What changed in this filing

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2023-03-16 compared with 2022-03-10 · 1561 added, 1011 removed, 1604 unchanged (62% of the section changed)

4 unchanged sentences

To the extent that a majority of our investments may be in variable rate investments, an increase in interest rates could make it easier for us to meet or exceed our incentive fee hurdle rate, as defined in our investment advisory agreement, and may result in a substantial increase in our net investment income, and also to the amount of incentive fees payable to CIM with respect to our pre-incentive fee net investment income.

As of December 31, 2021, under the terms of the Third Amended JPM Credit Facility, advances currently bear interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.10% per year.

As of December 31, 2022, under the terms of the Third Amended JPM Credit Facility, advances bear interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.10% per year.

Under the terms of the JPM First Amendment, additional advances of up to $100,000 bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.10% per year, and a LIBOR to SOFR credit spread adjustment of 0.15%.

Pursuant to the terms of the Amended UBS Facility, we currently pay a financing fee equal to the three-month LIBOR, plus a spread of 3.375% per year.

Pursuant to the terms of the 2022 More Term Loan, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.50% per year and subject to a 1.0% SOFR floor.

In addition, we may seek to further borrow funds in order to make additional investments.

5 unchanged sentences

Adverse developments resulting from changes in interest rates could have a material adverse effect on our business, financial condition and results of operations.

The following table shows the effect over a twelve month period of changes in interest rates on our net interest income, excluding short term investments, assuming no changes in our investment portfolio, the Third Amended JPM Credit Facility or the Amended UBS Facility in effect as of December 31, 2021:

The following table shows the effect over a twelve month period of changes in interest rates on our net interest income, excluding short term investments, assuming no changes in our investment portfolio, the Third Amended JPM Credit Facility (including the JPM First Amendment), the Amended UBS Facility or the 2022 More Term Loan in effect as of December 31, 2022:

Basis Point Change in Interest Rates (Decrease) Increase in Net Interest Income(1) Percentage Change in Net Interest Income

Down 300 basis points $ (19,636) (15.7) %

Down 200 basis points (13,607) (10.9) %

Down 100 basis points (6,842) (5.5) %

Down 50 basis points (3,421) (2.7) %

No change to current base rate (4.76% as of December 31, 2022)

4 unchanged sentences

(1) This table assumes no change in defaults or prepayments by portfolio companies over the next twelve months.

The interest rate sensitivity analysis presented above does not consider the potential impact of the changes in fair value of our fixed rate debt investments, our fixed rate borrowings (the 2026 Notes and the More Term Loan), or the net asset value of our common stock in the event of sudden changes in interest rates.

The interest rate sensitivity analysis presented above does not consider the potential impact of the changes in fair value of our fixed rate debt investments, our fixed rate borrowings (the 2026 Notes and the 2021 More Term Loan), our Series A Notes (which were issued on February 28, 2023), or the net asset value of our common stock in the event of sudden changes in interest rates.

Approximately 9.0% of our investments paid fixed interest rates as of December 31, 2022.

2 unchanged sentences

Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies—Valuation of Portfolio Investments” and Note 2 to our consolidated financial statements included in this report.

Inflation and Supply Chain Risk

Economic activity has continued to accelerate across sectors and regions.

Nevertheless, due to global supply chain issues, geopolitical events, a rise in energy prices and strong consumer demand as economies continue to rebound, inflation is showing signs of acceleration in the U.S.

and globally.

Inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response.

Persistent inflationary pressures could affect our portfolio companies' respective profit margins.

Credit markets continued to be under pressure during the second half of 2022 amid a risk-off environment and sustained macro-economic uncertainty due to record-high inflation, tighter financial conditions and growing recession risk.

Central banks have remained focused on restoring price stability by raising interest rates and have signaled that growth may be hindered until inflation comes under control.

Consolidated Financial Statements and Supplementary Data

Report of Independent Registered Public Accounting Firm

Report s of Independent Registered Public Accounting Firm (PCAOB ID 49 )

Consolidated Balance Sheets

7 unchanged sentences

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets, including the consolidated schedules of investments, of CĪON Investment Corporation (the Company) as of December 31, 2021 and 2020, and the related consolidated statements of operations, changes in net assets and cash flows for each of the two years in the period ended December 31, 2021, and the related notes to the consolidated financial statements (collectively, the financial statements).

We have audited the accompanying consolidated balance sheets, including the consolidated schedules of investments, of CĪON Investment Corporation (the Company) as of December 31, 2022 and 2021, the related consolidated statements of operations, changes in net assets and cash flows for each of the three years in the period ended December 31, 2022, and the related notes to the consolidated financial statements (collectively, the financial statements).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013, and our report dated March 15, 2023 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

1 unchanged sentence

Our responsibility is to express an opinion on the Company’s financial statements based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S.

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.

1 unchanged sentence

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting.

Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our procedures included confirmation of investments owned as of December 31, 2022 and 2021, by correspondence with the custodians, loan agents or management of the underlying investments, as applicable, or by other appropriate auditing procedures where replies from these parties, as applicable, were not received.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:

(1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

Valuation of Level 3 Investments

As of December 31, 2021, the fair value of the Company’s investments classified as Level 3 investments was approximately $1.63 billion, or approximately 94.7% of total investments.

As discussed in Notes 1, 2, and 9 in the financial statements, the Company invests in senior secured debt, including first lien loans, second lien loans and unitranche loans, and, to a lesser extent, collateralized securities, structured products and other similar securities, unsecured debt and equity, of private and thinly-traded U.S.

middle-market companies, and substantially all of its investments are classified as Level 3 investments.

The Company’s determination of fair value for these investments requires that management makes subjective judgments and estimates utilizing non-binding broker or dealer consensus pricing and/or quotes, a market approach, an income approach, or a combination of a market and income approach, as appropriate.

These approaches require management to make subjective judgments and estimates related to significant unobservable inputs including the discount rates, EBITDA multiples, revenue multiples, broker quotes, expected volatility and expected outcome of proposed corporate transactions.

We identified the valuation of Level 3 investments as a critical audit matter given the Company uses significant subjective judgments to estimate the fair value of such investments.

Auditing the reasonableness of management’s selection of valuation techniques and the related unobservable inputs increased audit effort, including the use of a valuation specialist.

Our audit procedures related to the valuation techniques, unobservable inputs and assumptions used by management to estimate the fair value of Level 3 investments included the following, among others:

• We evaluated the appropriateness of the valuation techniques used for Level 3 investments and evaluated the reasonableness of any significant changes in valuation techniques since prior periods.

• We evaluated the reasonableness of the related significant unobservable inputs and the reasonableness of any significant changes in significant unobservable inputs from prior periods by comparing these inputs to external sources, including, but not limited to:

◦ Historical operating results of the investment as obtained from the Company, among other sources, the financial statements and the board of directors’ materials of the investment.

As discussed in Note 2 to the financial statements, substantially all of the Company’s investments are recorded at fair value, which represents the price that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date.

Accounting principles generally accepted in the United States of America establish a three-tier fair value hierarchy that prioritizes and ranks the level of market price observability of inputs used by management in measuring the Company’s investments at fair value.

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.

Investments valued using unobservable inputs are classified as Level 3 investments according to the fair value hierarchy discussed in Note 2 and may require significant management judgment or estimation, including the selection of valuation techniques and the inputs used in those valuation techniques, to estimate fair value.

As discussed in Note 9 to the financial statements, the fair value of the Company’s investments classified as Level 3 investments was approximately $1.72 billion as of December 31, 2022.

We identified the valuation of Level 3 investments as a critical audit matter because of the management judgment necessary to select the valuation techniques used to estimate the fair value of the investments and to estimate the significant unobservable inputs used in those valuation techniques.

Auditing management’s estimates and judgments involved a high degree of auditor judgment and increased audit effort, including the use of valuation specialists, due to the impact these estimates and judgments have on the fair value of the investments.

Our audit procedures related to estimates and judgments used by management to select the valuation techniques and unobservable inputs used in the estimation of the fair value of Level 3 investments included the following, among others:

• We obtained an understanding of the relevant controls related to management’s valuation of Level 3 investments and tested such controls for design and operating effectiveness, including those related to management’s selection of valuation techniques and estimates of significant unobservable inputs.

• We selected a sample of investments and evaluated the appropriateness of the valuation techniques used by management to value the Level 3 investments by considering the reasonableness of any significant changes in valuation techniques from prior periods, if applicable, and also, comparing to those used by market participants.

• For a sample of investments, we evaluated both the reasonableness of the significant unobservable inputs and the reasonableness of any significant changes in significant unobservable inputs from prior periods, when applicable, by comparing the unobservable inputs to external sources, including, but not limited to:

◦ Historical operating results of the investee.

◦ Available market data for comparable companies.

◦ Subsequent events and transactions, where available.

• We tested the source information used to determine the valuation input and the mathematical accuracy of the calculation used to compute the input.

• With the assistance of a valuation specialists, we performed the following:

◦ For a portion of Level 3 investments, evaluated the valuation techniques compared to those of a market participant, used market information to develop a range of market yield, comparable financial performance multiples and discount rate assumptions and compared them to the assumptions used by management.

◦ For a portion of Level 3 investments, developed an independent estimate of the fair value and compared our estimates to management’s estimates.

• We evaluated management’s ability to reasonably estimate fair value by comparing management’s historical estimates to transactions subsequent to measurement date.

We took into consideration changes in market or investment specific factors, where available.

• We tested both the source information used to determine the unobservable input and the mathematical accuracy of the calculation used to compute the unobservable input for a sample of investments.

• For a sample of investments, we utilized valuation specialists to perform the following procedures, among others:

◦ Evaluate the appropriateness of management’s valuation techniques by comparing them to those used by a market participant.

◦ Develop an independent range of certain unobservable inputs such as market yield, comparable financial performance multiples and discount rates, among others, and compared them to the assumptions used by management.

◦ Develop an independent estimate of the fair value and compared our estimate to management’s estimate.

• We evaluated management’s ability to reasonably estimate fair value by comparing management’s historical estimates to transactions subsequent to the measurement date, considering changes in market or investment specific factors, among others, when applicable.

/s/ RSM US LLP

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March 15, 2023

Report of Independent Registered Public Accounting Firm

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

Opinion on the Internal Control Over Financial Reporting

We have audited CĪON Investment Corporation's (the Company) internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets, including the consolidated schedules of investments, as of December 31, 2022 and 2021, and the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2022, and the related notes to the consolidated financial statements (collectively, the financial statements) of the Company and our report dated March 15, 2023 expressed an unqualified opinion.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting in the accompanying Management’s Report on Internal Control Over Financial Reporting.

Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.

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.

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

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audit also included performing such other procedures as we considered necessary in the circumstances.

We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ RSM US LLP

New York, New York

March 15, 2023

CĪON Investment Corporation

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Non-controlled, non-affiliated investments (amortized cost of $ 1,580,844 and $ 1,617,126 , respectively)

$ 1,525,040 $ 1,581,124

Non-controlled, affiliated investments (amortized cost of $ 140,344 and $ 91,476 , respectively)

143,876 81,490

Controlled investments (amortized cost of $ 82,421 and $ 83,702 , respectively)

91,114 91,425

Total investments, at fair value (amortized cost of $ 1,803,609 and $ 1,792,304 , respectively)

1,760,030 1,754,039

Cash 82,739 3,774

1 unchanged sentence

Receivable due on investments sold and repaid 1,016 2,854

Dividends receivable on investments — 45

Dividends receivable on controlled investments 1,275 —

Prepaid expenses and other assets 825 466

2 unchanged sentences

Financing arrangements (net of unamortized debt issuance costs of $ 6,178 and $ 7,628 , respectively)

$ 951,322 $ 822,372

Payable for investments purchased — 11,327

4 unchanged sentences

Accrued administrative services expense 1,703 1,595

Shareholder distribution payable 14,931 —

Total liabilities 988,777 852,170

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500,000,000 shares authorized;

56,958,440 and 56,646,867 shares issued and outstanding, respectively(1) 57 57

and 56,958,440 shares issued and 55,299,484 and 56,958,440 shares outstanding, respectively

Capital in excess of par value 1,044,547 1,059,989

3 unchanged sentences

Net asset value per share of common stock at end of year $ 15.98 $ 16.34

(1) As discussed in Note 3, the Company completed a two-to-one reverse stock split, effective as of September 21, 2021.

The issued and outstanding shares and net asset value per share reflect the reverse stock split on a retroactive basis.

See accompanying notes to consolidated financial statements.

11 unchanged sentences

Non-controlled, affiliated investments

Dividend income 5,576 3,012 4,015

Interest income 4,961 7,883 1,905

Paid-in-kind interest income 6,204 3,160 2,082

Interest income 5,865 4,961 7,883

Fee income 525 — 150

Dividend income 79 5,576 3,012

Controlled investments

Interest income 6,049 — —

Paid-in-kind interest income 2,482 260 —

17 unchanged sentences

Foreign currency ( 3 ) ( 3 ) 26

Net realized gains (losses) 840 (69,872) (24,917)

Net change in unrealized appreciation (depreciation) on:

Net realized (losses) gains ( 32,750 ) 840 ( 69,872 )

Net change in unrealized (depreciation) appreciation on:

Non-controlled, non-affiliated investments ( 19,807 ) 25,566 1,110

1 unchanged sentence

Controlled investments 970 10,790 ( 3,043 )

Net change in unrealized appreciation (depreciation) 43,617 (19,878) (10,551)

Net realized and unrealized gains (losses) 44,457 (89,750) (35,468)

Net change in unrealized (depreciation) appreciation ( 5,314 ) 43,617 ( 19,878 )

Net realized and unrealized (losses) gains ( 38,064 ) 44,457 ( 89,750 )

Net increase (decrease) in net assets resulting from operations $ 50,141 $ 118,764 $ ( 11,022 )

13 unchanged sentences

Net investment income $ 88,205 $ 74,307 $ 78,728

Net realized gain (loss) on investments 843 (69,898) (24,778)

Net realized (loss) gain on investments ( 32,747 ) 843 ( 69,898 )

Net realized (loss) gain on foreign currency ( 3 ) ( 3 ) 26

Net change in unrealized appreciation (depreciation) on investments 43,617 (19,878) (10,551)

Net change in unrealized (depreciation) appreciation on investments ( 5,314 ) 43,617 ( 19,878 )

Net increase (decrease) in net assets resulting from operations 50,141 118,764 ( 11,022 )

3 unchanged sentences

Changes in net assets from capital share transactions:

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

Reinvestment of shareholders' distributions — 15,489 23,298

Repurchase of common stock ( 15,444 ) ( 10,467 ) ( 23,300 )

Net increase (decrease) in net assets resulting from capital share transactions 5,022 (2) 6,220

Total increase (decrease) in net assets 52,256 (74,307) (26,708)

Net (decrease) increase in net assets resulting from capital share transactions ( 15,444 ) 5,022 ( 2 )

Total (decrease) increase in net assets ( 46,878 ) 52,256 ( 74,307 )

Net assets at beginning of year 930,512 878,256 952,563

12 unchanged sentences

Net increase (decrease) in net assets resulting from operations $ 50,141 $ 118,764 $ ( 11,022 )

Adjustments to reconcile net increase (decrease) in net assets resulting from

operations to net cash (used in) provided by operating activities:

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

Net accretion of discount on investments ( 11,032 ) ( 11,738 ) ( 13,214 )

1 unchanged sentence

Purchase of investments ( 550,538 ) ( 920,039 ) ( 359,633 )

Increase in short term investments, net (14,319) (44,071) (16,989)

Paid-in-kind interest and dividends capitalized ( 31,446 ) ( 21,734 ) ( 21,420 )

Decrease (increase) in short term investments, net 77,048 ( 14,319 ) ( 44,071 )

Proceeds from sale of investments 62,586 259,050 77,630

Net realized (gain) loss on investments (843) 69,898 24,778

Net change in unrealized (appreciation) depreciation on investments (43,617) 19,878 10,551

Net realized loss (gain) on investments 32,747 ( 843 ) 69,898

Net change in unrealized depreciation (appreciation) on investments 5,314 ( 43,617 ) 19,878

Amortization of debt issuance costs 3,175 2,800 5,037

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Increase (decrease) in subordinated incentive fee on income payable 1,123 ( 381 ) ( 1,289 )

Net cash (used in) provided by operating activities (49,248) 198,730 126,036

Net cash provided by (used in) operating activities 35,278 ( 49,248 ) 198,730

Financing activities:

Gross proceeds from issuance of common stock — — 6,515

Commissions and dealer manager fees paid — — (296)

Repurchase of common stock ( 15,444 ) ( 10,467 ) ( 23,300 )

Shareholders' distributions paid ( 66,644 ) ( 56,041 ) ( 39,985 )

Repayments under financing arrangements — ( 171,000 ) ( 602,194 )

Borrowings under financing arrangements 127,500 276,000 486,153

Repayment of financing arrangements (171,000) (602,194) (370,500)

Debt issuance costs paid ( 1,725 ) ( 5,384 ) ( 5,625 )

Net cash provided by (used in) financing activities 43,687 33,108 ( 184,951 )

Net (decrease) increase in cash and restricted cash (16,140) 13,779 (11,444)

Net increase (decrease) in cash and restricted cash 78,965 ( 16,140 ) 13,779

Cash and restricted cash, beginning of year 3,774 19,914 6,135

4 unchanged sentences

Reinvestment of shareholders' distributions $ — $ 15,489 $ 23,298

Restructuring of portfolio investments $ 5,455 $ 91,326 $ 71,445

Restructuring of portfolio investment $ 50,554 $ 5,455 $ 91,326

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

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(in thousands)

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

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

Senior Secured First Lien Debt - 178.8 %

ABB/CON-CISE Optical Group LLC, L+500, 1.00% LIBOR Floor, 6/15/2023(i)(n) 6 Month LIBOR Consumer Goods:

Non-Durable $ 8,473 $ 8,263 $ 8,219

Adapt Laser Acquisition, Inc., L+1200, 1.00% LIBOR Floor, 12/31/2023(t) 3 Month LIBOR Capital Equipment 11,181 11,181 9,392

Adapt Laser Acquisition, Inc., L+1000, 1.00% LIBOR Floor, 12/31/2023 3 Month LIBOR Capital Equipment 2,000 2,000 1,680

Aegis Toxicology Sciences Corp., L+550, 1.00% LIBOR Floor, 5/9/2025(m) 3 Month LIBOR Healthcare & Pharmaceuticals 7,186 7,105 7,186

Alchemy US Holdco 1, LLC, L+550, 10/10/2025(m) 1 Month LIBOR Construction & Building 2,287 2,270 2,289

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

Adapt Laser Acquisition, Inc.(t)(x) L+ 1200 , 1.00 % LIBOR Floor

12/31/2023 Capital Equipment $ 11,047 $ 11,048 $ 10,329

Adapt Laser Acquisition, Inc.(t)(x) L+ 1200 , 1.00 % LIBOR Floor

12/31/2023 Capital Equipment 2,072 2,072 1,875

AHF Parent Holding, Inc.(n)(aa) S+ 625 , 0.75 % SOFR Floor

2/1/2028 Construction & Building 2,944 2,891 2,771

Allen Media, LLC(n)(aa) S+ 550 , 0.00 % SOFR Floor

2/10/2027 Media:

Diversified & Production 8,863 8,793 8,420

ALM Media, LLC, L+700, 1.00% LIBOR Floor, 11/25/2024(m)(n) 3 Month LIBOR Media:

ALM Media, LLC(m)(n)(x) L+ 650 , 1.00 % LIBOR Floor

11/25/2024 Media:

Advertising, Printing & Publishing 17,000 16,855 17,000

American Clinical Solutions LLC, 7.00%, 12/31/2022(m) None Healthcare & Pharmaceuticals 3,500 3,462 3,447

American Consolidated Natural Resources, Inc., L+1600, 1.00% LIBOR Floor, 9/16/2025(m)(t) 3 Month LIBOR Metals & Mining 379 284 389

American Health Staffing Group, Inc., L+600, 1.00% LIBOR Floor, 11/19/2026(m) 3 Month LIBOR Services:

Business 16,667 16,502 16,500

American Health Staffing Group, Inc., Prime+500, 11/19/2026 Prime Services:

American Clinical Solutions LLC(m)(t)(w) L+ 700 , 1.00 % LIBOR Floor

12/31/2024 Healthcare & Pharmaceuticals 4,250 4,250 4,122

American Consolidated Natural Resources, Inc.(m)(t)(x) L+ 1600 , 1.00 % LIBOR Floor

9/16/2025 Metals & Mining 47 35 47

American Health Staffing Group, Inc.(m)(y) L+ 600 , 1.00 % LIBOR Floor

11/19/2026 Services:

Business 16,542 16,407 16,542

American Health Staffing Group, Inc., 0.50% Unfunded, 11/19/2026 None Services:

American Health Staffing Group, Inc.

0.50 % Unfunded

11/19/2026 Services:

Business 3,333 ( 26 ) —

American Media, LLC, L+675, 1.50% LIBOR Floor, 12/31/2023(m) 3 Month LIBOR Media:

Advertising, Printing & Publishing 9,847 9,735 9,847

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

Advertising, Printing & Publishing 1,702 (17) —

American Teleconferencing Services, Ltd., Prime+550, 6/8/2023(m)(q) Prime Telecommunications 16,154 15,621 3,211

American Teleconferencing Services, Ltd., Prime+550, 3/31/2022(m) Prime Telecommunications 3,116 3,033 3,116

American Teleconferencing Services, Ltd., 0.00% Unfunded, 3/31/2022(m)(o) None Telecommunications 235 — —

Analogic Corp., L+525, 1.00% LIBOR Floor, 6/21/2024(m)(n) 1 Month LIBOR Healthcare & Pharmaceuticals 4,900 4,853 4,820

Ancile Solutions, Inc., L+1000, 1.00% LIBOR Floor, 6/22/2026(t) 1 Month LIBOR High Tech Industries 12,537 12,194 12,161

Anthem Sports & Entertainment Inc., L+900, 1.00% LIBOR Floor, 11/15/2026(m)(t) 3 Month LIBOR Media:

American Teleconferencing Services, Ltd.(o)(q) 0.50 % Unfunded

1/31/23 Telecommunications 235 — —

American Teleconferencing Services, Ltd.(q) Prime+ 550

1/31/23 Telecommunications 3,116 3,116 156

Analogic Corp.(m)(n)(x) L+ 525 , 1.00 % LIBOR Floor

6/21/2024 Healthcare & Pharmaceuticals 4,850 4,823 4,795

Ancile Solutions, Inc.(m)(t)(x) L+ 1000 , 1.00 % LIBOR Floor

6/11/2026 High Tech Industries 11,967 11,681 11,608

Anthem Sports & Entertainment Inc.(m)(t)(x) L+ 950 , 1.00 % LIBOR Floor

11/15/2026 Media:

Diversified & Production 36,914 36,749 35,161

Anthem Sports & Entertainment Inc., L+950, 1.00% LIBOR Floor, 11/15/2026 3 Month LIBOR Media:

Anthem Sports & Entertainment Inc.(x) L+ 950 , 1.00 % LIBOR Floor

11/15/2026 Media:

Diversified & Production 3,000 3,000 2,857

Anthem Sports & Entertainment Inc., 0.50% Unfunded, 11/15/2026 None Media:

Anthem Sports & Entertainment Inc.

0.50 % Unfunded

11/15/2026 Media:

Diversified & Production 167 — ( 8 )

Appalachian Resource Company, LLC, L+500, 1.00% LIBOR Floor, 9/10/2023 1 Month LIBOR Metals & Mining 11,137 9,959 10,538

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

Associated Asphalt Partners, LLC, L+525, 1.00% LIBOR Floor, 4/5/2024(m)(n) 1 Month LIBOR Construction & Building 14,393 14,095 12,666

Avison Young (USA) Inc., L+500, 0.00% LIBOR Floor, 1/31/2026(h)(m) 3 Month LIBOR Banking, Finance, Insurance & Real Estate 2,692 2,658 2,679

Bradshaw International Parent Corp., L+575, 1.00% LIBOR Floor, 10/21/2027(m) 1 Month LIBOR Consumer Goods:

Durable 13,156 12,831 12,827

Bradshaw International Parent Corp., L+575, 1.00% LIBOR Floor, 10/21/2026 1 Month LIBOR Consumer Goods:

Appalachian Resource Company, LLC(w) L+ 500 , 1.00 % LIBOR Floor

9/10/2023 Metals & Mining 11,137 10,625 10,733

Appalachian Resource Company, LLC(w) L+ 1000 , 1.00 % LIBOR Floor

9/10/2023 Metals & Mining 5,000 5,000 5,000

Archer Systems, LLC(m)(z) S+ 650 , 1.00 % SOFR Floor

8/11/2027 Services:

Business 18,095 17,922 17,937

Archer Systems, LLC 0.50 % Unfunded

8/11/2027 Services:

Business 1,905 ( 18 ) ( 17 )

Associated Asphalt Partners, LLC(m)(n)(w) L+ 525 , 1.00 % LIBOR Floor

4/5/2024 Construction & Building 14,221 14,051 10,994

Atlas Supply LLC 11.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 4,950

Avison Young (USA) Inc.(h)(m)(w) S+ 575 , 0.00 % SOFR Floor

1/31/2026 Banking, Finance, Insurance & Real Estate 2,665 2,638 2,505

BDS Solutions Intermediateco, LLC(m)(aa) S+ 625 , 1.00 % SOFR Floor

2/7/2027 Services:

Business 17,822 17,535 17,466

BDS Solutions Intermediateco, LLC(aa) S+ 625 , 1.00 % SOFR Floor

2/7/2027 Services:

Business 859 802 842

BDS Solutions Intermediateco, LLC 0.50 % Unfunded

2/7/2027 Services:

Business 1,998 — ( 40 )

Berlitz Holdings, Inc.(r)(z) S+ 900 , 1.00 % SOFR Floor

2/14/2025 Services:

Business 13,800 12,992 13,179

Bradshaw International Parent Corp.(m)(w) L+ 575 , 1.00 % LIBOR Floor

10/21/2027 Consumer Goods:

Durable 13,024 12,746 12,650

Bradshaw International Parent Corp., 0.50% Unfunded, 10/21/2026 None Consumer Goods:

Bradshaw International Parent Corp.

