3 unchanged sentences
(in thousands, except share and per share amounts)
+Added: September 30,
2023 December 31,
11 unchanged sentences
Receivable due on investments sold and repaid 2,646 1,016
−Removed: Dividends receivable on controlled investments — 1,275
+Added: Dividends receivable 82 1,275
Prepaid expenses and other assets 1,552 825
3 unchanged sentences
$ 1,000,211 $ 951,322
+Added: Payable for investments purchased 9,663 —
Accounts payable and accrued expenses 1,510 1,012
4 unchanged sentences
Shareholder distribution payable 2,724 14,931
+Added: Share repurchases payable 67 —
Total liabilities 1,035,580 988,777
14 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
−Removed: June 30, Year Ended
+Added: September 30, Nine Months Ended
+Added: September 30, Year Ended
2023 2022 2023 2022 2022
7 unchanged sentences
Non-controlled, affiliated investments
+Added: Paid-in-kind interest income 2,471 1,174 5,953 3,493 6,204
Interest income 1,341 1,949 5,549 4,517 5,865
Dividend income 13 13 3,946 66 79
−Removed: Paid-in-kind interest income 1,751 874 3,482 2,319 6,204
Fee income 35 19 2,432 525 525
Controlled investments
−Removed: Dividend income — — 4,250 — 1,275
Interest income 1,413 2,197 5,304 6,066 6,049
+Added: Dividend income — — 4,250 — 1,275
+Added: Fee income 1,050 — 1,050 — —
Paid-in-kind interest income 1,048 — 1,048 409 2,482
8 unchanged sentences
Net investment income before taxes 29,753 25,571 83,150 64,353 88,577
−Removed: Income tax expense, including excise tax 118 — 123 11 372
+Added: Income tax (benefit) expense, including excise tax ( 237 ) 14 ( 114 ) 25 372
Net investment income after taxes 29,990 25,557 83,264 64,328 88,205
−Removed: Realized and unrealized (losses) gains
+Added: Realized and unrealized gains (losses)
Net realized (losses) gains on:
2 unchanged sentences
Foreign currency — ( 3 ) — ( 3 ) ( 3 )
−Removed: Net realized (losses) gains ( 18,928 ) 180 ( 23,453 ) 111 ( 32,750 )
+Added: Net realized losses ( 8,123 ) ( 17,169 ) ( 31,576 ) ( 17,058 ) ( 32,750 )
Net change in unrealized appreciation (depreciation) on:
4 unchanged sentences
Net realized and unrealized gains (losses) 17,483 8,426 ( 38,942 ) ( 23,722 ) ( 38,064 )
−Removed: Net increase (decrease) in net assets resulting from operations $ 27,894 $ ( 1,266 ) $ ( 3,151 ) $ 6,623 $ 50,141
+Added: Net increase in net assets resulting from operations $ 47,473 $ 33,983 $ 44,322 $ 40,606 $ 50,141
Per share information—basic and diluted
−Removed: Net increase (decrease) in net assets per share resulting from operations $ 0.51 $ ( 0.02 ) $ ( 0.06 ) $ 0.12 $ 0.89
+Added: Net increase in net assets per share resulting from operations $ 0.87 $ 0.60 $ 0.81 $ 0.71 $ 0.89
Net investment income per share $ 0.55 $ 0.45 $ 1.52 $ 1.13 $ 1.56
5 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
−Removed: June 30, Year Ended
+Added: September 30, Nine Months Ended
+Added: September 30, Year Ended
2023 2022 2023 2022 2022
2 unchanged sentences
Net investment income $ 29,990 $ 25,557 $ 83,264 $ 64,328 $ 88,205
−Removed: Net realized (loss) gain on investments ( 18,928 ) 180 ( 23,453 ) 111 ( 32,747 )
+Added: Net realized loss on investments ( 8,123 ) ( 17,166 ) ( 31,576 ) ( 17,055 ) ( 32,747 )
Net realized loss on foreign currency — ( 3 ) — ( 3 ) ( 3 )
Net change in unrealized appreciation (depreciation) on investments 25,606 25,595 ( 7,366 ) ( 6,664 ) ( 5,314 )
−Removed: Net increase (decrease) in net assets resulting from operations 27,894 ( 1,266 ) ( 3,151 ) 6,623 50,141
+Added: Net increase in net assets resulting from operations 47,473 33,983 44,322 40,606 50,141
Changes in net assets from shareholders' distributions:
14 unchanged sentences
Three Months Ended
−Removed: June 30, Six Months Ended
−Removed: June 30, Year Ended
+Added: September 30, Nine Months Ended
+Added: September 30, Year Ended
2023 2022 2023 2022 2022
1 unchanged sentence
Operating activities:
−Removed: Net increase (decrease) in net assets resulting from operations $ 27,894 $ ( 1,266 ) $ ( 3,151 ) $ 6,623 $ 50,141
−Removed: Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash (used in) provided by operating activities:
+Added: Net increase in net assets resulting from operations $ 47,473 $ 33,983 $ 44,322 $ 40,606 $ 50,141
+Added: Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
Net accretion of discount on investments ( 3,899 ) ( 4,191 ) ( 10,842 ) ( 9,165 ) ( 11,032 )
4 unchanged sentences
Proceeds from sale of investments 1,920 11,581 12,521 20,456 62,586
−Removed: Net realized loss (gain) on investments 18,928 ( 180 ) 23,453 ( 111 ) 32,747
+Added: Net realized loss on investments 8,123 17,166 31,576 17,055 32,747
Net change in unrealized (appreciation) depreciation on investments ( 25,606 ) ( 25,595 ) 7,366 6,664 5,314
18 unchanged sentences
Debt issuance costs paid — — ( 4,694 ) ( 1,725 ) ( 1,725 )
−Removed: Net cash (used in) provided by financing activities ( 48,501 ) 55,526 ( 35,532 ) 83,878 43,687
+Added: Net cash provided by (used in) financing activities 2,147 ( 14,315 ) ( 33,385 ) 69,563 43,687
Net (decrease) increase in cash ( 4,710 ) 1,119 ( 75,934 ) 39,887 78,965
9 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands)
2 unchanged sentences
Senior Secured First Lien Debt - 172.1 %
−Removed: Adapt Laser Acquisition, Inc.(s)(w) L+ 1200 , 1.00 % LIBOR Floor
+Added: Adapt Laser Acquisition, Inc.(s)(w) S+ 1100 , 1.00 % SOFR Floor
12/31/2025 Capital Equipment $ 10,930 $ 10,930 $ 11,149
−Removed: Adapt Laser Acquisition, Inc.(s)(w) L+ 1200 , 1.00 % LIBOR Floor
+Added: Adapt Laser Acquisition, Inc.(s)(w) S+ 1100 , 1.00 % SOFR Floor
12/31/2025 Capital Equipment 2,101 2,101 2,072
−Removed: Afore Insurance Services, LLC(m)(q)(z) S+ 600 , 1.00 % SOFR Floor
+Added: Afore Insurance Services, LLC(m)(q)(w) S+ 600 , 1.00 % SOFR Floor
3/24/2025 Banking, Finance, Insurance & Real Estate 4,583 4,583 4,578
−Removed: AHF Parent Holding, Inc.(n)(z) S+ 625 , 0.75 % SOFR Floor
+Added: AHF Parent Holding, Inc.(n)(w) S+ 625 , 0.75 % SOFR Floor
2/1/2028 Construction & Building 2,775 2,732 2,696
−Removed: Allen Media, LLC(n)(z) S+ 600 , 0.00 % SOFR Floor
+Added: Allen Media, LLC(n)(w) S+ 550 , 0.00 % SOFR Floor
2/10/2027 Media:
Diversified & Production 8,795 8,738 8,553
−Removed: ALM Media, LLC(m)(n)(z) S+ 600 , 1.00 % SOFR Floor
+Added: ALM Media, LLC(m)(n)(w) S+ 600 , 1.00 % SOFR Floor
11/25/2024 Media:
Advertising, Printing & Publishing 16,250 16,168 16,250
−Removed: American Clinical Solutions LLC(m)(s)(v) L+ 700 , 1.00 % LIBOR Floor
+Added: American Clinical Solutions LLC(m)(s) Prime+ 700
6/30/2025 Healthcare & Pharmaceuticals 5,726 5,726 5,583
−Removed: American Consolidated Natural Resources, Inc.(m)(s)(w) L+ 1600 , 1.00 % LIBOR Floor
−Removed: 9/16/2025 Metals & Mining 47 36 48
−Removed: American Health Staffing Group, Inc.(m)(aa) S+ 600 , 1.00 % SOFR Floor
+Added: American Health Staffing Group, Inc.(m)(u) S+ 600 , 1.00 % SOFR Floor
11/19/2026 Services:
8 unchanged sentences
4/7/2023 Telecommunications 235 — —
−Removed: Analogic Corp.(m)(n)(z) S+ 525 , 1.00 % SOFR Floor
−Removed: 6/21/2024 Healthcare & Pharmaceuticals 4,825 4,807 4,819
−Removed: Ancile Solutions, Inc.(m)(s)(w) L+ 1000 , 1.00 % LIBOR Floor
+Added: Ancile Solutions, Inc.(m)(s)(w) S+ 1000 , 1.00 % SOFR Floor
6/11/2026 High Tech Industries 11,281 11,064 11,155
−Removed: Anthem Sports & Entertainment Inc.(m)(s)(w) L+ 950 , 1.00 % LIBOR Floor
+Added: Anthem Sports & Entertainment Inc.(m)(s)(w) S+ 950 , 1.00 % SOFR Floor
11/15/2026 Media:
Diversified & Production 39,135 39,001 36,689
−Removed: Anthem Sports & Entertainment Inc.(w) L+ 950 , 1.00 % LIBOR Floor
+Added: Anthem Sports & Entertainment Inc.(s)(w) S+ 950 , 1.00 % SOFR Floor
11/15/2026 Media:
4 unchanged sentences
Diversified & Production 167 — ( 10 )
−Removed: Appalachian Resource Company, LLC(v) L+ 500 , 1.00 % LIBOR Floor
+Added: Appalachian Resource Company, LLC(v) S+ 500 , 1.00 % SOFR Floor
9/30/2024 Metals & Mining 11,137 11,121 10,733
−Removed: Appalachian Resource Company, LLC(v) L+ 1000 , 1.00 % LIBOR Floor
+Added: Appalachian Resource Company, LLC(v) S+ 1000 , 1.00 % SOFR Floor
9/15/2024 Metals & Mining 5,000 5,000 5,000
−Removed: Archer Systems, LLC(m)(z) S+ 600 , 1.00 % SOFR Floor
+Added: Archer Systems, LLC(m)(w) S+ 600 , 1.00 % SOFR Floor
8/11/2027 Services:
3 unchanged sentences
Business 1,905 ( 15 ) 7
−Removed: Associated Asphalt Partners, LLC(m)(n)(w) L+ 525 , 1.00 % LIBOR Floor
+Added: Associated Asphalt Partners, LLC(m)(n)(u) L+ 525 , 1.00 % LIBOR Floor
4/5/2024 Construction & Building 14,135 14,065 12,492
Atlas Supply LLC 11.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 4,938
−Removed: Avison Young (USA) Inc.(m)(y) S+ 650 , 0.00 % SOFR Floor
+Added: Avison Young (USA) Inc.(m)(w) S+ 650 , 0.00 % SOFR Floor
1/31/2026 Banking, Finance, Insurance & Real Estate 11,131 8,414 8,682
−Removed: BDS Solutions Intermediateco, LLC(m)(z) S+ 625 , 1.00 % SOFR Floor
+Added: BDS Solutions Intermediateco, LLC(m)(w) S+ 700 , 1.00 % SOFR Floor
2/7/2027 Services:
Business 19,942 19,666 19,568
−Removed: BDS Solutions Intermediateco, LLC(z) S+ 625 , 1.00 % SOFR Floor
+Added: BDS Solutions Intermediateco, LLC(w) S+ 700 , 1.00 % SOFR Floor
2/7/2027 Services:
3 unchanged sentences
Business 3,333 — ( 63 )
−Removed: Berlitz Holdings, Inc.(y) S+ 900 , 1.00 % SOFR Floor
+Added: Berlitz Holdings, Inc.(v) S+ 900 , 1.00 % SOFR Floor
2/14/2025 Services:
Business 13,800 13,249 13,002
−Removed: Bradshaw International Parent Corp.(m)(y) S+ 575 , 1.00 % SOFR Floor
+Added: Bradshaw International Parent Corp.(m)(v) S+ 575 , 1.00 % SOFR Floor
10/21/2027 Consumer Goods:
7 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands)
1 unchanged sentence
Units(e) Cost(d) Fair
−Removed: Cabi, LLC(m)(y) S+ 550 , 2.00 % SOFR Floor
+Added: Cabi, LLC(m)(v) S+ 450 , 2.00 % SOFR Floor
2/28/2027 Retail 20,977 20,738 20,688
−Removed: Cadence Aerospace, LLC(m)(n)(z) S+ 650 , 1.00 % SOFR Floor
+Added: Cadence Aerospace, LLC(m)(n)(w) S+ 650 , 1.00 % SOFR Floor
11/14/2024 Aerospace & Defense 12,697 12,663 12,681
−Removed: Carestream Health, Inc.(n)(q)(y) S+ 750 , 1.00 % SOFR Floor
+Added: Carestream Health, Inc.(n)(q)(w) S+ 750 , 1.00 % SOFR Floor
9/30/2027 Healthcare & Pharmaceuticals 11,481 10,415 11,423
−Removed: Celerity Acquisition Holdings, LLC(m)(z) S+ 850 , 1.00 % SOFR Floor
+Added: Celerity Acquisition Holdings, LLC(m)(w) S+ 850 , 1.00 % SOFR Floor
5/28/2026 Services:
Business 15,963 15,940 15,963
−Removed: Cennox, Inc.(m)(z) S+ 600 , 1.00 % SOFR Floor
+Added: Cennox, Inc.(m)(s)(w) S+ 625 , 1.00 % SOFR Floor
5/4/2026 Services:
Business 22,462 22,462 22,406
−Removed: Cennox, Inc.(m)(n)(z) S+ 600 , 1.00 % SOFR Floor
+Added: Cennox, Inc.(m)(n)(s)(w) S+ 625 , 1.00 % SOFR Floor
5/4/2026 Services:
Business 11,668 11,664 11,639
−Removed: Cennox, Inc.(z) S+ 600 , 1.00 % SOFR Floor
+Added: Cennox, Inc.(s)(w) S+ 625 , 1.00 % SOFR Floor
5/4/2026 Services:
4 unchanged sentences
CION/EagleTree Partners, LLC(h)(r)(s) 14.00 % 12/21/2026 Diversified Financials 54,827 54,827 54,827
−Removed: CircusTrix Holdings, LLC(m)(n)(y) S+ 550 , 1.00 % SOFR Floor
−Removed: 1/16/2024 Hotel, Gaming & Leisure 26,702 26,666 26,702
−Removed: CircusTrix Holdings, LLC(m)(y) S+ 550 , 1.00 % SOFR Floor
−Removed: 1/16/2024 Hotel, Gaming & Leisure 2,719 2,697 2,719
−Removed: CircusTrix Holdings, LLC(m)(y) S+ 550 , 1.00 % SOFR Floor
−Removed: 7/16/2023 Hotel, Gaming & Leisure 753 751 902
−Removed: Community Tree Service, LLC(m)(z) S+ 1100 , 1.00 % SOFR Floor
+Added: Community Tree Service, LLC(m)(w) S+ 1100 , 1.00 % SOFR Floor
6/17/2027 Construction & Building 11,482 11,482 11,453
−Removed: Country Fresh Holdings, LLC(p)(w) L+ 600 , 1.00 % LIBOR Floor
+Added: Country Fresh Holdings, LLC(p)(w) Prime+ 600
4/30/2024 Beverage, Food & Tobacco 844 645 36
−Removed: Country Fresh Holdings, LLC(p)(w) L+ 600 , 1.00 % LIBOR Floor
+Added: Country Fresh Holdings, LLC(p)(w) Prime+ 600
4/30/2024 Beverage, Food & Tobacco 342 268 15
−Removed: Coyote Buyer, LLC(m)(n)(z) S+ 600 , 1.00 % SOFR Floor
+Added: Coyote Buyer, LLC(m)(n)(w) S+ 600 , 1.00 % SOFR Floor
2/6/2026 Chemicals, Plastics & Rubber 33,775 33,650 33,522
−Removed: Coyote Buyer, LLC(n)(z) S+ 800 , 1.00 % SOFR Floor
+Added: Coyote Buyer, LLC(n)(w) S+ 800 , 1.00 % SOFR Floor
8/6/2026 Chemicals, Plastics & Rubber 6,078 6,009 6,078
−Removed: Coyote Buyer, LLC(z) S+ 600 , 1.00 % SOFR Floor
+Added: Coyote Buyer, LLC(w) S+ 600 , 1.00 % SOFR Floor
2/6/2025 Chemicals, Plastics & Rubber 1,750 1,750 1,737
1 unchanged sentence
2/6/2025 Chemicals, Plastics & Rubber 750 — ( 6 )
−Removed: Critical Nurse Staffing, LLC(m)(z) S+ 575 , 1.00 % SOFR Floor
−Removed: 11/1/2026 Healthcare & Pharmaceuticals 12,863 12,863 12,863
−Removed: Critical Nurse Staffing, LLC(m)(z) S+ 575 , 1.00 % SOFR Floor
+Added: Critical Nurse Staffing, LLC(m)(w) S+ 575 , 1.00 % SOFR Floor
11/1/2026 Healthcare & Pharmaceuticals 12,830 12,830 12,830
−Removed: Critical Nurse Staffing, LLC(z) S+ 575 , 1.00 % SOFR Floor
+Added: Critical Nurse Staffing, LLC(m)(w) S+ 575 , 1.00 % SOFR Floor
11/1/2026 Healthcare & Pharmaceuticals 991 991 991
3 unchanged sentences
11/1/2026 Healthcare & Pharmaceuticals 1,000 — —
−Removed: David's Bridal, LLC(m)(p)(s)(u)(w) Prime+ 1100
−Removed: 5/23/2024 Retail 13,331 12,419 10,798
−Removed: David's Bridal, LLC(m)(p)(s)(u)(w) Prime+ 1100 ,
−Removed: 5/23/2024 Retail 5,491 5,426 4,448
−Removed: David's Bridal, LLC(p)(s)(u)(w) L+ 1000 , 1.00 % LIBOR Floor
−Removed: 12/23/2024 Retail 6,014 5,457 —
−Removed: David's Bridal, LLC(p)(s)(u)(w) L+ 700 , 1.00 % LIBOR Floor
+Added: David's Bridal, LLC(m)(r)(s)(u)(w) S+ 650 , 0.00 % SOFR Floor
12/21/2027 Retail 22,050 22,050 22,050
−Removed: Deluxe Entertainment Services, Inc.(m)(p)(q)(s)(w) L+ 650 , 1.00 % LIBOR Floor
+Added: Deluxe Entertainment Services, Inc.(m)(p)(q)(s)(w) Prime+ 550
3/25/2024 Media:
Diversified & Production 2,613 2,542 85
−Removed: Dermcare Management, LLC(m)(y) S+ 600 , 1.00 % SOFR Floor
+Added: Dermcare Management, LLC(m)(v) S+ 600 , 1.00 % SOFR Floor
4/22/2028 Healthcare & Pharmaceuticals 9,285 9,128 9,285
−Removed: Dermcare Management, LLC(m)(y) S+ 600 , 1.00 % SOFR Floor
+Added: Dermcare Management, LLC(m)(v) S+ 600 , 1.00 % SOFR Floor
4/22/2028 Healthcare & Pharmaceuticals 3,514 3,440 3,514
−Removed: Dermcare Management, LLC Prime+ 600
+Added: Dermcare Management, LLC (v) S+ 600 , 1.00 % SOFR Floor
4/22/2028 Healthcare & Pharmaceuticals 896 896 896
4 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands)
3 unchanged sentences
4/22/2028 Healthcare & Pharmaceuticals 448 — —
−Removed: DMT Solutions Global Corp.(n)(t) L+ 750 , 1.00 % LIBOR Floor
−Removed: 7/2/2024 Services:
−Removed: Business 3,846 3,825 3,808
−Removed: Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(y) S+ 625 , 1.00 % SOFR Floor
+Added: Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(w) S+ 625 , 1.00 % SOFR Floor
12/29/2027 Services:
Business 2,888 2,842 2,772
−Removed: Entertainment Studios P&A LLC(m)(z) S+ 850 , 1.00 % SOFR Floor
+Added: Entertainment Studios P&A LLC(m)(w) S+ 900 , 1.00 % SOFR Floor
9/28/2027 Media:
2 unchanged sentences
Diversified & Production — — 776
−Removed: Flatworld Intermediate Corp.(n)(z) S+ 650 , 1.00 % SOFR Floor
+Added: ESP Associates, Inc.(m)(w) S+ 650 , 1.50 % SOFR Floor
+Added: 7/24/2028 Construction & Building 8,684 8,513 8,511
+Added: ESP Associates, Inc.
+Added: 0.50 % Unfunded
+Added: 7/24/2028 Construction & Building 1,316 ( 26 ) ( 26 )
+Added: Flatworld Intermediate Corp.(n)(w) S+ 700 , 1.00 % SOFR Floor
10/3/2027 Services:
4 unchanged sentences
Business 5,865 — —
−Removed: Florida Food Products, LLC S+ 500 , 0.75 % SOFR Floor
−Removed: 10/18/2028 Services:
−Removed: Business 2,244 1,863 1,930
−Removed: FuseFX, LLC(m)(n)(z) S+ 600 , 1.00 % SOFR Floor
+Added: Fluid Control II Inc.(m)(w) S+ 650 , 1.00 % SOFR Floor
+Added: 8/3/2029 Chemicals, Plastics & Rubber 13,235 13,235 13,235
+Added: Fluid Control II Inc.
+Added: 0.50 % Unfunded
+Added: 8/3/2029 Chemicals, Plastics & Rubber 1,765 — —
+Added: FuseFX, LLC(m)(n)(s)(v) S+ 600 , 1.00 % SOFR Floor
4/1/2025 Media:
Diversified & Production 19,669 19,599 19,104
−Removed: Fusion Connect Inc.(m)(s)(z) S+ 850 , 1.00 % SOFR Floor
−Removed: 1/18/2027 High Tech Industries 19,540 19,113 19,540
−Removed: Future Pak, LLC(m)(y) S+ 1000 , 2.00 % SOFR Floor
+Added: Future Pak, LLC(m)(v) S+ 900 , 4.00 % SOFR Floor
9/22/2026 Healthcare & Pharmaceuticals 19,553 19,553 19,553
−Removed: Gold Medal Holdings, Inc.(m)(z) S+ 700 , 1.00 % SOFR Floor
+Added: Gold Medal Holdings, Inc.(m)(v) S+ 700 , 1.00 % SOFR Floor
3/17/2027 Environmental Industries 15,375 15,250 15,375
−Removed: GSC Technologies Inc.(q)(y) S+ 500 , 1.00 % SOFR Floor
+Added: GSC Technologies Inc.(q)(v) S+ 500 , 1.00 % SOFR Floor
9/30/2025 Chemicals, Plastics & Rubber 2,398 2,336 2,197
−Removed: GSC Technologies Inc.(q)(s)(y) S+ 500 , 1.00 % SOFR Floor
+Added: GSC Technologies Inc.(q)(s)(v) S+ 500 , 1.00 % SOFR Floor
9/30/2025 Chemicals, Plastics & Rubber 982 957 883
−Removed: Lochner, Inc.(m)(z) S + 675 , 1.00 % SOFR Floor
+Added: Lochner, Inc.(m)(w) S+ 675 , 1.00 % SOFR Floor
7/2/2027 Construction & Building 10,347 10,075 10,347
−Removed: Lochner, Inc.(m)(z) S+ 625 , 1.00 % SOFR Floor
+Added: Lochner, Inc.(m)(w) S+ 625 , 1.00 % SOFR Floor
7/2/2027 Construction & Building 8,783 8,724 8,739
−Removed: Lochner, Inc.(z) S+ 625 , 1.00 % SOFR Floor
+Added: Lochner, Inc.(w) S+ 625 , 1.00 % SOFR Floor
7/2/2027 Construction & Building 975 965 970
2 unchanged sentences
7/2/2027 Construction & Building 25 — —
−Removed: Harland Clarke Holdings Corp.(m)(z) S+ 775 , 1.00 % SOFR Floor
+Added: Harland Clarke Holdings Corp.(m)(w) S+ 775 , 1.00 % SOFR Floor
6/16/2026 Media:
3 unchanged sentences
Oil & Gas 13,662 8,033 7,492
−Removed: Hilliard, Martinez & Gonzales, LLP(m)(s)(y) S+ 1200 , 2.00 % SOFR Floor
+Added: Hilliard, Martinez & Gonzales, LLP(m)(s)(v) S+ 1200 , 2.00 % SOFR Floor
9/16/2024 Services:
Consumer 24,769 24,756 24,552
−Removed: Hollander Intermediate LLC(m)(z) S+ 875 , 2.00 % SOFR Floor
+Added: Hollander Intermediate LLC(m)(v) S+ 875 , 2.00 % SOFR Floor
9/19/2026 Consumer Goods:
4 unchanged sentences
Oil & Gas 1,265 1,265 1,265
−Removed: Hudson Hospital Opco, LLC(m)(n)(y) S+ 800 , 3.00 % SOFR Floor
+Added: Homer City Generation, L.P.(o) 0.00 % Unfunded
+Added: 10/16/2023 Energy:
+Added: Oil & Gas 800 — —
+Added: Hudson Hospital Opco, LLC(m)(n)(v) S+ 800 , 3.00 % SOFR Floor
11/4/2023 Healthcare & Pharmaceuticals 2,186 2,143 2,158
−Removed: HUMC Holdco, LLC(m)(w) S+ 800 , 3.00 % SOFR Floor
+Added: HUMC Holdco, LLC(m)(v) S+ 800 , 3.00 % SOFR Floor
11/4/2023 Healthcare & Pharmaceuticals 7,805 7,805 7,805
5 unchanged sentences
9/28/2026 Capital Equipment 1,014 ( 18 ) ( 193 )
−Removed: ICA Foam Holdings, LLC(m)(z) S+ 725 , 1.00 % SOFR Floor
+Added: ICA Foam Holdings, LLC(m)(w) S+ 725 , 1.00 % SOFR Floor
11/5/2025 Containers, Packaging & Glass 19,800 19,516 19,404
−Removed: IJKG Opco LLC(m)(n)(y) S+ 800 , 3.00 % SOFR Floor
+Added: IJKG Opco LLC(m)(n)(v) S+ 800 , 3.00 % SOFR Floor
11/4/2023 Healthcare & Pharmaceuticals 1,457 1,429 1,439
−Removed: Inotiv, Inc.(m)(aa) S+ 675 , 1.00 % SOFR Floor
+Added: Inotiv, Inc.(m)(x) S+ 675 , 1.00 % SOFR Floor
11/5/2026 Healthcare & Pharmaceuticals 16,376 16,166 15,803
−Removed: Instant Web, LLC(q)(s)(y) S+ 700 , 1.00 % SOFR Floor
+Added: Instant Web, LLC(q)(s)(v) S+ 700 , 1.00 % SOFR Floor
2/25/2027 Media:
3 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands)
1 unchanged sentence
Units(e) Cost(d) Fair
−Removed: Instant Web, LLC(q)(s)(y) S+ 650 , 1.00 % SOFR Floor
+Added: Instant Web, LLC(q)(s)(v) S+ 650 , 1.00 % SOFR Floor
2/25/2027 Media:
Advertising, Printing & Publishing 2,822 2,822 2,751
−Removed: Instant Web, LLC(q)(s) Prime+ 375
+Added: Instant Web, LLC(q)(s) Prime+ 375 , 4.00 % Prime Floor
2/25/2027 Media:
Advertising, Printing & Publishing 482 482 495
−Removed: Instant Web, LLC(q) 0.50 % Unfunded
+Added: Instant Web, LLC(q)(s) S+ 650 , 1.00 % SOFR Floor
2/25/2027 Media:
3 unchanged sentences
Advertising, Printing & Publishing 2,921 — ( 73 )
−Removed: Invincible Boat Company LLC(m)(w) L+ 650 , 1.50 % LIBOR Floor
+Added: Invincible Boat Company LLC(m)(w) S+ 650 , 1.50 % SOFR Floor
8/28/2025 Consumer Goods:
Durable 13,536 13,469 13,536
−Removed: Invincible Boat Company LLC(w) L+ 650 , 1.50 % LIBOR Floor
+Added: Invincible Boat Company LLC(w) S+ 650 , 1.50 % SOFR Floor
8/28/2025 Consumer Goods:
3 unchanged sentences
Durable 559 — —
−Removed: INW Manufacturing, LLC(n)(w) L+ 575 , 0.75 % LIBOR Floor
+Added: INW Manufacturing, LLC(n)(w) S+ 575 , 0.75 % SOFR Floor
3/25/2027 Services:
Business 18,000 17,642 16,583
−Removed: Ironhorse Purchaser, LLC(n)(z) S+ 650 , 1.00 % SOFR Floor
+Added: Ironhorse Purchaser, LLC(n)(w) S+ 650 , 1.00 % SOFR Floor
9/30/2027 Services:
Business 7,071 7,011 7,107
−Removed: Ironhorse Purchaser, LLC(z) S+ 650 , 1.00 % SOFR Floor
+Added: Ironhorse Purchaser, LLC(w) S+ 650 , 1.00 % SOFR Floor
9/30/2027 Services:
Business 2,026 2,010 2,036
−Removed: Ironhorse Purchaser, LLC(z) S+ 650 , 1.00 % SOFR Floor
+Added: Ironhorse Purchaser, LLC(w) S+ 650 , 1.00 % SOFR Floor
9/30/2027 Services:
3 unchanged sentences
Business 299 — —
−Removed: Isagenix International, LLC(q)(z) S+ 550 , 1.00 % SOFR Floor
+Added: Isagenix International, LLC(q)(s)(w) S+ 550 , 1.00 % SOFR Floor
4/14/2028 Beverage, Food & Tobacco 8,407 8,407 8,386
−Removed: Jenny C Acquisition, Inc.(p)(w) L+ 900 , 1.75 % LIBOR Floor
+Added: Jenny C Acquisition, Inc.(p)(w) S+ 900 , 1.75 % SOFR Floor
10/1/2024 Services:
Consumer 11,789 — —
−Removed: Jenny C Acquisition, Inc.(p)(y) S+ 900 , 1.75 % SOFR Floor
+Added: Jenny C Acquisition, Inc.(p)(v) S+ 900 , 1.75 % SOFR Floor
10/1/2024 Services:
Consumer 534 534 131
−Removed: JP Intermediate B, LLC(m)(w) L+ 550 , 1.00 % LIBOR Floor
+Added: JP Intermediate B, LLC(m)(w) S+ 550 , 1.00 % SOFR Floor
11/20/2027 Beverage, Food & Tobacco 14,219 12,592 11,162
−Removed: K&N Parent, Inc.(s)(y) S+ 525 , 1.00 % SOFR Floor
+Added: K&N Parent, Inc.(m)(s)(v) S+ 525 , 1.00 % SOFR Floor
8/14/2027 Consumer Goods:
Durable 5,441 5,441 5,278
−Removed: K&N Parent, Inc.(m)(y) S+ 800 , 1.00 % SOFR Floor
+Added: K&N Parent, Inc.(m)(v) S+ 800 , 1.00 % SOFR Floor
2/14/2027 Consumer Goods:
Durable 4,241 4,104 4,358
−Removed: Klein Hersh, LLC(m)(s)(y) S+ 1130 , 0.50 % SOFR Floor
+Added: Klein Hersh, LLC(m)(s)(v) S+ 1120 , 0.50 % SOFR Floor
4/27/2027 Services:
Business 21,255 21,255 21,202
−Removed: KNB Holdings Corp.(m)(p)(x) L+ 550 , 1.00 % LIBOR Floor
+Added: KNB Holdings Corp.(m)(p)(u) L+ 550 , 1.00 % LIBOR Floor
4/26/2024 Consumer Goods:
Durable 7,634 7,387 305
−Removed: LAV Gear Holdings, Inc.(m)(n)(z) S+ 628 , 1.00 % SOFR Floor
+Added: LAV Gear Holdings, Inc.(m)(n)(w) S+ 628 , 1.00 % SOFR Floor
10/31/2024 Services:
Business 27,656 27,521 27,669
−Removed: LAV Gear Holdings, Inc.(m)(n)(z) S+ 628 , 1.00 % SOFR Floor
+Added: LAV Gear Holdings, Inc.(m)(n)(w) S+ 628 , 1.00 % SOFR Floor
10/31/2024 Services:
Business 4,537 4,523 4,543
−Removed: LGC US Finco, LLC(m)(v) L+ 650 , 1.00 % LIBOR Floor
+Added: LGC US Finco, LLC(m)(v) S+ 650 , 1.00 % SOFR Floor
12/20/2025 Capital Equipment 11,287 11,094 11,287
−Removed: Lift Brands, Inc.(m)(n)(q)(y) S+ 750 , 1.00 % SOFR Floor
+Added: Lift Brands, Inc.(m)(n)(q)(v) S+ 750 , 1.00 % SOFR Floor
6/29/2025 Services:
4 unchanged sentences
Consumer 6,760 6,474 6,236
−Removed: MacNeill Pride Group Corp.(m)(z) S+ 650 , 1.00 % SOFR Floor
+Added: MacNeill Pride Group Corp.(m)(w) S+ 625 , 1.00 % SOFR Floor
4/22/2026 Services:
Consumer 17,095 17,025 17,009
−Removed: MacNeill Pride Group Corp.(m)(z) S+ 650 , 1.00 % SOFR Floor
+Added: MacNeill Pride Group Corp.(m)(w) S+ 625 , 1.00 % SOFR Floor
4/22/2026 Services:
6 unchanged sentences
13.00 % 8/20/2026 Healthcare & Pharmaceuticals 12,444 12,383 12,444
−Removed: Medplast Holdings, Inc.(v) L+ 375 , 1.00 % LIBOR Floor
+Added: Medplast Holdings, Inc.(v) S+ 375 , 0.00 % SOFR Floor
7/2/2025 Healthcare & Pharmaceuticals 4,974 4,791 4,893
9 unchanged sentences
Advertising, Printing & Publishing 1,500 — ( 8 )
−Removed: Moss Holding Company(m)(n)(z) S+ 625 , 1.00 % SOFR Floor
+Added: Moss Holding Company(m)(n)(w) S+ 625 , 1.00 % SOFR Floor
4/17/2024 Services:
3 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands)
7 unchanged sentences
Business 2,126 — ( 21 )
−Removed: NewsCycle Solutions, Inc.(m)(n)(z) S + 700 , 1.00 % SOFR Floor
+Added: NewsCycle Solutions, Inc.(m)(n)(w) S+ 700 , 1.00 % SOFR Floor
12/29/2023 Media:
Advertising, Printing & Publishing 12,349 12,347 12,380
−Removed: NWN Parent Holdings LLC(m)(z) S+ 800 , 1.00 % SOFR Floor
−Removed: 5/7/2026 High Tech Industries 12,604 12,536 12,494
−Removed: NWN Parent Holdings LLC(z) S+ 800 , 1.00 % SOFR Floor
+Added: NWN Parent Holdings LLC(m)(w) S+ 900 , 1.00 % SOFR Floor
5/7/2026 High Tech Industries 12,604 12,539 12,541
1 unchanged sentence
5/7/2026 High Tech Industries 1,800 ( 13 ) ( 9 )
−Removed: OpCo Borrower, LLC(m)(y) S+ 650 , 1.00 % SOFR Floor
+Added: OpCo Borrower, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor
8/19/2027 Healthcare & Pharmaceuticals 10,827 10,731 10,935
5 unchanged sentences
6/28/2024 Healthcare & Pharmaceuticals 2,515 2,509 2,562
−Removed: Pentec Acquisition Corp.(m)(y) S+ 600 , 1.00 % SOFR Floor
+Added: Pentec Acquisition Corp.(m)(v) S+ 600 , 1.00 % SOFR Floor
10/8/2026 Healthcare & Pharmaceuticals 24,563 24,405 24,563
PH Beauty Holdings III.
−Removed: Inc.(m)(w) L+ 500 , 0.00 % LIBOR Floor
+Added: Inc.(m)(w) S+ 500 , 0.00 % SOFR Floor
9/28/2025 Consumer Goods:
Non-Durable 9,500 9,218 8,859
−Removed: Playboy Enterprises, Inc.(h)(n)(z) S+ 425 , 0.50 % SOFR Floor
+Added: Playboy Enterprises, Inc.(h)(n)(x) S+ 425 , 0.50 % SOFR Floor
5/25/2027 Consumer Goods:
Non-Durable 19,527 19,195 19,038
−Removed: PRA Acquisition, LLC(n)(z) S+ 650 , 1.00 % SOFR Floor
+Added: PRA Acquisition, LLC(n)(w) S+ 650 , 1.00 % SOFR Floor
5/12/2028 Hotel, Gaming & Leisure 19,950 19,950 19,950
−Removed: Project Castle, Inc.(m)(z) S+ 550 , 0.50 % SOFR Floor
+Added: Project Castle, Inc.(m)(w) S+ 550 , 0.50 % SOFR Floor
6/1/2029 Capital Equipment 7,910 7,183 7,060
2 unchanged sentences
Advertising, Printing & Publishing 12,007 11,975 12,029
−Removed: RA Outdoors, LLC(m)(z) S+ 675 , 1.00 % SOFR Floor
+Added: RA Outdoors, LLC(m)(w) S+ 675 , 1.00 % SOFR Floor
4/8/2026 Media:
Diversified & Production 10,979 10,979 10,979
+Added: RA Outdoors, LLC(w) S+ 675 , 1.00 % SOFR Floor
+Added: 4/8/2026 Media:
+Added: Diversified & Production 415 414 415
RA Outdoors, LLC 0.50 % Unfunded
1 unchanged sentence
Diversified & Production 635 ( 86 ) —
−Removed: Retail Services WIS Corp.(m)(z) S+ 775 , 1.00 % SOFR Floor
+Added: Retail Services WIS Corp.(m)(w) S+ 835 , 1.00 % SOFR Floor
5/20/2025 Services:
Business 9,172 9,039 9,160
−Removed: Hilliard, L.L.P.(m)(s)(y) S+ 1200 , 2.00 % SOFR Floor
+Added: Hilliard, L.L.P.(m)(s)(v) S+ 1200 , 2.00 % SOFR Floor
9/16/2024 Services:
Consumer 2,062 2,062 2,044
−Removed: Rogers Mechanical Contractors, LLC(m)(s)(aa) S+ 800 , 1.00 % SOFR Floor
+Added: Rogers Mechanical Contractors, LLC(m)(s)(x) S+ 800 , 1.00 % SOFR Floor
9/9/2025 Construction & Building 15,103 15,103 15,046
−Removed: Rogers Mechanical Contractors, LLC(m)(s)(aa) S+ 800 , 1.00 % SOFR Floor
+Added: Rogers Mechanical Contractors, LLC(m)(s)(x) S+ 800 , 1.00 % SOFR Floor
9/9/2025 Construction & Building 890 890 887
1 unchanged sentence
9/9/2025 Construction & Building 2,407 — ( 9 )
−Removed: RumbleOn, Inc.(m)(z) S+ 825 , 1.00 % SOFR Floor
+Added: RumbleOn, Inc.(m)(s)(w) S+ 875 , 1.00 % SOFR Floor
8/31/2026 Automotive 10,881 10,342 10,391
−Removed: RumbleOn, Inc.(m)(z) S+ 825 , 1.00 % SOFR Floor
+Added: RumbleOn, Inc.(m)(s)(w) S+ 875 , 1.00 % SOFR Floor
8/31/2026 Automotive 4,003 3,978 3,823
−Removed: Securus Technologies Holdings, Inc.(m)(w) L+ 450 , 1.00 % LIBOR Floor
+Added: Securus Technologies Holdings, Inc.(m)(u) L+ 450 , 1.00 % LIBOR Floor
11/1/2024 Telecommunications 3,837 3,536 3,837
Sequoia Healthcare Management, LLC(m)(n) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 8,510 7,758
−Removed: Service Compression, LLC(m)(s)(z) S+ 1000 , 1.00 % SOFR Floor
+Added: Service Compression, LLC(m)(s)(v) S+ 1000 , 1.00 % SOFR Floor
5/6/2027 Energy:
Oil & Gas 23,325 23,020 25,541
−Removed: Service Compression, LLC(m)(s)(z) S+ 1000 , 1.00 % SOFR Floor
+Added: Service Compression, LLC(m)(s)(v) S+ 1000 , 1.00 % SOFR Floor
5/6/2027 Energy:
3 unchanged sentences
Oil & Gas 419 — 40
−Removed: Sleep Opco, LLC(m)(z) S+ 700 , 1.00 % SOFR Floor
−Removed: 10/12/2026 Retail 13,704 13,518 13,602
−Removed: Sleep Opco, LLC(z) S+ 650 , 1.00 % SOFR Floor
+Added: Sleep Opco, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor
10/12/2026 Retail 13,670 13,501 13,601
−Removed: Sleep Opco, LLC(m)(z) S+ 700 , 1.00 % SOFR Floor
+Added: Sleep Opco, LLC(m)(w) S+ 700 , 1.00 % SOFR Floor
10/12/2026 Retail 398 386 402
2 unchanged sentences
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(s)(w) L+ 950
+Added: / Precision Medical Inc.(s)(u) L+ 950
11/29/2024 Healthcare & Pharmaceuticals 14,881 14,877 8,259
2 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands)
2 unchanged sentences
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(s)(w) L+ 950
+Added: / Precision Medical Inc.(s)(u) L+ 950
11/29/2024 Healthcare & Pharmaceuticals 1,322 1,322 688
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(s)(w) L+ 950
+Added: / Precision Medical Inc.(s)(u) L+ 950
11/29/2024 Healthcare & Pharmaceuticals 850 816 442
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(s)(w) L+ 950
+Added: / Precision Medical Inc.(s)(u) L+ 950
11/29/2024 Healthcare & Pharmaceuticals 807 807 420
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(s)(w) L+ 950
+Added: / Precision Medical Inc.(s)(u) L+ 950
11/29/2024 Healthcare & Pharmaceuticals 673 647 377
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(s)(w) L+ 950
+Added: / Precision Medical Inc.(s)(u) L+ 950
11/29/2024 Healthcare & Pharmaceuticals 615 615 621
−Removed: STATinMED, LLC(q)(s)(y) S+ 950 , 2.00 % SOFR Floor
+Added: STATinMED, LLC(q)(s)(v) S+ 950 , 2.00 % SOFR Floor
7/1/2027 Healthcare & Pharmaceuticals 10,285 10,285 10,105
−Removed: Thrill Holdings LLC(m)(z) S+ 650 , 1.00 % SOFR Floor
+Added: Stengel Hill Architecture, LLC(n)(w) S+ 650 , 1.00 % SOFR Floor
+Added: 8/16/2028 Construction & Building 15,000 15,000 15,000
+Added: Thrill Holdings LLC(m)(v) S+ 650 , 1.00 % SOFR Floor
5/27/2027 Media:
6 unchanged sentences
Diversified & Production 3,261 — 98
−Removed: Trademark Global, LLC(m)(s)(y) S+ 750 , 1.00 % SOFR Floor
+Added: Trademark Global, LLC(m)(s)(v) S+ 750 , 1.00 % SOFR Floor
7/30/2024 Consumer Goods:
Non-Durable 15,662 15,645 15,192
−Removed: Trammell, P.C.(s)(y) S+ 1550 , 2.00 % SOFR Floor
+Added: Trammell, P.C.(s)(v) S+ 1550 , 2.00 % SOFR Floor
4/28/2026 Services:
Consumer 14,445 14,445 14,445
−Removed: USALCO, LLC(m)(y) S+ 600 , 1.00 % SOFR Floor
+Added: TMK Hawk Parent, Corp.(w) S+ 350 , 1.00 % SOFR Floor
+Added: 8/28/2024 Services:
+Added: Business 7,322 5,030 6,708
+Added: TMK Hawk Parent, Corp.(w) S+ 350 , 1.00 % SOFR Floor
+Added: 8/28/2024 Services:
+Added: Business 3,084 2,153 2,826
+Added: USALCO, LLC(m)(v) S+ 600 , 1.00 % SOFR Floor
10/19/2027 Chemicals, Plastics & Rubber 24,563 24,383 24,532
−Removed: Williams Industrial Services Group, Inc.(n)(s)(z) S+ 1100 , 1.00 % SOFR Floor
+Added: Williams Industrial Services Group, Inc.(n)(p)(s)(w) S+ 1100 , 1.00 % SOFR Floor
12/16/2025 Services:
Business 2,300 2,300 1,150
−Removed: Williams Industrial Services Group, Inc.(s)(z) S+ 1100 , 1.00 % SOFR Floor
+Added: Williams Industrial Services Group, Inc.(s)(p)(w) S+ 1100 , 1.00 % SOFR Floor
12/16/2025 Services:
Business 428 428 214
−Removed: Wok Holdings Inc.(m)(v) L+ 650 , 0.00 % LIBOR Floor
+Added: Wok Holdings Inc.(m)(v) S+ 625 , 0.00 % SOFR Floor
3/1/2026 Beverage, Food & Tobacco 24,909 24,302 23,841
−Removed: WorkGenius, Inc.(m)(z) S+ 750 , 1.00 % SOFR Floor
+Added: WorkGenius, Inc.(m)(w) S+ 750 , 0.50 % SOFR Floor
6/7/2027 Services:
Business 13,359 13,359 13,359
−Removed: WorkGenius, Inc.(z) S+ 750 , 1.00 % SOFR Floor
+Added: WorkGenius, Inc.(w) S+ 750 , 0.50 % SOFR Floor
6/7/2027 Services:
Business 750 738 750
−Removed: Xenon Arc, Inc.(m)(w) L+ 525 , 0.75 % LIBOR Floor
+Added: Xenon Arc, Inc.(m)(w) S+ 525 , 0.75 % SOFR Floor
12/17/2027 High Tech Industries 3,885 3,852 3,885
−Removed: Yak Access, LLC(m)(z) S+ 640 , 1.00 % SOFR Floor
+Added: Yak Access, LLC(m)(n)(w) S+ 640 , 1.00 % SOFR Floor
3/10/2028 Construction & Building 16,320 14,872 16,320
1 unchanged sentence
Senior Secured Second Lien Debt - 4.2 %
−Removed: Global Tel*Link Corp.(n)(z) S+ 1000 , 0.00 % SOFR Floor
+Added: Global Tel*Link Corp.(n)(w) S+ 1000 , 0.00 % SOFR Floor
11/29/2026 Telecommunications 11,500 11,398 11,428
OpCo Borrower, LLC(m) 12.50 % 2/19/2028 Healthcare & Pharmaceuticals 12,500 11,762 11,719
−Removed: RA Outdoors, LLC(m)(z) S+ 900 , 1.00 % SOFR Floor
+Added: RA Outdoors, LLC(m)(w) S+ 900 , 1.00 % SOFR Floor
10/8/2026 Media:
Diversified & Production 1,813 1,813 1,825
−Removed: Securus Technologies Holdings, Inc.(w) L+ 825 , 1.00 % LIBOR Floor
+Added: Securus Technologies Holdings, Inc.(u) L+ 825 , 1.00 % LIBOR Floor
11/1/2025 Telecommunications 2,942 2,932 2,906
−Removed: TMK Hawk Parent, Corp.(w) L+ 800 , 1.00 % LIBOR Floor
+Added: TMK Hawk Parent, Corp.(w) S+ 800 , 1.00 % SOFR Floor
9/26/2025 Services:
10 unchanged sentences
Lucky Bucks Holdings LLC(p)(s) 12.50 % 5/29/2028 Hotel, Gaming & Leisure 25,064 22,860 4,198
−Removed: Macquarie Capital Funding LLC(i)(v)
+Added: Macquarie Capital Funding LLC(i)(p)(t)
L+ 750 , 0.75 % LIBOR Floor
3 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands)
5 unchanged sentences
Equity - 22.6 %
−Removed: ARC Financial Partners, LLC, Membership Interests (25% ownership)(o)(q) Metals & Mining NA — —
+Added: ARC Financial Partners, LLC, Membership Interests ( 25 % ownership)(o)(q)
+Added: Metals & Mining NA — —
Ascent Resources - Marcellus, LLC, Membership Units(o) Energy:
6 unchanged sentences
22,073 25,042
−Removed: CION/EagleTree Partners, LLC, Membership Units (85% ownership)(h)(o)(r) Diversified Financials NA — —
−Removed: DBI Investors, Inc., Series A1 Preferred Stock(o) Retail 20,000 Units
−Removed: DBI Investors, Inc., Series A2 Preferred Stock(o) Retail 1,733 Units
−Removed: DBI Investors, Inc., Series A Preferred Stock(o) Retail 1,396 Units
−Removed: DBI Investors, Inc., Series B Preferred Stock(o) Retail 4,183 Units
−Removed: DBI Investors, Inc., Common Stock(o) Retail 39,423 Units
−Removed: DBI Investors, Inc., Reallocation Rights(o) Retail 7,500 Units
+Added: CION/EagleTree Partners, LLC, Membership Units ( 85 % ownership)(h)(o)(r)
+Added: Diversified Financials NA — —
+Added: David's Bridal Holdings, LLC, Preferred Units(o)(r) Retail 1,000 Units
+Added: 10,820 10,498
+Added: David's Bridal Holdings, LLC, Common Units(o)(r) Retail 900,000 Units
+Added: 23,130 22,338
FWS Parent Holdings, LLC, Class A Membership Interests(o) Services:
34 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands)
3 unchanged sentences
STATinMed Parent, LLC, Class B Preferred Units(o)(q) Healthcare & Pharmaceuticals 51,221 Units
−Removed: URS Topco, LLC(o) Transportation:
+Added: URS Topco, LLC, Common Equity(o) Transportation:
Cargo 430,540 Units
17 unchanged sentences
below, investments do not contain a paid-in-kind, or PIK, interest provision.
−Removed: The actual Secured Overnight Financing Rate, or SOFR, rate for each loan listed may not be the applicable SOFR rate as of June 30, 2023, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to June 30, 2023.
−Removed: The actual London Interbank Offered Rate, or LIBOR, rate for each loan listed may not be the applicable LIBOR rate as of June 30, 2023, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to June 30, 2023.
+Added: The actual Secured Overnight Financing Rate, or SOFR, rate for each loan listed may not be the applicable SOFR rate as of September 30, 2023, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to September 30, 2023.
+Added: The actual London Interbank Offered Rate, or LIBOR, rate for each loan listed may not be the applicable LIBOR rate as of September 30, 2023, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to September 30, 2023.
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.
9 unchanged sentences
A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets as defined under Section 55 of the 1940 Act.
−Removed: As of June 30, 2023, 94.3 % of the Company’s total assets represented qualifying assets.
+Added: As of September 30, 2023, 94.5 % of the Company’s total assets represented qualifying assets.
The Company has entered into a proceeds agreement with Macquarie Capital Funding LLC, or Macquarie, in which any proceeds received by Macquarie from an underlying first lien term loan are passed onto the Company.
3 unchanged sentences
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.
−Removed: 7-day effective yield as of June 30, 2023.
−Removed: Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street Funding, LLC, or 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPMorgan Chase Bank, National Association, or JPM, as of June 30, 2023 (see Note 8).
−Removed: Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, LLC, or Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the repurchase agreement with UBS AG, or UBS, as of June 30, 2023 (see Note 8).
+Added: 7-day effective yield as of September 30, 2023.
+Added: Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street Funding, LLC, or 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPMorgan Chase Bank, National Association, or JPM, as of September 30, 2023 (see Note 8).
+Added: Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, LLC, or Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the repurchase agreement with UBS AG, or UBS, as of September 30, 2023 (see Note 8).
Non-income producing security.
2 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands)
−Removed: Investment or a portion thereof was on non-accrual status as of June 30, 2023.
+Added: Investment or a portion thereof was on non-accrual status as of September 30, 2023.
Investment determined to be an affiliated investment as defined in the 1940 Act as the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities but does not control the portfolio company.
−Removed: Fair value as of December 31, 2022 and June 30, 2023, along with transactions during the six months ended June 30, 2023 in these affiliated investments, were as follows:
−Removed: Six Months Ended June 30, 2023
−Removed: Six Months Ended June 30, 2023
+Added: Fair value as of December 31, 2022 and September 30, 2023, along with transactions during the nine months ended September 30, 2023 in these affiliated investments, were as follows:
+Added: Nine Months Ended September 30, 2023
+Added: Nine Months Ended September 30, 2023
Non-Controlled, Affiliated Investments Fair Value at
1 unchanged sentence
(Cost)(1) Gross
−Removed: (Cost)(2) Net Unrealized Gain (Loss) Fair Value at June 30, 2023
+Added: (Cost)(2) Net Unrealized Gain (Loss) Fair Value at September 30, 2023
Net Realized Gain (Loss) Interest
15 unchanged sentences
Common Shares — — — 323 323 — — — —
−Removed: Instant Web Holdings, LLC
−Removed: Class A Common Units — — — — — — — — —
Instant Web, LLC
3 unchanged sentences
First Lien Delayed Draw Term Loan — 324 — ( 81 ) 243 — 15 — —
+Added: Instant Web Holdings, LLC
+Added: Class A Common Units — — — — — — — — —
IPP Buyer Holdings, LLC
29 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands)
3 unchanged sentences
Investment determined to be a controlled investment as defined in the 1940 Act as the Company is deemed to exercise a controlling influence over the management or policies of the portfolio company due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of such portfolio company.
−Removed: Fair value as of December 31, 2022 and June 30, 2023, along with transactions during the six months ended June 30, 2023 in these controlled investments, were as follows:
−Removed: Six Months Ended June 30, 2023
−Removed: Six Months Ended June 30, 2023
+Added: Fair value as of December 31, 2022 and September 30, 2023, along with transactions during the nine months ended September 30, 2023 in these controlled investments, were as follows:
+Added: Nine Months Ended September 30, 2023
+Added: Nine Months Ended September 30, 2023
Controlled Investments Fair Value at
3 unchanged sentences
Gain (Loss) Fair Value at
−Removed: June 30, 2023
+Added: September 30, 2023
Gain (Loss) Interest
−Removed: Income(3) Dividend Income
+Added: Income(3) Dividend Income Fee Income
CION/EagleTree Partners, LLC
2 unchanged sentences
Common Shares — — — — — — — — —
+Added: David's Bridal, Inc.
+Added: Term Loan — 22,050 — — 22,050 — 526 — 1,050
+Added: David's Bridal Holdings, LLC
+Added: Preferred Units — 10,820 — ( 322 ) 10,498 — — — —
+Added: Common Units — 23,130 — ( 792 ) 22,338 — — — —
Totals $ 91,114 $ 56,000 $ ( 5,521 ) $ ( 6,838 ) $ 134,755 $ — $ 6,352 $ 4,250 $ 1,050
5 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands)
−Removed: As of June 30, 2023, the below investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities.
+Added: As of September 30, 2023, the below investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities.
For certain investments, the borrower may toggle between cash and PIK interest payments.
4 unchanged sentences
American Clinical Solutions LLC Senior Secured First Lien Debt 7.00 % 8.50 % 15.50 %
−Removed: American Consolidated Natural Resources, Inc.
−Removed: Senior Secured First Lien Debt 18.27 % 3.00 % 21.27 %
−Removed: Ancile Solutions, Inc.
−Removed: Senior Secured First Lien Debt 12.56 % 3.00 % 15.56 %
Anthem Sports & Entertainment Inc.
Senior Secured First Lien Debt 3.00 % 12.15 % 15.15 %
+Added: Senior Secured First Lien Debt 11.50 % 0.25 % 11.75 %
CION/EagleTree Partners, LLC Senior Secured Note — 14.00 % 14.00 %
−Removed: David's Bridal, LLC Senior Secured First Lien Debt 14.25 % 5.00 % 19.25 %
−Removed: David's Bridal, LLC Senior Secured First Lien Debt 10.54 % 5.00 % 15.54 %
−Removed: David's Bridal, LLC Senior Secured First Lien Debt 1.00 % 11.54 % 12.54 %
Deluxe Entertainment Services, Inc.
Senior Secured First Lien Debt 12.50 % 1.50 % 14.00 %
−Removed: Fusion Connect Inc.
−Removed: Senior Secured First Lien Debt 12.86 % 1.00 % 13.86 %
+Added: FuseFX, LLC Senior Secured First Lien Debt 6.43 % 5.00 % 11.43 %
GSC Technologies Inc.
3 unchanged sentences
Senior Secured First Lien Debt — 15.00 % 15.00 %
−Removed: Instant Web, LLC Senior Secured First Lien Debt — 12.22 % 12.22 %
−Removed: Instant Web, LLC Senior Secured First Lien Debt — 12.00 % 12.00 %
−Removed: Instant Web, LLC Senior Secured Revolving Loan — 11.77 % 11.77 %
−Removed: K&N Parent, Inc.
+Added: Homer City Generation, L.P.
Senior Secured First Lien Debt — 17.00 % 17.00 %
+Added: Instant Web, LLC Senior Secured First Lien Debt — 12.43 % 12.43 %
+Added: Isagenix International, LLC Senior Secured First Lien Debt 2.50 % 8.09 % 10.59 %
Klein Hersh, LLC Senior Secured First Lien Debt 4.85 % 12.00 % 16.85 %
5 unchanged sentences
Rogers Mechanical Contractors, LLC Senior Secured First Lien Debt 12.28 % 1.00 % 13.28 %
+Added: RumbleOn, Inc.
+Added: Senior Secured First Lien Debt 13.90 % 0.50 % 14.40 %
Service Compression, LLC Senior Secured First Lien Debt 13.42 % 2.00 % 15.42 %
10 unchanged sentences
Unsecured Note — 15.00 % 15.00 %
−Removed: As of June 30, 2023, the index rate for $ 1,750 and $ 2,096 was 3 Month LIBOR and 6 Month LIBOR, respectively.
−Removed: On July 21, 2023, the Company acquired substantially all of the assets of David's Bridal, LLC in a non-cash transaction upon exit from bankruptcy.
−Removed: The interest rate on these loans is subject to 1 month LIBOR, which as of June 30, 2023 was 5.22%.
−Removed: The interest rate on these loans is subject to 3 month LIBOR, which as of June 30, 2023 was 5.54%
−Removed: The interest rate on these loans is subject to 6 month LIBOR, which as of June 30, 2023 was 5.76%.
−Removed: The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2023 was 5.14%.
−Removed: The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2023 was 5.27%.
−Removed: The interest rate on these loans is subject to 6 month SOFR, which as of June 30, 2023 was 5.39%.
+Added: The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2023 was 5.43%.
+Added: The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2023 was 5.66%.
+Added: The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2023 was 5.32%.
+Added: The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.40%.
+Added: The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2023 was 5.47%.
See accompanying notes to consolidated financial statements.
840 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
27 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
31 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
10 unchanged sentences
Treasury securities and repurchase agreements that are collateralized by such securities.
−Removed: The Company had $ 100,771 and $ 10,869 of such investments at June 30, 2023 and December 31, 2022, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.
+Added: The Company had $ 116,934 and $ 10,869 of such investments at September 30, 2023 and December 31, 2022, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.
The Company elected to be treated for federal income tax purposes as a RIC under Subchapter M of the Code.
7 unchanged sentences
The income tax expense or benefit, if any, and the related tax assets and liabilities, where material, are reflected in the Company’s consolidated financial statements.
−Removed: There were no deferred tax assets or liabilities as of June 30, 2023 or December 31, 2022.
+Added: There were no deferred tax assets or liabilities as of September 30, 2023 or December 31, 2022.
Book/tax differences relating to permanent differences are reclassified among the Company’s capital accounts, as appropriate.
9 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
24 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
34 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
17 unchanged sentences
In order to maintain RIC status, substantially all of this income must be paid out to shareholders in the form of distributions, even if the Company has not collected any cash.
−Removed: For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of June 30, 2023 and December 31, 2022.
+Added: For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of September 30, 2023 and December 31, 2022.
Loans and debt securities, including those that are individually identified as being impaired under Accounting Standards Codification 310, Receivables , or ASC 310, are generally placed on non-accrual status immediately if, in the opinion of management, principal or interest is not likely to be paid, or when principal or interest is past due 90 days or more.
13 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
11 unchanged sentences
This accrual reflects the incentive fees that would be payable to CIM if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though CIM is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.
−Removed: Net (Decrease) Increase in Net Assets per Share
−Removed: Net (decrease) increase in net assets per share is calculated based upon the daily weighted average number of shares of common stock outstanding during the reporting period.
+Added: Net Increase in Net Assets per Share
+Added: Net increase in net assets per share is calculated based upon the daily weighted average number of shares of common stock outstanding during the reporting period.
Distributions
5 unchanged sentences
The Company’s follow-on continuous public offering commenced on January 25, 2016 and ended on January 25, 2019.
−Removed: The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the six months ended June 30, 2023 and 2022 and the year ended December 31, 2022:
−Removed: Six Months Ended
−Removed: June 30, Year Ended
+Added: The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the nine months ended September 30, 2023 and 2022 and the year ended December 31, 2022:
+Added: Nine Months Ended
+Added: September 30, Year Ended
2023 2022 2022
7 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
−Removed: Since commencing its initial continuous public offering on July 2, 2012 and through June 30, 2023, the Company sold 54,632,827 shares of common stock for net proceeds of $ 1,138,045 .
+Added: Since commencing its initial continuous public offering on July 2, 2012 and through September 30, 2023, the Company sold 54,464,804 shares of common stock for net proceeds of $ 1,136,244 .
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 $ 256,493 , for which the Company repurchased 15,804,563 shares of common stock.
−Removed: As of June 30, 2023, 15,623,796 shares of common stock repurchased had been retired.
+Added: As of September 30, 2023, 15,791,940 shares of common stock repurchased had been retired.
On September 15, 2023, the Company's shareholders approved a proposal that authorizes the Company to issue shares of its common stock at prices below the then current NAV per share of the Company’s common stock in one or more offerings for a 12 -month period following such shareholder approval.
−Removed: As of June 30, 2023, the Company had not issued any such shares.
+Added: As of September 30, 2023, the Company had not issued any such shares.
Distribution Reinvestment Plan
22 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
8 unchanged sentences
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.
−Removed: The 10b5-1 trading plan is subject to price, market volume and timing restrictions.
−Removed: The following table summarizes the share repurchases completed during the year ended December 31, 2022 and the six months ended June 30, 2023:
+Added: The 10b5-1 trading plan expires on August 29, 2024, and is subject to price, market volume and timing restrictions.
+Added: The following table summarizes the share repurchases completed during the year ended December 31, 2022 and the nine months ended September 30, 2023:
Three Months Ended Repurchase Date Shares Repurchased Percentage of Shares Tendered That Were Repurchased Repurchase Price Per Share Aggregate Consideration for Repurchased Shares
6 unchanged sentences
June 30, 2023 N/A 328,628 N/A 9.81 3,226
−Removed: Total for the six months ended June 30, 2023 666,657 $ 6,818
−Removed: From July 1, 2023 to August 2, 2023, the Company repurchased 57,691 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $ 621 , or an average purchase price of $ 10.76 per share.
−Removed: As of August 2, 2023, 15,690,588 shares of common stock repurchased by the Company had been retired.
+Added: September 30, 2023 N/A 168,023 N/A 10.71 1,801
+Added: Total for the nine months ended September 30, 2023 834,680 $ 8,619
+Added: From October 1, 2023 to November 3, 2023, the Company repurchased 165,317 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $ 1,669 , or an average purchase price of $ 10.10 per share.
+Added: As of November 3, 2023, 15,936,682 shares of common stock repurchased by the Company had been retired.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
Transactions with Related Parties
−Removed: For the three and six months ended June 30, 2023 and 2022 and the year ended December 31, 2022, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows:
+Added: For the three and nine months ended September 30, 2023 and 2022 and the year ended December 31, 2022, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows:
Three Months Ended
−Removed: June 30, Six Months Ended
−Removed: June 30, Year Ended December 31,
+Added: September 30, Nine Months Ended
+Added: September 30, Year Ended December 31,
Entity Capacity Description 2023 2022 2023 2022 2022
18 unchanged sentences
These changes to the subordinated incentive fee on income were effective upon the Listing, except for the change to the calculation of the subordinated incentive fee payable to CIM that replaced adjusted capital with the Company's net assets, which was effective on August 10, 2021.
−Removed: For the three months ended June 30, 2023 and 2022, the Company recorded subordinated incentive fees on income of $ 4,965 and $ 4,091 , respectively.
−Removed: For the six months ended June 30, 2023 and 2022, the Company recorded subordinated incentive fees on income of $ 11,300 and $ 8,224 , respectively.
−Removed: As of June 30, 2023 and December 31, 2022, the liabilities recorded for subordinated incentive fees were $ 4,967 and $ 5,065 , respectively.
+Added: For the three months ended September 30, 2023 and 2022, the Company recorded subordinated incentive fees on income of $ 6,362 and $ 5,421 , respectively.
+Added: For the nine months ended September 30, 2023 and 2022, the Company recorded subordinated incentive fees on income of $ 17,662 and $ 13,645 , respectively.
+Added: As of September 30, 2023 and December 31, 2022, the liabilities recorded for subordinated incentive fees were $ 6,362 and $ 5,065 , respectively.
The second part of the incentive fee, which is referred to as the capital gains incentive fee, is described in Note 2.
1 unchanged sentence
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.
−Removed: For the three and six months ended June 30, 2023 and 2022 and the year ended December 31, 2022, the Company had no liability for and did not record any capital gains incentive fees.
+Added: For the three and nine months ended September 30, 2023 and 2022 and the year ended December 31, 2022, the Company had no liability for and did not record any capital gains incentive fees.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
3 unchanged sentences
The Company does not reimburse CIM for any services for which it receives a separate fee or for rent, depreciation, utilities, capital equipment or other administrative items allocated to a person with a controlling interest in CIM.
−Removed: 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.
+Added: On August 7, 2023, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the renewal of the administration agreement with CIM for a period of twelve months commencing August 9, 2023.
On January 30, 2013, the Company entered into the expense support and conditional reimbursement agreement with CIG, whereby CIG agreed to provide expense support to the Company in an amount that was sufficient to:
12 unchanged sentences
See Note 5 for additional information on the sources of the Company’s distributions.
−Removed: The Company did not record any obligation to repay expense support from CIM and the Company did not repay any expense support to CIM during the three and six months ended June 30, 2023 and 2022 or the year ended December 31, 2022.
−Removed: As of June 30, 2023 and December 31, 2022, the total liability payable to CIM and its affiliates was $ 12,087 and $ 13,692 , respectively, which primarily related to fees earned by CIM during the three months ended June 30, 2023 and December 31, 2022, respectively.
+Added: The Company did not record any obligation to repay expense support from CIM and the Company did not repay any expense support to CIM during the three and nine months ended September 30, 2023 and 2022 or the year ended December 31, 2022.
+Added: As of September 30, 2023 and December 31, 2022, the total liability payable to CIM and its affiliates was $ 14,167 and $ 13,692 , respectively, which primarily related to fees earned by CIM during the three months ended September 30, 2023 and December 31, 2022, respectively.
In the event that CIM undertakes to provide investment advisory services to other clients in the future, it will strive to allocate investment opportunities in a fair and equitable manner consistent with the Company’s investment objective and strategies so that the Company will not be disadvantaged in relation to any other client of the investment adviser or its senior management team.
6 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
8 unchanged sentences
Declared distributions are paid quarterly.
−Removed: The Company’s board of directors ratified distributions for 5 and 2 record dates during the year ended December 31, 2022 and the six months ended June 30, 2023, respectively.
−Removed: The following table presents distributions per share that were declared during the year ended December 31, 2022 and the six months ended June 30, 2023:
+Added: The Company’s board of directors ratified distributions for 5 and 4 record dates during the year ended December 31, 2022 and the nine months ended September 30, 2023, respectively.
+Added: The following table presents distributions per share that were declared during the year ended December 31, 2022 and the nine months ended September 30, 2023:
Distributions
7 unchanged sentences
June 30, 2023 (one record date) 0.34 18,614
−Removed: Total distributions for the six months ended June 30, 2023 $ 0.6800 $ 37,301
−Removed: On August 7, 2023, the Company’s co-chief executive officers declared (i) a regular quarterly distribution of $ 0.34 per share for the third quarter of 2023 payable on September 15, 2023 to shareholders of record as of September 1, 2023 and (ii) a supplemental distribution of $ 0.05 per share for both the third and fourth quarters of 2023, payable on October 16, 2023 and January 15, 2024, respectively, to shareholders of record as of September 29, 2023 and December 29, 2023, respectively.
+Added: September 30, 2023 (two record dates) 0.39 21,276
+Added: Total distributions for the nine months ended September 30, 2023 $ 1.07 $ 58,577
+Added: On August 7, 2023, the Company’s co-chief executive officers declared a supplemental distribution of $ 0.05 per share for both the third and fourth quarters of 2023, paid on October 16, 2023 and payable on January 15, 2024, respectively, to shareholders of record as of September 29, 2023 and December 29, 2023, respectively.
+Added: On November 6, 2023, the Company’s co-chief executive officers declared a regular quarterly distribution of $ 0.34 per share for the fourth quarter of 2023, payable on December 15, 2023 to shareholders of record as of December 1, 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.
4 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
10 unchanged sentences
Any stock received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the shareholder’s account.
−Removed: The following table below provides information concerning the Company’s repurchases of shares of its common stock in the open market during the three months ended June 30, 2023 pursuant to the New DRP in order to satisfy the reinvestment portion of the Company’s distributions:
+Added: The following table below provides information concerning the Company’s repurchases of shares of its common stock in the open market during the three months ended September 30, 2023 pursuant to the New DRP in order to satisfy the reinvestment portion of the Company’s distributions:
Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
−Removed: April 1 to April 30, 2023 — $ — — —
−Removed: May 1 to May 31, 2023 — — — —
−Removed: June 1 to June 30, 2023 174,424 10.71 174,424 ( 1 )
+Added: July 1 to July 31, 2023 — $ — — —
+Added: August 1 to August 31, 2023 — — — —
+Added: September 1 to September 30, 2023 160,383 11.10 160,383 ( 1 )
Total 160,383 $ 11.10 160,383 ( 1 )
6 unchanged sentences
The Company has not established limits on the amount of funds it may use from available sources to make distributions.
−Removed: 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 six months ended June 30, 2023 and 2022 and the year ended December 31, 2022:
−Removed: Six Months Ended
−Removed: June 30, Year Ended
+Added: The following table reflects the sources of distributions on a GAAP basis that the Company has declared on its shares of common stock during the nine months ended September 30, 2023 and 2022 and the year ended December 31, 2022:
+Added: Nine Months Ended
+Added: September 30, Year Ended
2023 2022 2022
4 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
17 unchanged sentences
(1) Includes short term capital loss carryforwards of $ 7,233 and long term capital loss carryforwards of $ 66,284 .
−Removed: As of June 30, 2023, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 26,828 ;
+Added: As of September 30, 2023, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 35,367 ;
the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $ 142,260 ;
5 unchanged sentences
and the aggregate cost of securities for Federal income tax purposes was $ 1,851,121 .
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
−Removed: (in thousands, except share and per share amounts)
−Removed: The composition of the Company’s investment portfolio as of June 30, 2023 and December 31, 2022 at amortized cost and fair value was as follows:
−Removed: June 30, 2023 December 31, 2022
+Added: The composition of the Company’s investment portfolio as of September 30, 2023 and December 31, 2022 at amortized cost and fair value was as follows:
+Added: September 30, 2023 December 31, 2022
Value Percentage of
13 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
−Removed: The following tables show the composition of the Company’s investment portfolio by industry classification and geographic dispersion, and the percentage, by fair value, of the total investment portfolio assets in such industries and geographies as of June 30, 2023 and December 31, 2022:
−Removed: June 30, 2023 December 31, 2022
+Added: The following tables show the composition of the Company’s investment portfolio by industry classification and geographic dispersion, and the percentage, by fair value, of the total investment portfolio assets in such industries and geographies as of September 30, 2023 and December 31, 2022:
+Added: September 30, 2023 December 31, 2022
Industry Classification Investments at
7 unchanged sentences
Advertising, Printing & Publishing 113,476 6.6 % 105,375 6.0 %
−Removed: Consumer 105,328 6.3 % 115,849 6.6 %
−Removed: Diversified Financials 81,052 4.8 % 99,819 5.7 %
Construction & Building 109,283 6.3 % 46,007 2.6 %
+Added: Consumer 105,805 6.1 % 115,849 6.6 %
+Added: Retail 101,301 5.9 % 74,718 4.3 %
Chemicals, Plastics & Rubber 82,501 4.8 % 66,753 3.8 %
+Added: Diversified Financials 81,093 4.7 % 99,819 5.7 %
Oil & Gas 73,837 4.3 % 68,756 3.9 %
−Removed: Retail 63,042 3.8 % 74,718 4.3 %
Consumer Goods:
Durable 59,890 3.5 % 60,735 3.5 %
−Removed: Hotel, Gaming & Leisure 60,211 3.6 % 46,739 2.7 %
−Removed: High Tech Industries 52,664 3.1 % 56,501 3.2 %
Beverage, Food & Tobacco 52,414 3.0 % 45,396 2.6 %
3 unchanged sentences
Banking, Finance, Insurance & Real Estate 38,125 2.2 % 43,836 2.5 %
+Added: High Tech Industries 33,762 2.0 % 56,501 3.2 %
+Added: Hotel, Gaming & Leisure 27,158 1.6 % 46,739 2.7 %
Containers, Packaging & Glass 19,404 1.1 % 19,551 1.1 %
Telecommunications 18,311 1.1 % 18,302 1.1 %
−Removed: Automotive 16,231 1.0 % 16,255 0.9 %
Metals & Mining 15,733 0.9 % 15,780 0.9 %
Environmental Industries 15,375 0.9 % — —
+Added: Automotive 14,471 0.8 % 16,255 0.9 %
Aerospace & Defense 12,681 0.7 % 38,842 2.2 %
4 unchanged sentences
Total investments $ 1,844,877 $ 1,760,030
−Removed: June 30, 2023 December 31, 2022
+Added: September 30, 2023 December 31, 2022
Geographic Dispersion(1) Investments at
11 unchanged sentences
(1) The geographic dispersion is determined by the portfolio company's country of domicile.
−Removed: As of June 30, 2023 and December 31, 2022, investments on non-accrual status represented 1.7 % and 1.3 %, respectively, of the Company's investment portfolio on a fair value basis.
−Removed: The Company’s investment portfolio may contain senior secured investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or unfunded commitments, which may require the Company to provide funding when requested in accordance with the terms of the underlying agreements.
−Removed: As of June 30, 2023 and December 31, 2022, the Company’s unfunded commitments amounted to $ 56,378 and $ 71,420 , respectively.
−Removed: As of August 2, 2023, the Company’s unfunded commitments amounted to $ 54,475 .
−Removed: 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.
−Removed: Refer to Note 11 for further details on the Company’s unfunded commitments.
+Added: As of September 30, 2023 and December 31, 2022, investments on non-accrual status represented 1.0 % and 1.3 %, respectively, of the Company's investment portfolio on a fair value basis.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
−Removed: Joint Ventures
+Added: The Company’s investment portfolio may contain senior secured investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or unfunded commitments, which may require the Company to provide funding when requested in accordance with the terms of the underlying agreements.
+Added: As of September 30, 2023 and December 31, 2022, the Company’s unfunded commitments amounted to $ 59,170 and $ 71,420 , respectively.
+Added: As of November 3, 2023, the Company’s unfunded commitments amounted to $ 57,644 .
+Added: 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.
+Added: Refer to Note 11 for further details on the Company’s unfunded commitments.
+Added: Joint Venture
CION/EagleTree Partners, LLC
16 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
−Removed: The following table sets forth the individual investments in CION/EagleTree's portfolio as of June 30, 2023:
+Added: The following table sets forth the individual investments in CION/EagleTree's portfolio as of September 30, 2023:
Portfolio Company Interest(a) Maturity Industry Principal/
1 unchanged sentence
Senior Secured First Lien Debt
−Removed: Berlitz Holdings, Inc.(g) S+ 900 , 1.00 % SOFR Floor
+Added: Berlitz Holdings, Inc.(e) S+ 900 , 1.00 % SOFR Floor
2/14/2025 Services:
Business $ 1,200 $ 1,149 $ 1,182
−Removed: Community Tree Service, LLC(h) S+ 1100 , 1.00 % SOFR Floor
+Added: Community Tree Service, LLC(f) S+ 1100 , 1.00 % SOFR Floor
6/17/2027 Construction & Building 459 459 458
−Removed: Future Pak, LLC(g) S+ 1000 , 2.00 % SOFR Floor
−Removed: 7/2/2024 Healthcare & Pharmaceuticals 1,162 1,155 1,162
Total Senior Secured First Lien Debt 1,608 1,640
Senior Secured Second Lien Debt
−Removed: Access CIG, LLC(f) L+ 775 , 0.00 % LIBOR Floor
+Added: Access CIG, LLC(f) S+ 775 , 0.00 % SOFR Floor
2/27/2026 Services:
Business 7,250 7,227 7,111
−Removed: MedPlast Holdings, Inc.(e) L+ 775 , 0.00 % LIBOR Floor
+Added: MedPlast Holdings, Inc.(e) S+ 775 , 0.00 % SOFR Floor
7/2/2026 Healthcare & Pharmaceuticals 6,750 6,239 6,632
22 unchanged sentences
Diversified & Production 1 Unit
−Removed: HW Ultimate Holdings, LP, Class A Membership Units, 4 % Dividend(i)
+Added: HW Ultimate Holdings, LP, Class A Membership Units, 4 % Dividend(g)
Capital Equipment 2,000,000 Units
11 unchanged sentences
TOTAL INVESTMENTS $ 87,930 $ 92,514
−Removed: The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of June 30, 2023, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to June 30, 2023.
−Removed: The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of June 30, 2023, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to June 30, 2023.
+Added: The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of September 30, 2023, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to September 30, 2023.
Represents amortized cost for debt securities and cost for equity investments.
4 unchanged sentences
Non-income producing security.
−Removed: The interest rate on these loans is subject to 1 month LIBOR, which as of June 30, 2023 was 5.22%.
−Removed: The interest rate on these loans is subject to 3 month LIBOR, which as of June 30, 2023 was 5.54% .
−Removed: The interest rate on these loans is subject to 1 month SOFR, which as of June 30, 2023 was 5.14%.
−Removed: The interest rate on these loans is subject to 3 month SOFR, which as of June 30, 2023 was 5.27%.
−Removed: Investment or a portion thereof was on non-accrual status as of June 30, 2023.
+Added: The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2023 was 5.32%.
+Added: The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2023 was 5.40%.
+Added: Investment or a portion thereof was on non-accrual status as of September 30, 2023.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
69 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
−Removed: The following table includes selected balance sheet information for CION/EagleTree as of June 30, 2023 and December 31, 2022:
+Added: The following table includes selected balance sheet information for CION/EagleTree as of September 30, 2023 and December 31, 2022:
Selected Balance Sheet Information:
−Removed: June 30, 2023 December 31, 2022
+Added: September 30, 2023 December 31, 2022
Investments, at fair value (amortized cost of $ 87,930 and $ 102,619 , respectively)
1 unchanged sentence
Cash and other assets 661 2,476
+Added: Receivable for investments sold and repaid 247 —
Dividend receivable on investments 360 225
7 unchanged sentences
Total liabilities and members' capital $ 94,068 $ 108,980
−Removed: The following table includes selected statement of operations information for CION/EagleTree for the three and six months ended June 30, 2023 and 2022 and for the year ended December 31, 2022:
+Added: The following table includes selected statement of operations information for CION/EagleTree for the three and nine months ended September 30, 2023 and 2022 and for the year ended December 31, 2022:
Three Months Ended
−Removed: June 30, Six Months Ended
−Removed: June 30, Year Ended
+Added: September 30, Nine Months Ended
+Added: September 30, Year Ended
Selected Statement of Operations Information:
2023 2022 2023 2022 2022
−Removed: Total revenues $ 1,468 $ 1,839 $ 3,063 $ 3,723 $ 9,653
+Added: Total investment income $ 1,777 $ 4,237 $ 4,840 $ 7,960 $ 9,653
Total expenses 2,541 2,860 7,799 8,382 11,120
−Removed: Net realized gain on investments — — 176 — 9,947
+Added: Net realized (loss) gain on investments ( 177 ) 10,153 ( 1 ) 10,153 9,947
Net change in unrealized appreciation (depreciation) on investments 780 ( 3,050 ) 1,226 ( 3,203 ) ( 5,839 )
2 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
Financing Arrangements
−Removed: The following table presents summary information with respect to the Company’s outstanding financing arrangements as of June 30, 2023:
+Added: The following table presents summary information with respect to the Company’s outstanding financing arrangements as of September 30, 2023:
Financing Arrangement Type of Financing Arrangement Rate Amount Outstanding Amount Available Maturity Date
12 unchanged sentences
$ 1,008,212 $ 102,500
−Removed: (1) As of June 30, 2023, the fair value of the 2026 Notes was $ 122,500 , which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
−Removed: The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2023.
−Removed: (2) As of June 30, 2023, the fair value of the 2021 More Term Loan was $ 29,513 , which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
−Removed: The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2023.
+Added: (1) As of September 30, 2023, 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.
+Added: The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2023.
+Added: (2) As of September 30, 2023, the fair value of the 2021 More Term Loan was $ 29,850 , which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
+Added: The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2023.
JPM Credit Facility
18 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
14 unchanged sentences
The non-usage fees, if any, are payable quarterly in arrears.
−Removed: As of June 30, 2023 and December 31, 2022, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility and the JPM Second Amendment was $ 600,000 and $ 610,000 , respectively.
−Removed: The carrying amount outstanding under the Third Amended JPM Credit Facility approximates its fair value.
+Added: As of September 30, 2023 and December 31, 2022, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility and the JPM Second Amendment was $ 600,000 and $ 610,000 , respectively.
+Added: The carrying amount outstanding under the Third Amended JPM Credit Facility and the JPM Second Amendment approximates its fair value.
The Company contributed loans and other corporate debt securities to 34th Street in exchange for 100 % of the membership interests of 34th Street, and may contribute additional loans and other corporate debt securities to 34th Street in the future.
2 unchanged sentences
In connection with the Third Amended JPM Credit Facility and the JPM Second Amendment, 34th Street made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar facilities.
−Removed: As of and for the three months ended June 30, 2023, 34th Street was in compliance with all covenants and reporting requirements.
−Removed: Through June 30, 2023, the Company incurred debt issuance costs of $ 13,790 in connection with obtaining and amending the JPM Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Third Amended JPM Credit Facility and the JPM Second Amendment, which is included in the Company’s consolidated balance sheet as of June 30, 2023 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility and the JPM Second Amendment.
−Removed: At June 30, 2023, the unamortized portion of the debt issuance costs was $ 3,726 .
−Removed: For the three and six months ended June 30, 2023 and 2022 and the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the JPM Second Amendment and the Third Amended JPM Credit Facility were as follows:
−Removed: Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31,
+Added: As of and for the three months ended September 30, 2023, 34th Street was in compliance with all covenants and reporting requirements.
+Added: Through September 30, 2023, the Company incurred debt issuance costs of $ 13,790 in connection with obtaining and amending the JPM Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Third Amended JPM Credit Facility and the JPM Second Amendment, which is included in the Company’s consolidated balance sheet as of September 30, 2023 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility and the JPM Second Amendment.
+Added: At September 30, 2023, the unamortized portion of the debt issuance costs was $ 3,225 .
+Added: On October 27, 2023, the Company repaid $ 25,000 under the Third Amended JPM Credit Facility and the JPM Second Amendment.
+Added: For the three and nine months ended September 30, 2023 and 2022 and the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the JPM Second Amendment and the Third Amended JPM Credit Facility were as follows:
+Added: Three Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30, Year Ended December 31,
2023 2022 2023 2022 2022
8 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
9 unchanged sentences
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.
−Removed: As of and for the three months ended June 30, 2023, the Company was in compliance with all covenants and reporting requirements.
+Added: As of and for the three months ended September 30, 2023, the Company was in compliance with all covenants and reporting requirements.
The Note Purchase Agreement also contains a “most favored lender” provision in favor of the purchasers in respect of any new unsecured credit facilities, loans or indebtedness in excess of $ 25,000 incurred by the Company, which indebtedness contains a financial covenant not contained in, or more restrictive against the Company than those contained, in the Note Purchase Agreement.
In addition, the Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy.
−Removed: As of June 30, 2023, the aggregate principal amount of 2026 Notes outstanding was $ 125,000 .
−Removed: Through June 30, 2023, the Company incurred debt issuance costs of $ 2,669 in connection with issuing the 2026 Notes, which were recorded as a direct reduction to the outstanding balance of the 2026 Notes, which is included in the Company’s consolidated balance sheet as of June 30, 2023 and will amortize to interest expense over the term of the 2026 Notes.
−Removed: At June 30, 2023, the unamortized portion of the debt issuance costs was $ 1,398 .
+Added: As of September 30, 2023, the aggregate principal amount of 2026 Notes outstanding was $ 125,000 .
+Added: Through September 30, 2023, the Company incurred debt issuance costs of $ 2,669 in connection with issuing the 2026 Notes, which were recorded as a direct reduction to the outstanding balance of the 2026 Notes, which is included in the Company’s consolidated balance sheet as of September 30, 2023 and will amortize to interest expense over the term of the 2026 Notes.
+Added: At September 30, 2023, the unamortized portion of the debt issuance costs was $ 1,263 .
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
−Removed: For the three and six months ended June 30, 2023 and 2022 and for the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:
+Added: For the three and nine months ended September 30, 2023 and 2022 and for the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:
Three Months Ended
−Removed: June 30, Six Months Ended
−Removed: June 30, Year Ended December 31,
+Added: September 30, Nine Months Ended
+Added: September 30, Year Ended December 31,
2023 2022 2023 2022
20 unchanged sentences
and (c) the occurrence of certain bankruptcy and insolvency events with respect to Murray Hill Funding II or Murray Hill Funding.
−Removed: As of and for the three months ended June 30, 2023, Murray Hill Funding II was in compliance with all covenants and reporting requirements.
+Added: As of and for the three months ended September 30, 2023, 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.
12 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
21 unchanged sentences
No other material terms of the Amended UBS Facility were revised in connection with the Fifth Amended Master Confirmation or the Amended Master Confirmation.
−Removed: 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.
+Added: On July 1, 2021, December 14, 2021, April 19, 2022 and August 16, 2023, UBS purchased Class A-R Notes held by Murray Hill Funding for an aggregate purchase price equal to 100 % of the principal amount of Class A-R Notes purchased, which was $ 21,000 , $ 25,000 , $ 17,500 and $ 22,500 , respectively.
On August 20, 2021, March 7, 2023 and April 14, 2023, Murray Hill Funding repurchased Class A-R Notes from UBS in the aggregate principal amount of $ 21,000 , $ 17,500 and $ 25,000 , respectively, for an aggregate repurchase price of $ 21,000 , $ 17,500 and $ 25,000 , respectively, which was then repaid by Murray Hill Funding II.
4 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
9 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.
−Removed: As of and for the three months ended June 30, 2023, Murray Hill Funding was in compliance with all covenants and reporting requirements.
+Added: As of and for the three months ended September 30, 2023, 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.
−Removed: At June 30, 2023, all upfront fees and other expenses were fully amortized.
−Removed: As of June 30, 2023, Notes in the aggregate principal amount of $ 100,000 had been purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Facility for aggregate proceeds of $ 100,000 .
+Added: At September 30, 2023, all upfront fees and other expenses were fully amortized.
+Added: As of September 30, 2023, Notes in the aggregate principal amount of $ 122,500 had been purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Facility for aggregate proceeds of $ 122,500 .
The carrying amount outstanding under the Amended UBS Facility approximates its fair value.
The Company funded each purchase of Notes by Murray Hill Funding through a capital contribution to Murray Hill Funding.
−Removed: As of June 30, 2023, the amount due at maturity under the Amended UBS Facility was $ 100,000 .
+Added: As of September 30, 2023, the amount due at maturity under the Amended UBS Facility was $ 122,500 .
The Notes issued by Murray Hill Funding II and purchased by Murray Hill Funding eliminate in consolidation on the Company’s consolidated financial statements.
−Removed: As of June 30, 2023, the fair value of assets held by Murray Hill Funding II was $ 229,265 .
−Removed: For the three and six months ended June 30, 2023 and 2022 and the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Facility were as follows:
−Removed: Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31,
+Added: As of September 30, 2023, the fair value of assets held by Murray Hill Funding II was $ 258,426 .
+Added: For the three and nine months ended September 30, 2023 and 2022 and the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Facility were as follows:
+Added: Three Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30, Year Ended December 31,
2023 2022 2023 2022 2022
16 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
1 unchanged sentence
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.
−Removed: As of and for the three months ended June 30, 2023, the Company was in compliance with all covenants and reporting requirements.
+Added: As of and for the three months ended September 30, 2023, the Company was in compliance with all covenants and reporting requirements.
On February 26, 2023, the Company’s shares of common stock listed and commenced trading on the TASE under the ticker symbol “CION”.
−Removed: Through June 30, 2023 , the Company incurred d ebt issuance costs of $ 3,006 in connection with issuing the Series A Notes, which were recorded as a direct reduction to the outstanding balance of the Series A Notes, which is included in the Company’s consolidated balance sheet as of June 30, 2023 and will amortize to interest expense over the term of the Series A Notes.
−Removed: At June 30, 2023, the unamortized portion of the debt issuance costs was $ 2,714 .
−Removed: For the three months ended June 30, 2023 and the period from February 28, 2023 through June 30, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the Series A Notes were as follows:
−Removed: Three Months Ended June 30, 2023 For the Period From February 28, 2023 Through June 30, 2023
+Added: Through September 30, 2023 , the Company incurred d ebt issuance costs of $ 3,006 in connection with issuing the Series A Notes, which were recorded as a direct reduction to the outstanding balance of the Series A Notes, which is included in the Company’s consolidated balance sheet as of September 30, 2023 and will amortize to interest expense over the term of the Series A Notes.
+Added: At September 30, 2023, the unamortized portion of the debt issuance costs was $ 2,499 .
+Added: For the three months ended September 30, 2023 and the period from February 28, 2023 through September 30, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the Series A Notes were as follows:
+Added: Three Months Ended September 30, 2023 For the Period From February 28, 2023 Through September 30, 2023
Stated interest expense $ 1,844 $ 4,243
16 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
1 unchanged sentence
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.
−Removed: As of and for the three months ended June 30, 2023, the Company was in compliance with all covenants and reporting requirements.
−Removed: Through June 30, 2023, 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 June 30, 2023 and will amortize to interest expense over the term of the 2022 More Term Loan.
−Removed: At June 30, 2023, the unamortized portion of the debt issuance costs was $ 784 .
−Removed: For the three and six months ended June 30, 2023, for the period from April 27, 2022 through June 30, 2022 and for the period from April 27, 2022 through December 31, 2022 , the components of interest expense, average borrowings, and weighted average interest rate for the 2022 More Term Loan were as follows:
−Removed: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 For the Period From April 27, 2022 Through June 30, 2022 For the Period From April 27, 2022 Through December 31, 2022
+Added: As of and for the three months ended September 30, 2023, the Company was in compliance with all covenants and reporting requirements.
+Added: Through September 30, 2023, 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 September 30, 2023 and will amortize to interest expense over the term of the 2022 More Term Loan.
+Added: At September 30, 2023, the unamortized portion of the debt issuance costs was $ 732 .
+Added: For the three and nine months ended September 30, 2023, for the period from April 27, 2022 through September 30, 2022 and for the period from April 27, 2022 through December 31, 2022 , the components of interest expense, average borrowings, and weighted average interest rate for the 2022 More Term Loan were as follows:
+Added: Three Months Ended
+Added: September 30, Nine Months Ended September 30, 2023 For the Period From April 27, 2022 Through September 30, 2022 For the Period From April 27, 2022 Through December 31, 2022
Stated interest expense $ 1,118 $ 715 $ 3,191 $ 1,125 $ 2,027
17 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
1 unchanged sentence
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 ba nkruptcy.
−Removed: As of and for the three months ended June 30, 2023, the Company was in compliance with all covenants and reporting requirements.
−Removed: Through June 30, 2023, 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 June 30, 2023 and will amortize to interest expense over the term of the 2021 More Term Loan.
−Removed: At June 30, 2023, the unamortized portion of the debt issuance costs was $ 354 .
−Removed: For the three and six months ended June 30, 2023 and 2022 and the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 More Term Loan were as follows:
−Removed: Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31,
+Added: As of and for the three months ended September 30, 2023, the Company was in compliance with all covenants and reporting requirements.
+Added: Through September 30, 2023, 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 September 30, 2023 and will amortize to interest expense over the term of the 2021 More Term Loan.
+Added: At September 30, 2023, the unamortized portion of the debt issuance costs was $ 281 .
+Added: For the three and nine months ended September 30, 2023 and 2022 and the year ended December 31, 2022, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 More Term Loan were as follows:
+Added: Three Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30, Year Ended December 31,
2023 2022 2023 2022
6 unchanged sentences
Fair Value of Financial Instruments
−Removed: The following table presents fair value measurements of the Company’s portfolio investments as of June 30, 2023 and December 31, 2022, according to the fair value hierarchy:
−Removed: June 30, 2023(1) December 31, 2022(2)
+Added: The following table presents fair value measurements of the Company’s portfolio investments as of September 30, 2023 and December 31, 2022, according to the fair value hierarchy:
+Added: September 30, 2023(1) December 31, 2022(2)
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
10 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
−Removed: The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three and six months ended June 30, 2023 and 2022:
+Added: The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three and nine months ended September 30, 2023 and 2022:
Three Months Ended
−Removed: June 30, 2023
+Added: September 30, 2023
Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total
−Removed: Beginning balance, March 31, 2023 $ 1,472,453 $ 38,997 $ 1,133 $ 15,517 $ 100,958 $ 1,629,058
+Added: Beginning balance, June 30, 2023 $ 1,468,630 $ 39,544 $ 1,046 $ 17,301 $ 133,725 $ 1,660,246
Investments purchased(2)(3) 112,470 — — — 34,328 146,798
3 unchanged sentences
Sales and principal repayments(3) ( 127,838 ) ( 4 ) ( 86 ) — — ( 127,928 )
−Removed: Ending balance, June 30, 2023 $ 1,468,630 $ 39,544 $ 1,046 $ 17,301 $ 133,725 $ 1,660,246
−Removed: Change in net unrealized appreciation (depreciation) on investments still held as of June 30, 2023(1) $ 5,280 $ 496 $ 9 $ ( 2,420 ) $ 3,367 $ 6,732
+Added: Ending balance, September 30, 2023 $ 1,481,498 $ 36,114 $ 1,224 $ 14,631 $ 167,569 $ 1,701,036
+Added: Change in net unrealized appreciation (depreciation) on investments still held as of September 30, 2023(1) $ 10,453 $ ( 3,473 ) $ 264 $ ( 2,675 ) $ 444 $ 5,013
(1) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
1 unchanged sentence
(3) Includes non-cash restructured securities.
−Removed: Six Months Ended
−Removed: June 30, 2023
+Added: Nine Months Ended
+Added: September 30, 2023
Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total
2 unchanged sentences
Net realized loss ( 23,518 ) — — — ( 8,058 ) ( 31,576 )
−Removed: Net change in unrealized (depreciation) appreciation ( 18,686 ) 659 44 ( 9,550 ) 224 ( 27,309 )
+Added: Net change in unrealized appreciation (depreciation) 11,547 ( 2,814 ) 308 ( 12,225 ) 2,019 ( 1,165 )
Accretion of discount 10,657 172 — 13 — 10,842
Sales and principal repayments(3) ( 327,883 ) ( 13 ) ( 263 ) — — ( 328,159 )
−Removed: Ending balance, June 30, 2023 $ 1,468,630 $ 39,544 $ 1,046 $ 17,301 $ 133,725 $ 1,660,246
−Removed: Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2023(1) $ ( 22,169 ) $ 659 $ 44 $ ( 9,550 ) $ ( 15 ) $ ( 31,031 )
+Added: Ending balance, September 30, 2023 $ 1,481,498 $ 36,114 $ 1,224 $ 14,631 $ 167,569 $ 1,701,036
+Added: Change in net unrealized appreciation (depreciation) on investments still held as of September 30, 2023(1) $ 1,685 $ ( 2,814 ) $ 308 $ ( 12,225 ) $ ( 461 ) $ ( 13,507 )
(1) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
3 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
Three Months Ended
−Removed: June 30, 2022
+Added: September 30, 2022
Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total
−Removed: Beginning balance, March 31, 2022 $ 1,597,364 $ 36,875 $ 2,632 $ 27,280 $ 42,405 $ 1,706,556
+Added: Beginning balance, June 30, 2022 $ 1,660,828 $ 27,086 $ 1,602 $ 27,994 $ 42,885 $ 1,760,395
Investments purchased(2) 142,620 18,109 — 677 32,148 193,554
−Removed: Net realized (loss) gain ( 34 ) 10 — — 204 180
+Added: Net realized gain (loss) 10,452 ( 19,339 ) 24 — ( 8,303 ) ( 17,166 )
Net change in unrealized (depreciation) appreciation ( 2,615 ) 13,379 ( 128 ) ( 356 ) 8,522 18,802
1 unchanged sentence
Sales and principal repayments ( 199,103 ) ( 536 ) ( 132 ) — ( 263 ) ( 200,034 )
−Removed: Ending balance, June 30, 2022 $ 1,660,828 $ 27,086 $ 1,602 $ 27,994 $ 42,885 $ 1,760,395
−Removed: Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2022(1) $ ( 21,519 ) $ 525 $ ( 176 ) $ 61 $ ( 229 ) $ ( 21,338 )
+Added: Ending balance, September 30, 2022 $ 1,616,352 $ 38,716 $ 1,366 $ 28,319 $ 74,989 $ 1,759,742
+Added: Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2022(1) $ ( 7,793 ) $ ( 3 ) $ ( 128 ) $ ( 356 ) $ 205 $ ( 8,075 )
(1) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
(2) Investments purchased includes PIK interest.
−Removed: Six Months Ended
−Removed: June 30, 2022
+Added: Nine Months Ended
+Added: September 30, 2022
Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total
1 unchanged sentence
Investments purchased(2) 460,119 19,945 — 1,950 34,281 516,295
−Removed: Net realized (loss) gain ( 107 ) 14 — — 204 111
+Added: Net realized gain (loss) 10,345 ( 19,325 ) 24 — ( 8,099 ) ( 17,055 )
Net change in unrealized (depreciation) appreciation ( 36,665 ) 14,600 ( 480 ) ( 258 ) 11,837 ( 10,966 )
1 unchanged sentence
Sales and principal repayments ( 353,141 ) ( 15,536 ) ( 1,176 ) — ( 766 ) ( 370,619 )
−Removed: Ending balance, June 30, 2022 $ 1,660,828 $ 27,086 $ 1,602 $ 27,994 $ 42,885 $ 1,760,395
−Removed: Change in net unrealized (depreciation) appreciation on investments still held as of June 30, 2022(1) $ ( 34,992 ) $ 873 $ ( 352 ) $ 98 $ 3,315 $ ( 31,058 )
+Added: Ending balance, September 30, 2022 $ 1,616,352 $ 38,716 $ 1,366 $ 28,319 $ 74,989 $ 1,759,742
+Added: Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2022(1) $ ( 43,281 ) $ 798 $ ( 480 ) $ ( 257 ) $ 3,442 $ ( 39,778 )
(1) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
2 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
Significant Unobservable Inputs
−Removed: The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of June 30, 2023 and December 31, 2022 were as follows:
−Removed: June 30, 2023
+Added: The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of September 30, 2023 and December 31, 2022 were as follows:
+Added: September 30, 2023
Fair Value Valuation Techniques/
4 unchanged sentences
55,002 Market Comparable Approach Revenue Multiple 1.45 x
−Removed: 19,036 EBITDA Multiple 4.00 x
7,492 $ per kW $ 161.16 N/A
1 unchanged sentence
Senior secured second lien debt 27,878 Discounted Cash Flow Discount Rates 13.5 % — 15.8 % 15.4 %
+Added: 8,237 Market Comparable Approach EBITDA Multiple 10.00 x
Collateralized securities and structured products - equity 1,224 Discounted Cash Flow Discount Rates 21.0 % N/A
−Removed: Unsecured debt 9,888 Contingent Claims Analysis Expected Volatility 110.0 % N/A
−Removed: 7,413 Discounted Cash Flow Discount Rates 16.5 % N/A
+Added: Unsecured debt 7,423 Discounted Cash Flow Discount Rates 16.5 % N/A
+Added: 4,198 Market Comparable Approach EBITDA Multiple 6.50 x
+Added: 3,010 Broker Quotes Broker Quotes N/A N/A
Equity 80,754 Market Comparable Approach EBITDA Multiple 4.75 x
−Removed: 21,680 $ per kW $ 400 N/A
63,919 Revenue Multiple 0.13 x
+Added: 21,863 $ per kW $ 400.00 N/A
776 Broker Quotes Broker Quotes N/A N/A
+Added: 257 Options Pricing Model Expected Volatility 105.0 % N/A
Total $ 1,701,037
3 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
26 unchanged sentences
General and Administrative Expense
−Removed: General and administrative expense consisted of the following items for the three and six months ended June 30, 2023 and 2022 and the year ended December 31, 2022:
−Removed: Three Months Ended June 30, Six Months Ended June 30, Year Ended December 31,
+Added: General and administrative expense consisted of the following items for the three and nine months ended September 30, 2023 and 2022 and the year ended December 31, 2022:
+Added: Three Months Ended
+Added: September 30, Nine Months Ended
+Added: September 30, Year Ended December 31,
2023 2022 2023 2022 2022
1 unchanged sentence
Transfer agent expense 189 296 736 890 1,124
−Removed: Dues and subscriptions 44 80 473 615 791
Valuation expense 212 199 637 590 821
−Removed: Director fees and expenses 179 161 348 315 632
−Removed: Insurance expense 169 254 336 505 833
+Added: Dues and subscriptions 162 112 635 727 791
Accounting and administrative costs 282 180 606 482 524
Printing and marketing expense 284 672 558 705 708
+Added: Director fees and expenses 177 162 525 477 632
+Added: Insurance expense 168 157 504 662 833
Other expenses 52 26 183 53 67
2 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
3 unchanged sentences
However, the Company has not experienced claims or losses pursuant to these contracts and believes the risk of loss related to such indemnifications to be remote.
−Removed: As of June 30, 2023 and December 31, 2022, the Company’s unfunded commitments were as follows:
−Removed: Unfunded Commitments June 30, 2023(1) December 31, 2022(1)
+Added: As of September 30, 2023 and December 31, 2022, the Company’s unfunded commitments were as follows:
+Added: Unfunded Commitments September 30, 2023(1) December 31, 2022(1)
$ 7,193 $ 7,567
−Removed: Flatworld Intermediate Corp.
Critical Nurse Staffing, LLC 5,899 5,599
+Added: Flatworld Intermediate Corp.
Thrill Holdings LLC 5,000 3,261
−Removed: Instant Web, LLC 3,574 5,628
American Health Staffing Group, Inc.
−Removed: Mimeo.com, Inc.
+Added: BDS Solutions Intermediateco, LLC 3,333 1,998
+Added: Instant Web, LLC 2,921 5,628
Rogers Mechanical Contractors, LLC 2,407 3,365
Moss Holding Company 2,232 2,232
−Removed: HW Acquisition, LLC 2,200 2,200
MacNeill Pride Group Corp.
1 unchanged sentence
Bradshaw International Parent Corp.
+Added: NWN Parent Holdings LLC 1,800 90
+Added: Fluid Control Intermediate Inc.
+Added: Sleep Opco, LLC 1,750 1,750
+Added: Mimeo.com, Inc.
+Added: ESP Associates, Inc.
Dermcare Management, LLC 1,145 1,862
+Added: OpCo Borrower, LLC 1,042 833
+Added: HW Acquisition, LLC 1,014 2,200
+Added: Homer City Holdings LLC 800 3,000
Coyote Buyer, LLC 750 2,500
−Removed: Sleep Opco, LLC 1,200 1,750
−Removed: NWN Parent Holdings LLC 1,200 90
RA Outdoors, LLC 635 1,049
−Removed: BDS Solutions Intermediateco, LLC 1,046 1,998
−Removed: OpCo Borrower, LLC 1,042 833
−Removed: Service Compression, LLC 907 4,186
Invincible Boat Company LLC 559 559
+Added: Service Compression, LLC 419 4,186
Ironhorse Purchaser, LLC 299 2,469
American Teleconferencing Services, Ltd.
−Removed: Lochner, Inc.
Anthem Sports & Entertainment Inc.
−Removed: Homer City Holdings LLC — 3,000
+Added: Lochner, Inc.
RumbleOn, Inc.
5 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
2 unchanged sentences
The Company intends to use cash on hand, short-term investments, proceeds from borrowings, and other liquid assets to fund these commitments should the need arise.
−Removed: For information on the companies to which the Company is committed to fund additional amounts as of June 30, 2023 and December 31, 2022, refer to the table above and the consolidated schedules of investments.
−Removed: As of August 2, 2023, the Company was committed, upon the satisfaction of certain conditions, to fund an additi onal $ 54,475 .
+Added: For information on the companies to which the Company is committed to fund additional amounts as of September 30, 2023 and December 31, 2022, refer to the table above and the consolidated schedules of investments.
+Added: As of November 3, 2023, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $ 57,644 .
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).
4 unchanged sentences
Fee income consists of amendment fees, capital structuring and other fees, conversion fees, commitment fees and administrative agent fees.
−Removed: The following table summarizes the Company’s fee income for the three and six months ended June 30, 2023 and 2022 and the year ended December 31, 2022:
+Added: The following table summarizes the Company’s fee income for the three and nine months ended September 30, 2023 and 2022 and the year ended December 31, 2022:
Three Months Ended
−Removed: June 30, Six Months Ended
−Removed: June 30, Year Ended
+Added: September 30, Nine Months Ended
+Added: September 30, Year Ended
2023 2022 2023 2022 2022
9 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
Financial Highlights
−Removed: The following is a schedule of financial highlights as of and for the six months ended June 30, 2023 and 2022 and the year ended December 31, 2022:
−Removed: Six Months Ended
−Removed: June 30, Year Ended
+Added: The following is a schedule of financial highlights as of and for the nine months ended September 30, 2023 and 2022 and the year ended December 31, 2022:
+Added: Nine Months Ended
+Added: September 30, Year Ended
2023 2022 2022
4 unchanged sentences
Net realized loss and net change in unrealized depreciation on investments and loss on foreign currency(2) ( 0.71 ) ( 0.42 ) ( 0.68 )
−Removed: Net (decrease) increase in net assets resulting from operations(2) ( 0.05 ) 0.11 0.88
+Added: Net increase in net assets resulting from operations(2) 0.81 0.71 0.88
Shareholder distributions:
17 unchanged sentences
Asset coverage ratio(8) 1.85 1.96 1.92
−Removed: (1) The per share data for the six months ended June 30, 2023 and 2022 and the year ended December 31, 2022 was derived by using the weighted average shares of common stock outstanding during each period.
+Added: (1) The per share data for the nine months ended September 30, 2023 and 2022 and the year ended December 31, 2022 was derived by using the weighted average shares of common stock outstanding during each period.
(2) The amount shown for net realized loss, net change in unrealized depreciation on investments and loss on foreign currency is the balancing figure derived from the other figures in the schedule.
The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales and repurchases of the Company’s shares in relation to fluctuating market values for the portfolio.
−Removed: As a result, net (decrease) increase in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.
+Added: As a result, net increase in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: June 30, 2023
+Added: September 30, 2023
(in thousands, except share and per share amounts)
(3) Repurchases of common stock may have caused an incremental decrease or increase in net asset value per share due to the repurchase of shares at a price in excess of or below net asset value per share, respectively, on each repurchase date.
−Removed: The per share impact of repurchases of common stock was a decrease to net asset value of less than $ 0.01 per share during the six months ended June 30, 2023 and 2022 and the year ended December 31, 2022.
+Added: The per share impact of repurchases of common stock was a decrease to net asset value of less than $ 0.01 per share during the nine months ended September 30, 2023 and 2022 and the year ended December 31, 2022.
(4) Total investment return-net asset value is a measure of the change in total value for shareholders who held the Company’s common stock at the beginning and end of the period, including distributions paid or payable during the period.
4 unchanged sentences
Total returns covering less than a full year are not annualized.
−Removed: (5) Total investment return-market value for the six months ended June 30, 2023 and 2022 and the year ended December 31, 2022 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.
+Added: (5) Total investment return-market value for the nine months ended September 30, 2023 and 2022 and the year ended December 31, 2022 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.
1 unchanged sentence
As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.
−Removed: (6) 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.
+Added: (6) Ratios are not annualized.
+Added: (7) Portfolio turnover rate is calculated using the lesser of year-to-date sales or purchases over the average of the invested assets at fair value, excluding short term investments.
(8) Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) total senior securities outstanding at the end of the period (excluding unfunded commitments), divided by (ii) total senior securities outstanding at the end of the period.
+Added: Subsequent Events
+Added: Additional Series A Notes
+Added: On October 10, 2023, the Company issued $ 33,146 in aggregate principal amount of its additional Series A Unsecured Notes due 2026, or the Additional Series A Notes, to institutional investors in Israel.
+Added: The Additional Series A Notes were issued pursuant to the Deed of Trust and were issued by way of expanding, and have the same terms and conditions as, the existing Series A Notes that were issued by the Company on February 28, 2023 (see Note 8).
+Added: After the deduction of fees and other offering expenses, the Company received net proceeds of $ 32,317 , which the Company intends to use to make investments in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes.
+Added: The Additional Series A Notes are rated A1.il by Midroog Ltd., an affiliate of Moody’s, and commenced trading on the TASE on October 10, 2023.
+Added: The Additional 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.
+Added: The Additional Series A Notes bear interest at a floating 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 November 30, 2023.
+Added: The Additional Series A Notes are the Company’s 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 Additional Series A Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company’s subsidiaries, financing vehicles or similar facilities.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements (unaudited)
+Added: September 30, 2023
+Added: (in thousands, except share and per share amounts)
+Added: On November 8, 2023, the Company entered into a Note Purchase Agreement with certain institutional investors, or the 2027 Note Purchase Agreement, in connection with the Company’s issuance of $ 100,000 aggregate principal amount of its senior unsecured notes due 2027, or the 2027 Notes, at a purchase price equal to 99.25 % of the principal amount of the 2027 Notes.
+Added: The net proceeds to the Company were approximately $ 99,000 , after the deduction of placement agent fees and other financing expenses, which the Company intends to use to primarily repay debt under its senior secured financing arrangements, make investments in portfolio companies in accordance with its investment objectives, and for working capital and general corporate purposes.
+Added: The 2027 Notes are rated BBB (low) by DBRS, Inc.
+Added: The 2027 Notes mature on November 8, 2027.
+Added: The 2027 Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 4.75 % per year and subject to a 2.00 % SOFR floor, which will be paid quarterly on February 15, May 15, August 15, and November 15 of each year, commencing on February 15, 2024.
+Added: The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the 2027 Notes (i) on or before August 8, 2027, at a redemption price equal to 100 % of the principal amount of 2027 Notes to be redeemed plus an applicable “make-whole” amount equal to (x) the discounted value of the remaining scheduled payments with respect to the principal of such 2027 Note that is to be prepaid or becomes due and payable pursuant to the 2027 Note Purchase Agreement over (y) the amount of such called principal, plus accrued and unpaid interest, if any, and (ii) after August 8, 2027, at a redemption price equal to 100 % of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any.
+Added: For any redemptions occurring on or before August 8, 2027, the discounted value portion of the “make whole amount” is calculated by applying a discount rate on the same periodic basis as that on which interest on the 2027 Notes is payable equal to the sum of 0.50 % plus the yield to maturity of the most recently issued U.S.
+Added: Treasury securities having a maturity equal to the remaining average life of the 2027 Notes, or if there are no such U.S.
+Added: Treasury securities, using such implied yield to maturity determined in accordance with the terms of the 2027 Note Purchase Agreement.
+Added: The 2027 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.
+Added: The 2027 Note Purchase Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a business development company within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 543.6 million, (iv) a minimum asset coverage ratio of not less than 150 %, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.
+Added: The 2027 Note Purchase Agreement also contains a “most favored lender” provision in favor of the purchasers in respect of any new credit facilities, loans, notes or unsecured indebtedness in excess of $ 25 million incurred by the Company, which indebtedness contains a financial covenant not contained in, or more restrictive against the Company than those contained, in the 2027 Note Purchase Agreement.
+Added: In addition, the 2027 Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25 million, certain judgments and orders, and certain events of bankruptcy.
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.