4 unchanged sentences
To the extent that a majority of our investments may be in variable rate investments, an increase in interest rates could make it easier for us to meet or exceed our incentive fee hurdle rate, as defined in our investment advisory agreement, and may result in a substantial increase in our net investment income, and also to the amount of incentive fees payable to CIM with respect to our pre-incentive fee net investment income.
−Removed: As of December 31, 2022, under the terms of the Third Amended JPM Credit Facility, advances bear interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.10% per year.
−Removed: Under the terms of the JPM First Amendment, additional advances of up to $100,000 bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.10% per year, and a LIBOR to SOFR credit spread adjustment of 0.15%.
−Removed: Pursuant to the terms of the Amended UBS Facility, we currently pay a financing fee equal to the three-month LIBOR, plus a spread of 3.375% per year.
+Added: As of December 31, 2023, under the terms of the JPM Second Amendment, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.05% per year, and a LIBOR to SOFR credit spread adjustment of 0.15%.
+Added: Pursuant to the terms of the Amended UBS Facility, we currently pay a financing fee equal to the three-month SOFR, plus a spread of 3.20% per year.
+Added: Pursuant to the terms of the Deed of Trust, the Series A Notes bear interest at a floating rate equal to average overnight SOFR, plus a credit spread of 3.82% per year.
+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 are subject to a 2.00% SOFR floor.
Pursuant to the terms of the 2022 More Term Loan, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.50% per year and subject to a 1.0% SOFR floor.
6 unchanged sentences
Adverse developments resulting from changes in interest rates could have a material adverse effect on our business, financial condition and results of operations.
−Removed: The following table shows the effect over a twelve month period of changes in interest rates on our net interest income, excluding short term investments, assuming no changes in our investment portfolio, the Third Amended JPM Credit Facility (including the JPM First Amendment), the Amended UBS Facility or the 2022 More Term Loan in effect as of December 31, 2022:
+Added: The following table shows the effect over a twelve month period of changes in interest rates on our net interest income, excluding short term investments, assuming no changes in our investment portfolio, the JPM Second Amendment, the Amended UBS Facility, the Series A Notes, the 2027 Notes or the 2022 More Term Loan in effect as of December 31, 2023:
Basis Point Change in Interest Rates (Decrease) Increase in Net Interest Income(1) Percentage Change in Net Interest Income
9 unchanged sentences
(1) This table assumes no change in defaults or prepayments by portfolio companies over the next twelve months.
−Removed: The interest rate sensitivity analysis presented above does not consider the potential impact of the changes in fair value of our fixed rate debt investments, our fixed rate borrowings (the 2026 Notes and the 2021 More Term Loan), our Series A Notes (which were issued on February 28, 2023), or the net asset value of our common stock in the event of sudden changes in interest rates.
+Added: The interest rate sensitivity analysis presented above does not consider the potential impact of the changes in fair value of our fixed rate debt investments, our fixed rate borrowings (the 2026 Notes and the 2021 More Term Loan), or the NAV of our common stock in the event of sudden changes in interest rates.
Approximately 7.2% of our investments paid fixed interest rates as of December 31, 2023.
−Removed: Rising market interest rates will most likely lead to fair value declines for fixed interest rate investments and fixed interest rate borrowings and a decline in the net asset value of our common stock, while declining market interest rates will most likely lead to an increase in the fair value of fixed interest rate investments and fixed interest rate borrowings and an increase in the net asset value of our common stock.
+Added: Rising market interest rates will most likely lead to fair value declines for fixed interest rate investments and fixed interest rate borrowings and a decline in the NAV of our common stock, while declining market interest rates will most likely lead to an increase in the fair value of fixed interest rate investments and fixed interest rate borrowings and an increase in the NAV of our common stock.
In addition, we may have risk regarding portfolio valuation.
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies—Valuation of Portfolio Investments” and Note 2 to our consolidated financial statements included in this report.
−Removed: Inflation and Supply Chain Risk
Economic activity has continued to accelerate across sectors and regions.
−Removed: Nevertheless, due to global supply chain issues, geopolitical events, a rise in energy prices and strong consumer demand as economies continue to rebound, inflation is showing signs of acceleration in the U.S.
+Added: Nevertheless, due to geopolitical events, a rise in energy prices and strong consumer demand, inflation is showing signs of remaining high in the U.S.
and globally.
−Removed: Inflation is likely to continue in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response.
+Added: Although the current outlook is uncertain, heightened inflation may persist in the near to medium-term, particularly in the U.S., with the possibility that monetary policy may tighten in response.
Persistent inflationary pressures could affect our portfolio companies' respective profit margins.
−Removed: Credit markets continued to be under pressure during the second half of 2022 amid a risk-off environment and sustained macro-economic uncertainty due to record-high inflation, tighter financial conditions and growing recession risk.
−Removed: Central banks have remained focused on restoring price stability by raising interest rates and have signaled that growth may be hindered until inflation comes under control.
Consolidated Financial Statements and Supplementary Data
−Removed: Report s of Independent Registered Public Accounting Firm (PCAOB ID 49 )
+Added: Reports of Independent Registered Public Accounting Firm (RSM US LLP, New York, New York, PCAOB ID 49 )
Consolidated Balance Sheets
8 unchanged sentences
We have audited the accompanying consolidated balance sheets, including the consolidated schedules of investments, of CĪON Investment Corporation (the Company) as of December 31, 2023 and 2022, the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes to the consolidated financial statements (collectively, the financial statements).
−Removed: In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
+Added: In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations, changes in net assets, and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013, and our report dated March 13, 2024 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
5 unchanged sentences
We conducted our audits in accordance with the standards of the PCAOB.
−Removed: Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
+Added: Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
23 unchanged sentences
◦ Subsequent events and transactions, where available.
−Removed: • We tested both the source information used to determine the unobservable input and the mathematical accuracy of the calculation used to compute the unobservable input for a sample of investments.
+Added: • For a sample of investments, we tested the completeness and accuracy of the underlying data used by management to determine the unobservable input by agreeing it to underlying source information, and we tested the mathematical accuracy of the calculation used to compute the unobservable input.
• For a sample of investments, we utilized valuation specialists to perform the following procedures, among others:
14 unchanged sentences
Basis for Opinion
−Removed: The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting in the accompanying Management’s Report on Internal Control Over Financial Reporting.
+Added: The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting.
Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.
69 unchanged sentences
Non-controlled, affiliated investments
−Removed: Paid-in-kind interest income 6,204 3,160 2,082
Interest income 7,068 5,865 4,961
+Added: Paid-in-kind interest income 8,372 6,204 3,160
Fee income 2,432 525 —
3 unchanged sentences
Paid-in-kind interest income 1,050 2,482 260
+Added: Fee income 1,391 — —
Dividend income 4,250 1,275 —
8 unchanged sentences
Net investment income before taxes 104,968 88,577 74,649
−Removed: Income tax expense, including excise tax 372 342 268
+Added: Income tax (benefit) expense, including excise tax ( 54 ) 372 342
Net investment income after taxes 105,022 88,205 74,307
6 unchanged sentences
Net realized (losses) gains ( 31,927 ) ( 32,750 ) 840
−Removed: Net change in unrealized (depreciation) appreciation on:
+Added: Net change in unrealized appreciation (depreciation) on:
Non-controlled, non-affiliated investments 15,658 ( 19,807 ) 25,566
1 unchanged sentence
Controlled investments 13,896 970 10,790
−Removed: Net change in unrealized (depreciation) appreciation ( 5,314 ) 43,617 ( 19,878 )
+Added: Net change in unrealized appreciation (depreciation) 22,219 ( 5,314 ) 43,617
Net realized and unrealized (losses) gains ( 9,708 ) ( 38,064 ) 44,457
−Removed: Net increase (decrease) in net assets resulting from operations $ 50,141 $ 118,764 $ ( 11,022 )
+Added: Net increase in net assets resulting from operations $ 95,314 $ 50,141 $ 118,764
Per share information—basic and diluted(1)
−Removed: Net increase (decrease) in net assets per share resulting from operations $ 0.89 $ 2.09 $ ( 0.19 )
+Added: Net increase in net assets per share resulting from operations $ 1.74 $ 0.89 $ 2.09
Net investment income per share $ 1.92 $ 1.56 $ 1.31
1 unchanged sentence
(1) As discussed in Note 3, the Company completed a two-to-one reverse stock split, effective as of September 21, 2021.
−Removed: The weighted average shares used in the computation of the net increase (decrease) in net assets per share resulting from operations and net investment income per share reflect the reverse stock split on a retroactive basis.
+Added: The weighted average shares used in the computation of the net increase (decrease) in net assets per share resulting from operations and net investment income per share for 2021 reflect the reverse stock split on a retroactive basis.
See accompanying notes to consolidated financial statements.
7 unchanged sentences
Net realized (loss) gain on investments ( 31,927 ) ( 32,747 ) 843
−Removed: Net realized (loss) gain on foreign currency ( 3 ) ( 3 ) 26
−Removed: Net change in unrealized (depreciation) appreciation on investments ( 5,314 ) 43,617 ( 19,878 )
−Removed: Net increase (decrease) in net assets resulting from operations 50,141 118,764 ( 11,022 )
+Added: Net realized loss on foreign currency — ( 3 ) ( 3 )
+Added: Net change in unrealized appreciation (depreciation) on investments 22,219 ( 5,314 ) 43,617
+Added: Net increase in net assets resulting from operations 95,314 50,141 118,764
Changes in net assets from shareholders' distributions:
11 unchanged sentences
(1) As discussed in Note 3, the Company completed a two-to-one reverse stock split, effective as of September 21, 2021.
−Removed: The shares outstanding used in the computation of net asset value per share reflect the reverse stock split on a retroactive basis.
+Added: The shares outstanding used in the computation of net asset value per share for 2021 reflect the reverse stock split on a retroactive basis.
See accompanying notes to consolidated financial statements.
5 unchanged sentences
Operating activities:
−Removed: Net increase (decrease) in net assets resulting from operations $ 50,141 $ 118,764 $ ( 11,022 )
−Removed: Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
+Added: Net increase in net assets resulting from operations $ 95,314 $ 50,141 $ 118,764
+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 ( 13,506 ) ( 11,032 ) ( 11,738 )
2 unchanged sentences
Paid-in-kind interest and dividends capitalized ( 31,739 ) ( 31,446 ) ( 21,734 )
−Removed: Decrease (increase) in short term investments, net 77,048 ( 14,319 ) ( 44,071 )
+Added: (Increase) decrease in short term investments, net ( 102,577 ) 77,048 ( 14,319 )
Proceeds from sale of investments 12,771 62,586 259,050
Net realized loss (gain) on investments 31,927 32,747 ( 843 )
−Removed: Net change in unrealized depreciation (appreciation) on investments 5,314 ( 43,617 ) 19,878
+Added: Net change in unrealized (appreciation) depreciation on investments ( 22,219 ) 5,314 ( 43,617 )
Amortization of debt issuance costs 4,073 3,175 2,800
−Removed: (Increase) decrease in due from counterparty — — 3,281
(Increase) decrease in interest receivable on investments ( 16,372 ) ( 2,821 ) ( 4,400 )
8 unchanged sentences
Increase (decrease) in subordinated incentive fee on income payable ( 450 ) 1,123 ( 381 )
−Removed: Net cash provided by (used in) operating activities 35,278 ( 49,248 ) 198,730
+Added: Net cash (used in) provided by operating activities ( 97,151 ) 35,278 ( 49,248 )
Financing activities:
4 unchanged sentences
Debt issuance costs paid ( 8,538 ) ( 1,725 ) ( 5,384 )
−Removed: Net cash provided by (used in) financing activities 43,687 33,108 ( 184,951 )
−Removed: Net increase (decrease) in cash and restricted cash 78,965 ( 16,140 ) 13,779
+Added: Net cash provided by financing activities 22,827 43,687 33,108
+Added: Net (decrease) increase in cash and restricted cash ( 74,324 ) 78,965 ( 16,140 )
Cash and restricted cash, beginning of year 82,739 3,774 19,914
2 unchanged sentences
Cash paid for interest $ 79,032 $ 42,930 $ 27,129
−Removed: Supplemental non-cash financing activities:
+Added: Supplemental non-cash operating and financing activities:
Reinvestment of shareholders' distributions $ — $ — $ 15,489
9 unchanged sentences
Senior Secured First Lien Debt - 178.0 %
−Removed: Adapt Laser Acquisition, Inc.(t)(x) L+ 1200 , 1.00 % LIBOR Floor
+Added: Adapt Laser Acquisition, Inc.(w) S+ 1000 , 1.00 % SOFR Floor
12/31/2025 Capital Equipment $ 10,855 $ 10,855 $ 11,126
−Removed: Adapt Laser Acquisition, Inc.(t)(x) L+ 1200 , 1.00 % LIBOR Floor
+Added: Adapt Laser Acquisition, Inc.(w) S+ 1000 , 1.00 % SOFR Floor
12/31/2025 Capital Equipment 2,104 2,104 2,085
−Removed: AHF Parent Holding, Inc.(n)(aa) S+ 625 , 0.75 % SOFR Floor
+Added: Afore Insurance Services, LLC(m)(q)(w) S+ 600 , 1.00 % SOFR Floor
+Added: 3/24/2025 Banking, Finance, Insurance & Real Estate 4,583 4,583 4,583
+Added: AHF Parent Holding, Inc.(n)(w) S+ 625 , 0.75 % SOFR Floor
2/1/2028 Construction & Building 2,738 2,697 2,662
−Removed: Allen Media, LLC(n)(aa) S+ 550 , 0.00 % SOFR Floor
+Added: Allen Media, LLC(n)(w) S+ 550 , 0.00 % SOFR Floor
2/10/2027 Media:
Diversified & Production 8,772 8,718 8,487
−Removed: ALM Media, LLC(m)(n)(x) L+ 650 , 1.00 % LIBOR Floor
+Added: ALM Media, LLC(m)(n)(w) S+ 600 , 1.00 % SOFR Floor
11/25/2024 Media:
Advertising, Printing & Publishing 16,000 15,934 16,000
−Removed: American Clinical Solutions LLC(m)(t)(w) L+ 700 , 1.00 % LIBOR Floor
+Added: AMCP Clean Acquisition Company, LLC(w) S+ 425 , 0.00 % SOFR Floor
+Added: 6/15/2025 Services:
+Added: Business 12,117 11,403 11,439
+Added: AMCP Clean Acquisition Company, LLC(w) S+ 425 , 0.00 % SOFR Floor
+Added: 6/15/2025 Services:
+Added: Business 2,843 2,676 2,684
+Added: American Clinical Solutions LLC(m)(s)(w) S+ 700 , 1.00 % SOFR Floor
6/30/2025 Healthcare & Pharmaceuticals 6,312 6,321 6,107
−Removed: American Consolidated Natural Resources, Inc.(m)(t)(x) L+ 1600 , 1.00 % LIBOR Floor
−Removed: 9/16/2025 Metals & Mining 47 35 47
−Removed: American Health Staffing Group, Inc.(m)(y) L+ 600 , 1.00 % LIBOR Floor
+Added: American Clinical Solutions LLC(o) 0.00 % Unfunded
+Added: 3/29/2024 Healthcare & Pharmaceuticals 250 ( 8 ) ( 8 )
+Added: American Health Staffing Group, Inc.(m) Prime+ 500
11/19/2026 Services:
4 unchanged sentences
Business 3,333 ( 19 ) —
−Removed: American Teleconferencing Services, Ltd.(o)(q) 0.50 % Unfunded
+Added: American Teleconferencing Services, Ltd.(p) Prime+ 550
4/7/2023 Telecommunications 3,116 3,116 140
−Removed: American Teleconferencing Services, Ltd.(q) Prime+ 550
+Added: American Teleconferencing Services, Ltd.(o) 0.00 % Unfunded
4/7/2023 Telecommunications 235 — —
−Removed: Analogic Corp.(m)(n)(x) L+ 525 , 1.00 % LIBOR Floor
−Removed: 6/21/2024 Healthcare & Pharmaceuticals 4,850 4,823 4,795
−Removed: Ancile Solutions, Inc.(m)(t)(x) L+ 1000 , 1.00 % LIBOR Floor
+Added: Ancile Solutions, Inc.(m)(w) S+ 1000 , 1.00 % SOFR Floor
6/11/2026 High Tech Industries 11,204 11,006 11,078
−Removed: Anthem Sports & Entertainment Inc.(m)(t)(x) 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 40,242 40,112 38,029
−Removed: Anthem Sports & Entertainment Inc.(x) 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 — ( 9 )
−Removed: Appalachian Resource Company, LLC(w) 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 11,123 8,957
−Removed: Appalachian Resource Company, LLC(w) L+ 1000 , 1.00 % LIBOR Floor
+Added: Appalachian Resource Company, LLC(v) S+ 500 , 1.00 % SOFR Floor
9/15/2024 Metals & Mining 5,000 5,000 5,000
−Removed: Archer Systems, LLC(m)(z) S+ 650 , 1.00 % SOFR Floor
−Removed: 8/11/2027 Services:
−Removed: Business 18,095 17,922 17,937
−Removed: Archer Systems, LLC 0.50 % Unfunded
−Removed: 8/11/2027 Services:
−Removed: Business 1,905 ( 18 ) ( 17 )
−Removed: Associated Asphalt Partners, LLC(m)(n)(w) L+ 525 , 1.00 % LIBOR Floor
−Removed: 4/5/2024 Construction & Building 14,221 14,051 10,994
Atlas Supply LLC 11.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 4,938
−Removed: Avison Young (USA) Inc.(h)(m)(w) S+ 575 , 0.00 % SOFR Floor
+Added: Avalign Holdings, Inc.(v) S+ 450 , 0.00 % SOFR Floor
+Added: 12/22/2025 Healthcare & Pharmaceuticals 6,710 6,318 6,268
+Added: Avison Young (USA) Inc.(m)(w) S+ 650 , 0.00 % SOFR Floor
1/31/2026 Banking, Finance, Insurance & Real Estate 23,696 13,299 18,602
−Removed: BDS Solutions Intermediateco, LLC(m)(aa) S+ 625 , 1.00 % SOFR Floor
+Added: Avison Young (USA) Inc.(w) S+ 700 , 0.00 % SOFR Floor
+Added: 1/31/2026 Banking, Finance, Insurance & Real Estate 2,481 922 1,948
+Added: BDS Solutions Intermediateco, LLC(m)(w) S+ 700 , 2.00 % SOFR Floor
2/7/2027 Services:
Business 19,892 19,629 19,394
−Removed: BDS Solutions Intermediateco, LLC(aa) S+ 625 , 1.00 % SOFR Floor
+Added: BDS Solutions Intermediateco, LLC(w) S+ 700 , 2.00 % SOFR Floor
2/7/2027 Services:
3 unchanged sentences
Business 1,905 ( 48 ) ( 48 )
−Removed: Berlitz Holdings, Inc.(r)(z) S+ 900 , 1.00 % SOFR Floor
+Added: Berlitz Holdings, Inc.(v) S+ 900 , 1.00 % SOFR Floor
2/14/2025 Services:
Business 13,800 13,339 13,095
−Removed: Bradshaw International Parent Corp.(m)(w) L+ 575 , 1.00 % LIBOR Floor
−Removed: 10/21/2027 Consumer Goods:
−Removed: Durable 13,024 12,746 12,650
−Removed: Bradshaw International Parent Corp.
−Removed: 0.50 % Unfunded
−Removed: 10/21/2026 Consumer Goods:
−Removed: Durable 1,844 ( 36 ) ( 53 )
See accompanying notes to consolidated financial statements.
5 unchanged sentences
Units(e) Cost(d) Fair
−Removed: Cabi, LLC(m)(z) S+ 950 , 1.00 % SOFR Floor
+Added: Bradshaw International Parent Corp.(m)(v) S+ 575 , 1.00 % SOFR Floor
+Added: 10/21/2027 Consumer Goods:
+Added: Durable 12,893 12,662 12,877
+Added: Bradshaw International Parent Corp.
+Added: 0.50 % Unfunded
+Added: 10/21/2026 Consumer Goods:
+Added: Durable 1,844 ( 26 ) ( 2 )
+Added: Cabi, LLC(j)(m)(v) S+ 450 , 1.00 % SOFR Floor
2/28/2027 Retail 16,477 16,300 16,394
−Removed: Cadence Aerospace, LLC(m)(n)(t)(x) L+ 850 , 1.00 % LIBOR Floor
−Removed: 11/14/2023 Aerospace & Defense 39,383 39,225 38,842
−Removed: Carestream Health, Inc.(n)(r)(z) 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 10,457 11,423
−Removed: CB URS Holdings Corp.(m)(x) L+ 575 , 1.00 % LIBOR Floor
−Removed: 9/1/2024 Transportation:
−Removed: Cargo 14,826 14,801 12,417
−Removed: Celerity Acquisition Holdings, LLC(m)(x) L+ 850 , 1.00 % LIBOR Floor
−Removed: 5/28/2026 Services:
−Removed: Business 14,775 14,775 14,590
−Removed: Cennox, Inc.(m)(x) L+ 600 , 1.00 % LIBOR Floor
−Removed: 5/4/2026 Services:
−Removed: Business 22,509 22,509 22,425
−Removed: Cennox, Inc.(n)(x) L+ 600 , 1.00 % LIBOR Floor
+Added: Celerity Acquisition Holdings, LLC(m)(s)(w) S+ 1000 , 1.00 % SOFR Floor
5/28/2026 Services:
Business 16,118 16,096 16,118
−Removed: L+ 600 , 1.00 % LIBOR Floor
+Added: Cennox, Inc.(m)(s)(w) S+ 625 , 1.00 % SOFR Floor
5/4/2026 Services:
Business 22,423 22,422 22,395
−Removed: 1.00 % Unfunded
+Added: Cennox, Inc.(m)(n)(s)(w) S+ 625 , 1.00 % SOFR Floor
5/4/2026 Services:
Business 11,554 11,551 11,540
−Removed: 0.50 % Unfunded
+Added: Cennox, Inc.(s)(w) S+ 625 , 1.00 % SOFR Floor
5/4/2026 Services:
Business 2,987 2,987 2,983
−Removed: CION/EagleTree Partners, LLC(h)(s)(t) 14.00 % 12/21/2026 Diversified Financials 60,348 60,348 60,348
−Removed: CircusTrix Holdings, LLC(m)(n)(w) L+ 550 , 1.00 % LIBOR Floor
−Removed: 1/16/2024 Hotel, Gaming & Leisure 26,824 26,782 26,824
−Removed: CircusTrix Holdings, LLC(m)(w) L+ 550 , 1.00 % LIBOR Floor
−Removed: 1/16/2024 Hotel, Gaming & Leisure 2,737 2,715 2,737
−Removed: CircusTrix Holdings, LLC(m)(w) L+ 550 , 1.00 % LIBOR Floor
−Removed: 7/16/2023 Hotel, Gaming & Leisure 1,560 1,525 1,862
−Removed: Community Tree Service, LLC(m)(aa) S+ 850 , 1.00 % SOFR Floor
+Added: CION/EagleTree Partners, LLC(h)(r)(s) 14.00 % 12/21/2026 Diversified Financials 59,598 59,598 59,598
+Added: Community Tree Service, LLC(m)(s)(w) S+ 850 , 1.00 % SOFR Floor
6/17/2027 Construction & Building 11,567 11,567 11,596
−Removed: Country Fresh Holdings, LLC(q)(x) L+ 500 , 1.00 % LIBOR Floor
+Added: Country Fresh Holdings, LLC(p) Prime+ 600
4/30/2024 Beverage, Food & Tobacco 844 645 21
−Removed: Country Fresh Holdings, LLC(q)(x) L+ 500 , 1.00 % LIBOR Floor
+Added: Country Fresh Holdings, LLC(p) Prime+ 600
4/30/2024 Beverage, Food & Tobacco 342 268 9
−Removed: Coyote Buyer, LLC(m)(n)(x) L+ 600 , 1.00 % LIBOR Floor
+Added: Coyote Buyer, LLC(m)(n)(w) S+ 600 , 1.00 % SOFR Floor
2/6/2026 Chemicals, Plastics & Rubber 33,688 33,569 33,688
−Removed: Coyote Buyer, LLC(n)(x) L+ 800 , 1.00 % LIBOR Floor
+Added: Coyote Buyer, LLC(n)(w) S+ 800 , 1.00 % SOFR Floor
8/6/2026 Chemicals, Plastics & Rubber 6,063 5,997 6,063
1 unchanged sentence
2/6/2025 Chemicals, Plastics & Rubber 2,500 — —
−Removed: Critical Nurse Staffing, LLC(m)(x) L+ 600 , 1.00 % LIBOR Floor
−Removed: 11/1/2026 Healthcare & Pharmaceuticals 12,928 12,928 12,928
−Removed: Critical Nurse Staffing, LLC(x) L+ 600 , 1.00 % LIBOR Floor
−Removed: 11/1/2026 Healthcare & Pharmaceuticals 999 999 999
−Removed: Critical Nurse Staffing, LLC(w) L+ 600 , 1.00 % LIBOR Floor
+Added: Critical Nurse Staffing, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor
11/1/2026 Healthcare & Pharmaceuticals 12,797 12,797 12,797
−Removed: Critical Nurse Staffing, LLC 1.00 % Unfunded
+Added: Critical Nurse Staffing, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor
11/1/2026 Healthcare & Pharmaceuticals 989 989 989
1 unchanged sentence
11/1/2026 Healthcare & Pharmaceuticals 1,000 — —
−Removed: David's Bridal, LLC(m)(t)(x) L+ 1000 , 1.00 % LIBOR Floor
−Removed: 5/23/2024 Retail 13,000 12,744 13,130
−Removed: David's Bridal, LLC(t)(x) L+ 1000 , 1.00 % LIBOR Floor
−Removed: 5/23/2024 Retail 5,357 5,357 5,210
−Removed: David's Bridal, LLC(t)(x) L+ 1000 , 1.00 % LIBOR Floor
+Added: David's Bridal, LLC(r)(v) S+ 600 , 0.00 % SOFR Floor
12/21/2027 Retail 17,034 17,034 16,694
−Removed: David's Bridal, LLC(q)(t)(w) L+ 700 , 1.00 % LIBOR Floor
+Added: David's Bridal, LLC(m)(r)(w) S+ 650 , 0.00 % SOFR Floor
12/21/2027 Retail 22,050 22,050 22,050
−Removed: Deluxe Entertainment Services, Inc.(m)(q)(r)(t)(x) L+ 650 , 1.00 % LIBOR Floor
+Added: Deluxe Entertainment Services, Inc.(m)(p)(q)(s) Prime+ 550
3/25/2024 Media:
Diversified & Production 2,623 2,542 85
−Removed: Dermcare Management, LLC(m)(z) S+ 600 , 1.00 % SOFR Floor
+Added: Dermcare Management, LLC(m)(v) S+ 600 , 1.00 % SOFR Floor
4/22/2028 Healthcare & Pharmaceuticals 9,262 9,111 9,262
−Removed: Dermcare Management, LLC(z) S+ 600 , 1.00 % SOFR Floor
+Added: Dermcare Management, LLC(m)(v) S+ 600 , 1.00 % SOFR Floor
4/22/2028 Healthcare & Pharmaceuticals 4,202 4,132 4,202
−Removed: Dermcare Management, LLC Prime+ 500
+Added: Dermcare Management, LLC (v) S+ 600 , 1.00 % SOFR Floor
4/22/2028 Healthcare & Pharmaceuticals 672 672 672
1 unchanged sentence
4/22/2028 Healthcare & Pharmaceuticals 672 — —
+Added: Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(w) S+ 625 , 1.00 % SOFR Floor
+Added: 12/29/2027 Services:
+Added: Business 2,869 2,826 2,611
+Added: Entertainment Studios P&A LLC(m)(w) S+ 900 , 1.00 % SOFR Floor
+Added: 9/28/2027 Media:
+Added: Diversified & Production 32,189 32,111 32,189
+Added: Entertainment Studios P&A LLC(j) 5.00 % 5/18/2037 Media:
+Added: Diversified & Production — — 505
See accompanying notes to consolidated financial statements.
5 unchanged sentences
Units(e) Cost(d) Fair
−Removed: Dermcare Management, LLC 0.50 % Unfunded
−Removed: 4/22/2028 Healthcare & Pharmaceuticals 1,164 — ( 7 )
−Removed: DMT Solutions Global Corp.(n)(u) L+ 750 , 1.00 % LIBOR Floor
−Removed: 7/2/2024 Services:
−Removed: Business 3,974 3,942 3,766
−Removed: Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(z) S+ 625 , 1.00 % SOFR Floor
−Removed: 12/29/2027 Services:
−Removed: Business 2,944 2,891 2,794
−Removed: Entertainment Studios P&A LLC(m)(x)(aa) S+ 850 , 1.00 % SOFR Floor
−Removed: 9/28/2027 Media:
−Removed: Diversified & Production 24,000 23,907 23,940
−Removed: Entertainment Studios P&A LLC(j) 5.00 % 5/18/2037 Media:
−Removed: Diversified & Production — — 1,654
−Removed: Flatworld Intermediate Corp.(n)(z) S+ 600 , 1.00 % SOFR Floor
+Added: ESP Associates, Inc.(m)(w) S+ 650 , 1.50 % SOFR Floor
+Added: 7/24/2028 Construction & Building 8,684 8,518 8,597
+Added: ESP Associates, Inc.