0.50 % Unfunded

10/21/2026 Consumer Goods:

Durable 1,844 ( 36 ) ( 53 )

Cadence Aerospace, LLC, L+850, 1.00% LIBOR Floor, 11/14/2023(m)(n)(t) 3 Month LIBOR Aerospace & Defense 38,960 38,623 38,279

Cardenas Markets LLC, L+625, 1.00% LIBOR Floor, 6/3/2027 6 Month LIBOR Retail 10,945 10,840 10,972

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

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2022

(in thousands)

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

Cabi, LLC(m)(z) S+ 950 , 1.00 % SOFR Floor

2/28/2027 Retail 22,073 21,772 21,742

Cadence Aerospace, LLC(m)(n)(t)(x) L+ 850 , 1.00 % LIBOR Floor

11/14/2023 Aerospace & Defense 39,383 39,225 38,842

Carestream Health, Inc.(n)(r)(z) S+ 750 , 1.00 % SOFR Floor

9/30/2027 Healthcare & Pharmaceuticals 7,596 7,596 7,539

CB URS Holdings Corp.(m)(x) L+ 575 , 1.00 % LIBOR Floor

9/1/2024 Transportation:

Cargo 14,826 14,801 12,417

Celerity Acquisition Holdings, LLC, L+850, 1.00% LIBOR Floor, 5/28/2026 1 Month LIBOR Services:

Celerity Acquisition Holdings, LLC(m)(x) L+ 850 , 1.00 % LIBOR Floor

5/28/2026 Services:

Business 14,775 14,775 14,590

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

CHC Solutions Inc., 12.00%, 7/20/2023(n)(t) None Healthcare & Pharmaceuticals 7,966 7,966 7,916

Cennox, Inc.(m)(x) L+ 600 , 1.00 % LIBOR Floor

5/4/2026 Services:

Business 22,509 22,509 22,425

Cennox, Inc.(n)(x) L+ 600 , 1.00 % LIBOR Floor

5/4/2026 Services:

Business 11,787 11,730 11,743

L+ 600 , 1.00 % LIBOR Floor

5/4/2026 Services:

Business 2,614 2,614 2,604

1.00 % Unfunded

8/11/2023 Services:

Business 7,193 — ( 27 )

0.50 % Unfunded

5/4/2026 Services:

Business 373 — ( 1 )

CION/EagleTree Partners, LLC(h)(s)(t) 14.00 % 12/21/2026 Diversified Financials 60,348 60,348 60,348

CircusTrix Holdings, LLC(m)(n)(w) L+ 550 , 1.00 % LIBOR Floor

1/16/2024 Hotel, Gaming & Leisure 26,824 26,782 26,824

CircusTrix Holdings, LLC(m)(w) L+ 550 , 1.00 % LIBOR Floor

1/16/2024 Hotel, Gaming & Leisure 2,737 2,715 2,737

CircusTrix Holdings, LLC(m)(w) L+ 550 , 1.00 % LIBOR Floor

7/16/2023 Hotel, Gaming & Leisure 1,560 1,525 1,862

Community Tree Service, LLC(m)(aa) S+ 850 , 1.00 % SOFR Floor

6/17/2027 Construction & Building 12,469 12,469 12,219

Country Fresh Holdings, LLC(q)(x) L+ 500 , 1.00 % LIBOR Floor

4/29/2023 Beverage, Food & Tobacco 877 765 92

Country Fresh Holdings, LLC(q)(x) L+ 500 , 1.00 % LIBOR Floor

4/29/2023 Beverage, Food & Tobacco 355 316 37

Coyote Buyer, LLC(m)(n)(x) L+ 600 , 1.00 % LIBOR Floor

2/6/2026 Chemicals, Plastics & Rubber 34,038 33,861 33,612

Coyote Buyer, LLC(n)(x) L+ 800 , 1.00 % LIBOR Floor

8/6/2026 Chemicals, Plastics & Rubber 6,125 6,041 6,125

Coyote Buyer, LLC 0.50 % Unfunded

2/6/2025 Chemicals, Plastics & Rubber 2,500 — ( 31 )

Critical Nurse Staffing, LLC(m)(x) L+ 600 , 1.00 % LIBOR Floor

11/1/2026 Healthcare & Pharmaceuticals 12,928 12,928 12,928

Critical Nurse Staffing, LLC(x) L+ 600 , 1.00 % LIBOR Floor

11/1/2026 Healthcare & Pharmaceuticals 999 999 999

Critical Nurse Staffing, LLC(w) L+ 600 , 1.00 % LIBOR Floor

11/1/2026 Healthcare & Pharmaceuticals 300 300 300

Critical Nurse Staffing, LLC 1.00 % Unfunded

11/1/2026 Healthcare & Pharmaceuticals 4,899 — —

Critical Nurse Staffing, LLC 0.50 % Unfunded

11/1/2026 Healthcare & Pharmaceuticals 700 — —

David's Bridal, LLC(m)(t)(x) L+ 1000 , 1.00 % LIBOR Floor

5/23/2024 Retail 13,000 12,744 13,130

David's Bridal, LLC(t)(x) L+ 1000 , 1.00 % LIBOR Floor

5/23/2024 Retail 5,357 5,357 5,210

David's Bridal, LLC(t)(x) L+ 1000 , 1.00 % LIBOR Floor

12/23/2024 Retail 5,936 5,717 2,256

David's Bridal, LLC(q)(t)(w) L+ 700 , 1.00 % LIBOR Floor

12/31/2024 Retail 845 795 51

Deluxe Entertainment Services, Inc.(m)(q)(r)(t)(x) L+ 650 , 1.00 % LIBOR Floor

3/25/2024 Media:

Diversified & Production 2,664 2,624 246

Dermcare Management, LLC(m)(z) S+ 600 , 1.00 % SOFR Floor

4/22/2028 Healthcare & Pharmaceuticals 9,356 9,178 9,297

Dermcare Management, LLC(z) S+ 600 , 1.00 % SOFR Floor

4/22/2028 Healthcare & Pharmaceuticals 3,540 3,458 3,518

Dermcare Management, LLC Prime+ 500

4/22/2028 Healthcare & Pharmaceuticals 179 179 178

Dermcare Management, LLC 0.50 % Unfunded

10/22/2023 Healthcare & Pharmaceuticals 698 — ( 4 )

See accompanying notes to consolidated financial statements.

3 unchanged sentences

(in thousands)

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

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

CION/EagleTree Partners, LLC, 14.00%, 12/21/2026(h)(s)(t) None Diversified Financials 61,629 61,629 61,629

CircusTrix Holdings, LLC, L+800, 1.00% LIBOR Floor, 1/16/2024(m)(n)(t) 1 Month LIBOR Hotel, Gaming & Leisure 26,754 26,734 25,718

CircusTrix Holdings, LLC, L+800, 1.00% LIBOR Floor, 1/16/2024(m)(t) 1 Month LIBOR Hotel, Gaming & Leisure 2,723 2,723 2,618

CircusTrix Holdings, LLC, L+800, 1.00% LIBOR Floor, 7/16/2023(m)(t) 1 Month LIBOR Hotel, Gaming & Leisure 1,953 1,836 2,300

Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023(q) 3 Month LIBOR Beverage, Food & Tobacco 1,020 984 168

Country Fresh Holdings, LLC, L+500, 1.00% LIBOR Floor, 4/29/2023(m)(q) 3 Month LIBOR Beverage, Food & Tobacco 414 414 68

Coyote Buyer, LLC, L+600, 1.00% LIBOR Floor, 2/6/2026(m)(n) 3 Month LIBOR Chemicals, Plastics & Rubber 34,388 34,157 34,302

Coyote Buyer, LLC, L+800, 1.00% LIBOR Floor, 8/6/2026(n) 3 Month LIBOR Chemicals, Plastics & Rubber 6,188 6,084 6,188

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

Critical Nurse Staffing, LLC, L+600, 1.00% LIBOR Floor, 11/1/2026(m) 3 Month LIBOR Healthcare & Pharmaceuticals 13,059 13,059 13,059

Critical Nurse Staffing, LLC, L+600, 1.00% LIBOR Floor, 11/1/2026 3 Month LIBOR Healthcare & Pharmaceuticals 1,009 1,009 1,009

Critical Nurse Staffing, LLC, 1.00% Unfunded, 11/1/2026 None Healthcare & Pharmaceuticals 4,899 — —

Critical Nurse Staffing, LLC, 0.50% Unfunded, 11/1/2026 None Healthcare & Pharmaceuticals 1,000 — —

David's Bridal, LLC, L+1000, 1.00% LIBOR Floor, 6/23/2023(t) 3 Month LIBOR Retail 5,617 5,008 5,617

David's Bridal, LLC, L+1000, 1.00% LIBOR Floor, 5/23/2024(t) 3 Month LIBOR Retail 5,093 5,093 5,093

David's Bridal, LLC, L+600, 1.00% LIBOR Floor, 6/30/2023(t) 3 Month LIBOR Retail 791 719 791

Deluxe Entertainment Services, Inc., L+650, 1.00% LIBOR Floor, 3/25/2024(m)(q)(r)(t) 3 Month LIBOR Media:

Diversified & Production 2,930 2,930 1,787

DMT Solutions Global Corp., L+750, 1.00% LIBOR Floor, 7/2/2024(m) (u) Services:

Dermcare Management, LLC 0.50 % Unfunded

4/22/2028 Healthcare & Pharmaceuticals 1,164 — ( 7 )

DMT Solutions Global Corp.(n)(u) L+ 750 , 1.00 % LIBOR Floor

7/2/2024 Services:

Business 3,974 3,942 3,766

Entertainment Studios P&A LLC, 5.71%, 5/18/2037(j)(m) None Media:

Diversified & Production 11,649 11,554 10,047

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

Diversified & Production — — 2,182

EnTrans International, LLC, L+600, 0.00% LIBOR Floor, 11/1/2024(m) 1 Month LIBOR Capital Equipment 24,750 24,617 23,430

Extreme Reach, Inc., L+700, 1.25% LIBOR Floor, 3/29/2024(m)(n) 1 Month LIBOR Media:

Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(z) S+ 625 , 1.00 % SOFR Floor

12/29/2027 Services:

Business 2,944 2,891 2,794

Entertainment Studios P&A LLC(m)(x)(aa) S+ 850 , 1.00 % SOFR Floor

9/28/2027 Media:

Diversified & Production 24,000 23,907 23,940

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

Entertainment Studios P&A LLC(j) 5.00 % 5/18/2037 Media:

Diversified & Production — — 1,654

Foundation Consumer Healthcare, LLC, L+638, 1.00% LIBOR Floor, 2/12/2027(m)(n) 3 Month LIBOR Healthcare & Pharmaceuticals 30,799 30,535 31,145

Foundation Consumer Healthcare, LLC, 0.50% Unfunded, 11/2/2023 None Healthcare & Pharmaceuticals 2,094 — 24

FuseFX, LLC, L+575, 1.00% LIBOR Floor, 10/1/2024(m)(n) 1 Month LIBOR Media:

Flatworld Intermediate Corp.(n)(z) S+ 600 , 1.00 % SOFR Floor

10/3/2027 Services:

Business 25,135 25,135 25,135

Flatworld Intermediate Corp.

0.50 % Unfunded

10/3/2027 Services:

Business 5,865 — —

FuseFX, LLC(m)(n)(w) S+ 575 , 1.00 % SOFR Floor

10/1/2024 Media:

Diversified & Production 19,795 19,663 19,647

Future Pak, LLC, L+800, 2.00% LIBOR Floor, 7/2/2024(m) 1 Month LIBOR Healthcare & Pharmaceuticals 33,764 33,565 33,426

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

GSC Technologies Inc., L+500, 1.00% LIBOR Floor, 9/30/2025(r) 3 Month LIBOR Chemicals, Plastics & Rubber 2,404 2,294 2,001

GSC Technologies Inc., L+500, 1.00% LIBOR Floor, 9/30/2025(r)(t) 3 Month LIBOR Chemicals, Plastics & Rubber 858 814 485

GSC Technologies Inc., L+1000, 1.00% LIBOR Floor, 9/30/2025(r)(t) 3 Month LIBOR Chemicals, Plastics & Rubber 170 170 170

Lochner, Inc., L+625, 1.00% LIBOR Floor, 7/2/2027 3 Month LIBOR Construction & Building 11,970 11,856 11,910

Lochner, Inc., L+625, 1.00% LIBOR Floor, 7/2/2027 3 Month LIBOR Construction & Building 725 715 721

Lochner, Inc., 0.50% Unfunded, 7/2/2027 None Construction & Building 275 — (1)

Harland Clarke Holdings Corp., L+775, 1.00% LIBOR Floor, 6/16/2026(m) 1 Month LIBOR Services:

Fusion Connect Inc.(m)(t)(x) L+ 850 , 1.00 % LIBOR Floor

1/18/2027 High Tech Industries 19,626 19,141 19,626

Future Pak, LLC(m)(w) L+ 1000 , 2.00 % LIBOR Floor

7/2/2024 Healthcare & Pharmaceuticals 24,169 24,169 23,776

Gold Medal Holdings, Inc.(m)(aa) S+ 700 , 1.00 % SOFR Floor

3/17/2027 Services:

Business 14,759 14,628 14,575

GSC Technologies Inc.(r)(w) L+ 500 , 1.00 % LIBOR Floor

9/30/2025 Chemicals, Plastics & Rubber 2,404 2,322 2,064

GSC Technologies Inc.(r)(t)(w) L+ 500 , 1.00 % LIBOR Floor

9/30/2025 Chemicals, Plastics & Rubber 915 882 388

GSC Technologies Inc.(r)(t)(x) L+ 1000 , 1.00 % LIBOR Floor

9/30/2025 Chemicals, Plastics & Rubber 154 154 154

Lochner, Inc.(m)(x) L+ 575 , 1.00 % LIBOR Floor

7/2/2027 Construction & Building 8,850 8,779 8,850

Lochner, Inc.(m)(aa) S+ 675 , 1.00 % SOFR Floor

7/2/2027 Construction & Building 7,457 7,234 7,233

Lochner, Inc.(x) L+ 575 , 1.00 % LIBOR Floor

7/2/2027 Construction & Building 775 765 775

Lochner, Inc.

0.50 % Unfunded

7/2/2027 Construction & Building 225 — —

Harland Clarke Holdings Corp.

(m)(x) S+ 775 , 1.00 % SOFR Floor

6/16/2026 Services:

Business 9,186 9,177 7,625

Heritage Power, LLC(x) L+ 600 , 1.00 % LIBOR Floor

7/30/2026 Energy:

Oil & Gas 8,622 6,837 4,527

Hilliard, Martinez & Gonzales, LLP(m)(t)(w) L+ 1200 , 2.00 % LIBOR Floor

12/17/2023 Services:

Consumer 21,798 21,736 21,798

Hollander Intermediate LLC(m)(w)(aa) S+ 875 , 2.00 % SOFR Floor

9/19/2026 Consumer Goods:

Durable 17,358 16,915 16,794

Homer City Generation, L.P.(m)(t) 15.00 % 4/5/2023 Energy:

Oil & Gas 11,782 12,078 9,308

Homer City Generation, L.P.

17.00 % 5/31/2023 Energy:

Oil & Gas 1,000 1,000 1,000

Homer City Generation, L.P.(o) 0.00 % Unfunded

1/29/2023 Energy:

Oil & Gas 3,000 — —

Hudson Hospital Opco, LLC(m)(n)(aa) S+ 800 , 3.00 % SOFR Floor

11/4/2023 Healthcare & Pharmaceuticals 1,700 1,667 1,673

HUMC Holdco, LLC(m)(aa) S+ 800 , 3.00 % SOFR Floor

11/4/2023 Healthcare & Pharmaceuticals 7,933 7,933 7,933

HW Acquisition, LLC Prime+ 500

9/28/2026 Capital Equipment 733 711 686

HW Acquisition, LLC(m) Prime+ 500

9/28/2026 Capital Equipment 18,876 18,725 17,649

HW Acquisition, LLC 0.50 % Unfunded

9/28/2026 Capital Equipment 2,200 — ( 143 )

ICA Foam Holdings, LLC(m)(aa) S+ 675 , 1.00 % SOFR Floor

11/5/2025 Containers, Packaging & Glass 19,950 19,567 19,551

IJKG Opco LLC(m)(n)(aa) S+ 800 , 3.00 % SOFR Floor

11/4/2023 Healthcare & Pharmaceuticals 729 714 718

Independent Pet Partners Intermediate Holdings, LLC(t) 6.00 % 11/20/2023 Retail 10,934 10,906 10,169

Independent Pet Partners Intermediate Holdings, LLC(t) Prime+ 550

2/27/2023 Retail 2,238 2,238 2,216

Independent Pet Partners Intermediate Holdings, LLC(t)(aa) S+ 1000 , 1.00 % SOFR Floor

2/27/2023 Retail 473 459 473

Independent Pet Partners Intermediate Holdings, LLC(t)(x) L+ 650 , 0.00 % LIBOR Floor

2/27/2023 Retail 281 281 278

See accompanying notes to consolidated financial statements.

3 unchanged sentences

(in thousands)

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

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

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

Oil & Gas 4,854 4,692 3,956

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

Consumer 22,885 22,752 21,947

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

Oil & Gas 10,173 10,521 7,935

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

Business 5,156 5,139 5,079

HUMC Holdco, LLC, 9.00%, 1/14/2022(m) None Healthcare & Pharmaceuticals 9,346 9,346 9,323

HW Acquisition, LLC, L+600, 1.00% LIBOR Floor, 9/28/2026m) 3 Month LIBOR Capital Equipment 19,067 18,885 18,828

HW Acquisition, LLC, 0.50% Unfunded, 9/28/2026 None Capital Equipment 2,933 (28) (37)

Independent Pet Partners Intermediate Holdings, LLC, 6.00%, 11/20/2023(m)(t) None Retail 10,295 10,235 9,085

Independent Pet Partners Intermediate Holdings, LLC, Prime+500, 12/22/2022(m) Prime Retail 2,085 2,085 2,085

Independent Pet Partners Intermediate Holdings, LLC, L+600, 0.00% LIBOR Floor, 12/22/2022(m) 3 Month LIBOR Retail 264 264 264

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

InfoGroup Inc.(m)(n)(x) L+ 500 , 1.00 % LIBOR Floor

4/3/2023 Media:

Advertising, Printing & Publishing 15,270 15,269 15,270

Inotiv, Inc., L+625, 1.00% LIBOR Floor, 11/5/2026(m) 1 Month LIBOR Healthcare & Pharmaceuticals 9,900 9,709 9,764

Inotiv, Inc., 1.00% Unfunded, 5/5/2023 None Healthcare & Pharmaceuticals 2,100 (41) (29)

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

Inotiv, Inc.(m)(x) S+ 625 , 1.00 % SOFR Floor

11/5/2026 Healthcare & Pharmaceuticals 16,351 16,094 15,738

Instant Web, LLC(m)(n)(r)(t)(w) L+ 700 , 1.00 % LIBOR Floor

2/25/2027 Media:

Advertising, Printing & Publishing 39,812 39,802 28,167

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

Instant Web, LLC(r) Prime+ 375

2/25/2027 Media:

Advertising, Printing & Publishing 458 458 469

Invincible Boat Company LLC, L+650, 1.50% LIBOR Floor, 8/28/2025 3 Month LIBOR Consumer Goods:

Instant Web, LLC(r)(x) L+ 650 , 1.00 % LIBOR Floor

2/25/2027 Media:

Advertising, Printing & Publishing 321 321 321

Instant Web, LLC(r) 0.50 % Unfunded

2/25/2027 Media:

Advertising, Printing & Publishing 2,383 — —

Instant Web, LLC(r) 0.50 % Unfunded

2/25/2027 Media:

Advertising, Printing & Publishing 3,246 — —

Invincible Boat Company LLC(m)(x) L+ 650 , 1.50 % LIBOR Floor

8/28/2025 Consumer Goods:

Durable 13,536 13,444 13,469

Invincible Boat Company LLC, 0.50% Unfunded, 8/28/2025 None Consumer Goods:

Invincible Boat Company LLC(x) L+ 650 , 1.50 % LIBOR Floor

8/28/2025 Consumer Goods:

Durable 239 239 238

INW Manufacturing, LLC, L+575, 0.75% LIBOR Floor, 5/7/2027(n) 3 Month LIBOR Services:

Invincible Boat Company LLC 0.50 % Unfunded

8/28/2025 Consumer Goods:

Durable 559 — ( 3 )

INW Manufacturing, LLC(n)(x) L+ 575 , 0.75 % LIBOR Floor

3/25/2027 Services:

Business 18,750 18,317 17,766

Isagenix International, LLC, L+575, 1.00% LIBOR Floor, 6/14/2025(m) 3 Month LIBOR Beverage, Food & Tobacco 16,663 15,160 15,122

Island Medical Management Holdings, LLC, L+650, 1.00% LIBOR Floor, 9/1/2023(m)(n) 3 Month LIBOR Healthcare & Pharmaceuticals 11,049 11,028 11,049

Jenny C Acquisition, Inc., L+900, 1.75% LIBOR Floor, 10/1/2024(m)(t) 3 Month LIBOR Services:

Ironhorse Purchaser, LLC(n)(aa) S+ 650 , 1.00 % SOFR Floor

9/30/2027 Services:

Business 7,125 7,056 7,054

Ironhorse Purchaser, LLC(aa) S+ 650 , 1.00 % SOFR Floor

9/30/2027 Services:

Business 388 380 384

Ironhorse Purchaser, LLC 0.50 % Unfunded

9/30/2027 Services:

Business 429 — ( 4 )

Ironhorse Purchaser, LLC 1.00 % Unfunded

9/30/2024 Services:

Business 2,041 ( 20 ) ( 20 )

Isagenix International, LLC(m)(x) L+ 775 , 1.00 % LIBOR Floor

6/14/2025 Beverage, Food & Tobacco 16,229 15,103 13,774

Jenny C Acquisition, Inc.(q)(x) L+ 900 , 1.75 % LIBOR Floor

10/1/2024 Services:

Consumer 11,789 11,745 9,241

JP Intermediate B, LLC, L+550, 1.00% LIBOR Floor, 11/20/2025(m) 3 Month LIBOR Beverage, Food & Tobacco 14,355 14,160 13,458

K&N Parent, Inc., L+475, 1.00% LIBOR Floor, 10/20/2023 3 Month LIBOR Consumer Goods:

JP Intermediate B, LLC(m)(x) L+ 550 , 1.00 % LIBOR Floor

11/20/2025 Beverage, Food & Tobacco 13,438 13,296 9,809

K&N Parent, Inc.(x) L+ 675 , 1.00 % LIBOR Floor

10/20/2023 Consumer Goods:

Durable 13,090 12,898 12,435

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

K&N Parent, Inc.(aa) S+ 800 , 1.00 % SOFR Floor

2/15/2023 Consumer Goods:

Durable 1,200 1,152 1,220

LaserAway Intermediate Holdings II, LLC, L+575, 1.00% LIBOR Floor, 10/12/2027(m) 3 Month LIBOR Services:

Klein Hersh, LLC(m)(z) S+ 852 , 0.50 % SOFR Floor

4/27/2027 Services:

Business 19,766 19,766 19,667

KNB Holdings Corp.(m)(n)(q)(y) L+ 550 , 1.00 % LIBOR Floor

4/26/2024 Consumer Goods:

Durable 7,634 7,387 3,321

LaserAway Intermediate Holdings II, LLC(m)(x) L+ 575 , 0.75 % LIBOR Floor

10/12/2027 Services:

Consumer 3,375 3,319 3,316

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

LAV Gear Holdings, Inc.(m)(n)(aa) S+ 550 , 1.00 % SOFR Floor

10/31/2024 Services:

Business 27,854 27,625 27,366

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

LAV Gear Holdings, Inc.(m)(n)(aa) S+ 550 , 1.00 % SOFR Floor

10/31/2024 Services:

Business 4,569 4,544 4,489

LGC US Finco, LLC, L+650, 1.00% LIBOR Floor, 12/20/2025(m) 1 Month LIBOR Capital Equipment 11,760 11,431 11,422

LH Intermediate Corp., L+750, 1.00% LIBOR Floor, 6/2/2026(m) 3 Month LIBOR Consumer Goods:

Durable 14,438 14,230 14,257

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

LGC US Finco, LLC(m)(w) L+ 650 , 1.00 % LIBOR Floor

12/20/2025 Capital Equipment 11,515 11,263 11,184

Lift Brands, Inc.(m)(n)(r)(w) L+ 750 , 1.00 % LIBOR Floor

6/29/2025 Services:

Consumer 23,287 23,287 23,287

Lift Brands, Inc., 9.50%, 6/29/2025(m)(n)(r)(t) None Services:

Lift Brands, Inc.(m)(n)(r) 9.50 % 6/29/2025 Services:

Consumer 5,556 5,490 5,154

Lift Brands, Inc., 6/29/2025(m)(n)(p)(r) None Services:

Lift Brands, Inc.(m)(n)(r) (p) 6/29/2025 Services:

Consumer 5,296 4,947 4,732

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

Longview Power, LLC(r)(x) L+ 1000 , 1.50 % LIBOR Floor

7/30/2025 Energy:

Oil & Gas 2,073 1,390 2,348

MacNeill Pride Group Corp., L+625, 1.00% LIBOR Floor, 4/20/2026(m) 3 Month LIBOR Services:

MacNeill Pride Group Corp.(m)(aa) S+ 625 , 1.00 % SOFR Floor

4/22/2026 Services:

Consumer 17,804 17,702 17,448

MacNeill Pride Group Corp., L+625, 1.00% LIBOR Floor, 4/20/2026 3 Month LIBOR Services:

MacNeill Pride Group Corp.(m)(aa) S+ 625 , 1.00 % SOFR Floor

4/22/2026 Services:

Consumer 7,910 7,836 7,751

Manus Bio Inc., 11.00%, 8/20/2026 None Healthcare & Pharmaceuticals 10,000 10,000 10,000

MacNeill Pride Group Corp.

1.00 % Unfunded

4/30/2024 Services:

Consumer 2,017 — ( 40 )

Manus Bio Inc.

11.00 % 8/20/2026 Healthcare & Pharmaceuticals 14,213 14,128 14,212

Marble Point Credit Management LLC(x) L+ 600 , 1.00 % LIBOR Floor

8/11/2028 Diversified Financials 6,089 5,985 6,089

Marble Point Credit Management LLC(x) L+ 600 , 1.00 % LIBOR Floor

8/11/2028 Diversified Financials 1,437 1,418 1,437

See accompanying notes to consolidated financial statements.

3 unchanged sentences

(in thousands)

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

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

Marble Point Credit Management LLC, L+600, 1.00% LIBOR Floor, 8/11/2028 1 Month LIBOR Diversified Financials 6,418 6,294 6,370

Marble Point Credit Management LLC, L+600, 1.00% LIBOR Floor, 8/11/2028 1 Month LIBOR Diversified Financials 250 241 248

Marble Point Credit Management LLC, 0.50% Unfunded, 8/11/2028 None Diversified Financials 1,250 — (9)

Mimeo.com, Inc., L+640, 1.00% LIBOR Floor, 12/21/2023 3 Month LIBOR Services:

Business 23,018 23,018 23,018

Mimeo.com, Inc., L+640, 1.00% LIBOR Floor, 12/21/2023 3 Month LIBOR Services:

Business 256 256 256

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

Business 5,000 — —

Molded Devices, Inc., Prime + 500, 11/1/2026(m) Prime Services:

Business 15,574 15,407 15,418

Molded Devices, Inc., 1.00% Unfunded, 11/1/2026 None Services:

Business 1,771 (17) (18)

Molded Devices, Inc., 0.50% Unfunded, 11/1/2026 None Services:

Business 2,656 — (27)

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

Business 19,641 19,506 17,922

Moss Holding Company, 0.50% Unfunded, 4/17/2024 None Services:

Mimeo.com, Inc.(x) L+ 700 , 1.00 % LIBOR Floor

12/21/2024 Media:

Advertising, Printing & Publishing 22,328 22,328 22,161

Mimeo.com, Inc.(x) L+ 700 , 1.00 % LIBOR Floor

12/21/2024 Media:

Advertising, Printing & Publishing 2,256 2,256 2,239

Mimeo.com, Inc.

1.00 % Unfunded

12/21/2024 Media:

Advertising, Printing & Publishing 3,000 — ( 23 )

Moss Holding Company(m)(n)(aa) S+ 625 , 1.00 % SOFR Floor

4/17/2024 Services:

Business 19,576 19,500 19,185

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

Moss Holding Company 6.25 % Unfunded

4/17/2024 Services:

Business 106 — ( 2 )

Napa Management Services Corp., L+500, 1.00% LIBOR Floor, 4/19/2023 1 Month LIBOR Healthcare & Pharmaceuticals 5,318 5,267 5,324

NASCO Healthcare Inc., L+550, 1.00% LIBOR Floor, 6/30/2023(m) 6 Month LIBOR Services:

Moss Holding Company 0.50 % Unfunded

4/17/2024 Services:

Business 2,126 — ( 43 )

Neptune Flood Inc., L+600, 1.00% LIBOR Floor, 10/21/2026(m) 3 Month LIBOR Banking, Finance, Insurance & Real Estate 9,667 9,596 9,618

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

Neptune Flood Inc.(m)(x) L+ 600 , 1.00 % LIBOR Floor

10/21/2026 Banking, Finance, Insurance & Real Estate 7,789 7,742 7,867

NewsCycle Solutions, Inc.(m)(n)(x) S+ 700 , 1.00 % SOFR Floor

12/29/2023 Media:

Advertising, Printing & Publishing 12,444 12,432 12,444

NWN Parent Holdings LLC, L+650, 1.00% LIBOR Floor, 5/7/2026 3 Month LIBOR High Tech Industries 13,100 12,980 13,100

NWN Parent Holdings LLC, L+650, 1.00% LIBOR Floor, 5/7/2026 3 Month LIBOR High Tech Industries 420 420 421

NWN Parent Holdings LLC, 0.50% Unfunded, 5/7/2026 None High Tech Industries 1,380 (18) 3

Optio Rx, LLC, L+700, 0.00% LIBOR Floor, 6/28/2024(m)(n) 3 Month LIBOR Healthcare & Pharmaceuticals 23,344 23,255 22,994

Optio Rx, LLC, L+1000, 0.00% LIBOR Floor, 6/28/2024(n) 3 Month LIBOR Healthcare & Pharmaceuticals 2,515 2,498 2,647

Pentec Acquisition Corp., L+600, 1.00% LIBOR Floor, 10/8/2026 3 Month LIBOR Healthcare & Pharmaceuticals 25,000 24,756 24,750

PetroChoice Holdings, Inc., L+500, 1.00% LIBOR Floor, 8/20/2022 3 Month LIBOR Chemicals, Plastics & Rubber 3,896 3,836 3,725

NWN Parent Holdings LLC(m)(x) S+ 800 , 1.00 % SOFR Floor

5/7/2026 High Tech Industries 12,755 12,664 12,643

NWN Parent Holdings LLC(x) S+ 800 , 1.00 % SOFR Floor

5/7/2026 High Tech Industries 810 798 803

NWN Parent Holdings LLC 0.50 % Unfunded

5/7/2026 High Tech Industries 90 — ( 1 )

OpCo Borrower, LLC(m)(z) S+ 650 , 1.00 % SOFR Floor

8/19/2027 Healthcare & Pharmaceuticals 11,387 11,268 11,387

OpCo Borrower, LLC(z) S+ 650 , 1.00 % SOFR Floor

8/19/2027 Healthcare & Pharmaceuticals 208 208 208

OpCo Borrower, LLC 0.50 % Unfunded

8/19/2027 Healthcare & Pharmaceuticals 833 — —

Optio Rx, LLC(m)(n)(w) L+ 700 , 0.00 % LIBOR Floor

6/28/2024 Healthcare & Pharmaceuticals 15,929 15,892 15,749

Optio Rx, LLC(n)(w) L+ 1000 , 0.00 % LIBOR Floor

6/28/2024 Healthcare & Pharmaceuticals 2,515 2,504 2,615

Pentec Acquisition Corp.(m)(w) L+ 600 , 1.00 % LIBOR Floor

10/8/2026 Healthcare & Pharmaceuticals 24,750 24,551 24,750

PH Beauty Holdings III.

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

Inc.(m)(x) L+ 500 , 0.00 % LIBOR Floor

9/28/2025 Consumer Goods:

Non-Durable 9,575 9,195 8,677

Playboy Enterprises, Inc., L+575, 0.50% LIBOR Floor, 5/25/2027(h)(n) 3 Month LIBOR Consumer Goods:

Playboy Enterprises, Inc.(h)(n)(x) L+ 625 , 0.50 % LIBOR Floor

5/25/2027 Consumer Goods:

Non-Durable 25,202 24,729 24,257

Polymer Additives, Inc., L+600, 0.00% LIBOR Floor, 7/31/2025(m) 3 Month LIBOR Chemicals, Plastics & Rubber 19,400 19,173 18,963

RA Outdoors, LLC, L+675, 1.00% LIBOR Floor, 4/8/2026(m) 3 Month LIBOR Media:

Project Castle, Inc.(m)(aa) S+ 550 , 0.50 % SOFR Floor

6/1/2029 Services:

Business 9,975 8,979 8,117

RA Outdoors, LLC(m)(aa) S+ 675 , 1.00 % SOFR Floor

4/8/2026 Media:

Diversified & Production 10,979 10,979 10,938

RA Outdoors, LLC, 0.50% Unfunded, 4/8/2026 None Media:

RA Outdoors, LLC 0.50 % Unfunded

4/8/2026 Media:

Diversified & Production 1,049 ( 170 ) ( 1 )

Retail Services WIS Corp., L+775, 1.00% LIBOR Floor, 5/20/2025(m) 3 Month LIBOR Services:

Retail Services WIS Corp.(m)(x) L+ 775 , 1.00 % LIBOR Floor

5/20/2025 Services:

Business 9,548 9,374 9,357

Hilliard, L.L.P., L+1800, 2.00% LIBOR Floor, 12/17/2022(m)(t) 1 Month LIBOR Services:

Hilliard, L.L.P.(m)(t)(w) L+ 1200 , 2.00 % LIBOR Floor

12/17/2023 Services:

Consumer 1,815 1,815 1,815

Rogers Mechanical Contractors, LLC, L+650, 1.00% LIBOR Floor, 9/9/2025(m) 1 Month LIBOR Services:

Rogers Mechanical Contractors, LLC(m)(t)(aa) S+ 800 , 1.00 % SOFR Floor

9/9/2025 Services:

Business 16,365 16,365 16,324

Rogers Mechanical Contractors, LLC, 0.75% Unfunded, 9/9/2025 None Services:

Rogers Mechanical Contractors, LLC(t)(aa) S+ 800 , 1.00 % SOFR Floor

9/9/2025 Services:

Business 962 962 959

Rogers Mechanical Contractors, LLC, 1.00% Unfunded, 9/9/2022 None Services:

Rogers Mechanical Contractors, LLC 1.00 % Unfunded

4/28/2023 Services:

Business 962 — ( 2 )

RumbleOn, Inc., L+825, 1.00% LIBOR Floor, 8/31/2026(m)(t) 3 Month LIBOR Automotive 13,965 12,962 13,389

RumbleOn, Inc., 0.00% Unfunded, 2/28/2023(o) None Automotive 6,000 (56) —

Securus Technologies Holdings, Inc., L+450, 1.00% LIBOR Floor, 11/1/2024(m) 3 Month LIBOR Telecommunications 3,908 3,201 3,908

Sequoia Healthcare Management, LLC, 12.75%, 8/21/2023(m)(n)(q) None Healthcare & Pharmaceuticals 8,525 8,457 6,394

Rogers Mechanical Contractors, LLC 0.75 % Unfunded

9/9/2025 Services:

Business 2,404 — ( 6 )

RumbleOn, Inc.(m)(x) L+ 825 , 1.00 % LIBOR Floor

8/31/2026 Automotive 13,284 12,497 12,554

RumbleOn, Inc.(x) L+ 825 , 1.00 % LIBOR Floor

8/31/2026 Automotive 4,019 3,976 3,798

RumbleOn, Inc.(o) 0.00 % Unfunded

2/28/2023 Automotive 1,775 — ( 98 )

Securus Technologies Holdings, Inc.(m)(x) L+ 450 , 1.00 % LIBOR Floor

11/1/2024 Telecommunications 3,868 3,383 3,848

Sequoia Healthcare Management, LLC(m)(n)(q) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 8,457 10,209

Service Compression, LLC(m)(t)(aa) S+ 1000 , 1.00 % SOFR Floor

5/6/2027 Energy:

Oil & Gas 22,975 22,622 22,803

Service Compression, LLC(aa) S+ 1000 , 1.00 % SOFR Floor

5/6/2027 Energy:

Oil & Gas 3,151 3,044 3,127

See accompanying notes to consolidated financial statements.

3 unchanged sentences

(in thousands)

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

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

SIMR, LLC, L+1700, 2.00% LIBOR Floor, 9/7/2023(r)(t) 1 Month LIBOR Healthcare & Pharmaceuticals 19,938 19,813 16,000

Sleep Opco, LLC, L+650, 1.00% LIBOR Floor, 10/12/2026(m) 3 Month LIBOR Retail 13,250 12,991 12,985

Sleep Opco, LLC, 0.50% Unfunded, 10/12/2026(m) None Retail 1,750 (34) (35)

Service Compression, LLC 0.50 % Unfunded

5/6/2025 Energy:

Oil & Gas 4,186 — ( 31 )

Sleep Opco, LLC(m)(x) L+ 650 , 1.00 % LIBOR Floor

10/12/2026 Retail 13,779 13,568 13,641

Sleep Opco, LLC 0.50 % Unfunded

10/12/2026 Retail 1,750 ( 27 ) ( 18 )

Spinal USA, Inc.

/ Precision Medical Inc., L+950, 10/1/2022(m) 3 Month LIBOR Healthcare & Pharmaceuticals 12,526 12,491 11,743

/ Precision Medical Inc.(m)(t)(x) L+ 950

5/29/2023 Healthcare & Pharmaceuticals 13,401 13,385 9,649

Spinal USA, Inc.

/ Precision Medical Inc., L+950, 10/1/2022(m)(t) 3 Month LIBOR Healthcare & Pharmaceuticals 1,054 1,054 991

/ Precision Medical Inc.(m)(t)(x) L+ 950

5/29/2023 Healthcare & Pharmaceuticals 1,191 1,191 816

Spinal USA, Inc.

/ Precision Medical Inc., L+950, 10/1/2022(m)(t) 3 Month LIBOR Healthcare & Pharmaceuticals 689 600 644

/ Precision Medical Inc.(m)(t)(x) L+ 950

5/29/2023 Healthcare & Pharmaceuticals 766 677 521

Spinal USA, Inc.

/ Precision Medical Inc., L+950, 10/1/2022(m)(t) 3 Month LIBOR Healthcare & Pharmaceuticals 649 647 609

/ Precision Medical Inc.(m)(t)(x) L+ 950

5/29/2023 Healthcare & Pharmaceuticals 727 727 498

Spinal USA, Inc.

/ Precision Medical Inc., L+950, 10/1/2022(m)(t) 3 Month LIBOR Healthcare & Pharmaceuticals 546 475 560

Tenere Inc., L+850, 1.00% LIBOR Floor, 7/1/2025(m)(n) 3 Month LIBOR Capital Equipment 18,080 18,080 18,080

Tensar Corp., L+675, 1.00% LIBOR Floor, 11/20/2025(m) 3 Month LIBOR Chemicals, Plastics & Rubber 4,950 4,850 4,982

Trademark Global, LLC, L+600, 1.00% LIBOR Floor, 7/30/2024 1 Month LIBOR Services:

Business 15,346 15,278 15,250

Trademark Global, LLC, 1.00% Unfunded, 7/30/2023 None Services:

Business 4,615 (21) (29)

Trammell, P.C., L+1800, 2.00% LIBOR Floor, 6/25/2022(i)(t) 1 Month LIBOR Services:

/ Precision Medical Inc.(m)(t)(x) L+ 950

5/29/2023 Healthcare & Pharmaceuticals 607 536 446

STATinMED, LLC(r)(t)(z) S+ 950 , 2.00 % SOFR Floor

7/1/2027 Healthcare & Pharmaceuticals 9,222 9,222 9,107

STATinMED, LLC(r)(t)(z) S+ 950 , 2.00 % SOFR Floor

3/31/2023 Healthcare & Pharmaceuticals 156 153 156

STATinMED, LLC(o)(r) 0.00 % Unfunded

3/31/2023 Healthcare & Pharmaceuticals 156 — —

Thrill Holdings LLC(m)(aa) S+ 650 , 1.00 % SOFR Floor

5/27/2027 Media:

Diversified & Production 20,394 20,394 20,292

Thrill Holdings LLC 1.00 % Unfunded

5/27/2024 Media:

Diversified & Production 3,261 — ( 16 )

Thrill Holdings LLC(aa) S+ 650 , 1.00 % SOFR Floor

5/27/2027 Media:

Diversified & Production 1,739 1,739 1,730

Trademark Global, LLC(t)(w) L+ 750 , 1.00 % LIBOR Floor

7/30/2024 Consumer Goods:

Non-Durable 15,355 15,310 14,952

Trammell, P.C.(t)(z) S+ 1550 , 2.00 % SOFR Floor

4/28/2026 Services:

Consumer 14,201 14,201 14,147

USALCO, LLC, L+600, 1.00% LIBOR Floor, 10/19/2027(m) 3 Month LIBOR Chemicals, Plastics & Rubber 25,000 24,753 24,875

Vesta Holdings, LLC, L+1000, 1.00% LIBOR Floor, 2/25/2024(m)(t) 1 Month LIBOR Banking, Finance, Insurance & Real Estate 24,933 24,933 24,933

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

USALCO, LLC(m)(x) L+ 600 , 1.00 % LIBOR Floor

10/19/2027 Chemicals, Plastics & Rubber 24,750 24,539 24,441

Vesta Holdings, LLC(m)(t) P+ 900

2/25/2024 Banking, Finance, Insurance & Real Estate 21,071 21,071 19,938

Vesta Holdings, LLC(m)(aa) S+ 1000 , 1.00 % SOFR Floor

3/12/2023 Banking, Finance, Insurance & Real Estate 10,392 10,159 10,392

Vesta Holdings, LLC(t) P+ 900

2/25/2024 Banking, Finance, Insurance & Real Estate 838 838 793

Volta Charging, LLC(m) 12.00 % 6/19/2024 Media:

Diversified & Production 5,621 5,617 6,506

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

Volta Charging, LLC(m) 12.00 % 6/19/2024 Media:

Diversified & Production 1,500 1,499 1,736

West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025(m)(n) 3 Month LIBOR Healthcare & Pharmaceuticals 9,441 9,396 9,417

West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025 3 Month LIBOR Healthcare & Pharmaceuticals 3,562 3,553 3,553

West Dermatology Management Holdings, LLC, L+750, 1.00% LIBOR Floor, 2/11/2025 3 Month LIBOR Healthcare & Pharmaceuticals 1,179 1,179 1,191

West Dermatology Management Holdings, LLC, L+600, 1.00% LIBOR Floor, 2/11/2025(m) 3 Month LIBOR Healthcare & Pharmaceuticals 1,105 1,094 1,102

West Dermatology Management Holdings, LLC, 0.50% Unfunded, 2/11/2025(m) None Healthcare & Pharmaceuticals 552 — (1)

West Dermatology Management Holdings, LLC, 0.75% Unfunded, 2/11/2022 None Healthcare & Pharmaceuticals 5,755 (13) (8)

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

Williams Industrial Services Group, Inc.(n)(t)(x) L+ 900 , 1.00 % LIBOR Floor

12/16/2025 Services:

Business 7,173 7,173 7,182

Williams Industrial Services Group, Inc, 0.50% Unfunded, 12/16/2025 None Services:

Wok Holdings Inc.(m)(x) L+ 650 , 0.00 % LIBOR Floor

3/1/2026 Beverage, Food & Tobacco 25,105 24,335 21,684

WorkGenius, Inc.(m)(aa) S+ 700 , 0.50 % SOFR Floor

6/7/2027 Services:

Business 12,938 12,937 12,938

Wind River Systems, Inc., L+675, 1.00% LIBOR Floor, 6/24/2024(n) 3 Month LIBOR High Tech Industries 23,684 23,507 23,684

Wok Holdings Inc., L+625, 0.00% LIBOR Floor, 3/1/2026(m) 1 Month LIBOR Beverage, Food & Tobacco 20,340 19,882 20,238

Xenon Arc, Inc., L+600, 0.75% LIBOR Floor, 12/17/2027(m) 3 Month LIBOR High Tech Industries 10,000 9,875 9,875

WorkGenius, Inc.

0.50 % Unfunded

6/7/2027 Services:

Business 750 ( 15 ) —

Xenon Arc, Inc.(m)(x) L+ 525 , 0.75 % LIBOR Floor

12/17/2027 High Tech Industries 6,915 6,846 6,846

Yak Access, LLC(m) L+ 400 , 0.00 % LIBOR Floor

7/11/2025 Construction & Building 4,925 3,299 3,165

Total Senior Secured First Lien Debt 1,638,995 1,579,512

Senior Secured Second Lien Debt - 4.4 %

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

Global Tel*Link Corp.(n)(aa) S+ 1000 , 0.00 % SOFR Floor

11/29/2026 Telecommunications 11,500 11,378 11,414

OpCo Borrower, LLC(m) 12.50 % 2/19/2028 Healthcare & Pharmaceuticals 12,500 11,659 11,312

RA Outdoors, LLC(m)(aa) S+ 900 , 1.00 % SOFR Floor

10/8/2026 Media:

Diversified & Production 1,827 1,827 1,825

Global Tel*Link Corp., L+825, 0.00% LIBOR Floor, 11/29/2026(n) 1 Month LIBOR Telecommunications 11,500 11,356 11,471

PetroChoice Holdings, Inc., L+875, 1.00% LIBOR Floor, 8/21/2023 3 Month LIBOR Chemicals, Plastics & Rubber 15,000 14,524 14,175

Premiere Global Services, Inc., L+950, 1.00% LIBOR Floor, 6/6/2024(q)(t) 3 Month LIBOR Telecommunications 3,775 3,435 —

Securus Technologies Holdings, Inc., L+825, 1.00% LIBOR Floor, 11/1/2025 3 Month LIBOR Telecommunications 2,942 2,924 2,943

Securus Technologies Holdings, Inc.(x) L+ 825 , 1.00 % LIBOR Floor

11/1/2025 Telecommunications 2,942 2,926 2,884

TMK Hawk Parent, Corp.(x) L+ 800 , 1.00 % LIBOR Floor

8/28/2025 Services:

Business 13,393 13,246 11,334

Total Senior Secured Second Lien Debt 41,036 38,769

See accompanying notes to consolidated financial statements.

3 unchanged sentences

(in thousands)

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

Portfolio Company(a) Interest Maturity Industry Principal/

Units(e) Cost(d) Fair

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

Business 13,393 13,199 9,994

Total Senior Secured Second Lien Debt 55,455 38,583

Collateralized Securities and Structured Products - Equity - 0.1 %

APIDOS CLO XVI Subordinated Notes, 0.00% Estimated Yield, 1/19/2025(h) (g) Diversified Financials 9,000 2,136 984

APIDOS CLO XVI Subordinated Notes(g)(h) 0.00 % Estimated Yield

1/19/2025 Diversified Financials 9,000 1,246 71

Galaxy XV CLO Ltd.

Class A Subordinated Notes, 5.76% Estimated Yield, 4/15/2025(h) (g) Diversified Financials 4,000 1,749 2,014

Class A Subordinated Notes(g)(h) 19.30 % Estimated Yield

4/15/2025 Diversified Financials 4,000 1,441 1,108

Total Collateralized Securities and Structured Products - Equity 2,687 1,179

Unsecured Debt - 2.6 %

Lucky Bucks Holdings LLC, 12.50%, 5/29/2028(t) None Hotel, Gaming & Leisure 20,219 20,219 20,219

WPLM Acquisition Corp., 15.00%, 11/24/2025(t) None Media:

Lucky Bucks Holdings LLC(t) 12.50 % 5/29/2028 Hotel, Gaming & Leisure 22,860 22,860 15,316

WPLM Acquisition Corp.(t) 15.00 % 11/24/2025 Media:

Advertising, Printing & Publishing 7,623 7,567 7,327

1 unchanged sentence

Equity - 12.1 %

ARC Financial Partners, LLC, Membership Interests (25% ownership)(o)(r) Metals & Mining NA — —

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

Metals & Mining NA — —

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

2 unchanged sentences

Oil & Gas 132,367 Units

Carestream Health Holdings Inc., Common Stock(o)(r) Healthcare & Pharmaceuticals 613,262 Units

21,758 21,544

CF Arch Holdings LLC, Class A Units(o) Services:

Business 380,952 Units

CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(o)(s) Diversified Financials 22,072,841 Units

CION/EagleTree Partners, LLC, Membership Units (85% ownership)(h)(o)(s) Diversified Financials NA — —

22,073 30,766

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

Diversified Financials NA — —

DBI Investors, Inc., Series A1 Preferred Stock(o) Retail 20,000 Units

4 unchanged sentences

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

FWS Parent Holdings, LLC.

Class A Membership Interests(o) Services:

Business 35,242 Units

GSC Technologies Inc., Common Shares(o)(r) Chemicals, Plastics & Rubber 807,268 Units

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

Independent Pet Partners Intermediate Holdings, LLC, Class B-2 Preferred Units(o) Retail 2,632,771 Units 2,133 3,949

Independent Pet Partners Intermediate Holdings, LLC, Class C Preferred Units(o) Retail 2,632,771 Units 2,633 2,791

Independent Pet Partners Intermediate Holdings, LLC, Class B-2 Preferred Units(m)(o) Retail 2,632,771 Units

Independent Pet Partners Intermediate Holdings, LLC, Class C Preferred Units(m)(o) Retail 2,632,771 Units

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

Instant Web Holdings, LLC, Class A Common Units(o)(r) Media:

Advertising, Printing & Publishing 10,819 Units

Language Education Holdings GP LLC, Common Units(o)(r) Services:

Business 366,667 Units

Language Education Holdings LP, Ordinary Common Units(o)(r) Services:

Business 366,667 Units

Longview Intermediate Holdings C, LLC, Membership Units(o)(r) Energy:

Oil & Gas 653,989 Units

Mooregate ITC Acquisition, LLC, Class A Units(o) High Tech Industries 500 Units 562 171

Mount Logan Capital Inc., Common Stock(f)(h)(r) Banking, Finance, Insurance & Real Estate 1,075,557 Units

New Giving Acquisition, Inc., Warrants(o) Healthcare & Pharmaceuticals 4,630 Units

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

NS NWN Acquisition, LLC, Non-voting Units(o) High Tech Industries 346 Units 393 —

NS NWN Holdco LLC, Voting Units (o) High Tech Industries 522 Units 504 525

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

Durable 1,575 Units 1,000 770

Palmetto Clean Technology, Inc., Warrants(o) High Tech Industries 724,112 Units 472 3,222

RumbleOn, Inc., Warrants(o) Automotive 60,606 Units 927 978

NS NWN Acquisition, LLC, Common Equity(o) High Tech Industries 346 Units

See accompanying notes to consolidated financial statements.

3 unchanged sentences

(in thousands)

Portfolio Company(a) Industry Principal/

Portfolio Company(a) Interest Industry Principal/

Units(e) Cost(d) Fair

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

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

NS NWN Holdco LLC, Non-Voting Units(o) High Tech Industries 522 Units

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

Durable 1,575 Units

Palmetto Clean Technology, Inc., Warrants(o) High Tech Industries 724,112 Units

RumbleOn, Inc., Warrants(o) Automotive 60,606 Units

Service Compression, LLC, Warrants(o) Energy:

Oil & Gas N/A 509 441

Snap Fitness Holdings, Inc., Class A Common Stock(o)(r) Services:

2 unchanged sentences

Consumer 3,996 Units

STATinMed Parent, LLC, Class A Preferred Units(o)(r) Healthcare & Pharmaceuticals 6,182 Units

STATinMed Parent, LLC, Class B Preferred Units(o)(r) Healthcare & Pharmaceuticals 51,221 Units

WorkGenius, LLC, Class A Units(o) Services:

Business 500 Units

Total Equity 79,595 107,058

1 unchanged sentence

First American Treasury Obligations Fund, Class Z Shares 3.95 %(l)

10,869 10,869

Total Short Term Investments 10,869 10,869

TOTAL INVESTMENTS - 199.2 %

$ 1,803,609 1,760,030

LIABILITIES IN EXCESS OF OTHER ASSETS - ( 99.2 )%

4 unchanged sentences

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

The 1, 3 and 6 month London Interbank Offered Rate, or LIBOR, rates were 0.10%, 0.21% and 0.34%, respectively, as of December 31, 2021.

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

The actual London Interbank Offered Rate, or LIBOR, rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2022, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2022.

The actual Secured Overnight Financing Rate, or SOFR, rate for each loan listed may not be the applicable SOFR rate as of December 31, 2022, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2022.

Fair value determined in good faith by the Company’s board of directors (see Note 9), including via delegation to CIM as the Company’s valuation designee (see Note 2), using significant unobservable inputs unless otherwise noted.

Represents amortized cost for debt securities and cost for equity investments.

9 unchanged sentences

As of December 31, 2022, 93.4 % of the Company’s total assets represented qualifying assets.

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

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2022

(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 residual amounts.

14 unchanged sentences

Year Ended December 31, 2022 Year Ended December 31, 2022

Non-Controlled, Affiliated Investments Fair Value

31, 2020 Gross

Non-Controlled, Affiliated Investments Fair Value at

December 31, 2021 Gross

(Cost)(1) Gross

(Cost)(2) Net

Gain (Loss) Fair Value

31, 2021 Net Realized

Gain (Loss) Interest

Income(3) Dividend

Alert 360 Opco, Inc.

First Lien Term Loan $ — $ 12,240 $ (12,240) $ — $ — $ — $ 796 $ —

Common Stock — 3,624 (3,624) — — (117) — —

American Clinical Solutions LLC

Tranche I Term Loan 3,124 35 (3,421) 262 — — 282 —

First Amendment Tranche I Term Loan 242 — (250) 8 — — 18 —

Class A Membership Interests 663 — (1,658) 995 — 3,542 — —

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2022 Net Realized Gain (Loss) Interest

Income(3) Dividend Income

ARC Financial, LLC

Membership Interests $ — $ — $ — $ — $ — $ — $ — $ 25

BCP Great Lakes Fund LP

Membership Interests 12,611 5,377 (18,241) 253 — 33 — 1,078

Berlitz Holdings, Inc.

First Lien Term Loan — 13,956 ( 13,956 ) — — — 393 —

Carestream Health, Inc.

First Lien Term Loan — 7,596 — ( 57 ) 7,539 — 284 —

Carestream Health Holdings Inc.

Common Shares — 21,758 — ( 214 ) 21,544 — — —

Charming Charlie, LLC

Vendor Payment Financing Facility 350 — ( 657 ) 307 — ( 657 ) 26 —

Conisus Holdings, Inc.

Series B Preferred Stock 16,481 951 (16,094) (1,338) — — — 4,428

Common Stock 12,401 — (200) (12,201) — 19,110 — —

DESG Holdings, Inc.

1 unchanged sentence

Second Lien Term Loan — — ( 10,017 ) 10,017 — ( 10,017 ) — —

Common Stock — — (13,675) 13,675 — (13,675) — —

F+W Media, Inc.

First Lien Term Loan B-1 — — (1,115) 1,115 — (1,080) — —

GSC Technologies Inc.

3 unchanged sentences

Common Shares — — — — — — — —

Instant Web Holdings, LLC

Class A Common Units — — — — — — — —

Instant Web, LLC

Revolving Loan — 970 ( 649 ) — 321 — 26 —

Priming Term Loan — 458 — 11 469 — 36 —

First Lien Term Loan — 39,802 — ( 11,635 ) 28,167 — 3,314 —

First Lien Delayed Draw Term Loan — — — — — — 14 —

Language Education Holdings GP LLC

Common Units — — — — — — — —

Language Education Holdings LP

Ordinary Common Units — 1,125 ( 1,125 ) — — — — —

Lift Brands, Inc.

2 unchanged sentences

Term Loan C 4,700 133 — ( 101 ) 4,732 — 1,412 —

Longview Power, LLC

First Lien Term Loan 2,414 2,019 (26) 97 4,504 16 581 —

Longview Intermediate Holdings C, LLC

Membership Units 15,127 — — 8,868 23,995 — — —

Longview Power, LLC

First Lien Term Loan 4,504 156 ( 1,391 ) ( 921 ) 2,348 — 1,952 —

Mount Logan Capital Inc.

4 unchanged sentences

Class W Membership Units — — — — — — — —

Snap Fitness Holdings, Inc.

Class A Stock 3,389 — — (258) 3,131 — — —

Warrants 1,374 — — (105) 1,269 — — —

Totals $ 116,895 $ 29,195 $ (71,861) $ 7,261 $ 81,490 $ 8,010 $ 8,121 $ 5,576

(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.

See accompanying notes to consolidated financial statements

3 unchanged sentences

(in thousands)

Year Ended December 31, 2022 Year Ended December 31, 2022

Non-Controlled, Affiliated Investments Fair Value at

December 31, 2021 Gross

(Cost)(1) Gross

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2022 Net Realized Gain (Loss) Interest

Income(3) Dividend Income

Snap Fitness Holdings, Inc.

Class A Stock 3,131 — — 1,992 5,123 — — —

Warrants 1,269 — — 808 2,077 — — —

STATinMED, LLC

First Lien Term Loan — 9,472 ( 250 ) ( 115 ) 9,107 — 719 —

Delayed Draw First Lien Term Loan — 153 — 3 156 — — —

STATinMed Parent, LLC

Class A Preferred Units — 6,182 — ( 1,652 ) 4,530 — — —

Class B Preferred Units — 3,193 — ( 3,059 ) 134 — — —

Totals $ 81,490 $ 106,737 $ ( 57,874 ) $ 13,523 $ 143,876 $ ( 21,530 ) $ 12,069 $ 79

(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.

11 unchanged sentences

Income(3) Dividend Income

CION SOF Funding, LLC

Membership Interests $ 12,472 $ — $ (15,539) $ 3,067 $ — $ (3,067) $ — $ —

CION/EagleTree Partners, LLC

16 unchanged sentences

Senior Secured First Lien Debt 14.76 % 2.00 % 16.76 %

American Clinical Solutions LLC Senior Secured First Lien Debt 7.00 % 4.27 % 11.27 %

American Consolidated Natural Resources, Inc.

5 unchanged sentences

Cadence Aerospace, LLC Senior Secured First Lien Debt 10.92 % 2.00 % 12.92 %

CHC Solutions Inc.

Senior Secured First Lien Debt 8.00% 4.00% 12.00%

CION/EagleTree Partners, LLC Senior Secured Note — 14.00 % 14.00 %

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

David's Bridal, LLC Senior Secured First Lien Debt 9.28 % 5.00 % 14.28 %

2 unchanged sentences

Senior Secured First Lien Debt 9.73 % 1.50 % 11.23 %

Deluxe Entertainment Services, Inc.

Senior Secured Second Lien Debt 7.00% 2.50% 9.50%

Fusion Connect Inc.

Senior Secured First Lien Debt 11.69 % 1.00 % 12.69 %

GSC Technologies Inc.

6 unchanged sentences

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

LAV Gear Holdings, Inc.

Senior Secured First Lien Debt 6.50% 2.00% 8.50%

Lift Brands, Inc.

Senior Secured First Lien Debt — 9.50% 9.50%

Independent Pet Partners Intermediate Holdings, LLC Senior Secured First Lien Debt — 13.00 % 13.00 %

Independent Pet Partners Intermediate Holdings, LLC Senior Secured First Lien Debt — 11.26 % 11.26 %

Independent Pet Partners Intermediate Holdings, LLC Senior Secured First Lien Debt — 14.42 % 14.42 %

Instant Web, LLC Senior Secured First Lien Debt — 11.38 % 11.38 %

Lucky Bucks Holdings LLC Unsecured Note — 12.50 % 12.50 %

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

Premiere Global Services, Inc.

Senior Secured Second Lien Debt 0.50% 10.00% 10.50%

Hilliard, L.L.P.

Senior Secured First Lien Debt — 16.24 % 16.24 %

RumbleOn, Inc.

Senior Secured First Lien Debt 8.25% 1.00% 9.25%

SIMR, LLC Senior Secured First Lien Debt 12.00% 7.00% 19.00%

Rogers Mechanical Contractors, LLC Senior Secured First Lien Debt 11.70 % 1.00 % 12.70 %

Service Compression, LLC Senior Secured First Lien Debt 12.83 % 2.00 % 14.83 %

Spinal USA, Inc.

1 unchanged sentence

Senior Secured First Lien Debt — 13.24 % 13.24 %

STATinMED, LLC Senior Secured First Lien Debt — 13.80 % 13.80 %

STATinMED, LLC Senior Secured First Lien Debt — 13.94 % 13.94 %

Trademark Global, LLC Senior Secured First Lien Debt 7.07 % 4.50 % 11.57 %

Trammell, P.C.

1 unchanged sentence

Vesta Holdings, LLC Senior Secured First Lien Debt — 21.50 % 21.50 %

Williams Industrial Services Group, Inc.

Senior Secured First Lien Debt 10.00 % 2.75 % 12.75 %

WPLM Acquisition Corp.

1 unchanged sentence

As of December 31, 2022, the index rate for $ 2,096 and $ 1,943 was 1 Month LIBOR and 3 Month LIBOR, respectively.

The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%.

The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%.

The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2022 was 5.14%.

The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%.

The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%.

See accompanying notes to consolidated financial statements.

3 unchanged sentences

(in thousands)

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

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

Senior Secured First Lien Debt - 164.1 %

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(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:

ABB/CON-CISE Optical Group LLC(i)(n)(x) L+ 500 , 1.00 % LIBOR Floor

6/15/2023 Consumer Goods:

Non-Durable $ 8,473 $ 8,263 $ 8,219

Adapt Laser Acquisition, Inc.(t)(w) L+ 1200 , 1.00 % LIBOR Floor

12/31/2023 Capital Equipment 11,181 11,181 9,392

Adapt Laser Acquisition, Inc.(w) L+ 1000 , 1.00 % LIBOR Floor

12/31/2023 Capital Equipment 2,000 2,000 1,680

Aegis Toxicology Sciences Corp.(m)(w) L+ 550 , 1.00 % LIBOR Floor

5/9/2025 Healthcare & Pharmaceuticals 7,186 7,105 7,186

Alchemy US Holdco 1, LLC(m)(v) L+ 550

10/10/2025 Construction & Building 2,287 2,270 2,289

Allen Media, LLC(n)(w) L+ 550 , 0.00 % LIBOR Floor

2/10/2027 Media:

Diversified & Production 8,955 8,868 8,955

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

ALM Media, LLC(m)(n)(w) L+ 700 , 1.00 % LIBOR Floor

11/25/2024 Media:

Advertising, Printing & Publishing 18,000 17,774 17,460

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

American Clinical Solutions LLC(m) 7.00 %

12/31/2022 Healthcare & Pharmaceuticals 3,500 3,462 3,447

American Consolidated Natural Resources, Inc.(m)(t)(w) L+ 1600 , 1.00 % LIBOR Floor

9/16/2025 Metals & Mining 379 284 389

American Health Staffing Group, Inc.(m)(w) L+ 600 , 1.00 % LIBOR Floor

11/19/2026 Services:

Business 16,667 16,502 16,500

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

American Health Staffing Group, Inc.

11/19/2026 Services:

Business 1,000 1,000 990

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

American Health Staffing Group, Inc.

0.50 % Unfunded

11/19/2026 Services:

Business 2,333 ( 33 ) ( 23 )

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:

American Media, LLC(m)(w) L+ 675 , 1.50 % LIBOR Floor

12/31/2023 Media:

Advertising, Printing & Publishing 9,847 9,735 9,847

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

American Media, LLC(m) 0.50 % Unfunded

12/31/2023 Media:

Advertising, Printing & Publishing 1,702 ( 17 ) —

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:

American Teleconferencing Services, Ltd.(m)(q) Prime+ 550

6/8/2023 Telecommunications 16,154 15,621 3,211

American Teleconferencing Services, Ltd.(m) Prime+ 550

3/31/2022 Telecommunications 3,116 3,033 3,116

American Teleconferencing Services, Ltd.(m)(o) 0.00 % Unfunded

3/31/2022 Telecommunications 235 — —

Analogic Corp.(m)(n)(v) L+ 525 , 1.00 % LIBOR Floor

6/21/2024 Healthcare & Pharmaceuticals 4,900 4,853 4,820

Ancile Solutions, Inc.(t)(v) L+ 1000 , 1.00 %LIBOR Floor

6/22/2026 High Tech Industries 12,537 12,194 12,161

Anthem Sports & Entertainment Inc.(m)(t)(w) L+ 900 , 1.00 % LIBOR Floor

11/15/2026 Media:

Diversified & Production 37,966 37,758 36,543

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

Anthem Sports & Entertainment Inc.(w) L+ 950 , 1.00 % LIBOR Floor

11/15/2026 Media:

Diversified & Production 1,000 1,000 962

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

Anthem Sports & Entertainment Inc.

0.50 % Unfunded

11/15/2026 Media:

Diversified & Production 1,167 — ( 44 )

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(n) 6 Month LIBOR Transportation:

Appalachian Resource Company, LLC(v) L+ 500 , 1.00 % LIBOR Floor

9/10/2023 Metals & Mining 11,137 9,959 10,538

Appalachian Resource Company, LLC(o) 0.00 % Unfunded

9/10/2023 Metals & Mining 500 — —

Associated Asphalt Partners, LLC(m)(n)(v) L+ 525 , 1.00 % LIBOR Floor

4/5/2024 Construction & Building 14,393 14,095 12,666

Avison Young (USA) Inc.(h)(m)(w) L+ 500 , 0.00 % LIBOR Floor

1/31/2026 Banking, Finance, Insurance & Real Estate 2,692 2,658 2,679

Bradshaw International Parent Corp.(m)(v) L+ 575 , 1.00 % LIBOR Floor

10/21/2027 Consumer Goods:

Durable 13,156 12,831 12,827

Bradshaw International Parent Corp.(v) L+ 575 , 1.00 % LIBOR Floor

10/21/2026 Consumer Goods:

Durable 400 387 390

Bradshaw International Parent Corp.

0.50 % Unfunded

10/21/2026 Consumer Goods:

Durable 1,445 ( 32 ) ( 36 )

Cadence Aerospace, LLC(m)(n)(t)(w) L+ 850 , 1.00 % LIBOR Floor

11/14/2023 Aerospace & Defense 38,960 38,623 38,279

Cardenas Markets LLC(x) L+ 625 , 1.00 % LIBOR Floor

6/3/2027 Retail 10,945 10,840 10,972

CB URS Holdings Corp.(m)(x) L+ 575 , 1.00 % LIBOR Floor

9/1/2024 Transportation:

Cargo 15,354 15,310 14,106

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

Celerity Acquisition Holdings, LLC(v) L+ 850 , 1.00 % LIBOR Floor

5/28/2026 Services:

Business 14,925 14,925 14,944

Charming Charlie LLC(q)(r) 20.00 %

4/24/2023 Retail 662 657 350

CHC Solutions Inc.(n)(t) 12.00 %

7/20/2023 Healthcare & Pharmaceuticals 7,966 7,966 7,916

See accompanying notes to consolidated financial statements.

3 unchanged sentences

(in thousands)

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

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

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, 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:

CION/EagleTree Partners, LLC(h)(s)(t) 14.00 %

12/21/2026 Diversified Financials 61,629 61,629 61,629

CircusTrix Holdings, LLC(m)(n)(t)(v) L+ 800 , 1.00 % LIBOR Floor

1/16/2024 Hotel, Gaming & Leisure 26,754 26,734 25,718

CircusTrix Holdings, LLC(m)(t)(v) L+ 800 , 1.00 % LIBOR Floor

1/16/2024 Hotel, Gaming & Leisure 2,723 2,723 2,618

CircusTrix Holdings, LLC(m)(t)(v) L+ 800 , 1.00 % LIBOR Floor

7/16/2023 Hotel, Gaming & Leisure 1,953 1,836 2,300

Country Fresh Holdings, LLC(q)(w) L+ 500 , 1.00 % LIBOR Floor

4/29/2023 Beverage, Food & Tobacco 1,020 984 168

Country Fresh Holdings, LLC(m)(q)(w) L+ 500 , 1.00 % LIBOR Floor

4/29/2023 Beverage, Food & Tobacco 414 414 68

Coyote Buyer, LLC(m)(n)(w) L+ 600 , 1.00 % LIBOR Floor

2/6/2026 Chemicals, Plastics & Rubber 34,388 34,157 34,302

Coyote Buyer, LLC(n)(w) L+ 800 , 1.00 % LIBOR Floor

8/6/2026 Chemicals, Plastics & Rubber 6,188 6,084 6,188

Coyote Buyer , LLC 0.50 % Unfunded

2/6/2025 Chemicals, Plastics & Rubber 2,500 — ( 6 )

Critical Nurse Staffing, LLC(m)(w) L+ 600 , 1.00 % LIBOR Floor

11/1/2026 Healthcare & Pharmaceuticals 13,059 13,059 13,059

Critical Nurse Staffing, LLC(w) L+ 600 , 1.00 % LIBOR Floor

11/1/2026 Healthcare & Pharmaceuticals 1,009 1,009 1,009

Critical Nurse Staffing, LLC 1.00 % Unfunded

11/1/2026 Healthcare & Pharmaceuticals 4,899 — —

Critical Nurse Staffing, LLC 0.50 % Unfunded

11/1/2026 Healthcare & Pharmaceuticals 1,000 — —

David's Bridal, LLC(t)(w) L+ 1000 , 1.00 % LIBOR Floor

6/23/2023 Retail 5,617 5,008 5,617

David's Bridal, LLC(t)(w) L+ 1000 , 1.00 % LIBOR Floor

5/23/2024 Retail 5,093 5,093 5,093

David's Bridal, LLC(t)(w) L+ 600 , 1.00 % LIBOR Floor

6/30/2023 Retail 791 719 791

Deluxe Entertainment Services, Inc.(m)(q)(r)(t)(w) L+ 650 , 1.00 % LIBOR Floor

3/25/2024 Media:

Diversified & Production 2,930 2,930 1,787

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

DMT Solutions Global Corp.(m)(u) L+ 750 , 1.00 % LIBOR Floor

7/2/2024 Services:

Business 9,696 9,563 9,503

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(k) None Media:

Entertainment Studios P&A LLC(j)(m) 5.71 %

5/18/2037 Media:

Diversified & Production 11,649 11,554 10,047

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:

Entertainment Studios P&A LLC(j) 5.00 %

5/18/2037 Media:

Diversified & Production — — 2,182

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

EnTrans International, LLC(m)(v) L+ 600 , 0.00 % LIBOR Floor

11/1/2024 Capital Equipment 24,750 24,617 23,430

Extreme Reach, Inc.(m)(n)(v) L+ 700 , 1.25 % LIBOR Floor

3/29/2024 Media:

Diversified & Production 18,774 18,662 18,844

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

Extreme Reach, Inc.(m)(n) 0.50 % Unfunded

3/29/2024 Media:

Diversified & Production 1,744 — 7

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

Foundation Consumer Healthcare, LLC(m)(n)(w) L+ 638 , 1.00 % LIBOR Floor

2/12/2027 Healthcare & Pharmaceuticals 30,799 30,535 31,145

Foundation Consumer Healthcare, LLC 0.50 % Unfunded

11/2/2023 Healthcare & Pharmaceuticals 2,094 — 24

FuseFX, LLC(m)(n)(v) L+ 575 , 1.00 % LIBOR Floor

10/1/2024 Media:

Diversified & Production 20,000 19,800 19,800

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)(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(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(n) 3 Month LIBOR Services:

Business 12,337 12,305 11,021

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., 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:

Future Pak, LLC(m)(v) L+ 800 , 2.00 % LIBOR Floor

7/2/2024 Healthcare & Pharmaceuticals 33,764 33,565 33,426

Genesis Healthcare, Inc.(h) 0.50 % Unfunded

3/6/2023 Healthcare & Pharmaceuticals 35,000 — —

GSC Technologies Inc.(r)(w) L+ 500 , 1.00 % LIBOR Floor

9/30/2025 Chemicals, Plastics & Rubber 2,404 2,294 2,001

GSC Technologies Inc.(r)(t)(w) L+ 500 , 1.00 % LIBOR Floor

9/30/2025 Chemicals, Plastics & Rubber 858 814 485

GSC Technologies Inc.(r)(t)(w) L+ 1000 , 1.00 % LIBOR Floor

9/30/2025 Chemicals, Plastics & Rubber 170 170 170

Lochner, Inc.(w) L+ 625 , 1.00 % LIBOR Floor

7/2/2027 Construction & Building 11,970 11,856 11,910

Lochner, Inc.(w) L+ 625 , 1.00 % LIBOR Floor

7/2/2027 Construction & Building 725 715 721

Lochner, Inc.

0.50 % Unfunded

7/2/2027 Construction & Building 275 — ( 1 )

Harland Clarke Holdings Corp.(m)(v) L+ 775 , 1.00 % LIBOR Floor

6/16/2026 Services:

Business 9,657 9,641 8,848

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.

3 unchanged sentences

(in thousands)

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

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

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:

Heritage Power, LLC(x) L+ 600 , 1.00 % LIBOR Floor

7/30/2026 Energy:

Oil & Gas 4,854 4,692 3,956

Hilliard, Martinez & Gonzales, LLP(m)(t)(v) L+ 1800 , 2.00 % LIBOR Floor

12/17/2022 Services:

Consumer 22,885 22,752 21,947

Homer City Generation, L.P.(m)(t) 15.00 %

4/5/2023 Energy:

Oil & Gas 10,173 10,521 7,935

Hoover Group, Inc.(n)(w) L+ 850 , 1.25 % LIBOR Floor

10/1/2024 Services:

Business 5,156 5,139 5,079

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

HUMC Holdco, LLC(m) 9.00 %

1/14/2022 Healthcare & Pharmaceuticals 9,346 9,346 9,323

HW Acquisition, LLC(m)(w) L+ 600 , 1.00 % LIBOR Floor

9/28/2026 Capital Equipment 19,067 18,885 18,828

HW Acquisition, LLC 0.50 % Unfunded

9/28/2026 Capital Equipment 2,933 ( 28 ) ( 37 )

Independent Pet Partners Intermediate Holdings, LLC(m)(t) 6.00 %

11/20/2023 Retail 10,295 10,235 9,085

Independent Pet Partners Intermediate Holdings, LLC(m) Prime+ 500

12/22/2022 Retail 2,085 2,085 2,085

Independent Pet Partners Intermediate Holdings, LLC(m)(w) L+ 600 , 0.00 % LIBOR Floor

12/22/2022 Retail 264 264 264

InfoGroup Inc.(m)(n)(w) L+ 500 , 1.00 % LIBOR Floor

4/3/2023 Media:

Advertising, Printing & Publishing 15,432 15,428 14,815

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

Inotiv, Inc.(m)(v) L+ 625 , 1.00 % LIBOR Floor

11/5/2026 Healthcare & Pharmaceuticals 9,900 9,709 9,764

1.00 % Unfunded

5/5/2023 Healthcare & Pharmaceuticals 2,100 ( 41 ) ( 29 )

Instant Web, LLC(m)(n)(v) L+ 650 , 1.00 % LIBOR Floor

12/15/2022 Media:

Advertising, Printing & Publishing 36,605 36,580 34,042

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

Instant Web, LLC 0.50 % Unfunded

12/15/2022 Media:

Advertising, Printing & Publishing 2,704 — —

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:

Invincible Boat Company LLC(w) L+ 650 , 1.50 % LIBOR Floor

8/28/2025 Consumer Goods:

Durable 14,034 13,937 14,034

Invincible Boat Company LLC 0.50 % Unfunded

8/28/2025 Consumer Goods:

Durable 798 — ( 8 )

INW Manufacturing, LLC(n)(w) L+ 575 , 0.75 % LIBOR Floor

5/7/2027 Services:

Business 19,625 19,087 19,232

Isagenix International, LLC(m)(w) L+ 575 , 1.00 % LIBOR Floor

6/14/2025 Beverage, Food & Tobacco 16,663 15,160 15,122

Island Medical Management Holdings, LLC(m)(n)(w) L+ 650 , 1.00 % LIBOR Floor

9/1/2023 Healthcare & Pharmaceuticals 11,049 11,028 11,049

Jenny C Acquisition, Inc.(m)(t)(w) L+ 900 , 1.75 % LIBOR Floor

10/1/2024 Services:

Consumer 11,123 11,069 10,157

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:

JP Intermediate B, LLC(m)(w) L+ 550 , 1.00 % LIBOR Floor

11/20/2025 Beverage, Food & Tobacco 14,355 14,160 13,458

K&N Parent, Inc.(w) L+ 475 , 1.00 % LIBOR Floor

10/20/2023 Consumer Goods:

Durable 11,154 10,779 10,373

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

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

KNB Holdings Corp.(m)(x) L+ 550 , 1.00 % LIBOR Floor

4/26/2024 Consumer Goods:

Durable 7,854 7,774 5,517

LaserAway Intermediate Holdings II, LLC(m)(w) L+ 575 , 1.00 % LIBOR Floor

10/12/2027 Services:

Consumer 10,000 9,805 9,963

LAV Gear Holdings, Inc.(m)(n)(t)(w) L+ 750 , 1.00 % LIBOR Floor

10/31/2024 Services:

Business 26,408 26,103 24,988

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

LAV Gear Holdings, Inc.(m)(n)(t)(w) L+ 750 , 1.00 % LIBOR Floor

10/31/2024 Services:

Business 4,555 4,518 4,310

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:

LGC US Finco, LLC(m)(v) L+ 650 , 1.00 % LIBOR Floor

12/20/2025 Capital Equipment 11,760 11,431 11,422

LH Intermediate Corp.(m)(w) L+ 750 , 1.00 % LIBOR Floor

6/2/2026 Consumer Goods:

Durable 14,438 14,230 14,257

Lift Brands, Inc.(m)(n)(r) (v) L+ 750 , 1.00 % LIBOR Floor

6/29/2025 Services:

Consumer 23,523 23,523 23,406

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

Lift Brands, Inc.(m)(n)(r)(t) 9.50 %

6/29/2025 Services:

Consumer 5,343 5,255 5,156

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

Lift Brands, Inc.(m)(n)(r) (p) 6/29/2025 Services:

Consumer 5,296 4,814 4,700

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

Longview Power, LLC(r)(w) L+ 1000 , 1.50 % LIBOR Floor

7/30/2025 Energy:

Oil & Gas 4,189 2,624 4,504

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

MacNeill Pride Group Corp.(m)(w) L+ 625 , 1.00 % LIBOR Floor

4/20/2026 Services:

Consumer 14,925 14,790 14,776

MacNeill Pride Group Corp.(w) L+ 625 , 1.00 % LIBOR Floor

4/20/2026 Services:

Consumer 4,992 4,947 4,942

Manus Bio Inc.

8/20/2026 Healthcare & Pharmaceuticals 10,000 10,000 10,000

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2021

(in thousands)

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

Marble Point Credit Management LLC(v) L+ 600 , 1.00 % LIBOR Floor

8/11/2028 Diversified Financials 6,418 6,294 6,370

Marble Point Credit Management LLC(v) L+ 600 , 1.00 % LIBOR Floor

8/11/2028 Diversified Financials 250 241 248

Marble Point Credit Management LLC 0.50 % Unfunded

8/11/2028 Diversified Financials 1,250 — ( 9 )

Mimeo.com, Inc.(w) L+ 640 , 1.00 % LIBOR Floor

12/21/2023 Services:

Business 23,018 23,018 23,018

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

Mimeo.com, Inc.(w) L+ 640 , 1.00 % LIBOR Floor

12/21/2023 Services:

Business 256 256 256

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

Mimeo.com, Inc.

1.00 % Unfunded

12/21/2023 Services:

Business 5,000 — —

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

Molded Devices, Inc.(m) Prime + 500

11/1/2026 Services:

Business 15,574 15,407 15,418

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

Molded Devices, Inc.

1.00 % Unfunded

11/1/2026 Services:

Business 1,771 ( 17 ) ( 18 )

Moss Holding Company, 0.50% Unfunded, 4/17/2024 None Services:

Molded Devices, Inc.

0.50 % Unfunded

11/1/2026 Services:

Business 2,656 — ( 27 )

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

Moss Holding Company(m)(n)(t)(w) L+ 700 , 1.00 % LIBOR Floor

4/17/2024 Services:

Business 19,641 19,506 17,922

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

Moss Holding Company 0.50 % Unfunded

4/17/2024 Services:

Business 2,126 — —

Moss Holding Company 7.00 % Unfunded

4/17/2024 Services:

Business 106 — —

Napa Management Services Corp.(v) L+ 500 , 1.00 % LIBOR Floor

4/19/2023 Healthcare & Pharmaceuticals 5,318 5,267 5,324

NASCO Healthcare Inc.(m)(x) L+ 550 , 1.00 % LIBOR Floor

6/30/2023 Services:

Business 17,458 17,458 17,218

Neptune Flood Inc.(m)(w) L+ 600 , 1.00 % LIBOR Floor

10/21/2026 Banking, Finance, Insurance & Real Estate 9,667 9,596 9,618

NewsCycle Solutions, Inc.(m)(n)(w) L+ 700 , 1.00 % LIBOR Floor

12/29/2022 Media:

Advertising, Printing & Publishing 12,064 12,020 12,049

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)

NWN Parent Holdings LLC(w) L+ 650 , 1.00 % LIBOR Floor

5/7/2026 High Tech Industries 13,100 12,980 13,100

NWN Parent Holdings LLC(w) L+ 650 , 1.00 % LIBOR Floor

5/7/2026 High Tech Industries 420 420 421

NWN Parent Holdings LLC 0.50 % Unfunded

5/7/2026 High Tech Industries 1,380 ( 18 ) 3

Optio Rx, LLC(m)(n)(w) L+ 700 , 0.00 % LIBOR Floor

6/28/2024 Healthcare & Pharmaceuticals 23,344 23,255 22,994

Optio Rx, LLC(n)(w) L+ 1000 , 0.00 % LIBOR Floor

6/28/2024 Healthcare & Pharmaceuticals 2,515 2,498 2,647

Pentec Acquisition Corp.(w) L+ 600 , 1.00 % LIBOR Floor

10/8/2026 Healthcare & Pharmaceuticals 25,000 24,756 24,750

PetroChoice Holdings, Inc.(w) L+ 500 , 1.00 % LIBOR Floor

8/20/2022 Chemicals, Plastics & Rubber 3,896 3,836 3,725

PH Beauty Holdings III.

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

Inc.(m)(w) L+ 500 , 0.00 % LIBOR Floor

9/28/2025 Consumer Goods:

Non-Durable 9,675 9,172 9,143

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

Playboy Enterprises, Inc.(h)(n)(w) L+ 575 , 0.50 % LIBOR Floor

5/25/2027 Consumer Goods:

Non-Durable 28,606 28,043 28,320

Polymer Additives, Inc.(m)(w) L+ 600 , 0.00 % LIBOR Floor

7/31/2025 Chemicals, Plastics & Rubber 19,400 19,173 18,963

RA Outdoors, LLC(m)(w) L+ 675 , 1.00 % LIBOR Floor

4/8/2026 Media:

Diversified & Production 15,911 15,911 15,772

RA Outdoors, LLC 0.50 % Unfunded

4/8/2026 Media:

Diversified & Production 1,049 ( 170 ) ( 9 )

Retail Services WIS Corp.(m)(w) L+ 775 , 1.00 % LIBOR Floor

5/20/2025 Services:

Business 9,924 9,699 9,788

Hilliard, L.L.P.(m)(t)(v) L+ 1800 , 2.00 % LIBOR Floor

12/17/2022 Services:

Consumer 1,905 1,905 1,827

Rogers Mechanical Contractors, LLC(m)(v) L+ 650 , 1.00 % LIBOR Floor

9/9/2025 Services:

Business 17,250 17,250 17,250

Rogers Mechanical Contractors, LLC 0.75 % Unfunded

9/9/2025 Services:

Business 2,885 — —

Rogers Mechanical Contractors, LLC 1.00 % Unfunded

9/9/2022 Services:

Business 1,923 — —

RumbleOn, Inc.(m)(t)(w) L+ 825 , 1.00 % LIBOR Floor

8/31/2026 Automotive 13,965 12,962 13,389

RumbleOn, Inc.(o) 0.00 % Unfunded

2/28/2023 Automotive 6,000 ( 56 ) —

Securus Technologies Holdings, Inc.(m)(w) L+ 450 , 1.00 % LIBOR Floor

11/1/2024 Telecommunications 3,908 3,201 3,908

Sequoia Healthcare Management, LLC(m)(n)(q) 12.75 %

8/21/2023 Healthcare & Pharmaceuticals 8,525 8,457 6,394

See accompanying notes to consolidated financial statements.

3 unchanged sentences

(in thousands)

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

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

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

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(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

SIMR, LLC(r)(t)(v) L+ 1700 , 2.00 % LIBOR Floor

9/7/2023 Healthcare & Pharmaceuticals 19,938 19,813 16,000

Sleep Opco, LLC(m)(w) L+ 650 , 1.00 % LIBOR Floor

10/12/2026 Retail 13,250 12,991 12,985

Sleep Opco, LLC(m) 0.50 % Unfunded

10/12/2026 Retail 1,750 ( 34 ) ( 35 )

Spinal USA, Inc.

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

/ Precision Medical Inc.(m)(w) L+ 950

10/1/2022 Healthcare & Pharmaceuticals 12,526 12,491 11,743

Spinal USA, Inc.

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

/ Precision Medical Inc.(m)(t)(w) L+ 950

10/1/2022 Healthcare & Pharmaceuticals 1,054 1,054 991

Spinal USA, Inc.

/ 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, 1.00% LIBOR Floor, 10/29/2021(j)(n) 3 Month LIBOR Services:

/ Precision Medical Inc.(m)(t)(w) L+ 950

10/1/2022 Healthcare & Pharmaceuticals 689 600 644

Spinal USA, Inc.

/ Precision Medical Inc.(m)(t)(w) L+ 950

10/1/2022 Healthcare & Pharmaceuticals 649 647 609

Spinal USA, Inc.

/ Precision Medical Inc.(m)(t)(w) L+ 950

10/1/2022 Healthcare & Pharmaceuticals 546 475 560

Tenere Inc.(m)(n)(w) L+ 850 , 1.00 % LIBOR Floor

7/1/2025 Capital Equipment 18,080 18,080 18,080

Tensar Corp.(m)(w) L+ 675 , 1.00 % LIBOR Floor

11/20/2025 Chemicals, Plastics & Rubber 4,950 4,850 4,982

Trademark Global, LLC(v) L+ 600 , 1.00 % LIBOR Floor

7/30/2024 Services:

Business 15,346 15,278 15,250

Trademark Global, LLC 1.00 % Unfunded

7/30/2023 Services:

Business 4,615 ( 21 ) ( 29 )

Trammell, P.C.(i)(t)(v) L+ 1800 , 2.00 % LIBOR Floor

6/25/2022 Services:

Consumer 18,091 18,091 18,091

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

USALCO, LLC(m)(w) L+ 600 , 1.00 % LIBOR Floor

10/19/2027 Chemicals, Plastics & Rubber 25,000 24,753 24,875

Vesta Holdings, LLC(m)(t)(v) L+ 1000 , 1.00 % LIBOR Floor

2/25/2024 Banking, Finance, Insurance & Real Estate 24,933 24,933 24,933

Volta Charging, LLC(m) 12.00 %

6/19/2024 Media:

Diversified & Production 12,000 11,984 13,095

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

Volta Charging, LLC(m) 12.00 %

6/19/2024 Media:

Diversified & Production 10,500 10,500 11,458

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:

West Dermatology Management Holdings, LLC(m)(n)(w) L+ 600 , 1.00 % LIBOR Floor

2/11/2025 Healthcare & Pharmaceuticals 9,441 9,396 9,417

West Dermatology Management Holdings, LLC(w) L+ 600 , 1.00 % LIBOR Floor

2/11/2025 Healthcare & Pharmaceuticals 3,562 3,553 3,553

West Dermatology Management Holdings, LLC(w) L+ 750 , 1.00 % LIBOR Floor

2/11/2025 Healthcare & Pharmaceuticals 1,179 1,179 1,191

West Dermatology Management Holdings, LLC(m)(w) L+ 600 , 1.00 % LIBOR Floor

2/11/2025 Healthcare & Pharmaceuticals 1,105 1,094 1,102

West Dermatology Management Holdings, LLC(m) 0.50 % Unfunded

2/11/2025 Healthcare & Pharmaceuticals 552 — ( 1 )

West Dermatology Management Holdings, LLC(m) 0.75 % Unfunded

2/11/2022 Healthcare & Pharmaceuticals 5,755 ( 13 ) ( 8 )

Williams Industrial Services Group, Inc(n)(v) L+ 900 , 1.00 % LIBOR Floor

12/16/2025 Services:

Business 9,775 9,775 9,861

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

Williams Industrial Services Group, Inc 0.50 % Unfunded

12/16/2025 Services:

Business 5,000 — 44

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

Wind River Systems, Inc.(n)(w) L+ 675 , 1.00 % LIBOR Floor

6/24/2024 High Tech Industries 23,684 23,507 23,684

Wok Holdings Inc.(m)(v) L+ 625 , 0.00 % LIBOR Floor

3/1/2026 Beverage, Food & Tobacco 20,340 19,882 20,238

Xenon Arc, Inc.(m)(w) L+ 600 , 0.75 % LIBOR Floor

12/17/2027 High Tech Industries 10,000 9,875 9,875

Total Senior Secured First Lien Debt 1,564,891 1,526,989

Senior Secured Second Lien Debt - 4.1 %

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

Deluxe Entertainment Services, Inc.(m)(q)(r)(t)(w) L+ 850 , 1.00 % LIBOR Floor

9/25/2024 Media:

Diversified & Production 10,534 10,017 —

Global Tel*Link Corp.(n)(v) L+ 825 , 0.00 % LIBOR Floor

11/29/2026 Telecommunications 11,500 11,356 11,471

PetroChoice Holdings, Inc.(w) L+ 875 , 1.00 % LIBOR Floor

8/21/2023 Chemicals, Plastics & Rubber 15,000 14,524 14,175

Premiere Global Services, Inc.(q)(t)(w) L+ 950 , 1.00 % LIBOR Floor

6/6/2024 Telecommunications 3,775 3,435 —

Securus Technologies Holdings, Inc.(w) L+ 825 , 1.00 % LIBOR Floor

11/1/2025 Telecommunications 2,942 2,924 2,943

See accompanying notes to consolidated financial statements.

3 unchanged sentences

(in thousands)

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

Portfolio Company(a) Interest(b) Maturity Industry Principal/

Units(e) Cost(d) Fair

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 —

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

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+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:

TMK Hawk Parent, Corp.(v) L+ 800 , 1.00 % LIBOR Floor

8/28/2025 Services:

Business 13,393 13,199 9,994

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 55,455 38,583

Collateralized Securities and Structured Products - Equity - 0.3 %

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, 0.00% Estimated Yield, 10/29/2025(h)

(g) Diversified Financials 2,000 1,161 214

APIDOS CLO XVI Subordinated Notes(g)(h) 0.00 % Estimated Yield

1/19/2025 Diversified Financials 9,000 2,136 984

Galaxy XV CLO Ltd.

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) (g) Diversified Financials 10,000 9,118 8,928

Class A Subordinated Notes(g)(h) 5.76 % Estimated Yield

4/15/2025 Diversified Financials 4,000 1,749 2,014

Total Collateralized Securities and Structured Products - Equity 3,885 2,998

Unsecured Debt - 2.9 %

WPLM Acquisition Corp., 15.00%, 11/24/2025(v) None Media:

Lucky Bucks Holdings LLC(t) 12.50 %

5/29/2028 Hotel, Gaming & Leisure 20,219 20,219 20,219

WPLM Acquisition Corp.(t) 15.00 %

11/24/2025 Media:

Advertising, Printing & Publishing 6,628 6,558 6,397

1 unchanged sentence

Equity - 7.6 %

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(p) Media:

Diversified & Production 135 Units — —

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

Diversified & Production 2,508 Units — —

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

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

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

Metals & Mining NA — —

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

Oil & Gas 511,255 Units

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

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

Oil & Gas 132,367 Units

CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(o)(s) Diversified Financials 22,072,841 Units

22,073 29,796

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

Diversified Financials NA — —

DBI Investors, Inc., Series A1 Preferred Stock(o) Retail 20,000 Units

DBI Investors, Inc., Series A2 Preferred Stock(o) Retail 1,733 Units

DBI Investors, Inc., Series A Preferred Stock(o) Retail 1,396 Units

DBI Investors, Inc., Series B Preferred Stock(o) Retail 4,183 Units

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

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

GSC Technologies Inc., Common Shares(o)(r) Chemicals, Plastics & Rubber 807,268 Units

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

Independent Pet Partners Intermediate Holdings, LLC, Class B-2 Preferred Units(o) Retail 2,632,771 Units

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

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

Longview Intermediate Holdings C, LLC, Membership Units(o)(r) Energy:

Oil & Gas 653,989 Units

Mooregate ITC Acquisition, LLC, Class A Units(o) High Tech Industries 500 Units

Mount Logan Capital Inc., Common Stock(f)(h)(r) Banking, Finance, Insurance & Real Estate 1,075,557 Units

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

NS NWN Acquisition, LLC, Non-voting Units(o) High Tech Industries 346 Units

NS NWN Holdco LLC, Voting Units (o) High Tech Industries 522 Units

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

Durable 1,575 Units

Palmetto Clean Technology, Inc., Warrants(o) High Tech Industries 724,112 Units

RumbleOn, Inc., Warrants(o) Automotive 60,606 Units

See accompanying notes to consolidated financial statements.

3 unchanged sentences

(in thousands)

Portfolio Company(a) Industry Principal/

Portfolio Company(a) Interest(b) Industry Principal/

Units(e) Cost(d) Fair

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 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:

SIMR Parent, LLC, Class B Common Units(o)(r) Healthcare & Pharmaceuticals 12,283,163 Units

SIMR Parent, LLC, Class W Units(o)(r) Healthcare & Pharmaceuticals 1,778,219 Units

Snap Fitness Holdings, Inc., Class A Common Stock(o)(r) Services:

Consumer 9,858 Units

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

Snap Fitness Holdings, Inc., Warrants(o)(r) Services:

Consumer 3,996 Units

Spinal USA, Inc.

/ 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 53,379 70,936

Short Term Investments - 8.4%(l)

First American Treasury Obligations Fund, Class Z Shares, 0.03% (m) 73,597 73,597

Short Term Investments - 9.4 %(k)

First American Treasury Obligations Fund, Class Z Shares 0.01 %(l)

87,917 87,917

Total Short Term Investments 87,917 87,917

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2020

(in thousands)

TOTAL INVESTMENTS - 188.5 %

$ 1,792,304 1,754,039

LIABILITIES IN EXCESS OF OTHER ASSETS - ( 88.5 )%

2 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 v.

Unless specifically identified in note t.

below, investments do not contain a PIK interest provision.

The 1, 2, 3, 6 and 12 month LIBOR rates were 0.14%, 0.19%, 0.24%, 0.26% and 0.34%, respectively, as of December 31, 2020.

The 1 month Euro Interbank Offered Rate, or EURIBOR, rate was (0.59%) as of December 31, 2020.

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

11 unchanged sentences

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

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.

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.

4 unchanged sentences

Non-income producing security.

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

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, 2021.

15 unchanged sentences

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 — — — — — — — —

Alert 360 Opco, Inc.

First Lien Term Loan $ — $ 12,240 $ ( 12,240 ) $ — $ — $ — $ 796 $ —

Common Stock — 3,624 ( 3,624 ) — — ( 117 ) — —

American Clinical Solutions LLC

7 unchanged sentences

Charming Charlie, LLC

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

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

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

3 unchanged sentences

DESG Holdings, Inc.

Bridge Loan — 4,256 (4,256) — — — 600 —

First Lien Term Loan 3,978 48 ( 1,176 ) ( 1,063 ) 1,787 180 ( 291 ) —

3 unchanged sentences

First Lien Term Loan B-1 — — ( 1,115 ) 1,115 — ( 1,080 ) — —

GSC Technologies Inc.

Incremental Term Loan — 176 ( 6 ) — 170 — 5 —

First Lien Term Loan A 2,289 18 ( 17 ) ( 289 ) 2,001 1 165 —

First Lien Term Loan B 755 58 — ( 328 ) 485 — 58 —

Common Shares — — — — — — — —

Lift Brands, Inc.

8 unchanged sentences

Common Stock 2,409 — — 995 3,404 — — 70

Petroflow Energy Corp.

First Lien Term Loan 13,347 3,839 — ( 1,186 ) 16,000 — 3,839 —

First Lien Term Loan 14,205 1,121 — (1,979) 13,347 — 2,956 —

SIMR Parent, LLC

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

Class W Membership Units — — — — — — — —

Snap Fitness Holdings, Inc.

23 unchanged sentences

Membership Interests $ 12,472 $ — $ ( 15,539 ) $ 3,067 $ — $ ( 3,067 ) $ — $ —

CION/EagleTree Partners, LLC

Senior Secured Note — 61,629 — — 61,629 — 260 —

Participating Preferred Shares — 22,073 — 7,723 29,796 — — —

Common Shares — — — — — — — —

Totals $ 12,472 $ 83,702 $ ( 15,539 ) $ 10,790 $ 91,425 $ ( 3,067 ) $ 260 $ —

2 unchanged sentences

(3) Includes PIK interest income.

For the year ended December 31, 2020, non-cash dividend income of $1,928 and $332 was recorded on the Company's investment in Conisus Holdings, Inc.

and CHC Medical Partners, Inc., respectively.

See accompanying notes to consolidated financial statements.

6 unchanged sentences

Portfolio Company Investment Type Cash PIK All-in-Rate

Adapt Laser Acquisition, Inc.

Senior Secured First Lien Debt 11.00 % 2.00 % 13.00 %

1 unchanged sentence

Senior Secured First Lien Debt 14.00 % 3.00 % 17.00 %

Ancile Solutions, Inc.

Senior Secured First Lien Debt 8.00 % 3.00 % 11.00 %

Anthem Sports & Entertainment Inc.

1 unchanged sentence

Cadence Aerospace, LLC Senior Secured First Lien Debt 7.50 % 2.00 % 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 %

CION/EagleTree Partners, LLC Senior Secured Note — 14.00 % 14.00 %

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 Second Lien Debt — 9.50% 9.50%

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

4 unchanged sentences

Senior Secured Second Lien Debt 7.00 % 2.50 % 9.50 %

F+W Media, Inc.

GSC Technologies Inc.

Senior Secured First Lien Debt — 6.00 % 6.00 %

GSC Technologies Inc.

Senior Secured First Lien Debt 6.00 % 5.00 % 11.00 %

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

2 unchanged sentences

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.

2 unchanged sentences

Senior Secured First Lien Debt — 9.50 % 9.50 %

Mimeo.com, Inc.

Revolving Term Loan 8.00% 10.00% 18.00%

Lucky Bucks Holdings LLC Unsecured Note — 12.50 % 12.50 %

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.

Senior Secured Second Lien Debt 0.50 % 10.00 % 10.50 %

SEK Holding Co LLC Senior Secured First Lien Debt 9.00% 4.00% 13.00%

Hilliard, L.L.P.

Senior Secured First Lien Debt — 20.00 % 20.00 %

RumbleOn, Inc.

Senior Secured First Lien Debt 8.25 % 1.00 % 9.25 %

SIMR, LLC Senior Secured First Lien Debt 12.00 % 7.00 % 19.00 %

2 unchanged sentences

Senior Secured First Lien Debt — 9.63 % 9.63 %

West Dermatology Management Holdings, LLC Senior Secured First Lien Debt 6.25% 0.75% 7.00%

Trammell, P.C.

Senior Secured First Lien Debt — 20.00 % 20.00 %

Vesta Holdings, LLC Senior Secured First Lien Debt 7.00 % 4.00 % 11.00 %

WPLM Acquisition Corp.

Unsecured Note — 15.00 % 15.00 %

As of December 31, 2021, the index rate for $ 4,804 and $ 4,892 was 1 Month LIBOR and 3 Month LIBOR, respectively.

The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2021 was 0.10%.

The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2021 was 0.21%.

The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2021 was 0.34%.

See accompanying notes to consolidated financial statements.

13 unchanged sentences

Pursuant to an investment advisory agreement with the Company, CIM oversees the management of the Company’s activities and is responsible for making investment decisions for the Company’s investment portfolio.

On 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 investment advisory agreement with CIM for a period of twelve months commencing December 17, 2020.

On April 5, 2021, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the amended and restated investment advisory agreement with CIM for a period of twenty four months, which was subsequently approved by shareholders on August 9, 2021 (as described in further detail below).

15 unchanged sentences

As a result, on October 5, 2021, the Company and CIM entered into the second amended and restated investment advisory agreement in order to implement the changes to the advisory fees payable from the Company to CIM that became effective upon the Listing that (i) reduced the annual base management fee, (ii) amended the structure of the subordinated incentive fee on income payable by the Company to CIM and reduced the hurdle and incentive fee rates, and (iii) reduced the incentive fee on capital gains payable by the Company to CIM (as described in further detail in Notes 2 and 4).

Also, a complete description of the second amended and restated investment advisory agreement is set forth in Proposal No.

3 in the Company's definitive proxy statement filed on May 13, 2021.

On February 26, 2023, the Company’s shares of common stock also listed and commenced trading on the Tel Aviv Stock Exchange Ltd., or the TASE, under the ticker symbol “CION”.

CĪON Investment Corporation

2 unchanged sentences

(in thousands, except share and per share amounts)

On September 21, 2021, the Company filed articles of amendment to its articles of incorporation, or the Reverse Stock Split Amendment, with the State Department of Assessments and Taxation of the State of Maryland to effect a 2 to 1 reverse split of the Company’s shares of common stock, or the Reverse Stock Split.

The Reverse Stock Split became effective in accordance with the terms of the Reverse Stock Split Amendment on September 21, 2021 (as described in further detail in Note 3).

A summary of the Company’s weighted average number of shares of common stock outstanding and earnings per share after adjusting for the Reverse Stock Split is as follows:

Year Ended December 31, 2020 Year Ended December 31, 2019

Weighted average number of shares of common stock outstanding (as reported) 113,635,682 113,708,479

Weighted average number of shares of common stock outstanding (pro-forma) 56,817,920 56,855,618

Net (decrease) increase in net assets per share resulting from operations (as reported) $ (0.10) $ 0.46

Net (decrease) increase in net assets per share resulting from operations (pro-forma) $ (0.19) $ 0.91

Summary of Significant Accounting Policies

10 unchanged sentences

Recently Announced Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board, or the FASB, issued ASU 2020-04, Reference Rate Reform (Topic 848):

In June 2022, the Financial Accounting Standards Board, or the FASB, issued ASU 2022-03, Fair Value Measurement (Topic 820):

Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions , or ASU 2022-03, which clarifies the guidance when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820.

ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2023.

The Company is evaluating the potential impact that the adoption of this guidance will have on the Company’s consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848):

Facilitation of the Effects of Reference Rate Reform on Financial Reporting , or ASU 2020-04, which provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform.

ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022.

The expedients and exceptions provided by this guidance do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022.

In December 2022, the FASB issued ASU No.

2022-06, Reference Rate Reform (Topic 848):

Deferral of the Sunset Date of Topic 848 , which deferred the sunset date of this guidance to December 31, 2024.

The Company is evaluating the potential impact that the adoption of this guidance will have on the Company’s consolidated financial statements.

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The Company periodically evaluates the creditworthiness of this institution and has not experienced any losses on such deposits.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2022

(in thousands, except share and per share amounts)

Foreign Currency Translations

10 unchanged sentences

The Company had $ 10,869 and $ 87,917 of such investments at December 31, 2022 and 2021, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2021

(in thousands, except share and per share amounts)

Offering Costs

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federal income tax purposes.

As a result, the Taxable Subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense or benefit, and the related tax assets and liabilities, as a result of its ownership of certain portfolio investments.

The income tax expense or benefit, if any, and the related tax assets and liabilities, where material, are reflected in the Company’s consolidated financial statements.

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federal, New York State, New York City and Maryland income tax jurisdictions for 2019, 2020 and 2021.

Use of Estimates

The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.

During the first half of 2020, there was a global outbreak of a novel coronavirus, or COVID-19, which spread to over 100 countries, including the United States, and spread to every state in the United States.

The World Health Organization designated COVID-19 as a pandemic, and numerous countries, including the United States, declared national emergencies with respect to COVID-19.

The global impact of the outbreak has been rapidly evolving, and as cases of COVID-19 continued to be identified in additional countries, many countries reacted by instituting quarantines and restrictions on travel, closing financial markets and/or restricting trading, and limiting operations of non-essential businesses.

Although countries, including the United States, have loosened these restrictions, such actions created and will continue to create disruption in global supply chains, and

CĪON Investment Corporation

2 unchanged sentences

(in thousands, except share and per share amounts)

adversely impacted many industries.

The outbreak could have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown.

The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact of COVID-19 on economic and market conditions.

The Company believes the estimates and assumptions underlying the consolidated financial statements are reasonable and supportable based on the information available as of December 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 December 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19, including from new variants, such as Delta and Omicron.

Use of Estimates

Actual results may materially differ from those estimates.

1 unchanged sentence

The fair value of the Company’s investments is determined quarterly in good faith by the Company’s board of directors pursuant to its consistently applied valuation procedures and valuation process in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure, or ASC 820.

In accordance with Rule 2a-5 of the 1940 Act, the Company’s board of directors has designated CIM as the Company’s “valuation designee.” The Company’s board of directors and the audit committee of the board of directors, the latter of which is comprised solely of independent directors, oversees the activities, methodology and processes of the valuation designee.

ASC 820 defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

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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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2022

(in thousands, except share and per share amounts)

A portion of the Company’s investments consist of debt securities that are traded on a private over-the-counter market for institutional investments.

6 unchanged sentences

Investments that carry certain restrictions on sale will typically be valued at a discount from the public market value of the investment.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2021

(in thousands, except share and per share amounts)

Any investments that are not publicly traded or for which a market price is not otherwise readily available are valued at a price that reflects its fair value.

2 unchanged sentences

Valuations implied by third-party investments in the applicable portfolio companies.

A benchmarking analysis to compare implied fair value and leverage to comparable market investments.

Discounted cash flow analysis, including a terminal value or exit multiple.

1 unchanged sentence

Accordingly, these notes to the Company’s consolidated financial statements refer to the uncertainty with respect to the possible effect of such valuations, and any change in such valuations, on the Company’s consolidated financial statements.

Below is a description of factors that the Company’s board of directors may consider when valuing the Company’s equity and debt investments where a market price is not readily available:

Below is a description of factors that CIM may consider when valuing the Company’s equity and debt investments where a market price is not readily available:

• the size and scope of a portfolio company and its specific strengths and weaknesses;

1 unchanged sentence

• expected volatility in future interest rates;

• call features, put features and other relevant terms of the debt;

• call features, put features, fees and other relevant terms of the debt;

• the borrower’s ability to adequately service its debt;

9 unchanged sentences

The model uses the estimated cash flow projections for the underlying investments and an appropriate discount rate is determined based on the latest financial information available for the borrower, prevailing market trends, comparable analysis and other inputs.

The model, key assumptions, inputs, and results are reviewed by designated members of CIM’s management team with final approval from the board of directors.

The model, key assumptions, inputs, and results are reviewed by designated members of CIM’s management team with final approval from the board of directors or its designee.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2022

(in thousands, except share and per share amounts)

Consistent with the Company’s valuation policy, the Company evaluates the source of inputs, including any markets in which the Company’s investments are trading, in determining fair value.

2 unchanged sentences

The Company may also use other methods to determine fair value for securities for which it cannot obtain market quotations through brokers or dealers, including the use of an independent valuation firm.

Designated members of CIM’s management team and the Company's board of directors review and approve the valuation determinations made with respect to these investments in a manner consistent with the Company’s valuation process.

Designated members of CIM’s management team and the Company's board of directors or its designee review and approve the valuation determinations made with respect to these investments in a manner consistent with the Company’s valuation process.

As a practical expedient, the Company used net asset value, or NAV, as the fair value for its equity investments in CION SOF and BCP Great Lakes Fund LP, and the Company uses NAV as the fair value for its equity investments in CION/EagleTree.

CION SOF and BCP Great Lakes Fund LP recorded, and CION/EagleTree records, its underlying investments at fair value on a quarterly basis in accordance with ASC 820.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2021

(in thousands, except share and per share amounts)

Revenue Recognition

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Interest income is recognized on non-accrual loans or debt securities only to the extent received in cash.

However, where there is doubt regarding the ultimate collectibility of principal, cash receipts, whether designated as principal or interest, are thereafter applied to reduce the carrying value of the loan or debt security.

However, where there is doubt regarding the ultimate collectability of principal, cash receipts, whether designated as principal or interest, are thereafter applied to reduce the carrying value of the loan or debt security.

Loans or securities are restored to accrual status only when interest and principal payments are brought current and future payments are reasonably assured.

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Such fees are fixed based on contractual terms and are recognized as fee income when earned.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

Gains or losses on the sale of investments are calculated by using the weighted-average method.

The Company measures realized gains or losses by the difference between the net proceeds from the sale and the weighted-average amortized cost of the investment, without regard to unrealized appreciation or depreciation previously recognized, but considering unamortized upfront fees.

Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized.

CĪON Investment Corporation

2 unchanged sentences

(in thousands, except share and per share amounts)

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

Gains or losses on the sale of investments are calculated by using the weighted-average method.

Capital Gains Incentive Fee

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The Company’s follow-on continuous public offering commenced on January 25, 2016 and ended on January 25, 2019.

The following table summarizes transactions with respect to shares of the Company’s common stock during the years ended December 31, 2021, 2020 and 2019:

The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the years ended December 31, 2022, 2021 and 2020:

Years Ended December 31,

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Reinvestment of distributions — — 970,223 15,489 1,496,266 23,298

Total gross shares/proceeds 970,223 15,489 1,496,266 23,298 2,456,985 42,315

Sales commissions and dealer manager fees — — — — — (296)

Net shares/proceeds 970,223 15,489 1,496,266 23,298 2,456,985 42,019

Total shares/proceeds — — 970,223 15,489 1,496,266 23,298

Share repurchase program ( 1,658,956 ) ( 15,444 ) ( 658,650 ) ( 10,467 ) ( 1,539,977 ) ( 23,300 )

Net shares/proceeds from (for) share transactions 311,573 $ 5,022 (43,711) $ (2) 335,953 $ 6,220

(1) The number of shares repurchased has been retroactively adjusted to reflect the Reverse Stock Split as discussed below.

Since commencing its initial continuous public offering on July 2, 2012 and through December 31, 2021, the Company sold 56,958,440 shares of common stock for net proceeds of $1,160,307 at an average price per share of $20.37.

The net proceeds include gross proceeds received from reinvested shareholder distributions of $237,451, for which the Company issued 13,523,489 shares of common stock, and gross proceeds paid for shares of common stock tendered for repurchase of $232,430, for which the Company repurchased 13,310,927 shares of common stock.

Net shares/proceeds (for) from share transactions ( 1,658,956 ) $ ( 15,444 ) 311,573 $ 5,022 ( 43,711 ) $ ( 2 )

CĪON Investment Corporation

2 unchanged sentences

(in thousands, except share and per share amounts)

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 did not issue any such shares through August 2021 (the 12-month anniversary of such shareholder approval).

On August 9, 2021, the Company's shareholders again approved a proposal that authorizes the Company to issue shares of its common stock at prices below the then current NAV per share of the Company’s common stock in one or more offerings for a 12-month period following such shareholder approval.

Since commencing its initial continuous public offering on July 2, 2012 and through December 31, 2022, the Company sold 55,299,484 shares of common stock for net proceeds of $ 1,144,863 at an average price per share of $ 20.70 .

The net proceeds include gross proceeds received from reinvested shareholder distributions of $ 237,451 , for which the Company issued 13,523,489 shares of common stock, and gross proceeds paid for shares of common stock repurchased of $ 247,874 , for which the Company repurchased 14,969,883 shares of common stock.

As of December 31, 2022, 14,969,883 shares of common stock repurchased had been retired.

On September 15, 2022, the Company's shareholders approved a proposal that authorizes the Company to issue shares of its common stock at prices below the then current NAV per share of the Company’s common stock in one or more offerings for a 12 -month period following such shareholder approval.

As of December 31, 2022, the Company has not issued any such shares.

Distribution Reinvestment Plan

4 unchanged sentences

Reverse Stock Split

As a result of the Reverse Stock Split, which was effective on September 21, 2021, every two shares of the Company's common stock issued and outstanding were automatically combined into one share of the Company's common stock, with the number of issued and outstanding shares reduced from 113,916,869 to 56,958,440.

Effective on September 21, 2021, every two shares of the Company's common stock then issued and outstanding were automatically combined into one share of the Company's common stock, with the number of then issued and outstanding shares reduced from 113,916,869 to 56,958,440 .

The reverse stock split amendment also provided that there was no change in the par value of $ 0.001 per share as a result of the reverse stock split.

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On October 5, 2021, the Company's shares of common stock commenced trading on the NYSE under the ticker symbol “CION”.

As approved by shareholders on September 7, 2021 at the Company’s final, reconvened 2021 annual meeting of shareholders, the Listing will be staggered such that (i) up to 1/3rd of shares held by all shareholders are available for trading upon Listing, (ii) up to 2/3rd of shares held by all shareholders will be available for trading starting 180 days after Listing, and (iii) all shares will be available for trading starting 270 days after Listing.

As a result, the Company will eliminate any outstanding fractional shares of its common stock in connection with the Listing, as permitted by the Maryland General Corporation Law, 270 days after Listing.

As approved by shareholders on September 7, 2021 at the Company’s final, reconvened 2021 annual meeting of shareholders, the Listing was staggered such that (i) up to 1/3rd of shares held by all shareholders were available for trading upon Listing, (ii) up to 2/3rd of shares held by all shareholders were available for trading starting 180 days after Listing, or April 4, 2022, and (iii) all shares were available for trading starting 270 days after Listing, or July 5, 2022.

The Company eliminated all then outstanding fractional shares of its common stock in connection with the Listing, as permitted by the Maryland General Corporation Law, on July 14, 2022.

On February 26, 2023, the Company’s shares of common stock also listed and commenced trading on the TASE under the ticker symbol “CION”.

Pre-Listing Share Repurchase Program

Historically, the Company offered to repurchase shares on a quarterly basis on such terms as determined by the Company’s board of directors in its complete and absolute discretion unless, in the judgment of the independent directors of the Company’s board of directors, such repurchases would not have been in the best interests of the Company’s shareholders or would have violated applicable law.

On March 19, 2020, the Company's board of directors, including the independent directors, temporarily suspended the Company's share repurchase program commencing with the second quarter of 2020 and included the third quarter of 2020.

On November 13, 2020, the Company recommenced its share repurchase program for the fourth quarter of 2020.

On July 30, 2021, the Company's board of directors, including the independent directors, determined to suspend the Company's share repurchase program commencing with the third quarter of 2021 in anticipation of the Listing and the concurrent enhanced liquidity the Listing was expected to provide.

8 unchanged sentences

(in thousands, except share and per share amounts)

Post-Listing Share Repurchase Policy

On September 15, 2021, the Company’s board of directors, including the independent directors, approved a share repurchase policy authorizing the Company to repurchase up to $ 50 million of its outstanding common stock after the Listing.

On June 24, 2022, the Company’s board of directors, including the independent directors, increased the amount of shares of the Company’s common stock that may be repurchased under the share repurchase policy by $ 10 million to up to an aggregate of $ 60 million.

Under the share repurchase policy, the Company may purchase shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions.

The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at the Company's discretion.

Factors include, but are not limited to, share price, trading volume and general market conditions, along with the Company’s general business conditions.

The policy may be suspended or discontinued at any time and does not obligate the Company to acquire any specific number of shares of its common stock.

On August 16, 2022, as part of the share repurchase policy, the Company entered into a trading plan with an independent broker, Wells Fargo Securities, LLC, or Wells Fargo, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, based in part on historical trading data with respect to the Company’s shares.

The 10b5-1 trading plan permits common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions.

The 10b5-1 trading plan is subject to price, market volume and timing restrictions.

The following table summarizes the share repurchases completed during the years ended December 31, 2021 and 2022:

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March 31, 2021 March 24, 2021 337,731 6 % $ 15.67 $ 5,291

June 30, 2020(1) N/A 882 N/A 15.00 14

September 30, 2020 N/A — N/A N/A —

December 31, 2020 December 30, 2020 1,000,980 20% 15.20 15,215

Total for the year ended December 31, 2020 1,539,977 $ 23,300

March 31, 2021 March 24, 2021 337,731 6% $ 15.67 $ 5,291

June 30, 2021 June 23, 2021 320,127 7 % 16.13 5,163

September 30, 2021(2) N/A 792 N/A 16.13 13

December 31, 2021 N/A — — — —

December 31, 2021 N/A — N/A N/A —

Total for the year ended December 31, 2021 658,650 $ 10,467

(1) Represents an adjustment made during the three months ended June 30, 2020 to shares repurchased during the three months ended March 31, 2020.

(2) Shares repurchased and repurchase price per share have been retroactively adjusted to reflect the 2 to 1 Reverse Stock Split as discussed in this Note 3.

March 31, 2022 N/A — N/A N/A $ —

June 30, 2022 N/A — N/A N/A —

September 30, 2022 N/A 695,476 N/A $ 9.65 6,711

December 31, 2022 N/A 963,480 N/A 9.06 8,733

Total for the year ended December 31, 2022 1,658,956 $ 15,444

(1) Shares repurchased and repurchase price per share have been retroactively adjusted to reflect the two to one reverse stock split as discussed in this Note 3.

(2) Represents an adjustment made during the three months ended September 30, 2021 to shares repurchased during the three months ended June 30, 2021.

The Company suspended its share repurchase program on July 30, 2021 as discussed in this Note 3.

Post-Listing Share Repurchase Policy

On September 15, 2021, the Company’s board of directors, including the independent directors, approved a share repurchase policy authorizing the Company to repurchase up to $50 million of its outstanding common stock after the Listing.

The number of shares repurchased and the timing, manner, price and amount of any repurchases will be determined at the Company's discretion.

Factors are expected to include, but are not limited to, share price, trading volume and general market conditions, along with the Company’s general business conditions.

The policy may be suspended or discontinued at any time and does not obligate the Company to acquire any specific number of shares of its common stock.

As part of the share repurchase policy, the Company intends to enter into a trading plan in the near future adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, based in part on historical trading data with respect to the Company’s shares.

The 10b5-1 trading plan would permit common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions.

The 10b5-1 trading plan will be administered by an independent broker and will be subject to price, market volume and timing restrictions.

Since the Company has not yet entered into a 10b5-1 trading plan, during the period from September 15, 2021 to March 3, 2022, the Company did not repurchase any shares of common stock pursuant to the share repurchase policy.

From January 1, 2023 to March 8, 2023, the Company repurchased 281,938 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $ 3,044 , or an average purchase price of $ 10.79 per share.

As of March 8, 2023, 15,239,170 shares of common stock repurchased by the Company had been retired.

CĪON Investment Corporation

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Entity Capacity Description 2022 2021 2020

CION Securities, LLC Dealer manager Dealer manager fees(1) $ — $ — $ 121

CIM Investment adviser Management fees(1) $ 27,361 $ 31,143 $ 31,828

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$ 49,419 $ 41,192 $ 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.

The Company has entered into an investment advisory agreement with CIM.

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 investment advisory agreement for a period of twelve months commencing December 17, 2020.

On April 5, 2021, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the amended and restated investment advisory agreement with CIM for a period of twenty four months , which was subsequently approved by shareholders on August 9, 2021.

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The second part of the incentive fee, which is referred to as the capital gains incentive fee, is described in Note 2.

The Company accrues the capital gains incentive fee based on net realized gains and net unrealized appreciation;

however, under the terms of the investment advisory agreement, the fee payable to CIM is based on net realized gains and unrealized depreciation and no such fee is payable with respect to unrealized appreciation unless and until such appreciation is actually realized.

For the years ended December 31, 2022, 2021 and 2020, the Company had no liability for and did not record any capital gains incentive fees.

CĪON Investment Corporation

2 unchanged sentences

(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;

For the years ended December 31, 2021, 2020 and 2019, 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.

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On November 8, 2022, 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, 2022.

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.

AIA is reimbursed for administrative expenses it incurs on the Company’s behalf in performing its obligations, provided that such reimbursement is reasonable, and costs and expenses incurred are documented.

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Expense support, if any, was determined as appropriate to meet the objectives of the expense support and conditional reimbursement agreement.

For the years ended December 31, 2021, 2020 and 2019, the Company did not receive any expense support from CIM.

See Note 5 for additional information on the sources of the Company’s distributions.

The Company did not record any obligation to repay expense support from CIM and the Company did not repay any expense support to CIM during the years ended December 31, 2021, 2020 or 2019.

On December 31, 2021, the Company and CIM allowed the expense support and conditional reimbursement agreement to expire in accordance with its terms.

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The specific amount of expense support provided by CIM, if any, was determined at the end of each quarter.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2021

(in thousands, except share and per share amounts)

For the years ended December 31, 2022, 2021 and 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 and the Company did not repay any expense support to CIM during the years ended December 31, 2022, 2021 and 2020.

As of December 31, 2022 and 2021, the total liability payable to CIM and its affiliates was $ 13,692 and $ 12,332 , respectively, which primarily related to fees earned by CIM during the three months ended December 31, 2022 and 2021, respectively.

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However, the Company has not experienced claims or losses pursuant to these agreements and believes the risk of loss related to such indemnifications to be remote.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2022

(in thousands, except share and per share amounts)

Distributions

7 unchanged sentences

Declared distributions are paid quarterly.

The Company’s board of directors declared or ratified distributions fo r 11, 19 and 53 record dates during the years ended December 31, 2021, 2020 and 2019, respectively.

The Company’s board of directors declared or ratified distributions for 5, 11 and 19 record dates during the years ended December 31, 2022, 2021 and 2020, respectively.

The following table presents distributions per share that were declared during the years ended December 31, 2022, 2021 and 2020:

2 unchanged sentences

March 31, 2020 (thirteen record dates) $ 0.3657 $ 20,793

June 30, 2019 (thirteen record dates) 0.3657 20,801

September 30, 2019 (thirteen record dates) 0.3657 20,798

December 31, 2019 (fourteen record dates) 0.3939 22,401

Total distributions for the year ended December 31, 2019 $ 1.4910 $ 84,772

March 31, 2020 (thirteen record dates) $ 0.3657 $ 20,793

June 30, 2020 (no record dates) — —

7 unchanged sentences

Total distributions for the year ended December 31, 2021 $ 1.2592 $ 71,530

(1) The amount of each per share distribution has been retroactively adjusted to reflect the Reverse Stock Split as discussed in Note 3.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2021

(in thousands, except share and per share amounts)

On November 12, 2021, the Company’s co-chief executive officers declared a regular quarterly distribution of $0.28 per share for the first quarter of 2022 payable on March 30 , 2022 to shareholders of record as of March 23, 2022.

On March 8, 2022, the Company’s co-chief executive officers declared a regular quarterly distribution of $0.28 per share for the second quarter of 2022 payable on June 8, 2022 to shareholders of record as of June 1, 2022.

March 31, 2022 (one record date) $ 0.2800 $ 15,948

June 30, 2022 (one record date) 0.2800 15,949

September 30, 2022 (one record date) 0.3100 17,604

December 31, 2022 (two record dates) 0.5800 32,074

Total distributions for the year ended December 31, 2022 $ 1.4500 $ 81,575

(1) The per share distribution amount has been retroactively adjusted to reflect the reverse stock split as discussed in Note 3.

On March 13, 2023, the Company’s co-chief executive officers declared a regular quarterly distribution of $ 0.34 per share for the first quarter of 2023 payable on March 31, 2023 to shareholders of record as of March 24, 2023.

In connection with the Listing of its shares of common stock on the NYSE, on September 15, 2021, the Company terminated the Old DRP.

2 unchanged sentences

Under the Old DRP and prior to the Listing, distributions to participating shareholders who “opted in” to the Old DRP were reinvested in additional shares of the Company's common stock at a purchase price equal to the estimated net asset value per share of common stock as of the date of issuance.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2022

(in thousands, except share and per share amounts)

Upon the Listing, all shareholders were automatically enrolled in the New DRP and will receive distributions as declared by the Company in additional shares of its common stock unless such shareholder affirmatively elects to receive an entire distribution in cash by notifying (i) such shareholder’s financial adviser;

4 unchanged sentences

provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participating shareholder based on the weighted average purchase price, excluding any brokerage charges or other charges, of all shares purchased in the open market with respect to such distribution.

No other material terms of the Old DRP were amended in connection with the New DRP.

If a shareholder receives distributions in the form of common stock pursuant to the New DRP, such shareholder generally will be subject to the same federal, state and local tax consequences as if they elected to receive distributions in cash.

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The Company has not established limits on the amount of funds it may use from available sources to make distributions.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2021

(in thousands, except share and per share amounts)

The following table reflects the sources of distributions on a GAAP basis that the Company has declared on its shares of common stock during the years ended December 31, 2022, 2021 and 2020:

5 unchanged sentences

(1) The per share amount has been retroactively adjusted to reflect the reverse stock split as discussed in Note 3.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2022

(in thousands, except share and per share amounts)

The composition of the Company’s investment portfolio as of December 31, 2022 and 2021 at amortized cost and fair value was as follows:

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Investment Portfolio

Healthcare & Pharmaceuticals $ 250,049 15.0 % $ 298,944 19.9 %

Business $ 336,055 19.2 % $ 240,316 14.4 %

Healthcare & Pharmaceuticals 237,082 13.6 % 250,049 15.0 %

Diversified & Production 134,927 7.7 % 139,399 8.4 %

Consumer 115,849 6.6 % 119,365 7.2 %

Chemicals, Plastics & Rubber 109,860 6.6 % 141,654 9.5 %

Diversified Financials 101,032 6.1 % 37,214 2.5 %

Advertising, Printing & Publishing 105,375 6.0 % 94,610 5.7 %

Capital Equipment 82,795 5.0 % 65,752 4.4 %

High Tech Industries 65,544 3.9 % 55,619 3.7 %

Diversified Financials 99,819 5.7 % 101,032 6.1 %

Retail 74,718 4.3 % 56,726 3.4 %

Oil & Gas 68,756 3.9 % 32,164 1.9 %

Chemicals, Plastics & Rubber 66,753 3.8 % 109,860 6.6 %

Consumer Goods:

Durable 60,735 3.5 % 58,124 3.5 %

Retail 56,726 3.4 % 29,312 2.0 %

Hotel, Gaming & Leisure 50,855 3.0 % 21,920 1.5 %

Beverage, Food & Tobacco 49,054 2.9 % 69,975 4.7 %

High Tech Industries 56,501 3.2 % 65,544 3.9 %

Consumer Goods:

Non-Durable 47,886 2.8 % 45,682 2.7 %

Hotel, Gaming & Leisure 46,739 2.7 % 50,855 3.0 %

Construction & Building 46,007 2.6 % 27,585 1.7 %

Beverage, Food & Tobacco 45,396 2.6 % 49,054 2.9 %

Banking, Finance, Insurance & Real Estate 43,836 2.5 % 40,634 2.4 %

Capital Equipment 41,580 2.4 % 82,795 5.0 %

Aerospace & Defense 38,842 2.2 % 38,279 2.3 %

Oil & Gas 32,164 1.9 % 28,136 1.9 %

Construction & Building 27,585 1.7 % 34,653 2.3 %

Containers, Packaging & Glass 19,551 1.1 % — —

Telecommunications 18,302 1.1 % 24,649 1.5 %

Automotive 16,255 0.9 % 14,367 0.9 %

Metals & Mining 15,780 0.9 % 10,927 0.7 %

Transportation:

Cargo 12,417 0.7 % 14,106 0.8 %

Metals & Mining 10,927 0.7 % 10,147 0.7 %

Forest Products & Paper — — 21,686 1.4 %

Subtotal/total percentage 1,749,161 100.0 % 1,666,122 100.0 %

11 unchanged sentences

Bermuda 664 — 770 —

Luxembourg — — 10,034 0.7 %

Netherlands — — 7,651 0.5 %

Cyprus — — 3,557 0.2 %

Subtotal/total percentage 1,749,161 100.0 % 1,666,122 100.0 %

2 unchanged sentences

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

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2021

(in thousands, except share and per share amounts)

As of December 31, 2022 and 2021, investments on non-accrual status represented 1.3 % and 0.7 %, respectively, of the Company's investment portfolio on a fair value basis.

4 unchanged sentences

Refer to Note 11 for further details on the Company’s unfunded commitments.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2022

(in thousands, except share and per share amounts)

Joint Ventures

2 unchanged sentences

EagleTree made a Firm-level investment with proprietary capital.

CION/EagleTree will jointly pursue debt opportunities and special situation, crossover, subordinated and other junior capital investments that leverage the Company's and EagleTree's combined sourcing and portfolio management capabilities.

CION/EagleTree jointly pursues debt opportunities and special situation, crossover, subordinated and other junior capital investments that leverages the Company's and EagleTree's combined sourcing and portfolio management capabilities.

The Company contributed a portfolio of second lien loans and equity investments and ET-BC contributed proprietary Firm-level cash in exchange for 85 % and 15 %, respectively, of the senior secured notes, participating preferred equity, and common share interests of CION/EagleTree.

8 unchanged sentences

The obligations of CION/EagleTree under the CION/EagleTree Notes are non-recourse to the Company.

In accordance with ASU 2015-02, Consolidation , the Company determined that CION/EagleTree is not a variable interest entity, or VIE.

In accordance with ASU 2015-02, Consolidation , the Company determined that CION/EagleTree is not a variable interest entity, or VIE, as the Company is not the primary beneficiary and therefore does not consolidate CION/EagleTree.

The Company's maximum exposure to losses from CION/EagleTree is limited to its investment in CION/EagleTree.

4 unchanged sentences

The following table sets forth the individual investments in CION/EagleTree's portfolio as of December 31, 2022:

Portfolio Company Index Rate(a) Industry Principal/

Portfolio Company Interest(a) Maturity Industry Principal/

Units Cost(b) Fair

Senior Secured Second Lien Debt

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

Senior Secured First Lien Debt

Berlitz Holdings, Inc.(g) S+ 900 , 1.00 % SOFR Floor

2/14/2025 Services:

Business $ 1,200 $ 1,125 $ 1,146

Carestream Health, Inc., L+1250, 1.00% LIBOR Floor, 8/8/2023 3 Month LIBOR Healthcare & Pharmaceuticals 12,460 12,057 12,242

Dayton Superior Corp., L+700, 2.00% LIBOR Floor, 12/4/2024 3 Month LIBOR Construction & Building 1,477 1,479 1,478

MedPlast Holdings, Inc., L+775, 0.00% LIBOR Floor, 7/2/2026 1 Month LIBOR Healthcare & Pharmaceuticals 6,750 6,004 6,446

Ministry Brands, LLC, L+925, 1.00% LIBOR Floor, 6/2/2023 1 Month LIBOR Services:

Community Tree Service, LLC(h) S+ 850 , 1.00 % SOFR Floor

6/17/2027 Construction & Building 499 499 489

Future Pak, LLC(e) L+ 800 , 2.00 % LIBOR Floor

7/2/2024 Healthcare & Pharmaceuticals 1,395 1,382 1,372

Total Senior Secured First Lien Debt 3,006 3,007

Senior Secured Second Lien Debt

Access CIG, LLC(f) L+ 775 , 0.00 % LIBOR Floor

2/27/2026 Services:

Business 7,250 7,220 6,933

Zest Acquisition Corp., L+750, 1.00% LIBOR Floor, 3/14/2026 1 Month LIBOR Healthcare & Pharmaceuticals 15,000 14,776 14,925

Dayton Superior Corp.(e) L+ 700 , 2.00 % LIBOR Floor

12/4/2024 Construction & Building 1,010 1,010 1,007

MedPlast Holdings, Inc.(e) L+ 775 , 0.00 % LIBOR Floor

7/2/2026 Healthcare & Pharmaceuticals 6,750 6,135 6,337

Zest Acquisition Corp.(e) L+ 700 , 1.00 % LIBOR Floor

3/14/2026 Healthcare & Pharmaceuticals 15,000 14,820 14,175

Total Senior Secured Second Lien Debt 29,185 28,452

1 unchanged sentence

Ivy Hill Middle Market Credit Fund VIII, Ltd.

Subordinated Loan, 11.84% Estimated Yield, 2/2/2026 (c) Diversified Financials 10,000 9,997 9,856

Subordinated Loan(c) 11.84 % Estimated Yield

2/2/2026 Diversified Financials 10,000 9,874 9,523

Total Collateralized Securities and Structured Products - Equity 9,874 9,523

7 unchanged sentences

BCP Great Lakes Fund LP, Partnership Interests (5.6% ownership) Diversified Financials N/A 11,436 11,058

Carestream Health Holdings, Inc., Warrants(d) Healthcare & Pharmaceuticals 388 Units 500 801

Carestream Health Holdings, Inc., Common Stock(d) Healthcare & Pharmaceuticals 613,262 Units

21,759 21,544

CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend Healthcare & Pharmaceuticals 2,727,273 Units

CTS Ultimate Holdings LLC, Class A Preferred Units(d) Construction & Building 3,578,701 Units

Dayton HoldCo, LLC, Membership Units(d) Construction & Building 37,264 Units

2 unchanged sentences

HW Ultimate Holdings, LP, Class A Membership Units, 4% Dividend Capital Equipment 2,000,000 Units

Language Education Holdings GP LLC, Common Units(d) Services:

Business 133,333 Units

Language Education Holdings LP, Ordinary Common Units(d) Services:

Business 133,333 Units

Skillsoft Corp., Class A Common Stock(d) High Tech Industries 243,425 Units

1 unchanged sentence

/ Precision Medical Inc., Warrants(d) Healthcare & Pharmaceuticals 20,667,324 Units

Total Equity 60,554 64,996

TOTAL INVESTMENTS $ 102,619 $ 105,978

The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2022, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2022.

The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2022, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2022.

Represents amortized cost for debt securities and cost for equity investments.

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.

Non-income producing security.

The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2022 was 4.39%.

The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%.

The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%.

The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2022

(in thousands, except share and per share amounts)

The following table sets forth the individual investments in CION/EagleTree's portfolio as of December 31, 2021:

Portfolio Company Interest(a) Maturity Industry Principal/

Units Cost(b) Fair

Senior Secured Second Lien Debt

Access CIG, LLC(e) L+ 775 , 0.00 % LIBOR Floor

2/27/2026 Services:

Business $ 7,250 $ 7,214 $ 7,256

Carestream Health, Inc.(f) L+ 1250 , 1.00 % LIBOR Floor

8/8/2023 Healthcare & Pharmaceuticals 12,460 12,057 12,242

Dayton Superior Corp.(f) L+ 700 , 2.00 % LIBOR Floor

12/4/2024 Construction & Building 1,477 1,479 1,478

MedPlast Holdings, Inc.(e) L+ 775 , 0.00 % LIBOR Floor

7/2/2026 Healthcare & Pharmaceuticals 6,750 6,004 6,446

Ministry Brands, LLC(e) L+ 925 , 1.00 % LIBOR Floor

6/2/2023 Services:

Business 7,000 6,983 7,000

Zest Acquisition Corp.(e) L+ 750 , 1.00 % LIBOR Floor

3/14/2026 Healthcare & Pharmaceuticals 15,000 14,776 14,925

Total Senior Secured Second Lien Debt 48,513 49,347

Collateralized Securities and Structured Products - Equity

Ivy Hill Middle Market Credit Fund VIII, Ltd.

Subordinated Loan(c) 11.84 % Estimated Yield

2/2/2026 Diversified Financials 10,000 9,997 9,856

Total Collateralized Securities and Structured Products - Equity 9,997 9,856

American Clinical Solutions LLC, Class A Membership Interests(d) Healthcare & Pharmaceuticals 6,030,384 Units

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

Diversified & Production 1,469 Units

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

Diversified & Production 255 Units

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

Diversified & Production 4,746 Units

BCP Great Lakes Fund LP, Partnership Interests (5.6% ownership)

Diversified Financials N/A 11,118 11,224

Carestream Health Holdings, Inc., Warrants(d) Healthcare & Pharmaceuticals 388 Units

CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend

Healthcare & Pharmaceuticals 2,727,273 Units

Dayton HoldCo, LLC, Membership Units(d) Construction & Building 37,264 Units

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

Diversified & Production 1 Unit

HW Ultimate Holdings, LP, Class A Membership Units, 4% Dividend

Capital Equipment 2,000,000 Units

Skillsoft Corp., Class A Common Stock(d) High Tech Industries 243,425 Units

Spinal USA, Inc.

/ Precision Medical Inc., Warrants(d) Healthcare & Pharmaceuticals 20,667,324 Units

Tenere Inc., Warrants(d) Capital Equipment N/A 1,166 1,235

1 unchanged sentence

TOTAL INVESTMENTS $ 96,946 $ 106,143

The 1 and 3 month LIBOR rates were 0.10% and 0.21%, respectively, as of December 31, 2021.

5 unchanged sentences

Non-income producing security.

The following table includes selected balance sheet information for CION/EagleTree as of December 31, 2021:

Selected Balance Sheet Information:

The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2021 was 0.10% .

The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2021 was 0.21% .

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2022

Investments, at fair value (amortized cost of $96,946) $ 106,143

(in thousands, except share and per share amounts)

The following table includes selected balance sheet information for CION/EagleTree as of December 31, 2022 and 2021:

Selected Balance Sheet Information:

December 31, 2022 December 31, 2021

Investments, at fair value (amortized cost of $ 102,619 and $ 96,946 , respectively)

$ 105,978 $ 106,143

Cash and other assets 2,476 1,776

2 unchanged sentences

Total assets $ 108,980 $ 108,293

Senior secured notes $ 72,504

Senior secured notes (net of unamortized debt issuance costs of $ 94 and $ 0 , respectively)

$ 70,904 $ 72,504

Other liabilities 1,881 735

2 unchanged sentences

Total liabilities and members' capital $ 108,980 $ 108,293

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2021

(in thousands, except share and per share amounts)

The following table includes selected statement of operations information for CION/EagleTree for the period from December 21, 2021 (commencement of operations) through December 31, 2021:

The following table includes selected statement of operations information for CION/EagleTree for the year ended December 31, 2022 and for the period from December 21, 2021 (commencement of operations) through December 31, 2021:

Selected Statement of Operations Information:

Period from December 21, 2021 (Commencement of Operations) through December 31, 2021

Year Ended December 31, 2022 Period From December 21, 2021 (Commencement of Operations) Through December 31, 2021

Total revenues $ 9,653 $ 688

Total expenses 11,120 800

Net change in unrealized appreciation on investments 9,197

Net increase in net assets $ 9,085

Net realized gain on investments 9,947 —

Net change in unrealized (depreciation) appreciation on investments ( 5,839 ) 9,197

Net increase in net assets from operations $ 2,641 $ 9,085

CION SOF Funding, LLC

12 unchanged sentences

In certain cases, these loan servicing functions and other administrative services were performed by CIM.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2022

(in thousands, except share and per share amounts)

On October 2, 2019, CION SOF entered into a senior secured credit facility, or the SOF Credit Facility, with Morgan Stanley Bank, N.A., or MS, for borrowings of up to a maximum amount of $ 75,000 .

4 unchanged sentences

On December 14, 2020, CION SOF repaid to MS all amounts outstanding under the SOF Credit Facility.

For the years ended December 31, 2021 and 2020, the Company recorded dividend income from its equity interest in CION SOF of $0 and $3,518, respectively.

The Company did not record any dividend income from its equity interest in CION SOF for the years ended December 31, 2022 or 2021.

In accordance with ASU 2015-02, Consolidation , the Company determined that CION SOF was a VIE.

1 unchanged sentence

The Company's maximum exposure to losses from CION SOF was limited to its equity contribution to CION SOF.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2021

(in thousands, except share and per share amounts)

The following table sets forth the individual investments in CION SOF's portfolio as of December 31, 2020:

Portfolio Company Index Rate(a) Industry Principal/

Units Cost(b) Fair

Senior Secured First Lien Debt

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

Consumer $ 2,501 $ 2,501 $ 2,501

Total Senior Secured First Lien Debt 2,501 2,501

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 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.

The following table includes selected balance sheet information for CION SOF as of December 31, 2020:

Selected Balance Sheet Information:

December 31, 2020

Investments, at fair value (amortized cost of $13,833) $ 13,833

Cash and other assets 41

Interest receivable on investments 454

Total assets $ 14,328

Other liabilities $ 75

Total liabilities 75

Members' capital 14,253

Total liabilities and members' capital $ 14,328

The following table includes selected statement of operations information for CION SOF for the years ended December 31, 2022 and 2021:

Years Ended December 31,

Selected Statement of Operations Information:

December 31, 2021 Year Ended

December 31, 2020

Total revenues $ — $ 29

Total expenses — 29

Net realized loss on investments — (3,427)

Net change in unrealized appreciation on investments — 28

Net increase in net assets $ — $ —

6 unchanged sentences

Financing Arrangement Type of Financing Arrangement Rate Amount Outstanding Amount Available Maturity Date

JPM Credit Facility Term Loan Credit Facility L+3.10% $ 550,000 $ 25,000 May 15, 2024

2026 Notes(1) Note Purchase Agreement 4.50% 125,000 — February 11, 2026

UBS Facility Repurchase Agreement L+3.375% 125,000 25,000 November 19, 2023

More Term Loan(2) Term Loan Facility Agreement 5.20% 30,000 — September 30, 2024

JPM Credit Facility Term Loan Credit Facility L+ 3.10 %

$ 550,000 $ 25,000 May 15, 2024

60,000 40,000

2026 Notes(1) Note Purchase Agreement 4.50 %

125,000 — February 11, 2026

UBS Facility Repurchase Agreement L+ 3.375 %

142,500 7,500 November 19, 2023

2022 More Term Loan Term Loan Facility Agreement SOFR+ 3.50 %

50,000 — April 27, 2027

2021 More Term Loan(2) Term Loan Facility Agreement 5.20 %

30,000 — September 30, 2024

$ 957,500 $ 72,500

(1) As of December 31, 2022, 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.

6 unchanged sentences

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).

On September 30, 2016, July 11, 2017, November 28, 2017 and May 23, 2018, 34th Street amended and restated the JPM Credit Facility, or the Amended JPM Credit Facility, with JPM.

Under the Amended JPM Credit Facility entered into on September 30, 2016, the aggregate principal amount available for borrowings was increased from $ 150,000 to $ 225,000 , of which $ 25,000 could have been funded as a revolving credit facility, subject to conditions described in the Amended JPM Credit Facility.

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.

Under the Amended JPM Credit Facility entered into on July 11, 2017 and November 28, 2017, certain immaterial administrative amendments were made as a result of the termination of AIM as the Company's investment sub-adviser as discussed in Note 1.

Under the Amended JPM Credit Facility entered into on May 23, 2018, (i) the aggregate principal amount available for borrowings was increased from $ 225,000 to $ 275,000 , of which $ 25,000 could have been funded as a revolving credit facility, subject to conditions described in the Amended JPM Credit Facility, (ii) the reinvestment period was extended until August 24, 2020 and (iii) the maturity date was extended to August 24, 2021.

On May 15, 2020, 34th Street amended and restated the Amended JPM Credit Facility, or the Second Amended JPM Credit Facility, with JPM in order to fully repay all amounts outstanding under the Citibank Credit Facility and the MS Credit Facility (each as described below) and repay $100,000 of advances outstanding under the UBS Facility (as described below).

On May 15, 2020, 34th Street amended and restated the Amended JPM Credit Facility, or the Second Amended JPM Credit Facility, with JPM in order to fully repay all amounts outstanding under the Company's prior Citibank Credit Facility and MS Credit Facility and repay $ 100,000 of advances outstanding under the UBS Facility (as described below).

Under the Second Amended JPM Credit Facility, the aggregate principal amount available for borrowings was increased from $ 275,000 to $ 700,000 , of which $ 75,000 may be funded as a revolving credit facility, subject to conditions described in the Second Amended JPM Credit Facility, during the reinvestment period.

7 unchanged sentences

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.

CĪON Investment Corporation

2 unchanged sentences

(in thousands, except share and per share amounts)

On June 2, 2021 and October 19, 2021, 34th Street drew down $50,000 and $25,000 of borrowings under the Third Amended JPM Credit Facility, respectively.

On December 13, 2021, 34th Street repaid $25,000 of borrowings under the Third Amended JPM Credit Facility.

On March 28, 2022, 34th Street entered into a First Amendment to the Third Amended JPM Credit Facility with JPM, or the JPM First Amendment.

Under the JPM First Amendment, the aggregate principal amount available for borrowings was increased from $ 575,000 to $ 675,000 , subject to conditions described in the JPM First Amendment.

Additional advances of up to $ 100,000 under the JPM First Amendment bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.10 % per year, and a LIBOR to SOFR credit spread adjustment of 0.15 %.

34 th Street incurred certain customary costs and expenses in connection with the JPM First Amendment.

No other material terms of the Third Amended JPM Credit Facility were revised in connection with the JPM First Amendment.

Interest is payable quarterly in arrears.

34th Street may prepay advances pursuant to the terms and conditions of the Third Amended JPM Credit Facility, subject to a 1% 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.

34th Street may prepay advances pursuant to the terms and conditions of the Third Amended JPM Credit Facility and the JPM First Amendment, 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 and the JPM First Amendment that has not been borrowed through May 14, 2023.

The non-usage fees, if any, are payable quarterly in arrears.

As of December 31, 2021 and 2020, the principal amount outstanding on the Third Amended JPM Credit Facility and the Second Amended JPM Credit Facility, respectively, was $550,000 and $625,000, respectively.

As of December 31, 2022 and 2021, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility and the JPM First Amendment was $ 610,000 and $ 550,000 , 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 Third Amended JPM Credit Facility are secured by a first priority security interest in all of the assets of 34th Street.

The obligations of 34th Street under the Third Amended JPM Credit Facility are non-recourse to the Company, and the Company’s exposure under the Third Amended JPM Credit Facility is limited to the value of the Company’s investment in 34th Street.

In connection with the Third Amended JPM Credit Facility, 34th Street made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar facilities.

34th Street’s obligations to JPM under the Third Amended JPM Credit Facility and the JPM First Amendment are secured by a first priority security interest in all of the assets of 34th Street.

The obligations of 34th Street under the Third Amended JPM Credit Facility and the JPM First Amendment are non-recourse to the Company, and the Company’s exposure under the Third Amended JPM Credit Facility and the JPM First Amendment is limited to the value of the Company’s investment in 34th Street.

In connection with the Third Amended JPM Credit Facility and the JPM First Amendment, 34th Street made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar facilities.

As of and for the year ended December 31, 2022, 34th Street was in compliance with all covenants and reporting requirements.

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 December 31, 2021 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility.

Through December 31, 2022, the Company incurred debt issuance costs of $ 12,102 in connection with obtaining and amending the JPM Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Third Amended JPM Credit Facility and the JPM First Amendment, which is included in the Company’s consolidated balance sheet as of December 31, 2022 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility and the JPM First Amendment.

At December 31, 2022, the unamortized portion of the debt issuance costs was $ 3,135 .

For the years ended December 31, 2021 and 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:

December 31, 2021 Year Ended

December 31, 2020

For the years ended December 31, 2022 and 2021, the components of interest expense, average borrowings, and weighted average interest rate for the JPM First Amendment, the Third Amended JPM Credit Facility and the Second Amended JPM Credit Facility, as applicable, were as follows:

Years Ended December 31,

Stated interest expense $ 29,254 $ 18,299

4 unchanged sentences

Average borrowings $ 590,603 $ 549,110

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

(1) Includes the stated interest expense and non-usage fee on the unused portion of the JPM First Amendment, the Third Amended JPM Credit Facility and the Second Amended JPM Credit Facility, as applicable, 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.

11 unchanged sentences

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.

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 150 %, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.

As of and for the year ended December 31, 2022, the Company was in compliance with all covenants and reporting requirements.

4 unchanged sentences

At December 31, 2022, the unamortized portion of the debt issuance costs was $ 1,662 .

For the period from February 11, 2021 through December 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 December 31, 2021

For the year ended December 31, 2022 and for the period from February 11, 2021 through December 31, 2021, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:

Year Ended December 31, 2022 For the Period From February 11, 2021 Through December 31, 2021

Stated interest expense $ 5,600 $ 5,062

23 unchanged sentences

and (c) the occurrence of certain bankruptcy and insolvency events with respect to Murray Hill Funding II or Murray Hill Funding.

As of and for the year ended December 31, 2022, Murray Hill Funding II was in compliance with all covenants and reporting requirements.

Murray Hill Funding, in turn, entered into a repurchase transaction with UBS, pursuant to the terms of a Global Master Repurchase Agreement and the related Annex and Master Confirmation thereto, each dated May 19, 2017, or collectively, the UBS Facility.

31 unchanged sentences

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.

Pursuant to the Amended UBS Facility, on July 1, 2021 and December 14, 2021, UBS purchased Class A-R Notes held by Murray Hill Funding for an aggregate purchase price equal to 100% of the principal amount of Class A-R Notes purchased, which was $21,000 and $25,000, respectively.

On August 20, 2021, Murray Hill Funding repurchased Class A-R Notes in the aggregate principal amount of $21,000 from UBS for an aggregate repurchase price of $21,000, which was then repaid by Murray Hill Funding II.

The repurchase of the A-R Notes on August 20, 2021 resulted in a repayment of $21,000 of the outstanding amount of borrowings under the Amended UBS Facility.

Pursuant to the Amended UBS Facility, on July 1, 2021, December 14, 2021 and April 19, 2022, UBS purchased Class A-R Notes held by Murray Hill Funding for an aggregate purchase price equal to 100 % of the principal amount of Class A-R Notes purchased, which was $ 21,000 , $ 25,000 and $ 17,500 , respectively.

On August 20, 2021 and March 7, 2023, Murray Hill Funding repurchased Class A-R Notes in the aggregate principal amount of $ 21,000 and $ 17,500 , respectively, from UBS for an aggregate repurchase price of $ 21,000 and $ 17,500 , respectively, which was then repaid by Murray Hill Funding II.

The repurchase of the A-R Notes on August 20, 2021 and March 7, 2023 resulted in a repayment of $ 21,000 and $ 17,500 , respectively, of the outstanding amount of borrowings under the Amended UBS Facility.

UBS may require Murray Hill Funding to post cash collateral if, without limitation, the sum of the market value of the portfolio of assets and the cash and eligible investments held by Murray Hill Funding II, together with any posted cash collateral, is less than the required margin amount under the Amended UBS Facility;

10 unchanged sentences

and (e) the admission by Murray Hill Funding of its inability to, or its intention not to, perform any of its obligations under the Amended UBS Facility.

As of and for the year ended December 31, 2022, Murray Hill Funding was in compliance with all covenants and reporting requirements.

Murray Hill Funding paid an upfront fee and incurred certain other customary costs and expenses totaling $ 2,637 in connection with obtaining the Amended UBS Facility, which were recorded as a direct reduction to the outstanding balance of the Amended UBS Facility, which is included in the Company’s consolidated balance sheets and amortized to interest expense over the term of the Amended UBS Facility.

5 unchanged sentences

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 December 31, 2022, the fair value of assets held by Murray Hill Funding II was $ 273,107 .

CĪON Investment Corporation

2 unchanged sentences

(in thousands, except share and per share amounts)

As of December 31, 2021, the fair value of assets held by Murray Hill Funding II was $237,452.

For the years ended December 31, 2022 and 2021, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Facility were as follows:

December 31, 2021 Year Ended

December 31, 2020

Years Ended December 31,

Stated interest expense $ 7,273 $ 3,731

Non-usage fee 96 349

Amortization of deferred financing costs — 360

Total interest expense $ 7,369 $ 4,080

3 unchanged sentences

2022 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, provided for an unsecured term loan to the Company in an aggregate principal amount of $30,000.

On April 27, 2022, the Company entered into an Unsecured Term Loan Facility Agreement, or the More Term Loan Agreement, with More Provident Funds and Pension Ltd., or More Provident, as lender, which provided for an unsecured term loan to the Company in an aggregate principal amount of $ 50,000 , or the 2022 More Term Loan.

On April 27, 2022, the Company drew down $ 50,000 of borrowings under the 2022 More Term Loan.

After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $29,000, which the Company used 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.

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.

Through December 31, 2021, the Company incurred debt issuance costs of $992 in connection with obtaining the More Term Loan, which were recorded as a direct reduction to the outstanding balance of the More Term Loan, which is included in the Company’s consolidated balance sheet as of December 31, 2021 and will amortize to interest expense over the term of the More Term Loan.

After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $ 49,000 , which it used for working capital and other general corporate purposes.

Advances under the 2022 More Term Loan bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.50 % per year and subject to a 1.0 % SOFR floor, payable quarterly in arrears.

Advances under the 2022 More Term Loan mature on April 27, 2027.

Advances under the 2022 More Term Loan are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.

The More Term Loan Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of 60 % of the Company’s net asset value as of the year ended December 31, 2021 plus 50 % of the net cash proceeds of the sale of certain equity interests by the Company after April 27, 2022, if any, (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.

In addition, the More Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy.

As of December 31, 2022 and for the period from April 27, 2022 through December 31, 2022, the Company was in compliance with all covenants and reporting requirements.

Through December 31, 2022, the Company incurred debt is suance costs of $ 1,025 in connection with obtaining the 2022 More Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2022 More Term Loan, which is included in the Company’s consolidated balance sheet as of December 31, 2022 and will amortize to interest expense over the term of the 2022 More Term Loan.

At December 31, 2022, the unamortized portion of the debt issuance costs was $ 885 .

6 unchanged sentences

Stated interest expense $ 2,027

Non-usage fee —

Amortization of deferred financing costs 140

3 unchanged sentences

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

Citibank Credit Facility

On March 29, 2017, Flatiron Funding II entered into a senior secured credit facility with Citibank, N.A., or Citibank.

The senior secured credit facility with Citibank, or the Citibank Credit Facility, provided for a revolving credit facility in an aggregate principal amount of $325,000, subject to compliance with a borrowing base.

On July 11, 2017, Flatiron Funding II amended the Citibank Credit Facility, or the Amended Citibank Credit Facility, with Citibank to make certain immaterial administrative amendments as a result of the termination of AIM as the Company's investment sub-adviser as discussed in Note 1.

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, 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).

Advances under the Second Amended Citibank Credit Facility bore interest at a floating rate equal to (1) the higher of (a) the Citibank prime rate, (b) the federal funds rate plus 1.5% or (c) the three-month LIBOR plus 1.0%, plus (2) a spread of 2% per year.

In addition, Flatiron Funding II was subject to a non-usage fee of 0.75% per year of the amount of the aggregate principal amount available under the Second Amended Citibank Credit Facility that had not been borrowed.

Flatiron Funding II incurred certain customary costs and expenses in connection with obtaining and amending the Citibank Credit Facility.

The Company incurred debt issuance costs of $3,373 in connection with obtaining and amending the Citibank Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Second Amended Citibank Credit Facility, which was included in the Company’s consolidated balance sheets and amortized to interest expense over the term of the Second Amended Citibank Credit Facility.

All unamortized debt issuance costs were expensed upon the repayment of all amounts outstanding on the Second Amended Citibank Credit Facility on May 15, 2020.

Flatiron Funding II’s obligations to Citibank under the Second Amended Citibank Credit Facility were secured by a first priority security interest in all of the assets of Flatiron Funding II.

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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2021

(in thousands, except share and per share amounts)

For the years ended December 31, 2021 and 2020, the components of interest expense, average borrowings, and weighted average interest rate for the Second Amended Citibank Credit Facility were as follows:

December 31, 2021 Year Ended

December 31, 2020

Stated interest expense $ — $ 3,171

Non-usage fee — 288

Amortization of deferred financing costs — 1,551

Total interest expense $ — $ 5,010

Weighted average interest rate(1) — 3.72 %

Average borrowings $ — $ 91,385

(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.

MS Credit Facility

On December 19, 2017, 33rd Street entered into a senior secured credit facility, or the MS Credit Facility, with MS.

The MS Credit Facility provided for a revolving credit facility in an aggregate principal amount of up to $200,000, subject to compliance with a borrowing base.

On July 9, 2018, 33rd Street amended and restated the MS Credit Facility to make certain immaterial administrative amendments.

33rd Street further amended and restated the MS Credit Facility, or the Amended MS Credit Facility, with MS on December 18, 2018.

Pursuant to the Amended MS Credit Facility, 33rd Street could have prepaid advances pursuant to the terms and conditions of the loan and servicing agreement subject to a 1% premium if the amount of the Amended MS Credit Facility was reduced or terminated on or prior to December 19, 2020.

Pursuant to the terms of the loan and servicing agreement, on March 15, 2019, 33rd Street reduced the aggregate principal amount available for borrowings under the Amended MS Credit Facility from $200,000 to $150,000.

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 (described above).

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.

All advances under the Amended MS Credit Facility and all accrued and unpaid interest thereunder were due and payable by no later than December 19, 2022.

33rd Street incurred certain customary costs and expenses in connection with obtaining and amending the MS Credit Facility.

33rd Street's obligations to MS under the Amended MS Credit Facility were secured by a first priority security interest in all of the assets of 33rd Street.

The obligations of 33rd Street under the Amended MS Credit Facility were non-recourse to the Company, and the Company's exposure under the Amended MS Credit Facility was limited to the value of the Company's investment in 33rd Street.

33rd Street appointed CIM to manage its portfolio.

33rd Street paid an upfront fee and incurred certain other customary costs and expenses totaling $2,591 in connection with obtaining and amending the MS Credit Facility, which the Company initially recorded as prepaid expenses and other assets on the Company’s consolidated balance sheets and amortized to interest expense over the term of the Amended MS Credit Facility.

On June 5, 2018, unamortized upfront fees were recorded as a direct reduction to the outstanding balance of the Amended MS Credit Facility in the Company’s consolidated balance sheet.

All unamortized debt issuance costs were expensed upon the repayment of all amounts outstanding on the Amended MS Credit Facility on May 15, 2020.

2021 More Term Loan

On April 14, 2021, the Company entered into an Unsecured Term Loan Facility Agreement, or the Term Loan Agreement, with More Provident Funds Ltd., or More, as lender.

The Term Loan Agreement with More, or the 2021 More Term Loan, provided for an unsecured term loan to the Company in an aggregate principal amount of $ 30,000 .

On April 20, 2021, the Company drew down $ 30,000 of borrowings under the 2021 More Term Loan.

After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $ 29,000 , which the Company used for working capital and other general corporate purposes.

Advances under the 2021 More Term Loan mature on September 30, 2024, and bear interest at a rate of 5.20 % per year payable quarterly in arrears.

The discounted present value portion of the prepayment fee is calculated by applying a discount rate on the same periodic basis as that on which interest on advances is payable equal to the sum of 2.00 % plus the yield to maturity of the most recently issued U.S.

Treasury securities having a maturity equal to the remaining average life of the 2021 More Term Loan, or if there are no such U.S.

Treasury securities, using such implied yield to maturity determined in accordance with the terms of the Term Loan Agreement.

Advances under the 2021 More Term Loan are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company's subsidiaries, financing vehicles or similar facilities.

The Term Loan Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of 60 % of the Company’s net asset value as of the year ended December 31, 2020 plus 50 % of the net cash proceeds of the sale of certain equity interests by the Company after April 14, 2021, if any, (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.

In addition, the Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy.

As of and for the year ended December 31, 2022, the Company was in compliance with all covenants and reporting requirements.

Through December 31, 2022 , the Company incurred debt issuance costs of $ 992 in connection with obtaining the 2021 More Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2021 More Term Loan, which is included in the Company’s consolidated balance sheet as of December 31, 2022 and will amortize to i nterest expense over the term of the 2021 More Term Loan.

At December 31, 2022, the unamortized portion of the debt issuance costs was $ 496 .

CĪON Investment Corporation

2 unchanged sentences

(in thousands, except share and per share amounts)

For the years ended December 31, 2021 and 2020, the components of interest expense, average borrowings, and weighted average interest rate for the Amended MS Credit Facility were as follows:

December 31, 2021 Year Ended

December 31, 2020

For the year ended December 31, 2022 and for the period from April 14, 2021 through December 31, 2021, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 More Term Loan were as follows:

Year Ended December 31, 2022 For the Period from April 14, 2021 through December 31, 2021

Stated interest expense $ 1,582 $ 1,109

Amortization of deferred financing costs 288 208

Non-usage fee — 87

Total interest expense $ 1,870 $ 1,317

1 unchanged sentence

Average borrowings $ 30,000 $ 30,000

(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.

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

Fair Value of Financial Instruments

9 unchanged sentences

Total Investments $ 13,210 $ — $ 1,716,054 $ 1,729,264 $ 91,321 $ — $ 1,632,922 $ 1,724,243

(1) Excludes the Compan y's $29,796 i nvestment in CION/EagleTree, which is 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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2021

(in thousands, except share and per share amounts)

(1) Excludes the Company's $ 30,766 investment in CION/EagleTree, which is measured at NAV.

(2) Excludes the Company's $ 29,796 investment in CION/EagleTree, which is measured at NAV.

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the years ended December 31, 2022 and 2021:

Year Ended December 31, 2022

Secured First

Lien Debt Senior Secured

Debt Collateralized Securities and Structured Products - Equity Unsecured

Debt Equity Total

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total

Beginning balance, December 31, 2021 $ 1,526,989 $ 38,583 $ 2,998 $ 26,616 $ 37,736 $ 1,632,922

1 unchanged sentence

Net realized (loss) gain ( 5,646 ) ( 19,327 ) 24 — ( 7,798 ) ( 32,747 )

Net change in unrealized appreciation 5,394 3,102 2,287 43 20,751 31,577

Net change in unrealized (depreciation) appreciation ( 21,581 ) 14,604 ( 621 ) ( 7,623 ) 9,999 ( 5,222 )

Accretion of discount 10,517 500 — 15 — 11,032

1 unchanged sentence

Ending balance, December 31, 2022 $ 1,579,512 $ 38,769 $ 1,179 $ 22,643 $ 73,951 $ 1,716,054

Change in net unrealized appreciation (depreciation) on investments still held as of December 31, 2021(2) $ 2,341 $ (1,621) $ 1,152 $ 43 $ 15,638 $ 17,553

(1) Includes non-cash restructured securities.

(2) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

Change in net unrealized (depreciation) appreciation on investments still held as of December 31, 2022(1) $ ( 39,831 ) $ 801 $ ( 621 ) $ ( 7,623 ) $ 1,604 $ ( 45,670 )

(1) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.

(2) Investments purchased includes PIK interest.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2022

(in thousands, except share and per share amounts)

Year Ended December 31, 2021

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

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) gain ( 210 ) ( 2,932 ) 670 — 6,350 3,878

Net change in unrealized depreciation (6,121) (3,947) — (880) (203) (6,052) (17,203)

Net change in unrealized appreciation 5,394 3,102 2,287 43 20,751 31,577

Accretion of discount 10,940 783 — 14 — 11,737

1 unchanged sentence

Ending balance, December 31, 2021 $ 1,526,989 $ 38,583 $ 2,998 $ 26,616 $ 37,736 $ 1,632,922

Change in net unrealized depreciation on investments still held as of December 31, 2020(2) $ (25,414) $ (12,791) $ — $ (880) $ (203) $ (6,315) $ (45,603)

Change in net unrealized appreciation (depreciation) on investments still held as of December 31, 2021(2) $ 2,341 $ ( 1,621 ) $ 1,152 $ 43 $ 15,638 $ 17,553

(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

December 31, 2021

(in thousands, except share and per share amounts)

(2) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.

Significant Unobservable Inputs

6 unchanged sentences

79,035 Broker Quotes Broker Quotes N/A N/A

27,557 Market Comparable Approach

EBITDA Multiple 3.50x — 6.00x 4.98x

6,327 Revenue Multiple 2.25x N/A

20,050 Market Comparable Approach Revenue Multiple 0.25 x

4,527 $ per kW $ 131.85 N/A

3,552 EBITDA Multiple 2.75 x

532 Other(2) Other(2) N/A N/A

Senior secured second lien debt 38,769 Discounted Cash Flow Discount Rates 14.3 % — 21.5 % 17.2 %

14,175 Broker Quotes Broker Quotes N/A N/A

Collateralized securities and structured products - equity 1,179 Discounted Cash Flow Discount Rates 21.0 % N/A

Unsecured debt 26,616 Discounted Cash Flow Discount Rates 12.7% — 16.2% 13.6%

Equity 17,596 Market Comparable Approach EBITDA Multiple 3.25x — 21.50x 9.88x

Unsecured debt 15,316 Market Comparable Approach EBITDA Multiple 9.25 x

7,327 Discounted Cash Flow Discount Rates 17.7 % N/A

Equity 33,441 Market Comparable Approach EBITDA Multiple 2.75 x

23,995 $ per kW $ 412.5 N/A

4,032 Revenue Multiple 0.68x — 2.00x 1.87x

13,038 Revenue Multiple 0.13 x

2,238 Discounted Cash Flow Discount Rates 16.8 % N/A

1,234 Broker Quotes Broker Quotes N/A N/A

5 Options Pricing Model Expected Volatility 80.0 % — 90.0 % 87.3 %

12 unchanged sentences

183,768 Broker Quotes Broker Quotes N/A N/A

21,920 Market Comparable Approach

Revenue Multiple 2.33x N/A

9,361 EBITDA Multiple 2.50x N/A

27,557 Market Comparable Approach EBITDA Multiple 3.50 x

6,327 Revenue Multiple 2.25 x

16,702 Other(2) Other(2) N/A N/A

1 unchanged sentence

14,175 Broker Quotes Broker Quotes N/A N/A

2,305 Market Comparable Approach

EBITDA Multiple

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%

Unsecured debt 5,464 Discounted Cash Flow Discount Rates 16.5 N/A

Equity 39,644 Market Comparable Approach

EBITDA Multiple 3.00x - 18.50x 10.13x

11,634 Revenue Multiple 0.20x - 2.33x 1.56x

Collateralized securities and structured products - equity 2,998 Discounted Cash Flow Discount Rates 16.0 % N/A

Unsecured debt 26,616 Discounted Cash Flow Discount Rates 12.7 % 16.2 % 13.6 %

Equity 17,596 Market Comparable Approach EBITDA Multiple 3.25 x

15,127 $ per kW $ 325 N/A

16,481 Discounted Cash Flow Discount Rates 18.5% N/A

163 Broker Quotes Broker Quotes N/A N/A

4,032 Revenue Multiple 0.68 x

981 Options Pricing Model Expected Volatility 73.0 % — 84.2 % 73.0 %

11 unchanged sentences

Transfer agent expense 1,124 1,290 1,189

Printing and marketing expense 990 378 102

Valuation expense 904 999 722

Accounting and administrative costs 759 680 567

Insurance expense 833 612 489

Director fees and expenses 516 450 472

Valuation expense 821 904 999

Dues and subscriptions 791 411 342

Due diligence fees — — 61

Printing and marketing expense 708 990 378

Director fees and expenses 632 516 450

Accounting and administrative costs 524 759 680

Other expenses 67 109 68

10 unchanged sentences

Unfunded Commitments December 31, 2022(1) December 31, 2021(1)

Flatworld Intermediate Corp.

Instant Web, LLC 5,628 2,704

Critical Nurse Staffing, LLC 5,599 5,899

Service Compression, LLC 4,186 —

Rogers Mechanical Contractors, LLC 3,365 4,808

American Health Staffing Group, Inc.

Thrill Holdings LLC 3,261 —

Homer City Holdings LLC 3,000 —

Mimeo.com, Inc.

Coyote Buyer, LLC 2,500 2,500

Ironhorse Purchaser, LLC 2,469 —

Moss Holding Company 2,232 2,232

HW Acquisition, LLC 2,200 2,933

MacNeill Pride Group Corp.

BDS Solutions Intermediateco, LLC 1,998 —

Archer Systems, LLC 1,905 —

Dermcare Management, LLC 1,862 —

Bradshaw International Parent Corp.

RumbleOn, Inc.

Sleep Opco, LLC 1,750 1,750

RA Outdoors, LLC 1,049 1,049

OpCo Borrower, LLC 833 —

WorkGenius, Inc.

Invincible Boat Company LLC 559 798

American Teleconferencing Services, Ltd.

Lochner, Inc.

Anthem Sports & Entertainment Inc.

STATinMED, LLC 156 —

NWN Parent Holdings LLC 90 1,380

Genesis Healthcare, Inc.

West Dermatology Management Holdings, LLC — 6,308

RumbleOn, Inc.

Critical Nurse Staffing, LLC 5,899 —

Williams Industrial Services Group, Inc.

Mimeo.com, Inc.

Rogers Mechanical Contractors, LLC 4,808 —

Trademark Global, LLC — 4,615

Molded Devices, Inc.

HW Acquisition, LLC 2,933 —

Instant Web, LLC 2,704 2,704

Coyote Buyer, LLC 2,500 2,500

American Health Staffing Group, Inc.

Moss Holding Company 2,232 2,232

Foundation Consumer Healthcare, LLC — 2,094

Sleep Opco, LLC 1,750 —

Extreme Reach, Inc.

American Media, Inc.

Bradshaw International Parent Corp.

NWN Parent Holdings LLC 1,380 —

Marble Point Credit Management LLC — 1,250

Anthem Sports & Entertainment Inc.

RA Outdoors, LLC 1,049 —

Invincible Boat Company LLC 798 —

Appalachian Resource Company, LLC — 500

Lochner, Inc.

American Teleconferencing Services, Ltd.

Palmetto Solar, LLC — 3,262

CircusTrix Holdings, LLC — 2,898

Geon Performance Solutions, LLC — 2,586

BCP Great Lakes Fund LP — 2,135

AMCP Staffing Intermediate Holdings III, LLC — 1,370

Total $ 71,420 $ 107,247

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

Unfunded commitments to provide funds to companies are not recorded on the Company’s consolidated balance sheets.

Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.

The Company intends to use cash on hand, short term investments, proceeds from borrowings, and other liquid assets to fund these commitments should the need arise.

For information on the companies to which the Company is committed to fund additional amounts as of December 31, 2021 and 2020, refer to the table above and the consolidated schedules of investments.

As of March 3, 2022, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $104,456.

CĪON Investment Corporation

2 unchanged sentences

(in thousands, except share and per share amounts)

Unfunded commitments to provide funds to companies are not recorded on the Company’s consolidated balance sheets.

Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.

The Company intends to use cash on hand, short-term investments, proceeds from borrowings, and other liquid assets to fund these commitments should the need arise.

For information on the companies to which the Company is committed to fund additional amounts as of December 31, 2022 and 2021, refer to the table above and the consolidated schedules of investments.

As of March 8, 2023, the Company was committed, upon the satisfaction of certain conditions, to fund an additi onal $ 61,841 .

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).

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These analyses are reviewed and discussed on a weekly basis by the Company's executive officers and senior members of CIM (including members of the investment committee) and are updated on a “real time” basis in order to ensure that the Company has adequate liquidity to satisfy its unfunded commitments.

Fee income consists of commitment fees, amendment fees, capital structuring and other fees, and administrative agent fees.

Fee income consists of amendment fees, capital structuring and other fees, conversion fees and administrative agent fees.

The following table summarizes the Company’s fee income for the years ended December 31, 2022, 2021 and 2020:

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Amendment fees 2,633 869 3,550

Conversion fees 2,365 — —

Administrative agent fees 100 85 25

Commitment fees — — 80

Total $ 9,544 $ 5,927 $ 4,543

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Per share data:(1)

Net asset value at beginning of year $ 15.50 $ 16.80 $ 17.38 $ 18.28 $ 18.22

Net asset value at beginning of period $ 16.34 $ 15.50 $ 16.80 $ 17.38 $ 18.28

Results of operations:

Net investment income 1.56 1.31 1.39 1.54 1.61

Net realized gain (loss) and net change in unrealized appreciation (depreciation) on investments and gain (loss) on foreign currency(2) 0.79 (1.57) (0.63) (1.03) 0.08

Net realized gain and net change in unrealized appreciation on total return swap — — — — 0.03

Net realized (loss) gain and net change in unrealized (depreciation) appreciation on investments and (loss) gain on foreign currency(2) ( 0.68 ) 0.79 ( 1.57 ) ( 0.63 ) ( 1.03 )

Net increase (decrease) in net assets resulting from operations(2) 0.88 2.10 ( 0.18 ) 0.91 0.58

1 unchanged sentence

Distributions from net investment income ( 1.44 ) ( 1.26 ) ( 1.12 ) ( 1.49 ) ( 1.49 )

Distributions from net realized gains — — — — (0.10)

Net decrease in net assets resulting from shareholders' distributions ( 1.44 ) ( 1.26 ) ( 1.12 ) ( 1.49 ) ( 1.49 )

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Net increase in net assets resulting from capital share transactions 0.20 — — — 0.01

Net asset value at end of year $ 16.34 $ 15.50 $ 16.80 $ 17.38 $ 18.28

Shares of common stock outstanding at end of year(5) 56,958,440 56,646,867 56,690,578 56,354,579 57,890,882

Net asset value at end of period $ 15.98 $ 16.34 $ 15.50 $ 16.80 $ 17.38

Shares of common stock outstanding at end of period 55,299,484 56,958,440 56,646,867 56,690,578 56,354,579

Total investment return-net asset value(5) 10.44 % 14.43 % ( 0.94 ) % 5.55 % 2.98 %

Total investment return-market value(6) ( 14.87 ) % 3.87 % — — —

Net assets at beginning of year $ 878,256 $ 952,563 $ 979,271 $ 1,058,691 $ 999,763

Net assets at end of year $ 930,512 $ 878,256 $ 952,563 $ 979,271 $ 1,058,691

Net assets at beginning of period $ 930,512 $ 878,256 $ 952,563 $ 979,271 $ 1,058,691

Net assets at end of period $ 883,634 $ 930,512 $ 878,256 $ 952,563 $ 979,271

Average net assets $ 917,781 $ 918,824 $ 875,846 $ 967,323 $ 1,035,861

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The share information utilized to determine per share data in this table has been retroactively adjusted to reflect the Reverse Stock Split discussed in Note 3.

(2) The amount shown for net realized gain (loss) and net change in unrealized appreciation (depreciation) 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 increase (decrease) in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.

CĪON Investment Corporation

2 unchanged sentences

(in thousands, except share and per share amounts)

(2) The amount shown for net realized (loss) gain, net change in unrealized (depreciation) appreciation on investments and (loss) gain on foreign currency 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.

(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.

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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.

(4) Repurchases of common stock may have caused an incremental decrease or increase in net asset value per share due to the repurchase of shares at a price in excess of or below net asset value per share, respectively, on each repurchase date.

The per share impact of repurchases of common stock was a decrease to net asset value of less than $ 0.01 per share during the years ended December 31, 2021, 2020, 2019 and 2018.

(5) Shares of common stock outstanding has been retroactively adjusted to reflect the Reverse Stock Split discussed in Note 3.

(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.

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Total returns covering less than a full year are not annualized.

(7) Total investment return-market value for the year ended December 31, 2021 was calculated by taking the change in the market price of the Company's common stock since the Company’s Listing on October 5, 2021, and including the impact of distributions reinvested in accordance with the Company’s New DRP.

(6) Total investment return-market value for the years ended December 31, 2022, 2021, 2020, 2019 and 2018 was calculated by taking the change in the market price of the Company's common stock since the first day of the period, and including the impact of distributions reinvested in accordance with the Company’s New DRP.

Total investment return-market value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock.

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As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.

(8) Ratio of gross operating expenses to average net assets does not include expense support provided by CIM or CIG and/or AIM, if any.

(7) Ratio of gross operating expenses to average net assets does not include expense support provided by CIM, if any.

(8) Portfolio turnover rate is calculated using the lesser of year-to-date sales or purchases over the average of the invested assets at fair value, excluding short term investments, and is not annualized.

(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.

For purposes of the asset coverage ratio test applicable to the Company as a BDC, the Company treated the outstanding total return swap notional amount at the end of the period, less the total amount of cash collateral posted by Flatiron Funding LLC under the total return swap, as well as unfunded commitments, as senior securities.

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 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 or federal excise taxes.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2022

(in thousands, except share and per share amounts)

It is the Company's policy to comply with all requirements of the Code applicable to RICs and to distribute at least 90% of its taxable income to its shareholders.

Accordingly, no federal income tax provision was required for the years ended December 31, 2022 or 2021.

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.

The Company will also be subject to nondeductible federal excise taxes of 4% if the Company does not distribute at least 98.0% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no federal income taxes.

Income and capital gain distributions are determined in accordance with the Code and federal tax regulations, which may differ from amounts determined in accordance with GAAP.

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Other accumulated losses (1) ( 77,942 ) ( 59,977 )

Net unrealized depreciation on investments and total return swap (76,059) (161,664)

Net unrealized depreciation on investments ( 91,091 ) ( 76,059 )

Total accumulated losses ( 160,490 ) ( 128,880 )

$ (128,880) $ (157,507)

(1) Includes a short term capital loss carryforward of $22,372 and long term capital loss carryforward of 32,329 as of December 31, 2021.

(1) Includes short term capital loss carryforwards of $ 7,233 and long term capital loss carryforwards of $ 66,284 as of December 31, 2022.

Includes short term capital loss carryforwards of $ 22,372 and long term capital loss carryforwards of $ 32,329 as of December 31, 2021.

As of December 31, 2022, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 31,155 ;

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Quarter Ended March 31,

2021 June 30,

September 30,

2021 December 31,

Investment income $ 41,683 $ 43,552 $ 54,163 $ 55,500

Net investment income 19,483 19,288 25,557 23,877

Net realized and unrealized gains (loss) on investments and foreign currency 32,115 9,283 5,496 (2,437)

Net increase in net assets resulting from operations 49,714 27,969 25,108 15,973

Net increase in net assets resulting from operations per share of common stock(1) 0.88 0.49 0.44 0.28

Net realized and unrealized (loss) gain on investments and foreign currency ( 11,594 ) ( 20,554 ) 8,426 ( 14,342 )

Net increase (decrease) in net assets resulting from operations 7,889 ( 1,266 ) 33,983 9,535

Net increase (decrease) in net assets resulting from operations per share of common stock(1) 0.14 ( 0.02 ) 0.60 0.17

Net asset value per share of common stock at end of quarter 16.20 15.89 16.26 15.98

1 unchanged sentence

Quarter Ended March 31,

2020 June 30,

September 30,

2020 December 31,

Investment income $ 36,303 $ 38,021 $ 42,620 $ 40,404

Net investment income 17,599 18,686 19,612 18,410

Net realized and unrealized (loss) gain on investments and foreign currency (127,573) 2,671 9,667 25,485

Net (decrease) increase in net assets resulting from operations (105,912) 16,587 31,087 47,216

Net (decrease) increase in net assets resulting from operations per share of common stock(1) (1.86) 0.29 0.55 0.83

Net realized and unrealized gain (loss) on investments and foreign currency 32,115 9,283 5,496 ( 2,437 )

Net increase in net assets resulting from operations 49,714 27,969 25,108 15,973

Net increase in net assets resulting from operations per share of common stock(1) 0.88 0.49 0.44 0.28

Net asset value per share of common stock at end of quarter 16.12 16.34 16.52 16.34

2 unchanged sentences

This is due to changes in the number of weighted-average shares outstanding and the effects of rounding for each period.

CĪON Investment Corporation

Notes to Consolidated Financial Statements

December 31, 2022

(in thousands, except share and per share amounts)

Subsequent Event

On February 28, 2023, the Company entered into a Deed of Trust, or the Deed of Trust, with Mishmeret Trust Company Ltd., as trustee, under which the Company issued approximately $ 80,700 in aggregate principal amount of its Series A Unsecured Notes due 2026, or the Series A Notes.

The Series A Notes offering in Israel closed on February 28, 2023 and are listed and commenced trading on the Tel Aviv Stock Exchange Ltd., or the TASE, on February 28, 2023.

After the deduction of fees and other offering expenses, the Company received net proceeds of approximately $ 77,900 , which it intends to use to make investments in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes.

The Series A Notes are rated A1.il by Midroog Ltd., an affiliate of Moody’s.

The Series A Notes will mature on August 31, 2026 and may be redeemed in whole or in part at the Company's option at par plus a “make-whole” premium, if applicable, as set forth in the Deed of Trust.

The Series A Notes bear interest at a rate equal to SOFR plus a credit spread of 3.82 % per year, which will be paid quarterly on February 28, May 31, August 31, and November 30 of each year, commencing on May 31, 2023.

The Series A Notes are general unsecured obligations that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the Series A Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of its secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

The Deed of Trust contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a business development company within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 525 million, (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00.

In addition, the Deed of Trust contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under the Company’s other indebtedness in an outstanding aggregate principal amount of at least $ 50,000 , certain judgments and orders, and certain events of bankruptcy.

On February 26, 2023, the Company’s shares of common stock listed and commenced trading on the TASE under the ticker symbol “CION”.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

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-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk