase) decrease in due from counterparty

— — 3,281 — (3,281)

(Increase) decrease in interest receivable on investments

2,499 (1,355) (1,792) (230) 2,481

(Increase) decrease in dividends receivable 810 — (600) — (1,106)

1 unchanged sentence

(Increase) decrease in prepaid expenses and other assets

(816) (3) (383) (352) (796)

Increase (decrease) in payable for investments purchased

3,388 (9,898) 3,388 (12,432) (15,283)

Increase (decrease) in accounts payable and accrued expenses

(100) 211 (40) 100 (124)

Increase (decrease) in interest payable

(84) (385) (768) (763) (797)

Increase (decrease) in accrued management fees

(150) (208) (1,090) (279) (439)

Increase (decrease) in accrued administrative services expense

(144) 370 (628) (460) 304

Increase (decrease) in subordinated incentive fee on income payable

(3,308) 866 (5,612) 2,379 3,008

Net cash provided by operating activities 29,859 66,022 146,851 106,147 126,036

1 unchanged sentence

Gross proceeds from issuance of common stock

— — — 6,516 6,515

Commissions and dealer manager fees paid

— — — (296) (296)

Repurchase of common stock

— (8,562) (8,085) (26,849) (35,799)

Shareholders' distributions paid

Repayments under financing arrangements (505,859) (76,000) (581,159) (149,500) (370,500)

(6,298) (12,236) (19,021) (35,522) (48,972)

Borrowings under financing arrangements

— 90,000 486,153 223,500 313,000

Repayments of financing arrangements

(21,035) (130,000) (602,194) (279,500) (370,500)

Debt issuance costs paid

— — (5,625) (1,428) (1,428)

Net cash used in financing activities (27,333) (60,798) (148,772) (113,579) (137,480)

Net decrease in cash and restricted cash (2,039) (2,358) (4,447) (12,656) (11,444)

Net increase (decrease) in cash and restricted cash 2,526 5,224 (1,921) (7,432) (11,444)

Cash and restricted cash, beginning of period 1,688 4,923 6,135 17,579 17,579

2 unchanged sentences

Cash paid for interest

$ 7,090 $ 12,168 $ 25,735 $ 36,895 $ 47,413

Supplemental non-cash financing activities:

Reinvestment of shareholders' distributions

Restructuring of portfolio investment $ 38,763 $ 7,703 $ 38,763 $ 9,903 $ 71,445

$ 3,713 $ 8,562 $ 11,783 $ 26,849 $ 35,800

Restructuring of portfolio investments $ 35,771 $ — $ 74,534 $ 9,903 $ 71,445

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2020

September 30, 2020

(in thousands)

2 unchanged sentences

Senior Secured First Lien Debt - 142.1%

Academy, Ltd., L+400, 1.00% LIBOR Floor, 7/1/2022(o) 1 Month LIBOR Retail $ 14,146 $ 12,873 $ 13,474

LTD., L+500, 1.00% LIBOR Floor, 9/30/2025 3 Month LIBOR Chemicals, Plastics & Rubber $ 2,422 $ 2,289 $ 2,287

LTD., L+500, 1.00% LIBOR Floor, 9/30/2025 3 Month LIBOR Chemicals, Plastics & Rubber 807 755 755

Adams Publishing Group, LLC, L+700, 1.75% LIBOR Floor, 7/2/2023(o)(p) 1 Month LIBOR Media:

1 unchanged sentence

Adapt Laser Acquisition, Inc., L+800, 1.00% LIBOR Floor, 12/31/2023(o) 3 Month LIBOR Capital Equipment 11,370 11,370 9,721

Adapt Laser Acquisition, Inc., 0.50% Unfunded, 12/31/2023 None Capital Equipment 2,000 — (248)

Adapt Laser Acquisition, Inc., L+800, 1.00% LIBOR Floor, 12/31/2023 3 Month LIBOR Capital Equipment 2,000 2,000 1,710

Aegis Toxicology Sciences Corp., L+550, 1.00% LIBOR Floor, 5/9/2025(o) 3 Month LIBOR Healthcare & Pharmaceuticals 9,800 9,654 8,085

AIS Holdco, LLC, L+500, 0.00% LIBOR Floor, 8/15/2025(o) 3 Month LIBOR Banking, Finance, Insurance & Real Estate 5,278 5,227 4,856

Alchemy US Holdco 1, LLC, L+550, 10/10/2025(o) 1 Month LIBOR Construction & Building 13,129 12,985 12,375

Alchemy US Holdco 1, LLC, 5.50%, 10/10/2025(o) 1 Month LIBOR Construction & Building 13,044 12,905 12,115

Allen Media, LLC, L+550, 0.00% LIBOR Floor, 2/10/2027(o)(p) 3 Month LIBOR Media:

4 unchanged sentences

Business 9,925 9,874 9,429

AMCP Staffing Intermediate Holdings III, LLC, L+675, 1.50% LIBOR Floor, 9/24/2025(o) 3 Month LIBOR Services:

Business 411 411 390

AMCP Staffing Intermediate Holdings III, LLC, 0.50% Unfunded, 9/24/2025(o) None Services:

AMCP Staffing Intermediate Holdings III, LLC, 0.50% Unfunded, 9/24/2025 None Services:

Business 1,598 — (80)

1 unchanged sentence

American Clinical Solutions LLC, 7.00%, 10/13/2020(o)(s) None Healthcare & Pharmaceuticals 250 250 241

American Consolidated Natural Resources, Inc., L+1600, 1.00% LIBOR Floor, 9/16/2025(o) 3 Month LIBOR Metals & Mining 774 539 549

American Media, LLC, L+775, 1.50% LIBOR Floor, 12/31/2023(o) 3 Month LIBOR Media:

6 unchanged sentences

Diversified & Production 11,173 11,038 11,033

Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 9/9/2024(o) 3 Month LIBOR Media:

Diversified & Production 833 833 825

Anthem Sports & Entertainment Inc., 0.50% Unfunded, 9/9/2024 None Media:

Diversified & Production 1,333 — (13)

APC Automotive Technologies, LLC, 10.00%, 9/1/2020(p) None Automotive 1,593 1,593 1,591

APC Automotive Technologies, LLC, 0.00% Unfunded, 9/1/2020(p)(q) None Automotive 1,162 — (1)

APC Automotive Technologies, LLC, L+500, 1.00% LIBOR Floor, 5/10/2025(o)(p) 3 Month LIBOR Automotive 8,931 8,620 4,052

APC Automotive Technologies, LLC, L+500, 1.00% LIBOR Floor, 5/10/2024(o)(r)(v) (w) Automotive 2,773 2,631 —

Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 9/9/2024 3 Month LIBOR Media:

Diversified & Production 833 833 825

APC Intermediate Holdings, Inc., L+1000, 1.00% LIBOR Floor, 7/24/2025 2 Month LIBOR Automotive 2,658 2,535 4,375

APCO Holdings, LLC, L+550, 0.00% LIBOR Floor, 6/9/2025(o) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 10,527 10,448 10,396

Ascent Resources - Marcellus, LLC, L+650, 1.00% LIBOR Floor, 3/30/2023(o) 1 Month LIBOR Energy:

Oil & Gas 285 285 285

Appalachian Resource Company, LLC, L+1000, 2.00% LIBOR Floor, 9/10/2023(o) 3 Month LIBOR Metals & Mining 12,887 11,166 11,166

Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024(o)(p) 1 Month LIBOR Construction & Building 14,565 14,122 13,127

2 unchanged sentences

BK Medical Holding Company, Inc., L+525, 1.00% LIBOR Floor, 6/22/2024(o)(p) 1 Month LIBOR Healthcare & Pharmaceuticals 4,975 4,935 4,726

Cadence Aerospace, LLC, L+650, 1.00% LIBOR Floor, 11/14/2023(o)(p) 3 Month LIBOR Aerospace & Defense 31,899 31,663 29,985

Cadence Aerospace, LLC, L+850, 1.00% LIBOR Floor, 11/14/2023(o)(p)(v) 3 Month LIBOR Aerospace & Defense 37,323 36,805 35,457

Cardinal US Holdings, Inc., L+500, 1.00% LIBOR Floor, 7/31/2023(o) 3 Month LIBOR Services:

2 unchanged sentences

Cargo 16,014 15,944 14,392

Central Security Group, Inc., L+563, 1.00% LIBOR Floor, 10/6/2021(o)(r) 3 Month LIBOR Services:

Consumer 19,314 19,320 13,500

Charming Charlie LLC, L+1200, 1.00% LIBOR Floor, 4/24/2023(r)(s)(v) 1 Month LIBOR Retail 3,595 — —

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2020

September 30, 2020

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

Central Security Group, Inc., L+563, 1.00% LIBOR Floor, 10/6/2021(o) 3 Month LIBOR Services:

Consumer 19,314 19,320 13,172

Charming Charlie LLC, 20.00%, 5/15/2020(r)(s) None Retail 777 657 357

Charming Charlie LLC, L+1200, 1.00% LIBOR Floor, 4/24/2023(r)(s)(v) 1 Month LIBOR Retail 2,936 — —

Charming Charlie LLC, L+1200, 1.00% LIBOR Floor, 4/24/2023(r)(s)(v) 1 Month LIBOR Retail 3,595 — —

Charming Charlie LLC, 20.00%, 5/15/2020(r)(s) None Retail 777 657 350

CHC Solutions Inc., 12.00%, 7/20/2023(p)(v) None Healthcare & Pharmaceuticals 7,573 7,573 7,308

CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021(o)(p)(v) 1 Month LIBOR Hotel, Gaming & Leisure 24,457 23,933 21,278

CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021(o)(v) 1 Month LIBOR Hotel, Gaming & Leisure 2,482 2,482 2,160

CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021(o)(p) 1 Month LIBOR Hotel, Gaming & Leisure 24,974 24,533 17,332

CircusTrix Holdings, LLC, 1.00% Unfunded, 12/16/2021 None Hotel, Gaming & Leisure 2,898 — —

CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021(o)(v) 1 Month LIBOR Hotel, Gaming & Leisure 2,535 2,535 1,759

Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023 3 Month LIBOR Beverage, Food & Tobacco 1,020 980 847

Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023(o) 3 Month LIBOR Beverage, Food & Tobacco 414 413 343

Country Fresh Holdings, LLC, 12.00%, 6/1/2022(v) None Beverage, Food & Tobacco 550 523 539

Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023(o) 3 Month LIBOR Beverage, Food & Tobacco 414 414 343

Country Fresh Holdings, LLC, 0.00% Unfunded, 6/1/2022(q) None Beverage, Food & Tobacco 182 — (4)

Coyote Buyer, LLC, L+600, 1.00% LIBOR Floor, 2/6/2026(o)(p) 3 Month LIBOR Chemicals, Plastics & Rubber 29,850 29,581 29,701

Coyote Buyer, LLC, L+600, 1.00% LIBOR Floor, 2/6/2025(o)(p) 3 Month LIBOR Chemicals, Plastics & Rubber 1,500 1,486 1,478

Coyote Buyer, LLC, 0.50% Unfunded, 2/6/2025 None Chemicals, Plastics & Rubber 1,000 — (15)

David's Bridal, LLC, L+1000, 1.00% LIBOR Floor, 6/23/2023 3 Month LIBOR Retail 5,250 4,208 5,250

Coyote Buyer, LLC, 0.50% Unfunded, 2/6/2025(o)(p) None Chemicals, Plastics & Rubber 2,500 (13) (13)

David's Bridal, LLC, L+1000, 1.00% LIBOR Floor, 6/23/2023(v) 1 Month LIBOR Retail 5,319 4,340 5,319

David's Bridal, LLC, L+600, 1.00% LIBOR Floor, 6/30/2023(v) 3 Month LIBOR Retail 733 632 733

Deluxe Entertainment Services, Inc., L+650, 1.00% LIBOR Floor, 3/25/2024(o)(s)(v) 3 Month LIBOR Media:

Diversified & Production 14,896 15,115 19,365

Deluxe Entertainment Services, Inc., L+1000, 1.00% LIBOR Floor, 11/30/2020(s) 1 Month LIBOR Media:

Diversified & Production 3,400 3,253 3,502

DMT Solutions Global Corp., L+700, 0.00% LIBOR Floor, 7/2/2024(o) 3 Month LIBOR Services:

8 unchanged sentences

Diversified & Production 925 925 939

Evergreen Skills Lux S.À.R.L., L+475, 1.00% LIBOR Floor, 4/28/2021(h)(o)(p)(r) 1 Month LIBOR High Tech Industries 10,050 9,800 7,488

Extreme Reach, Inc., L+750, 1.50% LIBOR Floor, 3/29/2024(o)(p) 1 Month LIBOR Media:

Diversified & Production 16,173 16,110 15,768

Extreme Reach, Inc., L+750, 1.50% LIBOR Floor, 3/29/2024(o)(p) 1 Month LIBOR Media:

Extreme Reach, Inc., 0.50% Unfunded, 3/29/2024(o)(p) None Media:

Diversified & Production 1,163 — (29)

Extreme Reach, Inc., 0.50% Unfunded, 3/29/2024 None Media:

Extreme Reach, Inc., L+750, 1.50% LIBOR Floor, 3/29/2024(o)(p) 1 Month LIBOR Media:

Diversified & Production 581 579 567

F+W Media, Inc., L+650, 1.50% LIBOR Floor, 5/24/2022(r)(s)(v) 1 Month LIBOR Media:

F+W Media, Inc., L+650, 1.50% LIBOR Floor, 5/24/2022(o)(r)(s)(v) 1 Month LIBOR Media:

Diversified & Production 1,174 1,115 —

5 unchanged sentences

Geon Performance Solutions, LLC, L+625, 1.63% LIBOR Floor, 10/25/2024(o)(p) 1 Month LIBOR Chemicals, Plastics & Rubber 17,283 17,181 16,592

Geon Performance Solutions, LLC, L+625, 1.63% LIBOR Floor, 10/25/2024 1 Month LIBOR Chemicals, Plastics & Rubber 550 550 522

Geon Performance Solutions, LLC, 0.50% Unfunded, 10/25/2024 None Chemicals, Plastics & Rubber 2,586 — (103)

Harland Clarke Holdings Corp., L+475, 1.00% LIBOR Floor, 11/3/2023(o) 3 Month LIBOR Services:

Business 12,547 12,513 10,336

Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021(o) 3 Month LIBOR Healthcare & Pharmaceuticals 4,712 4,652 4,335

Hilliard, Martinez & Gonzales, LLP, L+1800, 2.00% LIBOR Floor, 12/17/2022(o)(v) 1 Month LIBOR Services:

Consumer 16,079 15,961 16,079

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2020

September 30, 2020

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

Harland Clarke Holdings Corp., L+475, 1.00% LIBOR Floor, 11/3/2023(o) 3 Month LIBOR Services:

Business 12,758 12,721 9,228

Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021(o) 3 Month LIBOR Healthcare & Pharmaceuticals 4,724 4,645 4,287

Hilliard, Martinez & Gonzales, LLP, L+1800, 2.00% LIBOR Floor, 12/17/2022(o)(v) 1 Month LIBOR Services:

Consumer 15,487 15,364 15,468

Homer City Generation, L.P., L+1100, 1.00% LIBOR Floor, 4/5/2023(o)(r) 3 Month LIBOR Energy:

6 unchanged sentences

Independent Pet Partners Intermediate Holdings, LLC, 1.00% Unfunded, 11/19/2023 None Retail 7,363 — —

Independent Pet Partners Intermediate Holdings, LLC, L+225, 0.00% LIBOR Floor, 12/22/2022(o) 3 Month LIBOR Retail 2,222 2,222 2,222

Infinity Sales Group, LLC, L+1050, 1.00% LIBOR Floor, 11/23/2022(o) 1 Month LIBOR Services:

4 unchanged sentences

Advertising, Printing & Publishing 37,531 37,472 34,904

Instant Web, LLC, L+650, 1.00% LIBOR Floor, 12/15/2022(o) 1 Month LIBOR Media:

Instant Web, LLC, 0.50% Unfunded, 12/15/2022 None Media:

Advertising, Printing & Publishing 2,704 — (189)

5 unchanged sentences

JP Intermediate B, LLC, L+550, 1.00% LIBOR Floor, 11/20/2025(o) 3 Month LIBOR Beverage, Food & Tobacco 15,502 15,235 13,739

KLO Intermediate Holdings, LLC, L+775, 1.50% LIBOR Floor, 4/7/2022(r)(v) 1 Month LIBOR Chemicals, Plastics & Rubber 7,941 7,037 1,588

KLO Intermediate Holdings, LLC, L+775, 1.50% LIBOR Floor, 4/7/2022(r)(v) 1 Month LIBOR Chemicals, Plastics & Rubber 4,438 — —

KNB Holdings Corp., L+550, 1.00% LIBOR Floor, 4/26/2024(o)(r) 6 Month LIBOR Consumer Goods:

2 unchanged sentences

Labvantage Solutions Ltd., E+750, 1.00% EURIBOR Floor, 12/29/2020(h) 1 Month EURIBOR High Tech Industries € 3,026 3,401 3,547

LAV Gear Holdings, Inc., L+550, 1.00% LIBOR Floor, 10/31/2024(o)(p) 3 Month LIBOR Services:

LAV Gear Holdings, Inc., L+750, 1.00% LIBOR Floor, 10/31/2024(o)(p)(v) 3 Month LIBOR Services:

Business 25,042 24,625 23,790

LAV Gear Holdings, Inc., L+550, 1.00% LIBOR Floor, 10/31/2024(o)(p) 3 Month LIBOR Services:

LAV Gear Holdings, Inc., L+750, 1.00% LIBOR Floor, 10/31/2024(o)(p)(v) 3 Month LIBOR Services:

Business 4,319 4,269 4,103

5 unchanged sentences

Consumer 23,642 23,642 23,878

Lift Brands, Inc., 9.50%, 6/29/2025(o)(p)(s)(v) None Services:

Lift Brands, Inc., 6/29/2025(o)(p)(q)(s)(x) None Services:

Consumer 5,296 4,653 4,647

Lift Brands, Inc., 6/29/2025(o)(p)(s)(x) None Services:

Lift Brands, Inc., 9.50%, 6/29/2025(o)(p)(s)(v) None Services:

Consumer 4,746 4,634 4,628

Longview Power, LLC, L+600, 1.00% LIBOR Floor, 4/13/2021(o)(r) 3 Month LIBOR Energy:

Longview Power, LLC, L+1000, 1.50% LIBOR Floor, 7/30/2025(s) 3 Month LIBOR Energy:

Oil & Gas 2,361 589 2,384

2 unchanged sentences

Manna Pro Products, LLC, 1.00% Unfunded, 5/31/2021 None Retail 1,096 — (11)

Mimeo.com, Inc., L+700, 1.00% LIBOR Floor, 12/21/2023(o) 3 Month LIBOR Services:

Mimeo.com, Inc., L+700, 1.00% LIBOR Floor, 12/21/2023(o)(x) 3 Month LIBOR Services:

Business 22,847 22,847 22,276

Mimeo.com, Inc., L+700, 1.00% LIBOR Floor, 12/21/2023(o) 3 Month LIBOR Services:

Mimeo.com, Inc., 0.25% Unfunded, 12/21/2020 None Services:

Business 10,000 — (250)

Mimeo.com, Inc., L+1700, 1.00% LIBOR Floor, 12/21/2023(o)(v) 3 Month LIBOR Services:

Business 2,077 2,077 2,131

Mimeo.com, Inc., 1.00% Unfunded, 12/21/2023 None Services:

Business 1,000 — 26

Moss Holding Company, L+650, 1.00% LIBOR Floor, 4/17/2023(o)(p) 3 Month LIBOR Services:

Business 19,535 19,335 17,582

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2020

September 30, 2020

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

Mimeo.com, Inc., 0.25% Unfunded, 12/21/2020 None Services:

Business 10,000 — (600)

Moss Holding Company, L+625, 1.00% LIBOR Floor, 4/17/2023(o)(p) 3 Month LIBOR Services:

Business 19,657 19,442 18,281

Moss Holding Company, L+625, 1.00% LIBOR Floor, 4/17/2023(o) 3 Month LIBOR Services:

Business 624 624 580

Moss Holding Company, 6.25% Unfunded, 4/17/2023 None Services:

Moss Holding Company, L+650, 1.00% LIBOR Floor, 4/17/2023 3 Month LIBOR Services:

Business 1,321 1,321 1,189

1 unchanged sentence

Business 911 — (91)

Murray Energy Corp., L+1100, 2.00% LIBOR Floor, 7/29/2020(o) 1 Month LIBOR Metals & Mining 662 649 367

Murray Energy Corp., L+725, 1.00% LIBOR Floor, 10/17/2022(r) 1 Month LIBOR Metals & Mining 3,574 3,489 71

NewsCycle Solutions, Inc., L+700, 1.00% LIBOR Floor, 12/29/2022(o)(p) 3 Month LIBOR Media:

2 unchanged sentences

Optio Rx, LLC, L+700, 0.00% LIBOR Floor, 6/28/2024(o)(p) 1 Month LIBOR Healthcare & Pharmaceuticals 19,900 19,900 19,402

Optio Rx, LLC, L+1000, 0.00% LIBOR Floor, 6/28/2024(p) 1 Month LIBOR Healthcare & Pharmaceuticals 2,515 2,490 2,691

Palmetto Solar, LLC, 12.00%, 12/12/2024(o) None High Tech Industries 11,588 11,155 11,472

1 unchanged sentence

PFS Holding Corp., L+350, 1.00% LIBOR Floor, 1/31/2021(o)(r) 3 Month LIBOR Retail 3,097 2,699 13

PH Beauty Holdings III Inc., L+500, 0.00% LIBOR Floor, 9/28/2025(o) 3 Month LIBOR Consumer Goods:

PH Beauty Holdings III.