+Added: 0.50 % Unfunded
+Added: 7/24/2028 Construction & Building 1,316 ( 26 ) ( 13 )
+Added: Flatworld Intermediate Corp.(n)(w) S+ 700 , 1.00 % SOFR Floor
10/3/2027 Services:
4 unchanged sentences
Business 5,865 — —
−Removed: FuseFX, LLC(m)(n)(w) S+ 575 , 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
9/30/2026 Media:
Diversified & Production 19,706 19,643 19,115
−Removed: Fusion Connect Inc.(m)(t)(x) L+ 850 , 1.00 % LIBOR Floor
−Removed: 1/18/2027 High Tech Industries 19,626 19,141 19,626
−Removed: Future Pak, LLC(m)(w) L+ 1000 , 2.00 % LIBOR Floor
+Added: Future Pak, LLC(m)(v) S+ 900 , 4.00 % SOFR Floor
9/22/2026 Healthcare & Pharmaceuticals 18,811 18,811 18,811
−Removed: Gold Medal Holdings, Inc.(m)(aa) S+ 700 , 1.00 % SOFR Floor
−Removed: 3/17/2027 Services:
−Removed: Business 14,759 14,628 14,575
−Removed: GSC Technologies Inc.(r)(w) L+ 500 , 1.00 % LIBOR Floor
−Removed: 9/30/2025 Chemicals, Plastics & Rubber 2,404 2,322 2,064
−Removed: GSC Technologies Inc.(r)(t)(w) L+ 500 , 1.00 % LIBOR Floor
+Added: Gold Medal Holdings, Inc.(m)(v) S+ 700 , 1.00 % SOFR Floor
+Added: 3/17/2027 Environmental Industries 15,336 15,220 15,336
+Added: GSC Technologies Inc.(q)(v) S+ 500 , 1.00 % SOFR Floor
9/30/2025 Chemicals, Plastics & Rubber 2,099 2,051 1,983
−Removed: GSC Technologies Inc.(r)(t)(x) L+ 1000 , 1.00 % LIBOR Floor
+Added: GSC Technologies Inc.(q)(s)(v) S+ 500 , 1.00 % SOFR Floor
9/30/2025 Chemicals, Plastics & Rubber 1,007 985 942
−Removed: Lochner, Inc.(m)(x) L+ 575 , 1.00 % LIBOR Floor
+Added: Lochner, Inc.(m)(w) S+ 675 , 1.00 % SOFR Floor
7/2/2027 Construction & Building 12,862 12,529 12,802
−Removed: Lochner, Inc.(m)(aa) S+ 675 , 1.00 % SOFR Floor
+Added: Lochner, Inc.(m)(w) S+ 625 , 1.00 % SOFR Floor
7/2/2027 Construction & Building 8,760 8,704 8,760
−Removed: Lochner, Inc.(x) L+ 575 , 1.00 % LIBOR Floor
+Added: Lochner, Inc.(w) S+ 625 , 1.00 % SOFR Floor
7/2/2027 Construction & Building 964 914 964
2 unchanged sentences
7/2/2027 Construction & Building 1,036 — —
−Removed: Harland Clarke Holdings Corp.
−Removed: (m)(x) S+ 775 , 1.00 % SOFR Floor
−Removed: 6/16/2026 Services:
−Removed: Business 9,186 9,177 7,625
−Removed: Heritage Power, LLC(x) L+ 600 , 1.00 % LIBOR Floor
+Added: Harland Clarke Holdings Corp.(m)(w) S+ 775 , 1.00 % SOFR Floor
+Added: 6/16/2026 Media:
+Added: Advertising, Printing & Publishing 9,244 9,239 8,886
+Added: Heritage Power, LLC(w) S+ 550 , 1.00 % SOFR Floor
7/20/2026 Energy:
Oil & Gas 1,159 1,159 1,159
−Removed: Hilliard, Martinez & Gonzales, LLP(m)(t)(w) L+ 1200 , 2.00 % LIBOR Floor
+Added: Hilliard, Martinez & Gonzales, LLP(m)(s)(v) S+ 1200 , 2.00 % SOFR Floor
9/16/2024 Services:
Consumer 25,061 25,027 24,841
−Removed: Hollander Intermediate LLC(m)(w)(aa) S+ 875 , 2.00 % SOFR Floor
+Added: Hollander Intermediate LLC(m)(v) S+ 875 , 3.00 % SOFR Floor
9/19/2026 Consumer Goods:
Durable 16,745 16,391 16,326
−Removed: Homer City Generation, L.P.(m)(t) 15.00 % 4/5/2023 Energy:
+Added: Homer City Generation, L.P.(m)(p)(s) 15.00 % 4/16/2024 Energy:
Oil & Gas 13,169 12,024 8,889
−Removed: Homer City Generation, L.P.
−Removed: 17.00 % 5/31/2023 Energy:
+Added: Homer City Generation, L.P.(s) 17.00 % 4/16/2024 Energy:
Oil & Gas 1,937 1,937 1,937
2 unchanged sentences
Oil & Gas 197 — —
−Removed: Hudson Hospital Opco, LLC(m)(n)(aa) S+ 800 , 3.00 % SOFR Floor
+Added: Hudson Hospital Opco, LLC(v)(y) S+ 800 , 3.00 % SOFR Floor
11/4/2023 Healthcare & Pharmaceuticals 2,186 2,176 2,137
−Removed: HUMC Holdco, LLC(m)(aa) S+ 800 , 3.00 % SOFR Floor
+Added: HUMC Holdco, LLC(m)(v)(y) S+ 800 , 3.00 % SOFR Floor
11/4/2023 Healthcare & Pharmaceuticals 7,780 7,780 7,780
−Removed: HW Acquisition, LLC Prime+ 500
−Removed: 9/28/2026 Capital Equipment 733 711 686
HW Acquisition, LLC(m) Prime+ 500
9/28/2026 Capital Equipment 18,781 18,664 15,658
+Added: HW Acquisition, LLC Prime+ 500
+Added: 9/28/2026 Capital Equipment 2,922 2,908 2,436
HW Acquisition, LLC 0.50 % Unfunded
9/28/2026 Capital Equipment 12 ( 2 ) ( 2 )
−Removed: ICA Foam Holdings, LLC(m)(aa) S+ 675 , 1.00 % SOFR Floor
+Added: ICA Foam Holdings, LLC(m)(w) S+ 725 , 1.00 % SOFR Floor
11/5/2025 Containers, Packaging & Glass 19,076 18,829 18,480
−Removed: IJKG Opco LLC(m)(n)(aa) S+ 800 , 3.00 % SOFR Floor
+Added: IJKG Opco LLC(v)(y) S+ 800 , 3.00 % SOFR Floor
11/4/2023 Healthcare & Pharmaceuticals 1,457 1,443 1,424
−Removed: Independent Pet Partners Intermediate Holdings, LLC(t) 6.00 % 11/20/2023 Retail 10,934 10,906 10,169
−Removed: Independent Pet Partners Intermediate Holdings, LLC(t) Prime+ 550
−Removed: 2/27/2023 Retail 2,238 2,238 2,216
−Removed: Independent Pet Partners Intermediate Holdings, LLC(t)(aa) S+ 1000 , 1.00 % SOFR Floor
−Removed: 2/27/2023 Retail 473 459 473
−Removed: Independent Pet Partners Intermediate Holdings, LLC(t)(x) L+ 650 , 0.00 % LIBOR Floor
−Removed: 2/27/2023 Retail 281 281 278
+Added: Inotiv, Inc.(m)(s)(x) S+ 675 , 1.00 % SOFR Floor
+Added: 11/5/2026 Healthcare & Pharmaceuticals 16,345 16,149 15,773
+Added: Instant Web, LLC(q)(s)(v) S+ 700 , 1.00 % SOFR Floor
+Added: 2/25/2027 Media:
+Added: Advertising, Printing & Publishing 44,968 44,968 28,555
See accompanying notes to consolidated financial statements.
5 unchanged sentences
Units(e) Cost(d) Fair
−Removed: InfoGroup Inc.(m)(n)(x) L+ 500 , 1.00 % LIBOR Floor
−Removed: 4/3/2023 Media:
−Removed: Advertising, Printing & Publishing 15,270 15,269 15,270
−Removed: Inotiv, Inc.(m)(x) S+ 625 , 1.00 % SOFR Floor
−Removed: 11/5/2026 Healthcare & Pharmaceuticals 16,351 16,094 15,738
−Removed: Instant Web, LLC(m)(n)(r)(t)(w) L+ 700 , 1.00 % LIBOR Floor
−Removed: 2/25/2027 Media:
−Removed: Advertising, Printing & Publishing 39,812 39,802 28,167
−Removed: Instant Web, LLC(r) Prime+ 375
+Added: Instant Web, LLC(q)(s)(v) S+ 650 , 1.00 % SOFR Floor
2/25/2027 Media:
Advertising, Printing & Publishing 2,908 2,908 2,832
−Removed: Instant Web, LLC(r)(x) L+ 650 , 1.00 % LIBOR Floor
+Added: Instant Web, LLC(q)(s) Prime+ 375 , 4.00 % Prime Floor
2/25/2027 Media:
Advertising, Printing & Publishing 497 497 513
−Removed: Instant Web, LLC(r) 0.50 % Unfunded
+Added: Instant Web, LLC(q)(s) S+ 650 , 1.00 % SOFR Floor
2/25/2027 Media:
Advertising, Printing & Publishing 1,082 1,131 1,059
−Removed: Instant Web, LLC(r) 0.50 % Unfunded
+Added: Instant Web, LLC(q) 0.50 % Unfunded
2/25/2027 Media:
Advertising, Printing & Publishing 2,164 ( 49 ) ( 46 )
−Removed: Invincible Boat Company LLC(m)(x) 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 13,475 13,415 13,475
−Removed: Invincible Boat Company LLC(x) 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 399 — —
−Removed: INW Manufacturing, LLC(n)(x) L+ 575 , 0.75 % LIBOR Floor
+Added: INW Manufacturing, LLC(n)(w) S+ 575 , 0.75 % SOFR Floor
3/25/2027 Services:
Business 17,750 17,419 16,286
−Removed: Ironhorse Purchaser, LLC(n)(aa) S+ 650 , 1.00 % SOFR Floor
+Added: Ironhorse Purchaser, LLC(n)(w) S+ 650 , 1.00 % SOFR Floor
9/30/2027 Services:
Business 7,054 6,995 7,054
−Removed: Ironhorse Purchaser, LLC(aa) S+ 650 , 1.00 % SOFR Floor
+Added: Ironhorse Purchaser, LLC(w) S+ 650 , 1.00 % SOFR Floor
9/30/2027 Services:
Business 2,020 2,005 2,020
−Removed: Ironhorse Purchaser, LLC 0.50 % Unfunded
+Added: Ironhorse Purchaser, LLC(w) S+ 650 , 1.00 % SOFR Floor
9/30/2027 Services:
3 unchanged sentences
Business 347 — —
−Removed: Isagenix International, LLC(m)(x) L+ 775 , 1.00 % LIBOR Floor
+Added: Isagenix International, LLC(q)(s)(w) S+ 550 , 1.00 % SOFR Floor
4/14/2028 Beverage, Food & Tobacco 8,583 8,583 8,518
−Removed: Jenny C Acquisition, Inc.(q)(x) L+ 900 , 1.75 % LIBOR 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)(x) L+ 550 , 1.00 % LIBOR Floor
+Added: JP Intermediate B, LLC(m)(w) S+ 550 , 1.00 % SOFR Floor
8/21/2027 Beverage, Food & Tobacco 34,703 18,528 27,155
−Removed: K&N Parent, Inc.(x) L+ 675 , 1.00 % LIBOR Floor
+Added: K&N Parent, Inc.(m)(s)(v) S+ 825 , 1.00 % SOFR Floor
8/16/2027 Consumer Goods:
Durable 5,441 5,441 5,244
−Removed: K&N Parent, Inc.(aa) S+ 800 , 1.00 % SOFR Floor
+Added: K&N Parent, Inc.(m)(v) S+ 800 , 1.00 % SOFR Floor
2/16/2027 Consumer Goods:
Durable 4,231 4,102 4,384
−Removed: Klein Hersh, LLC(m)(z) S+ 852 , 0.50 % SOFR Floor
+Added: Klein Hersh, LLC(m)(s)(v) S+ 1313 , 0.50 % SOFR Floor
4/27/2027 Services:
Business 21,918 21,918 18,795
−Removed: KNB Holdings Corp.(m)(n)(q)(y) 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 7,387 229
−Removed: LaserAway Intermediate Holdings II, LLC(m)(x) L+ 575 , 0.75 % LIBOR Floor
−Removed: 10/12/2027 Services:
−Removed: Consumer 3,375 3,319 3,316
−Removed: LAV Gear Holdings, Inc.(m)(n)(aa) S+ 550 , 1.00 % SOFR Floor
+Added: LAV Gear Holdings, Inc.(m)(n)(w) S+ 628 , 1.00 % SOFR Floor
10/31/2024 Services:
Business 27,590 27,484 27,383
−Removed: LAV Gear Holdings, Inc.(m)(n)(aa) S+ 550 , 1.00 % SOFR Floor
+Added: LAV Gear Holdings, Inc.(m)(n)(w) S+ 628 , 1.00 % SOFR Floor
10/31/2024 Services:
Business 4,526 4,514 4,492
−Removed: LGC US Finco, LLC(m)(w) L+ 650 , 1.00 % LIBOR Floor
+Added: LGC US Finco, LLC(m)(v) S+ 650 , 1.00 % SOFR Floor
12/20/2025 Capital Equipment 11,226 11,053 11,226
−Removed: Lift Brands, Inc.(m)(n)(r)(w) L+ 750 , 1.00 % LIBOR Floor
+Added: Lift Brands, Inc.(m)(n)(q)(v) S+ 750 , 1.00 % SOFR Floor
6/29/2025 Services:
Consumer 23,050 23,051 23,050
−Removed: Lift Brands, Inc.(m)(n)(r) 9.50 % 6/29/2025 Services:
+Added: Lift Brands, Inc.(m)(n)(q)(s) 9.50 % 6/29/2025 Services:
Consumer 6,056 6,013 5,814
−Removed: Lift Brands, Inc.(m)(n)(r) (p) 6/29/2025 Services:
+Added: Lift Brands, Inc.(m)(n)(q)(s) 9.50 % 6/29/2025 Services:
Consumer 6,921 6,671 6,259
−Removed: Longview Power, LLC(r)(x) L+ 1000 , 1.50 % LIBOR Floor
−Removed: 7/30/2025 Energy:
−Removed: Oil & Gas 2,073 1,390 2,348
−Removed: MacNeill Pride Group Corp.(m)(aa) S+ 625 , 1.00 % SOFR Floor
+Added: MacNeill Pride Group Corp.(m)(w) S+ 625 , 1.00 % SOFR Floor
4/22/2026 Services:
Consumer 17,051 16,987 16,966
−Removed: MacNeill Pride Group Corp.(m)(aa) S+ 625 , 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 11,094 11,043 11,094
−Removed: Marble Point Credit Management LLC(x) L+ 600 , 1.00 % LIBOR Floor
−Removed: 8/11/2028 Diversified Financials 6,089 5,985 6,089
−Removed: Marble Point Credit Management LLC(x) L+ 600 , 1.00 % LIBOR Floor
−Removed: 8/11/2028 Diversified Financials 1,437 1,418 1,437
−Removed: See accompanying notes to consolidated financial statements.
−Removed: CĪON Investment Corporation
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2022
−Removed: (in thousands)
−Removed: Portfolio Company(a) Interest(b) Maturity Industry Principal/
−Removed: Units(e) Cost(d) Fair
−Removed: Mimeo.com, Inc.(x) L+ 700 , 1.00 % LIBOR Floor
+Added: Medplast Holdings, Inc.(m)(t) L+ 375 , 0.00 % LIBOR Floor
+Added: 7/2/2025 Healthcare & Pharmaceuticals 4,961 4,801 4,914
+Added: Mimeo.com, Inc.(m)(w) L+ 640 , 1.00 % LIBOR Floor
12/21/2024 Media:
Advertising, Printing & Publishing 21,638 21,638 21,638
−Removed: Mimeo.com, Inc.(x) L+ 700 , 1.00 % LIBOR Floor
+Added: Mimeo.com, Inc.(w) L+ 640 , 1.00 % LIBOR Floor
12/21/2024 Media:
4 unchanged sentences
Advertising, Printing & Publishing 2,500 — —
−Removed: Moss Holding Company(m)(n)(aa) S+ 625 , 1.00 % SOFR Floor
+Added: Moss Holding Company(m)(n)(w) S+ 625 , 1.00 % SOFR Floor
4/17/2024 Services:
Business 22,125 22,038 21,904
+Added: See accompanying notes to consolidated financial statements.
+Added: CĪON Investment Corporation
+Added: Consolidated Schedule of Investments
+Added: December 31, 2023
+Added: (in thousands)
+Added: Portfolio Company(a) Interest(b) Maturity Industry Principal/
+Added: Units(e) Cost(d) Fair
Moss Holding Company 6.25 % Unfunded
4 unchanged sentences
Business 2,126 — ( 21 )
−Removed: Neptune Flood Inc.(m)(x) L+ 600 , 1.00 % LIBOR Floor
−Removed: 10/21/2026 Banking, Finance, Insurance & Real Estate 7,789 7,742 7,867
−Removed: NewsCycle Solutions, Inc.(m)(n)(x) S+ 700 , 1.00 % SOFR Floor
+Added: NewsCycle Solutions, Inc.(m)(n)(w) S+ 700 , 1.00 % SOFR Floor
2/27/2024 Media:
Advertising, Printing & Publishing 12,317 12,317 12,317
−Removed: NWN Parent Holdings LLC(m)(x) S+ 800 , 1.00 % SOFR Floor
−Removed: 5/7/2026 High Tech Industries 12,755 12,664 12,643
−Removed: NWN Parent Holdings LLC(x) S+ 800 , 1.00 % SOFR Floor
−Removed: 5/7/2026 High Tech Industries 810 798 803
−Removed: NWN Parent Holdings LLC 0.50 % Unfunded
−Removed: 5/7/2026 High Tech Industries 90 — ( 1 )
−Removed: OpCo Borrower, LLC(m)(z) S+ 650 , 1.00 % SOFR Floor
−Removed: 8/19/2027 Healthcare & Pharmaceuticals 11,387 11,268 11,387
−Removed: OpCo Borrower, LLC(z) S+ 650 , 1.00 % SOFR Floor
+Added: Nova Compression, LLC(m)(s)(v) S+ 1050 , 2.00 % SOFR Floor
+Added: 10/13/2027 Energy:
+Added: Oil & Gas 27,004 27,004 27,004
+Added: Nova Compression, LLC 1.00 % Unfunded
+Added: 10/13/2024 Energy:
+Added: Oil & Gas 2,609 — —
+Added: Nova Compression, LLC(s)(v) S+ 1050 , 2.00 % SOFR Floor
+Added: 10/13/2027 Energy:
+Added: Oil & Gas 652 652 652
+Added: NTM Acquisition Corp.(m)(w) S+ 675 , 1.00 % SOFR Floor
+Added: 6/18/2026 Hotel, Gaming & Leisure 25,000 25,000 25,000
+Added: OpCo Borrower, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor
8/19/2027 Healthcare & Pharmaceuticals 10,827 10,735 10,935
1 unchanged sentence
8/19/2027 Healthcare & Pharmaceuticals 1,042 — 10
−Removed: Optio Rx, LLC(m)(n)(w) L+ 700 , 0.00 % LIBOR Floor
+Added: Optio Rx, LLC(m)(n)(u) L+ 900 , 0.00 % LIBOR Floor
6/28/2024 Healthcare & Pharmaceuticals 15,366 15,354 15,309
−Removed: Optio Rx, LLC(n)(w) L+ 1000 , 0.00 % LIBOR Floor
+Added: Optio Rx, LLC(n)(u) L+ 1200 , 0.00 % LIBOR Floor
6/28/2024 Healthcare & Pharmaceuticals 2,480 2,477 2,504
−Removed: Pentec Acquisition Corp.(m)(w) L+ 600 , 1.00 % LIBOR Floor
+Added: Pentec Acquisition Corp.(m)(v) S+ 600 , 1.00 % SOFR Floor
10/8/2026 Healthcare & Pharmaceuticals 24,500 24,351 24,500
PH Beauty Holdings III.
−Removed: Inc.(m)(x) L+ 500 , 0.00 % LIBOR Floor
+Added: Inc.(m)(w) S+ 500 , 0.00 % SOFR Floor
9/28/2025 Consumer Goods:
Non-Durable 9,475 9,227 9,108
−Removed: Playboy Enterprises, Inc.(h)(n)(x) L+ 625 , 0.50 % LIBOR Floor
+Added: Playboy Enterprises, Inc.(h)(n)(s)(x) S+ 425 , 0.50 % SOFR Floor
5/25/2027 Consumer Goods:
Non-Durable 19,689 19,372 18,926
−Removed: Project Castle, Inc.(m)(aa) S+ 550 , 0.50 % SOFR Floor
−Removed: 6/1/2029 Services:
−Removed: Business 9,975 8,979 8,117
−Removed: RA Outdoors, LLC(m)(aa) S+ 675 , 1.00 % SOFR Floor
+Added: PRA Acquisition, LLC(n)(w) S+ 650 , 1.00 % SOFR Floor
+Added: 5/12/2028 Hotel, Gaming & Leisure 19,900 19,900 19,751
+Added: Project Castle, Inc.(m)(w) S+ 550 , 0.50 % SOFR Floor
+Added: 6/1/2029 Capital Equipment 7,890 7,186 7,042
+Added: Donnelley & Sons Company(n)(v) S+ 725 , 0.75 % SOFR Floor
3/22/2028 Media:
+Added: Advertising, Printing & Publishing 12,821 12,791 12,851
+Added: RA Outdoors, LLC(w) S+ 675 , 1.00 % SOFR Floor
+Added: 4/8/2026 Media:
Diversified & Production 677 600 677
+Added: RA Outdoors, LLC(m) S+ 675 , 1.00 % SOFR Floor
+Added: 4/8/2026 Media:
+Added: Diversified & Production 10,979 10,979 10,979
RA Outdoors, LLC 0.50 % Unfunded
1 unchanged sentence
Diversified & Production 373 — —
−Removed: Retail Services WIS Corp.(m)(x) L+ 775 , 1.00 % LIBOR Floor
+Added: Retail Services WIS Corp.(m)(w) S+ 835 , 1.00 % SOFR Floor
5/20/2025 Services:
Business 9,046 8,926 8,956
−Removed: Hilliard, L.L.P.(m)(t)(w) L+ 1200 , 2.00 % LIBOR Floor
+Added: Hilliard, L.L.P.(m)(s)(v) S+ 1200 , 2.00 % SOFR Floor
9/16/2024 Services:
Consumer 2,149 2,149 2,130
−Removed: Rogers Mechanical Contractors, LLC(m)(t)(aa) S+ 800 , 1.00 % SOFR Floor
−Removed: 9/9/2025 Services:
−Removed: Business 16,365 16,365 16,324
−Removed: Rogers Mechanical Contractors, LLC(t)(aa) S+ 800 , 1.00 % SOFR Floor
−Removed: 9/9/2025 Services:
−Removed: Business 962 962 959
−Removed: Rogers Mechanical Contractors, LLC 1.00 % Unfunded
−Removed: 4/28/2023 Services:
−Removed: Business 962 — ( 2 )
+Added: Rogers Mechanical Contractors, LLC(m)(x) S+ 700 , 1.00 % SOFR Floor
+Added: 9/9/2025 Construction & Building 14,930 14,930 14,911
+Added: Rogers Mechanical Contractors, LLC(m)(x) S+ 700 , 1.00 % SOFR Floor
+Added: 9/9/2025 Construction & Building 881 881 880
Rogers Mechanical Contractors, LLC 0.75 % Unfunded
−Removed: 9/9/2025 Services:
−Removed: Business 2,404 — ( 6 )
−Removed: RumbleOn, Inc.(m)(x) L+ 825 , 1.00 % LIBOR Floor
−Removed: 8/31/2026 Automotive 13,284 12,497 12,554
−Removed: RumbleOn, Inc.(x) L+ 825 , 1.00 % LIBOR Floor
+Added: 9/9/2025 Construction & Building 2,404 — ( 3 )
+Added: RumbleOn, Inc.(m)(s)(w) S+ 875 , 1.00 % SOFR Floor
8/31/2026 Automotive 9,525 9,089 9,239
−Removed: RumbleOn, Inc.(o) 0.00 % Unfunded
+Added: RumbleOn, Inc.(m)(s)(w) S+ 875 , 1.00 % SOFR Floor
8/31/2026 Automotive 2,875 2,858 2,788
−Removed: Securus Technologies Holdings, Inc.(m)(x) L+ 450 , 1.00 % LIBOR Floor
+Added: Securus Technologies Holdings, Inc.(m)(s)(w) S+ 489 , 1.00 % SOFR Floor
11/1/2024 Telecommunications 3,865 3,627 3,623
−Removed: Sequoia Healthcare Management, LLC(m)(n)(q) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 8,457 10,209
−Removed: Service Compression, LLC(m)(t)(aa) S+ 1000 , 1.00 % SOFR Floor
+Added: Sequoia Healthcare Management, LLC(y) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 8,540 7,289
+Added: Service Compression, LLC(m)(s)(v) S+ 1000 , 1.00 % SOFR Floor
5/6/2027 Energy:
Oil & Gas 23,443 23,152 25,553
−Removed: Service Compression, LLC(aa) 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 7,036 6,948 7,669
−Removed: See accompanying notes to consolidated financial statements.
−Removed: CĪON Investment Corporation
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2022
−Removed: (in thousands)
−Removed: Portfolio Company(a) Interest(b) Maturity Industry Principal/
−Removed: Units(e) Cost(d) Fair
Service Compression, LLC 0.50 % Unfunded
1 unchanged sentence
Oil & Gas 419 — 38
−Removed: Sleep Opco, LLC(m)(x) L+ 650 , 1.00 % LIBOR Floor
+Added: Sleep Opco, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor
10/12/2026 Retail 13,635 13,469 13,635
+Added: Sleep Opco, LLC(m)(w) S+ 700 , 1.00 % SOFR Floor
+Added: 10/12/2026 Retail 397 392 405
Sleep Opco, LLC 0.50 % Unfunded
1 unchanged sentence
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(m)(t)(x) L+ 950
+Added: / Precision Medical Inc.(s)(u) L+ 950
11/29/2024 Healthcare & Pharmaceuticals 15,453 15,398 8,576
+Added: See accompanying notes to consolidated financial statements.
+Added: CĪON Investment Corporation
+Added: Consolidated Schedule of Investments
+Added: December 31, 2023
+Added: (in thousands)
+Added: Portfolio Company(a) Interest(b) Maturity Industry Principal/
+Added: Units(e) Cost(d) Fair
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(m)(t)(x) L+ 950
+Added: / Precision Medical Inc.(s)(u) L+ 950
11/29/2024 Healthcare & Pharmaceuticals 1,373 1,373 721
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(m)(t)(x) L+ 950
+Added: / Precision Medical Inc.(s)(u) L+ 950
11/29/2024 Healthcare & Pharmaceuticals 883 806 463
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(m)(t)(x) L+ 950
+Added: / Precision Medical Inc.(s)(u) L+ 950
11/29/2024 Healthcare & Pharmaceuticals 838 838 440
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(m)(t)(x) L+ 950
−Removed: 5/29/2023 Healthcare & Pharmaceuticals 607 536 446
−Removed: STATinMED, LLC(r)(t)(z) S+ 950 , 2.00 % SOFR Floor
+Added: / Precision Medical Inc.(s)(u) L+ 950
11/29/2024 Healthcare & Pharmaceuticals 699 638 388
−Removed: STATinMED, LLC(r)(t)(z) S+ 950 , 2.00 % SOFR Floor
+Added: Spinal USA, Inc.
+Added: / Precision Medical Inc.(s)(u) L+ 950
11/29/2024 Healthcare & Pharmaceuticals 639 639 645
−Removed: STATinMED, LLC(o)(r) 0.00 % Unfunded
+Added: STATinMED, LLC(q)(s)(v) S+ 950 , 2.00 % SOFR Floor
7/1/2027 Healthcare & Pharmaceuticals 10,678 10,678 10,358
−Removed: Thrill Holdings LLC(m)(aa) 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: Tactical Air Support, Inc.(n)(v) S+ 850 , 1.00 % SOFR Floor
+Added: 12/22/2028 Aerospace & Defense 12,000 12,000 12,000
+Added: Tactical Air Support, Inc.
+Added: 0.75 % Unfunded
+Added: 12/23/2024 Aerospace & Defense 2,000 — —
+Added: Thrill Holdings LLC(m)(v) S+ 650 , 1.00 % SOFR Floor
5/27/2027 Media:
3 unchanged sentences
Diversified & Production 1,739 — 26
−Removed: Thrill Holdings LLC(aa) S+ 650 , 1.00 % SOFR Floor
+Added: Thrill Holdings LLC 1.00 % Unfunded
5/27/2024 Media:
Diversified & Production 3,261 — 49
−Removed: Trademark Global, LLC(t)(w) L+ 750 , 1.00 % LIBOR Floor
+Added: TMK Hawk Parent, Corp.(w) S+ 350 , 1.00 % SOFR Floor
+Added: 8/28/2024 Services:
+Added: Business 7,957 5,997 5,359
+Added: TMK Hawk Parent, Corp.(w) S+ 350 , 1.00 % SOFR Floor
+Added: 8/28/2024 Services:
+Added: Business 3,084 2,369 1,958
+Added: Trademark Global, LLC(m)(s)(v) S+ 750 , 1.00 % SOFR Floor
7/30/2024 Consumer Goods:
Non-Durable 15,731 15,720 14,347
−Removed: Trammell, P.C.(t)(z) S+ 1550 , 2.00 % SOFR Floor
+Added: Trammell, P.C.(s)(v) S+ 1550 , 2.00 % SOFR Floor
4/28/2026 Services:
Consumer 15,213 15,213 15,213
−Removed: USALCO, LLC(m)(x) L+ 600 , 1.00 % LIBOR Floor
+Added: USALCO, LLC(m)(v) S+ 600 , 1.00 % SOFR Floor
10/19/2027 Chemicals, Plastics & Rubber 25,435 25,243 25,435
−Removed: Vesta Holdings, LLC(m)(t) P+ 900
−Removed: 2/25/2024 Banking, Finance, Insurance & Real Estate 21,071 21,071 19,938
−Removed: Vesta Holdings, LLC(m)(aa) S+ 1000 , 1.00 % SOFR Floor
−Removed: 3/12/2023 Banking, Finance, Insurance & Real Estate 10,392 10,159 10,392
−Removed: Vesta Holdings, LLC(t) P+ 900
−Removed: 2/25/2024 Banking, Finance, Insurance & Real Estate 838 838 793
−Removed: Volta Charging, LLC(m) 12.00 % 6/19/2024 Media:
−Removed: Diversified & Production 5,621 5,617 6,506
−Removed: Volta Charging, LLC(m) 12.00 % 6/19/2024 Media:
−Removed: Diversified & Production 1,500 1,499 1,736
−Removed: Williams Industrial Services Group, Inc.(n)(t)(x) L+ 900 , 1.00 % LIBOR Floor
+Added: Williams Industrial Services Group, Inc.(p)(s)(w) S+ 1100 , 1.00 % SOFR Floor
12/16/2025 Services:
Business 1,747 1,636 1,092
−Removed: Wok Holdings Inc.(m)(x) L+ 650 , 0.00 % LIBOR Floor
+Added: Williams Industrial Services Group, Inc.(p)(s)(w) S+ 1100 , 1.00 % SOFR Floor
+Added: 12/16/2025 Services:
+Added: Business 349 327 218
+Added: Wok Holdings Inc.(m)(v) S+ 625 , 0.00 % SOFR Floor
3/1/2026 Beverage, Food & Tobacco 24,844 24,291 24,673
−Removed: WorkGenius, Inc.(m)(aa) S+ 700 , 0.50 % SOFR Floor
+Added: WorkGenius, Inc.(m)(w) S+ 750 , 1.00 % SOFR Floor
6/7/2027 Services:
Business 14,821 14,821 14,821
−Removed: WorkGenius, Inc.
−Removed: 0.50 % Unfunded
+Added: WorkGenius, Inc.(w) S+ 750 , 1.00 % SOFR Floor
6/7/2027 Services:
Business 750 738 750
−Removed: Xenon Arc, Inc.(m)(x) L+ 525 , 0.75 % LIBOR Floor
+Added: WorkGenius, Inc.(m)(w) S+ 750 , 1.00 % SOFR Floor
+Added: 6/7/2027 Services:
+Added: Business 3,500 3,500 3,500
+Added: Xenon Arc, Inc.(m)(w) S+ 575 , 0.75 % SOFR Floor
12/17/2027 High Tech Industries 3,876 3,844 3,876
−Removed: Yak Access, LLC(m) L+ 400 , 0.00 % LIBOR Floor
+Added: Yak Access, LLC(m)(n)(w) S+ 640 , 1.00 % SOFR Floor
3/10/2028 Construction & Building 20,592 18,768 20,618
1 unchanged sentence
Senior Secured Second Lien Debt - 3.3 %
−Removed: Global Tel*Link Corp.(n)(aa) 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 11,401 11,414
OpCo Borrower, LLC(m) 12.50 % 2/19/2028 Healthcare & Pharmaceuticals 12,500 11,795 11,813
−Removed: RA Outdoors, LLC(m)(aa) S+ 900 , 1.00 % SOFR Floor
+Added: RA Outdoors, LLC(m)(w) S+ 900 , 1.00 % SOFR Floor
10/8/2026 Media:
Diversified & Production 1,809 1,809 1,820
−Removed: Securus Technologies Holdings, Inc.(x) L+ 825 , 1.00 % LIBOR Floor
+Added: Securus Technologies Holdings, Inc.(s)(w) S+ 891 , 1.00 % SOFR Floor
11/1/2025 Telecommunications 2,999 2,990 2,591
−Removed: TMK Hawk Parent, Corp.(x) L+ 800 , 1.00 % LIBOR Floor
+Added: TMK Hawk Parent, Corp.(p)(w) S+ 800 , 1.00 % SOFR Floor
8/26/2025 Services:
1 unchanged sentence
Total Senior Secured Second Lien Debt 41,280 29,111
−Removed: See accompanying notes to consolidated financial statements.
−Removed: CĪON Investment Corporation
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2022
−Removed: (in thousands)
−Removed: Portfolio Company(a) Interest Maturity Industry Principal/
−Removed: Units(e) Cost(d) Fair
Collateralized Securities and Structured Products - Equity - 0.1 %
6 unchanged sentences
Unsecured Debt - 1.5 %
−Removed: Lucky Bucks Holdings LLC(t) 12.50 % 5/29/2028 Hotel, Gaming & Leisure 22,860 22,860 15,316
−Removed: WPLM Acquisition Corp.(t) 15.00 % 11/24/2025 Media:
+Added: Lucky Bucks Holdings LLC(p)(s) 12.50 % 5/26/2028 Hotel, Gaming & Leisure 25,308 22,860 4,135
+Added: See accompanying notes to consolidated financial statements.
+Added: CĪON Investment Corporation
+Added: Consolidated Schedule of Investments
+Added: December 31, 2023
+Added: (in thousands)
+Added: Portfolio Company(a) Interest(b) Maturity Industry Principal/
+Added: Units(e) Cost(d) Fair
+Added: WPLM Acquisition Corp.(s) 15.00 % 11/24/2025 Media:
Advertising, Printing & Publishing 8,872 8,833 8,739
1 unchanged sentence
Equity - 26.4 %
−Removed: ARC Financial Partners, LLC, Membership Interests ( 25 % ownership)(o)(r)
+Added: ARC Financial Partners, LLC, Membership Interests ( 25 % ownership)(o)(q)
Metals & Mining NA — —
1 unchanged sentence
Oil & Gas 511,255 Units
−Removed: Ascent Resources - Marcellus, LLC, Warrants(o) Energy:
−Removed: Oil & Gas 132,367 Units
−Removed: Carestream Health Holdings Inc., Common Stock(o)(r) Healthcare & Pharmaceuticals 613,262 Units
+Added: Carestream Health Holdings, Inc., Common Stock(o)(q) Healthcare & Pharmaceuticals 614,368 Units
21,758 21,386
1 unchanged sentence
Business 380,952 Units
−Removed: CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(o)(s) Diversified Financials 22,072,841 Units
+Added: CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(r) Diversified Financials 22,072,841 Units
22,073 25,039
−Removed: CION/EagleTree Partners, LLC, Membership Units ( 85 % ownership)(h)(o)(s)
+Added: 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
−Removed: FWS Parent Holdings, LLC.
−Removed: Class A Membership Interests(o) Services:
+Added: David's Bridal Holdings, LLC, Preferred Units(o)(r) Retail 1,000 Units
+Added: 10,820 12,494
+Added: David's Bridal Holdings, LLC, Common Units(o)(r) Retail 900,000 Units
+Added: 23,130 41,418
+Added: FWS Parent Holdings, LLC, Class A Membership Interests(o) Services:
Business 35,242 Units
−Removed: GSC Technologies Inc., Common Shares(o)(r) Chemicals, Plastics & Rubber 807,268 Units
−Removed: Independent Pet Partners Intermediate Holdings, LLC, Class A Preferred Units(o) Retail 1,000,000 Units
−Removed: Independent Pet Partners Intermediate Holdings, LLC, Class B-2 Preferred Units(m)(o) Retail 2,632,771 Units
−Removed: Independent Pet Partners Intermediate Holdings, LLC, Class C Preferred Units(m)(o) Retail 2,632,771 Units
−Removed: Independent Pet Partners Intermediate Holdings, LLC, Warrants(o) Retail 155,880 Units
−Removed: Instant Web Holdings, LLC, Class A Common Units(o)(r) Media:
+Added: GSC Technologies Inc., Common Shares(o)(q) Chemicals, Plastics & Rubber 807,268 Units
+Added: Heritage Litigation Trust, Restricted Stock(o) Energy:
+Added: Oil & Gas 238,375 Units
+Added: IPP Buyer Holdings, LLC, Class A Units(o)(q) Retail 8,888,354 Units
+Added: 10,740 11,910
+Added: Instant Web Holdings, LLC, Class A Common Units(o)(q) Media:
Advertising, Printing & Publishing 10,819 Units
−Removed: Language Education Holdings GP LLC, Common Units(o)(r) Services:
+Added: Isagenix Worldwide, Inc., Common Shares(o)(q) Beverage, Food & Tobacco 601,941 Units
+Added: K&N Holdco, LLC, Membership Units(o) Consumer Goods:
+Added: Durable 458,364 Units
+Added: Language Education Holdings GP LLC, Common Units(o) Services:
Business 366,667 Units
−Removed: Language Education Holdings LP, Ordinary Common Units(o)(r) Services:
+Added: Language Education Holdings LP, Ordinary Common Units(o) Services:
Business 366,667 Units
−Removed: Longview Intermediate Holdings C, LLC, Membership Units(o)(r) Energy:
+Added: Longview Intermediate Holdings C, LLC, Membership Units(q) Energy:
Oil & Gas 653,989 Units
−Removed: Mount Logan Capital Inc., Common Stock(f)(h)(r) Banking, Finance, Insurance & Real Estate 1,075,557 Units
+Added: Macquarie Capital Funding LLC(i)(o)
+Added: Hotel, Gaming & Leisure 123,568 Units
+Added: Mount Logan Capital Inc., Common Stock(f)(h)(q) Banking, Finance, Insurance & Real Estate 1,075,557 Units
New Giving Acquisition, Inc., Warrants(o) 8/19/2029 Healthcare & Pharmaceuticals 4,630 Units
+Added: New HW Holdings Corp., Common Stock(o) Capital Equipment 133 Units
NS NWN Acquisition, LLC, Class A Preferred Units(o) High Tech Industries 111 Units
NS NWN Acquisition, LLC, Common Equity(o) High Tech Industries 346 Units
−Removed: See accompanying notes to consolidated financial statements.
−Removed: CĪON Investment Corporation
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2022
−Removed: (in thousands)
−Removed: Portfolio Company(a) Interest Industry Principal/
−Removed: Units(e) Cost(d) Fair
NS NWN Holdco LLC, Non-Voting Units(o) High Tech Industries 522 Units
2 unchanged sentences
Palmetto Clean Technology, Inc., Warrants(o) High Tech Industries 724,112 Units
+Added: Reorganized Heritage TopCo, LLC, Common Stock(o) Energy:
+Added: Oil & Gas 201,249 Units
RumbleOn, Inc., Warrants(o) 8/14/2028 Automotive 60,606 Units
1 unchanged sentence
Oil & Gas N/A 509 1,426
−Removed: Snap Fitness Holdings, Inc., Class A Common Stock(o)(r) Services:
+Added: Snap Fitness Holdings, Inc., Class A Common Stock(o)(q) Services:
Consumer 9,858 Units
−Removed: Snap Fitness Holdings, Inc., Warrants(o)(r) Services:
+Added: Snap Fitness Holdings, Inc., Warrants(o)(q) Services:
Consumer 3,996 Units
−Removed: STATinMed Parent, LLC, Class A Preferred Units(o)(r) Healthcare & Pharmaceuticals 6,182 Units
−Removed: STATinMed Parent, LLC, Class B Preferred Units(o)(r) Healthcare & Pharmaceuticals 51,221 Units
+Added: SRA Holdings, LLC, Membership Units(m)(o)(q) Banking, Finance, Insurance & Real Estate 224,865 Units
+Added: 23,611 25,515
+Added: STATinMed Parent, LLC, Class A Preferred Units(o)(q) Healthcare & Pharmaceuticals 6,182 Units
+Added: STATinMed Parent, LLC, Class B Preferred Units(o)(q) Healthcare & Pharmaceuticals 51,221 Units
+Added: See accompanying notes to consolidated financial statements.
+Added: CĪON Investment Corporation
+Added: Consolidated Schedule of Investments
+Added: December 31, 2023
+Added: (in thousands)
+Added: Portfolio Company(a) Interest Industry Principal/
+Added: Units(e) Cost(d) Fair
+Added: URS Topco, LLC, Common Equity(o) Transportation:
+Added: Cargo 430,540 Units
WorkGenius, LLC, Class A Units(o) Services:
Business 500 Units
+Added: Yak Holding II, LLC, Series A Preferred Units(o) Construction & Building 4,000,000 Units
+Added: Yak Holding II, LLC, Series B-1 Preferred Units(o) Construction & Building 1,966,018 Units
+Added: Yak Holding II, LLC, Series A Common Units(o) Construction & Building 127,419 Units
Total Equity 182,738 232,572
6 unchanged sentences
LIABILITIES IN EXCESS OF OTHER ASSETS - ( 122.2 )%
+Added: ( 1,074,707 )
NET ASSETS - 100.0 %
1 unchanged sentence
portfolio companies, as defined in the Investment Company Act of 1940, as amended, or the 1940 Act, except for investments specifically identified as non-qualifying per note h.
−Removed: Unless specifically identified in note t.
+Added: Unless specifically identified in note s.
below, investments do not contain a paid-in-kind, or PIK, interest provision.
−Removed: The actual London Interbank Offered Rate, or LIBOR, rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2022, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2022.
The actual Secured Overnight Financing Rate, or SOFR, rate for each loan listed may not be the applicable SOFR rate as of December 31, 2023, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2023.
+Added: The actual London Interbank Offered Rate, or LIBOR, rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2023, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2023.
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.
10 unchanged sentences
As of December 31, 2023, 94.6 % of the Company’s total assets represented qualifying assets.
−Removed: See accompanying notes to consolidated financial statements.
−Removed: CĪON Investment Corporation
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2022
−Removed: (in thousands)
+Added: The Company has entered into a proceeds agreement with Macquarie Capital Funding LLC, or Macquarie, in which any proceeds received by Macquarie from an underlying first lien term loan were passed onto the Company.
+Added: The underlying first lien term loan was subsequently exchanged for common shares of the underlying portfolio company.
+Added: Macquarie's obligations under the proceeds agreement are not secured by any collateral.
+Added: The industry and other investment characteristics reflect the terms of the underlying equity security.
In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company may be entitled to receive additional residual amounts.
4 unchanged sentences
Non-income producing security.
−Removed: The ultimate interest earned on this loan will be determined based on the portfolio company’s EBITDA at a specified trigger event.
−Removed: Investment or a portion thereof was on non-accrual status as of December 31, 2022.
See accompanying notes to consolidated financial statements.
3 unchanged sentences
(in thousands)
+Added: Investment or a portion thereof was on non-accrual status as of December 31, 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, 2021 and 2022, along with transactions during the year ended December 31, 2022 in these affiliated investments, were as follows:
−Removed: Year Ended December 31, 2022 Year Ended December 31, 2022
+Added: Fair value as of December 31, 2022 and December 31, 2023, along with transactions during the year ended December 31, 2023 in these affiliated investments, were as follows:
+Added: Year Ended December 31, 2023
+Added: Year Ended December 31, 2023
Non-Controlled, Affiliated Investments Fair Value at
1 unchanged sentence
(Cost)(1) Gross
−Removed: (Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2022 Net Realized Gain (Loss) Interest
−Removed: Income(3) Dividend Income
+Added: (Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2023
+Added: Net Realized Gain (Loss) Interest
+Added: Income(3) Dividend Income Fee Income
+Added: Afore Insurance Services, LLC
+Added: First Lien Term Loan $ — $ 4,583 $ — $ — $ 4,583 $ — $ 405 $ — $ —
ARC Financial, LLC
Membership Interests — — — — — — — 25 —
−Removed: Berlitz Holdings, Inc.
−Removed: First Lien Term Loan — 13,956 ( 13,956 ) — — — 393 —
Carestream Health, Inc.
2 unchanged sentences
Common Shares 21,544 — — ( 158 ) 21,386 — — — —
−Removed: Charming Charlie, LLC
−Removed: Vendor Payment Financing Facility 350 — ( 657 ) 307 — ( 657 ) 26 —
DESG Holdings, Inc.
First Lien Term Loan 246 — ( 82 ) ( 79 ) 85 — — — —
−Removed: Second Lien Term Loan — — ( 10,017 ) 10,017 — ( 10,017 ) — —
GSC Technologies Inc.
3 unchanged sentences
Common Shares — — — 1,251 1,251 — — — —
−Removed: Instant Web Holdings, LLC
−Removed: Class A Common Units — — — — — — — —
Instant Web, LLC
3 unchanged sentences
First Lien Delayed Draw Term Loan — 1,082 — ( 69 ) 1,013 — 42 — —
−Removed: Language Education Holdings GP LLC
−Removed: Common Units — — — — — — — —
−Removed: Language Education Holdings LP
−Removed: Ordinary Common Units — 1,125 ( 1,125 ) — — — — —
+Added: Instant Web Holdings, LLC
+Added: Class A Common Units — — — — — — — — —
+Added: IPP Buyer Holdings, LLC
+Added: Class A Units — 10,740 — 1,170 11,910 — — — —
+Added: Isagenix International, LLC
+Added: First Lien Term Loan — 8,583 — ( 65 ) 8,518 — 647 — 477
+Added: Isagenix Worldwide, Inc.
+Added: Common Shares — 8,987 — ( 583 ) 8,404 — — — —
Lift Brands, Inc.
8 unchanged sentences
Common Stock 2,341 — — ( 717 ) 1,624 — — 40 —
−Removed: First Lien Term Loan 16,000 1,447 ( 21,261 ) 3,814 — ( 2,854 ) 804 —
−Removed: SIMR Parent, LLC
−Removed: Class B Membership Units — — ( 8,002 ) 8,002 — ( 8,002 ) — —
−Removed: Class W Membership Units — — — — — — — —
−Removed: See accompanying notes to consolidated financial statements
−Removed: CĪON Investment Corporation
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2022
−Removed: (in thousands)
−Removed: Year Ended December 31, 2022 Year Ended December 31, 2022
−Removed: Non-Controlled, Affiliated Investments Fair Value at
−Removed: December 31, 2021 Gross
−Removed: (Cost)(1) Gross
−Removed: (Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2022 Net Realized Gain (Loss) Interest
−Removed: Income(3) Dividend Income
Snap Fitness Holdings, Inc.
1 unchanged sentence
Warrants 2,077 — — ( 191 ) 1,886 — — — —
+Added: SRA Holdings, LLC
+Added: Membership Units — 23,611 — 1,904 25,515 — — — —
STATinMED, LLC
5 unchanged sentences
Totals $ 143,876 $ 72,205 $ ( 2,445 ) $ ( 7,335 ) $ 206,301 $ — $ 15,440 $ 3,946 $ 2,432
+Added: See accompanying notes to consolidated financial statements.
+Added: CĪON Investment Corporation
+Added: Consolidated Schedule of Investments
+Added: December 31, 2023
+Added: (in thousands)
(1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
2 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, 2021 and 2022, along with transactions during the year ended December 31, 2022 in these controlled investments, were as follows:
+Added: Fair value as of December 31, 2022 and December 31, 2023, along with transactions during the year ended December 31, 2023 in these controlled investments, were as follows:
Year Ended December 31, 2023 Year Ended December 31, 2023
3 unchanged sentences
(Cost)(2) Net
−Removed: Gain (Loss) Fair Value at
−Removed: December 31, 2022 Net Realized
+Added: Gain (Loss) Fair Value at December 31, 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: Exit First Lien Term Loan — 22,050 — — 22,050 — 1,205 — 1,050
+Added: Incremental First Lien Term Loan — 17,033 — ( 339 ) 16,694 — 92 — 341
+Added: David's Bridal Holdings, LLC
+Added: Preferred Units — 10,820 — 1,674 12,494 — — — —
+Added: Common Units — 23,130 — 18,288 41,418 — — — —
Totals $ 91,114 $ 77,804 $ ( 5,521 ) $ 13,896 $ 177,293 $ — $ 9,140 $ 4,250 $ 1,391
7 unchanged sentences
(in thousands)
−Removed: As of December 31, 2022, the following investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities:
+Added: As of December 31, 2023, the below investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities.
+Added: For certain investments, the borrower may toggle between cash and PIK interest payments.
Interest Rate
Portfolio Company Investment Type Cash PIK All-in-Rate
−Removed: Adapt Laser Acquisition, Inc.
−Removed: Senior Secured First Lien Debt 14.76 % 2.00 % 16.76 %
American Clinical Solutions LLC Senior Secured First Lien Debt 7.15 % 5.35 % 12.50 %
−Removed: American Consolidated Natural Resources, Inc.
−Removed: Senior Secured First Lien Debt 17.33 % 3.00 % 20.33 %
−Removed: Ancile Solutions, Inc.
−Removed: Senior Secured First Lien Debt 11.75 % 3.00 % 14.75 %
Anthem Sports & Entertainment Inc.
Senior Secured First Lien Debt 3.00 % 12.11 % 15.11 %
−Removed: Cadence Aerospace, LLC Senior Secured First Lien Debt 10.92 % 2.00 % 12.92 %
+Added: Celerity Acquisition Holdings, LLC Senior Secured First Lien Debt 10.00 % 4.05 % 14.05 %
+Added: Senior Secured First Lien Debt 11.65 % 0.25 % 11.90 %
CION/EagleTree Partners, LLC Senior Secured Note — 14.00 % 14.00 %
−Removed: David's Bridal, LLC Senior Secured First Lien Debt 9.28 % 5.00 % 14.28 %
−Removed: David's Bridal, LLC Senior Secured First Lien Debt 1.00 % 9.42 % 10.42 %
+Added: Community Tree Service, LLC Senior Secured First Lien Debt 14.00 % 2.50 % 16.50 %
Deluxe Entertainment Services, Inc.
Senior Secured First Lien Debt 12.50 % 1.50 % 14.00 %
−Removed: Fusion Connect Inc.
−Removed: Senior Secured First Lien Debt 11.69 % 1.00 % 12.69 %
−Removed: GSC Technologies Inc.
−Removed: Senior Secured First Lien Debt — 9.12 % 9.12 %
+Added: FuseFX, LLC Senior Secured First Lien Debt 6.47 % 5.00 % 11.47 %
GSC Technologies Inc.
3 unchanged sentences
Senior Secured First Lien Debt — 15.00 % 15.00 %
−Removed: Independent Pet Partners Intermediate Holdings, LLC Senior Secured First Lien Debt — 6.00 % 6.00 %
−Removed: Independent Pet Partners Intermediate Holdings, LLC Senior Secured First Lien Debt — 13.00 % 13.00 %
−Removed: Independent Pet Partners Intermediate Holdings, LLC Senior Secured First Lien Debt — 11.26 % 11.26 %
−Removed: Independent Pet Partners Intermediate Holdings, LLC Senior Secured First Lien Debt — 14.42 % 14.42 %
+Added: Homer City Generation, L.P.
+Added: Senior Secured First Lien Debt — 17.00 % 17.00 %
+Added: Senior Secured First Lien Debt 11.96 % 0.25 % 12.21 %
Instant Web, LLC Senior Secured First Lien Debt — 12.47 % 12.47 %
+Added: Isagenix International, LLC Senior Secured First Lien Debt 2.50 % 8.54 % 11.04 %
+Added: K&N Parent, Inc.
+Added: Senior Secured First Lien Debt 8.72 % 5.00 % 13.72 %
+Added: Klein Hersh, LLC Senior Secured First Lien Debt 6.74 % 12.00 % 18.74 %
+Added: Lift Brands, Inc.
+Added: Senior Secured First Lien Debt — 9.50 % 9.50 %
Lucky Bucks Holdings LLC Unsecured Note — 12.50 % 12.50 %
+Added: Nova Compression, LLC Senior Secured First Lien Debt 12.61 % 3.25 % 15.86 %
+Added: Playboy Enterprises, Inc.
+Added: Senior Secured First Lien Debt 6.50 % 3.25 % 9.75 %
Hilliard, L.L.P.
Senior Secured First Lien Debt — 17.44 % 17.44 %
−Removed: Rogers Mechanical Contractors, LLC Senior Secured First Lien Debt 11.70 % 1.00 % 12.70 %
+Added: RumbleOn, Inc.
+Added: Senior Secured First Lien Debt 13.86 % 0.50 % 14.36 %
+Added: Securus Technologies Holdings, Inc.
+Added: Senior Secured First Lien Debt 6.61 % 3.89 % 10.50 %
+Added: Securus Technologies Holdings, Inc.
+Added: Senior Secured Second Lien Debt 6.61 % 7.65 % 14.26 %
Service Compression, LLC Senior Secured First Lien Debt 13.46 % 2.00 % 15.46 %
3 unchanged sentences
STATinMED, LLC Senior Secured First Lien Debt — 14.96 % 14.96 %
−Removed: STATinMED, LLC Senior Secured First Lien Debt — 13.94 % 13.94 %
Trademark Global, LLC Senior Secured First Lien Debt 11.11 % 1.75 % 12.86 %
1 unchanged sentence
Senior Secured First Lien Debt — 20.86 % 20.86 %
−Removed: Vesta Holdings, LLC Senior Secured First Lien Debt — 21.50 % 21.50 %
Williams Industrial Services Group, Inc.
2 unchanged sentences
Unsecured Note — 15.00 % 15.00 %
−Removed: As of December 31, 2022, the index rate for $ 2,096 and $ 1,943 was 1 Month LIBOR and 3 Month LIBOR, respectively.
The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2023 was 5.47%.
The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2023 was 5.59%.
−Removed: The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2022 was 5.14%.
The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35%.
The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%.
+Added: The interest rate on these loans is subject to 6 month SOFR, which as of December 31, 2023 was 5.16%.
+Added: While the maturity date of this loan has passed, the Company expects all interest and principal to be collected.
See accompanying notes to consolidated financial statements.
6 unchanged sentences
Senior Secured First Lien Debt - 178.8 %
−Removed: ABB/CON-CISE Optical Group LLC(i)(n)(x) L+ 500 , 1.00 % LIBOR Floor
−Removed: 6/15/2023 Consumer Goods:
−Removed: Non-Durable $ 8,473 $ 8,263 $ 8,219
−Removed: Adapt Laser Acquisition, Inc.(t)(w) L+ 1200 , 1.00 % LIBOR Floor
+Added: Adapt Laser Acquisition, Inc.(t)(x) L+ 1200 , 1.00 % LIBOR Floor
12/31/2023 Capital Equipment $ 11,047 $ 11,048 $ 10,329
−Removed: Adapt Laser Acquisition, Inc.(w) L+ 1000 , 1.00 % LIBOR Floor
+Added: Adapt Laser Acquisition, Inc.(t)(x) L+ 1200 , 1.00 % LIBOR Floor
12/31/2023 Capital Equipment 2,072 2,072 1,875
−Removed: Aegis Toxicology Sciences Corp.(m)(w) L+ 550 , 1.00 % LIBOR Floor
−Removed: 5/9/2025 Healthcare & Pharmaceuticals 7,186 7,105 7,186
−Removed: Alchemy US Holdco 1, LLC(m)(v) L+ 550
+Added: AHF Parent Holding, Inc.(n)(aa) S+ 625 , 0.75 % SOFR Floor
2/1/2028 Construction & Building 2,944 2,891 2,771
−Removed: Allen Media, LLC(n)(w) L+ 550 , 0.00 % LIBOR Floor
+Added: Allen Media, LLC(n)(aa) S+ 550 , 0.00 % SOFR Floor
2/10/2027 Media:
Diversified & Production 8,863 8,793 8,420
−Removed: ALM Media, LLC(m)(n)(w) L+ 700 , 1.00 % LIBOR Floor
+Added: ALM Media, LLC(m)(n)(x) L+ 650 , 1.00 % LIBOR Floor
11/25/2024 Media:
Advertising, Printing & Publishing 17,000 16,855 17,000
−Removed: American Clinical Solutions LLC(m) 7.00 %
+Added: American Clinical Solutions LLC(m)(t)(w) L+ 700 , 1.00 % LIBOR Floor
12/31/2024 Healthcare & Pharmaceuticals 4,250 4,250 4,122
−Removed: American Consolidated Natural Resources, Inc.(m)(t)(w) L+ 1600 , 1.00 % LIBOR Floor
+Added: American Consolidated Natural Resources, Inc.(m)(t)(x) L+ 1600 , 1.00 % LIBOR Floor
9/16/2025 Metals & Mining 47 35 47
−Removed: American Health Staffing Group, Inc.(m)(w) L+ 600 , 1.00 % LIBOR Floor
−Removed: 11/19/2026 Services:
−Removed: Business 16,667 16,502 16,500
−Removed: American Health Staffing Group, Inc.
+Added: American Health Staffing Group, Inc.(m)(y) L+ 600 , 1.00 % LIBOR Floor
11/19/2026 Services:
4 unchanged sentences
Business 3,333 ( 26 ) —
−Removed: American Media, LLC(m)(w) L+ 675 , 1.50 % LIBOR Floor
−Removed: 12/31/2023 Media:
−Removed: Advertising, Printing & Publishing 9,847 9,735 9,847
−Removed: American Media, LLC(m) 0.50 % Unfunded
−Removed: 12/31/2023 Media:
−Removed: Advertising, Printing & Publishing 1,702 ( 17 ) —
−Removed: American Teleconferencing Services, Ltd.(m)(q) Prime+ 550
−Removed: 6/8/2023 Telecommunications 16,154 15,621 3,211
−Removed: American Teleconferencing Services, Ltd.(m) Prime+ 550
+Added: American Teleconferencing Services, Ltd.(o)(q) 0.50 % Unfunded
1/31/23 Telecommunications 235 — —
−Removed: American Teleconferencing Services, Ltd.(m)(o) 0.00 % Unfunded
+Added: American Teleconferencing Services, Ltd.(q) Prime+ 550
1/31/23 Telecommunications 3,116 3,116 156
−Removed: Analogic Corp.(m)(n)(v) L+ 525 , 1.00 % LIBOR Floor
+Added: Analogic Corp.(m)(n)(x) L+ 525 , 1.00 % LIBOR Floor
6/21/2024 Healthcare & Pharmaceuticals 4,850 4,823 4,795
−Removed: Ancile Solutions, Inc.(t)(v) L+ 1000 , 1.00 %LIBOR Floor
+Added: Ancile Solutions, Inc.(m)(t)(x) L+ 1000 , 1.00 % LIBOR Floor
6/11/2026 High Tech Industries 11,967 11,681 11,608
−Removed: Anthem Sports & Entertainment Inc.(m)(t)(w) L+ 900 , 1.00 % LIBOR Floor
+Added: Anthem Sports & Entertainment Inc.(m)(t)(x) L+ 950 , 1.00 % LIBOR Floor
11/15/2026 Media:
Diversified & Production 36,914 36,749 35,161
−Removed: Anthem Sports & Entertainment Inc.(w) L+ 950 , 1.00 % LIBOR Floor
+Added: Anthem Sports & Entertainment Inc.(x) L+ 950 , 1.00 % LIBOR Floor
11/15/2026 Media:
4 unchanged sentences
Diversified & Production 167 — ( 8 )
−Removed: Appalachian Resource Company, LLC(v) L+ 500 , 1.00 % LIBOR Floor
+Added: Appalachian Resource Company, LLC(w) L+ 500 , 1.00 % LIBOR Floor
9/10/2023 Metals & Mining 11,137 10,625 10,733
−Removed: Appalachian Resource Company, LLC(o) 0.00 % Unfunded
+Added: Appalachian Resource Company, LLC(w) L+ 1000 , 1.00 % LIBOR Floor
9/10/2023 Metals & Mining 5,000 5,000 5,000
−Removed: Associated Asphalt Partners, LLC(m)(n)(v) L+ 525 , 1.00 % LIBOR Floor
+Added: Archer Systems, LLC(m)(z) S+ 650 , 1.00 % SOFR Floor
+Added: 8/11/2027 Services:
+Added: Business 18,095 17,922 17,937
+Added: Archer Systems, LLC 0.50 % Unfunded
+Added: 8/11/2027 Services:
+Added: Business 1,905 ( 18 ) ( 17 )
+Added: Associated Asphalt Partners, LLC(m)(n)(w) L+ 525 , 1.00 % LIBOR Floor
4/5/2024 Construction & Building 14,221 14,051 10,994
−Removed: Avison Young (USA) Inc.(h)(m)(w) L+ 500 , 0.00 % LIBOR Floor
+Added: Atlas Supply LLC 11.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 4,950
+Added: Avison Young (USA) Inc.(h)(m)(w) S+ 575 , 0.00 % SOFR Floor
1/31/2026 Banking, Finance, Insurance & Real Estate 2,665 2,638 2,505
−Removed: Bradshaw International Parent Corp.(m)(v) L+ 575 , 1.00 % LIBOR Floor
−Removed: 10/21/2027 Consumer Goods:
−Removed: Durable 13,156 12,831 12,827
−Removed: Bradshaw International Parent Corp.(v) L+ 575 , 1.00 % LIBOR Floor
+Added: BDS Solutions Intermediateco, LLC(m)(aa) S+ 625 , 1.00 % SOFR Floor
+Added: 2/7/2027 Services:
+Added: Business 17,822 17,535 17,466
+Added: BDS Solutions Intermediateco, LLC(aa) S+ 625 , 1.00 % SOFR Floor
+Added: 2/7/2027 Services:
+Added: Business 859 802 842
+Added: BDS Solutions Intermediateco, LLC 0.50 % Unfunded
+Added: 2/7/2027 Services:
+Added: Business 1,998 — ( 40 )
+Added: Berlitz Holdings, Inc.(r)(z) S+ 900 , 1.00 % SOFR Floor
+Added: 2/14/2025 Services:
+Added: Business 13,800 12,992 13,179
+Added: Bradshaw International Parent Corp.(m)(w) L+ 575 , 1.00 % LIBOR Floor
10/21/2027 Consumer Goods:
4 unchanged sentences
Durable 1,844 ( 36 ) ( 53 )
−Removed: Cadence Aerospace, LLC(m)(n)(t)(w) L+ 850 , 1.00 % LIBOR Floor
−Removed: 11/14/2023 Aerospace & Defense 38,960 38,623 38,279
−Removed: Cardenas Markets LLC(x) L+ 625 , 1.00 % LIBOR Floor
−Removed: 6/3/2027 Retail 10,945 10,840 10,972
−Removed: CB URS Holdings Corp.(m)(x) L+ 575 , 1.00 % LIBOR Floor
−Removed: 9/1/2024 Transportation:
−Removed: Cargo 15,354 15,310 14,106
−Removed: Celerity Acquisition Holdings, LLC(v) L+ 850 , 1.00 % LIBOR Floor
−Removed: 5/28/2026 Services:
−Removed: Business 14,925 14,925 14,944
−Removed: Charming Charlie LLC(q)(r) 20.00 %
−Removed: 4/24/2023 Retail 662 657 350
−Removed: CHC Solutions Inc.(n)(t) 12.00 %
−Removed: 7/20/2023 Healthcare & Pharmaceuticals 7,966 7,966 7,916
See accompanying notes to consolidated financial statements.
5 unchanged sentences
Units(e) Cost(d) Fair
−Removed: CION/EagleTree Partners, LLC(h)(s)(t) 14.00 %
−Removed: 12/21/2026 Diversified Financials 61,629 61,629 61,629
−Removed: CircusTrix Holdings, LLC(m)(n)(t)(v) L+ 800 , 1.00 % LIBOR Floor
+Added: Cabi, LLC(m)(z) S+ 950 , 1.00 % SOFR Floor
+Added: 2/28/2027 Retail 22,073 21,772 21,742
+Added: Cadence Aerospace, LLC(m)(n)(t)(x) L+ 850 , 1.00 % LIBOR Floor
+Added: 11/14/2023 Aerospace & Defense 39,383 39,225 38,842
+Added: Carestream Health, Inc.(n)(r)(z) S+ 750 , 1.00 % SOFR Floor
+Added: 9/30/2027 Healthcare & Pharmaceuticals 7,596 7,596 7,539
+Added: CB URS Holdings Corp.(m)(x) L+ 575 , 1.00 % LIBOR Floor
+Added: 9/1/2024 Transportation:
+Added: Cargo 14,826 14,801 12,417
+Added: Celerity Acquisition Holdings, LLC(m)(x) L+ 850 , 1.00 % LIBOR Floor
+Added: 5/28/2026 Services:
+Added: Business 14,775 14,775 14,590
+Added: Cennox, Inc.(m)(x) L+ 600 , 1.00 % LIBOR Floor
+Added: 5/4/2026 Services:
+Added: Business 22,509 22,509 22,425
+Added: Cennox, Inc.(n)(x) L+ 600 , 1.00 % LIBOR Floor
+Added: 5/4/2026 Services:
+Added: Business 11,787 11,730 11,743
+Added: L+ 600 , 1.00 % LIBOR Floor
+Added: 5/4/2026 Services:
+Added: Business 2,614 2,614 2,604
+Added: 1.00 % Unfunded
+Added: 8/11/2023 Services:
+Added: Business 7,193 — ( 27 )
+Added: 0.50 % Unfunded
+Added: 5/4/2026 Services:
+Added: Business 373 — ( 1 )
+Added: CION/EagleTree Partners, LLC(h)(s)(t) 14.00 % 12/21/2026 Diversified Financials 60,348 60,348 60,348
+Added: CircusTrix Holdings, LLC(m)(n)(w) L+ 550 , 1.00 % LIBOR Floor
1/16/2024 Hotel, Gaming & Leisure 26,824 26,782 26,824
−Removed: CircusTrix Holdings, LLC(m)(t)(v) L+ 800 , 1.00 % LIBOR Floor
+Added: CircusTrix Holdings, LLC(m)(w) L+ 550 , 1.00 % LIBOR Floor
1/16/2024 Hotel, Gaming & Leisure 2,737 2,715 2,737
−Removed: CircusTrix Holdings, LLC(m)(t)(v) L+ 800 , 1.00 % LIBOR Floor
+Added: CircusTrix Holdings, LLC(m)(w) L+ 550 , 1.00 % LIBOR Floor
7/16/2023 Hotel, Gaming & Leisure 1,560 1,525 1,862
−Removed: Country Fresh Holdings, LLC(q)(w) L+ 500 , 1.00 % LIBOR Floor
+Added: Community Tree Service, LLC(m)(aa) S+ 850 , 1.00 % SOFR Floor
+Added: 6/17/2027 Construction & Building 12,469 12,469 12,219
+Added: Country Fresh Holdings, LLC(q)(x) L+ 500 , 1.00 % LIBOR Floor
4/29/2023 Beverage, Food & Tobacco 877 765 92
−Removed: Country Fresh Holdings, LLC(m)(q)(w) L+ 500 , 1.00 % LIBOR Floor
+Added: Country Fresh Holdings, LLC(q)(x) L+ 500 , 1.00 % LIBOR Floor
4/29/2023 Beverage, Food & Tobacco 355 316 37
−Removed: Coyote Buyer, LLC(m)(n)(w) L+ 600 , 1.00 % LIBOR Floor
+Added: Coyote Buyer, LLC(m)(n)(x) L+ 600 , 1.00 % LIBOR Floor
2/6/2026 Chemicals, Plastics & Rubber 34,038 33,861 33,612
−Removed: Coyote Buyer, LLC(n)(w) L+ 800 , 1.00 % LIBOR Floor
+Added: Coyote Buyer, LLC(n)(x) L+ 800 , 1.00 % LIBOR Floor
8/6/2026 Chemicals, Plastics & Rubber 6,125 6,041 6,125
1 unchanged sentence
2/6/2025 Chemicals, Plastics & Rubber 2,500 — ( 31 )
−Removed: Critical Nurse Staffing, LLC(m)(w) L+ 600 , 1.00 % LIBOR Floor
+Added: Critical Nurse Staffing, LLC(m)(x) L+ 600 , 1.00 % LIBOR Floor
11/1/2026 Healthcare & Pharmaceuticals 12,928 12,928 12,928
+Added: Critical Nurse Staffing, LLC(x) L+ 600 , 1.00 % LIBOR Floor
+Added: 11/1/2026 Healthcare & Pharmaceuticals 999 999 999
Critical Nurse Staffing, LLC(w) L+ 600 , 1.00 % LIBOR Floor
4 unchanged sentences
11/1/2026 Healthcare & Pharmaceuticals 700 — —
−Removed: David's Bridal, LLC(t)(w) L+ 1000 , 1.00 % LIBOR Floor
+Added: David's Bridal, LLC(m)(t)(x) L+ 1000 , 1.00 % LIBOR Floor
5/23/2024 Retail 13,000 12,744 13,130
−Removed: David's Bridal, LLC(t)(w) L+ 1000 , 1.00 % LIBOR Floor
+Added: David's Bridal, LLC(t)(x) L+ 1000 , 1.00 % LIBOR Floor
5/23/2024 Retail 5,357 5,357 5,210
−Removed: David's Bridal, LLC(t)(w) L+ 600 , 1.00 % LIBOR Floor
+Added: David's Bridal, LLC(t)(x) L+ 1000 , 1.00 % LIBOR Floor
12/23/2024 Retail 5,936 5,717 2,256
−Removed: Deluxe Entertainment Services, Inc.(m)(q)(r)(t)(w) L+ 650 , 1.00 % LIBOR Floor
+Added: David's Bridal, LLC(q)(t)(w) L+ 700 , 1.00 % LIBOR Floor
+Added: 12/31/2024 Retail 845 795 51
+Added: Deluxe Entertainment Services, Inc.(m)(q)(r)(t)(x) L+ 650 , 1.00 % LIBOR Floor
3/25/2024 Media:
Diversified & Production 2,664 2,624 246
−Removed: DMT Solutions Global Corp.(m)(u) L+ 750 , 1.00 % LIBOR Floor
+Added: Dermcare Management, LLC(m)(z) S+ 600 , 1.00 % SOFR Floor
+Added: 4/22/2028 Healthcare & Pharmaceuticals 9,356 9,178 9,297
+Added: Dermcare Management, LLC(z) S+ 600 , 1.00 % SOFR Floor
+Added: 4/22/2028 Healthcare & Pharmaceuticals 3,540 3,458 3,518
+Added: Dermcare Management, LLC Prime+ 500
+Added: 4/22/2028 Healthcare & Pharmaceuticals 179 179 178
+Added: Dermcare Management, LLC 0.50 % Unfunded
+Added: 10/22/2023 Healthcare & Pharmaceuticals 698 — ( 4 )
+Added: See accompanying notes to consolidated financial statements.
+Added: CĪON Investment Corporation
+Added: Consolidated Schedule of Investments
+Added: December 31, 2022
+Added: (in thousands)
+Added: Portfolio Company(a) Interest(b) Maturity Industry Principal/
+Added: Units(e) Cost(d) Fair
+Added: Dermcare Management, LLC 0.50 % Unfunded
+Added: 4/22/2028 Healthcare & Pharmaceuticals 1,164 — ( 7 )
+Added: DMT Solutions Global Corp.(n)(u) L+ 750 , 1.00 % LIBOR Floor
7/2/2024 Services:
Business 3,974 3,942 3,766
−Removed: Entertainment Studios P&A LLC(j)(m) 5.71 %
−Removed: 5/18/2037 Media:
−Removed: Diversified & Production 11,649 11,554 10,047
−Removed: Entertainment Studios P&A LLC(j) 5.00 %
−Removed: 5/18/2037 Media:
−Removed: Diversified & Production — — 2,182
−Removed: EnTrans International, LLC(m)(v) L+ 600 , 0.00 % LIBOR Floor
−Removed: 11/1/2024 Capital Equipment 24,750 24,617 23,430
−Removed: Extreme Reach, Inc.(m)(n)(v) L+ 700 , 1.25 % LIBOR Floor
+Added: Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(z) S+ 625 , 1.00 % SOFR Floor
+Added: 12/29/2027 Services:
+Added: Business 2,944 2,891 2,794
+Added: Entertainment Studios P&A LLC(m)(x)(aa) S+ 850 , 1.00 % SOFR Floor
9/28/2027 Media:
Diversified & Production 24,000 23,907 23,940
−Removed: Extreme Reach, Inc.(m)(n) 0.50 % Unfunded
−Removed: 3/29/2024 Media:
+Added: Entertainment Studios P&A LLC(j) 5.00 % 5/18/2037 Media:
Diversified & Production — — 1,654
−Removed: Foundation Consumer Healthcare, LLC(m)(n)(w) L+ 638 , 1.00 % LIBOR Floor
−Removed: 2/12/2027 Healthcare & Pharmaceuticals 30,799 30,535 31,145
−Removed: Foundation Consumer Healthcare, LLC 0.50 % Unfunded
−Removed: 11/2/2023 Healthcare & Pharmaceuticals 2,094 — 24
−Removed: FuseFX, LLC(m)(n)(v) L+ 575 , 1.00 % LIBOR Floor
+Added: Flatworld Intermediate Corp.(n)(z) S+ 600 , 1.00 % SOFR Floor
+Added: 10/3/2027 Services:
+Added: Business 25,135 25,135 25,135
+Added: Flatworld Intermediate Corp.
+Added: 0.50 % Unfunded
+Added: 10/3/2027 Services:
+Added: Business 5,865 — —
+Added: FuseFX, LLC(m)(n)(w) S+ 575 , 1.00 % SOFR Floor
10/1/2024 Media:
Diversified & Production 19,795 19,663 19,647
−Removed: Future Pak, LLC(m)(v) L+ 800 , 2.00 % LIBOR Floor
−Removed: 7/2/2024 Healthcare & Pharmaceuticals 33,764 33,565 33,426
−Removed: Genesis Healthcare, Inc.(h) 0.50 % Unfunded
+Added: Fusion Connect Inc.(m)(t)(x) L+ 850 , 1.00 % LIBOR Floor
+Added: 1/18/2027 High Tech Industries 19,626 19,141 19,626
+Added: Future Pak, LLC(m)(w) L+ 1000 , 2.00 % LIBOR Floor
7/2/2024 Healthcare & Pharmaceuticals 24,169 24,169 23,776
+Added: Gold Medal Holdings, Inc.(m)(aa) S+ 700 , 1.00 % SOFR Floor
+Added: 3/17/2027 Services:
+Added: Business 14,759 14,628 14,575
GSC Technologies Inc.(r)(w) L+ 500 , 1.00 % LIBOR Floor
2 unchanged sentences
9/30/2025 Chemicals, Plastics & Rubber 915 882 388
−Removed: GSC Technologies Inc.(r)(t)(w) L+ 1000 , 1.00 % LIBOR Floor
+Added: GSC Technologies Inc.(r)(t)(x) L+ 1000 , 1.00 % LIBOR Floor
9/30/2025 Chemicals, Plastics & Rubber 154 154 154
−Removed: Lochner, Inc.(w) L+ 625 , 1.00 % LIBOR Floor
+Added: Lochner, Inc.(m)(x) L+ 575 , 1.00 % LIBOR Floor
7/2/2027 Construction & Building 8,850 8,779 8,850
−Removed: Lochner, Inc.(w) L+ 625 , 1.00 % LIBOR Floor
+Added: Lochner, Inc.(m)(aa) S+ 675 , 1.00 % SOFR Floor
7/2/2027 Construction & Building 7,457 7,234 7,233
+Added: Lochner, Inc.(x) L+ 575 , 1.00 % LIBOR Floor
+Added: 7/2/2027 Construction & Building 775 765 775
Lochner, Inc.
1 unchanged sentence
7/2/2027 Construction & Building 225 — —
−Removed: Harland Clarke Holdings Corp.(m)(v) L+ 775 , 1.00 % LIBOR Floor
+Added: Harland Clarke Holdings Corp.
+Added: (m)(x) S+ 775 , 1.00 % SOFR Floor
6/16/2026 Services:
Business 9,186 9,177 7,625
−Removed: See accompanying notes to consolidated financial statements.
−Removed: CĪON Investment Corporation
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2021
−Removed: (in thousands)
−Removed: Portfolio Company(a) Interest(b) Maturity Industry Principal/
−Removed: Units(e) Cost(d) Fair
Heritage Power, LLC(x) L+ 600 , 1.00 % LIBOR Floor
1 unchanged sentence
Oil & Gas 8,622 6,837 4,527
−Removed: Hilliard, Martinez & Gonzales, LLP(m)(t)(v) L+ 1800 , 2.00 % LIBOR Floor
+Added: Hilliard, Martinez & Gonzales, LLP(m)(t)(w) L+ 1200 , 2.00 % LIBOR Floor
12/17/2023 Services:
Consumer 21,798 21,736 21,798
−Removed: Homer City Generation, L.P.(m)(t) 15.00 %
+Added: Hollander Intermediate LLC(m)(w)(aa) S+ 875 , 2.00 % SOFR Floor
+Added: 9/19/2026 Consumer Goods:
+Added: Durable 17,358 16,915 16,794
+Added: Homer City Generation, L.P.(m)(t) 15.00 % 4/5/2023 Energy:
+Added: Oil & Gas 11,782 12,078 9,308
+Added: Homer City Generation, L.P.
17.00 % 5/31/2023 Energy:
Oil & Gas 1,000 1,000 1,000
−Removed: Hoover Group, Inc.(n)(w) L+ 850 , 1.25 % LIBOR Floor
−Removed: 10/1/2024 Services:
−Removed: Business 5,156 5,139 5,079
−Removed: HUMC Holdco, LLC(m) 9.00 %
+Added: Homer City Generation, L.P.(o) 0.00 % Unfunded
+Added: 1/29/2023 Energy:
+Added: Oil & Gas 3,000 — —
+Added: Hudson Hospital Opco, LLC(m)(n)(aa) S+ 800 , 3.00 % SOFR Floor
11/4/2023 Healthcare & Pharmaceuticals 1,700 1,667 1,673
−Removed: HW Acquisition, LLC(m)(w) L+ 600 , 1.00 % LIBOR Floor
+Added: HUMC Holdco, LLC(m)(aa) S+ 800 , 3.00 % SOFR Floor
+Added: 11/4/2023 Healthcare & Pharmaceuticals 7,933 7,933 7,933
+Added: HW Acquisition, LLC Prime+ 500
9/28/2026 Capital Equipment 733 711 686
+Added: HW Acquisition, LLC(m) Prime+ 500
+Added: 9/28/2026 Capital Equipment 18,876 18,725 17,649
HW Acquisition, LLC 0.50 % Unfunded
9/28/2026 Capital Equipment 2,200 — ( 143 )
−Removed: Independent Pet Partners Intermediate Holdings, LLC(m)(t) 6.00 %
+Added: ICA Foam Holdings, LLC(m)(aa) S+ 675 , 1.00 % SOFR Floor
+Added: 11/5/2025 Containers, Packaging & Glass 19,950 19,567 19,551
+Added: IJKG Opco LLC(m)(n)(aa) S+ 800 , 3.00 % SOFR Floor
+Added: 11/4/2023 Healthcare & Pharmaceuticals 729 714 718
+Added: Independent Pet Partners Intermediate Holdings, LLC(t) 6.00 % 11/20/2023 Retail 10,934 10,906 10,169
+Added: Independent Pet Partners Intermediate Holdings, LLC(t) Prime+ 550
2/27/2023 Retail 2,238 2,238 2,216
−Removed: Independent Pet Partners Intermediate Holdings, LLC(m) Prime+ 500
+Added: Independent Pet Partners Intermediate Holdings, LLC(t)(aa) S+ 1000 , 1.00 % SOFR Floor
2/27/2023 Retail 473 459 473
−Removed: Independent Pet Partners Intermediate Holdings, LLC(m)(w) L+ 600 , 0.00 % LIBOR Floor
+Added: Independent Pet Partners Intermediate Holdings, LLC(t)(x) L+ 650 , 0.00 % LIBOR Floor
2/27/2023 Retail 281 281 278
−Removed: InfoGroup Inc.(m)(n)(w) L+ 500 , 1.00 % LIBOR Floor
+Added: See accompanying notes to consolidated financial statements.
+Added: CĪON Investment Corporation
+Added: Consolidated Schedule of Investments
+Added: December 31, 2022
+Added: (in thousands)
+Added: Portfolio Company(a) Interest(b) Maturity Industry Principal/
+Added: Units(e) Cost(d) Fair
+Added: InfoGroup Inc.(m)(n)(x) L+ 500 , 1.00 % LIBOR Floor
4/3/2023 Media:
Advertising, Printing & Publishing 15,270 15,269 15,270
−Removed: Inotiv, Inc.(m)(v) L+ 625 , 1.00 % LIBOR Floor
−Removed: 11/5/2026 Healthcare & Pharmaceuticals 9,900 9,709 9,764
−Removed: 1.00 % Unfunded
+Added: Inotiv, Inc.(m)(x) S+ 625 , 1.00 % SOFR Floor
11/5/2026 Healthcare & Pharmaceuticals 16,351 16,094 15,738
−Removed: Instant Web, LLC(m)(n)(v) L+ 650 , 1.00 % LIBOR Floor
+Added: Instant Web, LLC(m)(n)(r)(t)(w) L+ 700 , 1.00 % LIBOR Floor
2/25/2027 Media:
Advertising, Printing & Publishing 39,812 39,802 28,167
−Removed: Instant Web, LLC 0.50 % Unfunded
+Added: Instant Web, LLC(r) Prime+ 375
2/25/2027 Media:
Advertising, Printing & Publishing 458 458 469
−Removed: Invincible Boat Company LLC(w) L+ 650 , 1.50 % LIBOR Floor
+Added: Instant Web, LLC(r)(x) L+ 650 , 1.00 % LIBOR Floor
+Added: 2/25/2027 Media:
+Added: Advertising, Printing & Publishing 321 321 321
+Added: Instant Web, LLC(r) 0.50 % Unfunded
+Added: 2/25/2027 Media:
+Added: Advertising, Printing & Publishing 2,383 — —
+Added: Instant Web, LLC(r) 0.50 % Unfunded
+Added: 2/25/2027 Media:
+Added: Advertising, Printing & Publishing 3,246 — —
+Added: Invincible Boat Company LLC(m)(x) L+ 650 , 1.50 % LIBOR Floor
8/28/2025 Consumer Goods:
Durable 13,536 13,444 13,469
+Added: Invincible Boat Company LLC(x) L+ 650 , 1.50 % LIBOR Floor
+Added: 8/28/2025 Consumer Goods:
+Added: Durable 239 239 238
Invincible Boat Company LLC 0.50 % Unfunded
1 unchanged sentence
Durable 559 — ( 3 )
−Removed: INW Manufacturing, LLC(n)(w) L+ 575 , 0.75 % LIBOR Floor
+Added: INW Manufacturing, LLC(n)(x) L+ 575 , 0.75 % LIBOR Floor
3/25/2027 Services:
Business 18,750 18,317 17,766
−Removed: Isagenix International, LLC(m)(w) L+ 575 , 1.00 % LIBOR Floor
+Added: Ironhorse Purchaser, LLC(n)(aa) S+ 650 , 1.00 % SOFR Floor
+Added: 9/30/2027 Services:
+Added: Business 7,125 7,056 7,054
+Added: Ironhorse Purchaser, LLC(aa) S+ 650 , 1.00 % SOFR Floor
+Added: 9/30/2027 Services:
+Added: Business 388 380 384
+Added: Ironhorse Purchaser, LLC 0.50 % Unfunded
+Added: 9/30/2027 Services:
+Added: Business 429 — ( 4 )
+Added: Ironhorse Purchaser, LLC 1.00 % Unfunded
+Added: 9/30/2024 Services:
+Added: Business 2,041 ( 20 ) ( 20 )
+Added: Isagenix International, LLC(m)(x) L+ 775 , 1.00 % LIBOR Floor
6/14/2025 Beverage, Food & Tobacco 16,229 15,103 13,774
−Removed: Island Medical Management Holdings, LLC(m)(n)(w) L+ 650 , 1.00 % LIBOR Floor
−Removed: 9/1/2023 Healthcare & Pharmaceuticals 11,049 11,028 11,049
−Removed: Jenny C Acquisition, Inc.(m)(t)(w) L+ 900 , 1.75 % LIBOR Floor
+Added: Jenny C Acquisition, Inc.(q)(x) L+ 900 , 1.75 % LIBOR Floor
10/1/2024 Services:
Consumer 11,789 11,745 9,241
−Removed: JP Intermediate B, LLC(m)(w) L+ 550 , 1.00 % LIBOR Floor
+Added: JP Intermediate B, LLC(m)(x) L+ 550 , 1.00 % LIBOR Floor
11/20/2025 Beverage, Food & Tobacco 13,438 13,296 9,809
−Removed: K&N Parent, Inc.(w) L+ 475 , 1.00 % LIBOR Floor
+Added: K&N Parent, Inc.(x) L+ 675 , 1.00 % LIBOR Floor
10/20/2023 Consumer Goods:
Durable 13,090 12,898 12,435
−Removed: KNB Holdings Corp.(m)(x) L+ 550 , 1.00 % LIBOR Floor
+Added: K&N Parent, Inc.(aa) S+ 800 , 1.00 % SOFR Floor
2/15/2023 Consumer Goods:
Durable 1,200 1,152 1,220
−Removed: LaserAway Intermediate Holdings II, LLC(m)(w) L+ 575 , 1.00 % LIBOR Floor
+Added: Klein Hersh, LLC(m)(z) S+ 852 , 0.50 % SOFR Floor
4/27/2027 Services:
+Added: Business 19,766 19,766 19,667
+Added: KNB Holdings Corp.(m)(n)(q)(y) L+ 550 , 1.00 % LIBOR Floor
+Added: 4/26/2024 Consumer Goods:
+Added: Durable 7,634 7,387 3,321
+Added: LaserAway Intermediate Holdings II, LLC(m)(x) L+ 575 , 0.75 % LIBOR Floor
+Added: 10/12/2027 Services:
Consumer 3,375 3,319 3,316
−Removed: LAV Gear Holdings, Inc.(m)(n)(t)(w) L+ 750 , 1.00 % LIBOR Floor
+Added: LAV Gear Holdings, Inc.(m)(n)(aa) S+ 550 , 1.00 % SOFR Floor
10/31/2024 Services:
Business 27,854 27,625 27,366
−Removed: LAV Gear Holdings, Inc.(m)(n)(t)(w) L+ 750 , 1.00 % LIBOR Floor
+Added: LAV Gear Holdings, Inc.(m)(n)(aa) S+ 550 , 1.00 % SOFR Floor
10/31/2024 Services:
Business 4,569 4,544 4,489
−Removed: LGC US Finco, LLC(m)(v) L+ 650 , 1.00 % LIBOR Floor
+Added: LGC US Finco, LLC(m)(w) L+ 650 , 1.00 % LIBOR Floor
12/20/2025 Capital Equipment 11,515 11,263 11,184
−Removed: LH Intermediate Corp.(m)(w) L+ 750 , 1.00 % LIBOR Floor
−Removed: 6/2/2026 Consumer Goods:
−Removed: Durable 14,438 14,230 14,257
−Removed: Lift Brands, Inc.(m)(n)(r) (v) L+ 750 , 1.00 % LIBOR Floor
+Added: Lift Brands, Inc.(m)(n)(r)(w) L+ 750 , 1.00 % LIBOR Floor
6/29/2025 Services:
Consumer 23,287 23,287 23,287
−Removed: Lift Brands, Inc.(m)(n)(r)(t) 9.50 %
−Removed: 6/29/2025 Services:
+Added: Lift Brands, Inc.(m)(n)(r) 9.50 % 6/29/2025 Services:
Consumer 5,556 5,490 5,154
1 unchanged sentence
Consumer 5,296 4,947 4,732
−Removed: Longview Power, LLC(r)(w) L+ 1000 , 1.50 % LIBOR Floor
+Added: Longview Power, LLC(r)(x) L+ 1000 , 1.50 % LIBOR Floor
7/30/2025 Energy:
Oil & Gas 2,073 1,390 2,348
−Removed: MacNeill Pride Group Corp.(m)(w) L+ 625 , 1.00 % LIBOR Floor
+Added: MacNeill Pride Group Corp.(m)(aa) S+ 625 , 1.00 % SOFR Floor
4/22/2026 Services:
Consumer 17,804 17,702 17,448
−Removed: MacNeill Pride Group Corp.(w) L+ 625 , 1.00 % LIBOR Floor
+Added: MacNeill Pride Group Corp.(m)(aa) S+ 625 , 1.00 % SOFR Floor
4/22/2026 Services:
Consumer 7,910 7,836 7,751
+Added: MacNeill Pride Group Corp.
+Added: 1.00 % Unfunded
+Added: 4/30/2024 Services:
+Added: Consumer 2,017 — ( 40 )
Manus Bio Inc.
11.00 % 8/20/2026 Healthcare & Pharmaceuticals 14,213 14,128 14,212
+Added: Marble Point Credit Management LLC(x) L+ 600 , 1.00 % LIBOR Floor
+Added: 8/11/2028 Diversified Financials 6,089 5,985 6,089
+Added: Marble Point Credit Management LLC(x) L+ 600 , 1.00 % LIBOR Floor
+Added: 8/11/2028 Diversified Financials 1,437 1,418 1,437
See accompanying notes to consolidated financial statements.
5 unchanged sentences
Units(e) Cost(d) Fair
−Removed: Marble Point Credit Management LLC(v) L+ 600 , 1.00 % LIBOR Floor
−Removed: 8/11/2028 Diversified Financials 6,418 6,294 6,370
−Removed: Marble Point Credit Management LLC(v) L+ 600 , 1.00 % LIBOR Floor
−Removed: 8/11/2028 Diversified Financials 250 241 248
−Removed: Marble Point Credit Management LLC 0.50 % Unfunded
−Removed: 8/11/2028 Diversified Financials 1,250 — ( 9 )
−Removed: Mimeo.com, Inc.(w) L+ 640 , 1.00 % LIBOR Floor
−Removed: 12/21/2023 Services:
−Removed: Business 23,018 23,018 23,018
−Removed: Mimeo.com, Inc.(w) L+ 640 , 1.00 % LIBOR Floor
−Removed: 12/21/2023 Services:
−Removed: Business 256 256 256
+Added: Mimeo.com, Inc.(x) L+ 700 , 1.00 % LIBOR Floor
+Added: 12/21/2024 Media:
+Added: Advertising, Printing & Publishing 22,328 22,328 22,161
+Added: Mimeo.com, Inc.(x) L+ 700 , 1.00 % LIBOR Floor
+Added: 12/21/2024 Media:
+Added: Advertising, Printing & Publishing 2,256 2,256 2,239
Mimeo.com, Inc.
1.00 % Unfunded
−Removed: 12/21/2023 Services:
−Removed: Business 5,000 — —
−Removed: Molded Devices, Inc.(m) Prime + 500
−Removed: 11/1/2026 Services:
−Removed: Business 15,574 15,407 15,418
−Removed: Molded Devices, Inc.
−Removed: 1.00 % Unfunded
−Removed: 11/1/2026 Services:
−Removed: Business 1,771 ( 17 ) ( 18 )
−Removed: Molded Devices, Inc.
−Removed: 0.50 % Unfunded
−Removed: 11/1/2026 Services:
−Removed: Business 2,656 — ( 27 )
−Removed: Moss Holding Company(m)(n)(t)(w) L+ 700 , 1.00 % LIBOR Floor
+Added: 12/21/2024 Media:
+Added: Advertising, Printing & Publishing 3,000 — ( 23 )
+Added: Moss Holding Company(m)(n)(aa) S+ 625 , 1.00 % SOFR Floor
4/17/2024 Services:
6 unchanged sentences
Business 2,126 — ( 43 )
−Removed: Napa Management Services Corp.(v) L+ 500 , 1.00 % LIBOR Floor
−Removed: 4/19/2023 Healthcare & Pharmaceuticals 5,318 5,267 5,324
−Removed: NASCO Healthcare Inc.(m)(x) L+ 550 , 1.00 % LIBOR Floor
−Removed: 6/30/2023 Services:
−Removed: Business 17,458 17,458 17,218
−Removed: Neptune Flood Inc.(m)(w) L+ 600 , 1.00 % LIBOR Floor
+Added: Neptune Flood Inc.(m)(x) L+ 600 , 1.00 % LIBOR Floor
10/21/2026 Banking, Finance, Insurance & Real Estate 7,789 7,742 7,867
−Removed: NewsCycle Solutions, Inc.(m)(n)(w) L+ 700 , 1.00 % LIBOR Floor
+Added: NewsCycle Solutions, Inc.(m)(n)(x) S+ 700 , 1.00 % SOFR Floor
12/29/2023 Media:
Advertising, Printing & Publishing 12,444 12,432 12,444
−Removed: NWN Parent Holdings LLC(w) L+ 650 , 1.00 % LIBOR Floor
+Added: NWN Parent Holdings LLC(m)(x) S+ 800 , 1.00 % SOFR Floor
5/7/2026 High Tech Industries 12,755 12,664 12,643
−Removed: NWN Parent Holdings LLC(w) L+ 650 , 1.00 % LIBOR Floor
+Added: NWN Parent Holdings LLC(x) S+ 800 , 1.00 % SOFR Floor
5/7/2026 High Tech Industries 810 798 803
1 unchanged sentence
5/7/2026 High Tech Industries 90 — ( 1 )
+Added: OpCo Borrower, LLC(m)(z) S+ 650 , 1.00 % SOFR Floor
+Added: 8/19/2027 Healthcare & Pharmaceuticals 11,387 11,268 11,387
+Added: OpCo Borrower, LLC(z) S+ 650 , 1.00 % SOFR Floor
+Added: 8/19/2027 Healthcare & Pharmaceuticals 208 208 208
+Added: OpCo Borrower, LLC 0.50 % Unfunded
+Added: 8/19/2027 Healthcare & Pharmaceuticals 833 — —
Optio Rx, LLC(m)(n)(w) L+ 700 , 0.00 % LIBOR Floor
2 unchanged sentences
6/28/2024 Healthcare & Pharmaceuticals 2,515 2,504 2,615
−Removed: Pentec Acquisition Corp.(w) L+ 600 , 1.00 % LIBOR Floor
+Added: Pentec Acquisition Corp.(m)(w) L+ 600 , 1.00 % LIBOR Floor
10/8/2026 Healthcare & Pharmaceuticals 24,750 24,551 24,750
−Removed: PetroChoice Holdings, Inc.(w) L+ 500 , 1.00 % LIBOR Floor
−Removed: 8/20/2022 Chemicals, Plastics & Rubber 3,896 3,836 3,725
PH Beauty Holdings III.
−Removed: Inc.(m)(w) L+ 500 , 0.00 % LIBOR Floor
+Added: Inc.(m)(x) L+ 500 , 0.00 % LIBOR Floor
9/28/2025 Consumer Goods:
Non-Durable 9,575 9,195 8,677
−Removed: Playboy Enterprises, Inc.(h)(n)(w) L+ 575 , 0.50 % LIBOR Floor
+Added: Playboy Enterprises, Inc.(h)(n)(x) L+ 625 , 0.50 % LIBOR Floor
5/25/2027 Consumer Goods:
Non-Durable 25,202 24,729 24,257
−Removed: Polymer Additives, Inc.(m)(w) L+ 600 , 0.00 % LIBOR Floor
−Removed: 7/31/2025 Chemicals, Plastics & Rubber 19,400 19,173 18,963
−Removed: RA Outdoors, LLC(m)(w) L+ 675 , 1.00 % LIBOR Floor
+Added: Project Castle, Inc.(m)(aa) S+ 550 , 0.50 % SOFR Floor
+Added: 6/1/2029 Services:
+Added: Business 9,975 8,979 8,117
+Added: RA Outdoors, LLC(m)(aa) S+ 675 , 1.00 % SOFR Floor
4/8/2026 Media:
3 unchanged sentences
Diversified & Production 1,049 ( 170 ) ( 1 )
−Removed: Retail Services WIS Corp.(m)(w) L+ 775 , 1.00 % LIBOR Floor
+Added: Retail Services WIS Corp.(m)(x) L+ 775 , 1.00 % LIBOR Floor
5/20/2025 Services:
Business 9,548 9,374 9,357
−Removed: Hilliard, L.L.P.(m)(t)(v) L+ 1800 , 2.00 % LIBOR Floor
+Added: Hilliard, L.L.P.(m)(t)(w) L+ 1200 , 2.00 % LIBOR Floor
12/17/2023 Services:
Consumer 1,815 1,815 1,815
−Removed: Rogers Mechanical Contractors, LLC(m)(v) L+ 650 , 1.00 % LIBOR Floor
+Added: Rogers Mechanical Contractors, LLC(m)(t)(aa) S+ 800 , 1.00 % SOFR Floor
9/9/2025 Services:
Business 16,365 16,365 16,324
+Added: Rogers Mechanical Contractors, LLC(t)(aa) S+ 800 , 1.00 % SOFR Floor
+Added: 9/9/2025 Services:
+Added: Business 962 962 959
Rogers Mechanical Contractors, LLC 1.00 % Unfunded
4 unchanged sentences
Business 2,404 — ( 6 )
−Removed: RumbleOn, Inc.(m)(t)(w) L+ 825 , 1.00 % LIBOR Floor
+Added: RumbleOn, Inc.(m)(x) L+ 825 , 1.00 % LIBOR Floor
8/31/2026 Automotive 13,284 12,497 12,554
+Added: RumbleOn, Inc.(x) L+ 825 , 1.00 % LIBOR Floor
+Added: 8/31/2026 Automotive 4,019 3,976 3,798
RumbleOn, Inc.(o) 0.00 % Unfunded
2/28/2023 Automotive 1,775 — ( 98 )
−Removed: Securus Technologies Holdings, Inc.(m)(w) L+ 450 , 1.00 % LIBOR Floor
+Added: Securus Technologies Holdings, Inc.(m)(x) L+ 450 , 1.00 % LIBOR Floor
11/1/2024 Telecommunications 3,868 3,383 3,848
−Removed: Sequoia Healthcare Management, LLC(m)(n)(q) 12.75 %
−Removed: 8/21/2023 Healthcare & Pharmaceuticals 8,525 8,457 6,394
+Added: Sequoia Healthcare Management, LLC(m)(n)(q) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 8,457 10,209
+Added: Service Compression, LLC(m)(t)(aa) S+ 1000 , 1.00 % SOFR Floor
+Added: 5/6/2027 Energy:
+Added: Oil & Gas 22,975 22,622 22,803
+Added: Service Compression, LLC(aa) S+ 1000 , 1.00 % SOFR Floor
+Added: 5/6/2027 Energy:
+Added: Oil & Gas 3,151 3,044 3,127
See accompanying notes to consolidated financial statements.
5 unchanged sentences
Units(e) Cost(d) Fair
−Removed: SIMR, LLC(r)(t)(v) L+ 1700 , 2.00 % LIBOR Floor
−Removed: 9/7/2023 Healthcare & Pharmaceuticals 19,938 19,813 16,000
−Removed: Sleep Opco, LLC(m)(w) L+ 650 , 1.00 % LIBOR Floor
+Added: Service Compression, LLC 0.50 % Unfunded
+Added: 5/6/2025 Energy:
+Added: Oil & Gas 4,186 — ( 31 )
+Added: Sleep Opco, LLC(m)(x) L+ 650 , 1.00 % LIBOR Floor
10/12/2026 Retail 13,779 13,568 13,641
−Removed: Sleep Opco, LLC(m) 0.50 % Unfunded
+Added: Sleep Opco, LLC 0.50 % Unfunded
10/12/2026 Retail 1,750 ( 27 ) ( 18 )
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(m)(w) L+ 950
+Added: / Precision Medical Inc.(m)(t)(x) L+ 950
5/29/2023 Healthcare & Pharmaceuticals 13,401 13,385 9,649
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(m)(t)(w) L+ 950
+Added: / Precision Medical Inc.(m)(t)(x) L+ 950
5/29/2023 Healthcare & Pharmaceuticals 1,191 1,191 816
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(m)(t)(w) L+ 950
+Added: / Precision Medical Inc.(m)(t)(x) L+ 950
5/29/2023 Healthcare & Pharmaceuticals 766 677 521
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(m)(t)(w) L+ 950
+Added: / Precision Medical Inc.(m)(t)(x) L+ 950
5/29/2023 Healthcare & Pharmaceuticals 727 727 498
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(m)(t)(w) L+ 950
+Added: / Precision Medical Inc.(m)(t)(x) L+ 950
5/29/2023 Healthcare & Pharmaceuticals 607 536 446
−Removed: Tenere Inc.(m)(n)(w) L+ 850 , 1.00 % LIBOR Floor
−Removed: 7/1/2025 Capital Equipment 18,080 18,080 18,080
−Removed: Tensar Corp.(m)(w) L+ 675 , 1.00 % LIBOR Floor
−Removed: 11/20/2025 Chemicals, Plastics & Rubber 4,950 4,850 4,982
−Removed: Trademark Global, LLC(v) L+ 600 , 1.00 % LIBOR Floor
−Removed: 7/30/2024 Services:
−Removed: Business 15,346 15,278 15,250
−Removed: Trademark Global, LLC 1.00 % Unfunded
−Removed: 7/30/2023 Services:
−Removed: Business 4,615 ( 21 ) ( 29 )
−Removed: Trammell, P.C.(i)(t)(v) L+ 1800 , 2.00 % LIBOR Floor
+Added: STATinMED, LLC(r)(t)(z) S+ 950 , 2.00 % SOFR Floor
+Added: 7/1/2027 Healthcare & Pharmaceuticals 9,222 9,222 9,107
+Added: STATinMED, LLC(r)(t)(z) S+ 950 , 2.00 % SOFR Floor
+Added: 3/31/2023 Healthcare & Pharmaceuticals 156 153 156
+Added: STATinMED, LLC(o)(r) 0.00 % Unfunded
+Added: 3/31/2023 Healthcare & Pharmaceuticals 156 — —
+Added: Thrill Holdings LLC(m)(aa) S+ 650 , 1.00 % SOFR Floor
+Added: 5/27/2027 Media:
+Added: Diversified & Production 20,394 20,394 20,292
+Added: Thrill Holdings LLC 1.00 % Unfunded
+Added: 5/27/2024 Media:
+Added: Diversified & Production 3,261 — ( 16 )
+Added: Thrill Holdings LLC(aa) S+ 650 , 1.00 % SOFR Floor
+Added: 5/27/2027 Media:
+Added: Diversified & Production 1,739 1,739 1,730
+Added: Trademark Global, LLC(t)(w) L+ 750 , 1.00 % LIBOR Floor
+Added: 7/30/2024 Consumer Goods:
+Added: Non-Durable 15,355 15,310 14,952
+Added: Trammell, P.C.(t)(z) S+ 1550 , 2.00 % SOFR Floor
4/28/2026 Services:
Consumer 14,201 14,201 14,147
−Removed: USALCO, LLC(m)(w) L+ 600 , 1.00 % LIBOR Floor
+Added: USALCO, LLC(m)(x) L+ 600 , 1.00 % LIBOR Floor
10/19/2027 Chemicals, Plastics & Rubber 24,750 24,539 24,441
−Removed: Vesta Holdings, LLC(m)(t)(v) L+ 1000 , 1.00 % LIBOR Floor
+Added: Vesta Holdings, LLC(m)(t) P+ 900
2/25/2024 Banking, Finance, Insurance & Real Estate 21,071 21,071 19,938
−Removed: Volta Charging, LLC(m) 12.00 %
−Removed: 6/19/2024 Media:
+Added: Vesta Holdings, LLC(m)(aa) S+ 1000 , 1.00 % SOFR Floor
+Added: 3/12/2023 Banking, Finance, Insurance & Real Estate 10,392 10,159 10,392
+Added: Vesta Holdings, LLC(t) P+ 900
+Added: 2/25/2024 Banking, Finance, Insurance & Real Estate 838 838 793
+Added: Volta Charging, LLC(m) 12.00 % 6/19/2024 Media:
Diversified & Production 5,621 5,617 6,506
−Removed: Volta Charging, LLC(m) 12.00 %
−Removed: 6/19/2024 Media:
+Added: Volta Charging, LLC(m) 12.00 % 6/19/2024 Media:
Diversified & Production 1,500 1,499 1,736
−Removed: West Dermatology Management Holdings, LLC(m)(n)(w) L+ 600 , 1.00 % LIBOR Floor
−Removed: 2/11/2025 Healthcare & Pharmaceuticals 9,441 9,396 9,417
−Removed: West Dermatology Management Holdings, LLC(w) L+ 600 , 1.00 % LIBOR Floor
−Removed: 2/11/2025 Healthcare & Pharmaceuticals 3,562 3,553 3,553
−Removed: West Dermatology Management Holdings, LLC(w) L+ 750 , 1.00 % LIBOR Floor
−Removed: 2/11/2025 Healthcare & Pharmaceuticals 1,179 1,179 1,191
−Removed: West Dermatology Management Holdings, LLC(m)(w) L+ 600 , 1.00 % LIBOR Floor
−Removed: 2/11/2025 Healthcare & Pharmaceuticals 1,105 1,094 1,102
−Removed: West Dermatology Management Holdings, LLC(m) 0.50 % Unfunded
−Removed: 2/11/2025 Healthcare & Pharmaceuticals 552 — ( 1 )
−Removed: West Dermatology Management Holdings, LLC(m) 0.75 % Unfunded
−Removed: 2/11/2022 Healthcare & Pharmaceuticals 5,755 ( 13 ) ( 8 )
−Removed: Williams Industrial Services Group, Inc(n)(v) L+ 900 , 1.00 % LIBOR Floor
+Added: Williams Industrial Services Group, Inc.(n)(t)(x) L+ 900 , 1.00 % LIBOR Floor
12/16/2025 Services:
Business 7,173 7,173 7,182
−Removed: Williams Industrial Services Group, Inc 0.50 % Unfunded
+Added: Wok Holdings Inc.(m)(x) L+ 650 , 0.00 % LIBOR Floor
+Added: 3/1/2026 Beverage, Food & Tobacco 25,105 24,335 21,684
+Added: WorkGenius, Inc.(m)(aa) S+ 700 , 0.50 % SOFR Floor
6/7/2027 Services:
Business 12,938 12,937 12,938
−Removed: Wind River Systems, Inc.(n)(w) L+ 675 , 1.00 % LIBOR Floor
−Removed: 6/24/2024 High Tech Industries 23,684 23,507 23,684
−Removed: Wok Holdings Inc.(m)(v) L+ 625 , 0.00 % LIBOR Floor
−Removed: 3/1/2026 Beverage, Food & Tobacco 20,340 19,882 20,238
−Removed: Xenon Arc, Inc.(m)(w) L+ 600 , 0.75 % LIBOR Floor
+Added: WorkGenius, Inc.
+Added: 0.50 % Unfunded
+Added: 6/7/2027 Services:
+Added: Business 750 ( 15 ) —
+Added: Xenon Arc, Inc.(m)(x) L+ 525 , 0.75 % LIBOR Floor
12/17/2027 High Tech Industries 6,915 6,846 6,846
+Added: Yak Access, LLC(m) L+ 400 , 0.00 % LIBOR Floor
+Added: 7/11/2025 Construction & Building 4,925 3,299 3,165
Total Senior Secured First Lien Debt 1,638,995 1,579,512
Senior Secured Second Lien Debt - 4.4 %
−Removed: Deluxe Entertainment Services, Inc.(m)(q)(r)(t)(w) L+ 850 , 1.00 % LIBOR Floor
+Added: Global Tel*Link Corp.(n)(aa) S+ 1000 , 0.00 % SOFR Floor
+Added: 11/29/2026 Telecommunications 11,500 11,378 11,414
+Added: OpCo Borrower, LLC(m) 12.50 % 2/19/2028 Healthcare & Pharmaceuticals 12,500 11,659 11,312
+Added: RA Outdoors, LLC(m)(aa) S+ 900 , 1.00 % SOFR Floor
10/8/2026 Media:
Diversified & Production 1,827 1,827 1,825
−Removed: Global Tel*Link Corp.(n)(v) L+ 825 , 0.00 % LIBOR Floor
−Removed: 11/29/2026 Telecommunications 11,500 11,356 11,471
−Removed: PetroChoice Holdings, Inc.(w) L+ 875 , 1.00 % LIBOR Floor
−Removed: 8/21/2023 Chemicals, Plastics & Rubber 15,000 14,524 14,175
−Removed: Premiere Global Services, Inc.(q)(t)(w) L+ 950 , 1.00 % LIBOR Floor
−Removed: 6/6/2024 Telecommunications 3,775 3,435 —
−Removed: Securus Technologies Holdings, Inc.(w) L+ 825 , 1.00 % LIBOR Floor
+Added: Securus Technologies Holdings, Inc.(x) L+ 825 , 1.00 % LIBOR Floor
11/1/2025 Telecommunications 2,942 2,926 2,884
+Added: TMK Hawk Parent, Corp.(x) L+ 800 , 1.00 % LIBOR Floor
+Added: 8/28/2025 Services:
+Added: Business 13,393 13,246 11,334
+Added: Total Senior Secured Second Lien Debt 41,036 38,769
See accompanying notes to consolidated financial statements.
3 unchanged sentences
(in thousands)
−Removed: Portfolio Company(a) Interest(b) Maturity Industry Principal/
+Added: Portfolio Company(a) Interest Maturity Industry Principal/
Units(e) Cost(d) Fair
−Removed: TMK Hawk Parent, Corp.(v) L+ 800 , 1.00 % LIBOR Floor
−Removed: 8/28/2025 Services:
−Removed: Business 13,393 13,199 9,994
−Removed: Total Senior Secured Second Lien Debt 55,455 38,583
Collateralized Securities and Structured Products - Equity - 0.1 %
6 unchanged sentences
Unsecured Debt - 2.6 %
−Removed: Lucky Bucks Holdings LLC(t) 12.50 %
−Removed: 5/29/2028 Hotel, Gaming & Leisure 20,219 20,219 20,219
−Removed: WPLM Acquisition Corp.(t) 15.00 %
−Removed: 11/24/2025 Media:
+Added: Lucky Bucks Holdings LLC(t) 12.50 % 5/29/2028 Hotel, Gaming & Leisure 22,860 22,860 15,316
+Added: WPLM Acquisition Corp.(t) 15.00 % 11/24/2025 Media:
Advertising, Printing & Publishing 7,623 7,567 7,327
7 unchanged sentences
Oil & Gas 132,367 Units
+Added: Carestream Health Holdings Inc., Common Stock(o)(r) Healthcare & Pharmaceuticals 613,262 Units
+Added: 21,758 21,544
+Added: CF Arch Holdings LLC, Class A Units(o) Services:
+Added: Business 380,952 Units
CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(o)(s) Diversified Financials 22,072,841 Units
8 unchanged sentences
DBI Investors, Inc., Reallocation Rights(o) Retail 7,500 Units
+Added: FWS Parent Holdings, LLC.
+Added: Class A Membership Interests(o) Services:
+Added: Business 35,242 Units
GSC Technologies Inc., Common Shares(o)(r) Chemicals, Plastics & Rubber 807,268 Units
Independent Pet Partners Intermediate Holdings, LLC, Class A Preferred Units(o) Retail 1,000,000 Units
−Removed: Independent Pet Partners Intermediate Holdings, LLC, Class B-2 Preferred Units(o) Retail 2,632,771 Units
−Removed: Independent Pet Partners Intermediate Holdings, LLC, Class C Preferred Units(o) Retail 2,632,771 Units
+Added: Independent Pet Partners Intermediate Holdings, LLC, Class B-2 Preferred Units(m)(o) Retail 2,632,771 Units
+Added: Independent Pet Partners Intermediate Holdings, LLC, Class C Preferred Units(m)(o) Retail 2,632,771 Units
Independent Pet Partners Intermediate Holdings, LLC, Warrants(o) Retail 155,880 Units
+Added: Instant Web Holdings, LLC, Class A Common Units(o)(r) Media:
+Added: Advertising, Printing & Publishing 10,819 Units
+Added: Language Education Holdings GP LLC, Common Units(o)(r) Services:
+Added: Business 366,667 Units
+Added: Language Education Holdings LP, Ordinary Common Units(o)(r) Services:
+Added: Business 366,667 Units
Longview Intermediate Holdings C, LLC, Membership Units(o)(r) Energy:
Oil & Gas 653,989 Units
−Removed: Mooregate ITC Acquisition, LLC, Class A Units(o) High Tech Industries 500 Units
Mount Logan Capital Inc., Common Stock(f)(h)(r) Banking, Finance, Insurance & Real Estate 1,075,557 Units
+Added: New Giving Acquisition, Inc., Warrants(o) Healthcare & Pharmaceuticals 4,630 Units
NS NWN Acquisition, LLC, Class A Preferred Units(o) High Tech Industries 111 Units
−Removed: NS NWN Acquisition, LLC, Non-voting Units(o) High Tech Industries 346 Units
−Removed: NS NWN Holdco LLC, Voting Units (o) High Tech Industries 522 Units
−Removed: NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(o) Consumer Goods:
−Removed: Durable 1,575 Units
−Removed: Palmetto Clean Technology, Inc., Warrants(o) High Tech Industries 724,112 Units
−Removed: RumbleOn, Inc., Warrants(o) Automotive 60,606 Units
+Added: NS NWN Acquisition, LLC, Common Equity(o) High Tech Industries 346 Units
See accompanying notes to consolidated financial statements.
3 unchanged sentences
(in thousands)
−Removed: Portfolio Company(a) Interest(b) Industry Principal/
+Added: Portfolio Company(a) Interest Industry Principal/
Units(e) Cost(d) Fair
−Removed: SIMR Parent, LLC, Class B Common Units(o)(r) Healthcare & Pharmaceuticals 12,283,163 Units
−Removed: SIMR Parent, LLC, Class W Units(o)(r) Healthcare & Pharmaceuticals 1,778,219 Units
+Added: NS NWN Holdco LLC, Non-Voting Units(o) High Tech Industries 522 Units
+Added: NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(o) Consumer Goods:
+Added: Durable 1,575 Units
+Added: Palmetto Clean Technology, Inc., Warrants(o) High Tech Industries 724,112 Units
+Added: RumbleOn, Inc., Warrants(o) Automotive 60,606 Units
+Added: Service Compression, LLC, Warrants(o) Energy:
+Added: Oil & Gas N/A 509 441
Snap Fitness Holdings, Inc., Class A Common Stock(o)(r) Services:
2 unchanged sentences
Consumer 3,996 Units
+Added: STATinMed Parent, LLC, Class A Preferred Units(o)(r) Healthcare & Pharmaceuticals 6,182 Units
+Added: STATinMed Parent, LLC, Class B Preferred Units(o)(r) Healthcare & Pharmaceuticals 51,221 Units
+Added: WorkGenius, LLC, Class A Units(o) Services:
+Added: Business 500 Units
Total Equity 79,595 107,058
12 unchanged sentences
The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2022, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2022.
−Removed: Fair value determined in good faith by the Company’s board of directors (see Note 9) using significant unobservable inputs unless otherwise noted.
+Added: The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2022, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2022.
+Added: Fair value determined in good faith by the Company’s board of directors (see Note 9), including via delegation to CIM as the Company’s valuation designee (see Note 2), using significant unobservable inputs unless otherwise noted.
Represents amortized cost for debt securities and cost for equity investments.
9 unchanged sentences
As of December 31, 2022, 93.4 % of the Company’s total assets represented qualifying assets.
−Removed: Position or a portion thereof unsettled as of December 31, 2021.
+Added: See accompanying notes to consolidated financial statements.
+Added: CĪON Investment Corporation
+Added: Consolidated Schedule of Investments
+Added: December 31, 2022
+Added: (in thousands)
In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company may be entitled to receive additional residual amounts.
14 unchanged sentences
Year Ended December 31, 2022 Year Ended December 31, 2022
−Removed: Non-Controlled, Affiliated Investments Fair Value
−Removed: 31, 2020 Gross
+Added: Non-Controlled, Affiliated Investments Fair Value at
+Added: December 31, 2021 Gross
(Cost)(1) Gross
−Removed: (Cost)(2) Net
−Removed: Gain (Loss) Fair Value
−Removed: 31, 2021 Net Realized
−Removed: Gain (Loss) Interest
−Removed: Income(3) Dividend
−Removed: Alert 360 Opco, Inc.
−Removed: First Lien Term Loan $ — $ 12,240 $ ( 12,240 ) $ — $ — $ — $ 796 $ —
−Removed: Common Stock — 3,624 ( 3,624 ) — — ( 117 ) — —
−Removed: American Clinical Solutions LLC
−Removed: Tranche I Term Loan 3,124 35 ( 3,421 ) 262 — — 282 —
−Removed: First Amendment Tranche I Term Loan 242 — ( 250 ) 8 — — 18 —
−Removed: Class A Membership Interests 663 — ( 1,658 ) 995 — 3,542 — —
+Added: (Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2022 Net Realized Gain (Loss) Interest
+Added: Income(3) Dividend Income
ARC Financial, LLC
Membership Interests $ — $ — $ — $ — $ — $ — $ — $ 25
−Removed: BCP Great Lakes Fund LP
−Removed: Membership Interests 12,611 5,377 ( 18,241 ) 253 — 33 — 1,078
+Added: Berlitz Holdings, Inc.
+Added: First Lien Term Loan — 13,956 ( 13,956 ) — — — 393 —
+Added: Carestream Health, Inc.
+Added: First Lien Term Loan — 7,596 — ( 57 ) 7,539 — 284 —
+Added: Carestream Health Holdings Inc.
+Added: Common Shares — 21,758 — ( 214 ) 21,544 — — —
Charming Charlie, LLC
Vendor Payment Financing Facility 350 — ( 657 ) 307 — ( 657 ) 26 —
−Removed: Conisus Holdings, Inc.
−Removed: Series B Preferred Stock 16,481 951 ( 16,094 ) ( 1,338 ) — — — 4,428
−Removed: Common Stock 12,401 — ( 200 ) ( 12,201 ) — 19,110 — —
DESG Holdings, Inc.
1 unchanged sentence
Second Lien Term Loan — — ( 10,017 ) 10,017 — ( 10,017 ) — —
−Removed: Common Stock — — ( 13,675 ) 13,675 — ( 13,675 ) — —
−Removed: F+W Media, Inc.
−Removed: First Lien Term Loan B-1 — — ( 1,115 ) 1,115 — ( 1,080 ) — —
GSC Technologies Inc.
3 unchanged sentences
Common Shares — — — — — — — —
+Added: Instant Web Holdings, LLC
+Added: Class A Common Units — — — — — — — —
+Added: Instant Web, LLC
+Added: Revolving Loan — 970 ( 649 ) — 321 — 26 —
+Added: Priming Term Loan — 458 — 11 469 — 36 —
+Added: First Lien Term Loan — 39,802 — ( 11,635 ) 28,167 — 3,314 —
+Added: First Lien Delayed Draw Term Loan — — — — — — 14 —
+Added: Language Education Holdings GP LLC
+Added: Common Units — — — — — — — —
+Added: Language Education Holdings LP
+Added: Ordinary Common Units — 1,125 ( 1,125 ) — — — — —
Lift Brands, Inc.
2 unchanged sentences
Term Loan C 4,700 133 — ( 101 ) 4,732 — 1,412 —
−Removed: Longview Power, LLC
−Removed: First Lien Term Loan 2,414 2,019 ( 26 ) 97 4,504 16 581 —
Longview Intermediate Holdings C, LLC
Membership Units 15,127 — — 8,868 23,995 — — —
+Added: Longview Power, LLC
+Added: First Lien Term Loan 4,504 156 ( 1,391 ) ( 921 ) 2,348 — 1,952 —
Mount Logan Capital Inc.
4 unchanged sentences
Class W Membership Units — — — — — — — —
−Removed: Snap Fitness Holdings, Inc.
−Removed: Class A Stock 3,389 — — ( 258 ) 3,131 — — —
−Removed: Warrants 1,374 — — ( 105 ) 1,269 — — —
−Removed: Totals $ 116,895 $ 29,195 $ ( 71,861 ) $ 7,261 $ 81,490 $ 8,010 $ 8,121 $ 5,576
See accompanying notes to consolidated financial statements
3 unchanged sentences
(in thousands)
+Added: Year Ended December 31, 2022 Year Ended December 31, 2022
+Added: Non-Controlled, Affiliated Investments Fair Value at
+Added: December 31, 2021 Gross
+Added: (Cost)(1) Gross
+Added: (Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2022 Net Realized Gain (Loss) Interest
+Added: Income(3) Dividend Income
+Added: Snap Fitness Holdings, Inc.
+Added: Class A Stock 3,131 — — 1,992 5,123 — — —
+Added: Warrants 1,269 — — 808 2,077 — — —
+Added: STATinMED, LLC
+Added: First Lien Term Loan — 9,472 ( 250 ) ( 115 ) 9,107 — 719 —
+Added: Delayed Draw First Lien Term Loan — 153 — 3 156 — — —
+Added: STATinMed Parent, LLC
+Added: Class A Preferred Units — 6,182 — ( 1,652 ) 4,530 — — —
+Added: Class B Preferred Units — 3,193 — ( 3,059 ) 134 — — —
+Added: Totals $ 81,490 $ 106,737 $ ( 57,874 ) $ 13,523 $ 143,876 $ ( 21,530 ) $ 12,069 $ 79
(1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.
12 unchanged sentences
Income(3) Dividend Income
−Removed: CION SOF Funding, LLC
−Removed: Membership Interests $ 12,472 $ — $ ( 15,539 ) $ 3,067 $ — $ ( 3,067 ) $ — $ —
CION/EagleTree Partners, LLC
16 unchanged sentences
Senior Secured First Lien Debt 14.76 % 2.00 % 16.76 %
+Added: American Clinical Solutions LLC Senior Secured First Lien Debt 7.00 % 4.27 % 11.27 %
American Consolidated Natural Resources, Inc.
5 unchanged sentences
Cadence Aerospace, LLC Senior Secured First Lien Debt 10.92 % 2.00 % 12.92 %
−Removed: CHC Solutions Inc.
−Removed: Senior Secured First Lien Debt 8.00 % 4.00 % 12.00 %
CION/EagleTree Partners, LLC Senior Secured Note — 14.00 % 14.00 %
−Removed: CircusTrix Holdings, LLC Senior Secured First Lien Debt 6.50 % 2.50 % 9.00 %
David's Bridal, LLC Senior Secured First Lien Debt 9.28 % 5.00 % 14.28 %
2 unchanged sentences
Senior Secured First Lien Debt 9.73 % 1.50 % 11.23 %
−Removed: Deluxe Entertainment Services, Inc.
−Removed: Senior Secured Second Lien Debt 7.00 % 2.50 % 9.50 %
+Added: Fusion Connect Inc.
+Added: Senior Secured First Lien Debt 11.69 % 1.00 % 12.69 %
GSC Technologies Inc.
6 unchanged sentences
Independent Pet Partners Intermediate Holdings, LLC Senior Secured First Lien Debt — 6.00 % 6.00 %
−Removed: LAV Gear Holdings, Inc.
−Removed: Senior Secured First Lien Debt 6.50 % 2.00 % 8.50 %
−Removed: Lift Brands, Inc.
−Removed: Senior Secured First Lien Debt — 9.50 % 9.50 %
+Added: Independent Pet Partners Intermediate Holdings, LLC Senior Secured First Lien Debt — 13.00 % 13.00 %
+Added: Independent Pet Partners Intermediate Holdings, LLC Senior Secured First Lien Debt — 11.26 % 11.26 %
+Added: Independent Pet Partners Intermediate Holdings, LLC Senior Secured First Lien Debt — 14.42 % 14.42 %
+Added: Instant Web, LLC Senior Secured First Lien Debt — 11.38 % 11.38 %
Lucky Bucks Holdings LLC Unsecured Note — 12.50 % 12.50 %
−Removed: Moss Holding Company Senior Secured First Lien Debt 7.50 % 0.50 % 8.00 %
−Removed: Premiere Global Services, Inc.
−Removed: Senior Secured Second Lien Debt 0.50 % 10.00 % 10.50 %
Hilliard, L.L.P.
Senior Secured First Lien Debt — 16.24 % 16.24 %
−Removed: RumbleOn, Inc.
−Removed: Senior Secured First Lien Debt 8.25 % 1.00 % 9.25 %
−Removed: SIMR, LLC Senior Secured First Lien Debt 12.00 % 7.00 % 19.00 %
+Added: Rogers Mechanical Contractors, LLC Senior Secured First Lien Debt 11.70 % 1.00 % 12.70 %
+Added: Service Compression, LLC Senior Secured First Lien Debt 12.83 % 2.00 % 14.83 %
Spinal USA, Inc.
1 unchanged sentence
Senior Secured First Lien Debt — 13.24 % 13.24 %
+Added: STATinMED, LLC Senior Secured First Lien Debt — 13.80 % 13.80 %
+Added: STATinMED, LLC Senior Secured First Lien Debt — 13.94 % 13.94 %
+Added: Trademark Global, LLC Senior Secured First Lien Debt 7.07 % 4.50 % 11.57 %
Trammell, P.C.
1 unchanged sentence
Vesta Holdings, LLC Senior Secured First Lien Debt — 21.50 % 21.50 %
+Added: Williams Industrial Services Group, Inc.
+Added: Senior Secured First Lien Debt 10.00 % 2.75 % 12.75 %
WPLM Acquisition Corp.
4 unchanged sentences
The interest rate on these loans is subject to 6 month LIBOR, which as of December 31, 2022 was 5.16%.
+Added: The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 5.35%.
+Added: The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 5.33%.
See accompanying notes to consolidated financial statements.
13 unchanged sentences
Pursuant to an investment advisory agreement with the Company, CIM oversees the management of the Company’s activities and is responsible for making investment decisions for the Company’s investment portfolio.
−Removed: On April 5, 2021, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the amended and restated investment advisory agreement with CIM for a period of twenty four months, which was subsequently approved by shareholders on August 9, 2021 (as described in further detail below).
+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 second amended and restated investment advisory agreement with CIM for a period of twelve months , commencing August 9, 2023.
+Added: The Company has also entered into an administration agreement with CIM to provide the Company with administrative services necessary for it to operate.
The Company and CIM previously engaged Apollo Investment Management, L.P., or AIM, a subsidiary of Apollo Global Management, Inc., or, together with its subsidiaries, Apollo, a leading global alternative investment manager, to act as the Company’s investment sub-adviser.
14 unchanged sentences
As a result, on October 5, 2021, the Company and CIM entered into the second amended and restated investment advisory agreement in order to implement the changes to the advisory fees payable from the Company to CIM that became effective upon the Listing that (i) reduced the annual base management fee, (ii) amended the structure of the subordinated incentive fee on income payable by the Company to CIM and reduced the hurdle and incentive fee rates, and (iii) reduced the incentive fee on capital gains payable by the Company to CIM (as described in further detail in Notes 2 and 4).
−Removed: On February 26, 2023, the Company’s shares of common stock also listed and commenced trading on the Tel Aviv Stock Exchange Ltd., or the TASE, under the ticker symbol “CION”.
+Added: On February 26, 2023, the Company’s shares of common stock and the Company's Series A Notes listed and commenced trading in Israel on the Tel Aviv Stock Exchange Ltd., or the TASE, under the ticker symbol “CION” and "CION B1", respectively.
CĪON Investment Corporation
10 unchanged sentences
All intercompany balances and transactions have been eliminated in consolidation.
−Removed: The Company does not consolidate its equity interests in CION SOF Funding, LLC, or CION SOF, or CION/EagleTree Partners, LLC, or CION/EagleTree.
+Added: The Company did not consolidate its equity interest in CION SOF Funding, LLC, or CION SOF, and the Company does not consolidate its equity interest in CION/EagleTree Partners, LLC, or CION/EagleTree.
See Note 7 for a description of the Company’s investments in CION SOF and CION/EagleTree.
The Company evaluates subsequent events through the date that the consolidated financial statements are issued.
−Removed: Recently Announced Accounting Pronouncements
+Added: Recent Accounting Pronouncements
In June 2022, the Financial Accounting Standards Board, or the FASB, issued ASU 2022-03, Fair Value Measurement (Topic 820):
30 unchanged sentences
The Company had $ 113,446 and $ 10,869 of such investments at December 31, 2023 and 2022, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.
−Removed: Offering Costs
−Removed: Offering costs included, among other things, legal fees and other costs pertaining to the preparation of the Company’s registration statements in connection with the continuous public offerings of the Company’s shares.
−Removed: Certain initial offering costs that were funded by CIG on behalf of the Company were submitted by CIG for reimbursement upon meeting the minimum offering requirement on December 17, 2012.
−Removed: These costs were capitalized and amortized over a twelve month period as an adjustment to capital in excess of par value.
−Removed: All other offering costs were expensed as incurred by the Company.
−Removed: The Company's follow-on continuous public offering ended on January 25, 2019.
The Company elected to be treated for federal income tax purposes as a RIC under Subchapter M of the Code.
44 unchanged sentences
In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses that the Company ultimately realizes on these investments to materially differ from the valuations currently assigned.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2022
−Removed: (in thousands, except share and per share amounts)
A portion of the Company’s investments consist of debt securities that are traded on a private over-the-counter market for institutional investments.
4 unchanged sentences
If the implied fair value yield and leverage fall within the range of CIM's market pricing matrix, the quotes are deemed to be reliable and used to determine the investment's fair value.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2023
+Added: (in thousands, except share and per share amounts)
Notwithstanding the foregoing, if in the reasonable judgment of CIM, the price of any investment held by the Company and determined in the manner described above does not accurately reflect the fair value of such investment, CIM will value such investment at a price that reflects such investment’s fair value and report such change in the valuation to the board of directors or its designee as soon as practicable.
34 unchanged sentences
Designated members of CIM’s management team and the Company's board of directors or its designee review and approve the valuation determinations made with respect to these investments in a manner consistent with the Company’s valuation process.
−Removed: As a practical expedient, the Company used net asset value, or NAV, as the fair value for its equity investments in CION SOF and BCP Great Lakes Fund LP, and the Company uses NAV as the fair value for its equity investments in CION/EagleTree.
+Added: As a practical expedient, the Company used net asset value, or NAV, as the fair value for its equity investments in CION SOF and BCP Great Lakes Fund LP, and the Company uses NAV as the fair value for its equity investment in CION/EagleTree.
CION SOF and BCP Great Lakes Fund LP recorded, and CION/EagleTree records, its underlying investments at fair value on a quarterly basis in accordance with ASC 820.
40 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 Increase (Decrease) in Net Assets per Share
−Removed: Net increase (decrease) in net assets per share is calculated based upon the daily weighted average number of shares of common stock outstanding during the reporting period.
+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
18 unchanged sentences
(in thousands, except share and per share amounts)
−Removed: Since commencing its initial continuous public offering on July 2, 2012 and through December 31, 2022, the Company sold 55,299,484 shares of common stock for net proceeds of $ 1,144,863 at an average price per share of $ 20.70 .
+Added: Since commencing its initial continuous public offering on July 2, 2012 and through December 31, 2023, the Company sold 54,184,636 shares of common stock for net proceeds of $ 1,133,345 .
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 $ 259,392 , for which the Company repurchased 16,084,731 shares of common stock.
4 unchanged sentences
In connection with the Listing of its shares of common stock on the NYSE, on September 15, 2021, the Company terminated its previous fifth amended and restated distribution reinvestment plan, or the Old DRP.
−Removed: The final distribution reinvestment under the Old DRP was made as part of the regular monthly distribution paid on September 14, 2021 to shareholders of record as of September 13, 2021.
−Removed: On September 15, 2021, the Company adopted a new distribution reinvestment plan, or the New DRP, which became effective as of the Listing, and first applied to the reinvestment of distributions paid after October 5, 2021.
+Added: The final distribution reinvestment under the Old DRP was made as part of the regular monthly distribution paid on September 14, 2021.
+Added: On September 15, 2021, the Company adopted a new distribution reinvestment plan, or the New DRP, which became effective as of the Listing and first applied to the reinvestment of distributions paid on December 8, 2021.
For additional information regarding the terms of the New DRP, see Note 5.
5 unchanged sentences
On October 5, 2021, the Company's shares of common stock commenced trading on the NYSE under the ticker symbol “CION”.
−Removed: As approved by shareholders on September 7, 2021 at the Company’s final, reconvened 2021 annual meeting of shareholders, the Listing was staggered such that (i) up to 1/3rd of shares held by all shareholders were available for trading upon Listing, (ii) up to 2/3rd of shares held by all shareholders were available for trading starting 180 days after Listing, or April 4, 2022, and (iii) all shares were available for trading starting 270 days after Listing, or July 5, 2022.
+Added: As approved by shareholders on September 7, 2021, the Listing was staggered such that (i) up to 1/3rd of shares held by all shareholders were available for trading upon Listing, (ii) up to 2/3rd of shares held by all shareholders were available for trading starting 180 days after Listing, or April 4, 2022, and (iii) all shares were available for trading starting 270 days after Listing, or July 5, 2022.
The Company eliminated all then outstanding fractional shares of its common stock in connection with the Listing, as permitted by the Maryland General Corporation Law, on July 14, 2022.
−Removed: On February 26, 2023, the Company’s shares of common stock also listed and commenced trading on the TASE under the ticker symbol “CION”.
+Added: On February 26, 2023, the Company’s shares of common stock also listed and commenced trading in Israel on the TASE under the ticker symbol “CION”.
Pre-Listing Share Repurchase Program
Historically, the Company offered to repurchase shares on a quarterly basis on such terms as determined by the Company’s board of directors in its complete and absolute discretion unless, in the judgment of the independent directors of the Company’s board of directors, such repurchases would not have been in the best interests of the Company’s shareholders or would have violated applicable law.
−Removed: On July 30, 2021, the Company's board of directors, including the independent directors, determined to suspend the Company's share repurchase program commencing with the third quarter of 2021 in anticipation of the Listing and the concurrent enhanced liquidity the Listing was expected to provide.
−Removed: The share repurchase program ultimately terminated upon the Listing and the Company does not expect to implement a new quarterly share repurchase program in the future.
+Added: On July 30, 2021, the Company's board of directors, including the independent directors, determined to suspend the Company's pre-Listing share repurchase program commencing with the third quarter of 2021 in anticipation of the Listing and the concurrent enhanced liquidity the Listing was expected to provide.
+Added: The pre-Listing share repurchase program ultimately terminated upon the Listing and the Company does not expect to implement a new quarterly share repurchase program in the future.
Historically, the Company generally limited the number of shares to be repurchased during any calendar year to the number of shares it could have repurchased with the proceeds it received from the issuance of shares pursuant to the Old DRP.
At the discretion of the Company’s board of directors, it could have also used cash on hand, cash available from borrowings and cash from liquidation of investments as of the end of the applicable period to repurchase shares.
−Removed: The Company offered to repurchase such shares at a price equal to the estimated net asset value per share on each date of repurchase.
+Added: The Company offered to repurchase such shares at a price equal to the estimated NAV per share on each date of repurchase.
Any periodic repurchase offers were subject in part to the Company’s available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively.
10 unchanged sentences
The policy may be suspended or discontinued at any time and does not obligate the Company to acquire any specific number of shares of its common stock.
−Removed: On August 16, 2022, as part of the share repurchase policy, the Company entered into a trading plan with an independent broker, Wells Fargo Securities, LLC, or Wells Fargo, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, based in part on historical trading data with respect to the Company’s shares.
+Added: On August 29, 2023, as part of the share repurchase policy, the Company entered into a new trading plan with an independent broker, Wells Fargo Securities, LLC, or Wells Fargo, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, based in part on historical trading data with respect to the Company’s shares.
The 10b5-1 trading plan permits common stock to be repurchased at a time that the Company might otherwise be precluded from doing so under insider trading laws or self-imposed trading restrictions.
−Removed: The 10b5-1 trading plan is subject to price, market volume and timing restrictions.
+Added: The 10b5-1 trading plan expires on August 29, 2024, and is subject to price, market volume and timing restrictions.
The following table summarizes the share repurchases completed during the years ended December 31, 2022 and 2023:
−Removed: Three Months Ended Repurchase Date Shares Repurchased(1) Percentage of Shares Tendered That Were Repurchased Repurchase Price Per Share(1) Aggregate Consideration for Repurchased Shares
−Removed: March 31, 2021 March 24, 2021 337,731 6 % $ 15.67 $ 5,291
−Removed: June 30, 2021 June 23, 2021 320,127 7 % 16.13 5,163
−Removed: September 30, 2021(2) N/A 792 N/A 16.13 13
−Removed: December 31, 2021 N/A — N/A N/A —
+Added: Period Total Number of Shares Repurchased Average Price Paid per Share Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Repurchased Under Publicly Announced Plans or Programs(1)
+Added: January 1 to January 31, 2022 — N/A — —
+Added: February 1 to February 28, 2022 — N/A — —
+Added: March 1 to March 31, 2022 — N/A — —
+Added: April 1 to April 30, 2022 — N/A — —
+Added: May 1 to May 31, 2022 — N/A — —
+Added: June 1 to June 30, 2022 — N/A — —
+Added: July 1 to July 31, 2022 — N/A — —
+Added: August 1 to August 31, 2022 170,424 $ 10.52 170,424 $ 58,210
+Added: September 1 to September 30, 2022 525,052 9.37 525,052 53,303
+Added: October 1 to October 31, 2022 738,221 8.91 738,221 46,740
+Added: November 1 to November 30, 2022 225,259 9.57 225,259 44,589
+Added: December 1 to December 31, 2022 — N/A — 44,589
Total for the year ended December 31, 2022 1,658,956 1,658,956
−Removed: March 31, 2022 N/A — N/A N/A $ —
−Removed: June 30, 2022 N/A — N/A N/A —
−Removed: September 30, 2022 N/A 695,476 N/A $ 9.65 6,711
−Removed: December 31, 2022 N/A 963,480 N/A 9.06 8,733
+Added: January 1 to January 31, 2023 129,873 $ 10.58 129,873 $ 43,218
+Added: February 1 to February 28, 2023 114,733 11.06 114,733 41,951
+Added: March 1 to March 31, 2023 93,423 10.17 93,423 41,003
+Added: April 1 to April 30, 2023 126,980 9.69 126,980 39,775
+Added: May 1 to May 31, 2023 86,950 9.34 86,950 38,964
+Added: June 1 to June 30, 2023 114,698 10.31 114698 37,784
+Added: July 1 to July 31, 2023 54,048 10.74 54048 37,205
+Added: August 1 to August 31, 2023 18,518 10.96 18518 37,002
+Added: September 1 to September 30, 2023 95,457 10.65 95,457 35,988
+Added: October 1 to October 31, 2023 145,599 10.08 145,599 34,056
+Added: November 1 to November 30, 2023 45,556 10.26 45,556 34,056
+Added: December 1 to December 31, 2023 89,013 10.84 89,013 33,093
Total for the year ended December 31, 2023 1,114,848 1,114,848
−Removed: (1) Shares repurchased and repurchase price per share have been retroactively adjusted to reflect the two to one reverse stock split as discussed in this Note 3.
−Removed: (2) Represents an adjustment made during the three months ended September 30, 2021 to shares repurchased during the three months ended June 30, 2021.
−Removed: The Company suspended its share repurchase program on July 30, 2021 as discussed in this Note 3.
−Removed: From January 1, 2023 to March 8, 2023, the Company repurchased 281,938 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $ 3,044 , or an average purchase price of $ 10.79 per share.
−Removed: As of March 8, 2023, 15,239,170 shares of common stock repurchased by the Company had been retired.
+Added: (1) - Amounts do not include any commissions paid to W ells Fargo on shares repurchased.
CĪON Investment Corporation
2 unchanged sentences
(in thousands, except share and per share amounts)
+Added: From January 1, 2024 to March 6, 2024, the Company repurchased 340,505 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $ 3,750 , or an average purchase price of $ 11.01 per share.
+Added: As of March 6, 2024, 16,084,731 shares of common stock repurchased by the Company had been retired.
Transactions with Related Parties
10 unchanged sentences
The Company has entered into an investment advisory agreement with CIM.
−Removed: On April 5, 2021, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the amended and restated investment advisory agreement with CIM for a period of twenty four months , which was subsequently approved by shareholders on August 9, 2021.
−Removed: Pursuant to the investment advisory agreement, CIM was paid an annual base management fee equal to 2.0 % of the average value of the Company’s gross assets, less cash and cash equivalents, and an incentive fee based on the Company’s performance, as described below.
+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 second amended and restated investment advisory agreement with CIM for a period of twelve months, commencing August 9, 2023.
+Added: Pursuant to the investment advisory agreement in effect prior to the Listing, CIM was paid an annual base management fee equal to 2.0 % of the average value of the Company’s gross assets, less cash and cash equivalents, and an incentive fee based on the Company’s performance, as described below.
Pursuant to the second amended and restated investment advisory agreement, which was effective upon the Listing on October 5, 2021, the annual base management fee was reduced to 1.5 % of the average value of the Company’s gross assets (including cash pledged as collateral for the Company’s secured financing arrangements, but excluding other cash and cash equivalents so that investors do not pay the base management fee on such assets), to the extent that the Company’s asset coverage ratio is greater than or equal to 200 % (i.e., $1 of debt outstanding for each $1 of equity);
provided that, the annual base management fee will be reduced further to 1.0 % for any such gross assets purchased with leverage resulting in the Company’s asset coverage ratio dropping below 200 %.
−Removed: At the Special Meeting of Shareholders on December 30, 2021, shareholders approved a proposal to reduce the Company’s asset coverage ratio to 150 %.
+Added: On December 30, 2021, shareholders approved a proposal to reduce the Company’s asset coverage ratio to 150 %.
As a result, commencing on December 31, 2021, the Company is required to maintain asset coverage for its senior securities of 150 % (i.e., $2 of debt outstanding for each $1 of equity) rather than 200 %.
1 unchanged sentence
The incentive fee consists of two parts.
−Removed: The first part, which is referred to as the subordinated incentive fee on income, is calculated and payable quarterly in arrears based on “pre-incentive fee net investment income” for the immediately preceding quarter and was subject to a hurdle rate, measured quarterly and expressed as a rate of return on adjusted capital, as defined in the investment advisory agreement, equal to 1.875 % per quarter, or an annualized rate of 7.5 %.
−Removed: Under the investment advisory agreement, the Company paid to CIM 100 % of pre-incentive fee net investment income once the hurdle rate was exceeded until the annualized rate of 9.375 % was exceeded, at which point the Company paid to CIM 20 % of all pre-incentive fee net investment income that exceeded the annualized rate of 9.375 %.
−Removed: Under the amended and restated investment advisory agreement, the change to the calculation of the subordinated incentive fee payable to CIM that expresses the hurdle rate required for CIM to earn, and be paid, the incentive fee as a percentage of the Company's net assets rather than adjusted capital was implemented.
+Added: The first part, which is referred to as the subordinated incentive fee on income, is calculated and payable quarterly in arrears based on “pre-incentive fee net investment income” for the immediately preceding quarter and was subject to a hurdle rate, measured quarterly and expressed as a rate of return on adjusted capital, as defined in the investment advisory agreement in effect prior to the Listing, equal to 1.875 % per quarter, or an annualized rate of 7.5 %.
+Added: Under the investment advisory agreement in effect prior to the Listing, the Company paid to CIM 100 % of pre-incentive fee net investment income once the hurdle rate was exceeded until the annualized rate of 9.375 % was exceeded, at which point the Company paid to CIM 20 % of all pre-incentive fee net investment income that exceeded the annualized rate of 9.375 %.
+Added: Under the amended and restated investment advisory agreement also in effect prior to the Listing, the change to the calculation of the subordinated incentive fee payable to CIM that expresses the hurdle rate required for CIM to earn, and be paid, the incentive fee as a percentage of the Company's net assets rather than adjusted capital was implemented.
Under the second amended and restated investment advisory agreement, the hurdle rate was reduced to 1.625 % per quarter, or an annualized rate of 6.5 %, and the Company pays to CIM 100 % of pre-incentive fee net investment income once the hurdle rate is exceeded until the annualized rate of 7.879 % is exceeded, at which point the Company pays to CIM 17.5 % of all pre-incentive fee net investment income.
14 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.
−Removed: On January 1, 2019, the Company entered into a servicing agreement with CIM’s affiliate, Apollo Investment Administration, L.P., or AIA, pursuant to which AIA furnishes the Company with administrative services including, but not limited to, loan and high yield trading services, trade and settlement support, and supplementary investment valuation information.
−Removed: AIA is reimbursed for administrative expenses it incurs on the Company’s behalf in performing its obligations, provided that such reimbursement is reasonable, and costs and expenses incurred are documented.
+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.
+Added: On January 1, 2019, the Company entered into a servicing agreement with Apollo Investment Administration, L.P., or AIA, pursuant to which AIA furnished the Company with administrative services including, but not limited to, loan and high yield trading services, trade and settlement support, and supplementary investment valuation information.
+Added: AIA was reimbursed for administrative expenses it incurred on the Company’s behalf in performing its obligations, provided that such reimbursement was reasonable, and costs and expenses incurred were documented.
The servicing agreement may be terminated at any time, without the payment of any penalty, by either party, upon 60 days' written notice to the other party.
18 unchanged sentences
However, it is currently possible that some investment opportunities will be provided to other clients of CIM rather than to the Company.
−Removed: Indemnifications
−Removed: The investment advisory agreement, the administration agreement and the dealer manager agreement each provide certain indemnifications from the Company to the other relevant parties to such agreements.
−Removed: The Company’s maximum exposure under these agreements is unknown.
−Removed: However, the Company has not experienced claims or losses pursuant to these agreements and believes the risk of loss related to such indemnifications to be remote.
CĪON Investment Corporation
2 unchanged sentences
(in thousands, except share and per share amounts)
+Added: Indemnifications
+Added: The investment advisory agreement, the administration agreement and the dealer manager agreement each provide certain indemnifications from the Company to the other relevant parties to such agreements.
+Added: The Company’s maximum exposure under these agreements is unknown.
+Added: However, the Company has not experienced claims or losses pursuant to these agreements and believes the risk of loss related to such indemnifications to be remote.
Distributions
5 unchanged sentences
On September 15, 2021, management changed the timing of declaring and paying regular distributions to shareholders from monthly to quarterly commencing with the fourth quarter of 2021.
−Removed: Distributions in respect of future quarters will be evaluated by management and the board of directors based on circumstances and expectations existing at the time of consideration.
−Removed: Declared distributions are paid quarterly.
−Removed: The Company’s board of directors declared or ratified distributions for 5, 11 and 19 record dates during the years ended December 31, 2022, 2021 and 2020, respectively.
+Added: Distributions in respect of future quarters and any supplemental or special distributions will be evaluated by management and the board of directors based on circumstances and expectations existing at the time of consideration.
+Added: Declared regular distributions are paid quarterly.
+Added: The Company’s management declared and the Company's board of directors ratified distributions for 7, 5 and 11 record dates during the years ended December 31, 2023, 2022 and 2021, respectively.
The following table presents distributions per share that were declared during the years ended December 31, 2023, 2022 and 2021:
1 unchanged sentence
Three Months Ended Per Share(1) Amount
−Removed: March 31, 2020 (thirteen record dates) $ 0.3657 $ 20,793
−Removed: June 30, 2020 (no record dates) — —
−Removed: September 30, 2020 (two record dates) 0.1765 10,011
−Removed: December 31, 2020 (four record dates) 0.5684 32,479
−Removed: Total distributions for the year ended December 31, 2020 $ 1.1106 $ 63,283
March 31, 2021 (three record dates) $ 0.2648 $ 15,029
8 unchanged sentences
Total distributions for the year ended December 31, 2022 $ 1.4500 $ 81,575
−Removed: (1) The per share distribution amount has been retroactively adjusted to reflect the reverse stock split as discussed in Note 3.
+Added: March 31, 2023 (one record date) $ 0.3400 $ 18,687
+Added: June 30, 2023 (one record date) 0.3400 18,614
+Added: September 30, 2023 (two record dates) 0.3900 21,276
+Added: December 31, 2023 (three record dates) 0.5400 29,290
+Added: Total distributions for the year ended December 31, 2023 $ 1.6100 $ 87,867
+Added: (1) The per share distribution amount for 2021 has been retroactively adjusted to reflect the reverse stock split as discussed in Note 3.
On March 11, 2024, the Company’s co-chief executive officers declared a regular quarterly distribution of $ 0.34 per share for the first quarter of 2024 payable on March 28, 2024 to shareholders of record as of March 22, 2024.
−Removed: In connection with the Listing of its shares of common stock on the NYSE, on September 15, 2021, the Company terminated the Old DRP.
−Removed: The final distribution reinvestment under the Old DRP was made as part of the regular monthly distribution paid on September 14, 2021 to shareholders of record as of September 13, 2021.
−Removed: On September 15, 2021, the Company adopted the New DRP, which became effective as of the Listing and first applied to the reinvestment of distributions paid on December 8, 2021.
−Removed: Under the Old DRP and prior to the Listing, distributions to participating shareholders who “opted in” to the Old DRP were reinvested in additional shares of the Company's common stock at a purchase price equal to the estimated net asset value per share of common stock as of the date of issuance.
CĪON Investment Corporation
2 unchanged sentences
(in thousands, except share and per share amounts)
+Added: In connection with the Listing of its shares of common stock on the NYSE, on September 15, 2021, the Company terminated the Old DRP.
+Added: The final distribution reinvestment under the Old DRP was made as part of the regular monthly distribution paid on September 14, 2021.
+Added: On September 15, 2021, the Company adopted the New DRP, which became effective as of the Listing and first applied to the reinvestment of distributions paid on December 8, 2021.
+Added: Under the Old DRP and prior to the Listing, distributions to participating shareholders who “opted in” to the Old DRP were reinvested in additional shares of the Company's common stock at a purchase price equal to the estimated NAV per share of common stock as of the date of issuance.
Upon the Listing, all shareholders were automatically enrolled in the New DRP and will receive distributions as declared by the Company in additional shares of its common stock unless such shareholder affirmatively elects to receive an entire distribution in cash by notifying (i) such shareholder’s financial adviser;
1 unchanged sentence
With respect to distributions to participating shareholders under the New DRP, the Company reserves the right to either issue new shares or cause the plan administrator to purchase shares in the open market in connection with implementation of the New DRP.
−Removed: Unless the Company, in its sole discretion, otherwise directs DST Asset Management Solutions, Inc., the plan administrator, (A) if the per share “market price” (as defined in the New DRP) is equal to or greater than the estimated net asset value per share on the payment date for the distribution, then the Company will issue shares at the greater of (i) the estimated net asset value or (ii) 95 % of the market price, or (B) if the market price is less than the estimated net asset value, then, in the Company’s sole discretion, (i) shares will be purchased in open market transactions for the accounts of participating shareholders to the extent practicable, or (ii) the Company will issue shares at the estimated net asset value.
+Added: Unless the Company, in its sole discretion, otherwise directs DST Asset Management Solutions, Inc., the plan administrator, (A) if the per share “market price” (as defined in the New DRP) is equal to or greater than the estimated NAV per share on the payment date for the distribution, then the Company will issue shares at the greater of (i) the estimated NAV or (ii) 95 % of the market price, or (B) if the market price is less than the estimated NAV, then, in the Company’s sole discretion, (i) shares will be purchased in open market transactions for the accounts of participating shareholders to the extent practicable, or (ii) the Company will issue shares at the estimated NAV.
Pursuant to the terms of the New DRP, the number of shares to be issued to a participating shareholder will be determined by dividing the total dollar amount of the distribution payable to a participating shareholder by the price per share at which the Company issues such shares;
1 unchanged sentence
If a shareholder receives distributions in the form of common stock pursuant to the New DRP, such shareholder generally will be subject to the same federal, state and local tax consequences as if they elected to receive distributions in cash.
−Removed: If the Company’s common stock is trading at or below net asset value, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of cash that such shareholder would have received if they had elected to receive the distribution in cash.
−Removed: If the Company’s common stock is trading above net asset value, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of the fair market value of the Company’s common stock.
+Added: If the Company’s common stock is trading at or below NAV, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of cash that such shareholder would have received if they had elected to receive the distribution in cash.
+Added: If the Company’s common stock is trading above NAV, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of the fair market value of the Company’s common stock.
The shareholder’s basis for determining gain or loss upon the sale of common stock received in a distribution will be equal to the total dollar amount of the distribution payable to the shareholder.
Any stock received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the shareholder’s account.
+Added: The following table provides information concerning the Company’s purchases of shares of its common stock in the open market during the years ended December 31, 2022 and 2023 pursuant to the New DRP in order to satisfy the reinvestment portion of the Company’s distributions:
+Added: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans or Programs
+Added: January 1 to January 31, 2022 — $ — — —
+Added: February 1 to February 28, 2022 — — — —
+Added: March 1 to March 31, 2022 54,613 14.77 54,613 ( 1 )
+Added: April 1 to April 30, 2022 — — — —
+Added: May 1 to May 31, 2022 — — — —
+Added: June 1 to June 30, 2022 155,800 10.06 155,800 ( 1 )
+Added: July 1 to July 31, 2022 — — — —
+Added: August 1 to August 31, 2022 — — — —
+Added: September 1 to September 30, 2022 207,602 10.14 207,602 ( 1 )
+Added: October 1 to October 31, 2022 — — — —
+Added: November 1 to November 30, 2022 — — — —
+Added: December 1 to December 31, 2022 182,234 10.78 182,234 ( 1 )
+Added: Total for the year ended December 31, 2022 600,249 $ 10.74 600,249 ( 1 )
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2023
+Added: (in thousands, except share and per share amounts)
+Added: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans or Programs
+Added: January 1 to January 31, 2023 146,946 $ 11.19 146,946 ( 1 )
+Added: February 1 to February 28, 2023 — — — —
+Added: March 1 to March 31, 2023 204,427 9.78 204,427 ( 1 )
+Added: April 1 to April 30, 2023 — — — —
+Added: May 1 to May 31, 2023 — — — —
+Added: 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 )
+Added: October 1 to October 31, 2023 25,764 10.30 25,764 ( 1 )
+Added: November 1 to November 30, 2023 — — — —
+Added: December 1 to December 31, 2023 139,731 11.66 139,731 ( 1 )
+Added: Total for the year ended December 31, 2023 851,675 $ 10.79 851,675 ( 1 )
+Added: (1) See the description of the New DRP above.
The Company may fund its distributions to shareholders from any sources of funds available to the Company, including borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies.
11 unchanged sentences
Total distributions $ 1.6100 $ 87,867 100.0 % $ 1.4500 $ 81,575 100.0 % $ 1.2592 $ 71,530 100.0 %
−Removed: (1) The per share amount has been retroactively adjusted to reflect the reverse stock split as discussed in Note 3.
+Added: (1) The per share amount for 2021 has been retroactively adjusted to reflect the reverse stock split as discussed in Note 3.
CĪON Investment Corporation
31 unchanged sentences
Diversified & Production 135,037 7.3 % 134,927 7.7 %
−Removed: Consumer 115,849 6.6 % 119,365 7.2 %
−Removed: Advertising, Printing & Publishing 105,375 6.0 % 94,610 5.7 %
−Removed: Diversified Financials 99,819 5.7 % 101,032 6.1 %
Retail 135,000 7.3 % 74,718 4.3 %
+Added: Advertising, Printing & Publishing 116,100 6.3 % 105,375 6.0 %
+Added: Consumer 107,195 5.8 % 115,849 6.6 %
Oil & Gas 104,893 5.7 % 68,756 3.9 %
+Added: Construction & Building 104,727 5.7 % 46,007 2.6 %
+Added: Diversified Financials 85,733 4.7 % 99,819 5.7 %
Chemicals, Plastics & Rubber 82,597 4.5 % 66,753 3.8 %
+Added: Beverage, Food & Tobacco 68,780 3.7 % 45,396 2.6 %
Consumer Goods:
Durable 59,955 3.3 % 60,735 3.5 %
−Removed: High Tech Industries 56,501 3.2 % 65,544 3.9 %
−Removed: Consumer Goods:
−Removed: Non-Durable 47,886 2.8 % 45,682 2.7 %
−Removed: Hotel, Gaming & Leisure 46,739 2.7 % 50,855 3.0 %
−Removed: Construction & Building 46,007 2.6 % 27,585 1.7 %
−Removed: Beverage, Food & Tobacco 45,396 2.6 % 49,054 2.9 %
Banking, Finance, Insurance & Real Estate 52,272 2.8 % 43,836 2.5 %
+Added: Hotel, Gaming & Leisure 50,906 2.8 % 46,739 2.7 %
Capital Equipment 49,571 2.7 % 41,580 2.4 %
−Removed: Aerospace & Defense 38,842 2.2 % 38,279 2.3 %
+Added: Consumer Goods:
+Added: Non-Durable 42,381 2.3 % 47,886 2.8 %
+Added: High Tech Industries 22,671 1.2 % 56,501 3.2 %
Containers, Packaging & Glass 18,480 1.0 % 19,551 1.1 %
Telecommunications 17,768 1.0 % 18,302 1.1 %
−Removed: Automotive 16,255 0.9 % 14,367 0.9 %
+Added: Environmental Industries 15,336 0.8 % — —
Metals & Mining 13,957 0.8 % 15,780 0.9 %
+Added: Automotive 12,403 0.7 % 16,255 0.9 %
Transportation:
Cargo 12,201 0.7 % 12,417 0.7 %
+Added: Aerospace & Defense 12,000 0.6 % 38,842 2.2 %
Subtotal/total percentage 1,840,824 100.0 % 1,749,161 100.0 %
29 unchanged sentences
EagleTree made a Firm-level investment with proprietary capital.
−Removed: CION/EagleTree jointly pursues debt opportunities and special situation, crossover, subordinated and other junior capital investments that leverages the Company's and EagleTree's combined sourcing and portfolio management capabilities.
+Added: CION/EagleTree jointly pursues debt and equity opportunities, as well as special situation, crossover, subordinated and other junior capital investments that leverages the Company's and EagleTree's combined sourcing and portfolio management capabilities.
The Company contributed a portfolio of second lien loans and equity investments and ET-BC contributed proprietary Firm-level cash in exchange for 85 % and 15 %, respectively, of the senior secured notes, participating preferred equity, and common share interests of CION/EagleTree.
5 unchanged sentences
In certain cases, these servicing functions and other administrative services may be performed by CIM.
+Added: Amounts charged to CION/EagleTree by the Company for services performed by CIM are netted against amounts the Company is charged by CIM for administrative services.
On December 21, 2021, CION/EagleTree issued senior secured notes of $ 61,629 to the Company and $ 10,875 to ET-BC, or the CION/EagleTree Notes.
The CION/EagleTree Notes bear interest at a fixed rate of 14.0 % per year and are secured by a first priority security interest in all of the assets of CION/EagleTree.
+Added: On November 16, 2023, the Company purchased a portion of the CION/EagleTree Notes held by ET-BC.
+Added: As a result, as of December 31, 2023, the Company held $ 59,598 and ET-BC held $ 4,904 of the CION/Eagletree Notes.
The obligations of CION/EagleTree under the CION/EagleTree Notes are non-recourse to the Company.
9 unchanged sentences
Senior Secured First Lien Debt
−Removed: Berlitz Holdings, Inc.(g) S+ 900 , 1.00 % SOFR Floor
+Added: Berlitz Holdings, Inc.(f) S+ 900 , 1.00 % SOFR Floor
2/14/2025 Services:
Business $ 1,200 $ 1,157 $ 1,194
−Removed: Community Tree Service, LLC(h) S+ 850 , 1.00 % SOFR Floor
+Added: Community Tree Service, LLC(g) S+ 850 , 1.00 % SOFR Floor
6/17/2027 Construction & Building 463 463 464
−Removed: Future Pak, LLC(e) L+ 800 , 2.00 % LIBOR Floor
−Removed: 7/2/2024 Healthcare & Pharmaceuticals 1,395 1,382 1,372
Total Senior Secured First Lien Debt 1,620 1,658
Senior Secured Second Lien Debt
−Removed: Access CIG, LLC(f) L+ 775 , 0.00 % LIBOR Floor
+Added: Access CIG, LLC(g) S+ 775 , 0.00 % SOFR Floor
2/27/2026 Services:
Business 7,250 7,229 7,244
−Removed: Dayton Superior Corp.(e) L+ 700 , 2.00 % LIBOR Floor
−Removed: 12/4/2024 Construction & Building 1,010 1,010 1,007
MedPlast Holdings, Inc.(e) L+ 775 , 0.00 % LIBOR Floor
7/2/2026 Healthcare & Pharmaceuticals 6,750 6,276 6,535
−Removed: Zest Acquisition Corp.(e) L+ 700 , 1.00 % LIBOR Floor
−Removed: 3/14/2026 Healthcare & Pharmaceuticals 15,000 14,820 14,175
Total Senior Secured Second Lien Debt 13,505 13,779
11 unchanged sentences
Diversified & Production 4,746 Units
−Removed: BCP Great Lakes Fund LP, Partnership Interests (5.6% ownership) Diversified Financials N/A 11,436 11,058
+Added: BCP Great Lakes II - Series A Holdings LP, Partnership Interests ( 4.2 % ownership)
+Added: Diversified Financials N/A 12,144 12,464
Carestream Health Holdings, Inc., Common Stock(d) Healthcare & Pharmaceuticals 614,367 Units
21,759 21,386
−Removed: CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend Healthcare & Pharmaceuticals 2,727,273 Units
+Added: CHC Medical Partners, Inc., Series C Preferred Stock, 12 % Dividend
+Added: Healthcare & Pharmaceuticals 2,727,273 Units
CTS Ultimate Holdings LLC, Class A Preferred Units(d) Construction & Building 3,578,701 Units
2 unchanged sentences
Diversified & Production 1 Unit
−Removed: HW Ultimate Holdings, LP, Class A Membership Units, 4% Dividend Capital Equipment 2,000,000 Units
Language Education Holdings GP LLC, Common Units(d) Services:
6 unchanged sentences
Total Equity 59,507 67,490
+Added: Short Term Investments(h)
+Added: First American Treasury Obligations Fund, Class Z Shares 5.24 %(i)
+Added: Total Short Term Investments 1,306 1,306
TOTAL INVESTMENTS $ 85,655 $ 93,350
−Removed: The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2022, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2022.
The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2023, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2023.
+Added: The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2023, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2023.
Represents amortized cost for debt securities and cost for equity investments.
5 unchanged sentences
The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2023 was 5.47%.
−Removed: The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%.
The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2023 was 5.35%.
The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%.
+Added: 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.
+Added: 7-day effective yield as of December 31, 2023.
CĪON Investment Corporation
5 unchanged sentences
Units Cost(b) Fair
−Removed: Senior Secured Second Lien Debt
−Removed: Access CIG, LLC(e) L+ 775 , 0.00 % LIBOR Floor
+Added: Senior Secured First Lien Debt
+Added: Berlitz Holdings, Inc.(g) S+ 900 , 1.00 % SOFR Floor
2/14/2025 Services:
Business $ 1,200 $ 1,125 $ 1,146
−Removed: Carestream Health, Inc.(f) L+ 1250 , 1.00 % LIBOR Floor
−Removed: 8/8/2023 Healthcare & Pharmaceuticals 12,460 12,057 12,242
−Removed: Dayton Superior Corp.(f) L+ 700 , 2.00 % LIBOR Floor
+Added: Community Tree Service, LLC(h) S+ 850 , 1.00 % SOFR Floor
6/17/2027 Construction & Building 499 499 489
−Removed: MedPlast Holdings, Inc.(e) L+ 775 , 0.00 % LIBOR Floor
+Added: Future Pak, LLC(e) L+ 800 , 2.00 % LIBOR Floor
7/2/2024 Healthcare & Pharmaceuticals 1,395 1,382 1,372
−Removed: Ministry Brands, LLC(e) L+ 925 , 1.00 % LIBOR Floor
+Added: Total Senior Secured First Lien Debt 3,006 3,007
+Added: Senior Secured Second Lien Debt
+Added: Access CIG, LLC(f) L+ 775 , 0.00 % LIBOR Floor
2/27/2026 Services:
Business 7,250 7,220 6,933
+Added: Dayton Superior Corp.(e) L+ 700 , 2.00 % LIBOR Floor
+Added: 12/4/2024 Construction & Building 1,010 1,010 1,007
+Added: MedPlast Holdings, Inc.(e) L+ 775 , 0.00 % LIBOR Floor
+Added: 7/2/2026 Healthcare & Pharmaceuticals 6,750 6,135 6,337
Zest Acquisition Corp.(e) L+ 700 , 1.00 % LIBOR Floor
13 unchanged sentences
Diversified & Production 4,746 Units
−Removed: BCP Great Lakes Fund LP, Partnership Interests (5.6% ownership)
+Added: BCP Great Lakes II - Series A Holdings LP, Partnership Interests ( 4.2 % ownership)
Diversified Financials N/A 11,436 11,058
−Removed: Carestream Health Holdings, Inc., Warrants(d) Healthcare & Pharmaceuticals 388 Units
+Added: Carestream Health Holdings, Inc., Common Stock(d) Healthcare & Pharmaceuticals 613,262 Units
+Added: 21,759 21,544
CHC Medical Partners, Inc., Series C Preferred Stock, 12 % Dividend
Healthcare & Pharmaceuticals 2,727,273 Units
+Added: CTS Ultimate Holdings LLC, Class A Preferred Units(d) Construction & Building 3,578,701 Units
Dayton HoldCo, LLC, Membership Units(d) Construction & Building 37,264 Units
3 unchanged sentences
Capital Equipment 2,000,000 Units
+Added: Language Education Holdings GP LLC, Common Units(d) Services:
+Added: Business 133,333 Units
+Added: Language Education Holdings LP, Ordinary Common Units(d) Services:
+Added: Business 133,333 Units
Skillsoft Corp., Class A Common Stock(d) High Tech Industries 243,425 Units
1 unchanged sentence
/ Precision Medical Inc., Warrants(d) Healthcare & Pharmaceuticals 20,667,324 Units
−Removed: Tenere Inc., Warrants(d) Capital Equipment N/A 1,166 1,235
Total Equity 60,554 64,996
1 unchanged sentence
The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2022, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2022.
+Added: The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2022, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2022.
Represents amortized cost for debt securities and cost for equity investments.
6 unchanged sentences
The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2022 was 4.77%.
+Added: The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2022 was 4.36%.
+Added: The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2022 was 4.59%.
CĪON Investment Corporation
17 unchanged sentences
Total liabilities and members' capital $ 94,065 $ 108,980
−Removed: The following table includes selected statement of operations information for CION/EagleTree for the year ended December 31, 2022 and for the period from December 21, 2021 (commencement of operations) through December 31, 2021:
+Added: The following table includes selected statement of operations information for CION/EagleTree for the year ended December 31, 2023 and for the year ended December 31, 2022:
Selected Statement of Operations Information:
−Removed: Year Ended December 31, 2022 Period From December 21, 2021 (Commencement of Operations) Through December 31, 2021
+Added: Year Ended December 31, 2023 Year Ended December 31, 2022
Total revenues $ 6,230 $ 9,653
Total expenses 10,213 11,120
−Removed: Net realized gain on investments 9,947 —
−Removed: Net change in unrealized (depreciation) appreciation on investments ( 5,839 ) 9,197
−Removed: Net increase in net assets from operations $ 2,641 $ 9,085
+Added: Net realized (loss) gain on investments ( 2,083 ) 9,947
+Added: Net change in unrealized appreciation (depreciation) on investments 4,338 ( 5,839 )
+Added: Net (decrease) increase in net assets from operations $ ( 1,728 ) $ 2,641
CION SOF Funding, LLC
3 unchanged sentences
The Company and BCP contributed a portfolio of loans to CION SOF representing membership equity of $ 31,289 and $ 4,470 , respectively, in exchange for 87.5 % and 12.5 % of the membership interests of CION SOF, respectively.
+Added: On October 2, 2019, CION SOF entered into a senior secured credit facility, or the SOF Credit Facility, with Morgan Stanley Bank, N.A., or MS, for borrowings of up to a maximum amount of $ 75,000 .
+Added: Advances under the SOF Credit Facility were available through October 2, 2022 and bore interest at a floating rate equal to the three-month LIBOR, plus a spread of (i) 3.0 % per year through October 1, 2022 and (i) 3.5 % per year thereafter through October 2, 2024.
+Added: CION SOF's obligations to MS under the SOF Credit Facility were secured by a first priority security interest in all of the assets of CION SOF.
+Added: The obligations of CION SOF under the SOF Credit Facility were non-recourse to the Company.
+Added: On October 2, 2019, CION SOF drew down $ 64,702 of borrowings under the SOF Credit Facility.
In December 2020, the Company and BCP elected to wind-down the operations of CION SOF.
+Added: On December 14, 2020, CION SOF repaid to MS all amounts outstanding under the SOF Credit Facility.
On January 28, 2021, CION SOF sold all of its remaining debt and equity investments to the Company.
−Removed: On March 18, 2021, CION SOF declared final distributions and on March 19, 2021, distributed all remaining capital to the Company and BCP.
+Added: On March 18, 2021, CION SOF declared a final distribution, which was a return of capital, and on March 19, 2021, distributed all remaining assets to the Company and BCP.
The Company and BCP were not required to make any additional capital contributions to CION SOF.
8 unchanged sentences
(in thousands, except share and per share amounts)
−Removed: On October 2, 2019, CION SOF entered into a senior secured credit facility, or the SOF Credit Facility, with Morgan Stanley Bank, N.A., or MS, for borrowings of up to a maximum amount of $ 75,000 .
−Removed: Advances under the SOF Credit Facility were available through October 2, 2022 and bore interest at a floating rate equal to the three-month LIBOR, plus a spread of (i) 3.0 % per year through October 1, 2022 and (i) 3.5 % per year thereafter through October 2, 2024.
−Removed: CION SOF's obligations to MS under the SOF Credit Facility were secured by a first priority security interest in all of the assets of CION SOF.
−Removed: The obligations of CION SOF under the SOF Credit Facility were non-recourse to the Company.
−Removed: On October 2, 2019, CION SOF drew down $ 64,702 of borrowings under the SOF Credit Facility.
−Removed: On December 14, 2020, CION SOF repaid to MS all amounts outstanding under the SOF Credit Facility.
−Removed: The Company did not record any dividend income from its equity interest in CION SOF for the years ended December 31, 2022 or 2021.
In accordance with ASU 2015-02, Consolidation , the Company determined that CION SOF was a VIE.
1 unchanged sentence
The Company's maximum exposure to losses from CION SOF was limited to its equity contribution to CION SOF.
−Removed: The following table includes selected statement of operations information for CION SOF for the years ended December 31, 2022 and 2021:
−Removed: Years Ended December 31,
−Removed: Selected Statement of Operations Information:
−Removed: Total revenues $ — $ 29
−Removed: Total expenses — 29
−Removed: Net increase in net assets $ — $ —
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2022
−Removed: (in thousands, except share and per share amounts)
+Added: The Company did not record any dividend income from its equity interest in CION SOF for the years ended December 31, 2023, 2022 or 2021.
Financing Arrangements
1 unchanged sentence
Financing Arrangement Type of Financing Arrangement Rate Amount Outstanding Amount Available Maturity Date
−Removed: JPM Credit Facility Term Loan Credit Facility L+ 3.10 %
+Added: JPM Credit Facility Term Loan Credit Facility SOFR+ 3.20 %
$ 550,000 $ 125,000 May 15, 2025
−Removed: 60,000 40,000
2026 Notes(1) Note Purchase Agreement 4.50 %
125,000 — February 11, 2026
−Removed: UBS Facility Repurchase Agreement L+ 3.375 %
+Added: UBS Facility Repurchase Agreement SOFR+ 3.20 %
122,500 27,500 November 19, 2024
+Added: Series A Notes(2) Israel Public Bond Offering SOFR+ 3.82 %
+Added: 114,844 — August 31, 2026
+Added: 2027 Notes Note Purchase Agreement SOFR+ 4.75 %
+Added: 100,000 — November 8, 2027
2022 More Term Loan Term Loan Facility Agreement SOFR+ 3.50 %
5 unchanged sentences
The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2023.
+Added: (2) As of December 31, 2023, the fair value of the Series A Notes was $ 121,710 , which was based on readily observable, transparent prices.
+Added: The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of December 31, 2023.
(3) As of December 31, 2023, the fair value of the 2021 More Term Loan was $ 30,000 , which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
12 unchanged sentences
Advances under the Second Amended JPM Credit Facility bore interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.25 % per year.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2023
+Added: (in thousands, except share and per share amounts)
On February 26, 2021, 34th Street amended and restated the Second Amended JPM Credit Facility, or the Third Amended JPM Credit Facility, with JPM.
1 unchanged sentence
In addition, under the Third Amended JPM Credit Facility, the reinvestment period was extended from May 15, 2022 to May 15, 2023 and the maturity date was extended from May 15, 2023 to May 15, 2024.
−Removed: Advances under the Third Amended JPM Credit Facility bear interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.10 % per year, which was reduced from a spread of 3.25 % per year.
+Added: Advances under the Third Amended JPM Credit Facility bore interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.10 % per year.
34th Street incurred certain customary costs and expenses in connection with the Third Amended JPM Credit Facility.
No other material terms of the Second JPM Credit Facility were revised in connection with the Third Amended JPM Credit Facility.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2022
−Removed: (in thousands, except share and per share amounts)
On March 28, 2022, 34th Street entered into a First Amendment to the Third Amended JPM Credit Facility with JPM, or the JPM First Amendment.
Under the JPM First Amendment, the aggregate principal amount available for borrowings was increased from $ 575,000 to $ 675,000 , subject to conditions described in the JPM First Amendment.
−Removed: Additional advances of up to $ 100,000 under the JPM First Amendment bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.10 % per year, and a LIBOR to SOFR credit spread adjustment of 0.15 %.
+Added: Additional advances of up to $ 100,000 under the JPM First Amendment bore interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.10 % per year, and a LIBOR to SOFR credit spread adjustment of 0.15 %.
34 th Street incurred certain customary costs and expenses in connection with the JPM First Amendment.
No other material terms of the Third Amended JPM Credit Facility were revised in connection with the JPM First Amendment.
+Added: On May 15, 2023, 34th Street entered into a Second Amendment to the Third Amended JPM Credit Facility with JPM, or the JPM Second Amendment.
+Added: Under the JPM Second Amendment, the aggregate principal amount available for borrowings remained unchanged of up to $ 675,000 but all such advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.05 % per year, and a LIBOR to SOFR credit spread adjustment of 0.15 %.
+Added: The reinvestment period was extended from May 15, 2023 to May 15, 2024 and the maturity date was extended from May 15, 2024 to May 15, 2025.
+Added: Also under the JPM Second Amendment, the amount of minimum borrowings required was reduced by $ 50,000 to $ 550,000 with a six-month non-call provision.
+Added: 34th Street incurred certain customary costs and expenses in connection with the JPM Second Amendment.
+Added: No other material terms of the Third Amended JPM Credit Facility were revised in connection with the JPM Second Amendment.
Interest is payable quarterly in arrears.
−Removed: 34th Street may prepay advances pursuant to the terms and conditions of the Third Amended JPM Credit Facility and the JPM First Amendment, subject to a 1 % premium in certain circumstances.
−Removed: In addition, 34th Street will be subject to a non-usage fee of 1.0 % per year on the amount, if any, of the aggregate principal amount available under the Third Amended JPM Credit Facility and the JPM First Amendment that has not been borrowed through May 14, 2023.
+Added: 34th Street may prepay advances pursuant to the terms and conditions of the Third Amended JPM Credit Facility and the JPM Second Amendment, subject to a 1.0 % premium in certain circumstances.
+Added: In addition, 34th Street will be subject to a non-usage fee of 1.0 % per year on the amount, if any, of the aggregate principal amount available under the Third Amended JPM Credit Facility and the JPM Second Amendment that has not been borrowed through May 14, 2024.
The non-usage fees, if any, are payable quarterly in arrears.
−Removed: As of December 31, 2022 and 2021, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility and the JPM First Amendment was $ 610,000 and $ 550,000 , respectively.
+Added: As of December 31, 2023 and 2022, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $ 550,000 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.
−Removed: 34th Street’s obligations to JPM under the Third Amended JPM Credit Facility and the JPM First Amendment are secured by a first priority security interest in all of the assets of 34th Street.
−Removed: The obligations of 34th Street under the Third Amended JPM Credit Facility and the JPM First Amendment are non-recourse to the Company, and the Company’s exposure under the Third Amended JPM Credit Facility and the JPM First Amendment is limited to the value of the Company’s investment in 34th Street.
−Removed: In connection with the Third Amended JPM Credit Facility and the JPM First Amendment, 34th Street made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar facilities.
+Added: 34th Street’s obligations to JPM under the Third Amended JPM Credit Facility and the JPM Second Amendment are secured by a first priority security interest in all of the assets of 34th Street.
+Added: The obligations of 34th Street under the Third Amended JPM Credit Facility and the JPM Second Amendment are non-recourse to the Company, and the Company’s exposure under the Third Amended JPM Credit Facility and the JPM Second Amendment is limited to the value of the Company’s investment in 34th Street.
+Added: 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.
As of and for the year ended December 31, 2023, 34th Street was in compliance with all covenants and reporting requirements.
−Removed: Through December 31, 2022, the Company incurred debt issuance costs of $ 12,102 in connection with obtaining and amending the JPM Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Third Amended JPM Credit Facility and the JPM First Amendment, which is included in the Company’s consolidated balance sheet as of December 31, 2022 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility and the JPM First Amendment.
+Added: Through December 31, 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 December 31, 2023 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility and the JPM Second Amendment.
At December 31, 2023, the unamortized portion of the debt issuance costs was $ 2,725 .
−Removed: For the years ended December 31, 2022 and 2021, the components of interest expense, average borrowings, and weighted average interest rate for the JPM First Amendment, the Third Amended JPM Credit Facility and the Second Amended JPM Credit Facility, as applicable, were as follows:
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2023
+Added: (in thousands, except share and per share amounts)
+Added: For the years ended December 31, 2023 and 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:
Years Ended December 31,
5 unchanged sentences
Average borrowings $ 595,342 $ 590,603
−Removed: (1) Includes the stated interest expense and non-usage fee on the unused portion of the JPM First Amendment, the Third Amended JPM Credit Facility and the Second Amended JPM Credit Facility, as applicable, and is annualized for periods covering less than one year.
+Added: (1) Includes the stated interest expense and non-usage fee on the unused portion of the JPM Second Amendment and the Third Amended JPM Credit Facility and is annualized for periods covering less than one year.
On February 11, 2021, the Company entered into a Note Purchase Agreement with certain purchasers, or the Note Purchase Agreement, in connection with the Company’s issuance of $ 125,000 aggregate principal amount of its 4.50 % senior unsecured notes due in 2026, or the 2026 Notes.
The net proceeds to the Company were approximately $ 122,300 , after the deduction of placement agent fees and other financing expenses, which the Company used to repay debt under its secured financing arrangements.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2022
−Removed: (in thousands, except share and per share amounts)
The 2026 Notes mature on February 11, 2026.
The 2026 Notes bear interest at a rate of 4.50 % per year payable semi-annually on February 11th and August 11th of each year, which commenced on August 11, 2021.
−Removed: The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the 2026 Notes (i) on or before February 11, 2024, at a redemption price equal to 100 % of the principal amount of 2026 Notes to be redeemed plus an applicable “make-whole” amount equal to (x) the discounted value of the remaining scheduled payments with respect to the principal of such 2026 Note that is to be prepaid or becomes due and payable pursuant to the Note Purchase Agreement over (y) the amount of such called principal, plus accrued and unpaid interest, if any, (ii) after February 11, 2024 but on or before February 11, 2025, at a redemption price equal to 102 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, (iii) after February 11, 2025 but on or before August 11, 2025, at a redemption price equal to 101 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, and (iv) after August 11, 2025, at a redemption price equal to 100 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any.
−Removed: For any redemptions occurring on or before February 11, 2024, the discounted value portion of the “make whole amount” is calculated by applying a discount rate on the same periodic basis as that on which interest on the 2026 Notes is payable equal to the sum of 0.50 % plus the yield to maturity of the most recently issued U.S.
−Removed: Treasury securities having a maturity equal to the remaining average life of the 2026 Notes, or if there are no such U.S.
−Removed: Treasury securities, using such implied yield to maturity determined in accordance with the terms of the Note Purchase Agreement.
+Added: The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the 2026 Notes (i) after February 11, 2024 but on or before February 11, 2025, at a redemption price equal to 102 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, (ii) after February 11, 2025 but on or before August 11, 2025, at a redemption price equal to 101 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, and (iii) after August 11, 2025, at a redemption price equal to 100 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any.
The 2026 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.
−Removed: 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.
+Added: The Note Purchase Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC, (iii) minimum shareholders’ equity of $ 543.6 million, (iv) a minimum asset coverage ratio of not less than 150 %, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.
As of and for the year ended December 31, 2023, the Company was in compliance with all covenants and reporting requirements.
4 unchanged sentences
At December 31, 2023, the unamortized portion of the debt issuance costs was $ 1,129 .
−Removed: For the year ended December 31, 2022 and for the period from February 11, 2021 through December 31, 2021, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:
−Removed: Year Ended December 31, 2022 For the Period From February 11, 2021 Through December 31, 2021
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2023
+Added: (in thousands, except share and per share amounts)
+Added: For the years ended December 31, 2023 and 2022, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:
+Added: Years Ended December 31,
Stated interest expense $ 5,625 $ 5,600
4 unchanged sentences
(1) Includes the stated interest expense on the 2026 Notes and is annualized for periods covering less than one year.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2022
−Removed: (in thousands, except share and per share amounts)
On May 19, 2017, the Company, through two newly-formed, wholly-owned, special-purpose financing subsidiaries, entered into a financing arrangement with UBS pursuant to which up to $ 125,000 was made available to the Company.
26 unchanged sentences
No other material terms of the UBS Facility were revised in connection with the amended UBS Facility, or the Amended UBS Facility.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2023
+Added: (in thousands, except share and per share amounts)
On May 19, 2020, Murray Hill Funding entered into a Second Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Second Amended Master Confirmation, which extended the date that Murray Hill Funding will be required to repurchase the Notes sold to UBS under the Amended UBS Facility from May 19, 2020 to November 19, 2020, and increased the spread on the financing fee from 3.50 % to 3.90 % per year.
3 unchanged sentences
On November 12, 2020, Murray Hill Funding entered into a Third Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Third Amended Master Confirmation, to further extend the date that Murray Hill Funding will be required to repurchase the Notes to December 18, 2020.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2022
−Removed: (in thousands, except share and per share amounts)
On December 17, 2020, Murray Hill Funding entered into a Fourth Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Fourth Amended Master Confirmation, which further extended the date that Murray Hill Funding will be required to repurchase the Notes sold to UBS under the Amended UBS Facility from December 18, 2020 to November 19, 2023, and decreased the spread on the financing fee from 3.90 % to 3.375 % per year.
8 unchanged sentences
Murray Hill Funding, in turn, entered into a repurchase transaction with UBS pursuant to the terms of the related Annex and Master Confirmation, dated December 17, 2020, to the Global Master Repurchase Agreement, dated May 19, 2017, related to the Class A-R Notes.
−Removed: Murray Hill Funding is required to repurchase the Class A-R Notes that will be sold to UBS by no later than November 19, 2023.
−Removed: The financing fee for the funded Class A-R Notes is equal to the three-month LIBOR plus a spread of 3.375 % per year while the financing fee for the unfunded Class A-R Notes is equal to 0.75 % per year.
−Removed: Pursuant to the Amended UBS Facility, on July 1, 2021, December 14, 2021 and April 19, 2022, UBS purchased Class A-R Notes held by Murray Hill Funding for an aggregate purchase price equal to 100 % of the principal amount of Class A-R Notes purchased, which was $ 21,000 , $ 25,000 and $ 17,500 , respectively.
−Removed: On August 20, 2021 and March 7, 2023, Murray Hill Funding repurchased Class A-R Notes in the aggregate principal amount of $ 21,000 and $ 17,500 , respectively, from UBS for an aggregate repurchase price of $ 21,000 and $ 17,500 , respectively, which was then repaid by Murray Hill Funding II.
−Removed: The repurchase of the A-R Notes on August 20, 2021 and March 7, 2023 resulted in a repayment of $ 21,000 and $ 17,500 , respectively, of the outstanding amount of borrowings under the Amended UBS Facility.
+Added: Murray Hill Funding was required to repurchase the Class A-R Notes that will be sold to UBS by no later than November 19, 2023.
+Added: The financing fee for the funded Class A-R Notes was equal to the three-month LIBOR plus a spread of 3.375 % per year while the financing fee for the unfunded Class A-R Notes is equal to 0.75 % per year.
+Added: On June 14, 2023, Murray Hill Funding entered into with UBS (i) a Fifth Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement, or the Fifth Amended Master Confirmation, and (ii) an Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement, or the Amended Master Confirmation.
+Added: Under both Confirmations, the date that Murray Hill Funding will be required to repurchase the Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Facility was extended from November 19, 2023 to November 19, 2024.
+Added: Also under both Confirmations, the financing fee payable to UBS was revised from a floating rate equal to the three-month LIBOR, plus a spread of 3.375 % per year, to a floating rate equal to the three-month SOFR, plus a spread of (a) to (but excluding) November 19, 2023, 3.525 % per year, and (b) thereafter, 3.20 % per year.
+Added: The effective date of both Confirmations was June 15, 2023.
+Added: No other material terms of the Amended UBS Facility were revised in connection with the Fifth Amended Master Confirmation or the Amended Master Confirmation.
+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.
+Added: 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.
+Added: The repurchase of the Class A-R Notes on August 20, 2021, March 7, 2023 and April 14, 2023 resulted in repayments of $ 21,000 , $ 17,500 and $ 25,000 , respectively, of the outstanding amount of borrowings under the Amended UBS Facility.
UBS may require Murray Hill Funding to post cash collateral if, without limitation, the sum of the market value of the portfolio of assets and the cash and eligible investments held by Murray Hill Funding II, together with any posted cash collateral, is less than the required margin amount under the Amended UBS Facility;
provided, however, that Murray Hill Funding will not be required to post cash collateral with UBS until such market value has declined at least 10 % from the initial market value of the portfolio assets.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2023
+Added: (in thousands, except share and per share amounts)
The Company has no contractual obligation to post any such cash collateral or to make any payments to UBS on behalf of Murray Hill Funding.
17 unchanged sentences
As of December 31, 2023, the fair value of assets held by Murray Hill Funding II was $ 252,001 .
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2022
−Removed: (in thousands, except share and per share amounts)
For the years ended December 31, 2023 and 2022, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Facility were as follows:
6 unchanged sentences
(1) Includes the stated interest expense and non-usage fee on the unused portion of the Amended UBS Facility and is annualized for periods covering less than one year.
+Added: Series A Notes
+Added: On February 28, 2023, the Company entered into a Deed of Trust, or the Deed of Trust, with Mishmeret Trust Company Ltd., as trustee, under which the Company issued $ 80,712 in aggregate principal amount of its Series A Unsecured Notes due 2026, or the Series A Notes.
+Added: The Series A Notes offering in Israel closed on February 28, 2023 and the Series A Notes listed and commenced trading on the TASE on February 28, 2023.
+Added: After the deduction of fees and other offering expenses, the Company received net proceeds of approximately $ 77,900 , which it used to make investments in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes.
+Added: The Series A Notes are rated A1.il by Midroog Ltd., an affiliate of Moody’s.
+Added: The carrying amount outstanding under the Series A Notes approximates its fair value.
+Added: The Series A Notes will mature on August 31, 2026 and may be redeemed in whole or in part at the Company's option at par plus a “make-whole” premium, if applicable, as set forth in the Deed of Trust.
+Added: The Series A Notes bear interest at a rate equal to SOFR plus a credit spread of 3.82 % per year, which will be paid quarterly on February 28, May 31, August 31, and November 30 of each year, which commenced on May 31, 2023.
+Added: The Series A Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the Series A Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2023
+Added: (in thousands, except share and per share amounts)
+Added: The Deed of Trust contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 525 million, (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00.
+Added: 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.
+Added: As of and for the year ended December 31, 2023, the Company was in compliance with all covenants and reporting requirements.
+Added: On February 26, 2023, the Company’s shares of common stock also listed and commenced trading on the TASE under the ticker symbol “CION”.
+Added: On October 10, 2023, the Company issued $ 34,132 in aggregate principal amount of its additional Series A Unsecured Notes due 2026, or the Additional Series A Notes, to institutional investors in Israel.
+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.
+Added: After the deduction of fees and other offering expenses, the Company received net proceeds of $ 32,317 , which the Company used to make investments in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes.
+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: Through December 31, 2023, the Company incurred debt issuance costs of $ 5,139 in connection with issuing the Series A Notes and the Additional Series A Notes, which were recorded as a direct reduction to the outstanding balance of the Series A Notes and the Additional Series A Notes, which is included in the Company’s consolidated balance sheet as of December 31, 2023 and will amortize to interest expense over the term of the Series A Notes and the Additional Series A Notes.
+Added: At December 31, 2023, the unamortized portion of the debt issuance costs was $ 4,253 .
+Added: For the period from February 28, 2023 through December 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the Series A Notes were as follows:
+Added: For the Period From February 28, 2023 Through December 31, 2023
+Added: Stated interest expense $ 6,886
+Added: Amortization of deferred financing costs 887
+Added: Total interest expense $ 7,773
+Added: Weighted average interest rate(1) 8.98 %
+Added: Average borrowings $ 89,940
+Added: (1) Includes the stated interest expense on the Series A Notes and the Additional Series A Notes and is annualized for periods covering less than one year.
+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 $ 98,290 , 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: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2023
+Added: (in thousands, except share and per share amounts)
+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.
+Added: As of December 31, 2023 and for the period from November 8, 2023 through December 31, 2023, the Company was in compliance with all covenants and reporting requirements.
+Added: Through December 31, 2023, the Company incurred debt issuance costs of $ 1,710 in connection with issuing the 2027 Notes, which were recorded as a direct reduction to the outstanding balance of the 2027 Notes, which is included in the Company’s consolidated balance sheet as of December 31, 2023 and will amortize to interest expense over the term of the 2027 Notes.
+Added: At December 31, 2023, the unamortized portion of the debt issuance costs was $ 1,647 .
+Added: For the period from November 8, 2023 through December 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the 2027 Notes were as follows:
+Added: For the Period From November 8, 2023 Through December 31, 2023
+Added: Stated interest expense $ 1,495
+Added: Amortization of deferred financing costs 63
+Added: Total interest expense $ 1,558
+Added: Weighted average interest rate(1) 9.97 %
+Added: Average borrowings $ 100,000
+Added: (1) Includes the stated interest expense on the 2027 Notes and is annualized for periods covering less than one year.
2022 More Term Loan
2 unchanged sentences
After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $ 49,000 , which it used for working capital and other general corporate purposes.
+Added: The carrying amount outstanding under the 2022 More Term Loan approximates its fair value.
Advances under the 2022 More Term Loan bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.50 % per year and subject to a 1.0 % SOFR floor, payable quarterly in arrears.
2 unchanged sentences
The discounted present value portion of the prepayment fee is calculated by applying a discount rate on the same periodic basis as that on which interest on advances is payable equal to the three-month SOFR plus 2.00 %.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2023
+Added: (in thousands, except share and per share amounts)
Advances under the 2022 More Term Loan are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.
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 December 31, 2022 and for the period from April 27, 2022 through December 31, 2022, the Company was in compliance with all covenants and reporting requirements.
+Added: As of and for the year ended December 31, 2023, the Company was in compliance with all covenants and reporting requirements.
Through December 31, 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 December 31, 2023 and will amortize to interest expense over the term of the 2022 More Term Loan.
At December 31, 2023, the unamortized portion of the debt issuance costs was $ 680 .
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2022
−Removed: (in thousands, except share and per share amounts)
−Removed: 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: For the Period From April 27, 2022 Through December 31, 2022
+Added: For the year ended December 31, 2023 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: Year Ended December 31, 2023 For the Period From April 27, 2022 Through December 31, 2022
Stated interest expense $ 4,328 $ 2,027
14 unchanged sentences
Treasury securities, using such implied yield to maturity determined in accordance with the terms of the Term Loan Agreement.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2023
+Added: (in thousands, except share and per share amounts)
Advances under the 2021 More Term Loan are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company's subsidiaries, financing vehicles or similar facilities.
4 unchanged sentences
At December 31, 2023, the unamortized portion of the debt issuance costs was $ 209 .
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2022
−Removed: (in thousands, except share and per share amounts)
−Removed: For the year ended December 31, 2022 and for the period from April 14, 2021 through December 31, 2021, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 More Term Loan were as follows:
−Removed: Year Ended December 31, 2022 For the Period from April 14, 2021 through December 31, 2021
+Added: For the years ended December 31, 2023 and 2022, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 More Term Loan were as follows:
+Added: Years Ended December 31,
Stated interest expense $ 1,582 $ 1,582
17 unchanged sentences
(2) Excludes the Company's $ 30,766 investment in CION/EagleTree, which is measured at NAV.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2023
+Added: (in thousands, except share and per share amounts)
The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the years ended December 31, 2023 and 2022:
3 unchanged sentences
Investments purchased(2)(3) 393,865 57 — 5,449 111,200 510,571
−Removed: Net realized (loss) gain ( 5,646 ) ( 19,327 ) 24 — ( 7,798 ) ( 32,747 )
−Removed: Net change in unrealized (depreciation) appreciation ( 21,581 ) 14,604 ( 621 ) ( 7,623 ) 9,999 ( 5,222 )
+Added: Net realized loss ( 24,261 ) — — — ( 7,666 ) ( 31,927 )
+Added: Net change in unrealized appreciation (depreciation) 20,543 ( 9,901 ) 242 ( 11,035 ) 28,815 28,664
Accretion of discount 13,285 204 — 17 — 13,506
1 unchanged sentence
Ending balance, December 31, 2023 $ 1,565,171 $ 29,111 $ 1,096 $ 12,874 $ 205,909 $ 1,814,161
−Removed: Change in net unrealized (depreciation) appreciation on investments still held as of December 31, 2022(1) $ ( 39,831 ) $ 801 $ ( 621 ) $ ( 7,623 ) $ 1,604 $ ( 45,670 )
−Removed: (1) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.
+Added: Change in net unrealized appreciation (depreciation) on investments still held as of December 31, 2023(1) $ 5,416 $ ( 9,901 ) $ 242 $ ( 11,035 ) $ 26,333 $ 11,055
+Added: (1) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
(2) Investments purchased includes PIK interest.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2022
−Removed: (in thousands, except share and per share amounts)
+Added: (3) Includes non-cash restructured securities.
Year Ended December 31, 2022
3 unchanged sentences
Net realized (loss) gain ( 5,646 ) ( 19,327 ) 24 — ( 7,798 ) ( 32,747 )
−Removed: Net change in unrealized appreciation 5,394 3,102 2,287 43 20,751 31,577
+Added: Net change in unrealized (depreciation) appreciation ( 21,581 ) 14,604 ( 621 ) ( 7,623 ) 9,999 ( 5,222 )
Accretion of discount 10,517 500 — 15 — 11,032
1 unchanged sentence
Ending balance, December 31, 2022 $ 1,579,512 $ 38,769 $ 1,179 $ 22,643 $ 73,951 $ 1,716,054
−Removed: Change in net unrealized appreciation (depreciation) on investments still held as of December 31, 2021(2) $ 2,341 $ ( 1,621 ) $ 1,152 $ 43 $ 15,638 $ 17,553
+Added: Change in net unrealized (depreciation) appreciation on investments still held as of December 31, 2022(2) $ ( 39,831 ) $ 801 $ ( 621 ) $ ( 7,623 ) $ 1,604 $ ( 45,670 )
(1) Includes non-cash restructured securities.
−Removed: (2) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.
+Added: (2) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2023
+Added: (in thousands, except share and per share amounts)
Significant Unobservable Inputs
7 unchanged sentences
72,229 Market Comparable Approach Revenue Multiple 1.00 x
−Removed: 4,527 $ per kW $ 131.85 N/A
27,867 EBITDA Multiple 9.00 x
1 unchanged sentence
Senior secured second lien debt 27,638 Discounted Cash Flow Discount Rates 13.4 % — 25.0 % 16.1 %
−Removed: Collateralized securities and structured products - equity 1,179 Discounted Cash Flow Discount Rates 21.0 % N/A
−Removed: Unsecured debt 15,316 Market Comparable Approach EBITDA Multiple 9.25 x
−Removed: 7,327 Discounted Cash Flow Discount Rates 17.7 % N/A
+Added: 1,473 Market Comparable Approach EBITDA Multiple 9.00 x
+Added: Collateralized securities and structured products - equity 1,096 Discounted Cash Flow Discount Rates 5.4 % — 21.0 % 20.7 %
+Added: Unsecured debt 8,739 Discounted Cash Flow Discount Rates 16.0 % N/A
+Added: 4,135 Other(2) Other(2) N/A N/A
Equity 90,771 Market Comparable Approach EBITDA Multiple 4.75 x
−Removed: 23,995 $ per kW $ 412.5 N/A
84,328 Revenue Multiple 0.15 x
−Removed: 2,238 Discounted Cash Flow Discount Rates 16.8 % N/A
+Added: 29,463 $ per kW $ 161.16 — $ 400.00 $ 337.28
971 Broker Quotes Broker Quotes N/A N/A
−Removed: 5 Options Pricing Model Expected Volatility 80.0 % — 90.0 % 87.3 %
+Added: 376 Options Pricing Model Expected Volatility 115.0 % N/A
Total $ 1,814,161
11 unchanged sentences
79,035 Broker Quotes Broker Quotes N/A N/A
−Removed: 27,557 Market Comparable Approach EBITDA Multiple 3.50 x
−Removed: 6,327 Revenue Multiple 2.25 x
+Added: 20,050 Market Comparable Approach Revenue Multiple 0.25 x
+Added: 4,527 $ per kW $ 131.85 N/A
+Added: 3,552 EBITDA Multiple 2.75 x
532 Other(2) Other(2) N/A N/A
Senior secured second lien debt 38,769 Discounted Cash Flow Discount Rates 14.3 % — 21.5 % 17.2 %
−Removed: 14,175 Broker Quotes Broker Quotes N/A N/A
Collateralized securities and structured products - equity 1,179 Discounted Cash Flow Discount Rates 21.0 % N/A
−Removed: Unsecured debt 26,616 Discounted Cash Flow Discount Rates 12.7 % 16.2 % 13.6 %
+Added: Unsecured debt 15,316 Market Comparable Approach EBITDA Multiple 9.25 x
+Added: 7,327 Discounted Cash Flow Discount Rates 17.7 % N/A
Equity 33,441 Market Comparable Approach EBITDA Multiple 2.75 x
1 unchanged sentence
13,038 Revenue Multiple 0.13 x
+Added: 2,238 Discounted Cash Flow Discount Rates 16.8 % N/A
+Added: 1,234 Broker Quotes Broker Quotes N/A N/A
5 Options Pricing Model Expected Volatility 80.0 % — 90.0 % 87.3 %
11 unchanged sentences
Transfer agent expense 911 1,124 1,290
−Removed: Insurance expense 833 612 489
Valuation expense 853 821 904
Dues and subscriptions 800 791 411
−Removed: Printing and marketing expense 708 990 378
Director fees and expenses 696 632 516
+Added: Insurance expense 675 833 612
Accounting and administrative costs 637 524 759
+Added: Printing and marketing expense 351 708 990
Other expenses 281 67 109
11 unchanged sentences
Flatworld Intermediate Corp.
−Removed: Instant Web, LLC 5,628 2,704
−Removed: Critical Nurse Staffing, LLC 5,599 5,899
−Removed: Service Compression, LLC 4,186 —
−Removed: Rogers Mechanical Contractors, LLC 3,365 4,808
−Removed: American Health Staffing Group, Inc.
+Added: $ 5,865 $ 5,865
Thrill Holdings LLC 5,000 3,261
−Removed: Homer City Holdings LLC 3,000 —
+Added: American Health Staffing Group, Inc.
+Added: Nova Compression, LLC 2,609 —
Mimeo.com, Inc.
Coyote Buyer, LLC 2,500 2,500
−Removed: Ironhorse Purchaser, LLC 2,469 —
+Added: Rogers Mechanical Contractors, LLC 2,404 3,365
Moss Holding Company 2,232 2,232
−Removed: HW Acquisition, LLC 2,200 2,933
+Added: Instant Web, LLC 2,164 5,628
MacNeill Pride Group Corp.
+Added: Tactical Air Support, Inc.
BDS Solutions Intermediateco, LLC 1,905 1,998
−Removed: Archer Systems, LLC 1,905 —
−Removed: Dermcare Management, LLC 1,862 —
Bradshaw International Parent Corp.
−Removed: RumbleOn, Inc.
+Added: Fluid Control II Inc.
Sleep Opco, LLC 1,750 1,750
−Removed: RA Outdoors, LLC 1,049 1,049
+Added: ESP Associates, Inc.
OpCo Borrower, LLC 1,042 833
−Removed: WorkGenius, Inc.
+Added: Lochner, Inc.
+Added: Critical Nurse Staffing, LLC 1,000 5,599
+Added: Dermcare Management, LLC 671 1,862
+Added: Service Compression, LLC 419 4,186
Invincible Boat Company LLC 399 559
+Added: RA Outdoors, LLC 372 1,049
+Added: Ironhorse Purchaser, LLC 347 2,469
+Added: American Clinical Solutions LLC 250 —
American Teleconferencing Services, Ltd.
−Removed: Lochner, Inc.
+Added: Homer City Holdings LLC 196 3,000
Anthem Sports & Entertainment Inc.
+Added: HW Acquisition, LLC 12 2,200
+Added: Archer Systems, LLC — 1,905
+Added: RumbleOn, Inc.
+Added: WorkGenius, Inc.
STATinMED, LLC — 156
NWN Parent Holdings LLC — 90
−Removed: Genesis Healthcare, Inc.
−Removed: West Dermatology Management Holdings, LLC — 6,308
−Removed: Williams Industrial Services Group, Inc.
−Removed: Trademark Global, LLC — 4,615
−Removed: Molded Devices, Inc.
−Removed: Foundation Consumer Healthcare, LLC — 2,094
−Removed: Extreme Reach, Inc.
−Removed: American Media, Inc.
−Removed: Marble Point Credit Management LLC — 1,250
−Removed: Appalachian Resource Company, LLC — 500
Total $ 47,349 $ 71,420
14 unchanged sentences
These analyses are reviewed and discussed on a weekly basis by the Company's executive officers and senior members of CIM (including members of the investment committee) and are updated on a “real time” basis in order to ensure that the Company has adequate liquidity to satisfy its unfunded commitments.
−Removed: Fee income consists of amendment fees, capital structuring and other fees, conversion fees and administrative agent fees.
+Added: Fee income consists of amendment fees, capital structuring and other fees, conversion fees, commitment fees and administrative agent fees.
The following table summarizes the Company’s fee income for the years ended December 31, 2023, 2022 and 2021:
1 unchanged sentence
2023 2022 2021
−Removed: Capital structuring and other fees $ 4,446 $ 4,973 $ 968
Amendment fees $ 6,415 $ 2,633 $ 869
+Added: Capital structuring and other fees 4,309 4,446 4,973
Conversion fees 477 2,365 —
+Added: Commitment fees 308 — —
Administrative agent fees 185 100 85
21 unchanged sentences
Issuance of common stock above net asset value(3) — — — — —
−Removed: Repurchases of common stock(4) 0.20 — — — —
+Added: Repurchases of common stock below net asset value(4) 0.12 0.20 — — —
Net increase in net assets resulting from capital share transactions 0.12 0.20 — — —
14 unchanged sentences
(1) The per share data for the years ended December 31, 2023, 2022, 2021, 2020 and 2019 was derived by using the weighted average shares of common stock outstanding during each period.
−Removed: The share information utilized to determine per share data in this table has been retroactively adjusted to reflect the Reverse Stock Split discussed in Note 3.
+Added: The share information utilized to determine per share data for 2021, 2020 and 2019 in this table has been retroactively adjusted to reflect the Reverse Stock Split discussed in Note 3.
CĪON Investment Corporation
40 unchanged sentences
These reclassifications had no effect on net assets.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2022
−Removed: (in thousands, except share and per share amounts)
The determination of the tax attributes of the Company’s distributions is made annually as of the end of the Company’s fiscal year based upon the Company’s taxable income for the full year and distributions paid for the full year.
15 unchanged sentences
Includes short term capital loss carryforwards of $ 7,233 and long term capital loss carryforwards of $ 66,284 as of December 31, 2022.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2023
+Added: (in thousands, except share and per share amounts)
As of December 31, 2023, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 71,010 ;
6 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
−Removed: December 31, 2022
−Removed: (in thousands, except share and per share amounts)
Selected Quarterly Financial Data (unaudited)
7 unchanged sentences
Net realized and unrealized (loss) gain on investments and foreign currency ( 60,903 ) 4,478 17,483 29,234
−Removed: Net increase (decrease) in net assets resulting from operations 7,889 ( 1,266 ) 33,983 9,535
−Removed: Net increase (decrease) in net assets resulting from operations per share of common stock(1) 0.14 ( 0.02 ) 0.60 0.17
+Added: Net (decrease) increase in net assets resulting from operations ( 31,045 ) 27,894 47,473 50,992
+Added: Net (decrease) increase in net assets resulting from operations per share of common stock(1) ( 0.56 ) 0.51 0.87 0.94
Net asset value per share of common stock at end of quarter 15.11 15.31 15.80 16.23
4 unchanged sentences
Net investment income 19,483 19,288 25,557 23,877
−Removed: Net realized and unrealized gain (loss) on investments and foreign currency 32,115 9,283 5,496 ( 2,437 )
−Removed: Net increase in net assets resulting from operations 49,714 27,969 25,108 15,973
−Removed: Net increase in net assets resulting from operations per share of common stock(1) 0.88 0.49 0.44 0.28
+Added: Net realized and unrealized (loss) gain on investments and foreign currency ( 11,594 ) ( 20,554 ) 8,426 ( 14,342 )
+Added: Net increase (decrease) in net assets resulting from operations 7,889 ( 1,266 ) 33,983 9,535
+Added: Net increase (decrease) in net assets resulting from operations per share of common stock(1) 0.14 ( 0.02 ) 0.60 0.17
Net asset value per share of common stock at end of quarter 16.20 15.89 16.26 15.98
2 unchanged sentences
This is due to changes in the number of weighted-average shares outstanding and the effects of rounding for each period.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2022
−Removed: (in thousands, except share and per share amounts)
−Removed: Subsequent Event
−Removed: On February 28, 2023, the Company entered into a Deed of Trust, or the Deed of Trust, with Mishmeret Trust Company Ltd., as trustee, under which the Company issued approximately $ 80,700 in aggregate principal amount of its Series A Unsecured Notes due 2026, or the Series A Notes.
−Removed: The Series A Notes offering in Israel closed on February 28, 2023 and are listed and commenced trading on the Tel Aviv Stock Exchange Ltd., or the TASE, on February 28, 2023.
−Removed: After the deduction of fees and other offering expenses, the Company received net proceeds of approximately $ 77,900 , which it intends to use to make investments in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes.
−Removed: The Series A Notes are rated A1.il by Midroog Ltd., an affiliate of Moody’s.
−Removed: The Series A Notes will mature on August 31, 2026 and may be redeemed in whole or in part at the Company's option at par plus a “make-whole” premium, if applicable, as set forth in the Deed of Trust.
−Removed: The Series A Notes bear interest at a rate equal to SOFR plus a credit spread of 3.82 % per year, which will be paid quarterly on February 28, May 31, August 31, and November 30 of each year, commencing on May 31, 2023.
−Removed: The Series A Notes are general unsecured obligations that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the Series A Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of its secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.
−Removed: The Deed of Trust contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a business development company within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 525 million, (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00.
−Removed: 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: On February 26, 2023, the Company’s shares of common stock listed and commenced trading on the TASE under the ticker symbol “CION”.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.