What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2021-05-14 compared with 2020-11-16 · 974 added, 1627 removed, 1293 unchanged (67% 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 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.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet, including the consolidated schedule of investments, of the Company as of December 31, 2019, and the related consolidated statements of operations, changes in net assets, and cash flows for the year then ended, and in our report dated March 16, 2020, we expressed an unqualified opinion on those consolidated financial statements.

Basis for Review Results

These interim financial statements are the responsibility of the Company’s management.

We conducted our reviews in accordance with the standards of the PCAOB.

A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters.

It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole.

Accordingly, we do not express such an opinion.

We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

/s/ RSM US LLP

New York, New York

November 16, 2020

CĪON Investment Corporation

1 unchanged sentence

(in thousands, except share and per share amounts)

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

(unaudited) (unaudited)

2021 December 31,

Investments, at fair value:

4 unchanged sentences

Cash 1,641 19,914

Due from counterparty — 3,281 —

Interest receivable on investments 17,101 17,484

Receivable due on investments sold 7,273 18,552 2,283

Dividend receivable on investments 1,706 1,106 —

Receivable due on investments sold and repaid 39,915 6,193

Dividends receivable on investments 315 45

Prepaid expenses and other assets 667 1,788

24 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

March 31, Year Ended

2021 2020 2020

(unaudited) (unaudited) (unaudited) (unaudited)

(unaudited) (unaudited)

Investment income

1 unchanged sentence

Interest income $ 26,102 $ 39,421 $ 125,395

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

Paid-in-kind interest income 6,135 1,876 17,078

Fee income 933 604 4,393

Dividend income 82 136 331

1 unchanged sentence

Interest income 1,401 798 7,883

Paid-in-kind interest income 131 — 1,343 65 566

Dividend income 827 475 3,012

Paid-in-kind interest income 823 783 2,082

Fee income — — 150

Controlled investments

9 unchanged sentences

Net investment income 17,599 21,661 78,728

Realized and unrealized (losses) gains

Net realized (loss) gain on:

Realized and unrealized gains (losses)

Net realized gains (losses) on:

Non-controlled, non-affiliated investments 26 (3,983) (69,687)

Non-controlled, affiliated investments (1,080) (211) (211)

Controlled investments (3,067) — —

Foreign currency (7) (2) 26

3 unchanged sentences

Non-controlled, affiliated investments 13,938 (7,837) (17,945)

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

Controlled investments 3,067 (4,814) (3,043)

Net change in unrealized appreciation (depreciation) 36,243 (123,377) (19,878)

9 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

March 31, Year Ended

2021 2020 2020

(unaudited) (unaudited) (unaudited) (unaudited)

(unaudited) (unaudited)

Changes in net assets from operations:

Net investment income $ 17,599 $ 21,661 $ 78,728

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

Net realized loss on investments (4,121) (4,194) (69,898)

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

Net realized (loss) gain on foreign currency (7) (2) 26

Net change in unrealized appreciation (depreciation) on investments 36,243 (123,377) (19,878)

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

Net increase (decrease) in net assets resulting from operations 49,714 (105,912) (11,022)

Changes in net assets from shareholders' distributions:

Distributions to shareholders (15,029) (20,793) (63,283)

(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)

Net decrease in net assets resulting from shareholders' distributions (15,029) (20,793) (63,283)

Changes in net assets from capital share transactions:

Issuance of common stock, net of issuance costs of $0, $0, $0, $296 and $296, respectively — — — 6,220 6,219

Reinvestment of shareholders' distributions 5,292 8,071 23,298

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

Repurchase of common stock (5,291) (8,071) (23,300)

— (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

Net increase (decrease) in net assets resulting from capital share transactions 1 — (2)

Total increase (decrease) in net assets 34,686 (126,705) (74,307)

8 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

March 31, Year Ended

2021 2020 2020

(unaudited) (unaudited) (unaudited) (unaudited)

(unaudited) (unaudited)

Operating activities:

2 unchanged sentences

Net accretion of discount on investments (3,172) (5,181) (13,214)

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

Proceeds from principal repayment of investments 174,274 182,814 465,547

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

Purchase of investments (183,634) (175,631) (359,633)

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

Paid-in-kind interest and dividends capitalized (7,515) (3,270) (21,420)

(Increase) decrease in short term investments, net

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

Increase in short term investments, net (13,996) (27,130) (44,071)

Proceeds from sale of investments 15,000 27,584 77,630

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

Net realized loss on investments 4,121 4,194 69,898

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

Net change in unrealized (appreciation) depreciation on investments (36,243) 123,377 19,878

Amortization of debt issuance costs 749 687 5,037

536 695 4,500 2,210 2,898

(Increase) decrease in due from counterparty — (1,865) 3,281

— — 3,281 — (3,281)

(Increase) decrease in interest receivable on investments (722) (828) (1,137)

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

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

(Increase) decrease in receivable due on investments sold (5,367) 393 11,279 3,504 (12,765)

(Increase) decrease in dividends receivable on investments (270) (306) 1,061

(Increase) decrease in receivable due on investments sold and repaid (33,722) 17,661 12,359

(Increase) decrease in prepaid expenses and other assets 1,121 362 (803)

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

Increase (decrease) in payable for investments purchased 40,084 19,761 (1,435)

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

Increase (decrease) in accounts payable and accrued expenses 227 262 (121)

(100) 211 (40) 100 (124)

Increase (decrease) in interest payable 217 (394) (663)

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

Increase (decrease) in accrued management fees 115 (418) (1,201)

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

Increase (decrease) in accrued administrative services expense (876) (896) 48

(144) 370 (628) (460) 304

Increase (decrease) in subordinated incentive fee on income payable (4,323) (2,304) (1,289)

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

Net cash provided by operating activities 1,149 52,567 198,730

Financing activities:

Gross proceeds from issuance of common stock

— — — 6,516 6,515

Commissions and dealer manager fees paid

— — — (296) (296)

Repurchase of common stock (5,291) (8,071) (23,300)

— (8,562) (8,085) (26,849) (35,799)

Shareholders' distributions paid (9,737) (12,722) (39,985)

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

Repayments under financing arrangements (125,000) (75,300) 486,153

Borrowings under financing arrangements 125,000 41,118 (602,194)

— 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 (4,394) — (5,625)

— — (5,625) (1,428) (1,428)

Net cash used in financing activities (19,422) (54,975) (184,951)

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

Net (decrease) increase in cash and restricted cash (18,273) (2,408) 13,779

Cash and restricted cash, beginning of period 19,914 6,135 6,135

2 unchanged sentences

Cash paid for interest $ 6,582 $ 10,161 $ 32,403

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

Supplemental non-cash financing activities:

Reinvestment of shareholders' distributions $ 5,292 $ 8,071 $ 23,298

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

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

Restructuring of portfolio investment $ — $ — $ 91,326

Cash interest receivable exchanged for additional securities $ 1,304 $ — $ —

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

September 30, 2020

March 31, 2021

(in thousands)

2 unchanged sentences

Senior Secured First Lien Debt - 137.5%

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:

LTD., L+500, 1.00% LIBOR Floor, 9/30/2025(s) 3 Month LIBOR Chemicals, Plastics & Rubber $ 2,416 $ 2,292 $ 2,307

LTD., L+500, 1.00% LIBOR Floor, 9/30/2025(s)(v) 3 Month LIBOR Chemicals, Plastics & Rubber 820 771 776

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

Advertising, Printing & Publishing 11,858 11,794 11,710

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., L+1200, 1.00% LIBOR Floor, 12/31/2023(v) 3 Month LIBOR Capital Equipment 11,280 11,280 9,560

Adapt Laser Acquisition, Inc., L+1000, 1.00% LIBOR Floor, 12/31/2023 3 Month LIBOR Capital Equipment 2,000 2,000 1,695

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, 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:

Aegis Toxicology Sciences Corp., L+550, 1.00% LIBOR Floor, 5/9/2025(n) 3 Month LIBOR Healthcare & Pharmaceuticals 9,669 9,539 9,052

AIS Holdco, LLC, L+500, 0.00% LIBOR Floor, 8/15/2025(n) 3 Month LIBOR Banking, Finance, Insurance & Real Estate 5,208 5,163 5,065

Alchemy US Holdco 1, LLC, L+550, 10/10/2025(n) 1 Month LIBOR Construction & Building 12,874 12,749 12,600

Alert 360 Opco, Inc., L+600, 1.00% LIBOR Floor, 10/16/2025(n)(s) 1 Month LIBOR Services:

Consumer 12,209 12,209 12,224

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

Diversified & Production 9,784 9,784 9,784

ALM Media, LLC, L+650, 1.00% LIBOR Floor, 11/25/2024(o)(p) 3 Month LIBOR Media:

Alliance Healthcare Services, Inc., L+450, 1.00% LIBOR Floor, 10/24/2023(i)(v) 1 Month LIBOR Healthcare & Pharmaceuticals 4,173 3,995 3,912

ALM Media, LLC, L+650, 1.00% LIBOR Floor, 11/25/2024(n)(o) 3 Month LIBOR Media:

Advertising, Printing & Publishing 18,750 18,465 17,859

AMCP Staffing Intermediate Holdings III, LLC, L+675, 1.50% LIBOR Floor, 9/24/2025(o) 1 Month LIBOR Services:

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

Business 10,786 10,741 10,435

1 unchanged sentence

Business 1,598 — (52)

American Clinical Solutions LLC, 7.00%, 12/31/2022(o)(s) None Healthcare & Pharmaceuticals 3,500 3,419 3,132

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:

American Clinical Solutions LLC, 7.00%, 12/31/2022(n)(s) None Healthcare & Pharmaceuticals 3,500 3,437 3,264

American Clinical Solutions LLC, 7.00%, 6/30/2021(n)(s) None Healthcare & Pharmaceuticals 250 250 243

American Consolidated Natural Resources, Inc., L+1300, 1.00% LIBOR Floor, 9/16/2025(n)(v) 3 Month LIBOR Metals & Mining 623 445 615

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

Advertising, Printing & Publishing 10,702 10,542 10,595

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

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

Advertising, Printing & Publishing 1,617 1,594 1,601

American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021(o) 3 Month LIBOR Telecommunications 19,522 18,735 15,618

Analogic Corp., L+525, 1.00% LIBOR Floor, 6/21/2024(o)(p) 1 Month LIBOR Healthcare & Pharmaceuticals 4,963 4,894 4,863

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

American Media, LLC, 0.50% Unfunded, 12/31/2023(n) None Media:

Advertising, Printing & Publishing 85 — (1)

American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021(n) 3 Month LIBOR Telecommunications 19,505 18,850 16,189

Analogic Corp., L+525, 1.00% LIBOR Floor, 6/21/2024(n)(o) 1 Month LIBOR Healthcare & Pharmaceuticals 4,938 4,878 4,839

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

Diversified & Production 16,701 16,191 16,534

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

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

Diversified & Production 833 833 829

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

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

Diversified & Production 1,333 — (7)

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

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

Avison Young (USA) Inc., L+500, 0.00% LIBOR Floor, 1/31/2026(h)(o) 3 Month LIBOR Banking, Finance, Insurance & Real Estate 9,825 9,666 9,321

Bi-Lo, LLC, L+800, 1.00% LIBOR Floor, 5/31/2024(o)(p) 1 Month LIBOR Retail 18,721 18,076 18,766

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+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:

Business 8,245 7,928 7,214

CB URS Holdings Corp., L+575, 1.00% LIBOR Floor, 9/1/2024(o) 6 Month LIBOR Transportation:

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:

APCO Holdings, LLC, L+550, 0.00% LIBOR Floor, 6/9/2025(n) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 9,286 9,224 9,124

Appalachian Resource Company, LLC, L+500, 1.00% LIBOR Floor, 9/10/2023 1 Month LIBOR Metals & Mining 11,137 9,784 9,160

Appalachian Resource Company, LLC, 0.00% Unfunded, 9/10/2023(p) None Metals & Mining 2,500 — —

Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024(n)(o) 1 Month LIBOR Construction & Building 14,479 14,095 13,556

Avison Young (USA) Inc., L+500, 0.00% LIBOR Floor, 1/31/2026(h)(n) 3 Month LIBOR Banking, Finance, Insurance & Real Estate 9,775 9,630 9,763

BK Medical Holding Company, Inc., L+525, 1.00% LIBOR Floor, 6/22/2024(n)(o) 1 Month LIBOR Healthcare & Pharmaceuticals 4,950 4,918 4,752

Blackboard Inc., L+600, 1.00% LIBOR Floor, 6/30/2024(i) 3 Month LIBOR Services:

Consumer 4,987 4,987 4,978

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

Cadence Aerospace, LLC, L+850, 1.00% LIBOR Floor, 11/14/2023(n)(o)(v) 3 Month LIBOR Aerospace & Defense 38,333 37,890 36,513

Cardinal US Holdings, Inc., L+500, 1.00% LIBOR Floor, 7/31/2023(n) 1 Month LIBOR Services:

Business 8,203 7,939 8,162

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

September 30, 2020

March 31, 2021

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

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

CB URS Holdings Corp., L+575, 1.00% LIBOR Floor, 9/1/2024(n) 6 Month LIBOR Transportation:

Cargo 15,750 15,692 14,654

Charming Charlie LLC, 20.00%, 4/24/2023(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) 1 Month LIBOR Hotel, Gaming & Leisure 24,974 24,533 17,332

CHC Solutions Inc., 12.00%, 7/20/2023(o)(v) None Healthcare & Pharmaceuticals 7,729 7,729 7,623

CircusTrix Holdings, LLC, L+800, 1.00% LIBOR Floor, 1/16/2024(n)(o)(v) 1 Month LIBOR Hotel, Gaming & Leisure 26,430 26,179 22,895

CircusTrix Holdings, LLC, L+800, 1.00% LIBOR Floor, 1/16/2024(n)(v) 1 Month LIBOR Hotel, Gaming & Leisure 2,690 2,682 2,330

CircusTrix Holdings, LLC, L+800, 1.00% LIBOR Floor, 7/16/2023(n)(v) 1 Month LIBOR Hotel, Gaming & Leisure 968 968 1,124

CircusTrix Holdings, LLC, 1.00% Unfunded, 12/31/2021 None Hotel, Gaming & Leisure 802 — 129

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, 12.00%, 6/1/2022(v) None Beverage, Food & Tobacco 969 941 947

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

Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023(r) 3 Month LIBOR Beverage, Food & Tobacco 1,020 1,000 338

Country Fresh Holdings, LLC, 15.00%, 6/15/2021(v) None Beverage, Food & Tobacco 326 312 326

Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023(n)(r) 3 Month LIBOR Beverage, Food & Tobacco 414 414 137

Coyote Buyer, LLC, L+600, 1.00% LIBOR Floor, 2/6/2026(n)(o) 3 Month LIBOR Chemicals, Plastics & Rubber 34,634 34,384 34,634

Coyote Buyer, LLC, L+800, 1.00% LIBOR Floor, 8/6/2026(o) 3 Month LIBOR Chemicals, Plastics & Rubber 6,250 6,119 6,250

Coyote Buyer, LLC, 0.50% Unfunded, 2/6/2025 None Chemicals, Plastics & Rubber 2,500 — —

David's Bridal, LLC, L+1000, 1.00% LIBOR Floor, 6/23/2023(v) 3 Month LIBOR Retail 5,409 4,555 5,409

David's Bridal, LLC, L+600, 1.00% LIBOR Floor, 6/30/2023(v) 3 Month LIBOR Retail 756 665 756

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:

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

Diversified & Production 3,570 3,658 3,570

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

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

Business 17,250 16,949 16,819

Eagle Family Foods Group LLC, L+650, 1.00% LIBOR Floor, 6/14/2024(o) 3 Month LIBOR Beverage, Food & Tobacco 14,663 14,439 14,296

Entertainment Studios P&A LLC, 6.26%, 5/18/2037(l)(o) None Media:

Diversified & Production 14,082 13,979 13,132

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

Diversified & Production — — 1,364

EnTrans International, LLC, L+600, 0.00% LIBOR Floor, 11/1/2024(o) 1 Month LIBOR Capital Equipment 26,625 26,427 23,696

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

Eagle Family Foods Group LLC, L+650, 1.00% LIBOR Floor, 6/14/2024 3 Month LIBOR Beverage, Food & Tobacco 14,075 13,890 13,934

East Valley Tourist Development Authority, L+800, 1.00% LIBOR Floor, 3/7/2022(i) 6 Month LIBOR Hotel, Gaming & Leisure 5,000 4,950 4,950

Entertainment Studios P&A LLC, 6.30%, 5/18/2037(k)(n) None Media:

Diversified & Production 11,971 11,871 11,073

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

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

Diversified & Production — — 2,160

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

EnTrans International, LLC, L+600, 0.00% LIBOR Floor, 11/1/2024(n) 1 Month LIBOR Capital Equipment 25,875 25,707 25,358

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

Diversified & Production 19,995 19,847 19,695

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(n)(o) None Media:

Diversified & Production 1,744 — (26)

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

F+W Media, Inc., L+1000, 1.50% LIBOR Floor, 5/24/2022(r)(s) 1 Month LIBOR Media:

Diversified & Production 1,139 — —

Foundation Consumer Healthcare, LLC, L+600, 1.00% LIBOR Floor, 11/2/2023(o)(p) 3 Month LIBOR Healthcare & Pharmaceuticals 38,770 38,531 38,770

Foundation Consumer Healthcare, LLC, L+575, 1.00% LIBOR Floor, 11/2/2023(n)(o) 3 Month LIBOR Healthcare & Pharmaceuticals 34,205 33,878 34,205

Foundation Consumer Healthcare, LLC, 0.50% Unfunded, 11/2/2023 None Healthcare & Pharmaceuticals 2,094 — —

Genesis Healthcare, Inc., L+600, 0.50% LIBOR Floor, 3/6/2023(h)(o) 1 Month LIBOR Healthcare & Pharmaceuticals 30,000 29,830 29,175

Geo Parent Corp., L+525, 0.00% LIBOR Floor, 12/19/2025(o) 1 Month LIBOR Services:

Genesis Healthcare, Inc., 0.50% Unfunded, 3/6/2023(h)(n) None Healthcare & Pharmaceuticals 35,000 — —

Geo Parent Corp., L+525, 0.00% LIBOR Floor, 12/19/2025(n) 1 Month LIBOR Services:

Business 14,700 14,592 14,663

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(n)(o) 1 Month LIBOR Chemicals, Plastics & Rubber 22,134 21,853 21,912

Geon Performance Solutions, LLC, 0.50% Unfunded, 10/25/2024 None Chemicals, Plastics & Rubber 2,586 — (26)

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

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

Business 12,126 12,100 10,812

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

Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021(n) 3 Month LIBOR Healthcare & Pharmaceuticals 4,687 4,667 4,687

Heritage Power, LLC, L+600, 1.00% LIBOR Floor, 7/30/2026(i) 6 Month LIBOR Energy:

Oil & Gas 4,987 4,800 4,791

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

September 30, 2020

March 31, 2021

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

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

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

Consumer 22,124 22,033 21,801

Homer City Generation, L.P., 15.00%, 4/5/2023(n)(v) None Energy:

Oil & Gas 10,999 11,420 8,716

HUMC Holdco, LLC, 9.00%, 11/16/2020(o) None Healthcare & Pharmaceuticals 10,000 9,978 9,675

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

Hoover Group, Inc., L+850, 1.25% LIBOR Floor, 10/1/2024(o) 3 Month LIBOR Services:

Business 5,195 5,177 5,228

HUMC Holdco, LLC, 9.00%, 4/15/2021(n) None Healthcare & Pharmaceuticals 9,667 9,662 9,594

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

Oil & Gas 14,120 13,800 13,643

Hyperion Materials & Technologies, Inc., L+550, 1.00% LIBOR Floor, 8/28/2026(o) 6 Month LIBOR Chemicals, Plastics & Rubber 9,925 9,748 9,230

Independent Pet Partners Intermediate Holdings, LLC, L+900, 1.00% LIBOR Floor, 11/19/2023(o) 6 Month LIBOR Retail 12,522 12,376 10,190

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:

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

Oil & Gas 875 846 845

Hyperion Materials & Technologies, Inc., L+550, 1.00% LIBOR Floor, 8/28/2026(n) 3 Month LIBOR Chemicals, Plastics & Rubber 9,875 9,713 9,850

Independent Pet Partners Intermediate Holdings, LLC, 6.00%, 11/20/2023(n)(v) None Retail 9,837 9,755 8,276

Independent Pet Partners Intermediate Holdings, LLC, PRIME+500, 12/22/2022(n)(v) Prime Retail 2,004 2,004 2,004

Independent Pet Partners Intermediate Holdings, LLC, L+600, 0.00% LIBOR Floor, 12/22/2022(n)(v) 3 Month LIBOR Retail 256 256 256

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

Business 6,820 6,748 6,820

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

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

Advertising, Printing & Publishing 15,554 15,546 14,860

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

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

Advertising, Printing & Publishing 37,060 37,024 34,513

1 unchanged sentence

Advertising, Printing & Publishing 2,704 — —

Isagenix International, LLC, L+575, 1.00% LIBOR Floor, 6/14/2025(o) 3 Month LIBOR Beverage, Food & Tobacco 13,244 13,146 9,403

Island Medical Management Holdings, LLC, L+650, 1.00% LIBOR Floor, 9/1/2022(o)(p) 3 Month LIBOR Healthcare & Pharmaceuticals 11,222 11,156 10,367

Jab Wireless, Inc., L+800, 0.00% LIBOR Floor, 5/2/2023(o) 1 Month LIBOR Telecommunications 13,457 13,457 13,457

Jenny C Acquisition, Inc., L+1250, 1.75% LIBOR Floor, 10/1/2024(o)(v) 3 Month LIBOR Services:

Isagenix International, LLC, L+575, 1.00% LIBOR Floor, 6/14/2025(i)(n) 3 Month LIBOR Beverage, Food & Tobacco 17,667 15,866 14,708

Island Medical Management Holdings, LLC, L+650, 1.00% LIBOR Floor, 9/1/2022(n)(o) 3 Month LIBOR Healthcare & Pharmaceuticals 11,153 11,107 10,707

Jenny C Acquisition, Inc., L+1050, 1.75% LIBOR Floor, 10/1/2024(n)(v) 2 Month LIBOR Services:

Consumer 11,661 11,592 10,597

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

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

JP Intermediate B, LLC, L+550, 1.00% LIBOR Floor, 11/20/2025(n) 3 Month LIBOR Beverage, Food & Tobacco 15,043 14,807 14,423

KITV, Inc., L+750, 1.00% LIBOR Floor, 3/4/2026(n) 3 Month LIBOR Media:

Diversified & Production 20,500 20,500 20,551

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

Durable 8,019 7,918 7,183

Labvantage Solutions Inc., L+750, 1.00% LIBOR Floor, 12/29/2020(o)(p) 1 Month LIBOR High Tech Industries 2,646 2,644 2,646

Labvantage Solutions Inc., L+750, 1.00% LIBOR Floor, 9/30/2021(n)(o) 1 Month LIBOR High Tech Industries 2,419 2,419 2,419

Labvantage Solutions Ltd., E+750, 1.00% EURIBOR Floor, 9/30/2021(h) 1 Month EURIBOR High Tech Industries € 2,684 3,017 3,149

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+750, 1.00% LIBOR Floor, 10/31/2024(o)(p)(v) 3 Month LIBOR Services:

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

Business 25,679 25,311 24,170

LAV Gear Holdings, Inc., 1.00% Unfunded, 4/7/2021 None Services:

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

Business 4,429 4,385 4,169

LD Intermediate Holdings, Inc., L+588, 1.00% LIBOR Floor, 12/9/2022(o) 3 Month LIBOR High Tech Industries 11,192 11,009 10,716

LGC US Finco, LLC, L+650, 1.00% LIBOR Floor, 12/20/2025(o) 1 Month LIBOR Capital Equipment 9,850 9,577 9,554

Lift Brands, Inc., L+325, 1.00% LIBOR Floor, 6/29/2025(o)(p)(s) 1 Month LIBOR Services:

LGC US Finco, LLC, L+650, 1.00% LIBOR Floor, 12/20/2025(n) 1 Month LIBOR Capital Equipment 9,750 9,498 9,433

Lift Brands, Inc., L+750, 1.00% LIBOR Floor, 6/29/2025(n)(o)(s) 1 Month LIBOR Services:

Consumer 23,642 23,642 23,642

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

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

Consumer 4,975 4,874 4,826

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

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

Consumer 5,296 4,717 4,673

1 unchanged sentence

Oil & Gas 4,221 2,559 4,295

Manna Pro Products, LLC, L+600, 1.00% LIBOR Floor, 12/8/2023(o) 1 Month LIBOR Retail 4,432 4,432 4,388

Manna Pro Products, LLC, L+600, 1.00% LIBOR Floor, 12/8/2023(o) 1 Month LIBOR Retail 3,413 3,413 3,379

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)(x) 3 Month LIBOR Services:

Business 22,847 22,847 22,276

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

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

Business 23,665 23,665 23,014

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

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

Business 2,688 2,688 2,758

1 unchanged sentence

Business 500 — 13

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

Moss Holding Company, L+700, 1.00% LIBOR Floor, 4/17/2024(n)(o)(v) 3 Month LIBOR Services:

Business 19,566 19,392 17,585

Moss Holding Company, 0.50% Unfunded, 4/17/2023 None Services:

Business 2,232 — —

Napa Management Services Corp., L+500, 1.00% LIBOR Floor, 4/19/2023(i) 3 Month LIBOR Healthcare & Pharmaceuticals 5,360 5,283 5,291

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

September 30, 2020

March 31, 2021

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

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

Business 1,321 1,321 1,189

Moss Holding Company, 0.50% Unfunded, 4/17/2023 None Services:

NASCO Healthcare Inc., L+450, 1.00% LIBOR Floor, 6/30/2023(n) 3 Month LIBOR Services:

Business 12,577 12,577 12,200

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

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

Advertising, Printing & Publishing 12,155 12,080 12,034

One Call Corp., L+525, 1.00% LIBOR Floor, 11/25/2022(o) 3 Month LIBOR Healthcare & Pharmaceuticals 3,872 3,748 3,611

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

One Call Corp., L+525, 1.00% LIBOR Floor, 11/25/2022(n) 3 Month LIBOR Healthcare & Pharmaceuticals 3,843 3,747 3,843

Optio Rx, LLC, L+700, 0.00% LIBOR Floor, 6/28/2024(n)(o) 3 Month LIBOR Healthcare & Pharmaceuticals 23,938 23,827 23,399

Optio Rx, LLC, L+1000, 0.00% LIBOR Floor, 6/28/2024(o) 3 Month LIBOR Healthcare & Pharmaceuticals 2,515 2,494 2,669

Palmetto Solar, LLC, 12.00%, 12/12/2024(n) None High Tech Industries 16,738 16,342 17,240

Palmetto Solar, LLC, 0.75% Unfunded, 12/12/2021 None High Tech Industries 3,262 — 98

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

Patterson Medical Supply, Inc., L+475, 1.00% LIBOR Floor, 8/28/2022(i) 1 Month LIBOR Healthcare & Pharmaceuticals 5,984 5,894 5,958

PetroChoice Holdings, Inc., L+500, 1.00% LIBOR Floor, 8/20/2022(i) 3 Month LIBOR Chemicals, Plastics & Rubber 3,927 3,807 3,777

PH Beauty Holdings III.

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

Inc., L+500, 0.00% LIBOR Floor, 9/28/2025(n) 3 Month LIBOR Consumer Goods:

Non-Durable 9,750 9,157 9,281

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:

Pixelle Specialty Solutions LLC, L+650, 1.00% LIBOR Floor, 10/31/2024(n) 1 Month LIBOR Forest Products & Paper 21,686 21,388 21,717

Plano Molding Company, LLC, L+900, 1.00% LIBOR Floor, 5/12/2022(n)(v) 3 Month LIBOR Consumer Goods:

Non-Durable 5,993 5,990 6,167

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

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

Non-Durable 732 727 754

Polymer Additives, Inc., L+600, 0.00% LIBOR Floor, 7/31/2025(o) 6 Month LIBOR Chemicals, Plastics & Rubber 19,650 19,351 15,597

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

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

SEK Holding Co LLC, L+1150, 1.00% LIBOR Floor, 3/14/2022(o)(v) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 15,835 15,644 14,616

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)(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

Polymer Additives, Inc., L+600, 0.00% LIBOR Floor, 7/31/2025(n) 3 Month LIBOR Chemicals, Plastics & Rubber 19,550 19,281 17,888

Securus Technologies Holdings, Inc., L+450, 1.00% LIBOR Floor, 11/1/2024(n) 6 Month LIBOR Telecommunications 3,939 3,078 3,919

Sequoia Healthcare Management, LLC, 12.75%, 8/21/2023(n)(o)(r) None Healthcare & Pharmaceuticals 8,525 8,457 6,287

SIMR, LLC, L+1700, 2.00% LIBOR Floor, 9/7/2023(s)(v) 1 Month LIBOR Healthcare & Pharmaceuticals 17,896 17,728 15,078

Smart & Final Inc., L+675, 0.00% LIBOR Floor, 6/20/2025(n) 1 Month LIBOR Retail 7,755 7,202 7,823

Software Luxembourg Acquisitions S.À.R.L., L+750, 1.00% LIBOR Floor, 4/27/2025(h)(o) 3 Month LIBOR High Tech Industries 3,011 2,911 3,010

Software Luxembourg Acquisitions S.À.R.L., L+750, 1.00% LIBOR Floor, 12/27/2024(h)(o) 1 Month LIBOR High Tech Industries 807 784 815

Sorenson Communications, LLC, L+550, 0.75% LIBOR Floor, 3/17/2026(n) 3 Month LIBOR Telecommunications 10,000 9,900 10,025

Spinal USA, Inc.

/ Precision Medical Inc., L+950, 6/30/2021(o) 12 Month LIBOR Healthcare & Pharmaceuticals 12,593 12,504 11,711

/ Precision Medical Inc., L+950, 10/1/2021(n) 3 Month LIBOR Healthcare & Pharmaceuticals 12,587 12,546 12,178

Spinal USA, Inc.

/ Precision Medical Inc., L+950, 6/30/2021(o)(v) 12 Month LIBOR Healthcare & Pharmaceuticals 1,087 1,087 1,010

/ Precision Medical Inc., L+950, 10/1/2021(n)(v) 3 Month LIBOR Healthcare & Pharmaceuticals 1,146 1,056 1,154

Spinal USA, Inc.

/ Precision Medical Inc., L+950, 6/30/2021(o)(v) 12 Month LIBOR Healthcare & Pharmaceuticals 572 493 532

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

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

Tenere Inc., L+850, 1.00% LIBOR Floor, 5/5/2025(o)(p) 3 Month LIBOR Capital Equipment 12,080 12,005 12,080

Tensar Corp., L+475, 1.00% LIBOR Floor, 7/9/2021(o) 3 Month LIBOR Chemicals, Plastics & Rubber 12,876 12,695 12,619

The Pasha Group, L+750, 1.00% LIBOR Floor, 1/26/2023(o)(p) 2 Month LIBOR Transportation:

/ Precision Medical Inc., L+950, 10/1/2021(n)(v) 3 Month LIBOR Healthcare & Pharmaceuticals 619 493 599

Stats Intermediate Holdings, LLC, L+525, 0.00% LIBOR Floor, 7/12/2026(n) 3 Month LIBOR High Tech Industries 9,875 9,703 9,879

Tenere Inc., L+850, 1.00% LIBOR Floor, 5/5/2025(n)(o) 3 Month LIBOR Capital Equipment 18,080 18,035 18,125

Tensar Corp., L+675, 1.00% LIBOR Floor, 10/20/2025(n) 3 Month LIBOR Chemicals, Plastics & Rubber 4,988 4,872 5,025

The Pasha Group, L+800, 1.00% LIBOR Floor, 1/26/2023(n)(o) 1 Month LIBOR Transportation:

Cargo 4,198 4,145 4,167

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

The Pay-O-Matic Corp., L+900, 1.00% LIBOR Floor, 10/29/2021(j)(n) 3 Month LIBOR Services:

Consumer 6,737 6,737 6,738

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:

Vesta Holdings, LLC, L+1000, 1.00% LIBOR Floor, 2/25/2024(n) 2 Month LIBOR Banking, Finance, Insurance & Real Estate 25,000 25,000 25,000

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

Diversified & Production 15,000 15,000 16,050

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

Diversified & Production 12,000 11,983 12,840

West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025(n)(o) 3 Month LIBOR Healthcare & Pharmaceuticals 9,460 9,398 9,023

West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025(n) 3 Month LIBOR Healthcare & Pharmaceuticals 1,657 1,644 1,578

West Dermatology Management Holdings, LLC, L+750, 1.00% LIBOR Floor, 2/11/2025 3 Month LIBOR Healthcare & Pharmaceuticals 1,182 1,182 1,173

West Dermatology Management Holdings, LLC, 0.75% Unfunded, 2/11/2022 None Healthcare & Pharmaceuticals 7,655 (23) (57)

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

September 30, 2020

March 31, 2021

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

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

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

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

Diversified & Production 750 (24) —

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, 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

Wok Holdings Inc., L+625, 0.00% LIBOR Floor, 3/1/2026(o) 1 Month LIBOR Beverage, Food & Tobacco 12,805 12,657 11,797

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

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

Williams Industrial Services Group, Inc., L+900, 1.00% LIBOR Floor, 12/16/2025(o) 3 Month LIBOR Services:

Business 9,925 9,925 9,937

Williams Industrial Services Group, Inc., 0.50% Unfunded, 6/16/2022 None Services:

Business 5,000 — 6

Wind River Systems, Inc., L+675, 1.00% LIBOR Floor, 6/24/2024 3 Month LIBOR High Tech Industries 24,671 24,452 24,455

Winebow Holdings, Inc., L+375, 1.00% LIBOR Floor, 7/1/2021(n)(o) 1 Month LIBOR Beverage, Food & Tobacco 5,864 5,766 5,864

Wok Holdings Inc., L+625, 0.00% LIBOR Floor, 3/1/2026(n) 1 Month LIBOR Beverage, Food & Tobacco 20,496 19,967 19,583

Total Senior Secured First Lien Debt 1,283,804 1,255,426

Senior Secured Second Lien Debt - 16.9%

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

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

Business 17,250 17,143 17,035

Albany Molecular Research, Inc., L+700, 1.00% LIBOR Floor, 8/30/2025(o) 3 Month LIBOR Healthcare & Pharmaceuticals 10,000 9,858 9,925

American Residential Services LLC, L+800, 1.00% LIBOR Floor, 12/31/2022(o) 1 Month LIBOR Construction & Building 5,180 5,161 5,180

Carestream Health, Inc., L+950, 1.00% LIBOR Floor, 6/7/2021(o)(p)(v) 6 Month LIBOR Healthcare & Pharmaceuticals 11,041 11,041 10,489

Country Fresh Holdings, LLC, L+850, 1.00% LIBOR Floor, 4/29/2024(o)(v) 3 Month LIBOR Beverage, Food & Tobacco 2,186 2,186 1,552

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)(r)(s)(v) 3 Month LIBOR Media:

Carestream Health, Inc., L+1250, 1.00% LIBOR Floor, 8/8/2023(n)(o)(v) 3 Month LIBOR Healthcare & Pharmaceuticals 11,729 11,729 11,318

Country Fresh Holdings, LLC, L+850, 1.00% LIBOR Floor, 4/29/2024(n)(r)(v) 3 Month LIBOR Beverage, Food & Tobacco 2,297 2,297 —

Dayton Superior Corp., L+700, 2.00% LIBOR Floor, 12/4/2024(n) 3 Month LIBOR Construction & Building 1,489 1,489 1,487

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

Diversified & Production 10,335 10,017 —

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

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

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

Business 11,891 11,695 11,653

Medical Solutions Holdings, Inc., L+838, 1.00% LIBOR Floor, 6/16/2025(o) 3 Month LIBOR Healthcare & Pharmaceuticals 10,000 9,889 9,250

MedPlast Holdings, Inc., L+775, 0.00% LIBOR Floor, 7/2/2026(o) 1 Month LIBOR Healthcare & Pharmaceuticals 6,750 6,696 5,982

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

Global Tel*Link Corp., L+825, 0.00% LIBOR Floor, 11/29/2026(o) 1 Month LIBOR Telecommunications 11,500 11,340 11,385

Medical Solutions Holdings, Inc., L+838, 1.00% LIBOR Floor, 6/16/2025(n) 6 Month LIBOR Healthcare & Pharmaceuticals 10,000 9,902 9,750

MedPlast Holdings, Inc., L+775, 0.00% LIBOR Floor, 7/2/2026(n) 1 Month LIBOR Healthcare & Pharmaceuticals 6,750 6,700 6,193

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

Business 7,000 6,994 6,974

Niacet Corp., E+875, 1.00% EURIBOR Floor, 8/1/2024(h) 1 Month EURIBOR Chemicals, Plastics & Rubber € 6,263 6,712 7,346

Patterson Medical Supply, Inc., L+1050, 1.00% LIBOR Floor, 8/28/2023(o)(v) 3 Month LIBOR Healthcare & Pharmaceuticals 14,160 14,094 13,239

PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023(o) 3 Month LIBOR Chemicals, Plastics & Rubber 10,000 9,885 8,750

PFS Holding Corp., L+725, 1.00% LIBOR Floor, 1/31/2022(r) 3 Month LIBOR Retail 4,998 4,155 —

Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2024(o)(v) 3 Month LIBOR Telecommunications 3,330 3,244 1,715

Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 11/1/2025(o) 6 Month LIBOR Telecommunications 2,942 2,918 2,667

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

Patterson Medical Supply, Inc., L+1050, 1.00% LIBOR Floor, 8/28/2023(n)(v) 3 Month LIBOR Healthcare & Pharmaceuticals 15,187 15,129 14,769

PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023 3 Month LIBOR Chemicals, Plastics & Rubber 15,000 14,339 14,550

Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2024(v) 3 Month LIBOR Telecommunications 3,502 3,436 1,996

Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 11/1/2025 3 Month LIBOR Telecommunications 2,942 2,920 2,770

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

Business 13,393 13,170 9,877

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

Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022(n) 1 Month LIBOR Beverage, Food & Tobacco 12,823 12,763 12,823

Zest Acquisition Corp., L+750, 1.00% LIBOR Floor, 3/14/2026(n)(o) 1 Month LIBOR Healthcare & Pharmaceuticals 15,000 14,895 14,700

Total Senior Secured Second Lien Debt 172,670 154,626

2 unchanged sentences

Consolidated Schedule of Investments (unaudited)

September 30, 2020

March 31, 2021

(in thousands)

2 unchanged sentences

Collateralized Securities and Structured Products - Equity - 1.5%

APIDOS CLO XVI Subordinated Notes, 0.00% Estimated Yield, 1/19/2025(h) (f) Diversified Financials 9,000 3,041 1,365

APIDOS CLO XVI Subordinated Notes, 0.00% Estimated Yield, 1/19/2025(h) (g) Diversified Financials 9,000 3,007 1,799

CENT CLO 19 Ltd.

Subordinated Notes, 0.00% Estimated Yield, 10/29/2025(h) (f) Diversified Financials 2,000 1,161 126

Subordinated Notes, 0.00% Estimated Yield, 10/29/2025(h) (g) Diversified Financials 2,000 1,161 407

Galaxy XV CLO Ltd.

Class A Subordinated Notes, 5.76% Estimated Yield, 4/15/2025(h) (f) Diversified Financials 4,000 2,099 1,364

Class A Subordinated Notes, 5.76% Estimated Yield, 4/15/2025(h) (g) Diversified Financials 4,000 1,937 1,784

Ivy Hill Middle Market Credit Fund VIII, Ltd.

Subordinated Loan, 11.84% Estimated Yield, 2/2/2026(h) (f) Diversified Financials 10,000 9,200 8,364

Subordinated Loan, 11.84% Estimated Yield, 2/2/2026(h) (g) Diversified Financials 10,000 9,047 9,850

Total Collateralized Securities and Structured Products - Equity 15,152 13,840

4 unchanged sentences

Equity - 11.5%

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

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

LTD., Common Shares(p)(s) Chemicals, Plastics & Rubber 807,268 Units — 266

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

ACNR Holdings, Inc., Preferred Stock(p) Metals & Mining 1,890 Units 26 168

Alert 360 Topco, Inc., Common Stock(p)(s) Services:

Consumer 584,498 Units 3,624 3,634

American Clinical Solutions LLC, Class A Membership Interests(p)(s) Healthcare & Pharmaceuticals 6,030,384 Units 1,658 4,704

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

Diversified & Production 907 Units 205 155

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

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

Diversified & Production 160 Units — —

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

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

Diversified & Production 2,960 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:

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

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

Oil & Gas 511,255 Units 1,642 419

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

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

Oil & Gas 132,367 Units 13 1

BCP Great Lakes Fund LP, Partnership Interests (31.7% ownership)(h)(t) Diversified Financials N/A 12,890 12,650

Carestream Health Holdings, Inc., Warrants(q) Healthcare & Pharmaceuticals 233 Units 565 580

BCP Great Lakes Fund LP, Partnership Interests (11.4% ownership)(h)(s) Diversified Financials N/A 10,857 10,857

Carestream Health Holdings, Inc., Warrants(p) Healthcare & Pharmaceuticals 233 Units 565 717

CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend(u) Healthcare & Pharmaceuticals 2,727,273 Units 5,553 7,227

CION SOF Funding, LLC, Membership Interests (87.5% ownership)(h)(t) Diversified Financials N/A 31,289 28,551

CION SOF Funding, LLC, Membership Interests (87.5% ownership)(t) Diversified Financials N/A — —

Conisus Holdings, Inc., Series B Preferred Stock, 12% Dividend(s)(u) Healthcare & Pharmaceuticals 12,677,833 Units 15,618 18,782

Conisus Holdings, Inc., Common Stock(q)(s) Healthcare & Pharmaceuticals 4,914,556 Units 200 6,723

Country Fresh Holdings, LLC, Common Stock(q) Beverage, Food & Tobacco 2,985 Units 5,249 —

Dayton HoldCo, LLC, Common Stock(q) Construction & Building 37,264 Units 4,136 6,816

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

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 — —

DBI Investors, Inc., Reallocation Rights(q) Retail 7,500 Units — —

DESG Holdings, Inc., Common Stock(j)(q)(s) Media:

Diversified & Production 1,268,143 Units 13,675 —

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

Diversified & Production 1 Unit — —

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

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

Conisus Holdings, Inc., Common Stock(p)(s) Healthcare & Pharmaceuticals 4,914,556 Units 200 18,118

Country Fresh Holdings, LLC, Membership Units(p) Beverage, Food & Tobacco 2,985 Units 5,249 —

Dayton HoldCo, LLC, Membership Units(p) Construction & Building 37,264 Units 4,136 6,983

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

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

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

September 30, 2020

March 31, 2021

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

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

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

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

DBI Investors, Inc., Reallocation Rights(p) Retail 7,500 Units — —

DESG Holdings, Inc., Common Stock(i)(p)(s) Media:

Diversified & Production 1,268,143 Units 13,675 —

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

Diversified & Production 1 Unit — —

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

Independent Pet Partners Intermediate Holdings, LLC, Class B-2 Preferred Units(p) Retail 2,632,771 Units 2,133 1,178

Independent Pet Partners Intermediate Holdings, LLC, Class C Preferred Units(p) Retail 2,632,771 Units 2,633 2,682

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

Longview Intermediate Holdings C, LLC, Membership Units(p)(s) Energy:

Oil & Gas 589,487 Units 2,524 8,618

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

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

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

Mooregate ITC Acquisition, LLC, Class A Units(p)(s) High Tech Industries 500 Units 563 89

Mount Logan Capital Inc., Common Stock(f)(h)(s) Banking, Finance, Insurance & Real Estate 1,075,557 Units 3,534 2,397

NS NWN Acquisition, LLC, Voting Units(p) High Tech Industries 346 Units 393 1,474

NS NWN Acquisition, LLC, Class A Preferred Units(p) High Tech Industries 111 Units 110 332

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

Durable 1,575 Units 1,000 676

Palmetto Clean Technology, Inc., Warrants(q) High Tech Industries 693,387 Units 472 430

Rhino Energy LLC, Warrants(q) Metals & Mining 170,972 Units 280 —

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:

Palmetto Clean Technology, Inc., Warrants(p) High Tech Industries 724,112 Units 472 2,556

Phillips Pet Holding Corp., Common Stock(p) Retail 235 Units 13 17

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

SIMR Parent, LLC, Class W Units(p)(s) Healthcare & Pharmaceuticals 1,778,219 Units — —

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

Consumer 9,858 Units 3,078 3,453

Snap Fitness Holdings, Inc., Warrants(q)(s) Services:

Snap Fitness Holdings, Inc., Warrants(p)(s) Services:

Consumer 3,996 Units 1,247 1,400

Software Luxembourg Holding S.A., Class A Common Stock(h)(p) High Tech Industries 28,202 Units 4,536 5,323

Software Luxembourg Holding S.A., Class B Common Stock(h)(p) High Tech Industries 2,388 Units 384 647

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

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

Spinal USA, Inc.

/ Precision Medical Inc., Warrants(q) Healthcare & Pharmaceuticals 14,181,915 Units 5,806 —

Tenere Inc., Warrants(q) Capital Equipment N/A 161 1,429

/ Precision Medical Inc., Warrants(p) Healthcare & Pharmaceuticals 14,181,915 Units 5,806 —

Tenere Inc., Warrants(p)(s) Capital Equipment N/A 161 1,700

Total Equity 102,389 104,663

Short Term Investments - 6.1%(m)

First American Treasury Obligations Fund, Class Z Shares, 0.04%(n) 53,024 53,024

Short Term Investments - 9.6%(l)

First American Treasury Obligations Fund, Class Z Shares, 0.03%(m) 87,593 87,593

Total Short Term Investments 87,593 87,593

6 unchanged sentences

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

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.

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

March 31, 2021

(in thousands)

The 1, 2, 3 and 6 month London Interbank Offered Rate, or LIBOR, rates were 0.11%, 0.13%, 0.19% and 0.21%, respectively, as of March 31, 2021.

The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of March 31, 2021, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to March 31, 2021.

The 1 month Euro Interbank Offered Rate, or EURIBOR, rate was (0.58%) as of March 31, 2021.

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.

Fair value determined using level 1 inputs.

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

2 unchanged sentences

Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.

As a result of an arrangement between the Company and the other lenders in the syndication, the Company is entitled to less interest than the stated interest rate of this loan, which is reflected in this schedule, in exchange for a higher payment priority.

The investment or a portion thereof is not a qualifying asset under the 1940 Act.

A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets as defined under Section 55 of the 1940 Act.

As of September 30, 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 September 30, 2020.

As of March 31, 2021, 96.5% of the Company’s total assets represented qualifying assets.

Position or a portion thereof unsettled as of March 31, 2021.

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 March 31, 2021.

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street Funding, LLC, or 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPMorgan Chase Bank, National Association, or JPM, as of March 31, 2021 (see Note 8).

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, LLC, or Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the repurchase agreement with UBS AG, or UBS, as of March 31, 2021 (see Note 8).

Non-income producing security.

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

Investment or a portion thereof was on non-accrual status as of March 31, 2021.

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

September 30, 2020

March 31, 2021

(in thousands)

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 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 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

Fair value as of December 31, 2020 and March 31, 2021, along with transactions during the three months ended March 31, 2021 in these affiliated investments, are as follows:

Three Months Ended March 31, 2021 Three Months Ended March 31, 2021

Non-Controlled, Affiliated Investments Fair Value at

1 unchanged sentence

(Cost)(1) Gross

(Cost)(2) Net Unrealized

(Loss) Gain Fair Value at

September 30, 2020 Net Realized

Gain (Loss) Interest

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at March 31, 2021 Net Realized Gain (Loss) Interest

Income(3) Dividend Income

First Lien Term Loan A $ 2,289 $ 5 $ (6) $ 19 $ 2,307 $ — $ 41 $ —

First Lien Term Loan B 755 15 — 6 776 — 14 —

Common Shares — — — 266 266 — — —

Alert 360 Opco, Inc.

First Lien Term Loan — 12,239 (31) 16 12,224 — 201 —

Common Stock — 3,624 — 10 3,634 — — —

American Clinical Solutions LLC

2 unchanged sentences

Class A Membership Interests 663 — — 4,041 4,704 — — —

ARC Financial, LLC

Membership Interests — — — — — — — —

BCP Great Lakes Fund LP

Membership Interests 12,611 904 (2,911) 253 10,857 — — 323

Charming Charlie, LLC

First Lien Term Loan B1 — — — — — — — —

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

Vendor Payment Financing 472 7 (104) (25) 350 — 7 —

Vendor Payment Financing Facility 350 — — — 350 — — —

Conisus Holdings, Inc.

2 unchanged sentences

DESG Holdings, Inc.

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

First Lien Term Loan 3,978 34 (432) (10) 3,570 — 82 —

7 unchanged sentences

Term Loan C 4,687 32 — (46) 4,673 — 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 — — —

Membership Units 7,988 — — 630 8,618 — — —

Longview Power, LLC

First Lien Term Loan 2,414 1,934 (6) (47) 4,295 — 150 —

Mount Logan Capital Inc.

Common Stock 2,409 — — (12) 2,397 — — 29

Petroflow Energy Corp.

First Lien Term Loan 13,347 1,753 — (22) 15,078 — 1,007 —

First Lien Term Loan 14,205 429 — (1,976) 12,658 — 1,224 —

SIMR Parent, LLC

Class B Common Units 3,980 — — (3,980) — — — —

Class B Membership Units — — — — — — — —

Warrants — — — — — — — —

Snap Fitness Holdings, Inc.

6 unchanged sentences

Consolidated Schedule of Investments (unaudited)

September 30, 2020

March 31, 2021

(in thousands)

2 unchanged sentences

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 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

Fair value as of December 31, 2020 and March 31, 2021, along with transactions during the three months ended March 31, 2021 in these controlled investments, are as follows:

Three Months Ended March 31, 2021 Three Months Ended March 31, 2021

Controlled Investments Fair Value at

1 unchanged sentence

(Cost)(1) Gross

(Cost)(2) Net Unrealized

(Loss) Gain Fair Value at

September 30, 2020 Net Realized

(Cost)(2) Net

Gain (Loss) Fair Value at

March 31, 2021 Net Realized

Gain (Loss) Interest

Income(3) Dividend Income

BCP Great Lakes Fund LP

Membership Interests $ 14,238 $ 924 $ (2,242) $ (270) $ 12,650 $ — $ — $ 785

CION SOF Funding, LLC

4 unchanged sentences

(3) Includes PIK interest income.

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.

For the three months ended March 31, 2021, non-cash dividend inc ome of $475 and $82 was recorded on the Company's investment in Conisus Holdings, Inc.

and CHC Medical Partners, Inc., respectively.

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:

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

March 31, 2021

(in thousands)

As of March 31, 2021, 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

Senior Secured First Lien Debt — 6.00% 6.00%

Adapt Laser Acquisition, Inc.

Senior Secured First Lien Debt 11.00% 2.00% 13.00%

Alliance Healthcare Services, Inc.

Senior Secured First Lien Debt 4.50% 1.00% 5.50%

American Consolidated Natural Resources, Inc.

Senior Secured First Lien Debt 11.00% 3.00% 14.00%

Anthem Sports & Entertainment Inc.

3 unchanged sentences

Senior Secured Second Lien Debt 5.50% 8.00% 13.50%

Charming Charlie, LLC Senior Secured First Lien Debt 8.00 % 5.00 % 13.00 %

Charming Charlie, LLC Senior Secured First Lien Debt 4.00 % 9.00 % 13.00 %

CHC Solutions Inc.

1 unchanged sentence

CircusTrix Holdings, LLC Senior Secured First Lien Debt — 9.00% 9.00%

CircusTrix Holdings, LLC Senior Secured First Lien Debt 6.50% 2.50% 9.00%

Country Fresh Holdings, LLC Senior Secured First Lien Debt 8.00% 4.00% 12.00%

Country Fresh Holdings, LLC Senior Secured First Lien Debt — 15.00% 15.00%

Country Fresh Holdings, LLC Senior Secured Second Lien Debt — 9.50% 9.50%

5 unchanged sentences

Senior Secured Second Lien Debt 7.00% 2.50% 9.50%

F+W Media, Inc.

Senior Secured First Lien Debt — 8.00 % 8.00 %

Hilliard, Martinez & Gonzales, LLP Senior Secured First Lien Debt — 20.00% 20.00%

Homer City Generation, L.P.

Senior Secured First Lien Debt — 15.00% 15.00%

Independent Pet Partners Intermediate Holdings, LLC Senior Secured First Lien Debt — 6.00% 6.00%

Independent Pet Partners Intermediate Holdings, LLC Senior Secured First Lien Debt — 8.25% 8.25%

Independent Pet Partners Intermediate Holdings, LLC Senior Secured First Lien Debt 0.19% 6.00% 6.19%

Jenny C Acquisition, Inc.

6 unchanged sentences

Revolving Term Loan 8.00% 10.00% 18.00%

Moss Holding Company Senior Secured First Lien Debt 7.50% 0.50% 8.00%

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 8.50% 1.50% 10.00%

1 unchanged sentence

Senior Secured Second Lien Debt 0.50% 10.00% 10.50%

SEK Holding Co LLC Senior Secured First Lien Debt 9.00% 3.50% 12.50%

SIMR, LLC Senior Secured First Lien Debt — 19.00% 19.00%

4 unchanged sentences

Unsecured Note — 15.00% 15.00%

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

As of March 31, 2021, the index rate for $250, $8,500 and $8,750 was Prime, 1 Month LIBOR and 3 Month LIBOR, respectively.

See accompanying notes to consolidated financial statements.

6 unchanged sentences

Senior Secured First Lien Debt - 139.3%

Academy, Ltd., L+400, 1.00% LIBOR Floor, 7/1/2022(p) 1 Month LIBOR Retail $ 14,236 $ 12,656 $ 11,815

ACProducts, Inc., L+550, 0.00% LIBOR Floor, 2/15/2024(p) 1 Month LIBOR Construction & Building 4,906 4,693 4,900

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

Advertising, Printing & Publishing 13,353 13,245 13,286

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

LTD., L+500, 1.00% LIBOR Floor, 9/30/2025(s) 3 Month LIBOR Chemicals, Plastics & Rubber $ 2,422 $ 2,293 $ 2,289

LTD., L+500, 1.00% LIBOR Floor, 9/30/2025(s)(v) 3 Month LIBOR Chemicals, Plastics & Rubber 807 756 755

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

Advertising, Printing & Publishing 12,318 12,243 12,041

Adapt Laser Acquisition, Inc., L+800, 1.00% LIBOR Floor, 12/31/2023(o) 3 Month LIBOR Capital Equipment 11,640 11,640 10,956

Adapt Laser Acquisition, Inc., 0.50% Unfunded, 12/31/2023 None Capital Equipment 2,000 — (118)

Aegis Toxicology Sciences Corp., L+550, 1.00% LIBOR Floor, 5/9/2025(p) 3 Month LIBOR Healthcare & Pharmaceuticals 9,875 9,706 9,357

AIS Holdco, LLC, L+500, 0.00% LIBOR Floor, 8/15/2025(p) 3 Month LIBOR Banking, Finance, Insurance & Real Estate 5,382 5,322 5,005

Alchemy US Holdco 1, LLC, L+550,10/10/2025(p) 1 Month LIBOR Construction & Building 7,800 7,697 7,685

Allen Media Broadcasting LLC, L+625, 1.00% LIBOR Floor, 7/3/2024(o)(q) 2 Month LIBOR Media:

Diversified & Production 24,688 24,070 25,058

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

Adapt Laser Acquisition, Inc., L+800, 1.00% LIBOR Floor, 12/31/2023(n) 3 Month LIBOR Capital Equipment 11,280 11,280 9,715

Adapt Laser Acquisition, Inc., L+800, 1.00% LIBOR Floor, 12/31/2023 3 Month LIBOR Capital Equipment 2,000 2,000 1,722

Aegis Toxicology Sciences Corp., L+550, 1.00% LIBOR Floor, 5/9/2025(n) 3 Month LIBOR Healthcare & Pharmaceuticals 9,774 9,635 8,577

AIS Holdco, LLC, L+500, 0.00% LIBOR Floor, 8/15/2025(n) 3 Month LIBOR Banking, Finance, Insurance & Real Estate 5,243 5,194 4,955

Alchemy US Holdco 1, LLC, L+550, 10/10/2025(n) 1 Month LIBOR Construction & Building 12,959 12,826 12,505

Alert 360 Opco, Inc., L+600, 1.00% LIBOR Floor, 10/16/2025(n) 1 Month LIBOR Services:

Consumer 9,738 9,738 9,738

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

Diversified & Production 24,809 24,809 24,747

ALM Media, LLC, L+650, 1.00% LIBOR Floor, 11/25/2024(o)(q) 3 Month LIBOR Media:

ALM Media, LLC, L+650, 1.00% LIBOR Floor, 11/25/2024(n)(o) 3 Month LIBOR Media:

Advertising, Printing & Publishing 19,000 18,690 18,050

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

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

Business 10,813 10,765 10,273

3 unchanged sentences

Business 1,370 — (68)

American Clinical Solutions LLC, 7.00%, 12/31/2022 None Healthcare & Pharmaceuticals 3,500 3,395 3,395

American Clinical Solutions LLC, 2.00%, 12/31/2022(x) None Healthcare & Pharmaceuticals 6,000 4,192 4,192

American Media, LLC, L+775, 0.00% LIBOR Floor, 12/31/2023(o) 3 Month LIBOR Media:

Advertising, Printing & Publishing 15,471 15,146 15,316

American Media, LLC, L+775, 0.00% LIBOR Floor, 12/31/2023 3 Month LIBOR Media:

American Clinical Solutions LLC, 7.00%, 12/31/2022(n)(s) None Healthcare & Pharmaceuticals 3,500 3,427 3,124

American Clinical Solutions LLC, 7.00%, 6/30/2021(n)(s) None Healthcare & Pharmaceuticals 250 250 242

American Consolidated Natural Resources, Inc., L+1300, 1.00% LIBOR Floor, 9/16/2025(n)(v) 1 Month LIBOR Metals & Mining 780 551 754

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

Advertising, Printing & Publishing 11,077 10,894 10,952

American Media, LLC, 0.50% Unfunded, 12/31/2023 None Media:

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

Advertising, Printing & Publishing 1,702 1,677 1,683

American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021(o)(p)(q)(r) 3 Month LIBOR Telecommunications 19,549 18,570 11,631

Analogic Corp., L+600, 1.00% LIBOR Floor, 6/21/2024(q)(r) 1 Month LIBOR Healthcare & Pharmaceuticals 24,321 23,928 24,078

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

American Teleconferencing Services, Ltd., L+650, 1.00% LIBOR Floor, 12/8/2021(n) 6 Month LIBOR Telecommunications 19,514 18,792 15,904

Analogic Corp., L+525, 1.00% LIBOR Floor, 6/21/2024(n)(o) 1 Month LIBOR Healthcare & Pharmaceuticals 4,950 4,885 4,851

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

Diversified & Production 13,815 13,647 13,642

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

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

Diversified & Production 833 833 825

1 unchanged sentence

Diversified & Production 1,333 — (13)

APC Automotive Technologies, LLC, L+500, 1.00% LIBOR Floor, 5/10/2025(p)(q) 3 Month LIBOR Automotive 8,892 8,551 8,692

APC Automotive Technologies, LLC, L+500, 1.00% LIBOR Floor, 5/10/2024(p)(q) 3 Month LIBOR Automotive 2,780 2,624 1,321

APCO Holdings, LLC, L+550, 0.00% LIBOR Floor, 6/9/2025(p) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 10,827 10,735 10,773

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

Oil & Gas 712 712 673

Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024(p) 1 Month LIBOR Construction & Building 10,738 10,599 9,973

Avison Young (USA) Inc., L+500, 0.00% LIBOR Floor, 1/31/2026(h)(p) 3 Month LIBOR Banking, Finance, Insurance & Real Estate 9,900 9,719 9,745

Bi-Lo, LLC, L+800, 1.00% LIBOR Floor, 5/31/2024(p)(q) 2 Month LIBOR Retail 12,864 12,535 12,639

Cadence Aerospace, LLC, L+650, 1.00% LIBOR Floor, 11/14/2023(q)(r) 3 Month LIBOR Aerospace & Defense 30,685 30,430 30,378

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

APCO Holdings, LLC, L+550, 0.00% LIBOR Floor, 6/9/2025(n) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 9,436 9,368 8,935

Appalachian Resource Company, LLC, L+500, 1.00% LIBOR Floor, 9/10/2023 1 Month LIBOR Metals & Mining 11,137 9,717 9,230

Appalachian Resource Company, LLC, 0.00% Unfunded, 9/10/2023(p) None Metals & Mining 2,500 — —

Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024(n)(o) 1 Month LIBOR Construction & Building 14,522 14,107 13,306

Avison Young (USA) Inc., L+500, 0.00% LIBOR Floor, 1/31/2026(h)(n) 3 Month LIBOR Banking, Finance, Insurance & Real Estate 9,800 9,647 9,322

BK Medical Holding Company, Inc., L+525, 1.00% LIBOR Floor, 6/22/2024(n)(o) 1 Month LIBOR Healthcare & Pharmaceuticals 4,963 4,926 4,690

Cadence Aerospace, LLC, L+850, 1.00% LIBOR Floor, 11/14/2023(n)(o)(v) 3 Month LIBOR Aerospace & Defense 37,832 37,343 35,751

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

Business 8,224 7,933 7,597

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

CB URS Holdings Corp., L+575, 1.00% LIBOR Floor, 9/1/2024(n) 6 Month LIBOR Transportation:

Cargo 15,882 15,818 14,631

Charming Charlie LLC, 20.00%, 4/24/2023(r)(s) None Retail 662 657 350

CHC Solutions Inc., 12.00%, 7/20/2023(o)(v) None Healthcare & Pharmaceuticals 7,651 7,651 7,498

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Units(e) Cost(d) Fair

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

Consumer 19,416 19,424 16,892

Charming Charlie LLC, 20.00%, 5/15/2020(t)(u) None Retail 845 754 472

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

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

CHC Solutions Inc., 12.00%, 7/20/2023(x) None Healthcare & Pharmaceuticals 7,347 7,347 7,347

CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021(q)(r) 1 Month LIBOR Hotel, Gaming & Leisure 17,896 17,728 17,538

CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021 1 Month LIBOR Hotel, Gaming & Leisure 2,424 2,424 2,375

CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021(n)(o)(v) 1 Month LIBOR Hotel, Gaming & Leisure 25,472 25,117 19,900

CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021(n)(v) 1 Month LIBOR Hotel, Gaming & Leisure 2,585 2,585 2,020

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

Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023 3 Month LIBOR Beverage, Food & Tobacco 1,020 980 858

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

Country Fresh Holdings, LLC, 1.00% Unfunded, 4/29/2023 None Beverage, Food & Tobacco 327 — —

Crown Subsea Communications Holdings, Inc., L+600, 0.00% LIBOR Floor, 11/2/2025(p) 1 Month LIBOR Capital Equipment 5,788 5,685 5,781

David's Bridal, LLC, L+600, 1.00% LIBOR Floor, 6/30/2023(x) 3 Month LIBOR Retail 698 584 698

Deluxe Entertainment Services, Inc., L+650, 1.00% LIBOR Floor, 3/25/2024(j)(u)(x) 3 Month LIBOR Media:

Country Fresh Holdings, LLC, 12.00%, 6/1/2022(v) None Beverage, Food & Tobacco 738 713 722

Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023(n) 3 Month LIBOR Beverage, Food & Tobacco 414 414 348

Coyote Buyer, LLC, L+600, 1.00% LIBOR Floor, 2/6/2026(n)(o) 3 Month LIBOR Chemicals, Plastics & Rubber 34,738 34,453 34,564

Coyote Buyer, LLC, L+800, 1.00% LIBOR Floor, 8/6/2026(o) 3 Month LIBOR Chemicals, Plastics & Rubber 6,250 6,128 6,250

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

David's Bridal, LLC, L+1000, 1.00% LIBOR Floor, 6/23/2023(v) 3 Month LIBOR Retail 5,341 4,412 5,341

David's Bridal, LLC, L+600, 1.00% LIBOR Floor, 6/30/2023(v) 3 Month LIBOR Retail 745 648 745

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

Diversified & Production 3,978 4,057 3,978

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

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

Business 17,500 17,167 16,844

Eagle Family Foods Group LLC, L+650, 1.00% LIBOR Floor, 6/14/2024(r) 6 Month LIBOR Beverage, Food & Tobacco 14,775 14,518 14,332

Entertainment Studios P&A LLC, 6.35%, 5/18/2037(l) None Media:

Eagle Family Foods Group LLC, L+650, 1.00% LIBOR Floor, 6/14/2024(n) 3 Month LIBOR Beverage, Food & Tobacco 14,375 14,171 14,159

Entertainment Studios P&A LLC, 6.30%, 5/18/2037(k)(n) None Media:

Diversified & Production 13,990 13,889 12,871

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

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

Diversified & Production — — 2,073

EnTrans International, LLC, L+600, 0.00% LIBOR Floor, 11/1/2024(p)(r) 1 Month LIBOR Capital Equipment 27,750 27,512 26,918

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

EnTrans International, LLC, L+600, 0.00% LIBOR Floor, 11/1/2024(n) 1 Month LIBOR Capital Equipment 26,250 26,065 25,233

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

Diversified & Production 915 915 924

Evergreen Skills Lux S.À.R.L., L+475, 1.00% LIBOR Floor, 4/28/2021(h)(p) 3 Month LIBOR High Tech Industries 10,077 9,810 7,860

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

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

Diversified & Production 20,402 20,233 20,096

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

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

Diversified & Production 1,744 — (26)

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

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

Diversified & Production 1,174 1,115 —

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

Non-Durable 13,388 13,187 13,288

Foundation Consumer Healthcare, LLC, L+550, 1.00% LIBOR Floor, 11/2/2023(o)(q)(r) 3 Month LIBOR Healthcare & Pharmaceuticals 46,523 46,104 46,523

Foundation Consumer Healthcare, LLC, L+575, 1.00% LIBOR Floor, 11/2/2023(n)(o) 3 Month LIBOR Healthcare & Pharmaceuticals 43,350 43,127 43,350

Foundation Consumer Healthcare, LLC, 0.50% Unfunded, 11/2/2023 None Healthcare & Pharmaceuticals 4,211 (15) —

Genesis Healthcare, Inc., L+600, 0.50% LIBOR Floor, 3/6/2023(h)(o)(r) 1 Month LIBOR Healthcare & Pharmaceuticals 30,000 29,783 29,475

Geo Parent Corp., L+525, 0.00% LIBOR Floor, 12/19/2025(p) 1 Month LIBOR Services:

Genesis Healthcare, Inc., L+600, 0.50% LIBOR Floor, 3/6/2023(h)(n) 1 Month LIBOR Healthcare & Pharmaceuticals 35,000 34,709 34,344

Geo Parent Corp., L+525, 0.00% LIBOR Floor, 12/19/2025(n) 1 Month LIBOR Services:

Business 14,738 14,622 14,701

Geon Performance Solutions, LLC, L+625, 1.63% LIBOR Floor, 10/25/2024(o) 1 Month LIBOR Chemicals, Plastics & Rubber 22,414 22,259 22,414

Geon Performance Solutions, LLC, L+625, 1.63% LIBOR Floor, 10/25/2024(n)(o) 1 Month LIBOR Chemicals, Plastics & Rubber 22,190 21,893 21,524

Geon Performance Solutions, LLC, 0.50% Unfunded, 10/25/2024 None Chemicals, Plastics & Rubber 2,586 — (78)

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

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

Business 12,337 12,305 11,021

Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021(p) 3 Month LIBOR Healthcare & Pharmaceuticals 4,749 4,632 4,251

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

Healogics, Inc., L+425, 1.00% LIBOR Floor, 7/1/2021(n) 3 Month LIBOR Healthcare & Pharmaceuticals 4,699 4,659 4,359

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

Consumer 17,248 17,137 17,485

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

Homer City Generation, L.P., 15.00%, 4/5/2023(n)(v) None Energy:

Oil & Gas 10,606 11,028 8,246

Hoover Group, Inc., L+850, 1.25% LIBOR Floor, 10/1/2024(o) 3 Month LIBOR Services:

Business 5,660 5,637 5,668

HUMC Holdco, LLC, 9.00%, 1/11/2021(n) None Healthcare & Pharmaceuticals 10,000 9,985 9,925

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

Oil & Gas 9,432 9,237 9,066

Hyperion Materials & Technologies, Inc., L+550, 1.00% LIBOR Floor, 8/28/2026(n) 3 Month LIBOR Chemicals, Plastics & Rubber 9,900 9,729 9,269

Independent Pet Partners Intermediate Holdings, LLC, 6.00%, 11/20/2023(n)(v) None Retail 9,680 9,587 7,974

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Units(e) Cost(d) Fair

HUMC Holdco, LLC, 9.00%, 6/26/2020 None Healthcare & Pharmaceuticals 10,000 9,972 9,950

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

Oil & Gas 9,761 9,456 9,224

Hyperion Materials & Technologies, Inc., L+550, 1.00% LIBOR Floor, 8/28/2026(o) 1 Month LIBOR Chemicals, Plastics & Rubber 10,000 9,805 9,850

Independent Pet Partners Intermediate Holdings, LLC, L+900, 1.00% LIBOR Floor, 11/19/2023 3 Month LIBOR Retail 12,064 11,892 11,672

Independent Pet Partners Intermediate Holdings, LLC, 1.00% Unfunded, 11/19/2023 None Retail 7,852 — (255)

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

Independent Pet Partners Intermediate Holdings, LLC, PRIME+500, 12/22/2022(n) Prime Retail 1,970 1,970 1,967

Independent Pet Partners Intermediate Holdings, LLC, L+600, 0.00% LIBOR Floor, 12/22/2022(n) 3 Month LIBOR Retail 252 252 252

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

Business 6,820 6,736 6,820

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

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

Advertising, Printing & Publishing 15,594 15,586 14,678

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

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

Advertising, Printing & Publishing 37,379 37,326 35,136

1 unchanged sentence

Advertising, Printing & Publishing 2,704 — —

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

Cargo 6,782 6,705 6,782

Isagenix International, LLC, L+575, 1.00% LIBOR Floor, 6/14/2025(p) 3 Month LIBOR Beverage, Food & Tobacco 13,866 13,750 11,093

Island Medical Management Holdings, LLC, L+650, 1.00% LIBOR Floor, 9/1/2022(q) 1 Month LIBOR Healthcare & Pharmaceuticals 11,814 11,722 11,534

Jab Wireless, Inc., L+800, 0.00% LIBOR Floor, 5/2/2023(r) 1 Month LIBOR Telecommunications 13,700 13,700 13,700

Jenny C Acquisition, Inc., L+1050, 0.00% LIBOR Floor, 10/1/2024(o) 3 Month LIBOR Services:

Isagenix International, LLC, L+575, 1.00% LIBOR Floor, 6/14/2025(n) 3 Month LIBOR Beverage, Food & Tobacco 13,002 12,910 9,361

Island Medical Management Holdings, LLC, L+650, 1.00% LIBOR Floor, 9/1/2022(n)(o) 3 Month LIBOR Healthcare & Pharmaceuticals 11,188 11,132 10,488

Jenny C Acquisition, Inc., L+1050, 1.75% LIBOR Floor, 10/1/2024(n)(v) 6 Month LIBOR Services:

Consumer 11,089 11,018 9,993

JP Intermediate B, LLC, L+550, 1.00% LIBOR Floor, 11/20/2025(p) 3 Month LIBOR Beverage, Food & Tobacco 16,152 15,841 13,730

KLO Intermediate Holdings, LLC, L+775, 1.50% LIBOR Floor, 4/7/2022(t)(x) 1 Month LIBOR Chemicals, Plastics & Rubber 7,499 7,028 2,250

KLO Intermediate Holdings, LLC, L+775, 1.50% LIBOR Floor, 4/7/2022(t)(x) 1 Month LIBOR Chemicals, Plastics & Rubber 4,583 4,303 458

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

JP Intermediate B, LLC, L+550, 1.00% LIBOR Floor, 11/20/2025(n) 3 Month LIBOR Beverage, Food & Tobacco 15,273 15,019 13,669

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

Durable 8,073 7,966 6,741

Labvantage Solutions Inc., L+750, 1.00% LIBOR Floor, 3/31/2021(n)(o) 1 Month LIBOR High Tech Industries 2,646 2,646 2,646

Labvantage Solutions Ltd., E+750, 1.00% EURIBOR Floor, 3/31/2021(h) 1 Month EURIBOR High Tech Industries € 2,912 3,273 3,557

Labvantage Solutions Inc., L+750, 1.00% LIBOR Floor, 12/29/2020(q) 1 Month LIBOR High Tech Industries 3,566 3,556 3,566

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

Business 17,361 17,132 17,057

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

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

Business 25,338 24,940 24,072

LAV Gear Holdings, Inc., 1.00% Unfunded, 4/7/2021 None Services:

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

Business 4,375 4,326 4,156

LD Intermediate Holdings, Inc., L+588, 1.00% LIBOR Floor, 12/9/2022(p) 3 Month LIBOR High Tech Industries 4,694 4,446 4,705

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

LD Intermediate Holdings, Inc., L+588, 1.00% LIBOR Floor, 12/9/2022(n) 3 Month LIBOR High Tech Industries 11,030 10,869 10,981

LGC US Finco, LLC, L+650, 1.00% LIBOR Floor, 12/20/2025(n) 1 Month LIBOR Capital Equipment 9,800 9,537 9,396

Lift Brands, Inc., L+375, 0.50% LIBOR Floor, 6/29/2025(n)(o)(s) 1 Month LIBOR Services:

Consumer 23,642 23,642 23,642

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

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

Consumer 4,861 4,753 4,751

Lift Brands, Inc., 1.00% Unfunded, 4/16/2023 None Services:

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

Consumer 5,296 4,685 4,687

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

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

Oil & Gas 2,355 631 2,414

Manna Pro Products, LLC, L+600, 0.00% LIBOR Floor, 12/8/2023(o) 1 Month LIBOR Retail 3,439 3,439 3,405

Manna Pro Products, LLC, 1.00% Unfunded, 5/31/2021 None Retail 5,528 — (55)

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

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

Business 23,373 23,373 22,584

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

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

Business 2,130 2,130 2,180

1 unchanged sentence

Business 1,000 — 24

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

Moss Holding Company, L+700, 1.00% LIBOR Floor, 4/17/2024(n)(o)(v) 3 Month LIBOR Services:

Business 19,535 19,349 17,630

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

Moss Holding Company, 7.00% Unfunded, 4/17/2024 None Services:

Business 106 — —

1 unchanged sentence

Business 2,126 — —

NASCO Healthcare Inc., L+450, 1.00% LIBOR Floor, 6/30/2023(n) 3 Month LIBOR Services:

Business 13,189 13,189 13,189

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

Advertising, Printing & Publishing 12,186 12,098 12,079

One Call Corp., L+525, 1.00% LIBOR Floor, 11/25/2022(n) 3 Month LIBOR Healthcare & Pharmaceuticals 3,858 3,747 3,732

Optio Rx, LLC, L+700, 0.00% LIBOR Floor, 6/28/2024(n)(o) 1 Month LIBOR Healthcare & Pharmaceuticals 24,250 24,130 23,704

Optio Rx, LLC, L+1000, 0.00% LIBOR Floor, 6/28/2024(o) 1 Month LIBOR Healthcare & Pharmaceuticals 2,515 2,492 2,685

Palmetto Solar, LLC, 12.00%, 12/12/2024(n) None High Tech Industries 16,738 16,320 16,696

Palmetto Solar, LLC, 0.75% Unfunded, 12/12/2021 None High Tech Industries 3,262 — (8)

PH Beauty Holdings III.

Inc., L+500, 0.00% LIBOR Floor, 9/28/2025(n) 3 Month LIBOR Consumer Goods:

Non-Durable 9,775 9,152 9,189

Pixelle Specialty Solutions LLC, L+650, 1.00% LIBOR Floor, 10/31/2024(n) 1 Month LIBOR Forest Products & Paper 21,686 21,368 21,686

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Units(e) Cost(d) Fair

Moss Holding Company, 0.50% Unfunded, 4/17/2023 None Services:

Business 2,126 — (43)

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

Oil & Gas 9,799 9,792 9,554

Murray Energy Corp., L+725, 1.00% LIBOR Floor, 10/17/2022(t) 3 Month LIBOR Metals & Mining 3,574 3,562 771

Murray Energy Corp., L+1100, 2.00% LIBOR Floor, 7/29/2020(p) 1 Month LIBOR Metals & Mining 662 643 668

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

Advertising, Printing & Publishing 14,868 14,764 14,719

One Call Corp., L+525, 1.00% LIBOR Floor, 11/25/2022(p) 3 Month LIBOR Healthcare & Pharmaceuticals 7,915 7,582 7,598

Palmetto Solar, LLC, 12.00%, 12/12/2024 None High Tech Industries 858 566 835

Palmetto Solar, LLC, 0.75% Unfunded, 12/12/2021 None High Tech Industries 19,142 — (526)

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

Oil & Gas 642 223 10

PFS Holding Corp., L+350, 1.00% LIBOR Floor, 1/31/2021 3 Month LIBOR Retail 3,097 2,738 2,079

PH Beauty Holdings III.

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

Plano Molding Company, LLC, L+900, 1.00% LIBOR Floor, 5/12/2022(n)(v) 3 Month LIBOR Consumer Goods:

Non-Durable 5,986 5,975 5,836

Pixelle Specialty Solutions LLC, L+600, 1.00% LIBOR Floor, 10/31/2024(p) 1 Month LIBOR Forest Products & Paper 24,775 24,244 24,217

Plano Molding Company, LLC, L+750, 1.00% LIBOR Floor, 5/12/2021(o) 1 Month LIBOR Consumer Goods:

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

Non-Durable 731 725 732

Polymer Additives, Inc., L+600, 0.00% LIBOR Floor, 7/31/2025(o)(p) 1 Month LIBOR Chemicals, Plastics & Rubber 19,800 19,462 18,068

Polymer Process Holdings, Inc., L+600, 0.00% LIBOR Floor, 5/1/2026(p) 1 Month LIBOR Chemicals, Plastics & Rubber 19,888 19,513 19,589

Rhino Energy LLC, L+1000, 1.00% LIBOR Floor, 12/27/2022(r) 1 Month LIBOR Metals & Mining 9,387 9,149 8,918

Securus Technologies Holdings, Inc., L+450, 1.00% LIBOR Floor, 11/1/2024(p) 1 Month LIBOR Telecommunications 3,990 2,897 3,940

SEK Holding Co LLC, L+1150, 0.00% LIBOR Floor, 3/14/2022(o)(x) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 15,415 15,179 14,510

Sequoia Healthcare Management, LLC, 12.75%, 8/21/2023(o)(q) None Healthcare & Pharmaceuticals 9,103 9,031 8,875

SIMR, LLC, L+1700, 2.00% LIBOR Floor, 9/7/2023(o)(u)(x) 1 Month LIBOR Healthcare & Pharmaceuticals 15,091 14,853 14,205

Smart & Final Inc., L+675, 0.00% LIBOR Floor, 6/20/2025(p) 1 Month LIBOR Retail 9,950 9,091 9,627

Sorenson Communications, LLC, L+650, 0.00% LIBOR Floor, 4/30/2024(p) 3 Month LIBOR Telecommunications 12,536 12,089 12,473

Polymer Additives, Inc., L+600, 0.00% LIBOR Floor, 7/31/2025(n) 3 Month LIBOR Chemicals, Plastics & Rubber 19,600 19,313 16,497

Polymer Process Holdings, Inc., L+600, 0.00% LIBOR Floor, 5/1/2026(n) 1 Month LIBOR Chemicals, Plastics & Rubber 24,625 24,271 24,471

Securus Technologies Holdings, Inc., L+450, 1.00% LIBOR Floor, 11/1/2024(n) 6 Month LIBOR Telecommunications 3,949 3,039 3,949

SEK Holding Co LLC, L+1200, 1.00% LIBOR Floor, 3/14/2022(n)(v) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 16,227 16,068 15,590

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

SIMR, LLC, L+1700, 2.00% LIBOR Floor, 9/7/2023(n)(s)(v) 1 Month LIBOR Healthcare & Pharmaceuticals 16,154 15,975 13,347

Smart & Final Inc., L+675, 0.00% LIBOR Floor, 6/20/2025(n) 1 Month LIBOR Retail 7,805 7,227 7,888

Software Luxembourg Acquisitions S.À.R.L., L+750, 1.00% LIBOR Floor, 4/27/2025(h)(o) 3 Month LIBOR High Tech Industries 3,011 2,905 3,015

Software Luxembourg Acquisitions S.À.R.L., L+750, 1.00% LIBOR Floor, 12/27/2024(h)(o) 1 Month LIBOR High Tech Industries 807 783 815

Sorenson Communications, LLC, L+650, 0.00% LIBOR Floor, 4/30/2024(n) 3 Month LIBOR Telecommunications 10,322 10,066 10,348

Spinal USA, Inc.

/ Precision Medical Inc., L+950, 1.00% LIBOR Floor, 6/30/2021(o) 3 Month LIBOR Healthcare & Pharmaceuticals 12,654 12,653 12,464

/ Precision Medical Inc., L+950, 10/1/2021(n) 12 Month LIBOR Healthcare & Pharmaceuticals 12,562 12,486 11,965

Spinal USA, Inc.

/ Precision Medical Inc., L+950, 1.00% LIBOR Floor, 6/30/2021(o)(x) 3 Month LIBOR Healthcare & Pharmaceuticals 563 563 555

/ Precision Medical Inc., L+950, 10/1/2021(n)(v) 12 Month LIBOR Healthcare & Pharmaceuticals 1,116 1,104 1,109

Spinal USA, Inc.

/ Precision Medical Inc., L+950, 1.00% LIBOR Floor, 6/30/2021(o)(x) 3 Month LIBOR Healthcare & Pharmaceuticals 542 493 533

Stats Intermediate Holdings, LLC, L+525, 0.00% LIBOR Floor, 7/12/2026(p) 3 Month LIBOR High Tech Industries 10,000 9,789 9,775

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

Business 3,929 3,866 3,929

Teladoc, Inc., 0.50% Unfunded, 7/14/2020(h) None High Tech Industries 1,250 (8) —

Telestream Holdings Corp., L+645, 1.00% LIBOR Floor, 3/24/2022(k)(o) 2 Month LIBOR High Tech Industries 8,769 8,668 8,593

Tenere Inc., L+1000, 1.00% LIBOR Floor, 12/23/2021(o)(q) 3 Month LIBOR Capital Equipment 28,480 28,196 28,480

Tensar Corp., L+475, 1.00% LIBOR Floor, 7/9/2021(p) 3 Month LIBOR Chemicals, Plastics & Rubber 12,980 12,632 12,363

The Pasha Group, L+750, 1.00% LIBOR Floor, 1/26/2023(q) 2 Month LIBOR Transportation:

/ Precision Medical Inc., L+950, 10/1/2021(n)(v) 12 Month LIBOR Healthcare & Pharmaceuticals 603 493 574

Stats Intermediate Holdings, LLC, L+525, 0.00% LIBOR Floor, 7/12/2026(n) 3 Month LIBOR High Tech Industries 9,900 9,719 9,850

Tenere Inc., L+850, 1.00% LIBOR Floor, 5/5/2025(n)(o) 3 Month LIBOR Capital Equipment 18,080 18,020 18,080

Tensar Corp., L+675, 1.00% LIBOR Floor, 11/20/2025(n) 3 Month LIBOR Chemicals, Plastics & Rubber 5,000 4,878 4,975

The Pasha Group, L+800, 1.00% LIBOR Floor, 1/26/2023(n)(o) 2 Month LIBOR Transportation:

Cargo 4,511 4,447 4,370

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

The Pay-O-Matic Corp., L+900, 1.00% LIBOR Floor, 10/29/2021(j)(n) 3 Month LIBOR Services:

Consumer 7,312 7,304 7,312

Therapure Biopharma Inc., L+875, 0.50% LIBOR Floor, 12/1/2021(h) 1 Month LIBOR Healthcare & Pharmaceuticals 13,913 13,882 13,148

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

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

Diversified & Production 15,000 15,000 16,013

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

Diversified & Production 12,000 11,978 12,810

West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025(n)(o)(v) 3 Month LIBOR Healthcare & Pharmaceuticals 9,455 9,384 9,006

West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025(n) 1 Month LIBOR Healthcare & Pharmaceuticals 1,657 1,645 1,579

West Dermatology Management Holdings, LLC, L+750, 1.00% LIBOR Floor, 2/11/2025 3 Month LIBOR Healthcare & Pharmaceuticals 1,185 1,182 1,170

West Dermatology Management Holdings, LLC, 0.75% Unfunded, 2/11/2022 None Healthcare & Pharmaceuticals 7,655 (26) (54)

Williams Industrial Services Group, Inc, L+900, 1.00% LIBOR Floor, 12/16/2025(o) 1 Month LIBOR Services:

Business 10,000 10,000 10,000

Williams Industrial Services Group, Inc, 0.50% Unfunded, 6/16/2022 None Services:

Business 5,000 — —

Winebow Holdings, Inc., L+375, 1.00% LIBOR Floor, 7/1/2021(n)(o) 1 Month LIBOR Beverage, Food & Tobacco 5,864 5,669 5,483

Wok Holdings Inc., L+625, 0.00% LIBOR Floor, 3/1/2026(n) 1 Month LIBOR Beverage, Food & Tobacco 12,773 12,630 12,325

Total Senior Secured First Lien Debt 1,266,564 1,223,268

Senior Secured Second Lien Debt - 17.2%

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

Business 17,250 17,139 16,840

Carestream Health, Inc., L+1250, 1.00% LIBOR Floor, 8/8/2023(n)(o)(v) 3 Month LIBOR Healthcare & Pharmaceuticals 11,499 11,499 11,068

Country Fresh Holdings, LLC, L+850, 1.00% LIBOR Floor, 4/29/2024(n)(v) 3 Month LIBOR Beverage, Food & Tobacco 2,239 2,239 1,573

Dayton Superior Corp., L+700, 2.00% LIBOR Floor, 12/4/2024(n) 3 Month LIBOR Construction & Building 1,492 1,492 1,492

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Units(e) Cost(d) Fair

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

Diversified & Production 2,000 1,961 2,000

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

Diversified & Production 10,000 — —

Wok Holdings Inc., L+650, 0.00% LIBOR Floor, 3/1/2026(p) 6 Month LIBOR Beverage, Food & Tobacco 12,903 12,736 13,064

Woodstream Corp., L+600, 1.00% LIBOR Floor, 5/29/2022(r) 1 Month LIBOR Consumer Goods:

Non-Durable 9,300 9,300 9,300

Woodstream Corp., L+600, 1.00% LIBOR Floor, 5/29/2022 1 Month LIBOR Consumer Goods:

Non-Durable 559 559 559

Total Senior Secured First Lien Debt 1,388,942 1,351,767

Senior Secured Second Lien Debt - 26.1%

1A Smart Start LLC, L+825, 1.00% LIBOR Floor, 8/21/2022(o)(q) 1 Month LIBOR High Tech Industries 13,800 13,618 13,593

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

Business 17,250 17,126 17,207

Albany Molecular Research, Inc., L+700, 1.00% LIBOR Floor, 8/30/2025(o) 1 Month LIBOR Healthcare & Pharmaceuticals 10,000 9,842 9,975

American Residential Services LLC, L+800, 1.00% LIBOR Floor, 12/31/2022(o) 1 Month LIBOR Construction & Building 5,180 5,142 5,128

Carestream Health, Inc., L+950, 1.00% LIBOR Floor, 6/7/2021(q) 1 Month LIBOR Healthcare & Pharmaceuticals 10,662 10,662 10,102

Country Fresh Holdings, LLC, L+850, 1.00% LIBOR Floor, 4/29/2024(x) 3 Month LIBOR Beverage, Food & Tobacco 2,028 2,028 2,028

Dayton Superior Corp., L+700, 2.00% LIBOR Floor, 12/4/2024 3 Month LIBOR Construction & Building 1,507 1,507 1,507

Deluxe Entertainment Services Inc., L+850, 1.00% LIBOR Floor, 9/25/2024(p)(u)(x) 1 Month LIBOR Media:

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

Diversified & Production 10,271 10,017 —

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

Durable 25,000 24,695 24,750

Evergreen Skills Lux S.À.R.L., L+825, 1.00% LIBOR Floor, 4/28/2022(h)(q)(t) 3 Month LIBOR High Tech Industries 9,999 8,147 2,833

Global Tel*Link Corp., L+825, 0.00% LIBOR Floor, 11/29/2026(q) 1 Month LIBOR Telecommunications 11,500 11,312 11,586

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

Global Tel*Link Corp., L+825, 0.00% LIBOR Floor, 11/29/2026(n)(o) 1 Month LIBOR Telecommunications 11,500 11,333 11,385

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

Business 11,891 11,684 10,999

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 19,723 20,200

Medical Solutions Holdings, Inc., L+838, 1.00% LIBOR Floor, 6/16/2025(o) 1 Month LIBOR Healthcare & Pharmaceuticals 10,000 9,877 9,650

MedPlast Holdings, Inc., L+775, 0.00% LIBOR Floor, 7/2/2026(r) 3 Month LIBOR Healthcare & Pharmaceuticals 6,750 6,690 6,383

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

Medical Solutions Holdings, Inc., L+838, 1.00% LIBOR Floor, 6/16/2025(n) 6 Month LIBOR Healthcare & Pharmaceuticals 10,000 9,895 9,250

MedPlast Holdings, Inc., L+775, 0.00% LIBOR Floor, 7/2/2026(n) 1 Month LIBOR Healthcare & Pharmaceuticals 6,750 6,697 6,134

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

Business 7,000 6,973 6,965

Niacet Corp., E+875, 1.00% EURIBOR Floor, 8/1/2024(h) 1 Month EURIBOR Chemicals, Plastics & Rubber € 6,263 6,708 7,651

Patterson Medical Supply, Inc., L+850, 1.00% LIBOR Floor, 8/28/2023(o) 3 Month LIBOR Healthcare & Pharmaceuticals 13,500 13,419 11,813

PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023(o) 3 Month LIBOR Chemicals, Plastics & Rubber 10,000 9,860 9,600

PFS Holding Corp., L+725, 1.00% LIBOR Floor, 1/31/2022(p)(t) 3 Month LIBOR Retail 4,998 4,272 —

Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2024(o)(x) 3 Month LIBOR Telecommunications 3,070 2,960 1,074

Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 11/1/2025(q) 1 Month LIBOR Telecommunications 2,942 2,916 2,836

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

Business 5,000 4,957 5,000

TMK Hawk Parent, Corp., L+800, 1.00% LIBOR Floor, 8/28/2025(o) 3 Month LIBOR Services:

Patterson Medical Supply, Inc., L+1050, 1.00% LIBOR Floor, 8/28/2023(n)(v) 3 Month LIBOR Healthcare & Pharmaceuticals 14,536 14,472 13,972

PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023(n) 3 Month LIBOR Chemicals, Plastics & Rubber 15,000 14,282 13,500

Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2024(n)(v) 3 Month LIBOR Telecommunications 3,415 3,339 2,305

Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 11/1/2025(n) 6 Month LIBOR Telecommunications 2,942 2,920 2,747

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

Business 13,393 13,158 9,860

TouchTunes Interactive Networks, Inc, L+825, 1.00% LIBOR Floor, 5/29/2022(q) 1 Month LIBOR Hotel, Gaming & Leisure 5,226 5,201 5,226

Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022(o) 1 Month LIBOR Beverage, Food & Tobacco 12,823 12,689 10,467

Zest Acquisition Corp., L+750, 1.00% LIBOR Floor, 3/14/2026(q) 1 Month LIBOR Healthcare & Pharmaceuticals 15,000 14,870 14,063

Zywave Inc., L+900, 1.00% LIBOR Floor, 11/17/2023(o) 3 Month LIBOR High Tech Industries 3,445 3,398 3,446

Winebow Holdings, Inc., L+750, 1.00% LIBOR Floor, 1/2/2022(n) 1 Month LIBOR Beverage, Food & Tobacco 12,823 12,747 11,477

Zest Acquisition Corp., L+750, 1.00% LIBOR Floor, 3/14/2026(n)(o) 1 Month LIBOR Healthcare & Pharmaceuticals 15,000 14,886 14,288

Total Senior Secured Second Lien Debt 171,480 151,506

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2019

(in thousands)

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

Units(e) Cost(d) Fair

Collateralized Securities and Structured Products - Debt - 0.7%

Deutsche Bank AG Frankfurt CRAFT 2015-2 Class Credit Linked Note, L+925, 1/16/2022(h) 3 Month LIBOR Diversified Financials 7,212 7,212 7,212

Total Collateralized Securities and Structured Products - Debt 7,212 7,212

Collateralized Securities and Structured Products - Equity - 1.4%

APIDOS CLO XVI Subordinated Notes, 6.39% Estimated Yield, 1/19/2025(h) (f) Diversified Financials 9,000 3,762 2,125

APIDOS CLO XVI Subordinated Notes, 0.00% Estimated Yield, 1/19/2025(h) (g) Diversified Financials 9,000 3,019 1,372

CENT CLO 19 Ltd.

Subordinated Notes, 37.72% Estimated Yield, 10/29/2025(h) (f) Diversified Financials 2,000 1,163 782

Subordinated Notes, 0.00% Estimated Yield, 10/29/2025(h)

(g) Diversified Financials 2,000 1,161 214

Galaxy XV CLO Ltd.

Class A Subordinated Notes, 6.78% Estimated Yield, 4/15/2025(h) (f) Diversified Financials 4,000 2,229 1,730

Class A Subordinated Notes, 5.76% Estimated Yield, 4/15/2025(h) (g) Diversified Financials 4,000 2,007 1,617

Ivy Hill Middle Market Credit Fund VIII, Ltd.

Subordinated Loan, 11.84% Estimated Yield, 2/2/2026(h) (f) Diversified Financials 10,000 9,322 9,545

Subordinated Loan, 11.84% Estimated Yield, 2/2/2026(h) (g) Diversified Financials 10,000 9,118 8,928

Total Collateralized Securities and Structured Products - Equity 15,305 12,131

Unsecured Debt - 0.6%

WPLM Acquisition Corp., 15.00%, 11/24/2025(x) None Media:

WPLM Acquisition Corp., 15.00%, 11/24/2025(v) None Media:

Advertising, Printing & Publishing 5,752 5,668 5,464

1 unchanged sentence

Equity - 11.8%

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

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

ACNR Holdings, Inc., Common Stock(p) Metals & Mining 6,018 Units 90 45

ACNR Holdings, Inc., Preferred Stock(p) Metals & Mining 1,890 Units 26 118

Alert 360 Topco, Inc., Common Stock(p) Services:

Consumer 465,053 Units 2,883 2,883

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

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

Diversified & Production 769 Units 205 138

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

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

Diversified & Production 135 Units — —

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

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

Diversified & Production 2,508 Units — —

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

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

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

Oil & Gas 511,255 Units 1,642 419

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

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

Oil & Gas 132,367 Units 13 3

Avaya Holdings Corp., Common Stock(i)(p)(s) Telecommunications 321,260 Units 5,285 4,337

BCP Great Lakes Fund LP, Partnership Interests (31.7% ownership)(h)(v) Diversified Financials N/A 14,208 14,238

CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend(w) Healthcare & Pharmaceuticals 2,727,273 Units 5,139 5,245

CION SOF Funding, LLC, Membership Interests (87.5% ownership)(h)(v) Diversified Financials N/A 31,289 31,265

Conisus Holdings, Inc., Series B Preferred Stock, 12% Dividend(u)(w) Healthcare & Pharmaceuticals 12,677,833 Units 13,215 13,270

Conisus Holdings, Inc., Common Stock(s)(u) Healthcare & Pharmaceuticals 4,914,556 Units 200 1,426

Country Fresh Holdings, LLC, Common Stock(s) Beverage, Food & Tobacco 2,985 Units 5,249 2,618

David's Bridal, Inc., Series A Preferred Stock(s) Retail 1,396 Units 140 141

David's Bridal, Inc., Series B Preferred Stock(s) Retail 4,183 Units 410 410

David's Bridal, Inc., Common Stock(s) Retail 39,423 Units — —

David's Bridal, Inc., Reallocation Rights(s) Retail 7,500 Units — —

Dayton HoldCo, LLC, Common Stock(s) Construction & Building 37,264 Units 4,136 7,903

DESG Holdings, Inc., Common Stock(j)(s)(u) Media:

Diversified & Production 1,268,143 Units 13,662 14,763

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

Diversified & Production 1 Unit — —

Independent Pet Partners Intermediate Holdings, LLC, Class A Preferred Units(s) Retail 1,000,000 Units 1,000 950

Independent Pet Partners Intermediate Holdings, LLC, Warrants(s) Retail 155,880 Units — 1

Mooregate ITC Acquisition, LLC, Class A Units(s) High Tech Industries 500 Units 563 151

Mount Logan Capital Inc., Common Stock(h)(i)(s)(u) Banking, Finance, Insurance & Real Estate 980,284 Units 3,335 2,505

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Units(e) Cost(d) Fair

NS NWN Acquisition, LLC, Voting Units(s) High Tech Industries 346 Units 393 585

NS NWN Acquisition, LLC, Class A Preferred Units(s) High Tech Industries 111 Units 110 331

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

BCP Great Lakes Fund LP, Partnership Interests (11.4% ownership)(h)(s) Diversified Financials N/A 12,865 12,611

Carestream Health Holdings, Inc., Warrants(p) Healthcare & Pharmaceuticals 233 Units 565 590

CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend(u) Healthcare & Pharmaceuticals 2,727,273 Units 5,471 6,927

CION SOF Funding, LLC, Membership Interests (87.5% ownership)(h)(t) Diversified Financials N/A 15,539 12,472

Conisus Holdings, Inc., Series B Preferred Stock, 12% Dividend(s)(u) Healthcare & Pharmaceuticals 12,677,833 Units 15,143 16,481

Conisus Holdings, Inc., Common Stock(p)(s) Healthcare & Pharmaceuticals 4,914,556 Units 200 12,401

Country Fresh Holdings, LLC, Membership Units(p) Beverage, Food & Tobacco 2,985 Units 5,249 —

Dayton HoldCo, LLC, Membership Units(p) Construction & Building 37,264 Units 4,136 7,350

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

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

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

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

DBI Investors, Inc., Reallocation Rights(p) Retail 7,500 Units — —

DESG Holdings, Inc., Common Stock(i)(p)(s) Media:

Diversified & Production 1,268,143 Units 13,675 —

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

Diversified & Production 1 Unit — —

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

Independent Pet Partners Intermediate Holdings, LLC, Class B-2 Preferred Units(p) Retail 2,632,771 Units 2,133 2,145

Independent Pet Partners Intermediate Holdings, LLC, Class C Preferred Units(p) Retail 2,632,771 Units 2,633 2,633

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

Longview Intermediate Holdings C, LLC, Membership Units(p)(s) Energy:

Oil & Gas 589,487 Units 2,524 7,988

Mooregate ITC Acquisition, LLC, Class A Units(p) High Tech Industries 500 Units 563 96

Mount Logan Capital Inc., Common Stock(h)(s) Banking, Finance, Insurance & Real Estate 1,075,557 Units 3,534 2,409

NS NWN Acquisition, LLC, Voting Units(p) High Tech Industries 346 Units 393 929

NS NWN Acquisition, LLC, Class A Preferred Units(p) High Tech Industries 111 Units 110 332

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

Durable 1,575 Units 1,000 676

Palmetto Solar, LLC, Warrants(s) High Tech Industries 346,694 Units 295 295

Rhino Energy LLC, Warrants(s) Metals & Mining 170,972 Units 280 16

SIMR Parent, LLC, Class B Common Units(s)(u) Healthcare & Pharmaceuticals 12,283,000 Units 8,002 3,980

Palmetto Clean Technology, Inc., Warrants(p) High Tech Industries 693,387 Units 472 506

Phillips Pet Holding Corp., Common Stock(p) Retail 235 Units 13 17

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

Software Luxembourg Holding S.A., Class A Common Stock(h)(p) High Tech Industries 28,202 Units 4,536 5,516

Software Luxembourg Holding S.A., Class B Common Stock(h)(p) High Tech Industries 2,388 Units 384 688

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

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

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

Consumer 9,858 Units 3,078 3,389

Snap Fitness Holdings, Inc., Warrants(p)(s) Services:

Consumer 3,996 Units 1,247 1,374

Spinal USA, Inc.

/ Precision Medical Inc., Warrants(o)(s) Healthcare & Pharmaceuticals 14,181,915 Units 5,806 1,560

Tenere Inc., Warrants(s) Capital Equipment N/A 161 1,569

/ Precision Medical Inc., Warrants(p) Healthcare & Pharmaceuticals 14,181,915 Units 5,806 —

Tenere Inc., Warrants(p) Capital Equipment N/A 161 1,606

Total Equity 118,638 103,405

Short Term Investments - 3.1%(m)

First American Treasury Obligations Fund, Class Z Shares, 1.49% (n) 29,527 29,527

Short Term Investments - 8.4%(l)

First American Treasury Obligations Fund, Class Z Shares, 0.03% (m) 73,597 73,597

Total Short Term Investments 73,597 73,597

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2020

(in thousands)

TOTAL INVESTMENTS - 178.7% $ 1,651,252 1,569,371

3 unchanged sentences

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

Unless specifically identified in note x.

Unless specifically identified in note v.

below, investments do not contain a PIK interest provision.

6 unchanged sentences

dollars unless otherwise noted.

Fair value determined using level 1 inputs.

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

2 unchanged sentences

Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.

The investment or a portion thereof is not a qualifying asset under the 1940 Act.

1 unchanged sentence

As of December 31, 2020, 93.4% of the Company’s total assets represented qualifying assets.

Fair value determined using level 1 inputs.

Position or a portion thereof unsettled as of December 31, 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 residual amounts.

2 unchanged sentences

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPM as of December 31, 2020 (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 December 31, 2020 (see Note 8).

Non-income producing security.

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

Investment or a portion thereof was on non-accrual status as of December 31, 2020.

See accompanying notes to consolidated financial statements

3 unchanged sentences

(in thousands)

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Flatiron Funding II, LLC, or Flatiron Funding II, and was pledged as collateral supporting the amounts outstanding under the credit facility with Citibank N.A., or Citibank, as of December 31, 2019 (see Note 8).

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 33rd Street Funding, LLC, or 33rd Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with Morgan Stanley, N.A., or MS, as of December 31, 2019 (see Note 8).

Non-income producing security.

Investment or a portion thereof was on non-accrual status as of December 31, 2019.

1 unchanged sentence

Year Ended December 31, 2020 Year Ended December 31, 2020

Non-Controlled, Affiliated Investments Fair Value at

December 31, 2018 Gross

Non-Controlled, Affiliated Investments Fair Value

31, 2019 Gross

(Cost)(1) Gross

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2019 Net Realized

(Cost)(2) Net

Gain (Loss) Fair Value

31, 2020 Net Realized

Gain (Loss) Interest

Income(3) Dividend Income

Income(3) Dividend

First Lien Term Loan A $ — $ 2,293 $ — $ (4) $ 2,289 $ — $ 42 $ —

First Lien Term Loan B — 757 — (2) 755 — 15 —

Common Shares — — — — — — — —

American Clinical Solutions LLC

Tranche I Term Loan 3,395 32 — (303) 3,124 — 282 —

First Amendment Tranche I Term Loan — 250 — (8) 242 — 13 —

Class A Membership Interests — 1,658 — (995) 663 — — —

ARC Financial, LLC

Membership Interests — — — — — — — —

BCP Great Lakes Fund LP

Membership Interests 14,238 2,195 (3,538) (284) 12,611 — — 1,039

Charming Charlie, LLC

2 unchanged sentences

Vendor Payment Financing Facility 472 — (97) (25) 350 — 7 —

Common Stock — — (1,302) 1,302 — (1,302) — —

Conisus Holdings, Inc.

Series B Preferred Stock(w) 10,903 4,015 — (1,648) 13,270 — — 4,015

Series B Preferred Stock 13,270 1,928 — 1,283 16,481 — — 1,928

Common Stock 1,426 — — 10,975 12,401 — — —

DESG Holdings, Inc.

Bridge Loan — 4,256 (4,256) — — — 600 —

First Lien Term Loan 28,978 844 (20,443) (5,401) 3,978 — 4,278 —

2 unchanged sentences

F+W Media, Inc.

First Lien DIP Term Loan — 521 (521) — — — 101 —

First Lien Term Loan B-1 — — (11) 11 — — 1 —

First Lien Term Loan B-2 161 — (2,759) 2,598 — (2,759) — —

Common Stock — — — — — — — —

Lift Brands, Inc.

Term Loan A — 23,642 — — 23,642 — 519 —

Term Loan B — 4,753 — (2) 4,751 — 236 —

Term Loan C — 4,685 — 2 4,687 — 64 —

Longview Power, LLC

First Lien Term Loan — 634 (2) 1,782 2,414 — 169 —

Longview Intermediate Holdings C, LLC

Membership Units — 2,524 — 5,464 7,988 — — —

Mount Logan Capital Inc.

Common Stock 2,505 199 — (295) 2,409 — — 45

First Lien Term Loan 14,757 452 (619) (385) 14,205 — 1,778 —

SIMR Parent, LLC

Class B Common Units 7,382 502 — (3,904) 3,980 — — —

Petroflow Energy Corp.

First Lien Term Loan 10 — (223) 213 — (211) — —

TexOak Petro Holdings LLC

Second Lien Term Loan — — (2,592) 2,592 — (2,592) — —

Membership Interests — — — — — — — —

First Lien Term Loan 14,205 1,121 — (1,979) 13,347 — 2,956 —

SIMR Parent, LLC

Class B Membership Units 3,980 — — (3,980) — — — —

Snap Fitness Holdings, Inc.

Class A Stock — 3,078 — 311 3,389 — — —

Warrants — 1,247 — 127 1,374 — — —

Totals $ 106,959 $ 56,451 $ (28,570) $ (17,945) $ 116,895 $ (211) $ 9,965 $ 3,012

(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.

3 unchanged sentences

(in thousands)

(3) Includes PIK interest income.

9 unchanged sentences

Income(3) Dividend Income

BCP Great Lakes Fund LP

Membership Interests $ — $ 14,208 $ — $ 30 $ 14,238 $ — $ — $ 47

CION SOF Funding, LLC

6 unchanged sentences

and CHC Medical Partners, Inc., respectively.

For the year ended December 31, 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:

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2020

(in thousands)

As of December 31, 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

Portfolio Company Investment Type Cash PIK All-in-Rate

American Clinical Solutions LLC Senior Secured First Lien Debt — 2.00% 2.00%

Senior Secured First Lien Debt — 6.00% 6.00%

American Consolidated Natural Resources, Inc.

Senior Secured First Lien Debt 11.00% 3.00% 14.00%

Anthem Sports & Entertainment Inc.

Senior Secured First Lien Debt 7.75% 2.75% 10.50%

Charming Charlie, LLC Senior Secured First Lien Debt 7.05% 5.00% 12.05%

Charming Charlie, LLC Senior Secured First Lien Debt 3.05% 9.00% 12.05%

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

Carestream Health, Inc.

Senior Secured Second Lien Debt 5.50% 8.00% 13.50%

CHC Solutions Inc.

Senior Secured First Lien Debt 8.00% 4.00% 12.00%

CircusTrix Holdings, LLC Senior Secured First Lien Debt — 6.50% 6.50%

Country Fresh Holdings, LLC Senior Secured First Lien Debt 8.00% 4.00% 12.00%

Country Fresh Holdings, LLC Senior Secured Second Lien Debt — 9.50% 9.50%

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.

5 unchanged sentences

Hilliard, Martinez & Gonzales, LLP Senior Secured First Lien Debt — 20.00% 20.00%

KLO Intermediate Holdings, LLC Senior Secured First Lien Debt — 9.50% 9.50%

Lift Brands, Inc.

Homer City Generation, L.P.

Senior Secured First Lien Debt — 15.00% 15.00%

Petroflow Energy Corp.

Independent Pet Partners Intermediate Holdings, LLC Senior Secured First Lien Debt — 6.00% 6.00%

Jenny C Acquisition, Inc.

Senior Secured First Lien Debt — 12.25% 12.25%

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%

Moss Holding Company Senior Secured First Lien Debt 7.50% 0.50% 8.00%

Patterson Medical Supply, Inc.

Senior Secured Second Lien Debt 1.00% 10.50% 11.50%

Plano Molding Company, LLC Senior Secured First Lien Debt 8.50% 1.50% 10.00%

Premiere Global Services, Inc.

5 unchanged sentences

Senior Secured First Lien Debt — 10.47% 10.47%

West Dermatology Management Holdings, LLC Senior Secured First Lien Debt 6.25% 0.75% 7.00%

WPLM Acquisition Corp.

2 unchanged sentences

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

Senior Secured First Lien Debt - 150.0%

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(o) None Media:

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

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(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

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:

Advertising, Printing & Publishing 1,574 1,578 1,559

American Media, LLC, 0.50% Unfunded, 12/31/2023 None Media:

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

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(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+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(p)(r) 1 Month LIBOR Services:

Consumer 24,467 24,481 23,856

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.

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

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

CircusTrix Holdings, LLC, 1.00% Unfunded, 12/27/2019 None Hotel, Gaming & Leisure 4,904 — (98)

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) —

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

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

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(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(l) None Media:

Diversified & Production — — 2,622

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(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

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

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

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., 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(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(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(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(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.

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

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(o) 1 Month LIBOR Services:

Business 7,330 7,117 7,549

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(o)(q)(r) 1 Month LIBOR Media:

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

Instant Web, LLC, L+650, 0.00% LIBOR Floor, 12/15/2022 1 Month LIBOR Media:

Advertising, Printing & Publishing 433 433 420

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

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

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(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(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(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(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

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

Business 4,297 4,237 4,211

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:

Consumer 1,350 1,350 1,313

Lift Brands, Inc., 1.00% Unfunded, 4/16/2023 None Services:

Consumer 3,650 — (100)

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(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 3 Month LIBOR Services:

Business 1,500 1,500 1,500

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

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 — —

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

Moss Holding Company, 0.50% Unfunded, 4/17/2023 None Services:

Business 2,232 — (45)

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

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(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(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(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(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(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, 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, 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

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(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(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.

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

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

Non-Durable 559 — —

Total Senior Secured First Lien Debt 1,473,789 1,417,752

Senior Secured Second Lien Debt - 28.4%

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(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(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

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(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(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(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(t)(u)(w) None Energy:

Oil & Gas 8,405 2,592 —

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(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.

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

Collateralized Securities and Structured Products - Debt - 1.1%

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(h) (f) Diversified Financials 9,000 3,697 2,681

CENT CLO 19 Ltd.

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(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(h) (f) Diversified Financials 10,000 9,371 9,517

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

Equity - 4.3%

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(s) Energy:

Oil & Gas 132,367 Units 13 4

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 — —

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(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(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.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2019

(in thousands)

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 - 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

TOTAL INVESTMENTS - 187.8% $ 1,865,478 1,775,154

LIABILITIES IN EXCESS OF OTHER ASSETS - (87.8%) (829,693)

NET ASSETS - 100% $ 945,461

All of the Company’s investments are issued by eligible U.S.

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

Unless specifically identified in note w.

below, investments do not contain a PIK interest provision.

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.

Represents amortized cost for debt securities and cost for equity investments.

Denominated in U.S.

dollars unless otherwise noted.

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

Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses.

The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination.

Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.

The investment or a portion thereof is not a qualifying asset under the 1940 Act.

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 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 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, 2019.

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 September 30, 2019 (see Note 8).

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2019

(in thousands)

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 September 30, 2019 (see Note 8).

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

First Lien Term Loan B1 $ 1,021 $ — $ — $ (1,021) $ — $ — $ — $ —

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

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

Common Stock — — — — — — — —

Conisus Holdings, Inc.

Series B Preferred Stock 10,903 3,534 — (1,800) 12,637 — — 3,534

Common Stock 197 — — 1,345 1,542 — — —

F+W Media, Inc.

First Lien Term Loan B-1 1,137 51 — (1,131) 57 — 50 —

First Lien Term Loan B-2 161 — — (161) — — — —

First Lien DIP Term Loan — 521 (521) — — — 100 —

Common Stock — — — — — — — —

Mount Logan Capital Inc.

Common Stock 2,645 — — 20 2,665 — — —

First Lien Term Loan 14,757 32 (619) (370) 13,800 — 1,346 —

SIMR Parent, LLC

Class B Common Units 7,382 — — (2,963) 4,419 — — —

Petroflow Energy Corp.

First Lien Term Loan 2,363 (128) (2,392) 327 170 — (91) —

TexOak Petro Holdings LLC

Second Lien Term Loan — — — — — — — —

Membership Interests — — — — — — — —

Totals $ 41,972 $ 4,900 $ (3,532) $ (7,243) $ 36,097 $ — $ 1,442 $ 3,534

(3) Includes PIK interest income.

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2019

(in thousands)

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

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

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.

/ Precision Medical Inc.

Senior Secured First Lien Debt

— 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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

March 31, 2021

(in thousands, except share and per share amounts)

22 unchanged sentences

and (d) monthly valuation reports and support for all broker-quoted investments.

All of the Company's investment decisions are the sole responsibility of, and are made at the sole discretion of, CIM's investment committee, which consists entirely of CIG senior personnel.

All of the Company's investment decisions are the sole responsibility of, and are made at the sole discretion of, CIM's investment committee, which consists entirely of CIG personnel.

Summary of Significant Accounting Policies

6 unchanged sentences

Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year ending December 31, 2021.

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.

The consolidated balance sheet and the consolidated schedule of investments as of December 31, 2020 and the consolidated statements of operations, changes in net assets, and cash flows for the year ended December 31, 2020 are derived from the 2020 audited consolidated financial statements and include the accounts of the Company’s wholly-owned subsidiaries.

All intercompany balances and transactions have been eliminated in consolidation.

The Company does not consolidate its interest in CION SOF Funding, LLC, or CION SOF.

The Company did not consolidate its interest in CION SOF Funding, LLC, or CION SOF.

See Note 7 for a description of the Company’s investment in CION SOF.

1 unchanged sentence

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

March 31, 2021

(in thousands, except share and per share amounts)

The Company evaluates subsequent events through the date that the consolidated financial statements are issued.

Recently Adopted Accounting Standards

In August 2018, the Financial Accounting Standards Board, or the FASB, issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement , or ASU 2018-13, which modifies the disclosure requirements for fair value measurements in Topic 820 by removing, modifying, or adding certain disclosures.

ASU 2018-13 is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019.

The Company adopted ASU 2018-13 during the three months ended March 31, 2020, which did not have a significant impact on the Company’s disclosures on fair value measurements.

Recently Announced Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848):

Recently Announced Accounting Standards

In March 2020, the Financial Accounting Standards Board, or the FASB, issued ASU 2020-04, Reference Rate Reform (Topic 848):

Facilitation of the Effects of Reference Rate Reform on Financial Reporting , or ASU 2020-04, which provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform.

16 unchanged sentences

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

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.

The Company had $87,593 and $73,597 of such investments at March 31, 2021 and December 31, 2020, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.

Offering Costs

9 unchanged sentences

The Company will also be subject to nondeductible federal excise taxes if the Company does not distribute at least 98.0% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no federal income taxes.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

Two of the Company’s wholly-owned consolidated subsidiaries, View ITC, LLC and View Rise, LLC, or collectively the Taxable Subsidiaries, have elected to be treated as taxable entities for U.S.

2 unchanged sentences

The income tax expense or benefit, if any, and the related tax assets and liabilities, where material, are reflected in the Company’s consolidated financial statements.

There were no deferred tax assets or liabilities as of September 30, 2020, December 31, 2019 or September 30, 2019.

There were no deferred tax assets or liabilities as of March 31, 2021.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2021

(in thousands, except share and per share amounts)

Book/tax differences relating to permanent differences are reclassified among the Company’s capital accounts, as appropriate.

16 unchanged sentences

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 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.

The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available as of March 31, 2021;

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 March 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19.

Actual results may materially differ from those estimates.

10 unchanged sentences

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)

September 30, 2020

March 31, 2021

(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.

2 unchanged sentences

The level assigned to the investment valuations may not be indicative of the risk or liquidity associated with investing in such investments.

Because of the inherent uncertainties of valuation, the values reflected in the financial statements may differ materially from the value that would be received upon an actual sale of such investments.

Because of the inherent uncertainties of valuation, the values reflected in the consolidated financial statements may differ materially from the value that would be received upon an actual sale of such investments.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses that the Company ultimately realizes on these investments to materially differ from the valuations currently assigned.

4 unchanged sentences

As these quotes are only indicative of fair value, CIM benchmarks the implied fair value yield and leverage against what has been observed in the market.

If the implied fair value yield and leverage fall within the range of CIM's market pricing matrix, the quotes are deemed to be reliable and used to determine the investment fair value.

If the implied fair value yield and leverage fall within the range of CIM's market pricing matrix, the quotes are deemed to be reliable and used to determine the investment's fair value.

Notwithstanding the foregoing, if in the reasonable judgment of CIM, the price of any investment held by the Company and determined in the manner described above does not accurately reflect the fair value of such investment, CIM will value such investment at a price that reflects such investment’s fair value and report such change in the valuation to the board of directors or its designee as soon as practicable.

17 unchanged sentences

• other factors deemed applicable.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

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.

1 unchanged sentence

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)

March 31, 2021

(in thousands, except share and per share amounts)

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.

14 unchanged sentences

Loan origination fees, original issue discounts, or OID, and market discounts/premiums are recorded and such amounts are amortized as adjustments to interest income over the respective term of the loan using the effective interest rate method.

Upon the prepayment of a loan or security, prepayment premiums, any unamortized loan origination fees, OID, or market discounts are recorded as interest income.

Upon the prepayment of a loan or security, prepayment premiums, any unamortized loan origination fees, OID, or market discounts/premiums are recorded as interest income.

The Company may have investments in its investment portfolio that contain a PIK interest provision.

3 unchanged sentences

In order to maintain RIC status, substantially all of this income must be paid out to shareholders in the form of distributions, even if the Company has not collected any cash.

For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of September 30, 2020, December 31, 2019 and September 30, 2019.

For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of March 31, 2021 and December 31, 2020.

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.

5 unchanged sentences

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.

1 unchanged sentence

In certain instances where the Company is invited to participate as a co-lender in a transaction and does not provide significant services in connection with the investment, a portion of loan fees paid to the Company in such situations will be deferred and amortized over the estimated life of the loan as interest income.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2021

(in thousands, except share and per share amounts)

Other income includes amendment fees that are fixed based on contractual terms and are generally non-recurring and non-refundable and are recognized as revenue when earned upon closing of the transaction.

12 unchanged sentences

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 (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.

Net Increase (Decrease) in Net Assets per Share

Net increase (decrease) in net assets per share is calculated based upon the daily weighted average number of shares of common stock outstanding during the reporting period.

Distributions

7 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

March 31, 2021

(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,

The following table summarizes transactions with respect to shares of the Company’s common stock during the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020:

Three Months Ended

March 31, Year Ended

2021 2020 2020

6 unchanged sentences

Share repurchase program (675,440) (5,291) (1,076,229) (8,071) (3,079,954) (23,300)

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.

Net shares/proceeds from (for) share transactions 6,113 $ 1 (67,896) $ — (87,422) $ (2)

Since commencing its initial continuous public offering on July 2, 2012 and through March 31, 2021, the Company sold 113,299,836 shares of common stock for net proceeds of $1,155,286 at an average price per share of $10.20.

The net proceeds include gross proceeds received from reinvested shareholder distributions of $227,254, for which the Company issued 25,788,085 shares of common stock, and gross proceeds paid for shares of common stock tendered for repurchase of $227,254, for which the Company repurchased 25,979,994 shares of common stock.

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.

During the period from April 1, 2021 to May 10, 2021, the Company received gross proceeds of $1,723 from reinvested shareholder distributions, for which the Company issued 214,640 shares of common stock.

Since commencing its initial continuous public offering on July 2, 2012 and through May 10, 2021, the Company sold 113,514,454 shares of common stock for net proceeds of $1,157,009 at an average price per share of $10.19.

The net proceeds include gross proceeds received from reinvested shareholder distributions of $228,977, for which the Company issued 26,002,725 shares of common stock, and gross proceeds paid for shares of common stock tendered for repurchase of $227,254, for which the Company repurchased 25,980,017 shares of common stock.

In August 2020, the Company obtained approval from its shareholders authorizing the Company to issue shares of its common stock at prices below the then current NAV per share of the Company’s common stock in one or more offerings for a 12-month period.

The Company has not issued any such shares as of the date of these notes to consolidated financial statements and does not currently intend to do so through August 2021 (the 12-month anniversary of such shareholder approval).

In 2021, the Company will seek to obtain from its shareholders and they may approve a proposal that again authorizes the Company to issue shares of its common stock at prices below the then current NAV per share of the Company’s common stock in one or more offerings for a 12-month period.

Share Repurchase Program

2 unchanged sentences

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.

Share repurchases for future quarters will be evaluated by the board of directors based on circumstances and expectations existing at the time of consideration.

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.

3 unchanged sentences

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

March 31, 2021

(in thousands, except share and per share amounts)

The following table summarizes the share repurchases completed during the year ended December 31, 2020 and the three months ended March 31, 2021:

Three Months Ended Repurchase Date Shares Repurchased Percentage of Shares Tendered That Were Repurchased Repurchase Price Per Share Aggregate Consideration for Repurchased Shares

March 31, 2020 March 30, 2020 1,076,229 13% $ 7.50 $ 8,071

June 30, 2019 June 26, 2019 1,038,641 15 % 8.59 8,926

September 30, 2019 September 25, 2019 1,035,307 15 % 8.27 8,562

June 30, 2020(1) N/A 1,765 N/A 7.50 14

September 30, 2020 N/A — N/A N/A —

December 31, 2020 December 30, 2020 2,001,960 20% 7.60 15,215

1 unchanged sentence

March 31, 2021 March 24, 2021 675,440 6% $ 7.83 $ 5,291

June 30, 2020(1) N/A 1,765 N/A 7.50 14

September 30, 2020 N/A — N/A N/A —

Total for the nine months ended September 30, 2020 1,077,994 $ 8,085

Total for the three months ended March 31, 2021 675,440 $ 5,291

(1) Represents an adjustment made during the three months ended June 30, 2020 to shares repurchased during the three months ended March 31, 2020.

Transactions with Related Parties

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:

For the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows:

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

March 31, Year Ended December 31,

Entity Capacity Description 2021 2020 2020

CION Securities, LLC Dealer manager Dealer manager fees(1) $ — $ — $ — $ 121 $ 121

CIM Investment adviser Management fees(1) $ 7,783 $ 8,451 $ 31,828

4 unchanged sentences

$ 8,514 $ 12,160 $ 41,980

(1) Amounts charged directly to equity.

(1) Amounts charged directly to operations.

On December 28, 2016, the Company entered into an amended and restated follow-on dealer manager agreement with CIM and CION Securities, LLC (formerly, ICON Securities, LLC), or CION Securities, in connection with the Company's follow-on continuous public offering, which ended on January 25, 2019.

Under the amended and restated dealer manager agreement, the dealer manager fee was reduced from up to 3% to up to 2% of gross offering proceeds and selling commissions to the selling dealers were reduced from up to 7% to up to 3% of gross offering proceeds.

Such costs were charged against capital in excess of par value when incurred.

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.

3 unchanged sentences

The incentive fee consists of two parts.

The first part, which is referred to as the subordinated incentive fee on income, is calculated and payable quarterly in arrears based on “pre-incentive fee net investment income” for the immediately preceding quarter and 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 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 all pre-incentive fee net investment income that exceeds the annualized rate of 9.375%.

For the three months ended March 31, 2021 and 2020, the liabilities recorded for subordinated incentive fees were $0 and $3,308, respectively.

The second part of the incentive fee, which is referred to as the capital gains incentive fee, is described in Note 2.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2021

(in thousands, except share and per share amounts)

The Company accrues the capital gains incentive fee based on net realized gains and net unrealized appreciation;

however, under the terms of the investment advisory agreement, the fee payable to CIM is based on net realized gains and unrealized depreciation and no such fee is payable with respect to unrealized appreciation unless and until such appreciation is actually realized.

For the three and nine months ended September 30, 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.

The Company’s payment of offering and organizational costs will not exceed 1.5% of the actual gross proceeds raised from the offerings (without giving effect to any potential expense support from CIG and its affiliates, which includes CIM).

With respect to any reimbursements for offering and organizational costs, the Company interprets the 1.5% limit based on actual gross proceeds raised at the time of such reimbursement.

In addition, the Company will not issue any of its shares or other securities for services or for property other than cash or securities except as a dividend or distribution to its security holders or in connection with a reorganization.

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 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.

For the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020, the Company had no liability for and did not record any capital gains incentive fees.

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.

3 unchanged sentences

On November 13, 2020, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the renewal of the administration agreement with CIM for a period of twelve months commencing December 17, 2020.

This administration agreement with CIM replaced the prior administration agreement with CIM's affiliate, ICON Capital, LLC, or ICON Capital, in which ICON Capital provided the same administrative services to the Company under the same terms and conditions.

On January 1, 2019, the Company entered into a servicing agreement with CIM’s affiliate, Apollo Investment Administration, L.P., or AIA, pursuant to which AIA furnishes the Company with administrative services including, but not limited to, loan and high yield trading services, trade and settlement support, and monthly valuation reports and support for all broker quoted investments.

5 unchanged sentences

On January 2, 2018, the Company entered into an expense support and conditional reimbursement agreement with CIM for purposes of, among other things, replacing CIG and AIM with CIM as the expense support provider pursuant to the terms of the expense support and conditional reimbursement agreement.

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)

On December 9, 2020, the Company and CIM further amended the expense support and conditional reimbursement agreement to extend the termination date of such agreement from December 31, 2020 to December 31, 2021.

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.

4 unchanged sentences

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 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.

For the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020, 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 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 did not record any obligation to repay expense support from CIM and the Company did not repay any expense support to CIM during the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020.

The Company may or may not be requested to reimburse any expense support provided in the future.

5 unchanged sentences

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 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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2021

(in thousands, except share and per share amounts)

As of March 31, 2021 and December 31, 2020, the total liability payable to CIM and its affiliates was $8,237 and $13,275, respectively, which primarily related to fees earned by CIM during the three months ended March 31, 2021 and December 31, 2020, respectively.

In the event that CIM undertakes to provide investment advisory services to other clients in the future, it will strive to allocate investment opportunities in a fair and equitable manner consistent with the Company’s investment objective and strategies so that the Company will not be disadvantaged in relation to any other client of the investment adviser or its senior management team.

However, it is currently possible that some investment opportunities will be provided to other clients of CIM rather than to the Company.

I ndemnifications

The investment advisory agreement, the administration agreement and the dealer manager agreement each provide certain indemnifications from the Company to the other relevant parties to such agreements.

Indemnifications

The investment advisory agreement, the administration agreement and the dealer manager agreement with CIM and CION Securities, LLC (formerly, ICON Securities, LLC), or CION Securities, each provide certain indemnifications from the Company to the other relevant parties to such agreements.

The Company’s maximum exposure under these agreements is unknown.

6 unchanged sentences

On July 15, 2020, the board of directors determined to recommence the payment of distributions to shareholders in August 2020.

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.

Distributions in respect of future months will be evaluated by management and the board of directors based on circumstances and expectations existing at the time of consideration.

Declared distributions are paid monthly.

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:

The Company’s board of directors declared or ratified distributions for 19 and 3 record dates during the year ended December 31, 2020 and the three months ended March 31, 2021, respectively.

The following table presents cash distributions per share that were declared during the year ended December 31, 2020 and the three months ended March 31, 2021:

Distributions

1 unchanged sentence

March 31, 2020 (thirteen record dates) $ 0.1829 $ 20,793

June 30, 2019 (thirteen record dates) 0.1829 20,801

September 30, 2019 (thirteen record dates) 0.1829 20,798

December 31, 2019 (fourteen record dates) 0.1969 22,401

Total distributions for the year ended December 31, 2019 $ 0.7456 $ 84,772

March 31, 2020 (thirteen record dates) $ 0.1829 $ 20,793

June 30, 2020 (no record dates) — —

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.

December 31, 2020 (four record dates) 0.2842 32,479

Total distributions for the year ended December 31, 2020 $ 0.5554 $ 63,283

March 31, 2021 (three record dates) $ 0.1324 $ 15,029

Total distributions for the three months ended March 31, 2021 $ 0.1324 $ 15,029

On March 16, 2021, the Company's co-chief executive officers declared regular monthly cash distributions of $0.04413 per share for April 2021.

The distributions were paid on April 28, 2021 to shareholders of record as of April 27, 2021.

Shareholders who previously elected to receive distributions in additional shares of the Company common stock pursuant to the Company’s distribution reinvestment plan were issued additional shares for the April 2021 distributions on April 28, 2021.

On April 15, 2021, the Company's co-chief executive officers declared regular monthly cash distributions of $0.04413 per share for May 2021.

The distributions will be paid on May 26, 2021 to shareholders of record as of May 25, 2021.

Shareholders who previously elected to receive distributions in additional shares of the Company common stock pursuant to the Company’s distribution reinvestment plan will be issued additional shares for the May 2021 distributions on May 26, 2021.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2021

(in thousands, except share and per share amounts)

The Company has adopted an “opt in” distribution reinvestment plan for shareholders.

5 unchanged sentences

The Company has not established limits on the amount of funds it may use from available sources to make distributions.

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.

For the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020, 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.

Shareholders should understand that any such distributions are not based on the Company’s investment performance, and can only be sustained if the Company achieves positive investment performance in future periods and/or CIM provides such expense support.

There can be no assurance that the Company will achieve such performance in order to sustain these distributions, or be able to pay distributions at all.

CIM has no obligation to provide expense support to the Company in future periods.

Shareholders should understand that any such distributions are not based on the Company’s investment performance, and can only be sustained if the Company maintains positive investment performance in future periods and/or CIM provides such expense support.

Shareholders should also understand that the Company’s future repayments of expense support will reduce the distributions that they would otherwise receive.

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,

There can be no assurances that the Company will maintain such performance in order to sustain these distributions or be able to pay distributions at all.

CIM has no obligation to provide expense support to the Company in future periods.

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 three months ended March 31, 2021 and 2020 and the year ended December 31, 2020:

Three Months Ended

March 31, Year Ended

2021 2020 2020

2 unchanged sentences

Total distributions $ 0.1324 $ 15,029 100.0 % $ 0.1829 $ 20,793 100.0 % $ 0.5554 $ 63,283 100.0 %

It is the Company's policy to comply with all requirements of the Code applicable to RICs and to distribute substantially all of its taxable income to its shareholders.

In addition, by distributing during each calendar year substantially all of its net investment income, net realized capital gains and certain other amounts, if any, the Company intends not to be subject to corporate level federal income tax or federal excise taxes.

It is the Company's policy to comply with all requirements of the Code applicable to RICs and to distribute at least 90% of its taxable income to its shareholders.

In addition, by distributing during each calendar year at least 90% of its “investment company taxable income”, which is generally equal to the sum of the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses, the Company intends not to be subject to corporate level federal income tax.

Accordingly, no federal income tax provision was required for the year ended December 31, 2020.

Income and capital gain distributions are determined in accordance with the Code and federal tax regulations, which may differ from amounts determined in accordance with GAAP.

4 unchanged sentences

All distributions for 2020 were characterized as ordinary income distributions for federal income tax purposes.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2021

(in thousands, except share and per share amounts)

The tax components of accumulated earnings for the current year will be determined at year end.

3 unchanged sentences

Other accumulated losses (1,793)

Net unrealized depreciation on investments (103,765)

Net unrealized depreciation on investments and total return swap (161,664)

Total accumulated losses $ (157,507)

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;

As of March 31, 2021, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $44,443;

the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $169,819;

5 unchanged sentences

and the aggregate cost of securities for Federal income tax purposes was $1,731,035.

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;

the net unrealized depreciation was $111,774;

and the aggregate cost of securities for Federal income tax purposes was $1,886,928.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

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

The composition of the Company’s investment portfolio as of March 31, 2021 and December 31, 2020 at amortized cost and fair value was as follows:

March 31, 2021 December 31, 2020

Value Percentage of

3 unchanged sentences

Senior secured second lien debt 172,670 154,626 10.1 % 171,480 151,506 10.1 %

Collateralized securities and structured products - debt — — — 7,212 7,212 0.4 %

Collateralized securities and structured products - equity 15,152 13,840 0.9 % 15,305 12,131 0.8 %

6 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 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 %

Senior secured second lien debt 289,712 268,656 15.3 %

Collateralized securities and structured products - debt 10,051 9,950 0.6 %

Collateralized securities and structured products - equity 16,503 14,981 0.9 %

Equity 52,363 40,755 2.3 %

Subtotal/total percentage 1,842,418 1,752,094 100.0 %

Short term investments(2) 23,060 23,060

Total investments $ 1,865,478 $ 1,775,154

(1) Cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, for debt investments and cost for equity investments.

(2) Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

March 31, 2021

(in thousands, except share and per share amounts)

The following tables show the composition of the Company’s investment portfolio by industry classification and geographic dispersion, and the percentage, by fair value, of the total investment portfolio assets in such industries and geographies as of September 30, 2020, December 31, 2019 and September 30, 2019:

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

March 31, 2021 December 31, 2020

Industry Classification Investments at

2 unchanged sentences

Fair Value Percentage of

Investment Portfolio Investments at

Fair Value Percentage of

Investment Portfolio

6 unchanged sentences

Beverage, Food & Tobacco 83,083 5.4 % 69,975 4.7 %

Telecommunications 60,692 4.0 % 61,577 3.6 % 62,646 3.6 %

High Tech Industries 71,486 4.7 % 55,619 3.7 %

Capital Equipment 65,871 4.3 % 65,752 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 %

Banking, Finance, Insurance & Real Estate 51,349 3.3 % 41,211 2.8 %

Construction & Building 38,719 2.6 % 37,096 2.1 % 33,026 1.9 %

Aerospace & Defense 35,457 2.3 % 30,378 1.8 % 25,505 1.4 %

Telecommunications 46,284 3.0 % 46,638 3.1 %

Oil & Gas 41,328 2.7 % 28,136 1.9 %

Forest Products & Paper 20,305 1.3 % 24,217 1.4 % 24,605 1.4 %

Consumer Goods:

Non-Durable 20,153 1.3 % 33,609 1.9 % 41,832 2.4 %

Aerospace & Defense 36,513 2.4 % 35,751 2.4 %

Construction & Building 34,626 2.3 % 34,653 2.3 %

Hotel, Gaming & Leisure 31,428 2.0 % 21,920 1.5 %

Retail 28,751 1.9 % 29,312 2.0 %

Diversified Financials 24,697 1.6 % 37,214 2.5 %

Forest Products & Paper 21,717 1.4 % 21,686 1.4 %

Transportation:

Cargo 18,821 1.2 % 19,001 1.3 %

Consumer Goods:

Non-Durable 16,202 1.1 % 15,757 1.1 %

Metals & Mining 10,033 0.7 % 10,147 0.7 %

Automotive 9,873 0.7 % 10,013 0.6 % 8,021 0.4 %

Consumer Goods:

5 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

March 31, 2021

(in thousands, except share and per share amounts)

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

March 31, 2021 December 31, 2020

Geographic Dispersion(1) Investments at

2 unchanged sentences

Fair Value Percentage of

Investment Portfolio Investments at

Fair Value Percentage of

Investment Portfolio

6 unchanged sentences

Bermuda 676 — 676 —

Germany — — 7,212 0.4 % 9,950 0.6 %

Marshall Islands — — 6,782 0.4 % 8,949 0.5 %

Subtotal/total percentage 1,534,048 100.0 % 1,495,774 100.0 %

2 unchanged sentences

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

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.

As of March 31, 2021 and December 31, 2020, investments on non-accrual status represented 0.5% and 0.5%, 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 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 .

As of March 31, 2021 and December 31, 2020, the Company’s unfunded commitments amounted to $75,738 and $43,130, respectively.

As of May 10, 2021, the Company’s unfunded commitments amounted to $79,985.

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.

1 unchanged sentence

CION SOF was organized on May 21, 2019 as a Delaware limited liability company, and commenced operations on October 2, 2019 when the Company and BCP Special Opportunities Fund I, LP, or BCP, entered into the limited liability company agreement of CION SOF for purposes of establishing the manner in which the parties would invest in and co-manage CION SOF.

CION SOF invests primarily in senior secured loans of U.S.

CION SOF invested primarily in senior secured loans of U.S.

middle-market companies.

The Company and BCP contributed a portfolio of loans to CION SOF representing membership equity of $31,289 and $4,470, respectively, in exchange for 87.5% and 12.5% of the membership interests of CION SOF, respectively.

The Company and BCP are not required to make any additional capital contributions to CION SOF.

The Company’s equity investment in CION SOF is not redeemable.

All portfolio and other material decisions regarding CION SOF must be submitted to its board of managers, which is comprised of four members, two of whom were selected by the Company and the other two were selected by BCP.

Further, all portfolio and other material decisions require the affirmative vote of at least one board member from the Company and one board member from BCP.

The Company also serves as administrative agent to CION SOF to provide loan servicing functions and other administrative services.

In certain cases, these loan servicing functions and other administrative services may be performed by CIM.

In December 2020, the Company and BCP elected to wind-down the operations of CION SOF.

On January 28, 2021, CION SOF sold all of its remaining debt and equity investments to the Company.

On March 18, 2021, CION SOF declared final cash distributions and on March 19, 2021, distributed all remaining capital to the Company and BCP.

The Company and BCP were not required to make any additional capital contributions to CION SOF.

The Company’s equity investment in CION SOF was not redeemable.

All portfolio and other material decisions regarding CION SOF required approval of its board of managers, which was comprised of four members, two of whom were selected by the Company and the other two were selected by BCP.

Further, all portfolio and other material decisions required the affirmative vote of at least one board member from the Company and one board member from BCP.

The Company also served as administrative agent to CION SOF to provide loan servicing functions and other administrative services.

In certain cases, these loan servicing functions and other administrative services were performed by CIM.

On October 2, 2019, CION SOF entered into a senior secured credit facility with MS, or the SOF Credit Facility, for borrowings of up to a maximum amount of $75,000.

Advances under the SOF Credit Facility are available through October 2, 2022 and bear interest at a floating rate equal to the three-month LIBOR, plus a spread of (i) 3.0% per year through October 1, 2022 and (i) 3.5% per year thereafter through October 2, 2024.

CION SOF's obligations to MS under the SOF Credit Facility are secured by a first priority security interest in all of the assets of CION SOF.

Advances under the SOF Credit Facility were available through October 2, 2022 and bore interest at a floating rate equal to the three-month LIBOR, plus a spread of (i) 3.0% per year through October 1, 2022 and (i) 3.5% per year thereafter through October 2, 2024.

CION SOF's obligations to MS under the SOF Credit Facility were secured by a first priority security interest in all of the assets of CION SOF.

The obligations of CION SOF under the SOF Credit Facility were non-recourse to the Company.

On October 2, 2019, CION SOF drew down $64,702 of borrowings under the SOF Credit Facility.

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 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)

September 30, 2020

(in thousands, except share and per share amounts)

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

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

Diversified & Production $ 3,521 $ 3,492 $ 3,477

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

Consumer 4,961 4,870 3,467

Coyote Buyer, LLC, L+600, 1.00% LIBOR Floor, 2/6/2026 3 Month LIBOR Chemicals, Plastics & Rubber 4,975 4,930 4,950

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

Diversified & Production 4,636 4,579 4,520

Foundation Consumer Healthcare, LLC, L+600, 1.00% LIBOR Floor, 11/2/2023 3 Month LIBOR Healthcare & Pharmaceuticals 4,712 4,712 4,712

Genesis Healthcare, Inc., L+600, 0.50% LIBOR Floor, 3/6/2023 1 Month LIBOR Healthcare & Pharmaceuticals 5,000 4,926 4,863

Geon Performance Solutions, LLC, L+625, 1.63% LIBOR Floor, 10/25/2024 1 Month LIBOR Chemicals, Plastics & Rubber 4,963 4,963 4,764

Jab Wireless, Inc., L+800, 0.00% LIBOR Floor, 5/2/2023 1 Month LIBOR Telecommunications 5,893 5,893 5,893

Manna Pro Products, LLC, L+600, 1.00% LIBOR Floor, 12/8/2023 1 Month LIBOR Retail 5,940 5,892 5,880

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

Advertising, Printing & Publishing 4,784 4,749 4,712

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 2 Month LIBOR Consumer Goods:

Non-Durable 4,949 4,714 4,628

Pixelle Specialty Solutions LLC, L+650, 1.00% LIBOR Floor, 10/31/2024 1 Month LIBOR Forest Products & Paper 3,924 3,733 3,910

Polymer Process Holdings, Inc., L+600, 0.00% LIBOR Floor, 5/1/2026 1 Month LIBOR Chemicals, Plastics & Rubber 4,950 4,884 4,777

Tenere Inc., L+850, 1.00% LIBOR Floor, 5/5/2025 3 Month LIBOR Capital Equipment 6,000 6,000 6,000

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

Non-Durable 4,956 4,939 4,956

Total Senior Secured First Lien Debt 78,251 76,360

Senior Secured Second Lien Debt

PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023 3 Month LIBOR Chemicals, Plastics & Rubber 5,000 4,941 4,375

Total Senior Secured Second Lien Debt 4,941 4,375

Short Term Investments(b)

First American Treasury Obligations Fund, Class Z Shares, 0.04%(c) 3,546 3,546

Total Short Term Investments 3,546 3,546

TOTAL INVESTMENTS $ 86,738 $ 84,281

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 September 30, 2020.

On December 14, 2020, CION SOF repaid to MS all amounts outstanding under the SOF Credit Facility.

For the three months ended March 31, 2020 and the year ended December 31, 2020, the Company recorded dividend income from its equity interest in CION SOF of $1,412 and $3,518, respectively.

The Company did not record any dividend income from its equity interest in CION SOF for the three months ended March 31, 2021.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

March 31, 2021

(in thousands, except share and per share amounts)

In accordance with ASU 2015-02, Consolidation , the Company determined that CION SOF was a variable interest entity, or VIE.

However, the Company was not the primary beneficiary and therefore did not consolidate CION SOF.

The Company's maximum exposure to losses from CION SOF was limited to its equity contribution to CION SOF.

The following table sets forth the individual investments in CION SOF's portfolio as of December 31, 2020:

Portfolio Company Index Rate(a) Industry Principal/ Par Amount Amortized Cost Fair Value

Portfolio Company Index Rate(a) Industry Principal/

Units Cost(b) Fair

Senior Secured First Lien Debt

Allen Media, LLC, L+650, 1.00% LIBOR Floor, 8/30/2023 3 Month LIBOR Media:

Diversified & Production $ 5,920 $ 5,738 $ 5,979

Analogic Corp., L+600, 1.00% LIBOR Floor, 6/21/2024 1 Month LIBOR Healthcare & Pharmaceuticals 4,923 4,876 4,874

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

Diversified & Production 3,978 3,939 3,938

Cadence Aerospace, LLC, L+650, 1.00% LIBOR Floor, 11/14/2023 3 Month LIBOR Aerospace & Defense 4,987 4,892 4,937

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

Alert 360 Opco, Inc., L+600, 1.00% LIBOR Floor, 10/16/2025 1 Month LIBOR Services:

Consumer $ 2,501 $ 2,501 $ 2,501

CircusTrix Holdings, LLC, L+550, 1.00% LIBOR Floor, 12/16/2021 1 Month LIBOR Hotel, Gaming & Leisure 5,985 5,877 5,865

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

Diversified & Production 4,909 4,839 4,885

Genesis Healthcare, Inc., L+600, 0.50% LIBOR Floor, 3/6/2023 1 Month LIBOR Healthcare & Pharmaceuticals 5,000 4,905 4,913

Jab Wireless, Inc., L+800, 0.00% LIBOR Floor, 5/2/2023 1 Month LIBOR Telecommunications 6,000 6,000 6,000

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

Business 4,987 4,891 4,900

Manna Pro Products, LLC, L+600, 0.00% LIBOR Floor, 12/8/2023 1 Month LIBOR Retail 5,985 5,927 5,925

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

Advertising, Printing & Publishing 4,933 4,886 4,883

PH Beauty Holdings III.

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

Non-Durable 4,987 4,722 4,788

Polymer Process Holdings, Inc., L+600, 0.00% LIBOR Floor, 5/1/2026 1 Month LIBOR Chemicals, Plastics & Rubber 4,987 4,914 4,913

Woodstream Corp., L+600, 1.00% LIBOR Floor, 5/29/2022 1 Month LIBOR Consumer Goods:

Non-Durable 5,000 4,976 5,000

Total Senior Secured First Lien Debt 2,501 2,501

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 3,907 3,940

ABG Intermediate Holdings 2 LLC, L+775, 1.00% LIBOR Floor, 9/29/2025 1 Month LIBOR Retail 3,000 3,005 3,000

PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023 3 Month LIBOR Chemicals, Plastics & Rubber 5,000 4,928 4,800

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

Business 5,000 4,809 5,000

Total Senior Secured Second Lien Debt 16,649 16,740

Short Term Investments(b)

First American Treasury Obligations Fund, Class Z Shares, 1.49%(c) 2,757 2,757

Alert 360 Topco, Inc., Common Stock

Consumer 119,445 Units 741 741

Total Equity 741 741

Short Term Investments(c)

First American Treasury Obligations Fund, Class Z Shares, 0.03%(d) 10,591 10,591

Total Short Term Investments 10,591 10,591

TOTAL INVESTMENTS $ 13,833 $ 13,833

The 1 and 3 month LIBOR rates were 1.76% and 1.91%, respectively, as of December 31, 2019.

The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2019, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2019.

The 1 month LIBOR rate was 0.14% as of December 31, 2020.

The actual LIBOR rate for the loan listed may not be the applicable LIBOR rate as of December 31, 2020, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2020.

Represents amortized cost for debt securities and cost for equity investments.

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 December 31, 2020.

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:

The following table includes selected balance sheet information for CION SOF as of December 31, 2020:

Selected Balance Sheet Information:

September 30, 2020 December 31, 2019

Investments, at fair value (amortized cost of $86,738 and $95,664, respectively) $ 84,281 $ 95,636

December 31, 2020

Investments, at fair value (amortized cost of $13,833) $ 13,833

Cash and other assets 41

Receivable for investments sold and repaid 4,828 80

Interest receivable on investments 454

Total assets $ 14,328

Credit facility (net of unamortized debt issuance costs of $945 and $1,123, respectively) $ 55,305 $ 59,579

Other liabilities $ 75

2 unchanged sentences

Total liabilities and members' capital $ 14,328

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:

The following table includes selected statement of operations information for CION SOF for the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020:

Three Months Ended

September 30, 2020 Nine Months Ended

September 30, 2020 Period from October 2, 2019 (Commencement of Operations) through December 31, 2019

March 31, Year Ended December 31,

Selected Statement of Operations Information:

2021 2020 2020

Total revenues $ 29 $ 2,589 $ 7,874

1 unchanged sentence

Net realized loss on investments — — (3,427)

Net change in unrealized appreciation (depreciation) on investments 1,136 (2,428) (28)

Net increase in net assets $ 2,005 $ 919 $ 1,203

Net change in unrealized (depreciation) appreciation on investments — (4,107) 28

Net (decrease) increase in net assets $ — $ (2,460) $ 541

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2021

(in thousands, except share and per share amounts)

Financing Arrangements

The following table presents summary information with respect to the Company’s outstanding financing arrangements as of September 30, 2020:

The following table presents summary information with respect to the Company’s outstanding financing arrangements as of March 31, 2021:

Financing Arrangement Type of Financing Arrangement Rate Amount Outstanding Amount Available Maturity Date

JPM Credit Facility Term Loan Credit Facility L+3.10% $ 500,000 $ 75,000 May 15, 2024

2026 Notes(1) Note Purchase Agreement 4.50% 125,000 — February 11, 2026

UBS Facility Repurchase Agreement L+3.375% 100,000 50,000 November 19, 2023

$ 725,000 $ 125,000

(1) - Subsequently extended to December 18, 2020 (see "UBS Facility" in this Note 8).

(1) As of March 31, 2021, the fair value of the 2026 Notes was $125,000, which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2021.

JPM Credit Facility

On August 26, 2016, 34th Street entered into a senior secured credit facility with JPM.

The senior secured credit facility with JPM, or the JPM Credit Facility, provided for borrowings in an aggregate principal amount of $150,000, of which $25,000 may be funded as a revolving credit facility, each subject to conditions described in the JPM Credit Facility.

The senior secured credit facility with JPM, or the JPM Credit Facility, provided for borrowings in an aggregate principal amount of $150,000, of which $25,000 could have been funded as a revolving credit facility, each subject to conditions described in the JPM Credit Facility.

On August 26, 2016, 34th Street drew down $57,000 of borrowings under the JPM Credit Facility.

On 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.

Under the Amended JPM Credit Facility entered into on September 30, 2016, the aggregate principal amount available for borrowings was increased from $150,000 to $225,000, of which $25,000 may be funded as a revolving credit facility, subject to conditions described in the Amended JPM Credit Facility.

Under the Amended JPM Credit Facility entered into on September 30, 2016, the aggregate principal amount available for borrowings was increased from $150,000 to $225,000, of which $25,000 could have been funded as a revolving credit facility, subject to conditions described in the Amended JPM Credit Facility.

On September 30, 2016, 34th Street drew down $167,423 of additional borrowings under the Amended JPM Credit Facility, a portion of which was used to purchase the portfolio of loans from Credit Suisse Park View BDC, Inc.

4 unchanged sentences

Under the Second Amended JPM Credit Facility, the reinvestment period was extended until May 15, 2022 and the maturity date was extended to May 15, 2023.

Advances under the Second Amended JPM Credit Facility bear interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.25% per year.

Advances under the Second Amended JPM Credit Facility bore interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.25% per year.

On 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, 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 $7,535 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.

On February 26, 2021, 34th Street amended and restated the Second Amended JPM Credit Facility, or the Third Amended JPM Credit Facility, with JPM.

Under the Third Amended JPM Credit Facility, the aggregate principal amount available for borrowings was reduced from $700,000 to $575,000, subject to conditions described in the Third Amended JPM Credit Facility.

In addition, under the Third Amended JPM Credit Facility, the reinvestment period was extended from May 15, 2022 to May 15, 2023 and the maturity date was extended from May 15, 2023 to May 15, 2024.

Advances under the Third Amended JPM Credit Facility bear interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.10% per year, which was reduced from a spread of 3.25% per year.

34th Street incurred certain customary costs and expenses in connection with the Third Amended JPM Credit Facility.

No other material terms of the Second JPM Credit Facility were revised in connection with the Third Amended JPM Credit Facility.

On February 17, 2021, 34th Street repaid $125,000 of borrowings under the Third Amended JPM Credit Facility.

Interest is payable quarterly in arrears.

All advances under the Second Amended JPM Credit Facility will mature, and all accrued and unpaid interest thereunder will be due and payable, by no later than May 15, 2023, which was extended from August 24, 2021.

34th Street may prepay advances pursuant to the terms and conditions of the Second Amended JPM Credit Facility, subject to a 1% premium in certain circumstances.

In addition, 34th Street will be subject to a non-usage fee of 1.0% per year on the amount, if any, of the aggregate principal amount available under the Second Amended JPM Credit Facility that has not been borrowed during the period from August 23, 2018, and ending on, but excluding, May 15, 2022.

34th Street may prepay advances pursuant to the terms and conditions of the Third Amended JPM Credit Facility, subject to a 1% premium in certain circumstances.

In addition, 34th Street will be subject to a non-usage fee of 1.0% per year on the amount, if any, of the aggregate principal amount available under the Third Amended JPM Credit Facility that has not been borrowed through May 14, 2023.

The non-usage fees, if any, are payable quarterly in arrears.

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.

34th Street’s obligations to JPM under the Second Amended JPM Credit Facility are secured by a first priority security interest in all of the assets of 34th Street.

The obligations of 34th Street under the Second Amended JPM Credit Facility are non-recourse to the Company, and the Company’s exposure under the Second Amended JPM Credit Facility is limited to the value of the Company’s investment in 34th Street.

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 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

March 31, 2021

(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

September 30, Nine Months Ended

September 30, Year Ended December 31,

As of March 31, 2021 and December 31, 2020, the principal amount outstanding on the Third Amended JPM Credit Facility and the Second Amended JPM Credit Facility, respectively, was $500,000 and $625,000, respectively.

34th Street’s obligations to JPM under the Third Amended JPM Credit Facility are secured by a first priority security interest in all of the assets of 34th Street.

The obligations of 34th Street under the Third Amended JPM Credit Facility are non-recourse to the Company, and the Company’s exposure under the Third Amended JPM Credit Facility is limited to the value of the Company’s investment in 34th Street.

In connection with the Third Amended JPM Credit Facility, 34th Street has made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar facilities.

As of and for the three months ended March 31, 2021, 34th Street was in compliance with all covenants and reporting requirements.

Through March 31, 2021, the Company incurred debt issuance costs of $11,402 in connection with obtaining and amending the JPM Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Third Amended JPM Credit Facility, which is included in the Company’s consolidated balance sheet as of March 31, 2021 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility.

At March 31, 2021, the unamortized portion of the debt issuance costs was $6,092.

For the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020, the components of interest expense, average borrowings, and weighted average interest rate for the Third Amended JPM Credit Facility and the Second Amended JPM Credit Facility, as applicable, were as follows:

Three Months Ended March 31, Year Ended December 31,

2021 2020 2020

5 unchanged sentences

Average borrowings $ 565,278 $ 250,000 $ 493,122

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

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

On February 11, 2021, the Company entered into a Note Purchase Agreement with certain purchasers, or the Note Purchase Agreement, in connection with the Company’s issuance of $125,000 aggregate principal amount of its 4.50% senior unsecured notes due in 2026, or the 2026 Notes.

The net proceeds to the Company were approximately $122,300, after the deduction of placement agent fees and other financing expenses, which the Company used to repay debt under its secured financing arrangements.

The 2026 Notes mature on February 11, 2026.

The 2026 Notes bear interest at a rate of 4.50% per year payable semi-annually on February 11th and August 11th of each year, commencing on August 11, 2021.

The Company has the right to, at its option, redeem all or a part that is not less than 10% of the 2026 Notes (i) on or before February 11, 2024, at a redemption price equal to 100% of the principal amount of 2026 Notes to be redeemed plus an applicable “make-whole” amount equal to (x) the discounted value of the remaining scheduled payments with respect to the principal of such 2026 Note that is to be prepaid or becomes due and payable pursuant to the Note Purchase Agreement over (y) the amount of such called principal, plus accrued and unpaid interest, if any, (ii) after February 11, 2024 but on or before February 11, 2025, at a redemption price equal to 102% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, (iii) after February 11, 2025 but on or before August 11, 2025, at a redemption price equal to 101% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, and (iv) after August 11, 2025, at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any.

For any redemptions occurring on or before February 11, 2024, the discounted value portion of the “make whole amount” is calculated by applying a discount rate on the same periodic basis as that on which interest on the 2026 Notes is payable equal to the sum of 0.50% plus the yield to maturity of the most recently issued U.S.

Treasury securities having a maturity equal to the remaining average life of the 2026 Notes, or if there are no such U.S.

Treasury securities, using such implied yield to maturity determined in accordance with the terms of the Note Purchase Agreement.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2021

(in thousands, except share and per share amounts)

The 2026 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.

The Note Purchase Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC, (iii) minimum shareholders’ equity of 60% of the Company’s net asset value as of the year ended December 31, 2020 plus 50% of the net cash proceeds of the sale of certain equity interests by the Company after February 11, 2021, if any, (iv) a minimum asset coverage ratio of not less than 200%, or 150% if the Company obtains the requisite shareholder approval and the Company's common stock is listed for trading on a national securities exchange, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65% of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15% of the total value of unencumbered assets used by the Company for purposes of the ratio.

As of and for the three months ended March 31, 2021, the Company was in compliance with all reporting requirements.

The Note Purchase Agreement also contains a “most favored lender” provision in favor of the purchasers in respect of any new unsecured credit facilities, loans or indebtedness in excess of $25,000 incurred by the Company, which indebtedness contains a financial covenant not contained in, or more restrictive against the Company than those contained, in the Note Purchase Agreement.

In addition, the Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $25,000, certain judgments and orders, and certain events of bankruptcy.

As of March 31, 2021, the aggregate principal amount of 2026 Notes outstanding was $125,000.

For the three months ended March 31, 2021, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:

For the Period from February 11, 2021 through March 31, 2021

Stated interest expense $ 766

Amortization of deferred financing costs 72

Total interest expense $ 838

Weighted average interest rate(1) 4.50 %

Average borrowings $ 125,000

(1) Includes the stated interest expense on the 2026 Notes and is annualized for periods covering less than one year.

On May 19, 2017, the Company, through two newly-formed, wholly-owned, special-purpose financing subsidiaries, entered into a financing arrangement with UBS pursuant to which up to $125,000 was made available to the Company.

13 unchanged sentences

and (c) the occurrence of certain bankruptcy and insolvency events with respect to Murray Hill Funding II or Murray Hill Funding.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2021

(in thousands, except share and per share amounts)

Murray Hill Funding, in turn, entered into a repurchase transaction with UBS, pursuant to the terms of a Global Master Repurchase Agreement and the related Annex and Master Confirmation thereto, each dated May 19, 2017, or collectively, the UBS Facility.

3 unchanged sentences

Murray Hill Funding was required to repurchase the Notes sold to UBS under the UBS Facility by no later than May 19, 2020.

The repurchase price paid by Murray Hill Funding to UBS will be equal to the purchase price paid by UBS for the repurchased Notes (giving effect to any reductions resulting from voluntary partial prepayment(s)).

The financing fee under the UBS Facility was equal to the three-month LIBOR plus a spread of up to 3.50% per year for the relevant period.

5 unchanged sentences

No other material terms of the UBS Facility were revised in connection with the amended UBS Facility, or the Amended UBS Facility.

On May 19, 2020, Murray Hill Funding entered into a Second Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Second Amended Master Confirmation, which extended the date that Murray Hill Funding will be required to repurchase the Notes sold to UBS under the Amended UBS Facility from May 19, 2020 to November 19, 2020, and increased the spread on the financing fee from 3.50% to 3.90% per year.

On May 19, 2020, Murray Hill Funding also repurchased Notes in the aggregate principal amount of $133,333 from UBS for an aggregate repurchase price of $100,000, which was then repaid by Murray Hill Funding II.

The repurchase of the Notes on May 19, 2020 resulted in a repayment of one-half of the outstanding amount of borrowings under the Amended UBS Facility as of May 19, 2020.

As of December 31, 2020, Notes remained outstanding in the aggregate principal amount of $133,333, which was purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Facility for aggregate proceeds of $100,000.

On November 12, 2020, Murray Hill Funding entered into a Third Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Third Amended Master Confirmation, to further extend the date that Murray Hill Funding will be required to repurchase the Notes to December 18, 2020.

On December 17, 2020, Murray Hill Funding entered into a Fourth Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Fourth Amended Master Confirmation, which further extended the date that Murray Hill Funding will be required to repurchase the Notes sold to UBS under the Amended UBS Facility from December 18, 2020 to November 19, 2023, and decreased the spread on the financing fee from 3.90% to 3.375% per year.

No other material terms of the Amended UBS Facility were revised in connection with the Fourth Amended Master Confirmation.

On December 17, 2020, Murray Hill Funding also entered into a Revolving Credit Note Agreement, or the Revolving Note Agreement, with Murray Hill Funding II, UBS and U.S.

Bank, as note agent and trustee, which provides for a revolving credit facility in an aggregate principal amount of $50,000, subject to compliance with a borrowing base.

Murray Hill Funding II will issue Class A-R Notes, or the Class A-R Notes, in exchange for advances under the Revolving Note Agreement.

Principal on the Class A-R Notes will be due and payable on the stated maturity date of May 19, 2027, which is the same stated maturity date as the Notes.

The Class A-R Notes will be issued pursuant to a Second Amended and Restated Indenture, dated December 17, 2020, between Murray Hill Funding II and U.S.

Bank, as trustee, or the Second Amended Indenture.

Under the Second Amended Indenture, the aggregate principal amount of Notes and Class A-R Notes that may be issued by Murray Hill Funding II from time to time is $150,000.

Murray Hill Funding, in turn, entered into a repurchase transaction with UBS pursuant to the terms of the related Annex and Master Confirmation, dated December 17, 2020, to the Global Master Repurchase Agreement, dated May 19, 2017, related to the Class A-R Notes.

Murray Hill Funding is required to repurchase the Class A-R Notes that will be sold to UBS by no later than November 19, 2023.

The financing fee for the funded Class A-R Notes is equal to the three-month LIBOR plus a spread of 3.375% per year while the financing fee for the unfunded Class A-R Notes is equal to 0.75% per year.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

March 31, 2021

(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 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;

provided, however, that Murray Hill Funding will not be required to post cash collateral with UBS until such market value has declined at least 10% from the initial market value of the portfolio assets.

2 unchanged sentences

The Company’s exposure under the Amended UBS Facility is limited to the value of the Company’s investment in Murray Hill Funding.

Pursuant to the Amended UBS Facility, Murray Hill Funding has made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar transactions.

Pursuant to the Amended UBS Facility, Murray Hill Funding has made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar transactions.

The Amended UBS Facility contains events of default customary for similar financing transactions, including, without limitation:

4 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 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.

Murray Hill Funding paid an upfront fee and incurred certain other customary costs and expenses totaling $2,637 in connection with obtaining the Amended UBS Facility, which were recorded as a direct reduction to the outstanding balance of the Amended UBS Facility, which is included in the Company’s consolidated balance sheets and amortized to interest expense over the term of the Amended UBS Facility.

At March 31, 2021, all upfront fees and other expenses were fully amortized.

As of March 31, 2021, Notes in the aggregate principal amount of $100,000 had been purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Facility for aggregate proceeds of $100,000.

The carrying amount outstanding under the Amended UBS Facility approximates its fair value.

The Company funded each purchase of Notes by Murray Hill Funding through a capital contribution to Murray Hill Funding.

As of September 30, 2020, the amount due at maturity under the Amended UBS Facility was $100,000.

As of March 31, 2021, the amount due at maturity under the Amended UBS Facility was $100,000.

The Notes issued by Murray Hill Funding II and purchased by Murray Hill Funding eliminate in consolidation on the Company’s consolidated financial statements.

As of September 30, 2020, the fair value of assets held by Murray Hill Funding II was $173,310.

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

As of March 31, 2021, the fair value of assets held by Murray Hill Funding II w as $186,717.

Three Months Ended March 31, Year Ended December 31,

2021 2020 2020

Stated interest expense $ 902 $ 2,703 $ 6,732

Non-usage fee 94 — 16

Amortization of deferred financing costs — 234 360

3 unchanged sentences

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

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

Citibank Credit Facility

3 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 September 30, 2019, the principal amount outstanding on the Second Amended Citibank Credit Facility was $278,542 and $277,542, respectively.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2021

(in thousands, except share and per share amounts)

As of December 31, 2019, the principal amount outstanding on the Second Amended Citibank Credit Facility was $278,542.

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

September 30, Nine Months Ended

September 30, Year Ended December 31,

For the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020, the components of interest expense, average borrowings, and weighted average interest rate for the Second Amended Citibank Credit Facility were as follows:

Three Months Ended March 31, Year Ended December 31,

2021 2020 2020

Stated interest expense $ — $ 2,369 $ 3,171

Amortization of deferred financing costs — 174 1,551 508 682

Non-usage fee — 177 288

Amortization of deferred financing costs — 172 1,551

Total interest expense $ — $ 2,718 $ 5,010

2 unchanged sentences

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

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

MS Credit Facility

7 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 September 30, 2019, the principal amount outstanding on the Amended MS Credit Facility was $112,500 and $115,000, respectively.

As of December 31, 2019, the principal amount outstanding on the Amended MS Credit Facility was $112,500.

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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2021

(in thousands, except share and per share amounts)

Advances under the Amended MS Credit Facility were available through December 19, 2020 and bore interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.0% per year through December 19, 2020.

7 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

September 30, Nine Months Ended

September 30, Year Ended December 31,

Three Months Ended March 31, Year Ended December 31,

2021 2020 2020

6 unchanged sentences

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

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

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 September 30, 2020 and December 31, 2019, according to the fair value hierarchy:

September 30, 2020(1) December 31, 2019(2)

The following table presents fair value measurements of the Company’s portfolio investments as of March 31, 2021 and December 31, 2020, according to the fair value hierarchy:

March 31, 2021(1) December 31, 2020(2)

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

1 unchanged sentence

Senior secured second lien debt — — 154,626 154,626 — — 151,506 151,506

Collateralized securities and structured products - debt — — — — — — 7,212 7,212

Collateralized securities and structured products - equity — — 13,840 13,840 — — 12,131 12,131

3 unchanged sentences

Total Investments $ 89,990 $ — $ 1,520,794 $ 1,610,784 $ 76,006 $ — $ 1,468,282 $ 1,544,288

(1) Excludes the Company's $28,551 investment in CION SOF and $12,650 investment in BCP Great Lakes Fund LP, which were measured at NAV.

(1) Excludes the Company's $10,857 investment in BCP Great Lakes Fund LP, which was measured at NAV.

(2) Excludes the Company's $12,472 investment in CION SOF and $12,611 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 September 30, 2019 according to the fair value hierarchy:

September 30, 2019

Level 1 Level 2 Level 3 Total

Senior secured first lien debt $ — $ — $ 1,417,752 $ 1,417,752

Senior secured second lien debt — — 268,656 268,656

Collateralized securities and structured products - debt — — 9,950 9,950

Collateralized securities and structured products - equity — — 14,981 14,981

Equity 5,951 — 34,804 40,755

Short term investments 23,060 — — 23,060

Total Investments $ 29,011 $ — $ 1,746,143 $ 1,775,154

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

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, 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

Net realized loss (35,479) (7,059) — — — (42,538)

Net change in unrealized appreciation (depreciation) 45,368 5,416 299 (53) 390 51,420

Accretion of discount 2,805 412 — 3 — 3,220

Sales and principal repayments(1) (81,428) (31,043) (372) — — (112,843)

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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

March 31, 2021

(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

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2021 and 2020:

Three Months Ended

March 31, 2021

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total

Beginning balance, December 31, 2020 $ 1,223,268 $ 151,506 $ 12,131 $ 5,464 $ 75,913 $ 1,468,282

1 unchanged sentence

Net realized loss (1,073) — — — — (1,073)

Net change in unrealized depreciation (28,074) (10,391) — (1,988) (161) (14,521) (55,135)

Net change in unrealized appreciation 14,918 1,930 1,862 26 14,198 32,934

Accretion of discount 3,002 167 — 3 — 3,172

Sales and principal repayments (173,715) (4) (153) — — (173,872)

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.

Ending balance, March 31, 2021 $ 1,255,426 $ 154,626 $ 13,840 $ 5,493 $ 91,409 $ 1,520,794

Change in net unrealized appreciation on investments still held as of March 31, 2021(1) $ 12,423 $ 1,930 $ 1,862 $ 26 $ 14,198 $ 30,439

(1) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.

(2) Investments purchased includes PIK interest.

Three 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, June 30, 2019 $ 1,452,981 $ 291,549 $ 13,305 $ 15,414 $ 39,333 $ 1,812,582

March 31, 2020

Beginning balance, December 31, 2019 $ 1,351,767 $ 248,253 $ 7,212 $ 14,182 $ 4,900 $ 56,886 $ 1,683,200

Investments purchased 177,154 354 — — — 611 178,119

Net realized (gain) loss (4,195) 1 — — — — (4,194)

Net change in unrealized (depreciation) appreciation (17,454) 1,134 (1) (337) (6,460) (23,118)

Net change in unrealized depreciation (85,030) (17,215) — (3,020) (104) (11,042) (116,411)

Accretion of discount 4,689 488 — — 4 — 5,181

Sales and principal repayments (170,060) (30,716) (7,212) (190) — — (208,178)

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)

Ending balance, March 31, 2020 $ 1,274,325 $ 201,165 $ — $ 10,972 $ 4,800 $ 46,455 $ 1,537,717

Change in net unrealized depreciation on investments still held as of March 31, 2020(1) $ (81,934) $ (16,670) $ — $ (3,020) $ (104) $ (11,042) $ (112,770)

(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)

September 30, 2020

March 31, 2021

(in thousands, except share and per share amounts)

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) gain (2,893) 13 (475) — (155) (3,510)

Net change in unrealized (depreciation) appreciation (26,992) (2,826) (101) 445 (8,025) (37,499)

Accretion of discount 8,939 1,119 — — — 10,058

Sales and principal repayments(1) (390,291) (67,784) (4,667) (291) — (463,033)

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) 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 September 30, 2020, December 31, 2019 and September 30, 2019 were as follows:

September 30, 2020

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of March 31, 2021 and December 31, 2020 were as follows:

March 31, 2021

Fair Value Valuation Techniques/

8 unchanged sentences

16,187 Broker Quotes Broker Quotes N/A N/A

5,593 Market Comparable Approach EBITDA Multiple 3.75x — 7.00x 4.06x

1,552 Revenue Multiple 0.20x N/A

1,996 Market Comparable Approach EBITDA Multiple 10.00x N/A

Collateralized securities and structured products - equity 13,840 Discounted Cash Flow Discount Rates 11.0% — 17.0% 12.6%

1 unchanged sentence

Equity 44,965 Market Comparable Approach EBITDA Multiple 3.00x — 24.00x 12.33x

7,822 $ per kW $264.50 N/A

18,784 Revenue Multiple 0.60x — 2.29x 1.46x

8,618 $ per kW $281.5 N/A

18,782 Discounted Cash Flow Discount Rates 14.3% N/A

12 Options Pricing Model Expected Volatility 60.0% — 85.0% 85.0%

259 Broker Quotes Broker Quotes N/A N/A

1 Options Pricing Model Expected Volatility N/A 70%

Total $ 1,520,794

(1) Weighted average amounts are based on the estimated fair values.

(2) Fair value based on expected outcome of proposed corporate transactions and/or other factors.

(2) Fair value is based on the expected outcome of proposed corporate transactions and/or other factors.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

March 31, 2021

(in thousands, except share and per share amounts)

5 unchanged sentences

305,974 Broker Quotes Broker Quotes N/A N/A

7,591 Market Comparable Approach EBITDA Multiple 5.25x - 9.00x 7.49x

21,920 Market Comparable Approach Revenue Multiple 2.33x N/A

9,361 EBITDA Multiple 2.50x N/A

4,329 Other(2) Other(2) N/A N/A

1 unchanged sentence

25,763 Broker Quotes Broker Quotes N/A N/A

1,074 Market Comparable Approach EBITDA Multiple 5.25x - 7.55x 7.55x

Collateralized securities and structured products - debt 7,212 Other(2) Other(2) N/A N/A

2,305 Market Comparable Approach EBITDA Multiple 4.75x N/A

1,573 Revenue Multiple 0.20x N/A

Collateralized securities and structured products - equity 12,131 Discounted Cash Flow Discount Rates 12.0% — 18.0% 13.5%

2,908 Other(2) Other(2) N/A N/A

Unsecured debt 5,464 Discounted Cash Flow Discount Rates 16.5% N/A

1 unchanged sentence

11,634 Revenue Multiple 0.20x — 2.33x 1.56x

7,988 $ per kW $271.50 N/A

16,481 Discounted Cash Flow Discount Rates 18.5% N/A

3 unchanged sentences

(1) Weighted average amounts are based on the estimated fair values.

(2) Fair value based on expected outcome of proposed corporate transactions and/or other factors.

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 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

Collateralized securities and structured products - debt 9,950 Discounted Cash Flow Discount Rates 16.0% N/A

Collateralized securities and structured products - equity 14,981 Discounted Cash Flow Discount Rates 12.5% — 16.0% 13.8%

Equity 13,864 Market Comparable Approach EBITDA Multiple 5.50x — 9.75x 8.28x

7,399 Revenue Multiple 0.30x — 4.00x 0.74x

12,637 Discounted Cash Flow Discount Rates 12.1% N/A

900 Options Pricing Model Expected Volatility 31.5% — 89.2% 36.0%

4 Broker Quotes Broker Quotes N/A N/A

Total $ 1,746,143

(1) Weighted average amounts are based on the estimated fair values.

(2) Fair value based on expected outcome of proposed corporate transactions and/or other factors.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

(in thousands, except share and per share amounts)

(2) Fair value is based on the expected outcome of proposed corporate transactions and/or other factors.

The significant unobservable inputs used in the fair value measurement of the Company’s senior secured first lien debt, senior secured second lien debt, collateralized securities and structured products, unsecured debt and equity are discount rates, EBITDA multiples, revenue multiples, broker quotes and expected volatility.

2 unchanged sentences

General and Administrative Expense

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

September 30, Nine Months Ended

September 30, Year Ended December 31,

General and administrative expense consisted of the following items for the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020:

Three Months Ended March 31, Year Ended December 31,

2021 2020 2020

2 unchanged sentences

Valuation expense 252 276 999

Accounting and administrative costs 224 191 507 394 567

Printing and marketing expense 241 17 359 73 102

Accounting and administration costs 237 146 680

Dues and subscriptions 169 82 342

Insurance expense 132 108 489

Director fees and expenses 103 116 450

Dues and subscriptions 124 82 273 241 343

Due diligence fees — — — 61 61

Printing and marketing expense 44 15 378

Other expenses 65 35 336

2 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

March 31, 2021

(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 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.

$ 11,000 $ 11,500 $ 11,500

As of March 31, 2021 and December 31, 2020, the Company’s unfunded commitments were as follows:

Unfunded Commitments March 31, 2021(1) December 31, 2020(1)

Genesis Healthcare, Inc.

West Dermatology Management Holdings, LLC 7,655 7,655

Williams Industrial Services Group, Inc.

BCP Great Lakes Fund LP 4,143 2,135

Palmetto Solar, LLC 3,262 3,262

Independent Pet Partners Intermediate Holdings, LLC 7,363 7,852 7,852

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

Geon Performance Solutions, LLC 2,586 2,586

Appalachian Resource Company, LLC 2,500 2,500

Coyote Buyer, LLC 2,500 2,500

BCP Great Lakes Fund LP 2,110 792 —

Moss Holding Company 2,232 2,232

Foundation Consumer Healthcare, LLC 2,094 4,211

Extreme Reach, Inc.

AMCP Staffing Intermediate Holdings III, LLC 1,598 1,370

Anthem Sports & Entertainment Inc.

1,333 1,333 1,333

Extreme Reach, 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

Lift Brands, Inc.

— 3,950 3,650

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.

Deluxe Entertainment Services Group, Inc.

Woodstream Corp.

Spinal USA, Inc.

/ Precision Medical Inc.

CircusTrix Holdings, LLC 802 2,898

Mimeo.com, Inc.

American Media, LLC 85 —

Total $ 75,738 $ 43,130

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 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.

For information on the companies to which the Company is committed to fund additional amounts as of March 31, 2021 and December 31, 2020, refer to the table above and the consolidated schedules of investments.

As of May 10, 2021, the Company was committed, upon the satisfaction of certain conditions, to fund an additi onal $79,985.

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).

5 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

March 31, 2021

(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 nine months ended September 30, 2020 and 2019 and the year ended December 31, 2019:

Fee income consists of amendment fees, capital structuring and other fees, and administrative agent fees.

The following table summarizes the Company’s fee income for the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020:

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

March 31, Year Ended

2021 2020 2020

1 unchanged sentence

Capital structuring and other fees 294 115 968

Commitment fees — — — — 80

Administrative agent fees 55 — 25

2 unchanged sentences

Income from all other fees was non-recurring.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

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 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,

The following is a schedule of financial highlights as of and for the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020:

Three Months Ended

March 31, Year Ended

2021 2020 2020

3 unchanged sentences

Net investment income 0.16 0.19 0.69

Net realized and net change in unrealized losses(2) (1.01) (0.37) (0.31)

Net (decrease) increase in net assets resulting from operations(2) (0.51) 0.20 0.46

Net realized and net change in unrealized gains (losses)(2) 0.28 (1.12) (0.78)

Net increase (decrease) in net assets resulting from operations(2) 0.44 (0.93) (0.09)

Shareholder distributions:

Distributions from net investment income (0.13) (0.18) (0.56)

Net decrease in net assets from shareholders' distributions (0.27) (0.55) (0.75)

Net decrease in net assets resulting from shareholders' distributions (0.13) (0.18) (0.56)

Capital share transactions:

11 unchanged sentences

Ratio of gross operating expenses to average net assets(6)(7) 2.10 % 2.62 % 9.72 %

Ratio of expenses to average net assets(6) 7.24 % 8.78 % 11.76 %

Ratio of net operating expenses to average net assets(6) 2.10 % 2.62 % 9.72 %

Portfolio turnover rate(8) 12.20 % 10.53 % 22.99 %

Asset coverage ratio(9) 2.26 2.02 2.21

(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.

The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales and repurchases of the Company’s shares in relation to fluctuating market values for the portfolio.

As a result, net (decrease) increase in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.

(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 nine months ended September 30, 2020 and 2019 and the year ended December 31, 2019.

(1) The per share data for the three months ended March 31, 2021 and 2020 and the year ended December 31, 2020 was derived by using the weighted average shares of common stock outstanding during each period.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2020

March 31, 2021

(in thousands, except share and per share amounts)

(2) The amount shown for net realized and net change in unrealized gains (losses) is the balancing figure derived from the other figures in the schedule.

As a result, net increase (decrease) in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.

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 three months ended March 31, 2021 and 2020 and the year ended December 31, 2020.

The Company's follow-on continuous public offering ended on January 25, 2019.

(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 nine months ended September 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 three months ended March 31, 2021 and 2020 and the year ended December 31, 2020.

(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.

4 unchanged sentences

Total returns covering less than a full year are not annualized.

(6) Ratio is not annualized for periods less than one year.

(6) Ratio is not annualized.

(7) Ratio of gross operating expenses to average net assets does not include expense support provided by CIM, if any.

1 unchanged sentence

(9) Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) total senior securities outstanding at the end of the period (excluding unfunded commitments), divided by (ii) total senior securities outstanding at the end of the period.

Israeli Securities Regulation

The Securities Regulations (Annual Financial Statements), 2010 of Israel, or the Israeli Securities Regulation, requires certain disclosures that are not required by GAAP.

International Financial Reporting Standards

The differences between GAAP and the International Financial Reporting Standards, which are required under the Israeli Securities Regulation, are not material to the consolidated financial statements of the Company.

Subsequent Event

More Term Loan

On April 14, 2021, the Company entered into an Unsecured Term Loan Facility Agreement, or the Term Loan Agreement, with More Provident Funds Ltd., or More, as lender.

The Term Loan Agreement with More, or the More Term Loan, provides for an unsecured term loan to the Company in an aggregate principal amount of $30,000.

On April 20, 2021, the Company drew down $30,000 of borrowings under the More Term Loan.

After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $29,000, which the Company intends to use for working capital and other general corporate purposes.

Advances under the More Term Loan mature on September 30, 2024, and bear interest at a rate of 5.20% per year payable quarterly in arrears.

The Company has the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that is to be prepaid or becomes due and payable pursuant to the Term Loan Agreement.

The discounted present value portion of the prepayment fee is calculated by applying a discount rate on the same periodic basis as that on which interest on advances is payable equal to the sum of 2.00% plus the yield to maturity of the most recently issued U.S.

Treasury securities having a maturity equal to the remaining average life of the More Term Loan, or if there are no such U.S.

Treasury securities, using such implied yield to maturity determined in accordance with the terms of the Term Loan Agreement.

Advances under the More Term Loan are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company's subsidiaries, financing vehicles or similar facilities.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2021

(in thousands, except share and per share amounts)

The Term Loan Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of 60% of the Company’s net asset value as of the year ended December 31, 2020 plus 50% of the net cash proceeds of the sale of certain equity interests by the Company after April 14, 2021, if any, (iv) a minimum asset coverage ratio of not less than 200%, or 150% subject to certain U.S.

SEC relief actions and the Company's common stock being listed for trading on a national securities exchange, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65% of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15% of the total value of unencumbered assets used by the Company for purposes of the ratio.

In addition, the Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $25,000, certain judgments and orders, and certain events of bankruptcy.

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