Inc., L+500, 0.00% LIBOR Floor, 9/28/2025(o) 2 Month LIBOR Consumer Goods:

Non-Durable 4,851 4,813 4,535

Pixelle Specialty Solutions LLC, L+650, 1.00% LIBOR Floor, 10/31/2024(o) 1 Month LIBOR Forest Products & Paper 20,381 20,001 20,305

Plano Molding Company, LLC, L+750, 1.00% LIBOR Floor, 5/12/2021(o)(v) 3 Month LIBOR Consumer Goods:

Non-Durable 5,978 5,963 5,679

Plano Molding Company, LLC, L+900, 1.00% LIBOR Floor, 5/11/2022(o) 3 Month LIBOR Consumer Goods:

2 unchanged sentences

Polymer Process Holdings, Inc., L+600, 0.00% LIBOR Floor, 5/1/2026(o) 1 Month LIBOR Chemicals, Plastics & Rubber 19,738 19,403 19,047

Rhino Energy LLC, L+1000, 1.00% LIBOR Floor, 12/27/2022(o) 1 Month LIBOR Metals & Mining 9,949 9,781 8,159

SCIH Salt Intermediate Holdings Inc., L+450, 1.00% LIBOR Floor, 3/16/2027(o)(p) 3 Month LIBOR Chemicals, Plastics & Rubber 10,000 9,903 9,788

SCIH Salt Intermediate Holdings Inc., L+450, 1.00% LIBOR Floor, 3/16/2027(p) 3 Month LIBOR Chemicals, Plastics & Rubber 4,988 4,940 4,997

Securus Technologies Holdings, Inc., L+450, 1.00% LIBOR Floor, 11/1/2024(o) 6 Month LIBOR Telecommunications 3,959 3,002 3,959

1 unchanged sentence

Sequoia Healthcare Management, LLC, 12.75%, 8/21/2023(o)(p)(r) None Healthcare & Pharmaceuticals 8,525 8,457 6,905

SIMR, LLC, L+1700, 2.00% LIBOR Floor, 9/7/2023(o)(s)(v) 1 Month LIBOR Healthcare & Pharmaceuticals 15,592 15,384 14,481

SIMR, LLC, L+1700, 2.00% LIBOR Floor, 9/7/2023(o)(r)(s)(v) 1 Month LIBOR Healthcare & Pharmaceuticals 15,872 15,282 12,658

Smart & Final Inc., L+675, 0.00% LIBOR Floor, 6/20/2025(o) 1 Month LIBOR Retail 7,855 7,252 7,894

Software Luxembourg Acquisitions S.À.R.L., L+750, 1.00% LIBOR Floor, 4/27/2025(h)(o)(p) 3 Month LIBOR High Tech Industries 3,011 2,900 2,898

Software Luxembourg Acquisitions S.À.R.L., L+750, 1.00% LIBOR Floor, 12/27/2024(h) 3 Month LIBOR High Tech Industries 807 796 792

Sorenson Communications, LLC, L+650, 0.00% LIBOR Floor, 4/30/2024(o) 3 Month LIBOR Telecommunications 11,840 11,525 11,848

6 unchanged sentences

Stats Intermediate Holdings, LLC, L+525, 0.00% LIBOR Floor, 7/12/2026(o) 1 Month LIBOR High Tech Industries 9,925 9,737 9,789

Teladoc, Inc., 0.50% Unfunded, 7/14/2020 None High Tech Industries 1,250 — —

Telestream Holdings Corp., L+645, 1.00% LIBOR Floor, 3/24/2022(k)(o) 3 Month LIBOR High Tech Industries 8,700 8,633 8,700

3 unchanged sentences

Cargo 4,825 4,748 4,656

The Pay-O-Matic Corp., L+900, 1.00% LIBOR Floor, 4/5/2021(g)(o) 3 Month LIBOR Services:

Consumer 7,952 7,936 7,952

Therapure Biopharma Inc., L+875, 0.50% LIBOR Floor, 12/1/2021(h)(o) 1 Month LIBOR Healthcare & Pharmaceuticals 12,974 12,956 14,238

Volta Charging, LLC, 12.00%, 6/19/2024(o) None Media:

Diversified & Production 11,250 11,225 11,250

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2020

September 30, 2020

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

The Pay-O-Matic Corp., L+900, 0.00% LIBOR Floor, 4/5/2021(g)(o) 3 Month LIBOR Services:

Consumer 8,462 8,439 8,336

Therapure Biopharma Inc., L+875, 0.50% LIBOR Floor, 12/1/2021(h)(o) 1 Month LIBOR Healthcare & Pharmaceuticals 12,974 12,952 12,228

Volta Charging, LLC, 12.00%, 6/19/2024(o) None Media:

Diversified & Production 10,000 10,000 10,000

Volta Charging, LLC, 12.00%, 6/19/2024(o) None Media:

Diversified & Production 10,000 9,978 10,000

Volta Charging, LLC, 0.00% Unfunded, 6/19/2021(q) None Media:

1 unchanged sentence

West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025(o)(p) 3 Month LIBOR Healthcare & Pharmaceuticals 9,479 9,402 8,958

West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025(o) 3 Month LIBOR Healthcare & Pharmaceuticals 1,657 1,643 1,591

West Dermatology Management Holdings, LLC, 0.75% Unfunded, 2/11/2022 None Healthcare & Pharmaceuticals 8,840 (35) (44)

West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025 3 Month LIBOR Healthcare & Pharmaceuticals 1,657 1,644 1,595

Winebow Holdings, Inc., L+375, 1.00% LIBOR Floor, 7/1/2021(o)(p) 1 Month LIBOR Beverage, Food & Tobacco 5,952 5,660 5,558

2 unchanged sentences

Non-Durable 9,218 9,218 9,218

Woodstream Corp., L+625, 1.00% LIBOR Floor, 5/29/2022(o) 1 Month LIBOR Consumer Goods:

Non-Durable 558 558 554

Total Senior Secured First Lien Debt 1,297,754 1,232,505

Senior Secured Second Lien Debt - 18.7%

1A Smart Start LLC, L+825, 1.00% LIBOR Floor, 8/21/2022(o)(p) 1 Month LIBOR High Tech Industries 13,800 13,653 13,317

Access CIG, LLC, L+775, 0.00% LIBOR Floor, 2/27/2026(o)(p) 3 Month LIBOR Services:

5 unchanged sentences

Dayton Superior Corp., L+700, 2.00% LIBOR Floor, 12/4/2024(o) 3 Month LIBOR Construction & Building 1,496 1,496 1,481

Deluxe Entertainment Services, Inc., L+850, 1.00% LIBOR Floor, 9/25/2024(o)(s)(v) 3 Month LIBOR Media:

Deluxe Entertainment Services, Inc., L+850, 1.00% LIBOR Floor, 9/25/2024(o)(r)(s)(v) 3 Month LIBOR Media:

Diversified & Production 10,206 10,017 3,878

EagleTree-Carbide Acquisition Corp., L+850, 1.00% LIBOR Floor, 8/28/2025(o)(p) 1 Month LIBOR Consumer Goods:

Durable 15,000 14,831 15,000

Evergreen Skills Lux S.À.R.L., L+825, 1.00% LIBOR Floor, 4/28/2022(h)(r) 1 Month LIBOR High Tech Industries 9,999 7,886 412

Global Tel*Link Corp., L+825, 0.00% LIBOR Floor, 11/29/2026(o)(p) 1 Month LIBOR Telecommunications 11,500 11,327 11,428

14 unchanged sentences

Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022(o)(r) 1 Month LIBOR Beverage, Food & Tobacco 12,823 12,415 9,008

Zest Acquisition Corp., L+750, 1.00% LIBOR Floor, 3/14/2026(o)(p) 3 Month LIBOR Healthcare & Pharmaceuticals 15,000 14,882 13,388

Zywave Inc., L+900, 1.00% LIBOR Floor, 11/17/2023(o) 3 Month LIBOR High Tech Industries 3,355 3,316 3,355

Total Senior Secured Second Lien Debt 188,202 161,784

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2020

September 30, 2020

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

Zest Acquisition Corp., L+750, 1.00% LIBOR Floor, 3/14/2026(o)(p) 6 Month LIBOR Healthcare & Pharmaceuticals 15,000 14,879 12,225

Zywave Inc., L+900, 1.00% LIBOR Floor, 11/17/2023(o) 3 Month LIBOR High Tech Industries 3,445 3,404 3,407

Total Senior Secured Second Lien Debt 225,032 193,198

Collateralized Securities and Structured Products - Equity - 1.3%

12 unchanged sentences

Equity - 12.3%

LTD., Common Shares(q) Chemicals, Plastics & Rubber 807,268 Units — —

ACNR Holdings, Inc., Common Stock(q) Metals & Mining 6,018 Units 90 69

ACNR Holdings, Inc., Preferred Stock(q) Metals & Mining 1,890 Units 26 26

American Clinical Solutions LLC, Class A Membership Interests(q)(s) Healthcare & Pharmaceuticals 6,030,384 Units 1,658 663

5 unchanged sentences

Diversified & Production 2,508 Units — —

APC Parent, Inc., Common Stock(q) Automotive 425,218 Units 3,716 5,498

APC Parent, Inc., Warrants(q) Automotive 6,268 Units — —

ARC Financial Partners, LLC, Membership Interests (25% ownership)(q) Metals & Mining N/A — —

Ascent Resources - Marcellus, LLC, Common Shares(q) Energy:

11 unchanged sentences

DBI Investors, Inc., Series A1 Preferred Stock(q) Retail 20,000 Units 802 340

DBI Investors, Inc., Series A Preferred Stock(q) Retail 1,396 Units 140 14

DBI Investors, Inc., Series B Preferred Stock(q) Retail 4,183 Units 410 —

DBI Investors, Inc., Series A Preferred Stock(q) Retail 1,396 Units 140 —

DBI Investors, Inc., Common Stock(q) Retail 39,423 Units — —

6 unchanged sentences

Independent Pet Partners Intermediate Holdings, LLC, Warrants(q) Retail 155,880 Units — —

Mooregate ITC Acquisition, LLC, Class A Units(q) High Tech Industries 500 Units 563 76

Mount Logan Capital Inc., Common Stock(h)(i)(s) Banking, Finance, Insurance & Real Estate 980,284 Units 3,335 2,383

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2020

September 30, 2020

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

Longview Intermediate Holdings C, LLC, Common Shares(q)(s) Energy:

Oil & Gas 589,487 Units 2,524 7,821

Mooregate ITC Acquisition, LLC, Class A Units(q) High Tech Industries 500 Units 563 74

Mount Logan Capital Inc., Common Stock(h)(i)(s) Banking, Finance, Insurance & Real Estate 980,284 Units 3,335 2,134

NS NWN Acquisition, LLC, Voting Units(q) High Tech Industries 346 Units 394 507

5 unchanged sentences

SIMR Parent, LLC, Class B Common Units(q)(s) Healthcare & Pharmaceuticals 12,283,163 Units 8,002 —

Software Luxembourg Holding S.A., Class A Common Stock(h)(q) High Tech Industries 28,202 Units 4,536 4,653

Software Luxembourg Holding S.A., Class B Warrants(h)(q) High Tech Industries 7,023 Units 220 221

Software Luxembourg Holding S.A., Class A Warrants(h)(q) High Tech Industries 3,512 Units 117 117

Software Luxembourg Holding S.A., Class B Common Stock(h)(q) High Tech Industries 2,388 Units 384 394

Snap Fitness Holdings, Inc., Class A Stock(q)(s) Services:

16 unchanged sentences

below, investments do not contain a paid-in-kind, or PIK, interest provision.

The 1, 2, 3 and 6 month London Interbank Offered Rate, or LIBOR, rates were 0.16%, 0.23%, 0.30% and 0.37%, respectively, as of June 30, 2020.

The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of June 30, 2020, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to June 30, 2020.

The 1 month Euro Interbank Offered Rate, or EURIBOR, rate was (0.48%) as of June 30, 2020.

The 1, 2, 3, 6 and 12 month London Interbank Offered Rate, or LIBOR, rates were 0.15%, 0.19%, 0.23%, 0.26% and 0.36%, respectively, as of September 30, 2020.

The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of September 30, 2020, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to September 30, 2020.

The 1 month Euro Interbank Offered Rate, or EURIBOR, rate was (0.57%) as of September 30, 2020.

Fair value determined in good faith by the Company’s board of directors (see Note 9) using significant unobservable inputs unless otherwise noted.

9 unchanged sentences

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 June 30, 2020, 92.2% of the Company’s total assets represented qualifying assets.

As of September 30, 2020, 92.0% of the Company’s total assets represented qualifying assets.

Fair value determined using level 1 inputs.

Position or a portion thereof unsettled as of June 30, 2020.

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 amounts as a result of an arrangement between the Company and other lenders in the syndication in exchange for lower payment priority.

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.

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.

7-day effective yield as of June 30, 2020.

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 June 30, 2020 (see Note 8).

Position or a portion thereof unsettled as of September 30, 2020.

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2020

September 30, 2020

(in thousands)

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 June 30, 2020 (see Note 8).

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 amounts as a result of an arrangement between the Company and the other lenders in the syndication in exchange for a lower payment priority.

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.

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.

7-day effective yield as of September 30, 2020.

Non-income producing security.

Investment was on non-accrual status as of June 30, 2020.

Investment was on non-accrual status as of September 30, 2020.

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, 2019 and June 30, 2020, along with transactions during the six months ended June 30, 2020 in these affiliated investments are as follows:

Six Months Ended June 30, 2020 Six Months Ended June 30, 2020

Fair value as of December 31, 2019 and September 30, 2020, along with transactions during the nine months ended September 30, 2020 in these affiliated investments are as follows:

Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2020

Non-Controlled, Affiliated Investments Fair Value at

3 unchanged sentences

(Loss) Gain Fair Value at

June 30, 2020 Net Realized

September 30, 2020 Net Realized

Gain (Loss) Interest

12 unchanged sentences

DESG Holdings, Inc.

Bridge Loan — 3,253 — 249 3,502 — 35 —

First Lien Term Loan 28,978 789 (9,330) (1,072) 19,365 — 1,490 —

7 unchanged sentences

Term Loan C — 4,653 — (6) 4,647 — 32 —

Longview Power, LLC

First Lien Term Loan B-1 — 595 (6) 1,795 2,384 — 47 —

Longview Intermediate Holdings C, LLC

Common Stock — 2,524 — 5,297 7,821 — — —

Mount Logan Capital Inc.

10 unchanged sentences

(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.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2020

September 30, 2020

(in thousands)

(3) Includes PIK interest income.

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, 2019 and June 30, 2020, along with transactions during the six months ended June 30, 2020 in these controlled investments are as follows:

Six Months Ended June 30, 2020 Six Months Ended June 30, 2020

Fair value as of December 31, 2019 and September 30, 2020, along with transactions during the nine months ended September 30, 2020 in these controlled investments are as follows:

Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2020

Controlled Investments Fair Value at

3 unchanged sentences

(Loss) Gain Fair Value at

June 30, 2020 Net Realized

September 30, 2020 Net Realized

Gain (Loss) Interest

8 unchanged sentences

(3) Includes PIK interest income.

For the six months ended June 30, 2020, non-cash dividend income of $919 and $270 was recorded on the Company's investment in Conisus Holdings, Inc.

For the nine months ended September 30, 2020, non-cash dividend income of $1,363 and $405 was recorded on the Company's investment in Conisus Holdings, Inc.

and CHC Medical Partners, Inc., respectively.

As of June 30, 2020, the following 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:

As of September 30, 2020, the following 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:

Interest Rate

2 unchanged sentences

Senior Secured First Lien Debt 7.75 % 2.75 % 10.50 %

APC Automotive Technologies, LLC Senior Secured First Lien Debt 4.87 % 1.22 % 6.09 %

Cadence Aerospace, LLC Senior Secured First Lien Debt 4.25 % 5.25 % 9.50 %

Carestream Health, Inc.

8 unchanged sentences

David's Bridal, LLC Senior Secured First Lien Debt 6.00 % 5.00 % 11.00 %

David's Bridal, LLC Senior Secured First Lien Debt 6.00 % 1.00 % 7.00 %

Deluxe Entertainment Services, Inc.

7 unchanged sentences

Senior Secured First Lien Debt — 14.25 % 14.25 %

KLO Intermediate Holdings, LLC Senior Secured First Lien Debt — 9.25 % 9.25 %

LAV Gear Holdings, Inc.

Senior Secured First Lien Debt 3.50 % 5.00 % 8.50 %

Lift Brands, Inc.

Senior Secured First Lien Debt — 9.50 % 9.50 %

Mimeo.com, Inc.

Revolving Term Loan 8.00 % 10.00 % 18.00 %

Patterson Medical Supply, Inc.

Senior Secured Second Lien Debt 1.00 % 10.50 % 11.50 %

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2020

(in thousands)

Interest Rate

Portfolio Company Investment Type Cash PIK All-in-Rate

Plano Molding Company, LLC Senior Secured First Lien Debt 7.00% 1.50% 8.50%

Premiere Global Services, Inc.

7 unchanged sentences

Unsecured Note — 15.00% 15.00%

As of June 30, 2020, the index rate for $1,386 and $1,387 was the 1 month LIBOR and the 6 month LIBOR, respectively.

The ultimate interest earned on this loan will be determined based on the portfolio company’s EBITDA at a specified trigger event.

505 unchanged sentences

Consolidated Schedule of Investments (unaudited)

June 30, 2019

September 30, 2019

(in thousands)

Portfolio Company(a) Index Rate(b) Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c)

Portfolio Company(a) Index Rate(b) Industry Principal/

Units(e) Cost(d) Fair

Senior Secured First Lien Debt - 150.0%

Academy, Ltd., L+400, 1.00% LIBOR Floor, 7/1/2022(q) 1 Month LIBOR Retail $ 14,324 $ 12,440 $ 10,277

ACProducts, Inc., L+550, 0.00% LIBOR Floor, 2/15/2024(q) 1 Month LIBOR Construction & Building 4,969 4,733 4,745

Adams Publishing Group, LLC, L+750, 1.00% LIBOR Floor, 7/2/2023(p)(r) 3 Month LIBOR Media:

Academy, Ltd., L+400, 1.00% LIBOR Floor, 7/1/2022(p) 1 Month LIBOR Retail $ 14,280 $ 12,548 $ 10,032

ACProducts, Inc., L+550, 0.00% LIBOR Floor, 2/15/2024(p) 1 Month LIBOR Construction & Building 4,938 4,713 4,937

Adams Publishing Group, LLC, L+750, 1.00% LIBOR Floor, 7/2/2023(o)(p) 3 Month LIBOR Media:

Advertising, Printing & Publishing 14,043 13,923 13,973

Adams Publishing Group, LLC, 0.38% Unfunded, 7/2/2020(p) None Media:

Adams Publishing Group, LLC, 0.38% Unfunded, 7/2/2020(o) None Media:

Advertising, Printing & Publishing 1,600 — (8)

Adapt Laser Acquisition, Inc., L+800, 1.00% LIBOR Floor, 12/31/2023(p) 3 Month LIBOR Capital Equipment 11,820 11,820 11,525

Adapt Laser Acquisition, Inc., L+800, 1.00% LIBOR Floor, 12/31/2023(o) 3 Month LIBOR Capital Equipment 11,820 11,820 11,229

Adapt Laser Acquisition, Inc., 0.50% Unfunded, 12/31/2023 None Capital Equipment 2,000 — (100)

Aegis Toxicology Sciences Corp., L+550, 1.00% LIBOR Floor, 5/9/2025(q) 3 Month LIBOR Healthcare & Pharmaceuticals 9,925 9,744 9,540

AIS Holdco, LLC, L+500, 0.00% LIBOR Floor, 8/15/2025(q) 3 Month LIBOR Banking, Finance, Insurance & Real Estate 5,451 5,387 5,097

Alchemy US Holdco 1, LLC, L+550, 10/10/2025(q) 1 Month LIBOR Construction & Building 7,900 7,791 7,861

Allen Media, LLC, L+650, 1.00% LIBOR Floor, 8/30/2023(p)(q)(r)(s) 3 Month LIBOR Media:

Aegis Toxicology Sciences Corp., L+550, 1.00% LIBOR Floor, 5/9/2025(p) 3 Month LIBOR Healthcare & Pharmaceuticals 9,900 9,724 9,467

AIS Holdco, LLC, L+500, 0.00% LIBOR Floor, 8/15/2025(p) 3 Month LIBOR Banking, Finance, Insurance & Real Estate 5,417 5,355 5,146

Alchemy US Holdco 1, LLC, L+550, 10/10/2025(p) 1 Month LIBOR Construction & Building 7,850 7,744 7,771

Allen Media Broadcasting LLC, L+625, 1.00% LIBOR Floor, 7/3/2024(o)(q) 3 Month LIBOR Media:

Diversified & Production 24,844 24,223 24,409

ALM Media, LLC, L+450, 1.00% LIBOR Floor, 7/31/2020(q) 3 Month LIBOR Media:

Advertising, Printing & Publishing 12,965 12,403 11,971

American Clinical Solutions LLC, 12.50%, 6/11/2020(u)(w) None Healthcare & Pharmaceuticals 9,339 8,968 6,817

American Media, LLC, L+750, 0.00% LIBOR Floor, 12/31/2023(p) 3 Month LIBOR Media:

Allen Media, LLC, L+650, 1.00% LIBOR Floor, 8/30/2023(o)(p)(q)(r) 3 Month LIBOR Media:

Diversified & Production 74,030 72,513 74,030

ALM Media, LLC, L+450, 1.00% LIBOR Floor, 7/31/2020(p) 3 Month LIBOR Media:

Advertising, Printing & Publishing 12,965 12,527 12,965

American Clinical Solutions LLC, 12.50%, 6/11/2020(t)(w) None Healthcare & Pharmaceuticals 9,339 8,968 6,817

American Media, LLC, L+750, 0.00% LIBOR Floor, 12/31/2023 3 Month LIBOR Media:

2 unchanged sentences

Advertising, Printing & Publishing 128 (40) (1)

American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021(p)(q)(r)(s) 3 Month LIBOR Telecommunications 19,566 18,429 11,495

Analogic Corp., L+600, 1.00% LIBOR Floor, 6/21/2024(r)(s) 1 Month LIBOR Healthcare & Pharmaceuticals 29,775 29,258 29,477

AP Exhaust Acquisition, LLC, L+500, 1.00% LIBOR Floor, 5/10/2024(q)(r) 3 Month LIBOR Automotive 10,477 9,937 9,115

APCO Holdings, LLC, L+550, 0.00% LIBOR Floor, 6/9/2025(q) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 11,127 11,029 11,155

American Media, LLC, L+750, 0.00% LIBOR Floor, 12/31/2023(o) 3 Month LIBOR Media:

Advertising, Printing & Publishing 18,875 18,463 18,686

American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021(o)(p)(q)(r) 3 Month LIBOR Telecommunications 19,566 18,527 11,838

Analogic Corp., L+600, 1.00% LIBOR Floor, 6/21/2024(q)(r) 1 Month LIBOR Healthcare & Pharmaceuticals 29,700 29,200 29,403

Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 9/9/2024 3 Month LIBOR Media:

Diversified & Production 833 833 833

Anthem Sports & Entertainment Inc., 0.50% Unfunded, 9/9/2024 None Media:

Diversified & Production 1,333 — —

Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 9/9/2024(o)(w) 3 Month LIBOR Media:

Diversified & Production 16,693 16,489 16,526

AP Exhaust Acquisition, LLC, L+500, 1.00% LIBOR Floor, 5/10/2024(p)(q) 3 Month LIBOR Automotive 10,451 9,934 8,021

APCO Holdings, LLC, L+550, 0.00% LIBOR Floor, 6/9/2025(p) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 10,977 10,882 10,813

Ascent Resources - Marcellus, LLC, L+650, 1.00% LIBOR Floor, 3/30/2023 1 Month LIBOR Energy:

Oil & Gas 712 712 690

Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024(q) 1 Month LIBOR Construction & Building 10,770 10,617 10,527

Avison Young (USA) Inc., L+500, 0.00% LIBOR Floor, 1/31/2026(i)(q) 3 Month LIBOR Banking, Finance, Insurance & Real Estate 9,950 9,759 9,801

Bi-Lo, LLC, L+800, 1.00% LIBOR Floor, 5/31/2024(q)(r) 3 Month LIBOR Retail 12,962 12,600 12,476

Cadence Aerospace, LLC, L+650, 1.00% LIBOR Floor, 11/14/2023(r)(s) 3 Month LIBOR Aerospace & Defense 25,829 25,619 25,312

Cardinal US Holdings, Inc., L+500, 1.00% LIBOR Floor, 7/31/2023(q) 3 Month LIBOR Services:

Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024(p) 1 Month LIBOR Construction & Building 10,770 10,623 10,258

Avison Young (USA) Inc., L+500, 0.00% LIBOR Floor, 1/31/2026(h)(p) 3 Month LIBOR Banking, Finance, Insurance & Real Estate 9,925 9,739 9,764

Bi-Lo, LLC, L+800, 1.00% LIBOR Floor, 5/31/2024(p)(q) 3 Month LIBOR Retail 12,930 12,582 12,412

Cadence Aerospace, LLC, L+650, 1.00% LIBOR Floor, 11/14/2023(q)(r) 1 Month LIBOR Aerospace & Defense 25,763 25,563 25,505

Cardinal US Holdings, Inc., L+500, 1.00% LIBOR Floor, 7/31/2023(p) 3 Month LIBOR Services:

Business 8,330 7,912 8,273

CB URS Holdings Corp., L+525, 1.00% LIBOR Floor, 9/1/2024(q)(s) 1 Month LIBOR Transportation:

CB URS Holdings Corp., L+575, 1.00% LIBOR Floor, 9/1/2024(p)(r) 1 Month LIBOR Transportation:

Cargo 16,542 16,455 16,335

Central Security Group, Inc., L+563, 1.00% LIBOR Floor, 10/6/2021(q)(s) 1 Month LIBOR Services:

Central Security Group, Inc., L+563, 1.00% LIBOR Floor, 10/6/2021(p)(r) 1 Month LIBOR Services:

Consumer 24,467 24,481 23,856

Charming Charlie LLC, L+1000, 1.00% LIBOR Floor, 4/24/2023(u)(v)(w) 3 Month LIBOR Retail 3,501 1,912 —

Charming Charlie LLC, L+1000, 1.00% LIBOR Floor, 4/24/2023(u)(v)(w) 3 Month LIBOR Retail 2,859 2,619 —

Charming Charlie LLC, 20.00%, 5/15/2019(v) None Retail 157 157 157

Charming Charlie LLC, 3.50% Unfunded, 5/28/2022(v) None Retail 890 — —

Charming Charlie LLC, 2.50% Unfunded, 5/15/2020(v) None Retail 1,047 — —

CHC Solutions Inc., 12.00%, 7/20/2023(w) None Healthcare & Pharmaceuticals 7,200 7,200 7,200

CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021(r)(s) 1 Month LIBOR Hotel, Gaming & Leisure 24,003 23,756 23,523

Charming Charlie LLC, 20.00%, 5/15/2019(t)(u) None Retail 1,047 1,047 807

Charming Charlie LLC, L+1200, 1.00% LIBOR Floor, 4/24/2023(t)(u)(w) 1 Month LIBOR Retail 2,936 2,619 —

Charming Charlie LLC, L+1200, 1.00% LIBOR Floor, 4/24/2023(t)(u)(w) 1 Month LIBOR Retail 3,595 1,912 —

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2019

September 30, 2019

(in thousands)

Portfolio Company(a) Index Rate(b) Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c)

Portfolio Company(a) Index Rate(b) Industry Principal/

Units(e) Cost(d) Fair

CHC Solutions Inc., 12.00%, 7/20/2023(w) None Healthcare & Pharmaceuticals 7,273 7,273 7,273

CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021(q)(r) 1 Month LIBOR Hotel, Gaming & Leisure 23,942 23,717 23,463

CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021 1 Month LIBOR Hotel, Gaming & Leisure 2,430 2,430 2,381

1 unchanged sentence

Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023 3 Month LIBOR Beverage, Food & Tobacco 286 274 286

Country Fresh Holdings, LLC, 1.00% Unfunded, 4/29/2023 None Beverage, Food & Tobacco 735 (29) —

Covenant Surgical Partners, Inc., L+475, 0.00% LIBOR Floor, 10/4/2024(q) 3 Month LIBOR Healthcare & Pharmaceuticals 912 911 912

Crown Subsea Communications Holdings, Inc., L+600, 0.00% LIBOR Floor, 11/2/2025(q) 1 Month LIBOR Capital Equipment 7,800 7,655 7,800

David's Bridal, Inc., L+800, 1.00% LIBOR Floor, 1/18/2024 1 Month LIBOR Retail 1,682 1,682 1,329

Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023 3 Month LIBOR Beverage, Food & Tobacco 414 414 414

Crown Subsea Communications Holdings, Inc., L+600, 0.00% LIBOR Floor, 11/2/2025(p) 1 Month LIBOR Capital Equipment 7,800 7,658 7,829

David's Bridal, Inc., L+750, 1.00% LIBOR Floor, 7/18/2023 1 Month LIBOR Retail 418 342 366

Dayton Superior Corp., L+1400, 1.00% LIBOR Floor, 11/15/2021(q)(u)(w) 1 Month LIBOR Construction & Building 6,390 5,903 3,514

Del Frisco's Restaurant Group, Inc., L+600, 0.00% LIBOR Floor, 6/27/2025(i)(p)(q) 1 Month LIBOR Retail 13,915 13,695 13,950

Deluxe Entertainment Services Group Inc., L+550, 1.00% LIBOR Floor, 2/28/2020(q) 3 Month LIBOR Media:

David's Bridal, Inc., L+800, 1.00% LIBOR Floor, 1/18/2024(t) 1 Month LIBOR Retail 1,673 1,673 795

Dayton Superior Corp., L+1400, 1.00% LIBOR Floor, 11/15/2021(p)(t)(w) 3 Month LIBOR Construction & Building 6,490 5,941 4,932

Deluxe Entertainment Services Group Inc., L+750, 1.50% LIBOR Floor, 9/18/2020(j) 1 Month LIBOR Media:

Diversified & Production 2,851 2,851 3,136

DFC Global Facility Borrower II LLC, L+1075, 1.00% LIBOR Floor, 9/27/2022 1 Month LIBOR Services:

Consumer 24,683 24,585 24,683

DFC Global Facility Borrower II LLC, 0.50% Unfunded, 9/27/2019 None Services:

Consumer 5,317 — —

DMT Solutions Global Corp., L+700, 0.00% LIBOR Floor, 7/2/2024(q)(s) 3 Month LIBOR Services:

Deluxe Entertainment Services Group Inc., 0.50% Unfunded, 10/30/2019 None Media:

Diversified & Production 1,149 — —

Deluxe Entertainment Services Group Inc., L+750, 1.50% LIBOR Floor, 7/30/2020(p)(aa) 3 Month LIBOR Media:

Diversified & Production 10,000 9,593 21,075

Deluxe Entertainment Services Group Inc., L+550, 1.00% LIBOR Floor, 2/28/2020(j)(t)(aa) 3 Month LIBOR Media:

Diversified & Production 25,213 17,663 4,475

DMT Solutions Global Corp., L+700, 0.00% LIBOR Floor, 7/2/2024(p)(r) 6 Month LIBOR Services:

Business 18,750 18,283 18,258

Eagle Family Foods Group LLC, L+650, 1.00% LIBOR Floor, 6/14/2024(s) 6 Month LIBOR Beverage, Food & Tobacco 14,850 14,570 14,627

Elemica, Inc., L+700, 1.00% LIBOR Floor, 7/7/2021(p)(r) 1 Month LIBOR High Tech Industries 16,975 16,767 16,890

Elemica, Inc., L+700, 1.00% LIBOR Floor, 7/7/2021 1 Month LIBOR High Tech Industries 2,000 2,004 1,990

Elemica, Inc., 0.50% Unfunded, 7/7/2021 None High Tech Industries 500 (30) (3)

Entertainment Studios P&A LLC, 6.18%, 5/18/2037(m) None Media:

Eagle Family Foods Group LLC, L+650, 1.00% LIBOR Floor, 6/14/2024(r) 3 Month LIBOR Beverage, Food & Tobacco 14,813 14,544 14,516

Entertainment Studios P&A LLC, 6.18%, 5/18/2037(l) None Media:

Diversified & Production 17,244 17,096 16,813

Entertainment Studios P&A LLC, 5.00%, 5/18/2037(m) None Media:

Entertainment Studios P&A LLC, 5.00%, 5/18/2037(l) None Media:

Diversified & Production — — 2,622

EnTrans International, LLC, L+600, 0.00% LIBOR Floor, 11/1/2024(q)(s) 1 Month LIBOR Capital Equipment 28,875 28,617 28,586

EnTrans International, LLC, L+600, 0.00% LIBOR Floor, 11/1/2024(p)(r) 1 Month LIBOR Capital Equipment 28,313 28,064 27,746

ES Chappaquiddick LLC, 10.00%, 5/18/2022 None Media:

Diversified & Production 965 965 989

Evergreen Skills Lux S.À.R.L., L+475, 1.00% LIBOR Floor, 4/28/2021(i)(q) 1 Month LIBOR High Tech Industries 10,130 9,767 8,769

Extreme Reach, Inc., L+750, 0.00% LIBOR Floor, 3/29/2024(r) 1 Month LIBOR Media:

Evergreen Skills Lux S.À.R.L., L+475, 1.00% LIBOR Floor, 4/28/2021(h)(p) 6 Month LIBOR High Tech Industries 10,104 9,788 8,222

Extreme Reach, Inc., L+750, 0.00% LIBOR Floor, 3/29/2024(q) 1 Month LIBOR Media:

Diversified & Production 22,442 22,335 22,330

1 unchanged sentence

Diversified & Production 1,744 (4) (9)

F+W Media, Inc., L+650, 1.50% LIBOR Floor, 5/24/2022(u)(v)(w) 1 Month LIBOR Media:

Diversified & Production 1,168 1,168 426

F+W Media, Inc., L+1000, 1.50% LIBOR Floor, 5/24/2022(p)(u)(v)(w) 1 Month LIBOR Media:

Diversified & Production 3,286 2,759 —

F+W Media, Inc., L+1000, 8/10/2019(v)(w) 1 Month LIBOR Media:

F+W Media, Inc., L+650, 1.50% LIBOR Floor, 5/24/2022(t)(u)(w) 1 Month LIBOR Media:

Diversified & Production 1,195 1,168 57

F+W Media, Inc., 2.00% Unfunded, 8/10/2019(v) None Media:

F+W Media, Inc., L+1000, 1.50% LIBOR Floor, 5/24/2022(o)(t)(u)(w) 1 Month LIBOR Media:

Diversified & Production 3,393 2,759 —

Flavors Holdings Inc., L+575, 1.00% LIBOR Floor, 4/3/2020(p)(r) 3 Month LIBOR Consumer Goods:

Flavors Holdings Inc., L+575, 1.00% LIBOR Floor, 4/3/2020(o)(q) 3 Month LIBOR Consumer Goods:

Non-Durable 13,388 13,000 12,384

Foundation Consumer Healthcare, LLC, L+550, 1.00% LIBOR Floor, 11/2/2023(p)(r)(s) 3 Month LIBOR Healthcare & Pharmaceuticals 38,892 38,664 38,892

Foundation Consumer Healthcare, LLC, L+550, 1.00% LIBOR Floor, 11/2/2023(o)(q)(r) 3 Month LIBOR Healthcare & Pharmaceuticals 37,620 37,410 37,620

Foundation Consumer Healthcare, LLC, 0.50% Unfunded, 11/2/2023 None Healthcare & Pharmaceuticals 4,211 (22) —

Genesis Healthcare, Inc., L+600, 0.50% LIBOR Floor, 3/6/2023(i)(p)(s) 1 Month LIBOR Healthcare & Pharmaceuticals 35,000 34,724 34,300

Geo Parent Corp., L+550, 0.00% LIBOR Floor, 12/19/2025(q) 3 Month LIBOR Services:

Genesis Healthcare, Inc., L+600, 0.50% LIBOR Floor, 3/6/2023(h)(o)(r) 1 Month LIBOR Healthcare & Pharmaceuticals 35,000 34,738 34,300

Geo Parent Corp., L+550, 0.00% LIBOR Floor, 12/19/2025(p) 1 Month LIBOR Services:

Business 14,925 14,786 14,888

Harland Clarke Holdings Corp., L+475, 1.00% LIBOR Floor, 11/3/2023(q)(s) 3 Month LIBOR Services:

Harland Clarke Holdings Corp., L+475, 1.00% LIBOR Floor, 11/3/2023(p)(r) 3 Month LIBOR Services:

Business 13,390 13,342 10,495

Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021(p) 3 Month LIBOR Healthcare & Pharmaceuticals 4,762 4,625 3,548

Homer City Generation, L.P., L+1100, 1.00% LIBOR Floor, 4/5/2023(o) 3 Month LIBOR Energy:

Oil & Gas 14,481 13,964 13,857

HUMC Holdco, LLC, 9.00%, 6/26/2020 None Healthcare & Pharmaceuticals 10,000 9,958 9,950

Hummel Station LLC, L+600, 1.00% LIBOR Floor, 10/27/2022(p) 1 Month LIBOR Energy:

Oil & Gas 9,786 9,457 8,452

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2019

September 30, 2019

(in thousands)

Portfolio Company(a) Index Rate(b) Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c)

Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021(q) 3 Month LIBOR Healthcare & Pharmaceuticals 4,774 4,619 3,891

Homer City Generation, L.P., L+1100, 1.00% LIBOR Floor, 4/5/2023(p) 1 Month LIBOR Energy:

Oil & Gas 14,518 13,976 13,974

Hummel Station LLC, L+600, 1.00% LIBOR Floor, 10/27/2022(q) 1 Month LIBOR Energy:

Oil & Gas 9,600 9,249 8,664

Portfolio Company(a) Index Rate(b) Industry Principal/

Units(e) Cost(d) Fair

Hyperion Materials & Technologies, Inc., L+550, 1.00% LIBOR Floor, 8/28/2026(o) 1 Month LIBOR Chemicals, Plastics & Rubber 10,000 9,801 9,850

Independent Pet Partners Intermediate Holdings, LLC, L+900, 1.00% LIBOR Floor, 11/19/2023 6 Month LIBOR Retail 12,094 12,020 11,882

Independent Pet Partners Intermediate Holdings, LLC, 1.00% Unfunded, 11/19/2023 None Retail 7,852 (108) (137)

Infinity Sales Group, LLC, L+1050, 1.00% LIBOR Floor, 11/23/2020(p) 1 Month LIBOR Services:

Infinity Sales Group, LLC, L+1050, 1.00% LIBOR Floor, 11/23/2020(o) 1 Month LIBOR Services:

Business 7,330 7,117 7,549

InfoGroup Inc., L+500, 1.00% LIBOR Floor, 4/3/2023(q)(r)(s) 3 Month LIBOR Media:

InfoGroup Inc., L+500, 1.00% LIBOR Floor, 4/3/2023(p)(q)(r) 3 Month LIBOR Media:

Advertising, Printing & Publishing 15,797 15,783 15,323

Instant Web, LLC, L+650, 0.00% LIBOR Floor, 12/15/2022(p)(r)(s) 1 Month LIBOR Media:

Instant Web, LLC, L+650, 0.00% LIBOR Floor, 12/15/2022(o)(q)(r) 1 Month LIBOR Media:

Advertising, Printing & Publishing 37,835 37,753 36,699

3 unchanged sentences

Advertising, Printing & Publishing 2,271 — (68)

Intermedia Holdings, Inc., L+600, 1.00% LIBOR Floor, 7/21/2025(q) 1 Month LIBOR High Tech Industries 12,438 12,327 12,500

International Seaways, Inc., L+600, 1.00% LIBOR Floor, 6/22/2022(i)(q) 1 Month LIBOR Transportation:

International Seaways, Inc., L+600, 1.00% LIBOR Floor, 6/22/2022(h)(p) 1 Month LIBOR Transportation:

Cargo 8,922 8,812 8,949

Isagenix International, LLC, L+575, 1.00% LIBOR Floor, 6/14/2025(q) 3 Month LIBOR Beverage, Food & Tobacco 14,250 14,124 11,329

Island Medical Management Holdings, LLC, L+650, 1.00% LIBOR Floor, 9/1/2022(r) 1 Month LIBOR Healthcare & Pharmaceuticals 11,883 11,777 10,814

Jab Wireless, Inc., L+800, 0.00% LIBOR Floor, 5/2/2023(s) 3 Month LIBOR Telecommunications 19,800 19,800 19,800

Jackson Hewitt Tax Service Inc., L+625, 0.00% LIBOR Floor, 5/30/2023(s) 3 Month LIBOR Services:

Isagenix International, LLC, L+575, 1.00% LIBOR Floor, 6/14/2025(p) 3 Month LIBOR Beverage, Food & Tobacco 14,058 13,938 11,774

Island Medical Management Holdings, LLC, L+650, 1.00% LIBOR Floor, 9/1/2022(q) 1 Month LIBOR Healthcare & Pharmaceuticals 11,849 11,750 11,271

Jab Wireless, Inc., L+800, 0.00% LIBOR Floor, 5/2/2023(r) 3 Month LIBOR Telecommunications 19,750 19,750 19,750

Jackson Hewitt Tax Service Inc., L+625, 0.00% LIBOR Floor, 5/30/2023(r) 3 Month LIBOR Services:

Consumer 17,550 17,550 17,550

Jenny C Acquisition, Inc., L+850, 0.00% LIBOR Floor, 10/1/2024(p) 1 Month LIBOR Services:

Jenny C Acquisition, Inc., L+850, 0.00% LIBOR Floor, 10/1/2024(o)

3 Month LIBOR Services:

Consumer 9,863 9,773 9,690

JP Intermediate B, LLC, L+550, 1.00% LIBOR Floor, 11/20/2025(k)(q) 3 Month LIBOR Beverage, Food & Tobacco 16,578 16,241 14,464

KLO Intermediate Holdings, LLC, L+775, 1.50% LIBOR Floor, 4/7/2022 1 Month LIBOR Chemicals, Plastics & Rubber 7,074 7,020 6,013

KLO Intermediate Holdings, LLC, L+775, 1.50% LIBOR Floor, 4/7/2022 1 Month LIBOR Chemicals, Plastics & Rubber 4,095 4,064 3,481

KNB Holdings Corp., L+550, 1.00% LIBOR Floor, 4/26/2024(q)(s) 3 Month LIBOR Consumer Goods:

JP Intermediate B, LLC, L+550, 1.00% LIBOR Floor, 11/20/2025(p) 3 Month LIBOR Beverage, Food & Tobacco 16,365 16,041 14,278

KLO Intermediate Holdings, LLC, L+775, 1.50% LIBOR Floor, 4/7/2022(t) 1 Month LIBOR Chemicals, Plastics & Rubber 7,283 7,023 2,185

KLO Intermediate Holdings, LLC, L+775, 1.50% LIBOR Floor, 4/7/2022(t) 1 Month LIBOR Chemicals, Plastics & Rubber 4,311 4,268 1,293

KNB Holdings Corp., L+550, 1.00% LIBOR Floor, 4/26/2024(p)(r) 3 Month LIBOR Consumer Goods:

Durable 8,348 8,228 7,503

Labvantage Solutions Inc., L+750, 1.00% LIBOR Floor, 12/29/2020(r) 1 Month LIBOR High Tech Industries 3,754 3,738 3,754

Labvantage Solutions Ltd., E+750, 1.00% EURIBOR Floor, 12/29/2020(i) 1 Month EURIBOR High Tech Industries € 3,791 4,244 4,309

LAV Gear Holdings, Inc., L+550, 1.00% LIBOR Floor, 10/31/2024 3 Month LIBOR Services:

Labvantage Solutions Inc., L+750, 1.00% LIBOR Floor, 12/29/2020(q) 1 Month LIBOR High Tech Industries 3,660 3,647 3,660

Labvantage Solutions Ltd., E+750, 1.00% EURIBOR Floor, 12/29/2020(h) 1 Month EURIBOR High Tech Industries € 3,705 4,149 4,038

LAV Gear Holdings, Inc., L+550, 1.00% LIBOR Floor, 10/31/2024(o)(q) 3 Month LIBOR Services:

Business 20,578 20,288 20,166

1 unchanged sentence

Business 4,297 4,237 4,211

LD Intermediate Holdings, Inc., L+588, 1.00% LIBOR Floor, 12/9/2022(q) 3 Month LIBOR High Tech Industries 4,824 4,533 4,794

Lift Brands, Inc., L+700, 1.00% LIBOR Floor, 4/16/2023(p)(r)(s) 3 Month LIBOR Services:

Consumer 44,438 43,662 43,327

LD Intermediate Holdings, Inc., L+588, 1.00% LIBOR Floor, 12/9/2022(p) 3 Month LIBOR High Tech Industries 4,759 4,489 4,735

Lift Brands, Inc., L+700, 1.00% LIBOR Floor, 4/16/2023 3 Month LIBOR Services:

2 unchanged sentences

Consumer 3,650 — (100)

Longview Power, LLC, L+600, 1.00% LIBOR Floor, 4/13/2021(p)(r) 3 Month LIBOR Energy:

Lift Brands, Inc., L+700, 1.00% LIBOR Floor, 4/16/2023(o)(q)(r) 3 Month LIBOR Services:

Consumer 44,325 43,600 43,106

Longview Power, LLC, L+600, 1.00% LIBOR Floor, 4/13/2021(o)(q) 3 Month LIBOR Energy:

Oil & Gas 17,791 16,180 14,277

Manna Pro Products, LLC, L+600, 0.00% LIBOR Floor, 12/8/2023 1 Month LIBOR Retail 9,472 9,472 9,377

Manna Pro Products, LLC, L+600, 0.00% LIBOR Floor, 12/8/2023(o) 1 Month LIBOR Retail 9,448 9,448 9,354

Manna Pro Products, LLC, 1.00% Unfunded, 12/8/2019 None Retail 5,528 — (55)

Mimeo.com, Inc., L+700, 1.00% LIBOR Floor, 12/21/2023(p)(s) 3 Month LIBOR Services:

Business 22,828 22,827 22,828

Mimeo.com, Inc., L+700, 1.00% LIBOR Floor, 12/21/2023 3 Month LIBOR Services:

2 unchanged sentences

Business 1,500 — —

Mimeo.com, Inc., L+700, 1.00% LIBOR Floor, 12/21/2023(o)(r) 3 Month LIBOR Services:

Business 22,655 22,655 22,655

Mimeo.com, Inc., 0.25% Unfunded, 12/21/2020 None Services:

Business 10,000 — —

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

June 30, 2019

(in thousands)

Portfolio Company(a) Index Rate(b) Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c)

Moss Holding Company, L+625, 1.00% LIBOR Floor, 4/17/2023(p)(r) 3 Month LIBOR Services:

Moss Holding Company, L+625, 1.00% LIBOR Floor, 4/17/2023(o)(q) 3 Month LIBOR Services:

Business 20,299 20,042 19,893

1 unchanged sentence

Business 2,232 — (45)

Moxie Patriot LLC, L+575, 1.00% LIBOR Floor, 12/19/2020(q) 3 Month LIBOR Energy:

Moxie Patriot LLC, L+575, 1.00% LIBOR Floor, 12/19/2020(p) 3 Month LIBOR Energy:

Oil & Gas 9,825 9,815 8,732

MRP Generation Holdings, LLC, L+700, 1.00% LIBOR Floor, 10/18/2022(q) 3 Month LIBOR Energy:

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2019

(in thousands)

Portfolio Company(a) Index Rate(b) Industry Principal/

Units(e) Cost(d) Fair

MRP Generation Holdings, LLC, L+700, 1.00% LIBOR Floor, 10/18/2022(p) 3 Month LIBOR Energy:

Oil & Gas 2,197 2,169 2,181

Murray Energy Corp., L+725, 1.00% LIBOR Floor, 10/17/2022(q) 3 Month LIBOR Metals & Mining 3,574 3,543 2,403

NewsCycle Solutions, Inc., L+700, 1.00% LIBOR Floor, 12/29/2022(r)(s) 1 Month LIBOR Media:

Murray Energy Corp., L+725, 1.00% LIBOR Floor, 10/17/2022(p)(t) 3 Month LIBOR Metals & Mining 3,574 3,553 1,376

NewsCycle Solutions, Inc., L+700, 1.00% LIBOR Floor, 12/29/2022(q)(r) 1 Month LIBOR Media:

Advertising, Printing & Publishing 20,071 19,921 19,871

One Call Corp., L+525, 1.00% LIBOR Floor, 11/25/2022(q) 1 Month LIBOR Healthcare & Pharmaceuticals 7,967 7,583 6,453

Petroflow Energy Corp., L+800, 1.00% LIBOR Floor, 6/29/2019(p)(u)(v)(w) 1 Month LIBOR Energy:

One Call Corp., L+525, 1.00% LIBOR Floor, 11/25/2022(p) 3 Month LIBOR Healthcare & Pharmaceuticals 7,944 7,585 6,196

Petroflow Energy Corp., L+800, 1.00% LIBOR Floor, 6/29/2019(o)(t)(u)(w) 1 Month LIBOR Energy:

Oil & Gas 744 215 170

PFS Holding Corp., L+350, 1.00% LIBOR Floor, 1/31/2021 1 Month LIBOR Retail 3,105 2,670 2,034

PH Beauty Holdings III, Inc., L+500, 0.00% LIBOR Floor, 9/28/2025(q) 1 Month LIBOR Consumer Goods:

PH Beauty Holdings III.

Inc., L+500, 0.00% LIBOR Floor, 9/28/2025(p) 1 Month LIBOR Consumer Goods:

Non-Durable 9,900 9,812 9,454

Pixelle Specialty Solutions LLC, L+600, 1.00% LIBOR Floor, 10/31/2024(q) 1 Month LIBOR Forest Products & Paper 19,900 19,445 19,651

Plano Molding Company, LLC, L+700, 1.00% LIBOR Floor, 5/12/2021(p) 1 Month LIBOR Consumer Goods:

Pixelle Specialty Solutions LLC, L+600, 1.00% LIBOR Floor, 10/31/2024(p) 1 Month LIBOR Forest Products & Paper 24,837 24,285 24,605

Plano Molding Company, LLC, L+700, 1.00% LIBOR Floor, 5/12/2021(o) 1 Month LIBOR Consumer Goods:

Non-Durable 6,025 5,989 5,694

Polymer Additives, Inc., L+600, 0.00% LIBOR Floor, 7/31/2025(p)(q) 1 Month LIBOR Chemicals, Plastics & Rubber 19,900 19,541 19,154

Polymer Process Holdings, Inc., L+600, 0.00% LIBOR Floor, 5/1/2026(q) 1 Month LIBOR Chemicals, Plastics & Rubber 25,000 24,506 24,625

Rhino Energy LLC, L+1000, 1.00% LIBOR Floor, 12/27/2020(s) 1 Month LIBOR Metals & Mining 7,074 6,806 7,004

SEK Holding Co LLC, L+1150, 0.00% LIBOR Floor, 3/14/2022(p)(w) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 15,145 14,868 14,842

Sequoia Healthcare Management, LLC, L+1050, 1.75% LIBOR Floor, 8/21/2023(p)(r) 1 Month LIBOR Healthcare & Pharmaceuticals 9,484 9,402 9,341

SIMR, LLC, L+900, 2.00% LIBOR Floor, 9/7/2023(p)(v) 1 Month LIBOR Healthcare & Pharmaceuticals 14,873 14,612 14,334

Smart & Final Inc., L+675, 0.00% LIBOR Floor, 6/20/2025(k)(q) 3 Month LIBOR Retail 10,000 9,091 9,288

Sorenson Communications, LLC, L+650, 0.00% LIBOR Floor, 4/30/2024(q) 3 Month LIBOR Telecommunications 13,500 12,976 13,559

SOS Security Holdings LLC, L+650, 1.00% LIBOR Floor, 4/30/2025(p)(s) 3 Month LIBOR Services:

Polymer Additives, Inc., L+600, 0.00% LIBOR Floor, 7/31/2025(o)(p) 3 Month LIBOR Chemicals, Plastics & Rubber 19,850 19,500 17,369

Polymer Process Holdings, Inc., L+600, 0.00% LIBOR Floor, 5/1/2026(p) 1 Month LIBOR Chemicals, Plastics & Rubber 24,938 24,457 24,563

Rhino Energy LLC, L+1000, 1.00% LIBOR Floor, 12/27/2020(r) 1 Month LIBOR Metals & Mining 9,481 9,209 9,386

SEK Holding Co LLC, L+1150, 0.00% LIBOR Floor, 3/14/2022(o)(w) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 15,279 15,023 14,974

Sequoia Healthcare Management, LLC, 12.75%, 8/21/2023(o)(q) None Healthcare & Pharmaceuticals 9,335 9,258 9,288

SIMR, LLC, L+900, 2.00% LIBOR Floor, 9/7/2023(o)(u) 1 Month LIBOR Healthcare & Pharmaceuticals 14,681 14,433 13,800

Smart & Final Inc., L+675, 0.00% LIBOR Floor, 6/20/2025(p) 1 Month LIBOR Retail 9,975 9,093 9,158

Sorenson Communications, LLC, L+650, 0.00% LIBOR Floor, 4/30/2024(p) 3 Month LIBOR Telecommunications 13,163 12,672 13,162

SOS Security Holdings LLC, L+650, 1.00% LIBOR Floor, 4/30/2025(o)(r) 3 Month LIBOR Services:

Business 17,456 17,285 17,282

Spinal USA, Inc.

/ Precision Medical Inc., L+950, 1.00% LIBOR Floor, 9/30/2020(p) 3 Month LIBOR Healthcare & Pharmaceuticals 12,715 12,698 12,588

/ Precision Medical Inc., L+950, 1.00% LIBOR Floor, 6/30/2021(o) 3 Month LIBOR Healthcare & Pharmaceuticals 12,684 12,675 12,526

Spinal USA, Inc.

/ Precision Medical Inc., L+950, 1.00% LIBOR Floor, 12/31/2021(p)(w) 3 Month LIBOR Healthcare & Pharmaceuticals 495 495 490

Sprint Industrial Holdings, LLC, L+675, 1.25% LIBOR Floor, 8/15/2019(p)(w) 3 Month LIBOR Energy:

Oil & Gas 8,019 7,992 8,019

Stats Intermediate Holdings, LLC, L+525, 0.00% LIBOR Floor, 7/12/2026(k)(q) 1 Month LIBOR High Tech Industries 10,000 9,780 9,856

STG-Fairway Acquisitions, Inc., L+525, 1.00% LIBOR Floor, 6/30/2022(q) 1 Month LIBOR Services:

/ Precision Medical Inc., L+950, 1.00% LIBOR Floor, 6/30/2021(o)(w) 3 Month LIBOR Healthcare & Pharmaceuticals 318 318 314

Spinal USA, Inc.

/ Precision Medical Inc., 0.00% Unfunded, 12/31/2019(o)(s) None Healthcare & Pharmaceuticals 239 — (3)

Spinal USA, Inc.

/ Precision Medical Inc., L+950, 1.00% LIBOR Floor, 6/30/2021(o)(w) 3 Month LIBOR Healthcare & Pharmaceuticals 495 495 489

Stats Intermediate Holdings, LLC, L+525, 0.00% LIBOR Floor, 7/12/2026(p) 6 Month LIBOR High Tech Industries 10,000 9,784 9,800

STG-Fairway Acquisitions, Inc., L+525, 1.00% LIBOR Floor, 6/30/2022(p) 1 Month LIBOR Services:

Business 3,929 3,861 3,934

STL Parent Corp., L+700, 0.00% LIBOR Floor, 12/6/2022(r)(s) 1 Month LIBOR Capital Equipment 19,750 19,141 19,947

Teladoc, Inc., 0.50% Unfunded, 7/14/2020(i) None High Tech Industries 1,250 (17) —

Telestream Holdings Corp., L+645, 1.00% LIBOR Floor, 3/24/2022(l)(p) 6 Month LIBOR High Tech Industries 8,350 8,235 8,183

Tenere Inc., L+1000, 1.00% LIBOR Floor, 12/23/2021(p)(r) 3 Month LIBOR Capital Equipment 29,680 29,309 29,383

Tensar Corp., L+475, 1.00% LIBOR Floor, 7/9/2021(q) 3 Month LIBOR Chemicals, Plastics & Rubber 12,980 12,527 12,282

The Pasha Group, L+750, 1.00% LIBOR Floor, 1/26/2023(r) 1 Month LIBOR Transportation:

Teladoc, Inc., 0.50% Unfunded, 7/14/2020(h) None High Tech Industries 1,250 (12) —

Telestream Holdings Corp., L+645, 1.00% LIBOR Floor, 3/24/2022(k)(o) 1 Month LIBOR High Tech Industries 8,792 8,678 8,616

Tenere Inc., L+1000, 1.00% LIBOR Floor, 12/23/2021(o)(q) 3 Month LIBOR Capital Equipment 28,880 28,556 28,880

Tensar Corp., L+475, 1.00% LIBOR Floor, 7/9/2021(p) 3 Month LIBOR Chemicals, Plastics & Rubber 12,980 12,579 12,428

The Pasha Group, L+750, 1.00% LIBOR Floor, 1/26/2023(q) (z) Transportation:

Cargo 6,078 5,945 6,123

The Pay-O-Matic Corp., L+900, 0.00% LIBOR Floor, 4/5/2021(h)(p) 3 Month LIBOR Services:

The Pay-O-Matic Corp., L+900, 0.00% LIBOR Floor, 4/5/2021(g)(o) 3 Month LIBOR Services:

Consumer 21,437 21,319 21,437

Therapure Biopharma Inc., L+875, 0.50% LIBOR Floor, 12/1/2021(i)(w) 1 Month LIBOR Healthcare & Pharmaceuticals 15,363 15,321 15,324

Therapure Biopharma Inc., L+875, 0.50% LIBOR Floor, 12/1/2021(h)(w) 1 Month LIBOR Healthcare & Pharmaceuticals 14,476 14,440 14,457

Volta Charging, LLC, 12.00%, 6/19/2024 None Media:

Diversified & Production 10,000 10,000 10,000

Volta Charging, LLC, 0.00% Unfunded, 6/19/2021(s) None Media:

Diversified & Production 12,000 — —

Wok Holdings Inc., L+650, 0.00% LIBOR Floor, 3/1/2026(p) 3 Month LIBOR Beverage, Food & Tobacco 12,935 12,765 11,076

Woodstream Corp., L+600, 1.00% LIBOR Floor, 5/29/2022(r) 3 Month LIBOR Consumer Goods:

Non-Durable 14,300 14,300 14,300

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2019

September 30, 2019

(in thousands)

Portfolio Company(a) Index Rate(b) Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c)

Volta Charging, LLC, 0.00% Unfunded, 6/19/2021(t) None Media:

Diversified & Production 12,000 — —

Wok Holdings Inc., L+650, 0.00% LIBOR Floor, 3/1/2026(q) 6 Month LIBOR Beverage, Food & Tobacco 12,968 12,797 12,546

Woodstream Corp., L+625, 1.00% LIBOR Floor, 5/29/2022(s) 3 Month LIBOR Consumer Goods:

Non-Durable 14,300 14,300 14,300

Portfolio Company(a) Index Rate(b) Industry Principal/

Units(e) Cost(d) Fair

Woodstream Corp., 0.50% Unfunded, 5/29/2021 None Consumer Goods:

2 unchanged sentences

Senior Secured Second Lien Debt - 28.4%

1A Smart Start LLC, L+825, 1.00% LIBOR Floor, 8/21/2022(p)(r) 1 Month LIBOR High Tech Industries 17,800 17,529 17,355

ABG Intermediate Holdings 2 LLC, L+775, 1.00% LIBOR Floor, 9/29/2025(p) 1 Month LIBOR Retail 9,707 9,658 9,616

Access CIG, LLC, L+775, 0.00% LIBOR Floor, 2/27/2026(r) 1 Month LIBOR Services:

1A Smart Start LLC, L+825, 1.00% LIBOR Floor, 8/21/2022(o)(q) 1 Month LIBOR High Tech Industries 17,800 17,547 17,444

ABG Intermediate Holdings 2 LLC, L+775, 1.00% LIBOR Floor, 9/29/2025(o) 1 Month LIBOR Retail 3,000 2,995 3,006

Access CIG, LLC, L+775, 0.00% LIBOR Floor, 2/27/2026(q) 1 Month LIBOR Services:

Business 17,250 17,124 17,250

Albany Molecular Research, Inc., L+700, 1.00% LIBOR Floor, 8/30/2025(p) 1 Month LIBOR Healthcare & Pharmaceuticals 10,000 9,835 10,012

ALM Media, LLC, L+800, 1.00% LIBOR Floor, 7/30/2021(p)(r) 3 Month LIBOR Media:

Albany Molecular Research, Inc., L+700, 1.00% LIBOR Floor, 8/30/2025(o) 1 Month LIBOR Healthcare & Pharmaceuticals 10,000 9,838 9,906

ALM Media, LLC, L+800, 1.00% LIBOR Floor, 7/30/2021(o)(q) 3 Month LIBOR Media:

Advertising, Printing & Publishing 10,344 10,309 10,344

American Residential Services LLC, L+800, 1.00% LIBOR Floor, 12/31/2022(p) 1 Month LIBOR Construction & Building 5,180 5,131 5,076

Argon Medical Devices Holdings, Inc., L+800, 0.00% LIBOR Floor, 1/23/2026(p) 1 Month LIBOR Healthcare & Pharmaceuticals 14,400 14,328 14,220

Carestream Health, Inc., L+950, 1.00% LIBOR Floor, 6/7/2021(r) 1 Month LIBOR Healthcare & Pharmaceuticals 10,662 10,662 10,209

Country Fresh Holdings, LLC, L+850, 1.00% LIBOR Floor, 4/29/2024 3 Month LIBOR Beverage, Food & Tobacco 1,885 1,885 1,885

EagleTree-Carbide Acquisition Corp., L+850, 1.00% LIBOR Floor, 8/28/2025(p)(r) 3 Month LIBOR Consumer Goods:

American Residential Services LLC, L+800, 1.00% LIBOR Floor, 12/31/2022(o) 1 Month LIBOR Construction & Building 5,180 5,136 5,128

Carestream Health, Inc., L+950, 1.00% LIBOR Floor, 6/7/2021(q) 1 Month LIBOR Healthcare & Pharmaceuticals 10,662 10,662 10,209

Country Fresh Holdings, LLC, L+850, 1.00% LIBOR Floor, 4/29/2024(w) 3 Month LIBOR Beverage, Food & Tobacco 1,974 1,975 1,974

EagleTree-Carbide Acquisition Corp., L+850, 1.00% LIBOR Floor, 8/28/2025(o)(q) 3 Month LIBOR Consumer Goods:

Durable 23,000 22,727 22,655

Emerald 3 Ltd., L+700, 1.00% LIBOR Floor, 5/16/2022(i)(p) 1 Month LIBOR Environmental Industries 3,000 2,987 2,999

Evergreen Skills Lux S.À.R.L., L+825, 1.00% LIBOR Floor, 4/28/2022(i)(r) 1 Month LIBOR High Tech Industries 9,999 7,965 4,033

Global Tel*Link Corp., L+825, 0.00% LIBOR Floor, 11/29/2026(r) 1 Month LIBOR Telecommunications 11,500 11,307 11,191

LSCS Holdings, Inc., L+825, 0.00% LIBOR Floor, 3/16/2026(p) 3 Month LIBOR Services:

Evergreen Skills Lux S.À.R.L., L+825, 1.00% LIBOR Floor, 4/28/2022(h)(q) 6 Month LIBOR High Tech Industries 9,999 8,106 3,025

Global Tel*Link Corp., L+825, 0.00% LIBOR Floor, 11/29/2026(q) 1 Month LIBOR Telecommunications 11,500 11,309 10,968

LSCS Holdings, Inc., L+825, 0.00% LIBOR Floor, 3/16/2026(o) 6 Month LIBOR Services:

Business 11,891 11,653 11,831

Mayfield Agency Borrower Inc., L+850, 0.00% LIBOR Floor, 3/2/2026(p)(r)(s) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 20,000 19,716 19,775

Medical Solutions Holdings, Inc., L+825, 1.00% LIBOR Floor, 6/16/2025(p) 1 Month LIBOR Healthcare & Pharmaceuticals 10,000 9,872 9,925

MedPlast Holdings, Inc., L+775, 0.00% LIBOR Floor, 7/2/2026(s) 3 Month LIBOR Healthcare & Pharmaceuticals 6,750 6,690 6,666

Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023(p)(r) 3 Month LIBOR Services:

Mayfield Agency Borrower Inc., L+850, 0.00% LIBOR Floor, 3/2/2026(o)(q)(r) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 20,000 19,719 20,200

Medical Solutions Holdings, Inc., L+825, 1.00% LIBOR Floor, 6/16/2025(o) 1 Month LIBOR Healthcare & Pharmaceuticals 10,000 9,874 9,750

MedPlast Holdings, Inc., L+775, 0.00% LIBOR Floor, 7/2/2026(r) 3 Month LIBOR Healthcare & Pharmaceuticals 6,750 6,690 6,328

Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023(o)(q) 2 Month LIBOR Services:

Business 7,000 6,928 7,000

Niacet Corp., E+875, 1.00% EURIBOR Floor, 8/1/2024(i) 1 Month EURIBOR Chemicals, Plastics & Rubber € 7,489 7,973 8,429

Patterson Medical Supply, Inc., L+850, 1.00% LIBOR Floor, 8/28/2023(p) 3 Month LIBOR Healthcare & Pharmaceuticals 13,500 13,412 12,488

PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023(p) 3 Month LIBOR Chemicals, Plastics & Rubber 15,000 14,766 14,850

PFS Holding Corp., L+725, 1.00% LIBOR Floor, 1/31/2022(q)(u) 1 Month LIBOR Retail 4,998 4,470 562

Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2022(p) 3 Month LIBOR Telecommunications 3,000 2,927 1,050

PT Intermediate Holdings III, LLC, L+800, 1.00% LIBOR Floor, 12/8/2025(r) 3 Month LIBOR Services:

Niacet Corp., E+875, 1.00% EURIBOR Floor, 8/1/2024(h) 1 Month EURIBOR Chemicals, Plastics & Rubber € 7,489 7,977 8,081

Patterson Medical Supply, Inc., L+850, 1.00% LIBOR Floor, 8/28/2023(o) 3 Month LIBOR Healthcare & Pharmaceuticals 13,500 13,417 12,150

PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023(o) 3 Month LIBOR Chemicals, Plastics & Rubber 15,000 14,778 14,775

PFS Holding Corp., L+725, 1.00% LIBOR Floor, 1/31/2022(p)(t) 1 Month LIBOR Retail 4,998 4,312 —

Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2022(o) 3 Month LIBOR Telecommunications 3,000 2,932 1,050

PT Intermediate Holdings III, LLC, L+800, 1.00% LIBOR Floor, 12/8/2025(q) 1 Month LIBOR Services:

Business 9,375 9,305 9,469

Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 11/1/2025(r) 3 Month LIBOR Telecommunications 2,942 2,915 2,707

SESAC Holdco II LLC, L+725, 1.00% LIBOR Floor, 2/23/2025(r) 1 Month LIBOR Media:

Broadcasting & Subscription 250 248 248

STG-Fairway Acquisitions, Inc., L+925, 1.00% LIBOR Floor, 6/30/2023(p)(r) 1 Month LIBOR Services:

Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 11/1/2025(q) 1 Month LIBOR Telecommunications 2,942 2,916 2,592

STG-Fairway Acquisitions, Inc., L+925, 1.00% LIBOR Floor, 6/30/2023(o)(q) 1 Month LIBOR Services:

Business 10,000 9,910 9,600

TexOak Petro Holdings LLC, 8.00%, 12/29/2019(u)(v)(w) None Energy:

TexOak Petro Holdings LLC, 8.00%, 12/29/2019(t)(u)(w) None Energy:

Oil & Gas 8,405 2,592 —

TMK Hawk Parent, Corp., L+800, 1.00% LIBOR Floor, 8/28/2025(p) 1 Month LIBOR Services:

TMK Hawk Parent, Corp., L+800, 1.00% LIBOR Floor, 8/28/2025(o) 1 Month LIBOR Services:

Business 13,393 13,115 12,991

TouchTunes Interactive Networks, Inc., L+825, 1.00% LIBOR Floor, 5/29/2022(r) 1 Month LIBOR Hotel, Gaming & Leisure 5,226 5,193 5,226

TouchTunes Interactive Networks, Inc., L+825, 1.00% LIBOR Floor, 5/29/2022(q) 1 Month LIBOR Hotel, Gaming & Leisure 5,226 5,195 5,226

Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022(o) 1 Month LIBOR Beverage, Food & Tobacco 12,823 12,675 8,656

Zest Acquisition Corp., L+750, 1.00% LIBOR Floor, 3/13/2026(q) 3 Month LIBOR Healthcare & Pharmaceuticals 15,000 14,868 13,875

Zywave Inc., L+900, 1.00% LIBOR Floor, 11/17/2023(o) 3 Month LIBOR High Tech Industries 3,173 3,128 3,173

Total Senior Secured Second Lien Debt 289,712 268,656

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2019

September 30, 2019

(in thousands)

Portfolio Company(a) Index Rate(b) Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c)

Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022(p) 1 Month LIBOR Beverage, Food & Tobacco 12,823 12,662 8,784

Zest Acquisition Corp., L+750, 1.00% LIBOR Floor, 3/13/2026(r) 1 Month LIBOR Healthcare & Pharmaceuticals 15,000 14,866 14,138

Zywave Inc., L+900, 1.00% LIBOR Floor, 11/17/2023(p) 3 Month LIBOR High Tech Industries 3,173 3,127 3,173

Total Senior Secured Second Lien Debt 313,739 291,549

Portfolio Company(a) Index Rate(b) Industry Principal/

Units(e) Cost(d) Fair

Collateralized Securities and Structured Products - Debt - 1.1%

Deutsche Bank AG Frankfurt CRAFT 2015-2 Class Credit Linked Note, L+925, 1/16/2022(i) 3 Month LIBOR Diversified Financials 13,405 13,405 13,305

Deutsche Bank AG Frankfurt CRAFT 2015-2 Class Credit Linked Note, L+925, 1/16/2022(h) 3 Month LIBOR Diversified Financials 10,051 10,051 9,950

Total Collateralized Securities and Structured Products - Debt 10,051 9,950

Collateralized Securities and Structured Products - Equity - 1.6%

APIDOS CLO XVI Subordinated Notes, 6.39% Estimated Yield, 1/19/2025(i) (g) Diversified Financials 9,000 3,697 2,842

APIDOS CLO XVI Subordinated Notes, 6.39% Estimated Yield, 1/19/2025(h) (f) Diversified Financials 9,000 3,697 2,681

CENT CLO 19 Ltd.

Subordinated Notes, 37.72% Estimated Yield, 10/29/2025(i) (g) Diversified Financials 2,000 1,163 1,135

Subordinated Notes, 37.72% Estimated Yield, 10/29/2025(h) (f) Diversified Financials 2,000 1,163 1,037

Galaxy XV CLO Ltd.

Class A Subordinated Notes, 6.78% Estimated Yield, 4/15/2025(i) (g) Diversified Financials 4,000 2,306 1,838

Class A Subordinated Notes, 6.78% Estimated Yield, 4/15/2025(h) (f) Diversified Financials 4,000 2,272 1,746

Ivy Hill Middle Market Credit Fund VIII, Ltd.

Subordinated Loan, 11.84% Estimated Yield, 2/2/2026(i) (g) Diversified Financials 10,000 9,433 9,599

Subordinated Loan, 11.84% Estimated Yield, 2/2/2026(h) (f) Diversified Financials 10,000 9,371 9,517

Total Collateralized Securities and Structured Products - Equity 16,503 14,981

Equity - 4.3%

Ascent Resources - Marcellus, LLC, Common Shares(t) Energy:

Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(s) Media:

Diversified & Production 769 Units 205 201

Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(s) Media:

Diversified & Production 135 Units — —

Anthem Sports and Entertainment Inc., Common Stock Warrants(s) Media:

Diversified & Production 2,508 Units — —

Ascent Resources - Marcellus, LLC, Common Shares(s) Energy:

Oil & Gas 511,255 Units 1,642 1,150

Ascent Resources - Marcellus, LLC, Warrants(t) Energy:

Ascent Resources - Marcellus, LLC, Warrants(s) Energy:

Oil & Gas 132,367 Units 13 4

Avaya Holdings Corp., Common Stock(j)(q)(t) Telecommunications 321,260 Units 5,285 3,826

Charming Charlie LLC, Common Stock(t)(v) Retail 30,046,243 Units 1,302 —

CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend(f) Healthcare & Pharmaceuticals 1,818,182 Units 4,845 4,918

Conisus Holdings, Inc., Series B Preferred Stock, 12% Dividend(f)(v) Healthcare & Pharmaceuticals 12,677,833 Units 12,237 11,861

Conisus Holdings, Inc., Common Stock(t)(v) Healthcare & Pharmaceuticals 4,914,556 Units 200 1,590

Country Fresh Holdings, Common Shares(t) Beverage, Food & Tobacco 2,985 Units 5,249 5,249

David's Bridal, Inc., Common Stock(t) Retail 32,296 Units 580 161

F+W Media, Inc., Common Stock(t)(v) Media:

Avaya Holdings Corp., Common Stock(i)(p)(s) Telecommunications 321,260 Units 5,285 3,286

Charming Charlie LLC, Common Stock(s)(u) Retail 30,046,243 Units 1,302 —

CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend(v) Healthcare & Pharmaceuticals 2,727,273 Units 5,004 5,029

Conisus Holdings, Inc., Common Stock(s)(u) Healthcare & Pharmaceuticals 4,914,556 Units 200 1,542

Conisus Holdings, Inc., Series B Preferred Stock, 12% Dividend(u)(v) Healthcare & Pharmaceuticals 12,677,833 Units 12,734 12,637

Country Fresh Holdings, LLC, Common Stock(s)

Beverage, Food & Tobacco 2,985 Units 5,249 3,135

David's Bridal, Inc., Common Stock(s)

Retail 32,296 Units 580 —

F+W Media, Inc., Common Stock(s)(u) Media:

Diversified & Production 31,211 Units — —

Independent Pet Partners Intermediate Holdings, LLC, Class A Preferred Units(t) Retail 1,000,000 Units 1,000 1,050

Independent Pet Partners Intermediate Holdings, LLC, Warrants(t) Retail 155,880 Units — 9

Mooregate ITC Acquisition, LLC, Class A Units(t) High Tech Industries 500 Units 563 204

Mount Logan Capital Inc., Common Stock(i)(j)(t)(v) Banking, Finance, Insurance & Real Estate 7,842,273 Units 3,335 2,575

NS NWN Acquisition, LLC, Voting Units(t) High Tech Industries 346 Units 393 668

NS NWN Acquisition, LLC, Class A Preferred Units(t) High Tech Industries 111 Units 111 332

NSG Co-Invest (Bermuda) LP, Partnership Interests(i)(t) Consumer Goods:

HDNet Holdco LLC, Preferred Unit Call Option(s) Media:

Diversified & Production 0.67 Units — —

Independent Pet Partners Intermediate Holdings, LLC, Class A Preferred Units(s)

Retail 1,000,000 Units 1,000 990

Independent Pet Partners Intermediate Holdings, LLC, Warrants(s)

Retail 155,880 Units — 5

Mooregate ITC Acquisition, LLC, Class A Units(s)

High Tech Industries 500 Units 563 173

Mount Logan Capital Inc., Common Stock(h)(i)(s)(u)

Banking, Finance, Insurance & Real Estate 7,842,273 Units 3,335 2,665

NS NWN Acquisition, LLC, Voting Units(s) High Tech Industries 346 Units 393 514

NS NWN Acquisition, LLC, Class A Preferred Units(s)

High Tech Industries 111 Units 111 332

NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(s) Consumer Goods:

Durable 1,575 Units 1,000 653

Rhino Energy LLC, Warrants(t) Metals & Mining 170,972 Units 280 83

SIMR Parent, LLC, Class B Common Units(t)(v) Healthcare & Pharmaceuticals 7,500,000 Units 7,500 7,423

Rhino Energy LLC, Warrants(s) Metals & Mining 170,972 Units 280 70

SIMR Parent, LLC, Class B Common Units(s)(u) Healthcare & Pharmaceuticals 7,500,000 Units 7,500 4,419

Spinal USA, Inc.

/ Precision Medical Inc., Warrants(t) Healthcare & Pharmaceuticals 9,317,237 Units 4,736 3,354

Tenere Inc., Warrant(t) Capital Equipment N/A 161 332

TexOak Petro Holdings LLC, Membership Interests(t)(v) Energy:

Oil & Gas 60,000 Units — —

/ Precision Medical Inc., Warrants(s) Healthcare & Pharmaceuticals 14,181,915 Units 5,806 3,120

Tenere Inc., Warrants(s) Capital Equipment N/A 161 830

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2019

September 30, 2019

(in thousands)

Portfolio Company(a) Industry Principal/ Par Amount/ Units(e) Cost(d) Fair Value(c)

Portfolio Company(a) Industry Principal/

Units(e) Cost(d) Fair

TexOak Petro Holdings LLC, Membership Interests(s)(u) Energy:

Oil & Gas 60,000 Units — —

Total Equity 52,363 40,755

Short Term Investments - 3.5%(n)

First American Treasury Obligations Fund, Class Z Shares, 2.23%(o) 33,740 33,740

Short Term Investments - 2.4%(m)

First American Treasury Obligations Fund, Class Z Shares, 1.85%(n) 23,060 23,060

Total Short Term Investments 23,060 23,060

3 unchanged sentences

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 i.

portfolio companies, as defined in the 1940 Act, except for investments specifically identified as non-qualifying per note h.

Unless specifically identified in note w.

below, investments do not contain a PIK interest provision.

The 1, 3, and 6 month LIBOR rates were 2.40%, 2.32%, and 2.20%, respectively, as of June 30, 2019.

The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of June 30, 2019, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to June 30, 2019.

The 1 month EURIBOR rate was (0.43%) as of June 30, 2019.

The 1, 2, 3, and 6 month LIBOR rates were 2.02%, 2.07%, 2.09%, and 2.06%, respectively, as of September 30, 2019.

The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of September 30, 2019, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to September 30, 2019.

The 1 month EURIBOR rate was (0.51%) as of September 30, 2019.

Fair value determined in good faith by the Company’s board of directors (see Note 9) using significant unobservable inputs unless otherwise noted.

2 unchanged sentences

dollars unless otherwise noted.

For the six months ended June 30, 2019, non-cash dividend income of $3,037 and $180 was recorded on the Company's investment in Conisus Holdings, Inc.

and CHC Medical Partners, Inc., respectively.

The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated.

5 unchanged sentences

As of June 30, 2019, 92.3% of the Company’s total assets represented qualifying assets.

As of September 30, 2019, 93.3% of the Company’s total assets represented qualifying assets.

Fair value determined using level 1 inputs.

Position or a portion thereof unsettled as of June 30, 2019.

Position or a portion thereof unsettled as of September 30, 2019.

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 amounts as a result of an arrangement between the Company and the other lenders in the syndication in exchange for a lower payment priority.

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.

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.

7-day effective yield as of June 30, 2019.

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 June 30, 2019 (see Note 8).

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Flatiron Funding II, and was pledged as collateral supporting the amounts outstanding under the credit facility with Citibank as of June 30, 2019 (see Note 8).

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 June 30, 2019 (see Note 8).

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 33rd Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with MS as of June 30, 2019 (see Note 8).

Non-income producing security.

Investment was on non-accrual status as of June 30, 2019.

7-day effective yield as of September 30, 2019.

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

June 30, 2019

September 30, 2019

(in thousands)

Fair value as of December 31, 2018 and June 30, 2019, along with transactions during the six months ended June 30, 2019 in these affiliated investments are as follows:

Six Months Ended June 30, 2019 Six Months Ended June 30, 2019

Non-Controlled, Affiliated Investments Fair Value at December 31, 2018 Gross Additions (Cost)(1) Gross Reductions (Cost)(2) Net Unrealized (Loss) Gain Fair Value at June 30, 2019 Net Realized Gain (Loss) Interest Income(3) Dividend Income

Non-income producing security.

Investment was on non-accrual status as of September 30, 2019.

Fair value as of December 31, 2018 and September 30, 2019, along with transactions during the nine months ended September 30, 2019 in these affiliated investments are as follows:

Nine Months Ended September 30, 2019 Nine Months Ended September 30, 2019

Non-Controlled, Affiliated Investments Fair Value at

December 31, 2018 Gross

(Cost)(1) Gross

(Cost)(2) Net Unrealized

(Loss) Gain Fair Value at

September 30, 2019 Net Realized

Gain (Loss) Interest

Income(3) Dividend Income

Charming Charlie, LLC

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First Lien Term Loan B2 1,249 — — (1,249) — — — —

Vendor Payment Financing 157 — — — 157 — 39 —

Vendor Payment Financing Facility 157 890 — (240) 807 — 37 —

Common Stock — — — — — — — —

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Consolidated Schedule of Investments (unaudited)

June 30, 2019

September 30, 2019

(in thousands)

For the six months ended June 30, 2019, the following 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:

Interest Rate

Portfolio Company Investment Type Cash PIK All-in-Rate

American Clinical Solutions LLC(u) Senior Secured First Lien Debt 10.50% 2.00% 12.50%

Charming Charlie LLC(u) Senior Secured First Lien Debt 7.58% 5.00% 12.58%

Charming Charlie LLC(u) Senior Secured First Lien Debt 3.58% 9.00% 12.58%

CHC Solutions Inc.

For the nine months ended September 30, 2019, non-cash dividend income of $3,534 and $338 was recorded on the Company's investment in Conisus Holdings, Inc.

and CHC Medical Partners, Inc., respectively.

As of September 30, 2019, the following 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:

Interest Rate Interest Amount

Portfolio Company Investment Type Cash PIK All-in-Rate Cash PIK Total

American Clinical Solutions LLC(t) Senior Secured First Lien Debt

10.50% 2.00% 12.50% $ — $ — $ —

Anthem Sports & Entertainment Inc.

Senior Secured First Lien Debt 8.85% 2.75% 11.60% $ 176 $ 28 $ 204

Dayton Superior Corp.(u) Senior Secured First Lien Debt 10.33% 6.00% 16.33%

F+W Media, Inc.(u) Senior Secured First Lien Debt — 12.41% 12.41%

F+W Media, Inc.(u) Senior Secured First Lien Debt — 8.91% 8.91%

F+W Media, Inc.

Charming Charlie LLC(t) Senior Secured First Lien Debt

7.05% 5.00% 12.05% $ — $ — $ —

Charming Charlie LLC(t) Senior Secured First Lien Debt

3.05% 9.00% 12.05% $ — $ — $ —

CHC Solutions Inc.

Senior Secured First Lien Debt 8.00% 4.00% 12.00% $ 437 $ 218 $ 655

Petroflow Energy Corp.(u) Senior Secured First Lien Debt 3.00% 7.44% 10.44%

Country Fresh Holdings, LLC Senior Secured Second Lien Debt — 10.60% 10.60% $ — $ 90 $ 90

Dayton Superior Corp.(t) Senior Secured First Lien Debt

10.10% 6.00% 16.10% $ 346 $ 94 $ 440

F+W Media, Inc.(t) Senior Secured First Lien Debt — 12.12% 12.12% $ — $ — $ —

F+W Media, Inc.(t) Senior Secured First Lien Debt

— 8.55% 8.55% $ — $ 51 $ 51

F+W Media, Inc.(y) Senior Secured First Lien Debt

— 12.33% 12.33% $ 7 $ 13 $ 20

Petroflow Energy Corp.(t) Senior Secured First Lien Debt

3.00% 7.11% 10.11% $ — $ — $ —

SEK Holding Co LLC Senior Secured First Lien Debt

10.05% 3.50% 13.55% $ 950 $ 296 $ 1,246

Spinal USA, Inc.

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Senior Secured First Lien Debt

Sprint Industrial Holdings, LLC Senior Secured First Lien Debt 8.35% 1.00% 9.35%

TexOak Petro Holdings LLC(u) Senior Secured Second Lien Debt — 8.00% 8.00%

— 11.78% 11.78% $ — $ 21 $ 21

Sprint Industrial Holdings, LLC(y) Senior Secured First Lien Debt

8.08% 1.00% 9.08% $ 273 $ 101 $ 374

TexOak Petro Holdings LLC(t) Senior Secured Second Lien Debt — 8.00% 8.00% $ — $ — $ —

Therapure Biopharma Inc.(x) Senior Secured First Lien Debt

10.86% — 10.86% $ 1,286 $ 363 $ 1,649

Default interest was paid-in-kind.

Prior to September 30, 2019, the Company exited this investment.

As of September 30, 2019, the index rate for $2,882 and $3,196 was the 1 month LIBOR and the 3 month LIBOR, respectively.

On July 31, 2019, certain lenders of Deluxe Entertainment Services Group Inc., or Deluxe, agreed to fund a $73,000 priming facility as part of a Prepackaged Chapter 11 Reorganization Plan, or the Plan.

Pursuant to the Plan, on November 6, 2019, (i) the holders of the original senior secured term loan received in exchange approximately 65% of Deluxe’s equity and (ii) the holders of the senior secured priming delayed draw term loan received in exchange approximately 35% of Deluxe's equity and a second lien term loan.

See accompanying notes to consolidated financial statements.

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Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

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Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year ending December 31, 2020.

The consolidated balance sheet, the consolidated statement of operations and the consolidated schedule of investments as of December 31, 2019 are derived from the 2019 audited consolidated financial statements and include the accounts of the Company’s wholly-owned subsidiaries.

The consolidated balance sheet and the consolidated schedule of investments as of December 31, 2019 and the consolidate statements of operations, the consolidated statements of changes in net assets, and the consolidate statements of cash flows for the year ended December 31, 2019 are derived from the 2019 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.

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Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

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Treasury securities and repurchase agreements that are collateralized by such securities.

The Company had $31,668, $29,527 and $33,740 of such investments at June 30, 2020, December 31, 2019 and June 30, 2019, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.

The Company had $53,024 , $29,527 and $23,060 of such investments at September 30, 2020, December 31, 2019 and September 30, 2019, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.

Offering Costs

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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.

On March 19, 2020, the Company temporarily suspended the payment of distributions to shareholders commencing with the month ending April 30, 2020, whether in cash or pursuant to the Company’s distribution reinvestment plan, as amended and restated.

On July 15, 2020, the board of directors determined to recommence the payment of distributions to shareholders.

As a result, on July 15, 2020, the Company’s co-chief executive officers declared regular monthly cash distributions of $0.04413 per share for August 2020.

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.

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Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

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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 June 30, 2020, December 31, 2019 or June 30, 2019.

There were no deferred tax assets or liabilities as of September 30, 2020, December 31, 2019 or September 30, 2019.

Book/tax differences relating to permanent differences are reclassified among the Company’s capital accounts, as appropriate.

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Although countries, including the United States, have slowly started to loosen these restrictions, such actions created and will continue to create disruption in global supply chains, and adversely impacted many industries.

In addition, certain European countries instituted another lockdown during the fourth quarter of 2020 as a second wave of the outbreak occurred.

The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown.

The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions.

The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2020;

however, uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of June 30, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19.

The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available as of September 30, 2020;

however, uncertainty over the ultimate impact COVID-19 will have on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of September 30, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19.

Actual results may materially differ from those estimates.

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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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment.

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.

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• 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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

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.

The discounted cash flow model deemed appropriate by CIM is prepared for the applicable investments and reviewed by designated members of CIM’s management team.

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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 June 30, 2020, December 31, 2019 and June 30, 2019.

For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of September 30, 2020, December 31, 2019 and September 30, 2019.

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.

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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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

The Company may receive fees for capital structuring services that are fixed based on contractual terms, are normally paid at the closing of the investments, are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the investment.

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Such fees are fixed based on contractual terms and are recognized as fee income when earned.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

(in thousands, except share and per share amounts)

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

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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.

Net (Decrease) Increase in Net Assets per Share

Net (decrease) increase 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

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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 common stock during the six months ended June 30, 2020 and 2019 and the year ended December 31, 2019:

Six Months Ended

June 30, Year Ended

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

The following table summarizes transactions with respect to shares of the Company’s common stock during the nine months ended September 30, 2020 and 2019 and the year ended December 31, 2019:

Nine Months Ended

September 30, Year Ended December 31,

2020 2019 2019

6 unchanged sentences

Share repurchase program (1,077,994) (8,085) (3,152,804) (26,849) (4,242,063) (35,799)

Net shares/proceeds (for) from share transactions (69,790) $ (15) 687,007 $ 6,220 671,906 $ 6,220

Since commencing its initial continuous public offering on July 2, 2012 and through June 30, 2020, the Company issued 113,311,355 net shares of common stock for net proceeds of $1,155,272 at an average price per share of $10.20.

Net shares/proceeds from share transactions 418,874 $ 3,698 672,543 $ 6,220 671,906 $ 6,220

Since commencing its initial continuous public offering on July 2, 2012 and through September 30, 2020, the Company sold 113,800,019 shares of common stock for net proceeds of $1,158,985 at an average price per share of $10.18.

The net proceeds include gross proceeds received from reinvested shareholder distributions of $210,447, for which the Company issued 23,610,868 shares of common stock, and gross proceeds paid for shares of common stock tendered for repurchase of $206,748, for which the Company repurchased 23,302,594 shares of common stock.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

(in thousands, except share and per share amounts)

To ensure that the offering price per share, net of sales commissions and dealer manager fees, equaled or exceeded the net asset value per share on each subscription closing date and distribution reinvestment date, certain of the Company’s directors increased the offering price per share of common stock on certain dates.

Due to a decline in the Company’s net asset value per share to an amount more than 2.5% below the Company’s then-current net offering price, certain of the Company’s directors decreased the offering price per share of common stock effective January 2, 2019 and January 9, 2019 from $9.50 to $9.45 and from $9.45 to $9.40, respectively.

During the period from October 1, 2020 to November 12, 2020, the Company received gross proceeds of $1,829 from reinvested shareholder distributions, for which the Company issued 237,395 shares of common stock.

Since commencing its initial continuous public offering on July 2, 2012 and through November 12, 2020, the Company sold 114,037,414 shares of common stock for net proceeds of $1,160,814 at an average price per share of $10.18.

The net proceeds include gross proceeds received from reinvested shareholder distributions of $212,276, for which the Company issued 23,848,263 shares of common stock, and gross proceeds paid for shares of common stock tendered for repurchase of $206,748, for which the Company repurchased 23,302,594 shares of common stock.

Share Repurchase Program

On a quarterly basis prior to March 31, 2020, the Company offered to repurchase shares 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 be in the best interests of the Company’s shareholders or would violate applicable law.

On March 19, 2020, the Company's board of directors, including the independent directors, temporarily suspended the Company's share repurchase program commencing with the second quarter of 2020.

The Company offers to repurchase shares 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 be in the best interests of the Company’s shareholders or would violate applicable law.

On March 19, 2020, the Company's board of directors, including the independent directors, temporarily suspended the Company's share repurchase program commencing with the second quarter of 2020 and included the third quarter of 2020.

On November 13, 2020, the Company recommenced its share repurchase program for the fourth quarter of 2020.

Share repurchases for future quarters will be reevaluated by the board of directors based on circumstances and expectations existing at the time of consideration.

The Company 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 its fifth amended and restated distribution reinvestment plan.

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 net asset value per share on each date of repurchase.

The Company currently limits the number of shares to be repurchased during any calendar year to the number of shares it can repurchase with the proceeds it receives from the issuance of shares pursuant to its fifth amended and restated distribution reinvestment plan.

At the discretion of the Company’s board of directors, it may also use 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 currently offers to repurchase such shares at a price equal to the estimated net asset value per share on each date of repurchase.

Any periodic repurchase offers are 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.

Furthermore, any future repurchase offers will be subject to a determination by the independent directors of the Company’s board of directors that such repurchase offers would be in the best interests of the Company’s shareholders and permitted by applicable law.

The following table summarizes the share repurchases completed during the year ended December 31, 2019 and the six months ended June 30, 2020:

While the Company conducts quarterly tender offers as described above, it is not required to do so and may suspend or terminate the share repurchase program at any time, upon 30 days’ notice.

The following table summarizes the share repurchases completed during the year ended December 31, 2019 and the nine months ended September 30, 2020:

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

Three Months Ended Repurchase Date Shares Repurchased Percentage of Shares Tendered That Were Repurchased Repurchase Price Per Share Aggregate Consideration for Repurchased Shares

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June 30, 2020(1) N/A 1,765 N/A 7.50 14

Total for the six months ended June 30, 2020 1,077,994 $ 8,085

September 30, 2020 N/A — N/A N/A —

Total for the nine months ended September 30, 2020 1,077,994 $ 8,085

(1) Represents an adjustment made during the three months ended June 30, 2020 to shares repurchased during the three months ended March 31, 2020.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

(in thousands, except share and per share amounts)

Transactions with Related Parties

For the three and six months ended June 30, 2020 and 2019 and the year ended December 31, 2019, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows:

For the three and nine months ended September 30, 2020 and 2019 and the year ended December 31, 2019, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows:

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended December 31,

September 30, Nine Months Ended

September 30, Year Ended December 31,

Entity Capacity Description 2020 2019 2020 2019 2019

12 unchanged sentences

Since commencing its initial continuous public offering on July 2, 2012 through January 25, 2019, the Company paid or accrued sales commissions of $65,278 to the selling dealers and dealer manager fees of $32,628 to CION Securities.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

The Company has entered into an investment advisory agreement with CIM.

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The incentive fee consists of two parts.

The Company receives 100% of pre-incentive fee net investment income once the hurdle rate is exceeded until the annualized rate of 9.375% is exceeded, at which point the Company receives 20% of the amount of pre-incentive fee net investment income that exceeds the annualized rate of 9.375%.

As of June 30, 2020, December 31, 2019 and June 30, 2019, the liabilities recorded for subordinated incentive fees were $3,308 , $5,612 and $4,117, respectively.

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 is subject to a hurdle rate, measured quarterly and expressed as a rate of return on adjusted capital, as defined in the investment advisory agreement, equal to 1.875% per quarter, or an annualized rate of 7.5%.The Company receives 100% of pre-incentive fee net investment income once the hurdle rate is exceeded until the annualized rate of 9.375% is exceeded, at which point the Company receives 20% of the amount of pre-incentive fee net investment income that exceeds the annualized rate of 9.375%.

As of September 30, 2020, December 31, 2019 and September 30, 2019, the liabilities recorded for subordinated incentive fees were $0, $5,612 and $4,983, respectively.

The second part of the incentive fee, which is referred to as the capital gains incentive fee, is described in Note 2.

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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 six months ended June 30, 2020 and 2019 and the year ended December 31, 2019, the Company had no liability for and did not record any capital gains incentive fees.

For the three and nine months ended September 30, 2020 and 2019 and the year ended December 31, 2019, the Company had no liability for and did not record any capital gains incentive fees.

Under the terms of the investment advisory agreement, CIM and certain of its affiliates, which includes CIG, are entitled to receive reimbursement of up to 1.5% of the gross proceeds raised until all offering and organizational costs have been reimbursed.

3 unchanged sentences

Reinvestment of shareholder distributions and share repurchases are excluded from the gross proceeds from the Company’s offerings for purposes of determining the total amount of offering and organizational costs that can be paid by the Company.

As of June 30, 2020, the Company raised gross offering proceeds of $1,155,286, of which it can pay up to $17,329 in offering and organizational costs (which represents 1.5% of the actual gross offering proceeds raised).

Through June 30, 2020, the Company paid $10,702 of such costs, leaving an additional $6,627 that can be paid.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

(in thousands, except share and per share amounts)

As of September 30, 2020, the Company raised gross offering proceeds of $1,155,286, of which it can pay up to $17,329 in offering and organizational costs (which represents 1.5% of the actual gross offering proceeds raised).

Through September 30, 2020, the Company paid $10,702 of such costs, leaving an additional $6,627 that can be paid.

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.

11 unchanged sentences

On December 20, 2019, the Company and CIM amended the expense support and conditional reimbursement agreement to extend the termination date of such agreement from December 31, 2019 to December 31, 2020.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

Pursuant to the expense support and conditional reimbursement agreement, the Company will have a conditional obligation to reimburse CIM for any amounts funded by CIM under such agreement (i) if expense support amounts funded by CIM exceed operating expenses incurred during any fiscal quarter, (ii) if the sum of the Company’s net investment income for tax purposes, net capital gains and the amount of any dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent not included in net investment income or net capital gains for tax purposes) exceeds the distributions paid by the Company to shareholders, and (iii) during any fiscal quarter occurring within three years of the date on which CIM funded such amount.

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Expense support, if any, will be determined as appropriate to meet the objectives of the expense support and conditional reimbursement agreement.

For the three and six months ended June 30, 2020 and 2019 and the year ended December 31, 2019, the Company did not receive any expense support from CIM.

For the three and nine months ended September 30, 2020 and 2019 and the year ended December 31, 2019, the Company did not receive any expense support from CIM.

See Note 5 for additional information on the sources of the Company's distributions.

The Company did not record any obligation to repay expense support from CIM during the three or six months ended June 30, 2019 or 2020 or the year ended December 31, 2019, respectively.

The Company did not repay any expense support to CIM during the three and six months ended June 30, 2019 or 2020 or the year ended December 31, 2019.

The Company did not record any obligation to repay expense support from CIM during the three or nine months ended September 30, 2019 or 2020 or the year ended December 31, 2019, respectively.

The Company did not repay any expense support to CIM during the three or nine months ended September 30, 2019 or 2020 or the year ended December 31, 2019, respectively.

The Company may or may not be requested to reimburse any expense support provided in the future.

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There can be no assurance that the expense support and conditional reimbursement agreement will remain in effect or that CIM will support any portion of the Company’s expenses in future quarters.

As of June 30, 2020, December 31, 2019 and June 30, 2019, the total liability payable to CIM and its affiliates was $12,012 , $15,771, and $13,497, respectively, which primarily related to fees earned by CIM during the three months ended June 30, 2020, December 31, 2019 and June 30, 2019, respectively.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

(in thousands, except share and per share amounts)

As of September 30, 2020, December 31, 2019 and September 30, 2019, the total liability payable to CIM and its affiliates was $8,387, $15,771 and $14,574, respectively, which primarily related to fees earned by CIM during the three months ended September 30, 2020, December 31, 2019 and September 30, 2019, respectively.

Because CIM’s senior management team is comprised of substantially the same personnel as the senior management team of the Company’s affiliate, ICON Capital, LLC, which is the investment manager to certain equipment finance funds, or equipment funds, such members of senior management provide investment advisory and management services to the equipment funds in addition to the Company.

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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, each 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 ending April 30, 2020, whether in cash or pursuant to the Company's distribution reinvestment plan, as amended and restated.

On July 15, 2020, the board of directors determined to recommence the payment of distributions to shareholders.

As a result, on July 15, 2020, management declared regular monthly cash distributions for August 2020.

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 Company's distribution reinvestment plan, as amended and restated.

On July 15, 2020, the board of directors determined to recommence the payment of distributions to shareholders in August.

Distributions in respect of future months will be reevaluated by management and the board of directors based on circumstances and expectations existing at the time of consideration.

Declared distributions are paid monthly.

The Company’s board of directors declared or ratified distributions for 53 and 13 record dates during the year ended December 31, 2019 and the six months ended June 30, 2020, respectively.

The following table presents cash distributions per share that were declared during the year ended December 31, 2019 and the six months ended June 30, 2020:

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

The Company’s board of directors declared or ratified distributions for 53 and 15 record dates during the year ended December 31, 2019 and the nine months ended September 30, 2020, respectively.

The following table presents cash distributions per share that were declared during the year ended December 31, 2019 and the nine months ended September 30, 2020:

Distributions

7 unchanged sentences

June 30, 2020 (no record dates) — —

Total distributions for the six months ended June 30, 2020 $ 0.1829 $ 20,793

On July 15, 2020, the Company's co-chief executive officers declared regular monthly cash distributions of $0.04413 per share for August 2020.

The distributions will be paid on August 26, 2020 to shareholders of record as of August 25, 2020.

Shareholders who previously elected to receive distributions in additional shares of the Company's common stock pursuant to the Company's distribution reinvestment plan will be issued additional shares for the August 2020 distributions on August 26, 2020.

September 30, 2020 (two record dates) 0.0883 10,011

Total distributions for the nine months ended September 30, 2020 $ 0.2712 $ 30,804

On September 16, 2020, the Company's co-chief executive officers declared regular monthly cash distributions of $0.04413 per share for October 2020.

The distributions were paid on October 28, 2020 to shareholders of record as of October 27, 2020.

On October 16, 2020, the Company's co-chief executive officers declared regular monthly cash distributions of $0.04413 per share for November 2020.

The distributions will be paid on November 25, 2020 to shareholders of record as of November 24, 2020.

The Company has adopted an “opt in” distribution reinvestment plan for shareholders.

3 unchanged sentences

Under the Fifth Amended DRIP, cash distributions to participating shareholders will be reinvested in additional shares of common stock at a purchase price equal to the estimated net asset value per share of common stock as of the date of issuance.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

(in thousands, except share and per share amounts)

The Company may fund its cash 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, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies and expense support from CIM, which is subject to repayment by the Company within three years.

The Company has not established limits on the amount of funds it may use from available sources to make distributions.

For the six months ended June 30, 2020 and the year ended December 31, 2019, none of the Company's distributions resulted from expense support from CIM.

For the nine months ended September 30, 2020 and the year ended December 31, 2019, none of the Company's distributions resulted from expense support from CIM.

The purpose of this arrangement is to avoid such distributions being characterized as a return of capital.

3 unchanged sentences

Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive.

The following table reflects the sources of cash distributions on a GAAP basis that the Company has declared on its shares of common stock during the six months ended June 30, 2020 and 2019 and the year ended December 31, 2019:

Six Months Ended

June 30, Year Ended

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

The following table reflects the sources of cash distributions on a GAAP basis that the Company has declared on its shares of common stock during the nine months ended September 30, 2020 and 2019 and the year ended December 31, 2019:

Nine Months Ended

September 30, Year Ended December 31,

2020 2019 2019

18 unchanged sentences

Total accumulated losses $ (102,616)

As of June 30, 2020, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $18,491;

As of September 30, 2020, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $27,920;

the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $227,938;

5 unchanged sentences

and the aggregate cost of securities for Federal income tax purposes was $1,868,837.

As of June 30, 2019, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $13,458;

As of September 30, 2019, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $24,881;

the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $136,655;

3 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

The composition of the Company’s investment portfolio as of June 30, 2020 and December 31, 2019 at amortized cost and fair value was as follows:

June 30, 2020 December 31, 2019

The composition of the Company’s investment portfolio as of September 30, 2020 and December 31, 2019 at amortized cost and fair value was as follows:

September 30, 2020 December 31, 2019

Value Percentage of

12 unchanged sentences

(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.

The composition of the Company’s investment portfolio as of June 30, 2019 at amortized cost and fair value was as follows:

June 30, 2019

Cost(1) Fair Value Percentage of Investment Portfolio

The composition of the Company’s investment portfolio as of September 30, 2019 at amortized cost and fair value was as follows:

September 30, 2019

Value Percentage of

Senior secured first lien debt $ 1,473,789 $ 1,417,752 80.9 %

10 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(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 June 30, 2020, December 31, 2019 and June 30, 2019:

June 30, 2020 December 31, 2019 June 30, 2019

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, 2020, December 31, 2019 and September 30, 2019:

September 30, 2020 December 31, 2019 September 30, 2019

Industry Classification Investments at

7 unchanged sentences

Business 178,464 11.8 % 191,126 11.0 % 217,200 12.4 %

Diversified & Production 137,214 8.9 % 206,159 11.9 % 138,413 7.6 %

Chemicals, Plastics & Rubber 126,763 8.4 % 102,906 5.9 % 90,544 5.2 %

Diversified & Production 115,887 7.6 % 206,159 11.9 % 197,487 11.3 %

Advertising, Printing & Publishing 112,613 7.4 % 120,810 7.0 % 129,763 7.4 %

Consumer 84,331 5.6 % 94,058 5.4 % 116,852 6.7 %

High Tech Industries 69,872 4.5 % 60,197 3.5 % 96,807 5.3 %

Retail 64,572 4.2 % 53,599 3.1 % 80,585 4.4 %

Beverage, Food & Tobacco 67,078 4.4 % 68,440 3.9 % 66,109 3.8 %

Telecommunications 60,692 4.0 % 61,577 3.6 % 62,646 3.6 %

High Tech Industries 60,559 4.0 % 60,197 3.5 % 63,732 3.6 %

Capital Equipment 58,190 3.8 % 73,586 4.2 % 76,414 4.4 %

Retail 53,583 3.5 % 53,599 3.1 % 60,649 3.5 %

Diversified Financials 52,420 3.5 % 66,897 3.9 % 24,931 1.4 %

3 unchanged sentences

Oil & Gas 31,173 2.1 % 48,742 2.8 % 49,513 2.8 %

Hotel, Gaming & Leisure 23,061 1.5 % 25,081 1.4 % 30,368 1.7 %

Consumer Goods:

Non-Durable 19,882 1.3 % 33,609 1.9 % 42,439 2.3 %

Forest Products & Paper 20,305 1.3 % 24,217 1.4 % 24,605 1.4 %

Consumer Goods:

Durable 18,900 1.2 % 31,705 1.8 % 31,381 1.7 %

Non-Durable 20,153 1.3 % 33,609 1.9 % 41,832 2.4 %

Hotel, Gaming & Leisure 19,091 1.3 % 25,081 1.4 % 30,972 1.8 %

Transportation:

2 unchanged sentences

Automotive 9,873 0.7 % 10,013 0.6 % 8,021 0.4 %

Environmental Industries — — — — 2,999 0.2 %

Broadcasting & Subscription — — — — 248 —

Consumer Goods:

Durable 3,670 0.2 % 31,705 1.8 % 30,811 1.7 %

Subtotal/total percentage 1,516,881 100.0 % 1,735,545 100.0 % 1,752,094 100.0 %

3 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

June 30, 2020 December 31, 2019 June 30, 2019

September 30, 2020 December 31, 2019 September 30, 2019

Geographic Dispersion(1) Investments at

8 unchanged sentences

Cayman Islands 11,219 0.7 % 14,182 0.8 % 14,981 0.9 %

Netherlands 8,329 0.5 % 8,314 0.5 % 8,429 0.5 %

Luxembourg 9,075 0.6 % 10,693 0.6 % 11,247 0.6 %

Netherlands 7,304 0.5 % 8,314 0.5 % 8,081 0.5 %

Cyprus 3,547 0.2 % 4,155 0.2 % 4,038 0.2 %

2 unchanged sentences

Marshall Islands — — 6,782 0.4 % 8,949 0.5 %

United Kingdom — — — — 2,999 0.2 %

Subtotal/total percentage 1,516,881 100.0 % 1,735,545 100.0 % 1,752,094 100.0 %

2 unchanged sentences

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

As of June 30, 2020, December 31, 2019 and June 30, 2019, investments on non-accrual status represented 3.0%, 0.4% and 0.6%, respectively, of the Company's investment portfolio on a fair value basis.

As of September 30, 2020, December 31, 2019 and September 30, 2019, investments on non-accrual status represented 4.1%, 0 .4% and 1.3%, respectively, of the Company's investment portfolio on a fair value basis.

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 June 30, 2020, December 31, 2019 and June 30, 2019, the Company’s unfunded commitments amounted to $66,915, $83,694 and $70,968, respectively.

As of August 6, 2020, the Company’s unfunded commitments amounted to $67,958 .

As of September 30, 2020, December 31, 2019 and September 30, 2019, the Company’s unfunded commitments amount ed to $60,521, $83,694 and $64,885, respectively.

As of November 12, 2020, the Company’s unfunded commitments amounted to $55,806 .

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.

14 unchanged sentences

On October 2, 2019, CION SOF drew down $64,702 of borrowings under the SOF Credit Facility.

As of December 31, 2019 and June 30, 2020, the principal amount outstanding on the SOF Credit Facility was $60,702 and $64,144, respectively.

As of September 30, 2020 and December 31, 2019, the principal amount outstanding on the SOF Credit Facility was $56,250 and $60,702, respectively.

The obligations of CION SOF under the SOF Credit Facility are non-recourse to the Company.

For the six months ended June 30, 2020 and the year ended December 31, 2019, the Company recorded dividend income from its equity interest in CION SOF of $2,487 and $1,076, respectively.

In accordance with ASU 2015-02, Consolidation , the Company has determined that CION SOF is a variable interest entity, or VIE.

However, the Company is not the primary beneficiary and therefore does not consolidate CION SOF.

The Company's maximum exposure to losses from CION SOF is limited to its equity contribution to CION SOF.

For the nine months ended September 30, 2020 and the year ended December 31, 2019, the Company recorded dividend income from its equity interest in CION SOF of $3,518 and $1,076, respectively.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

The following table sets forth the individual investments in CION SOF's portfolio as of June 30, 2020:

Portfolio Company Index Rate(a) Industry Principal/ Par Amount/ Units Amortized Cost Fair Value

In accordance with ASU 2015-02, Consolidation , the Company has determined that CION SOF is a variable interest entity, or VIE.

However, the Company is not the primary beneficiary and therefore does not consolidate CION SOF.

The Company's maximum exposure to losses from CION SOF is limited to its equity contribution to CION SOF.

The following table sets forth the individual investments in CION SOF's portfolio as of September 30, 2020:

Portfolio Company Index Rate(a) Industry Principal/ Par Amount Amortized Cost Fair Value

Senior Secured First Lien Debt

1 unchanged sentence

Diversified & Production $ 3,521 $ 3,492 $ 3,477

Cadence Aerospace, LLC, L+650, 1.00% LIBOR Floor, 11/14/2023 3 Month LIBOR Aerospace & Defense 4,962 4,879 4,664

Central Security Group, Inc., L+563, 1.00% LIBOR Floor, 10/6/2021 3 Month LIBOR Services:

7 unchanged sentences

Jab Wireless, Inc., L+800, 0.00% LIBOR Floor, 5/2/2023 1 Month LIBOR Telecommunications 5,893 5,893 5,893

LAV Gear Holdings, Inc., L+550, 1.00% LIBOR Floor, 10/31/2024 3 Month LIBOR Services:

Business 4,962 4,875 4,764

Manna Pro Products, LLC, L+600, 1.00% LIBOR Floor, 12/8/2023 1 Month LIBOR Retail 5,940 5,892 5,880

2 unchanged sentences

Optio Rx, LLC, L+700, 0.00% LIBOR Floor, 6/28/2024 1 Month LIBOR Healthcare & Pharmaceuticals 4,975 4,975 4,851

PH Beauty Holdings III Inc., L+500, 0.00% LIBOR Floor, 9/28/2025 3 Month LIBOR Consumer Goods:

PH Beauty Holdings III.

Inc., L+500, 0.00% LIBOR Floor, 9/28/2025 2 Month LIBOR Consumer Goods:

Non-Durable 4,949 4,714 4,628

6 unchanged sentences

Senior Secured Second Lien Debt

1A Smart Start LLC, L+825, 1.00% LIBOR Floor, 8/21/2022 1 Month LIBOR High Tech Industries 4,000 3,923 3,860

PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023 3 Month LIBOR Chemicals, Plastics & Rubber 5,000 4,941 4,375

4 unchanged sentences

TOTAL INVESTMENTS $ 86,738 $ 84,281

The 1 and 3 month LIBOR rates were 0.16% and 0.30%, re spectively, as of June 30, 2020.

The 1, 2 and 3 month LIBOR rates were 0.15%, 0.19% and 0.23%, re spectively, as of September 30, 2020.

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.

7-day effective yield as of June 30, 2020.

7-day effective yield as of September 30, 2020.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

The following table sets forth the individual investments in CION SOF's portfolio as of December 31, 2019:

Portfolio Company Index Rate(a) Industry Principal/ Par Amount/ Units Amortized Cost Fair Value

Portfolio Company Index Rate(a) Industry Principal/ Par Amount Amortized Cost Fair Value

Senior Secured First Lien Debt

39 unchanged sentences

7-day effective yield as of December 31, 2019.

The following table includes selected balance sheet information for CION SOF as of June 30, 2020 and December 31, 2019:

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

The following table includes selected balance sheet information for CION SOF as of September 30, 2020 and December 31, 2019:

Selected Balance Sheet Information:

June 30, 2020 December 31, 2019

September 30, 2020 December 31, 2019

Investments, at fair value (amortized cost of $86,738 and $95,664, respectively) $ 84,281 $ 95,636

8 unchanged sentences

Total liabilities and members' capital $ 90,056 $ 96,806

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

(in thousands, except share and per share amounts)

The following table includes selected statement of operations information for CION SOF for the three and six months ended June 30, 2020 and the period from October 2, 2019 (Commencement of Operations) through December 31, 2019:

The following table includes selected statement of operations information for CION SOF for the three and nine months ended September 30, 2020 and the period from October 2, 2019 (Commencement of Operations) through December 31, 2019:

Selected Statement of Operations Information:

Three Months Ended

June 30, 2020 Six Months Ended

June 30, 2020 Period from October 2, 2019 (Commencement of Operations) through December 31, 2019

September 30, 2020 Nine Months Ended

September 30, 2020 Period from October 2, 2019 (Commencement of Operations) through December 31, 2019

Total revenues $ 1,922 $ 6,512 $ 2,326

2 unchanged sentences

Net change in unrealized appreciation (depreciation) on investments 1,136 (2,428) (28)

Net increase (decrease) in net assets $ 1,374 $ (1,086) $ 1,203

Net increase in net assets $ 2,005 $ 919 $ 1,203

Financing Arrangements

The following table presents summary information with respect to the Company’s outstanding financing arrangements as of June 30, 2020:

The following table presents summary information with respect to the Company’s outstanding financing arrangements as of September 30, 2020:

Financing Arrangement Type of Financing Arrangement Rate Amount Outstanding Amount Available Maturity Date

2 unchanged sentences

$ 725,000 $ 75,000

(1) - Subsequently extended to December 18, 2020 (see "UBS Facility" in this Note 8).

JPM Credit Facility

3 unchanged sentences

On August 21, 2018, 34th Street drew down $25,577 of additional borrowings under the Amended JPM Credit Facility (as defined below).

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

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.

8 unchanged sentences

On May 15, 2020 and May 19, 2020, 34th Street drew down $358,878 and $100,000 of borrowings under the Second Amended JPM Credit Facility, respectively.

On May 15, 2020, May 22, 2020, June 12, 2020, June 19, 2020 and June 29, 2020, 34th Street repaid $13,843, $15,000, $5,000, $18,000 and $11,000 of borrowings under the Second Amended JPM Credit Facility, respectively.

On May 15, 2020, May 22, 2020, June 12, 2020, June 19, 2020, June 29, 2020, July 6, 2020 and August 14, 2020, 34th Street repaid $13,843, $15,000, $5,000, $18,000, $11,000, $13,500 and $7,353 of borrowings under the Second Amended JPM Credit Facility, respectively.

Advances under the Second Amended JPM Credit Facility bear interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.25% per year, which was increased from 3.00% under the Second Amended JPM Credit Facility.

4 unchanged sentences

The non-usage fees, if any, are payable quarterly in arrears.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

(in thousands, except share and per share amounts)

As of June 30, 2020, December 31, 2019 and June 30, 2019, the principal amount outstanding on the Amended JPM Credit Facility was $646,035, $250,000 and $250,000, respectively.

As of September 30, 2020, December 31, 2019 and September 30, 2019, the principal amount outstanding on the Amended JPM Credit Facility was $625,000, $250,000 and $250,000, respectively.

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.

2 unchanged sentences

In connection with the Second Amended JPM Credit Facility, 34th Street has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar facilities.

As of and for the six months ended June 30, 2020, 34th Street was in compliance with all covenants and reporting requirements.

The Company incurred debt issuance costs of $9,677 in connection with obtaining and amending the JPM Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Second Amended JPM Credit Facility, which is included in the Company’s consolidated balance sheet as of June 30, 2020 and will amortize to interest expense over the term of the Second Amended JPM Credit Facility.

At June 30, 2020, the unamortized portion of the debt issuance costs was $6,117.

For the three and six months ended June 30, 2020 and 2019 and the year ended December 31, 2019, the components of interest expense, average borrowings, and weighted average interest rate for the Amended JPM Credit Facility were as follows:

As of and for the nine months ended September 30, 2020, 34th Street was in compliance with all covenants and reporting requirements.

The Company incurred debt issuance costs of $9,677 in connection with obtaining and amending the JPM Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Second Amended JPM Credit Facility, which is included in the Company’s consolidated balance sheet as of September 30, 2020 and will amortize to interest expense over the term of the Second Amended JPM Credit Facility.

At September 30, 2020, the unamortized portion of the debt issuance costs wa s $5,581.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

For the three and nine months ended September 30, 2020 and 2019 and the year ended December 31, 2019, the components of interest expense, average borrowings, and weighted average interest rate for the Amended JPM Credit Facility were as follows:

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

2020 2019 2020 2019 2019

27 unchanged sentences

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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

(in thousands, except share and per share amounts)

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.

4 unchanged sentences

No other material terms of the UBS Facility were revised in connection with the amended UBS Facility, or the Amended UBS Facility.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

On May 19, 2020, Murray Hill Funding entered into a Second Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Second Amended Master Confirmation, which extended the date that Murray Hill Funding will be required to repurchase the Notes sold to UBS under the 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 November 12, 2020, Murray Hill Funding entered into a Third Amended and Restated Master Confirmation to the Global Master Repurchase Agreement to further extend the date that Murray Hill Funding will be required to repurchase the Notes to December 18, 2020.

On May 19, 2020, Murray Hill Funding 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 UBS Facility as of May 19, 2020.

As of June 30, 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 UBS Facility for aggregate proceeds of $100,000.

As of September 30, 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 UBS Facility for aggregate proceeds of $100,000.

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 UBS Facility;

10 unchanged sentences

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.

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 was amortized to interest expense over the term of the UBS Facility.

At June 30, 2020, all upfront fees and other expenses were fully amortized.

As of June 30, 2020, Notes in the aggregate principal amount of $ 133,333 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 $ 1 00,000.

Murray Hill Funding paid an upfront fee and incurred certain other customary costs and expenses totaling $2,637 i n 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 was amortized to interest expense over the term of the UBS Facility.

At September 30, 2020, all upfront fees and other expenses were fully amortized.

As of September 30, 2020, Notes in the aggregate principal amount of $133,333 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 funde d each purchase of Notes by Murray Hill Funding through a capital contribution to Murray Hill Funding.

As of June 30, 2020, the amount due at maturity under the Amended UBS Facility was $100,000.

The Company funded each purchase of Notes by Murray Hill Funding through a capital contribution to Murray Hill Funding.

As of September 30, 2020, 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 June 30, 2020, the fair value of assets held by Murray Hill Funding II was $177,163.

As of September 30, 2020, the fair value of assets held by Murray Hill Funding II was $173,310.

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

2020 2019 2020 2019 2019

7 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

4 unchanged sentences

On March 14, 2019, Flatiron Funding II further amended the Citibank Credit Facility, or the Second Amended Citibank Credit Facility, with Citibank to (i) increase the aggregate principal amount available for borrowings from $325,000 to $350,000, subject to compliance with a borrowing base, (ii) extend the reinvestment period for two years until March 29, 2021 and (iii) extend the maturity date until March 30, 2022.

As of December 31, 2019 and June 30, 2019, the principal amount outstanding on the Second Amended Citibank Credit Facility was $278,542 and $307,542, respectively.

As of December 31, 2019 and September 30, 2019, the principal amount outstanding on the Second Amended Citibank Credit Facility was $278,542 and $277,542, respectively.

On May 15, 2020, Flatiron Funding II repaid all amounts outstanding on the Second Amended Citibank Credit Facility using a portion of the proceeds from the Second Amended JPM Credit Facility (described above).

6 unchanged sentences

The obligations of Flatiron Funding II under the Second Amended Citibank Credit Facility were non-recourse to the Company, and the Company’s exposure under the Second Amended Citibank Credit Facility was limited to the value of the Company’s investment in Flatiron Funding II.

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

2020 2019 2020 2019 2019

8 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

8 unchanged sentences

On May 8, 2019, May 23, 2019, July 29, 2019 and November 6, 2019, 33rd Street repaid $20,000, $5,000, $10,000 and $2,500 of borrowings under the Amended MS Credit Facility, respectively.

As of December 31, 2019 and June 30, 2019, the principal amount outstanding on the Amended MS Credit Facility was $112,500 and $125,000, respectively.

As of December 31, 2019 and September 30, 2019, the principal amount outstanding on the Amended MS Credit Facility was $112,500 and $115,000, respectively.

On May 15, 2020, 33rd Street repaid all amounts outstanding on the Amended MS Credit Facility using a portion of the proceeds from the Second Amended JPM Credit Facility.

8 unchanged sentences

All unamortized debt issuance costs were expensed upon the repayment of all amounts outstanding on the Amended MS Credit Facility on May 15, 2020.

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

2020 2019 2020 2019 2019

8 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

Fair Value of Financial Instruments

The following table presents fair value measurements of the Company’s portfolio investments as of June 30, 2020 and December 31, 2019, according to the fair value hierarchy:

June 30, 2020(1) December 31, 2019(2)

The following table presents fair value measurements of the Company’s portfolio investments as of September 30, 2020 and December 31, 2019, according to the fair value hierarchy:

September 30, 2020(1) December 31, 2019(2)

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

9 unchanged sentences

(2) Excludes the Company's $31,265 investment in CION SOF and $14,238 investment in BCP Great Lakes Fund LP, which were measured at NAV.

The following table presents fair value measurements of the Company’s portfolio investments as of June 30, 2019 according to the fair value hierarchy:

June 30, 2019

The following table presents fair value measurements of the Company’s portfolio investments as of September 30, 2019 according to the fair value hierarchy:

September 30, 2019

Level 1 Level 2 Level 3 Total

6 unchanged sentences

Total Investments $ 29,011 $ — $ 1,746,143 $ 1,775,154

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

(in thousands, except share and per share amounts)

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three and six months ended June 30, 2020 and 2019:

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, 2020 and 2019:

Three Months Ended

June 30, 2020

September 30, 2020

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total

Beginning balance, March 31, 2020 $ 1,274,325 $ 201,165 $ 10,972 $ 4,800 $ 46,455 $ 1,537,717

Beginning balance, June 30, 2020 $ 1,238,256 $ 193,198 $ 11,292 $ 4,800 $ 50,692 $ 1,498,238

Investments purchased 62,983 860 — — 12,206 76,049

3 unchanged sentences

Sales and principal repayments(1) (81,428) (31,043) (372) — — (112,843)

Ending balance, June 30, 2020 $ 1,238,256 $ 193,198 $ 11,292 $ 4,800 $ 50,692 $ 1,498,238

Change in net unrealized appreciation (depreciation) on investments still held as of June 30, 2020(2) $ 1,623 $ 1,408 $ 733 $ (4) $ (3,869) $ (109)

Ending balance, September 30, 2020 $ 1,232,505 $ 161,784 $ 11,219 $ 4,750 $ 63,288 $ 1,473,546

Change in net unrealized appreciation (depreciation) on investments still held as of September 30, 2020(2) $ 17,032 $ (2,226) $ 299 $ (53) $ 390 $ 15,442

(1) Includes non-cash restructured securities.

(2) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

Six Months Ended

June 30, 2020

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

Nine Months Ended

September 30, 2020

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total

5 unchanged sentences

Sales and principal repayments(1) (349,893) (71,942) (7,212) (975) — — (430,022)

Ending balance, June 30, 2020 $ 1,238,256 $ 193,198 $ — $ 11,292 $ 4,800 $ 50,692 $ 1,498,238

Change in net unrealized depreciation on investments still held as of June 30, 2020(2) $ (74,886) $ (15,261) $ — $ (2,287) $ (108) $ (14,911) $ (107,453)

Ending balance, September 30, 2020 $ 1,232,505 $ 161,784 $ — $ 11,219 $ 4,750 $ 63,288 $ 1,473,546

Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2020(2) $ (43,104) $ (15,130) $ — $ (1,988) $ (161) $ (14,521) $ (74,904)

(1) Includes non-cash restructured securities.

(2) Included in net change in unrealized depreciation on investments in the consolidated statements of operations.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

(in thousands, except share and per share amounts)

Three Months Ended

June 30, 2019

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Debt Collateralized Securities and Structured Products - Equity Equity Total

Beginning balance, March 31, 2019 $ 1,413,468 $ 310,192 $ 15,030 $ 15,475 $ 32,984 $ 1,787,149

Investments purchased(1) 137,901 4,856 — — 7,723 150,480

Net realized loss (2,087) — — — (155) (2,242)

Net change in unrealized (depreciation) appreciation (6,701) (1,489) 14 27 (1,219) (9,368)

Accretion of discount 2,909 409 — — — 3,318

Sales and principal repayments(1) (92,509) (22,419) (1,739) (88) — (116,755)

Ending balance, June 30, 2019 $ 1,452,981 $ 291,549 $ 13,305 $ 15,414 $ 39,333 $ 1,812,582

Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2019(2) $ (8,775) $ (1,334) $ 14 $ 27 $ (1,219) $ (11,287)

(1) Includes non-cash restructured securities.

(2) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.

Six Months Ended

June 30, 2019

September 30, 2019

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Debt Collateralized Securities and Structured Products - Equity Equity Total

Beginning balance, December 31, 2018 $ 1,462,989 $ 323,365 $ 15,193 $ 14,827 $ 29,076 $ 1,845,450

Beginning balance, June 30, 2019 $ 1,452,981 $ 291,549 $ 13,305 $ 15,414 $ 39,333 $ 1,812,582

Investments purchased 93,322 89 — — 1,931 95,342

Net realized loss (2,982) (13) (49) — (155) (3,199)

Net realized gain (loss) 89 26 (426) — — (311)

Net change in unrealized (depreciation) appreciation (17,454) 1,134 (1) (337) (6,460) (23,118)

1 unchanged sentence

Sales and principal repayments (114,553) (24,498) (2,928) (96) — (142,075)

Ending balance, June 30, 2019 $ 1,452,981 $ 291,549 $ 13,305 $ 15,414 $ 39,333 $ 1,812,582

Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2019(2) $ (12,057) $ (3,972) $ (100) $ 782 $ (1,565) $ (16,912)

(1) Includes non-cash restructured securities.

Ending balance, September 30, 2019 $ 1,417,752 $ 268,656 $ 9,950 $ 14,981 $ 34,804 $ 1,746,143

Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2019(1) $ (15,950) $ 1,031 $ (1) $ (337) $ (6,460) $ (21,717)

(1) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.

1 unchanged sentence

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended December 31, 2019:

Year Ended December 31, 2019

Nine Months Ended

September 30, 2019

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Debt Collateralized Securities and Structured Products - Equity Equity Total

Beginning balance, December 31, 2018 $ 1,462,989 $ 323,365 $ 15,193 $ 14,827 $ 29,076 $ 1,845,450

Investments purchased(1) 366,000 14,769 — — 13,908 394,677

Net realized loss (19,528) (2,738) (475) — — (2,037) (24,778)

Net realized (loss) gain (2,893) 13 (475) — (155) (3,510)

Net change in unrealized (depreciation) appreciation (26,992) (2,826) (101) 445 (8,025) (37,499)

1 unchanged sentence

Sales and principal repayments(1) (390,291) (67,784) (4,667) (291) — (463,033)

Ending balance, December 31, 2019 $ 1,351,767 $ 248,253 $ 7,212 $ 14,182 $ 4,900 $ 56,886 $ 1,683,200

Change in net unrealized depreciation on investments still held as of December 31, 2019(2) $ (20,908) $ (2,549) $ — $ (327) $ (1) $ (5,122) $ (28,907)

Ending balance, September 30, 2019 $ 1,417,752 $ 268,656 $ 9,950 $ 14,981 $ 34,804 $ 1,746,143

Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2019(2) $ (30,222) $ (2,949) $ (101) $ 445 $ (8,025) $ (40,852)

(1) Includes non-cash restructured securities.

(2) Included in net change in unrealized depreciation on investments in the consolidated statements of operations.

(2) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.

Significant Unobservable Inputs

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of June 30, 2020, December 31, 2019 and June 30, 2019 were as follows:

June 30, 2020

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of September 30, 2020, December 31, 2019 and September 30, 2019 were as follows:

September 30, 2020

Fair Value Valuation Techniques/

3 unchanged sentences

266,597 Broker Quotes Broker Quotes N/A N/A

22,463 Market Comparable Approach EBITDA Multiple 2.75x — 9.00x 6.00x

13,172 Revenue Multiple 2.50x N/A

7,808 $ per kW $250 N/A

32,592 Market Comparable Approach Revenue Multiple 1.83x — 2.50x 2.10x

22,623 EBITDA Multiple 1.88x — 9.00x 6.12x

350 Other(2) Other(2) N/A N/A

2 unchanged sentences

5,593 Market Comparable Approach EBITDA Multiple 3.75x — 7.00x 4.06x

1,552 Revenue Multiple 0.20x N/A

Collateralized securities and structured products - equity 11,219 Discounted Cash Flow Discount Rates 14.5% — 23.0% 16.0%

1,614 Other(2) Other(2) N/A N/A

Unsecured debt 4,750 Discounted Cash Flow Discount Rates 16.5% N/A

Equity 32,895 Market Comparable Approach EBITDA Multiple 1.88x — 12.00x 5.56x

7,822 $ per kW $264.50 N/A

7,336 Revenue Multiple 0.20x — 1.55x 1.23x

6 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

22 unchanged sentences

(2) Fair value based on expected outcome of proposed corporate transactions and/or other factors.

June 30, 2019

Fair Value Valuation Techniques/ Methodologies Unobservable Inputs Range Weighted Average(1)

September 30, 2019

Fair Value Valuation Techniques/

Methodologies Unobservable

Inputs Range Weighted Average(1)

Senior secured first lien debt $ 984,871 Discounted Cash Flow Discount Rates 5.0% — 19.9% 9.7%

388,241 Broker Quotes Broker Quotes N/A N/A

40,129 Market Comparable Approach EBITDA Multiple 3.50x — 9.00x 5.74x

3,478 Revenue Multiple 0.60x N/A

1,033 Other(2) Other(2) N/A N/A

Senior secured second lien debt 144,001 Broker Quotes Broker Quotes N/A N/A

140,825 Discounted Cash Flow Discount Rates 10.0% - 13.2% 11.4%

Senior secured second lien debt 151,841 Discounted Cash Flow Discount Rates 9.9% — 13.9% 11.1%

115,765 Broker Quotes Broker Quotes N/A N/A

1,050 Market Comparable Approach EBITDA Multiple 7.62x N/A

11 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

3 unchanged sentences

General and Administrative Expense

General and administrative expense consisted of the following items for the three and six months ended June 30, 2020 and 2019 and the year ended December 31, 2019:

General and administrative expense consisted of the following items for the three and nine months ended September 30, 2020 and 2019 and the year ended December 31, 2019:

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

2020 2019 2020 2019 2019

2 unchanged sentences

Valuation expense 241 168 802 510 722

Accounting and administration costs 137 188 283 203 567

Director fees and expenses 113 119 229 240 472

Accounting and administrative costs 224 191 507 394 567

Printing and marketing expense 241 17 359 73 102

Insurance expense 131 108 354 312 421

Director fees and expenses 105 119 334 359 472

Dues and subscriptions 124 82 273 241 343

Printing and marketing expense 103 34 118 56 102

Due diligence fees — — — 61 61

3 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

3 unchanged sentences

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 June 30, 2020, December 31, 2019 and June 30, 2019, the Company’s unfunded commitments were as follows:

Unfunded Commitments June 30, 2020(1) December 31, 2019(1) June 30, 2019(1)

Palmetto Solar, LLC $ 10,558 $ 19,142 $ —

As of September 30, 2020, December 31, 2019 and September 30, 2019,the Company’s unfunded commitments were as follows:

Unfunded Commitments September 30, 2020(1) December 31, 2019(1) September 30, 2019(1)

Mimeo.com, Inc.

1 unchanged sentence

West Dermatology Management Holdings, LLC 8,840 — —

Palmetto Solar, LLC 8,412 19,142 —

Independent Pet Partners Intermediate Holdings, LLC 7,363 7,852 7,852

Manna Pro Products, LLC 4,413 5,528 5,528

Foundation Consumer Healthcare, LLC 4,211 4,211 4,211

CircusTrix Holdings, LLC 2,898 2,892 4,904

Instant Web, LLC 2,704 2,704 2,271

Geon Performance Solutions, LLC 2,586 2,586 —

Coyote Buyer, LLC 2,500 — —

BCP Great Lakes Fund LP 2,110 792 —

Echo US Holdings, LLC 2,037 2,586 —

Volta Charging, LLC 2,000 10,000 12,000

Adapt Laser Acquisition, Inc.

2,000 2,000 2,000

Moss Holding Company 1,608 2,232 2,232

AMCP Staffing Intermediate Holdings III, LLC 1,598 1,059 —

Anthem Sports & Entertainment Inc.

1,333 1,333 1,333

Teladoc, Inc.

1,250 1,250 1,250

AMCP Staffing Intermediate Holdings III, LLC 1,187 1,059 —

APC Automotive Technologies, LLC 1,162 — —

Coyote Buyer, LLC 1,000 — —

Extreme Reach, Inc.

LAV Gear Holdings, Inc.

1,163 1,744 1,744

Manna Pro Products, LLC 1,096 5,528 5,528

Moss Holding Company 911 2,232 2,232

LAV Gear Holdings, Inc.

Volta Charging, LLC 750 10,000 12,000

Country Fresh Holdings, LLC 182 327 735

1 unchanged sentence

— 3,950 3,650

Instant Web, LLC — 2,704 2,055

Adapt Laser Acquisition, Inc.

— 2,000 2,000

Adams Publishing Group, LLC — 1,600 1,600

Teladoc, Inc.

— 1,250 1,250

American Media, Inc.

DFC Global Facility Borrower II LLC — — 5,317

Charming Charlie, LLC — — 1,938

Adams Publishing Group, LLC — — 1,600

Deluxe Entertainment Services Group, Inc.

Woodstream Corp.

Elemica, Inc.

F+W Media, Inc.

Spinal USA, Inc.

/ Precision Medical Inc.

Total $ 60,521 $ 83,694 $ 64,885

3 unchanged sentences

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 June 30, 2020, December 31, 2019 and June 30, 2019, refer to the table above and the consolidated schedules of investments.

As of August 6, 2020, the Company was committed, upon the satisfaction of certain conditions, to fund an additio nal $67,958.

For information on the companies to which the Company is committed to fund additional amounts as of September 30, 2020, December 31, 2019 and September 30, 2019, refer to the table above and the consolidated schedules of investments.

As of November 12, 2020, the Company was committed, upon the satisfaction of certain conditions, to fund an ad ditional $55,806.

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).

3 unchanged sentences

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.

As of June 30, 2020, no contingencies have been recorded on the Company’s consolidated financial statements as a result of COVID-19, however as the global pandemic continues and the economic implications worsen, it may have long-term impacts on the Company’s financial condition, results of operations, and cash flows.

Refer to Note 2 for a further discussion of COVID-19.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

Fee income consists of commitment fees, administrative agent fees, amendment fees and capital structuring and other fees.

The following table summarizes the Company’s fee income for the three and six months ended June 30, 2020 and 2019 and the year ended December 31, 2019:

The following table summarizes the Company’s fee income for the three and nine months ended September 30, 2020 and 2019 and the year ended December 31, 2019:

Three Months Ended

June 30, Six Months Ended

June 30, Year Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

2020 2019 2020 2019 2019

8 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

Financial Highlights

The following is a schedule of financial highlights as of and for the six months ended June 30, 2020 and 2019 and as of and for the year ended December 31, 2019:

Six Months Ended

June 30, Year Ended

The following is a schedule of financial highlights as of and for the nine months ended September 30, 2020 and 2019 and as of and for the year ended December 31, 2019:

Nine Months Ended

September 30, Year Ended December 31,

2020 2019 2019

24 unchanged sentences

Asset coverage ratio(9) 2.20 2.12 2.13

(1) The per share data for the six months ended June 30, 2020 and 2019 and the year ended December 31, 2019 was derived by using the weighted average shares of common stock outstanding during each period.

(1) The per share data for the nine months ended September 30, 2020 and 2019 and the year ended December 31, 2019 was derived by using the weighted average shares of common stock outstanding during each period.

(2) The amount shown for net realized and net change in unrealized losses on investments is the balancing figure derived from the other figures in the schedule.

2 unchanged sentences

(3) The continuous issuance of shares of common stock may have caused an incremental increase in net asset value per share due to the sale of shares at the then prevailing public offering price and the receipt of net proceeds per share by the Company in excess of net asset value per share on each subscription closing date.

The per share impact of the continuous issuance of shares of common stock was an increase to net asset value of less than $0.01 per share during the six months ended June 30, 2020 and 2019 and the year ended December 31, 2019.

The per share impact of the continuous issuance of shares of common stock was an increase to net asset value of less than $0.01 per share during the nine months ended September 30, 2020 and 2019 and the year ended December 31, 2019.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

June 30, 2020

September 30, 2020

(in thousands, except share and per share amounts)

(4) Repurchases of common stock may cause an incremental decrease in net asset value per share due to the repurchase of shares at a price in excess of net asset value per share 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 six months ended June 30, 2020 and 2019 and the year ended December 31, 2019.

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, 2020 and 2019 and the year ended December 31, 2019.

(5) 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.

13 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements