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, 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%.
−Removed: 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: As of December 31, 2024, under the terms of the JPM Fifth Amendment, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 2.55% per year, and we will pay an annual administration fee of 0.20% on JPM’s total financing commitment.
+Added: Pursuant to the terms of the Amended UBS Facility, as of December 31, 2024, we paid a financing fee equal to the three-month SOFR, plus a spread of 3.20% per year.
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.
−Removed: 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.
−Removed: 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.
+Added: The 2027 Notes (Tranche A) 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.
+Added: The 2027 Notes (Tranche B) bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 3.90% per year and are subject to a 2.00% SOFR floor.
+Added: Pursuant to the terms of the 2022 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.
+Added: Pursuant to the terms of the 2024 Term Loan, advances bear interest at a floating rate equal to the three-month SOFR, plus a credit spread of 3.80% per year and subject to a 4.0% SOFR floor.
In addition, we may seek to further borrow funds in order to make additional investments.
5 unchanged sentences
Adverse developments resulting from changes in interest rates could have a material adverse effect on our business, financial condition and results of operations.
−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 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:
+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 Fifth Amendment, the Amended UBS Facility, the Series A Notes, the 2027 Notes, the 2022 Term Loan or the 2024 Term Loan in effect as of December 31, 2024:
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), or the NAV 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 2029 Notes and the 2026 Notes), or the NAV of our common stock in the event of sudden changes in interest rates.
Approximately 6.6% of our investments paid fixed interest rates as of December 31, 2024.
2 unchanged sentences
Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies—Valuation of Portfolio Investments” and Note 2 to our consolidated financial statements included in this report.
+Added: Inflation and Market Volatility
Economic activity has continued to accelerate across sectors and regions.
1 unchanged sentence
and globally.
+Added: inflation rate has fluctuated throughout 2024 and early 2025, and it remains well above the historic levels over the past several decades.
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.
−Removed: Persistent inflationary pressures could affect our portfolio companies' respective profit margins.
+Added: Concerns over future increases in inflation as well as interest rate volatility and fluctuations in oil and gas prices resulting from global production and demand levels, as well as geopolitical tension, have exacerbated market volatility.
+Added: Market uncertainty and volatility have also been magnified because of the 2024 U.S.
+Added: presidential and congressional elections and resulting uncertainties regarding actual and potential shifts in U.S.
+Added: and foreign, trade, economic and other policies, including with respect to treaties and tariffs.
+Added: Persistent inflationary pressures, foreign currency exchange volatility, volatility in global capital markets and concerns over actual and potential tariffs and sanctions could affect our portfolio companies' respective profit margins.
Consolidated Financial Statements and Supplementary Data
2 unchanged sentences
Consolidated Statements of Operations
−Removed: Consolidated Statements of Changes in Net Assets
+Added: Consolidated Statements of Shareholders' Equity
Consolidated Statements of Cash Flows
4 unchanged sentences
Opinion on the Financial Statements
−Removed: 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, 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.
+Added: We have audited the accompanying consolidated balance sheets, including the consolidated schedules of investments, of CĪON Investment Corporation and Subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes to the consolidated financial statements (collectively, the financial statements).
+Added: In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2024 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, 2024, 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 12, 2025, expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
8 unchanged sentences
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
−Removed: Our procedures included confirmation of investments owned as of December 31, 2023 and 2022, by correspondence with the custodians, loan agents or management of the underlying investments, as applicable, or by other appropriate auditing procedures where replies from these parties, as applicable, were not received.
+Added: Our procedures included confirmation of securities owned as of December 31, 2024 and 2023, by correspondence with the custodians, loan agents or management of the underlying investments, as applicable, or by other appropriate auditing procedures where replies from these parties, as applicable, were not received.
Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
5 unchanged sentences
Valuation of Level 3 Investments
−Removed: As discussed in Note 2 to the financial statements, substantially all of the Company’s investments are recorded at fair value, which represents the price that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date.
−Removed: Accounting principles generally accepted in the United States of America establish a three-tier fair value hierarchy that prioritizes and ranks the level of market price observability of inputs used by management in measuring the Company’s investments at fair value.
+Added: Substantially all of the Company’s investments are recorded at fair value, which represents the price that would be received from the sale of an asset in an orderly transaction between market participants at the measurement date.
+Added: As discussed in Note 2 to the Company’s financial statements, accounting principles generally accepted in the United States of America establish a three-tier fair value hierarchy that prioritizes and ranks the level of market price observability of inputs used by management in measuring the Company’s investments at fair value.
Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment.
Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.
−Removed: Investments valued using unobservable inputs are classified as Level 3 investments according to the fair value hierarchy discussed in Note 2 and may require significant management judgment or estimation, including the selection of valuation techniques and the inputs used in those valuation techniques, to estimate fair value.
+Added: Investments valued using unobservable inputs are classified as Level 3 investments according to the fair value hierarchy discussed in Note 2 to the Company’s financial statements and may require significant management judgment or estimation, including the selection of valuation techniques and the inputs used in those valuation techniques, to estimate fair value.
As discussed in Note 9 to the financial statements, the fair value of the Company’s investments classified as Level 3 investments was approximately $1.80 billion as of December 31, 2024.
3 unchanged sentences
• We obtained an understanding of the relevant controls related to management’s valuation of Level 3 investments and tested such controls for design and operating effectiveness, including those related to management’s selection of valuation techniques and estimates of significant unobservable inputs.
−Removed: • We selected a sample of investments and evaluated the appropriateness of the valuation techniques used by management to value the Level 3 investments by considering the reasonableness of any significant changes in valuation techniques from prior periods, if applicable, and also, comparing to those used by market participants.
+Added: • We selected a sample of investments and evaluated the appropriateness of the valuation techniques used by management to value the Level 3 investments by considering the reasonableness of any significant changes in valuation techniques from prior periods, if applicable, and comparing the valuation techniques to those used by market participants.
• For a sample of investments, we evaluated both the reasonableness of the significant unobservable inputs and the reasonableness of any significant changes in significant unobservable inputs from prior periods, when applicable, by comparing the unobservable inputs to external sources, including, but not limited to:
4 unchanged sentences
• For a sample of investments, we utilized valuation specialists to perform the following procedures, among others:
−Removed: ◦ Evaluate the appropriateness of management’s valuation techniques by comparing them to those used by a market participant.
−Removed: ◦ Develop an independent range of certain unobservable inputs such as market yield, comparable financial performance multiples and discount rates, among others, and compared them to the assumptions used by management.
−Removed: ◦ Develop an independent estimate of the fair value and compared our estimate to management’s estimate.
+Added: ◦ Evaluated the appropriateness of management’s valuation techniques by comparing them to those used by a market participant.
+Added: ◦ Developed an independent range of certain unobservable inputs such as market yield, comparable financial performance multiples and discount rates, among others, and compared them to the assumptions used by management.
+Added: ◦ Developed an independent estimate of the fair value and compared our estimate to management’s estimate.
• We evaluated management’s ability to reasonably estimate fair value by comparing management’s historical estimates to transactions subsequent to the measurement date, considering changes in market or investment specific factors, among others, when applicable.
5 unchanged sentences
To the Shareholders and the Board of Directors of CĪON Investment Corporation
−Removed: Opinion on the Internal Control Over Financial Reporting
−Removed: We have audited CĪON Investment Corporation's (the Company) 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.
+Added: Opinion on Internal Control Over Financial Reporting
+Added: We have audited internal control over financial reporting of CĪON Investment Corporation and Subsidiaries’ (the Company) as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.
In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission in 2013.
−Removed: We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets, including the consolidated schedules of investments, as of December 31, 2023 and 2022, and the related consolidated statements of operations, changes in net assets, and cash flows for each of the three years in the period ended December 31, 2023, and the related notes to the consolidated financial statements (collectively, the financial statements) of the Company and our report dated March 13, 2024 expressed an unqualified opinion.
+Added: We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets, including the consolidated schedules of investments, as of December 31, 2024 and 2023, the related consolidated statements of operations, shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2024, and the related notes to the consolidated financial statements (collectively, the financial statements) of the Company and our report dated March 12, 2025 expressed an unqualified opinion.
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 Annual 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 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.
30 unchanged sentences
Cash 7,670 8,415
−Removed: Interest receivable on investments 36,724 26,526
+Added: Interest and fees receivable on investments 45,140 36,724
Receivable due on investments sold and repaid 2,965 967
−Removed: Dividends receivable on controlled investments — 1,275
Prepaid expenses and other assets 1,265 1,348
10 unchanged sentences
Shareholder distribution payable 2,663 10,837
+Added: Share repurchase payable 40 —
Total liabilities 1,124,918 1,122,161
40 unchanged sentences
Net investment income before taxes 95,967 104,968 88,577
−Removed: Income tax (benefit) expense, including excise tax ( 54 ) 372 342
+Added: Income tax expense (benefit), including excise tax 107 ( 54 ) 372
Net investment income after taxes 95,860 105,022 88,205
Realized and unrealized (losses) gains
−Removed: Net realized (losses) gains on:
+Added: Net realized losses on:
Non-controlled, non-affiliated investments ( 24,367 ) ( 31,927 ) ( 11,217 )
Non-controlled, affiliated investments ( 3,946 ) — ( 21,530 )
−Removed: Controlled investments — — ( 3,067 )
Foreign currency — — ( 3 )
−Removed: Net realized (losses) gains ( 31,927 ) ( 32,750 ) 840
−Removed: Net change in unrealized appreciation (depreciation) on:
+Added: Net realized losses ( 28,313 ) ( 31,927 ) ( 32,750 )
+Added: Net change in unrealized (depreciation) appreciation on:
Non-controlled, non-affiliated investments ( 8,218 ) 15,658 ( 19,807 )
1 unchanged sentence
Controlled investments ( 30,486 ) 13,896 970
−Removed: Net change in unrealized appreciation (depreciation) 22,219 ( 5,314 ) 43,617
−Removed: Net realized and unrealized (losses) gains ( 9,708 ) ( 38,064 ) 44,457
+Added: Net change in unrealized (depreciation) appreciation ( 33,645 ) 22,219 ( 5,314 )
+Added: Net realized and unrealized losses ( 61,958 ) ( 9,708 ) ( 38,064 )
Net increase in net assets resulting from operations $ 33,902 $ 95,314 $ 50,141
3 unchanged sentences
Weighted average shares of common stock outstanding 53,564,788 54,685,327 56,556,510
−Removed: (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 for 2021 reflect the reverse stock split on a retroactive basis.
See accompanying notes to consolidated financial statements.
CĪON Investment Corporation
−Removed: Consolidated Statements of Changes in Net Assets
+Added: Consolidated Statements of Shareholders' Equity
(in thousands, except share and per share amounts)
−Removed: Years Ended December 31,
+Added: Common Stock Capital in Excess of Par Value Accumulated Undistributed (Overdistributed) Earnings Total Shareholders' Equity
+Added: Shares Amount
+Added: Balance at December 31, 2021 56,958,440 $ 57 $ 1,059,989 $ ( 129,534 ) $ 930,512
+Added: Repurchases of common stock ( 1,658,956 ) ( 2 ) ( 15,442 ) — ( 15,444 )
+Added: Net investment income — — — 88,205 88,205
+Added: Net realized losses on investments — — — ( 32,750 ) ( 32,750 )
+Added: Net unrealized losses on investments — — — ( 5,314 ) ( 5,314 )
+Added: Distributions declared and payable ($ 1.45 per share)
— — — ( 81,575 ) ( 81,575 )
−Removed: Changes in net assets from operations:
+Added: Balance at December 31, 2022 55,299,484 55 1,044,547 ( 160,968 ) 883,634
+Added: Repurchases of common stock ( 1,114,848 ) ( 1 ) ( 11,517 ) — ( 11,518 )
Net investment income — — — 105,022 105,022
−Removed: Net realized (loss) gain on investments ( 31,927 ) ( 32,747 ) 843
−Removed: Net realized loss on foreign currency — ( 3 ) ( 3 )
−Removed: Net change in unrealized appreciation (depreciation) on investments 22,219 ( 5,314 ) 43,617
−Removed: Net increase in net assets resulting from operations 95,314 50,141 118,764
−Removed: Changes in net assets from shareholders' distributions:
−Removed: Distributions to shareholders ( 87,867 ) ( 81,575 ) ( 71,530 )
−Removed: Net decrease in net assets resulting from shareholders' distributions ( 87,867 ) ( 81,575 ) ( 71,530 )
−Removed: Changes in net assets from capital share transactions:
−Removed: Reinvestment of shareholders' distributions — — 15,489
−Removed: Repurchase of common stock ( 11,518 ) ( 15,444 ) ( 10,467 )
−Removed: Net (decrease) increase in net assets resulting from capital share transactions ( 11,518 ) ( 15,444 ) 5,022
−Removed: Total (decrease) increase in net assets ( 4,071 ) ( 46,878 ) 52,256
−Removed: Net assets at beginning of year 883,634 930,512 878,256
−Removed: Net assets at end of year $ 879,563 $ 883,634 $ 930,512
−Removed: Net asset value per share of common stock at end of year(1) $ 16.23 $ 15.98 $ 16.34
−Removed: Shares of common stock outstanding at end of year(1) 54,184,636 55,299,484 56,958,440
−Removed: (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 for 2021 reflect the reverse stock split on a retroactive basis.
+Added: Net realized losses on investments — — — ( 31,927 ) ( 31,927 )
+Added: Net unrealized gains on investments — — — 22,219 22,219
+Added: Distributions declared and payable ($ 1.61 per share)
+Added: — — — ( 87,867 ) ( 87,867 )
+Added: Balance at December 31, 2023 54,184,636 54 1,033,030 ( 153,521 ) 879,563
+Added: Repurchases of common stock ( 995,367 ) ( 1 ) ( 11,346 ) — ( 11,347 )
+Added: Net investment income — — — 95,860 95,860
+Added: Net realized losses on investments — — — ( 28,313 ) ( 28,313 )
+Added: Net unrealized losses on investments — — — ( 33,645 ) ( 33,645 )
+Added: Distributions declared and payable ($ 1.52 per share)
+Added: — — — ( 81,308 ) ( 81,308 )
+Added: Balance at December 31, 2024 53,189,269 $ 53 $ 1,021,684 $ ( 200,927 ) $ 820,810
See accompanying notes to consolidated financial statements.
6 unchanged sentences
Net increase in net assets resulting from operations $ 33,902 $ 95,314 $ 50,141
−Removed: Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities:
+Added: Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Net accretion of discount on investments ( 16,773 ) ( 13,506 ) ( 11,032 )
2 unchanged sentences
Paid-in-kind interest and dividends capitalized ( 44,540 ) ( 31,739 ) ( 31,446 )
−Removed: (Increase) decrease in short term investments, net ( 102,577 ) 77,048 ( 14,319 )
+Added: Decrease (increase) in short term investments, net 44,628 ( 102,577 ) 77,048
Proceeds from sale of investments 42,868 12,771 62,586
−Removed: Net realized loss (gain) on investments 31,927 32,747 ( 843 )
−Removed: Net change in unrealized (appreciation) depreciation on investments ( 22,219 ) 5,314 ( 43,617 )
+Added: Net realized loss on investments 28,313 31,927 32,747
+Added: Net change in unrealized depreciation (appreciation) on investments 33,645 ( 22,219 ) 5,314
Amortization of debt issuance costs 5,593 4,073 3,175
9 unchanged sentences
Increase (decrease) in subordinated incentive fee on income payable ( 651 ) ( 450 ) 1,123
−Removed: Net cash (used in) provided by operating activities ( 97,151 ) 35,278 ( 49,248 )
+Added: Increase (decrease) in shareholder distribution payable 40 — —
+Added: Net cash provided by (used in) operating activities 88,191 ( 97,151 ) 35,278
Financing activities:
4 unchanged sentences
Debt issuance costs paid ( 13,107 ) ( 8,538 ) ( 1,725 )
−Removed: Net cash provided by financing activities 22,827 43,687 33,108
+Added: Net cash (used in) provided by financing activities ( 88,936 ) 22,827 43,687
Net (decrease) increase in cash and restricted cash ( 745 ) ( 74,324 ) 78,965
3 unchanged sentences
Cash paid for interest $ 93,312 $ 79,032 $ 42,930
−Removed: Supplemental non-cash operating and financing activities:
−Removed: Reinvestment of shareholders' distributions $ — $ — $ 15,489
+Added: Supplemental non-cash operating activities:
Restructuring of portfolio investment $ 92,673 $ 118,256 $ 50,554
8 unchanged sentences
Senior Secured First Lien Debt - 190.5 %
−Removed: Adapt Laser Acquisition, Inc.(w) S+ 1000 , 1.00 % SOFR Floor
+Added: A-AG US Protein Bidco, Inc.(n)(w) S+ 500 , SOFR Floor
11/1/2031 Capital Equipment $ 6,000 $ 5,941 $ 6,060
−Removed: Adapt Laser Acquisition, Inc.(w) S+ 1000 , 1.00 % SOFR Floor
+Added: Adapt Laser Acquisition, Inc.(x) S+ 1000 , 1.00 % SOFR Floor
12/31/2025 Capital Equipment 10,495 10,494 10,796
−Removed: Afore Insurance Services, LLC(m)(q)(w) S+ 600 , 1.00 % SOFR Floor
−Removed: 3/24/2025 Banking, Finance, Insurance & Real Estate 4,583 4,583 4,583
−Removed: AHF Parent Holding, Inc.(n)(w) S+ 625 , 0.75 % SOFR Floor
+Added: Adapt Laser Acquisition, Inc.(x) S+ 1000 , 1.00 % SOFR Floor
+Added: 12/31/2025 Capital Equipment 3,604 3,600 3,581
+Added: AHF Parent Holding, Inc.(n)(x) S+ 625 , 0.75 % SOFR Floor
2/1/2028 Construction & Building 7,379 7,306 7,379
−Removed: Allen Media, LLC(n)(w) S+ 550 , 0.00 % SOFR Floor
+Added: Allen Media, LLC(x) S+ 550 , 0.00 % SOFR Floor
2/10/2027 Media:
Diversified & Production 8,681 8,643 7,683
−Removed: ALM Media, LLC(m)(n)(w) S+ 600 , 1.00 % SOFR Floor
+Added: ALM Global, LLC(m)(n)(x) S+ 550 , 1.00 % SOFR Floor
2/21/2029 Media:
Advertising, Printing & Publishing 29,502 29,502 29,502
−Removed: AMCP Clean Acquisition Company, LLC(w) S+ 425 , 0.00 % SOFR Floor
−Removed: 6/15/2025 Services:
−Removed: Business 12,117 11,403 11,439
−Removed: AMCP Clean Acquisition Company, LLC(w) S+ 425 , 0.00 % SOFR Floor
−Removed: 6/15/2025 Services:
−Removed: Business 2,843 2,676 2,684
−Removed: American Clinical Solutions LLC(m)(s)(w) S+ 700 , 1.00 % SOFR Floor
+Added: ALM Global, LLC(x) S+ 550 , 1.00 % SOFR Floor
+Added: 2/21/2029 Media:
+Added: Advertising, Printing & Publishing 900 900 900
+Added: ALM Global, LLC 5.50 % Unfunded
+Added: 2/21/2029 Media:
+Added: Advertising, Printing & Publishing 230 — —
+Added: ALM Global, LLC 0.50 % Unfunded
+Added: 2/21/2029 Media:
+Added: Advertising, Printing & Publishing 1,570 — —
+Added: American Clinical Solutions LLC(r)(t)(x) S+ 700 , 1.00 % SOFR Floor
6/30/2025 Healthcare & Pharmaceuticals 13,733 13,733 11,742
−Removed: American Clinical Solutions LLC(o) 0.00 % Unfunded
+Added: American Clinical Solutions LLC(p)(r) 0.00 % Unfunded
6/30/2025 Healthcare & Pharmaceuticals 4,600 — ( 667 )
+Added: American Family Care, LLC(m)(x) S+ 600 , 1.00 % SOFR Floor
+Added: 2/28/2029 Healthcare & Pharmaceuticals 13,331 13,331 13,331
+Added: American Family Care, LLC(x) S+ 600 , 1.00 % SOFR Floor
+Added: 2/28/2029 Healthcare & Pharmaceuticals 455 455 455
+Added: American Family Care, LLC 1.00 % Unfunded
+Added: 2/28/2026 Healthcare & Pharmaceuticals 4,091 — —
+Added: American Family Care, LLC 0.50 % Unfunded
+Added: 2/28/2029 Healthcare & Pharmaceuticals 1,818 — —
American Health Staffing Group, Inc.(m) Prime+ 500
5 unchanged sentences
Business 3,333 ( 12 ) —
−Removed: American Teleconferencing Services, Ltd.(p) Prime+ 550
−Removed: 4/7/2023 Telecommunications 3,116 3,116 140
−Removed: American Teleconferencing Services, Ltd.(o) 0.00 % Unfunded
−Removed: 4/7/2023 Telecommunications 235 — —
−Removed: Ancile Solutions, Inc.(m)(w) S+ 1000 , 1.00 % SOFR Floor
+Added: Ancile Solutions, Inc.(m)(x) S+ 1000 , 1.00 % SOFR Floor
6/11/2026 High Tech Industries 10,775 10,656 11,368
−Removed: Anthem Sports & Entertainment Inc.(m)(s)(w) S+ 950 , 1.00 % SOFR Floor
+Added: Anthem Sports & Entertainment Inc.(t)(x) S+ 950 , 1.00 % SOFR Floor
11/15/2026 Media:
Diversified & Production 45,166 45,071 34,778
−Removed: Anthem Sports & Entertainment Inc.(s)(w) S+ 950 , 1.00 % SOFR Floor
+Added: Anthem Sports & Entertainment Inc.(t)(x) S+ 950 , 1.00 % SOFR Floor
11/15/2026 Media:
4 unchanged sentences
Diversified & Production 167 — —
−Removed: Appalachian Resource Company, LLC(v) S+ 500 , 1.00 % SOFR Floor
+Added: Anthem Sports & Entertainment Inc.(p) 0.00 % Unfunded
+Added: 3/1/2025 Media:
+Added: Diversified & Production 1,059 — 26
+Added: Anthem Sports & Entertainment Inc.(x) S+ 700 , 1.00 % SOFR Floor
+Added: 3/30/2025 Media:
+Added: Diversified & Production 2,119 2,119 2,171
+Added: Appalachian Resource Company, LLC(w)(z) S+ 1000 , 1.00 % SOFR Floor
9/15/2024 Metals & Mining 5,000 5,000 4,863
−Removed: Appalachian Resource Company, LLC(v) S+ 500 , 1.00 % SOFR Floor
+Added: Appalachian Resource Company, LLC(w)(z) S+ 500 , 1.00 % SOFR Floor
9/30/2024 Metals & Mining 11,137 11,137 8,231
+Added: APS Acquisition Holdings, LLC(m)(x) S+ 575 , 1.00 % SOFR Floor
+Added: 7/11/2029 Construction & Building 14,664 14,664 14,664
+Added: APS Acquisition Holdings, LLC 1.00 % Unfunded
+Added: 7/11/2029 Construction & Building 5,199 — —
+Added: APS Acquisition Holdings, LLC 0.50 % Unfunded
+Added: 7/11/2029 Construction & Building 2,600 — —
Atlas Supply LLC 13.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 4,800
−Removed: Avalign Holdings, Inc.(v) S+ 450 , 0.00 % SOFR Floor
−Removed: 12/22/2025 Healthcare & Pharmaceuticals 6,710 6,318 6,268
−Removed: Avison Young (USA) Inc.(m)(w) S+ 650 , 0.00 % SOFR Floor
+Added: Avison Young (USA) Inc.(n)(x) S+ 625 , 2.00 % SOFR Floor
3/12/2028 Banking, Finance, Insurance & Real Estate 7,463 7,332 7,425
−Removed: Avison Young (USA) Inc.(w) S+ 700 , 0.00 % SOFR Floor
+Added: Avison Young (USA) Inc.(t)(x) S+ 800 , 2.00 % SOFR Floor
3/12/2029 Banking, Finance, Insurance & Real Estate 8,591 8,591 8,591
−Removed: BDS Solutions Intermediateco, LLC(m)(w) S+ 700 , 2.00 % SOFR Floor
+Added: Avison Young (USA) Inc.(t)(x) S+ 800 , 2.00 % SOFR Floor
+Added: 3/12/2029 Banking, Finance, Insurance & Real Estate 2,936 2,936 2,774
+Added: BDS Solutions Intermediateco, LLC(m)(x) S+ 700 , 2.00 % SOFR Floor
2/7/2027 Services:
Business 19,689 19,506 19,516
−Removed: BDS Solutions Intermediateco, LLC(w) S+ 700 , 2.00 % SOFR Floor
+Added: BDS Solutions Intermediateco, LLC(x) S+ 700 , 2.00 % SOFR Floor
2/7/2027 Services:
3 unchanged sentences
Business 524 — ( 5 )
−Removed: Berlitz Holdings, Inc.(v) S+ 900 , 1.00 % SOFR Floor
+Added: Berlitz Holdings, Inc.(w) S+ 900 , 1.00 % SOFR Floor
5/31/2025 Services:
Business 15,000 14,839 14,669
+Added: Bradshaw International Parent Corp.(n)(w) S+ 575 , 1.00 % SOFR Floor
+Added: 10/21/2027 Consumer Goods:
+Added: Durable 12,761 12,583 12,761
+Added: Bradshaw International Parent Corp.
+Added: 1.00 % Unfunded
+Added: 10/21/2026 Consumer Goods:
+Added: Durable 1,844 ( 17 ) —
See accompanying notes to consolidated financial statements.
5 unchanged sentences
Units(e) Cost(d) Fair
−Removed: Bradshaw International Parent Corp.(m)(v) S+ 575 , 1.00 % SOFR Floor
−Removed: 10/21/2027 Consumer Goods:
−Removed: Durable 12,893 12,662 12,877
−Removed: Bradshaw International Parent Corp.
−Removed: 0.50 % Unfunded
−Removed: 10/21/2026 Consumer Goods:
−Removed: Durable 1,844 ( 26 ) ( 2 )
−Removed: Cabi, LLC(j)(m)(v) S+ 450 , 1.00 % SOFR Floor
+Added: Cabi, LLC(w) S+ 600 , 2.00 % SOFR Floor
2/28/2027 Retail 14,366 14,256 14,007
−Removed: Carestream Health, Inc.(n)(q)(w) S+ 750 , 1.00 % SOFR Floor
+Added: Carestream Health, Inc.(n)(r)(x) S+ 750 , 1.00 % SOFR Floor
9/30/2027 Healthcare & Pharmaceuticals 11,172 10,367 11,172
−Removed: Celerity Acquisition Holdings, LLC(m)(s)(w) S+ 1000 , 1.00 % SOFR Floor
+Added: Celerity Acquisition Holdings, LLC(m)(t)(x) S+ 850 , 1.00 % SOFR Floor
5/28/2026 Services:
Business 16,746 16,732 16,746
−Removed: Cennox, Inc.(m)(s)(w) S+ 625 , 1.00 % SOFR Floor
+Added: Cennox, Inc.(m)(n)(y) S+ 550 , 1.00 % SOFR Floor
5/4/2029 Services:
Business 38,388 38,090 38,388
−Removed: Cennox, Inc.(m)(n)(s)(w) S+ 625 , 1.00 % SOFR Floor
+Added: Cennox, Inc.(y) S+ 550 , 1.00 % SOFR Floor
5/4/2029 Services:
Business 653 653 653
−Removed: Cennox, Inc.(s)(w) S+ 625 , 1.00 % SOFR Floor
+Added: 0.50 % Unfunded
5/4/2029 Services:
Business 2,334 — —
−Removed: CION/EagleTree Partners, LLC(h)(r)(s) 14.00 % 12/21/2026 Diversified Financials 59,598 59,598 59,598
−Removed: Community Tree Service, LLC(m)(s)(w) S+ 850 , 1.00 % SOFR Floor
+Added: CION/EagleTree Partners, LLC(h)(s)(t) 14.00 % 12/21/2026 Diversified Financials 36,037 36,037 36,037
+Added: Community Tree Service, LLC(m)(t)(x) S+ 975 , 1.00 % SOFR Floor
6/17/2027 Construction & Building 12,082 12,083 12,082
−Removed: Country Fresh Holdings, LLC(p) Prime+ 600
−Removed: 4/30/2024 Beverage, Food & Tobacco 844 645 21
−Removed: Country Fresh Holdings, LLC(p) Prime+ 600
−Removed: 4/30/2024 Beverage, Food & Tobacco 342 268 9
−Removed: Coyote Buyer, LLC(m)(n)(w) S+ 600 , 1.00 % SOFR Floor
−Removed: 2/6/2026 Chemicals, Plastics & Rubber 33,688 33,569 33,688
−Removed: Coyote Buyer, LLC(n)(w) S+ 800 , 1.00 % SOFR Floor
−Removed: 8/6/2026 Chemicals, Plastics & Rubber 6,063 5,997 6,063
−Removed: Coyote Buyer, LLC 0.50 % Unfunded
−Removed: 2/6/2025 Chemicals, Plastics & Rubber 2,500 — —
−Removed: Critical Nurse Staffing, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor
−Removed: 11/1/2026 Healthcare & Pharmaceuticals 12,797 12,797 12,797
−Removed: Critical Nurse Staffing, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor
−Removed: 11/1/2026 Healthcare & Pharmaceuticals 989 989 989
−Removed: Critical Nurse Staffing, LLC 0.50 % Unfunded
−Removed: 11/1/2026 Healthcare & Pharmaceuticals 1,000 — —
−Removed: David's Bridal, LLC(r)(v) S+ 600 , 0.00 % SOFR Floor
+Added: Core Health & Fitness, LLC(m)(w) S+ 800 , 3.00 % SOFR Floor
+Added: 6/17/2029 Consumer Goods:
+Added: Durable 19,900 19,624 19,801
+Added: CrossLink Professional Tax Solutions, LLC(m)(w) S+ 550 , 1.00 % SOFR Floor
+Added: 6/30/2028 High Tech Industries 17,747 17,529 17,525
+Added: CrossLink Professional Tax Solutions, LLC(w) S+ 550 , 1.00 % SOFR Floor
+Added: 6/30/2028 High Tech Industries 368 341 363
+Added: CrossLink Professional Tax Solutions, LLC 0.50 % Unfunded
+Added: 6/30/2028 High Tech Industries 1,840 — ( 23 )
+Added: David's Bridal, LLC(m)(s)(x) S+ 650 , 0.00 % SOFR Floor
12/21/2027 Retail 77,050 77,050 73,181
−Removed: David's Bridal, LLC(m)(r)(w) S+ 650 , 0.00 % SOFR Floor
+Added: David's Bridal, LLC(s)(x) S+ 600 , 0.00 % SOFR Floor
12/21/2027 Retail 10,164 10,164 9,910
−Removed: Deluxe Entertainment Services, Inc.(m)(p)(q)(s) Prime+ 550
−Removed: 3/25/2024 Media:
−Removed: Diversified & Production 2,623 2,542 85
−Removed: Dermcare Management, LLC(m)(v) S+ 600 , 1.00 % SOFR Floor
+Added: Dermcare Management, LLC(m)(w) S+ 575 , 1.00 % SOFR Floor
4/22/2028 Healthcare & Pharmaceuticals 9,168 9,047 9,168
−Removed: Dermcare Management, LLC(m)(v) S+ 600 , 1.00 % SOFR Floor
+Added: Dermcare Management, LLC(m)(w) S+ 575 , 1.00 % SOFR Floor
4/22/2028 Healthcare & Pharmaceuticals 4,167 4,110 4,167
−Removed: Dermcare Management, LLC (v) S+ 600 , 1.00 % SOFR Floor
+Added: Dermcare Management, LLC(w) S+ 575 , 1.00 % SOFR Floor
4/22/2028 Healthcare & Pharmaceuticals 1,018 1,018 1,018
4 unchanged sentences
Business 2,794 2,761 2,301
−Removed: Entertainment Studios P&A LLC(m)(w) S+ 900 , 1.00 % SOFR Floor
+Added: Entertainment Studios P&A LLC(x) S+ 800 , 1.00 % SOFR Floor
9/28/2027 Media:
11 unchanged sentences
7/24/2028 Construction & Building 8,597 8,462 8,597
+Added: ESP Associates, Inc.(w) S+ 650 , 1.50 % SOFR Floor
+Added: 7/24/2028 Construction & Building 197 171 197
ESP Associates, Inc.
1 unchanged sentence
7/24/2028 Construction & Building 1,118 — —
−Removed: Flatworld Intermediate Corp.(n)(w) S+ 700 , 1.00 % SOFR Floor
+Added: Flatworld Intermediate Corp.(x) S+ 675 , 1.00 % SOFR Floor
10/3/2027 Services:
4 unchanged sentences
Business 5,865 — —
−Removed: Fluid Control II Inc.(m)(w) S+ 650 , 1.00 % SOFR Floor
−Removed: 8/3/2029 Chemicals, Plastics & Rubber 13,235 13,235 13,235
−Removed: Fluid Control II Inc.
−Removed: 0.50 % Unfunded
−Removed: 8/3/2029 Chemicals, Plastics & Rubber 1,765 — —
−Removed: FuseFX, LLC(m)(n)(s)(v) S+ 600 , 1.00 % SOFR Floor
+Added: FuseFX, LLC(m)(t)(x) S+ 600 , 1.00 % SOFR Floor
9/30/2026 Media:
Diversified & Production 20,597 20,587 20,140
−Removed: Future Pak, LLC(m)(v) S+ 900 , 4.00 % SOFR Floor
+Added: Future Pak, LLC(m)(n)(x) S+ 900 , 4.00 % SOFR Floor
9/22/2026 Healthcare & Pharmaceuticals 12,649 12,649 12,649
−Removed: Gold Medal Holdings, Inc.(m)(v) S+ 700 , 1.00 % SOFR Floor
+Added: Gold Medal Holdings, Inc.(m)(x) S+ 575 , 1.00 % SOFR Floor
3/17/2027 Environmental Industries 27,344 27,157 27,344
−Removed: GSC Technologies Inc.(q)(v) S+ 500 , 1.00 % SOFR Floor
−Removed: 9/30/2025 Chemicals, Plastics & Rubber 2,099 2,051 1,983
−Removed: GSC Technologies Inc.(q)(s)(v) S+ 500 , 1.00 % SOFR Floor
−Removed: 9/30/2025 Chemicals, Plastics & Rubber 1,007 985 942
−Removed: Lochner, Inc.(m)(w) S+ 675 , 1.00 % SOFR Floor
+Added: Gold Medal Holdings, Inc.
+Added: 1.00 % Unfunded
+Added: 3/17/2027 Environmental Industries 2,498 ( 20 ) —
+Added: Lochner, Inc.(m)(x) S+ 625 , 1.00 % SOFR Floor
7/2/2027 Construction & Building 8,671 8,630 8,671
−Removed: Lochner, Inc.(m)(w) S+ 625 , 1.00 % SOFR Floor
+Added: Lochner, Inc.(m)(x) S+ 625 , 1.00 % SOFR Floor
7/2/2027 Construction & Building 10,216 10,024 10,216
−Removed: Lochner, Inc.(w) S+ 625 , 1.00 % SOFR Floor
+Added: Lochner, Inc.(m)(x) S+ 625 , 1.00 % SOFR Floor
7/2/2027 Construction & Building 2,516 2,461 2,516
−Removed: Lochner, Inc.
+Added: HEC Purchaser Corp.(x) S+ 550 , 1.00 % SOFR Floor
+Added: 6/17/2029 Healthcare & Pharmaceuticals 11,142 10,989 11,142
+Added: HEC Purchaser Corp.
0.50 % Unfunded
−Removed: 7/2/2027 Construction & Building 1,036 — —
−Removed: Harland Clarke Holdings Corp.(m)(w) S+ 775 , 1.00 % SOFR Floor
−Removed: 6/16/2026 Media:
−Removed: Advertising, Printing & Publishing 9,244 9,239 8,886
−Removed: Heritage Power, LLC(w) S+ 550 , 1.00 % SOFR Floor
+Added: 6/17/2029 Healthcare & Pharmaceuticals 1,302 ( 17 ) —
+Added: Heritage Power, LLC(t)(w) S+ 700 , 1.00 % SOFR Floor
7/20/2028 Energy:
Oil & Gas 1,192 1,192 1,175
−Removed: Hilliard, Martinez & Gonzales, LLP(m)(s)(v) S+ 1200 , 2.00 % SOFR Floor
+Added: Hilliard, Martinez & Gonzales, LLP(t)(x) S+ 1200 , 2.00 % SOFR Floor
2/14/2025 Services:
Consumer 27,849 27,849 27,327
−Removed: Hollander Intermediate LLC(m)(v) S+ 875 , 3.00 % SOFR Floor
+Added: Hollander Intermediate LLC(t)(w) S+ 875 , 3.00 % SOFR Floor
9/19/2026 Consumer Goods:
Durable 19,246 17,804 17,611
−Removed: Homer City Generation, L.P.(m)(p)(s) 15.00 % 4/16/2024 Energy:
−Removed: Oil & Gas 13,169 12,024 8,889
−Removed: Homer City Generation, L.P.(s) 17.00 % 4/16/2024 Energy:
+Added: Homer City Generation, L.P.(t) 15.00 % 4/16/2025 Energy:
Oil & Gas 15,822 15,853 14,319
−Removed: Homer City Generation, L.P.(o) 0.00 % Unfunded
+Added: Homer City Generation, L.P.(t) 17.00 %
4/16/2025 Energy:
Oil & Gas 13,059 13,060 13,059
−Removed: Hudson Hospital Opco, LLC(v)(y) S+ 800 , 3.00 % SOFR Floor
+Added: Hudson Hospital Opco, LLC(w)(z) S+ 800 , 3.00 % SOFR Floor
11/4/2023 Healthcare & Pharmaceuticals 1,165 1,160 1,095
−Removed: HUMC Holdco, LLC(m)(v)(y) S+ 800 , 3.00 % SOFR Floor
+Added: HUMC Holdco, LLC(w)(z) S+ 800 , 3.00 % SOFR Floor
11/4/2023 Healthcare & Pharmaceuticals 4,939 4,939 4,593
−Removed: HW Acquisition, LLC(m) Prime+ 500
+Added: HW Acquisition, LLC(r) 0.50 % Unfunded
9/28/2026 Capital Equipment 147 — ( 10 )
−Removed: HW Acquisition, LLC Prime+ 500
+Added: HW Acquisition, LLC(r)(t)(x) S+ 600 , 0.00 % SOFR Floor
9/28/2026 Capital Equipment 5,134 5,115 4,794
−Removed: HW Acquisition, LLC 0.50 % Unfunded
+Added: HW Acquisition, LLC(r)(t) Prime+ 500
9/28/2026 Capital Equipment 3,373 3,363 3,150
−Removed: ICA Foam Holdings, LLC(m)(w) S+ 725 , 1.00 % SOFR Floor
+Added: ICA Foam Holdings, LLC(m)(x) S+ 600 , 1.00 % SOFR Floor
12/5/2026 Containers, Packaging & Glass 18,876 18,760 18,687
−Removed: IJKG Opco LLC(v)(y) S+ 800 , 3.00 % SOFR Floor
−Removed: 11/4/2023 Healthcare & Pharmaceuticals 1,457 1,443 1,424
−Removed: Inotiv, Inc.(m)(s)(x) S+ 675 , 1.00 % SOFR Floor
−Removed: 11/5/2026 Healthcare & Pharmaceuticals 16,345 16,149 15,773
−Removed: Instant Web, LLC(q)(s)(v) S+ 700 , 1.00 % SOFR Floor
−Removed: 2/25/2027 Media:
−Removed: 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: Instant Web, LLC(q)(s)(v) S+ 650 , 1.00 % SOFR Floor
+Added: Inotiv, Inc.(t)(x) S+ 675 , 1.00 % SOFR Floor
+Added: 11/5/2026 Healthcare & Pharmaceuticals 20,880 20,040 19,210
+Added: Instant Web, LLC(r)(t)(w) S+ 700 , 1.00 % SOFR Floor
2/25/2027 Media:
Advertising, Printing & Publishing 50,951 50,951 36,557
−Removed: Instant Web, LLC(q)(s) Prime+ 375 , 4.00 % Prime Floor
+Added: Instant Web, LLC(r)(t) Prime+ 375
2/25/2027 Media:
Advertising, Printing & Publishing 562 562 573
−Removed: Instant Web, LLC(q)(s) S+ 650 , 1.00 % SOFR Floor
+Added: Instant Web, LLC(r)(t)(w) S+ 650 , 1.00 % SOFR Floor
2/25/2027 Media:
Advertising, Printing & Publishing 1,515 1,515 1,488
−Removed: Instant Web, LLC(q) 0.50 % Unfunded
+Added: Instant Web, LLC(r)(t)(w) S+ 650 , 1.00 % SOFR Floor
2/25/2027 Media:
Advertising, Printing & Publishing 2,494 2,493 2,445
+Added: Instant Web, LLC(r) 0.50 % Unfunded
+Added: 2/25/2027 Media:
+Added: Advertising, Printing & Publishing 1,731 — ( 30 )
+Added: Instant Web, LLC(r) 0.50 % Unfunded
+Added: 2/25/2027 Media:
+Added: Advertising, Printing & Publishing 757 — ( 15 )
Invincible Boat Company LLC(m)(w) S+ 750 , 1.50 % SOFR Floor
4 unchanged sentences
Durable 798 798 776
−Removed: Invincible Boat Company LLC 0.50 % Unfunded
−Removed: 8/28/2025 Consumer Goods:
−Removed: Durable 399 — —
−Removed: INW Manufacturing, LLC(n)(w) S+ 575 , 0.75 % SOFR Floor
+Added: INW Manufacturing, LLC(n)(x) S+ 575 , 0.75 % SOFR Floor
3/25/2027 Services:
3 unchanged sentences
Business 6,982 6,936 6,982
−Removed: Ironhorse Purchaser, LLC(w) S+ 650 , 1.00 % SOFR Floor
+Added: Ironhorse Purchaser, LLC(n)(w) S+ 525 , 1.00 % SOFR Floor
9/30/2027 Services:
Business 2,000 1,988 2,000
−Removed: Ironhorse Purchaser, LLC(w) S+ 650 , 1.00 % SOFR Floor
+Added: Ironhorse Purchaser, LLC 0.50 % Unfunded
9/30/2027 Services:
Business 551 — —
−Removed: Ironhorse Purchaser, LLC 0.50 % Unfunded
+Added: Ironhorse Purchaser, LLC(w) S+ 525 , 1.00 % SOFR Floor
9/30/2027 Services:
Business 265 261 265
−Removed: Isagenix International, LLC(q)(s)(w) S+ 550 , 1.00 % SOFR Floor
+Added: Isagenix International, LLC(r)(x) S+ 650 , 1.00 % SOFR Floor
4/14/2028 Beverage, Food & Tobacco 9,393 9,393 9,229
−Removed: Jenny C Acquisition, Inc.(p)(v) S+ 900 , 1.75 % SOFR Floor
−Removed: 10/1/2024 Services:
−Removed: Consumer 534 534 131
−Removed: JP Intermediate B, LLC(m)(w) S+ 550 , 1.00 % SOFR Floor
+Added: JP Intermediate B, LLC(m)(x) S+ 650 , 1.00 % SOFR Floor
11/20/2027 Beverage, Food & Tobacco 53,716 21,298 42,704
−Removed: K&N Parent, Inc.(m)(s)(v) S+ 825 , 1.00 % SOFR Floor
+Added: K&N Parent, Inc.(t)(w) S+ 825 , 1.00 % SOFR Floor
8/16/2027 Consumer Goods:
Durable 5,724 5,724 5,410
−Removed: K&N Parent, Inc.(m)(v) S+ 800 , 1.00 % SOFR Floor
+Added: K&N Parent, Inc.(w) S+ 800 , 1.00 % SOFR Floor
2/16/2027 Consumer Goods:
Durable 4,188 4,077 4,314
−Removed: Klein Hersh, LLC(m)(s)(v) S+ 1313 , 0.50 % SOFR Floor
+Added: KeyImpact Holdings, Inc.(m)(x) S+ 650 , 1.00 % SOFR Floor
+Added: 1/31/2029 Beverage, Food & Tobacco 18,421 18,421 18,582
+Added: Klein Hersh, LLC(i)(w) S+ 850 , 0.50 % SOFR Floor
4/27/2028 Services:
Business 23,292 20,615 20,380
−Removed: KNB Holdings Corp.(m)(p)(u) L+ 550 , 1.00 % LIBOR Floor
−Removed: 4/26/2024 Consumer Goods:
−Removed: Durable 7,634 7,387 229
−Removed: LAV Gear Holdings, Inc.(m)(n)(w) S+ 628 , 1.00 % SOFR Floor
+Added: LAV Gear Holdings, Inc.(m)(n)(t)(x) S+ 628 , 1.00 % SOFR Floor
10/31/2025 Services:
Business 28,040 28,015 27,553
−Removed: LAV Gear Holdings, Inc.(m)(n)(w) S+ 628 , 1.00 % SOFR Floor
+Added: LAV Gear Holdings, Inc.(m)(n)(t)(x) S+ 628 , 1.00 % SOFR Floor
10/31/2025 Services:
Business 4,494 4,491 4,421
−Removed: LGC US Finco, LLC(m)(v) S+ 650 , 1.00 % SOFR Floor
+Added: LGC US Finco, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor
12/20/2025 Capital Equipment 10,981 10,891 10,981
−Removed: Lift Brands, Inc.(m)(n)(q)(v) S+ 750 , 1.00 % SOFR Floor
+Added: LGC US Finco, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor
+Added: 12/20/2025 Capital Equipment 1,980 1,956 1,980
+Added: Lift Brands, Inc.(m)(n)(r)(w) S+ 750 , 1.00 % SOFR Floor
6/29/2025 Services:
Consumer 22,814 22,814 22,814
−Removed: Lift Brands, Inc.(m)(n)(q)(s) 9.50 % 6/29/2025 Services:
−Removed: Consumer 6,056 6,013 5,814
−Removed: Lift Brands, Inc.(m)(n)(q)(s) 9.50 % 6/29/2025 Services:
+Added: Lift Brands, Inc.(n)(r)(t) 9.50 % 6/29/2025 Services:
Consumer 6,660 6,644 6,577
−Removed: MacNeill Pride Group Corp.(m)(w) S+ 625 , 1.00 % SOFR Floor
−Removed: 4/22/2026 Services:
+Added: Lift Brands, Inc.(n)(r)(t) 9.50 % 6/29/2025 Services:
Consumer 7,612 7,522 7,386
−Removed: MacNeill Pride Group Corp.(m)(w) S+ 625 , 1.00 % SOFR Floor
+Added: Lux Credit Consultants LLC(m)(x) S+ 725 , 1.50 % SOFR Floor
+Added: 4/29/2028 Automotive 17,541 17,541 17,541
+Added: Lux Credit Consultants LLC(x) S+ 725 , 1.50 % SOFR Floor
+Added: 4/29/2028 Automotive 1,887 1,887 1,887
+Added: Lux Credit Consultants LLC(x) S+ 725 , 1.50 % SOFR Floor
+Added: 4/29/2028 Automotive 405 405 405
+Added: Lux Credit Consultants LLC 2.25 % Unfunded
+Added: 4/29/2025 Automotive 4,612 — —
+Added: Lux Credit Consultants LLC 1.00 % Unfunded
+Added: 4/29/2028 Automotive 457 — —
+Added: MacNeill Pride Group Corp.(m)(x) S+ 675 , 1.00 % SOFR Floor
4/22/2026 Services:
Consumer 16,604 16,574 16,521
−Removed: MacNeill Pride Group Corp.
−Removed: 1.00 % Unfunded
+Added: MacNeill Pride Group Corp.(x) S+ 675 , 1.00 % SOFR Floor
4/22/2026 Services:
2 unchanged sentences
13.00 % 8/20/2026 Healthcare & Pharmaceuticals 7,044 7,022 7,044
−Removed: Medplast Holdings, Inc.(m)(t) L+ 375 , 0.00 % LIBOR Floor
−Removed: 7/2/2025 Healthcare & Pharmaceuticals 4,961 4,801 4,914
−Removed: Mimeo.com, Inc.(m)(w) L+ 640 , 1.00 % LIBOR Floor
+Added: See accompanying notes to consolidated financial statements.
+Added: CĪON Investment Corporation
+Added: Consolidated Schedule of Investments
+Added: December 31, 2024
+Added: (in thousands)
+Added: Portfolio Company(a) Interest(b) Maturity Industry Principal/
+Added: Units(e) Cost(d) Fair
+Added: Mimeo.com, Inc.(m)(x) S+ 750 , 1.00 % SOFR Floor
1/31/2026 Media:
Advertising, Printing & Publishing 20,925 20,925 20,925
−Removed: Mimeo.com, Inc.(w) L+ 640 , 1.00 % LIBOR Floor
+Added: Mimeo.com, Inc.(x) S+ 750 , 1.00 % SOFR Floor
1/31/2026 Media:
4 unchanged sentences
Advertising, Printing & Publishing 2,500 — —
−Removed: Moss Holding Company(m)(n)(w) S+ 625 , 1.00 % SOFR Floor
+Added: Moss Holding Company(m)(n)(x) S+ 575 , 1.00 % SOFR Floor
10/17/2026 Services:
Business 21,895 21,586 21,895
−Removed: See accompanying notes to consolidated financial statements.
−Removed: CĪON Investment Corporation
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2023
−Removed: (in thousands)
−Removed: Portfolio Company(a) Interest(b) Maturity Industry Principal/
−Removed: Units(e) Cost(d) Fair
+Added: Moss Holding Company(m)(x) S+ 575 , 1.00 % SOFR Floor
+Added: 10/17/2026 Services:
+Added: Business 2,654 2,628 2,654
Moss Holding Company 5.75 % Unfunded
4 unchanged sentences
Business 2,126 — —
−Removed: NewsCycle Solutions, Inc.(m)(n)(w) S+ 700 , 1.00 % SOFR Floor
+Added: Newbury Franklin Industrials LLC(m)(x) S+ 700 , 2.00 % SOFR Floor
+Added: 12/11/2029 Capital Equipment 8,026 7,904 7,906
+Added: Newbury Franklin Industrials LLC 1.00 % Unfunded
+Added: 12/11/2029 Capital Equipment 1,974 ( 15 ) ( 30 )
+Added: NewsCycle Solutions, Inc.(q)(x) S+ 700 , 1.00 % SOFR Floor
2/27/2024 Media:
Advertising, Printing & Publishing 12,286 12,282 9,521
−Removed: Nova Compression, LLC(m)(s)(v) S+ 1050 , 2.00 % SOFR Floor
−Removed: 10/13/2027 Energy:
−Removed: Oil & Gas 27,004 27,004 27,004
−Removed: Nova Compression, LLC 1.00 % Unfunded
+Added: Nova Compression, LLC(m)(t)(x) S+ 1050 , 2.00 % SOFR Floor
10/13/2027 Energy:
Oil & Gas 28,297 28,297 28,297
−Removed: Nova Compression, LLC(s)(v) S+ 1050 , 2.00 % SOFR Floor
+Added: Nova Compression, LLC(t)(x) S+ 1050 , 2.00 % SOFR Floor
10/13/2027 Energy:
Oil & Gas 3,300 3,300 3,300
−Removed: NTM Acquisition Corp.(m)(w) S+ 675 , 1.00 % SOFR Floor
+Added: NTM Acquisition Corp.(m)(x) S+ 675 , 1.00 % SOFR Floor
6/18/2026 Hotel, Gaming & Leisure 24,750 24,750 24,750
−Removed: OpCo Borrower, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor
+Added: OpCo Borrower, LLC(m)(n)(x) S+ 600 , 1.00 % SOFR Floor
4/26/2029 Healthcare & Pharmaceuticals 28,875 28,759 28,875
−Removed: OpCo Borrower, LLC 0.50 % Unfunded
+Added: Optio Rx, LLC(u)(z) L+ 900 , 0.00 % LIBOR Floor
6/28/2024 Healthcare & Pharmaceuticals 1,508 1,508 1,508
−Removed: Optio Rx, LLC(m)(n)(u) L+ 900 , 0.00 % LIBOR Floor
+Added: Optio Rx, LLC(n)(u)(z) L+ 1200 , 0.00 % LIBOR Floor
6/28/2024 Healthcare & Pharmaceuticals 2,480 2,480 2,480
−Removed: Optio Rx, LLC(n)(u) L+ 1200 , 0.00 % LIBOR Floor
+Added: Optio Rx, LLC(x)(z) S+ 525 , 5.00 % SOFR Floor
10/10/2024 Healthcare & Pharmaceuticals 1,505 1,505 1,505
−Removed: Pentec Acquisition Corp.(m)(v) S+ 600 , 1.00 % SOFR Floor
+Added: Optio Rx, LLC(n)(u)(z) L+ 900 , 0.00 % LIBOR Floor
6/28/2024 Healthcare & Pharmaceuticals 9,267 9,250 9,267
−Removed: PH Beauty Holdings III.
−Removed: Inc.(m)(w) S+ 500 , 0.00 % SOFR Floor
−Removed: 9/28/2025 Consumer Goods:
−Removed: Non-Durable 9,475 9,227 9,108
−Removed: Playboy Enterprises, Inc.(h)(n)(s)(x) S+ 425 , 0.50 % SOFR Floor
+Added: Playboy Enterprises, Inc.(h)(t)(x) S+ 625 , 0.50 % SOFR Floor
5/25/2027 Consumer Goods:
Non-Durable 14,228 14,070 14,228
−Removed: PRA Acquisition, LLC(n)(w) S+ 650 , 1.00 % SOFR Floor
+Added: PRA Acquisition, LLC(x) S+ 650 , 1.00 % SOFR Floor
5/12/2028 Hotel, Gaming & Leisure 18,752 18,752 18,611
−Removed: Project Castle, Inc.(m)(w) S+ 550 , 0.50 % SOFR Floor
−Removed: 6/1/2029 Capital Equipment 7,890 7,186 7,042
−Removed: Donnelley & Sons Company(n)(v) S+ 725 , 0.75 % SOFR Floor
−Removed: 3/22/2028 Media:
−Removed: Advertising, Printing & Publishing 12,821 12,791 12,851
−Removed: RA Outdoors, LLC(w) S+ 675 , 1.00 % SOFR Floor
+Added: RA Outdoors, LLC(x) S+ 675 , 1.00 % SOFR Floor
4/8/2026 Media:
Diversified & Production 11,317 11,317 10,468
−Removed: RA Outdoors, LLC(m) S+ 675 , 1.00 % SOFR Floor
+Added: RA Outdoors, LLC(x) S+ 675 , 1.00 % SOFR Floor
4/8/2026 Media:
Diversified & Production 1,115 1,072 1,032
−Removed: RA Outdoors, LLC 0.50 % Unfunded
+Added: RA Outdoors, LLC(p) 0.50 % Unfunded
4/8/2026 Media:
Diversified & Production 348 — ( 26 )
−Removed: Retail Services WIS Corp.(m)(w) S+ 835 , 1.00 % SOFR Floor
−Removed: 5/20/2025 Services:
−Removed: Business 9,046 8,926 8,956
−Removed: Hilliard, L.L.P.(m)(s)(v) S+ 1200 , 2.00 % SOFR Floor
+Added: Riddell, Inc.
+Added: / All American Sports Corp.(m)(w) S+ 600 , 1.00 % SOFR Floor
+Added: 3/29/2029 Consumer Goods:
+Added: Durable 16,057 15,781 15,936
+Added: Riddell, Inc.
+Added: / All American Sports Corp.(p) 0.00 % Unfunded
+Added: 3/29/29 Consumer Goods:
+Added: Durable 1,636 — ( 12 )
+Added: Hilliard, L.L.P.(t)(x) S+ 1200 , 2.00 % SOFR Floor
2/14/2025 Services:
Consumer 2,311 2,311 2,268
−Removed: Rogers Mechanical Contractors, LLC(m)(x) S+ 700 , 1.00 % SOFR Floor
+Added: Rogers Mechanical Contractors, LLC(x) S+ 625 , 1.00 % SOFR Floor
9/28/2028 Construction & Building 1,655 1,627 1,670
3 unchanged sentences
3/28/2026 Construction & Building 2,541 — 22
−Removed: RumbleOn, Inc.(m)(s)(w) S+ 875 , 1.00 % SOFR Floor
+Added: Rogers Mechanical Contractors, LLC 0.50 % Unfunded
+Added: 9/28/2028 Construction & Building 2,885 ( 5 ) —
+Added: RumbleOn, Inc.(m)(t)(x) S+ 875 , 1.00 % SOFR Floor
8/31/2026 Automotive 8,696 8,432 8,479
−Removed: RumbleOn, Inc.(m)(s)(w) S+ 875 , 1.00 % SOFR Floor
+Added: RumbleOn, Inc.(m)(t)(x) S+ 875 , 1.00 % SOFR Floor
8/31/2026 Automotive 2,624 2,615 2,559
−Removed: Securus Technologies Holdings, Inc.(m)(s)(w) S+ 489 , 1.00 % SOFR Floor
+Added: Securus Technologies Holdings, Inc.(m)(t)(x) S+ 509 , 1.00 % SOFR Floor
7/31/2025 Telecommunications 4,049 3,950 3,760
−Removed: Sequoia Healthcare Management, LLC(y) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 8,540 7,289
−Removed: Service Compression, LLC(m)(s)(v) S+ 1000 , 1.00 % SOFR Floor
−Removed: 5/6/2027 Energy:
−Removed: Oil & Gas 23,443 23,152 25,553
−Removed: Service Compression, LLC(m)(s)(v) S+ 1000 , 1.00 % SOFR Floor
−Removed: 5/6/2027 Energy:
−Removed: Oil & Gas 7,036 6,948 7,669
−Removed: Service Compression, LLC 0.50 % Unfunded
−Removed: 5/6/2025 Energy:
−Removed: Oil & Gas 419 — 38
−Removed: Sleep Opco, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor
−Removed: 10/12/2026 Retail 13,635 13,469 13,635
−Removed: Sleep Opco, LLC(m)(w) S+ 700 , 1.00 % SOFR Floor
−Removed: 10/12/2026 Retail 397 392 405
−Removed: Sleep Opco, LLC 0.50 % Unfunded
−Removed: 10/12/2026 Retail 1,750 ( 20 ) —
−Removed: Spinal USA, Inc.
−Removed: / Precision Medical Inc.(s)(u) L+ 950
−Removed: 11/29/2024 Healthcare & Pharmaceuticals 15,453 15,398 8,576
+Added: Securus Technologies Holdings, Inc.(x) S+ 750 , 1.00 % SOFR Floor
+Added: 7/31/2025 Telecommunications 77 77 75
+Added: Sequoia Healthcare Management, LLC(q) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 8,525 4,135
See accompanying notes to consolidated financial statements.
5 unchanged sentences
Units(e) Cost(d) Fair
+Added: Sleep Opco, LLC(m)(n)(x) S+ 650 , 1.00 % SOFR Floor
+Added: 10/12/2026 Retail 13,495 13,383 13,495
+Added: Sleep Opco, LLC(m)(x) S+ 700 , 1.00 % SOFR Floor
+Added: 10/12/2026 Retail 393 393 397
+Added: Sleep Opco, LLC(m)(x) S+ 650 , 1.00 % SOFR Floor
+Added: 10/12/2026 Retail 1,408 1,380 1,408
+Added: Sleep Opco, LLC 0.50 % Unfunded
+Added: 10/12/2026 Retail 1,750 ( 13 ) —
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(s)(u) L+ 950
+Added: / Precision Medical Inc.(t)(v) L+ 950
5/29/2025 Healthcare & Pharmaceuticals 17,965 17,948 9,791
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(s)(u) L+ 950
+Added: / Precision Medical Inc.(t)(v) L+ 950
5/29/2025 Healthcare & Pharmaceuticals 1,596 1,596 822
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(s)(u) L+ 950
+Added: / Precision Medical Inc.(t)(v) L+ 950
5/29/2025 Healthcare & Pharmaceuticals 1,026 972 529
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(s)(u) L+ 950
+Added: / Precision Medical Inc.(t)(v) L+ 950
5/29/2025 Healthcare & Pharmaceuticals 975 975 502
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(s)(u) L+ 950
+Added: / Precision Medical Inc.(t)(v) L+ 950
5/29/2025 Healthcare & Pharmaceuticals 813 770 443
−Removed: STATinMED, LLC(q)(s)(v) S+ 950 , 2.00 % SOFR Floor
+Added: Spinal USA, Inc.
+Added: / Precision Medical Inc.(t)(v) L+ 950
5/29/2025 Healthcare & Pharmaceuticals 743 743 750
−Removed: Stengel Hill Architecture, LLC(n)(w) S+ 650 , 1.00 % SOFR Floor
+Added: Spin Holdco Inc.(n)(x) S+ 400 , 0.75 % SOFR Floor
+Added: 3/4/2028 Services:
+Added: Business 9,974 8,603 8,445
+Added: STATinMED, LLC(q)(r)(t)(w) S+ 950 , 2.00 % SOFR Floor
+Added: 7/1/2027 Healthcare & Pharmaceuticals 12,410 11,710 4,592
+Added: STATinMED, LLC(r) 0.00 %
+Added: 7/1/2027 Healthcare & Pharmaceuticals 1,004 1,004 942
+Added: STATinMED, LLC(r) 0.00 %
+Added: 7/1/2027 Healthcare & Pharmaceuticals 224 224 243
+Added: Stengel Hill Architecture, LLC(w) S+ 650 , 1.00 % SOFR Floor
8/16/2028 Construction & Building 14,888 14,888 14,887
−Removed: Tactical Air Support, Inc.(n)(v) S+ 850 , 1.00 % SOFR Floor
+Added: Stengel Hill Architecture, LLC(w) S+ 650 , 1.00 % SOFR Floor
+Added: 8/16/2028 Construction & Building 1,526 1,530 1,526
+Added: Stengel Hill Architecture, LLC(w) S+ 650 , 1.00 % SOFR Floor
+Added: 8/16/2028 Construction & Building 525 525 525
+Added: Stengel Hill Architecture, LLC 0.38 % Unfunded
+Added: 8/16/2028 Construction & Building 1,725 — —
+Added: Tactical Air Support, Inc.(m)(w) S+ 850 , 1.00 % SOFR Floor
12/22/2028 Aerospace & Defense 11,850 11,850 11,850
−Removed: Tactical Air Support, Inc.
−Removed: 0.75 % Unfunded
+Added: Tactical Air Support, Inc.(w) S+ 850 , 1.00 % SOFR Floor
12/22/2028 Aerospace & Defense 1,975 1,928 1,975
−Removed: Thrill Holdings LLC(m)(v) S+ 650 , 1.00 % SOFR Floor
−Removed: 5/27/2027 Media:
−Removed: Diversified & Production 20,033 20,033 20,004
+Added: The Men's Wearhouse, LLC(n)(x) S+ 650 , 0.00 % SOFR Floor
+Added: 2/26/2029 Retail 1,905 1,896 1,906
Thrill Holdings LLC 0.50 % Unfunded
1 unchanged sentence
Diversified & Production 1,739 — 28
−Removed: Thrill Holdings LLC 1.00 % Unfunded
+Added: Thrill Holdings LLC(m)(x) S+ 600 , 1.00 % SOFR Floor
5/27/2027 Media:
Diversified & Production 19,081 19,081 19,112
−Removed: TMK Hawk Parent, Corp.(w) S+ 350 , 1.00 % SOFR Floor
+Added: TMK Hawk Parent, Corp.(t)(w) S+ 525 , 1.00 % SOFR Floor
6/30/2029 Services:
Business 7,280 7,280 7,043
−Removed: TMK Hawk Parent, Corp.(w) S+ 350 , 1.00 % SOFR Floor
+Added: TMK Hawk Parent, Corp.(p)(t) 0.00 % Unfunded
12/31/2028 Services:
Business 780 — —
−Removed: Trademark Global, LLC(m)(s)(v) S+ 750 , 1.00 % SOFR Floor
+Added: Trademark Global, LLC(r)(t)(x) S+ 850 , 1.00 % SOFR Floor
6/30/2027 Consumer Goods:
Non-Durable 18,139 18,095 14,831
−Removed: Trammell, P.C.(s)(v) S+ 1550 , 2.00 % SOFR Floor
+Added: Trammell, P.C.(t)(w) S+ 1550 , 2.00 % SOFR Floor
4/28/2026 Services:
Consumer 15,777 15,777 15,777
−Removed: USALCO, LLC(m)(v) S+ 600 , 1.00 % SOFR Floor
−Removed: 10/19/2027 Chemicals, Plastics & Rubber 25,435 25,243 25,435
−Removed: Williams Industrial Services Group, Inc.(p)(s)(w) S+ 1100 , 1.00 % SOFR Floor
+Added: Williams Industrial Services Group, Inc.(q)(t)(x) S+ 1100 , 1.00 % SOFR Floor
12/16/2025 Services:
Business 1,525 1,426 641
−Removed: Williams Industrial Services Group, Inc.(p)(s)(w) S+ 1100 , 1.00 % SOFR Floor
+Added: Williams Industrial Services Group, Inc.(q)(t)(x) S+ 1100 , 1.00 % SOFR Floor
12/16/2025 Services:
Business 325 304 137
−Removed: Wok Holdings Inc.(m)(v) S+ 625 , 0.00 % SOFR Floor
+Added: Wok Holdings Inc.(n)(w) S+ 625 , 0.00 % SOFR Floor
3/1/2026 Beverage, Food & Tobacco 24,583 24,283 23,775
−Removed: WorkGenius, Inc.(m)(w) S+ 750 , 1.00 % SOFR Floor
+Added: WorkGenius, Inc.(m)(x) S+ 700 , 0.50 % SOFR Floor
6/7/2027 Services:
Business 14,651 14,651 14,651
−Removed: WorkGenius, Inc.(w) S+ 750 , 1.00 % SOFR Floor
+Added: WorkGenius, Inc.(m)(x) S+ 700 , 0.50 % SOFR Floor
6/7/2027 Services:
Business 7,465 7,465 7,465
−Removed: WorkGenius, Inc.(m)(w) S+ 750 , 1.00 % SOFR Floor
+Added: WorkGenius, Inc.
+Added: S+ 700 , 0.50 % SOFR Floor
6/7/2027 Services:
Business 750 742 750
−Removed: Xenon Arc, Inc.(m)(w) S+ 575 , 0.75 % SOFR Floor
+Added: Xenon Arc, Inc.(m)(x) S+ 525 , 0.75 % SOFR Floor
12/20/2028 High Tech Industries 3,836 3,810 3,836
−Removed: Yak Access, LLC(m)(n)(w) S+ 640 , 1.00 % SOFR Floor
−Removed: 3/10/2028 Construction & Building 20,592 18,768 20,618
Total Senior Secured First Lien Debt 1,610,540 1,563,256
Senior Secured Second Lien Debt - 0.3 %
−Removed: Global Tel*Link Corp.(n)(w) S+ 1000 , 0.00 % SOFR Floor
−Removed: 11/29/2026 Telecommunications 11,500 11,401 11,414
−Removed: OpCo Borrower, LLC(m) 12.50 % 2/19/2028 Healthcare & Pharmaceuticals 12,500 11,795 11,813
−Removed: RA Outdoors, LLC(m)(w) S+ 900 , 1.00 % SOFR Floor
+Added: RA Outdoors, LLC(m)(t)(x) S+ 900 , 1.00 % SOFR Floor
10/8/2026 Media:
Diversified & Production 2,004 2,004 1,293
−Removed: Securus Technologies Holdings, Inc.(s)(w) S+ 891 , 1.00 % SOFR Floor
+Added: Securus Technologies Holdings, Inc.(q)(t)(x) S+ 931 , 1.00 % SOFR Floor
11/1/2025 Telecommunications 3,302 3,183 1,387
−Removed: TMK Hawk Parent, Corp.(p)(w) S+ 800 , 1.00 % SOFR Floor
−Removed: 8/26/2025 Services:
−Removed: Business 13,393 13,285 1,473
Total Senior Secured Second Lien Debt 5,187 2,680
−Removed: Collateralized Securities and Structured Products - Equity - 0.1 %
−Removed: APIDOS CLO XVI Subordinated Notes(g)(h) 0.00 % Estimated Yield
−Removed: 1/19/2025 Diversified Financials 9,000 1,217 20
−Removed: Galaxy XV CLO Ltd.
−Removed: Class A Subordinated Notes(g)(h) 19.30 % Estimated Yield
−Removed: 4/15/2025 Diversified Financials 4,000 1,145 1,076
−Removed: Total Collateralized Securities and Structured Products - Equity 2,362 1,096
−Removed: Unsecured Debt - 1.5 %
−Removed: Lucky Bucks Holdings LLC(p)(s) 12.50 % 5/26/2028 Hotel, Gaming & Leisure 25,308 22,860 4,135
See accompanying notes to consolidated financial statements.
5 unchanged sentences
Units(e) Cost(d) Fair
−Removed: WPLM Acquisition Corp.(s) 15.00 % 11/24/2025 Media:
−Removed: Advertising, Printing & Publishing 8,872 8,833 8,739
+Added: Collateralized Securities and Structured Products - Equity - 0.3 %
+Added: Galaxy XV CLO Ltd.
+Added: Class A Subordinated Notes(g)(h) 19.30 % Estimated Yield
+Added: 10/15/2030 Diversified Financials 4,000 978 693
+Added: Ivy Hill Middle Market Credit Fund VIII, Ltd.
+Added: Subordinated Loan(g)(h) 11.84 % Estimated Yield
+Added: 4/28/2039 Diversified Financials 2,000 2,002 1,989
+Added: Total Collateralized Securities and Structured Products - Equity 2,980 2,682
+Added: Unsecured Debt - 1.4 %
+Added: Klein Hersh, LLC(m)(p) 0.00 % 4/27/2032 Services:
+Added: Business 4,368 988 1,081
+Added: Lucky Bucks Holdings LLC(q)(t) 12.50 % 5/29/2028 Hotel, Gaming & Leisure 25,308 22,860 5,315
+Added: SRA Holdings, LLC(r)(x) S+ 600 , 0.00 % SOFR Floor
+Added: 3/24/2025 Banking, Finance, Insurance & Real Estate 4,103 4,103 4,103
+Added: TMK Hawk Parent, Corp.
+Added: 11.00 % 12/15/2031 Services:
+Added: Business 1,536 1,536 1,315
Total Unsecured Debt 29,487 11,814
Equity - 29.2 %
−Removed: ARC Financial Partners, LLC, Membership Interests ( 25 % ownership)(o)(q)
+Added: ACS Holdings LLC, Class A-1 Membership Units(p)(r) Healthcare & Pharmaceuticals 25,115,901 Units
+Added: ARC Financial Partners, LLC, Membership Interests ( 25 % ownership)(o)(p)(r)
Metals & Mining NA — —
−Removed: Ascent Resources - Marcellus, LLC, Membership Units(o) Energy:
+Added: Ascent Resources - Marcellus, LLC, Membership Units(p) Energy:
Oil & Gas 511,255 Units
−Removed: Carestream Health Holdings, Inc., Common Stock(o)(q) Healthcare & Pharmaceuticals 614,368 Units
+Added: Avison Young (Canada) Inc., Class A Preferred Shares ( 12.5 % Return)
+Added: Banking, Finance, Insurance & Real Estate 8,800,606 Units
+Added: Avison Young (Canada) Inc., Class F Common Shares(p) Banking, Finance, Insurance & Real Estate 6,575 Units
+Added: Carestream Health Holdings, Inc., Common Stock(p) Healthcare & Pharmaceuticals 614,368 Units
21,759 20,108
−Removed: CF Arch Holdings LLC, Class A Units(o) Services:
+Added: CF Arch Holdings LLC, Class A Units(p) Services:
Business 380,952 Units
−Removed: CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(r) Diversified Financials 22,072,841 Units
+Added: CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(p)(s) Diversified Financials 22,072,841 Units
22,073 18,103
−Removed: CION/EagleTree Partners, LLC, Membership Units ( 85 % ownership)(h)(o)(r)
+Added: CION/EagleTree Partners, LLC, Membership Units ( 85 % ownership)(h)(p)(s)
Diversified Financials NA — —
−Removed: David's Bridal Holdings, LLC, Preferred Units(o)(r) Retail 1,000 Units
−Removed: 10,820 12,494
−Removed: David's Bridal Holdings, LLC, Common Units(o)(r) Retail 900,000 Units
+Added: CTS Ultimate Holdings, LLC, Class A Preferred Units(p) Construction & Building 849,201 Units
+Added: David's Bridal Holdings, LLC, Common Units(p)(s) Retail 900,000 Units
23,130 24,570
−Removed: FWS Parent Holdings, LLC, Class A Membership Interests(o) Services:
+Added: David's Bridal Holdings, LLC, Preferred Units(p)(s) Retail 1,000 Units
+Added: EBSC Holdings LLC, Preferred Units ( 10 % Return)
+Added: Consumer Goods:
+Added: Durable 2,000 Units
+Added: FWS Parent Holdings, LLC.
+Added: Class A Membership Interests(p) Services:
Business 35,242 Units
−Removed: GSC Technologies Inc., Common Shares(o)(q) Chemicals, Plastics & Rubber 807,268 Units
−Removed: Heritage Litigation Trust, Restricted Stock(o) Energy:
+Added: GSC Technologies Inc., Common Shares(p)(r) Chemicals, Plastics & Rubber 807,268 Units
+Added: Heritage Litigation Trust, Restricted Stock(p) Energy:
Oil & Gas 238,375 Units
−Removed: IPP Buyer Holdings, LLC, Class A Units(o)(q) Retail 8,888,354 Units
−Removed: 10,740 11,910
−Removed: Instant Web Holdings, LLC, Class A Common Units(o)(q) Media:
+Added: Instant Web Holdings, LLC, Class A Common Units(p)(r) Media:
Advertising, Printing & Publishing 10,819 Units
−Removed: Isagenix Worldwide, Inc., Common Shares(o)(q) Beverage, Food & Tobacco 601,941 Units
−Removed: K&N Holdco, LLC, Membership Units(o) Consumer Goods:
+Added: IPP Buyer Holdings, LLC, Class A Units(p)(r) Retail 8,888,354 Units
+Added: 10,740 11,644
+Added: Isagenix Worldwide, Inc., Common Shares(p)(r) Beverage, Food & Tobacco 720,420 Units
+Added: K&N Holdco, LLC, Membership Units(p) Consumer Goods:
Durable 743,846 Units
−Removed: Language Education Holdings GP LLC, Common Units(o) Services:
+Added: Language Education Holdings GP LLC, Common Units(p) Services:
Business 366,667 Units
−Removed: Language Education Holdings LP, Ordinary Common Units(o) Services:
+Added: Language Education Holdings LP, Ordinary Common Units(p) Services:
Business 366,667 Units
−Removed: Longview Intermediate Holdings C, LLC, Membership Units(q) Energy:
−Removed: Oil & Gas 653,989 Units
−Removed: Macquarie Capital Funding LLC(i)(o)
−Removed: Hotel, Gaming & Leisure 123,568 Units
−Removed: Mount Logan Capital Inc., Common Stock(f)(h)(q) Banking, Finance, Insurance & Real Estate 1,075,557 Units
−Removed: New Giving Acquisition, Inc., Warrants(o) 8/19/2029 Healthcare & Pharmaceuticals 4,630 Units
−Removed: New HW Holdings Corp., Common Stock(o) Capital Equipment 133 Units
−Removed: NS NWN Acquisition, LLC, Class A Preferred Units(o) High Tech Industries 111 Units
−Removed: NS NWN Acquisition, LLC, Common Equity(o) High Tech Industries 346 Units
−Removed: NS NWN Holdco LLC, Non-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: Reorganized Heritage TopCo, LLC, Common Stock(o) Energy:
+Added: LB NewHoldco LLC, Voting Units(p) Hotel, Gaming & Leisure 123,568 Units
+Added: Longview Intermediate Holdings C, LLC, Membership Units(p)(r) Energy:
Oil & Gas 1,491,731 Units
−Removed: RumbleOn, Inc., Warrants(o) 8/14/2028 Automotive 60,606 Units
−Removed: Service Compression, LLC, Warrants(o) Energy:
−Removed: Oil & Gas N/A 509 1,426
−Removed: Snap Fitness Holdings, Inc., Class A Common Stock(o)(q) Services:
−Removed: Consumer 9,858 Units
−Removed: Snap Fitness Holdings, Inc., Warrants(o)(q) Services:
−Removed: Consumer 3,996 Units
−Removed: SRA Holdings, LLC, Membership Units(m)(o)(q) Banking, Finance, Insurance & Real Estate 224,865 Units
12,835 52,166
−Removed: STATinMed Parent, LLC, Class A Preferred Units(o)(q) Healthcare & Pharmaceuticals 6,182 Units
−Removed: STATinMed Parent, LLC, Class B Preferred Units(o)(q) Healthcare & Pharmaceuticals 51,221 Units
+Added: Mount Logan Capital Inc., Common Stock(f)(h)(r) Banking, Finance, Insurance & Real Estate 1,075,557 Units
+Added: New Giving Acquisition, Inc., Common Stock Healthcare & Pharmaceuticals 4,630 Units
+Added: New HW Holdings Corp., Preferred Stock(p)(r) Capital Equipment 14 Units
+Added: New HW Holdings Corp., Common Stock(p)(r) Capital Equipment 119 Units
See accompanying notes to consolidated financial statements.
5 unchanged sentences
Units(e) Cost(d) Fair
−Removed: URS Topco, LLC, Common Equity(o) Transportation:
+Added: NS NWN Acquisition, LLC, Class A Preferred Units High Tech Industries 111 Units
+Added: NS NWN Acquisition, LLC, Common Equity High Tech Industries 346 Units
+Added: NS NWN Holdco LLC, Non-Voting Units High Tech Industries 522 Units
+Added: NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(p) Consumer Goods:
+Added: Durable 1,575 Units
+Added: Palmetto Clean Technology, Inc., Warrants(p) High Tech Industries 724,112 Units
+Added: PLBY Group, Inc., Series B Preferred Stock(h)(p) Consumer Goods:
+Added: Non-Durable 3,825 Units
+Added: RumbleOn, Inc., Warrants(p) Automotive 60,606 Units
+Added: Service Compression Holdings, LLC, Junior Preferred Units(p) Energy:
+Added: Oil & Gas 389,001 Units
+Added: Service Compression, LLC, Warrants(p) Energy:
+Added: Oil & Gas 730,586 Units
+Added: Snap Fitness Holdings, Inc., Class A Common Stock(p)(r) Services:
+Added: Consumer 9,858 Units
+Added: Snap Fitness Holdings, Inc., Warrants(p)(r) Services:
+Added: Consumer 3,996 Units
+Added: SRA Parent, LLC, Preferred Units ( 12 % Return)(r)
+Added: Banking, Finance, Insurance & Real Estate 9,166,827 Units
+Added: SRA Parent, LLC, Common Units(p)(r) Banking, Finance, Insurance & Real Estate 147,827 Units
+Added: 17,590 17,277
+Added: STATinMed Parent, LLC, Class A Preferred Units(p)(r) Healthcare & Pharmaceuticals 6,182 Units
+Added: STATinMed Parent, LLC, Class B Preferred Units(p)(r) Healthcare & Pharmaceuticals 51,221 Units
+Added: TG Parent NewCo LLC, Common Units(o)(p)(r) Consumer Goods:
+Added: Non-Durable 9 Units
+Added: TMK Hawk Parent, Corp., Common Shares(p) Services:
+Added: Business 643,588 Units
+Added: TMK Hawk Parent, Corp., Warrants(p) Services:
+Added: Business 36,734 Units
+Added: URS Topco, LLC, Common Equity(p) Transportation:
Cargo 430,540 Units
−Removed: WorkGenius, LLC, Class A Units(o) Services:
+Added: WorkGenius, LLC, Class A Units(p) Services:
Business 500 Units
−Removed: Yak Holding II, LLC, Series A Preferred Units(o) Construction & Building 4,000,000 Units
−Removed: Yak Holding II, LLC, Series B-1 Preferred Units(o) Construction & Building 1,966,018 Units
−Removed: Yak Holding II, LLC, Series A Common Units(o) Construction & Building 127,419 Units
+Added: Yak Holding II, LLC, Series A Common Units Construction & Building 127,419 Units
Total Equity 226,681 239,438
10 unchanged sentences
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 s.
+Added: Unless specifically identified in note t.
below, investments do not contain a paid-in-kind, or PIK, interest provision.
6 unchanged sentences
Fair value determined using level 1 inputs.
+Added: See accompanying notes to consolidated financial statements.
+Added: CĪON Investment Corporation
+Added: Consolidated Schedule of Investments
+Added: December 31, 2024
+Added: (in thousands)
The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated.
5 unchanged sentences
As of December 31, 2024, 95.9 % of the Company’s total assets represented qualifying assets.
−Removed: 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.
−Removed: The underlying first lien term loan was subsequently exchanged for common shares of the underlying portfolio company.
−Removed: Macquarie's obligations under the proceeds agreement are not secured by any collateral.
−Removed: The industry and other investment characteristics reflect the terms of the underlying equity security.
+Added: Due to an annual cap in interest in the loan agreement, the applicable rate on this loan as of December 31, 2024 was 3.88 %.
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.
3 unchanged sentences
Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, LLC, or Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the repurchase agreement with UBS AG, or UBS, as of December 31, 2024 (see Note 8).
+Added: Investment is held through CIC Holdco, LLC, a wholly-owned taxable subsidiary of the Company.
Non-income producing security.
+Added: Investment or a portion thereof was on non-accrual status as of December 31, 2024.
See accompanying notes to consolidated financial statements.
3 unchanged sentences
(in thousands)
−Removed: 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, 2022 and December 31, 2023, along with transactions during the year ended December 31, 2023 in these affiliated investments, were as follows:
−Removed: Year Ended December 31, 2023
−Removed: Year Ended December 31, 2023
+Added: Fair value as of December 31, 2023 and 2024, along with transactions during the year ended December 31, 2024 in these affiliated investments, were as follows:
+Added: Year Ended December 31, 2024 Year Ended December 31, 2024
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, 2023
−Removed: Net Realized Gain (Loss) Interest
+Added: (Cost)(2) Net Unrealized Gain (Loss) Fair Value at
+Added: December 31, 2024 Net Realized Gain (Loss) Interest
Income(3) Dividend Income Fee Income
1 unchanged sentence
First Lien Term Loan $ 4,583 $ — $ ( 4,583 ) $ — $ — $ — $ 363 $ — $ —
+Added: American Clinical Solutions LLC
+Added: First Lien Term Loan — 13,300 — ( 2,225 ) 11,075 — 503 — 50
+Added: Class A-1 Membership Interests — — — — — — — — —
ARC Financial, LLC
7 unchanged sentences
GSC Technologies Inc.
−Removed: Incremental Term Loan 154 6 ( 160 ) — — — 11 — —
First Lien Term Loan A 1,983 25 ( 2,076 ) 68 — — 213 — —
1 unchanged sentence
Common Shares 1,251 — — ( 1,219 ) 32 — — — —
+Added: HW Acquisition, LLC
+Added: Revolving Loan — 2,890 — 250 3,140 — 215 — —
+Added: First Lien Term Loan — 16,555 ( 14,448 ) 2,687 4,794 ( 4,549 ) 939 — —
Instant Web, LLC
11 unchanged sentences
Common Shares 8,404 — — ( 2,082 ) 6,322 — — — —
+Added: See accompanying notes to consolidated financial statements.
+Added: CĪON Investment Corporation
+Added: Consolidated Schedule of Investments
+Added: December 31, 2024
+Added: (in thousands)
+Added: Year Ended December 31, 2024 Year Ended December 31, 2024
+Added: Non-Controlled, Affiliated Investments Fair Value at
+Added: December 31, 2023 Gross
+Added: (Cost)(1) Gross
+Added: (Cost)(2) Net Unrealized Gain (Loss) Fair Value at
+Added: December 31, 2024 Net Realized Gain (Loss) Interest
+Added: Income(3) Dividend Income Fee Income
Lift Brands, Inc.
4 unchanged sentences
Membership Units 21,726 10,132 — 20,308 52,166 — — — —
−Removed: Longview Power, LLC
−Removed: First Lien Term Loan 2,348 6 ( 1,396 ) ( 958 ) — — 1,306 — —
Mount Logan Capital Inc.
Common Stock 1,624 — ( 1,511 ) ( 113 ) — — — 53 —
+Added: New HW Holdings Corp.
+Added: Preferred Stock — 9,899 — ( 6,758 ) 3,141 — — — —
+Added: Common Stock — — — — — — — — —
Snap Fitness Holdings, Inc.
2 unchanged sentences
SRA Holdings, LLC
+Added: First Lien Term Loan — 4,158 ( 56 ) 1 4,103 — 146 — —
Membership Units 25,515 — ( 23,611 ) ( 1,904 ) — 3,145 — — —
+Added: SRA Parent, LLC
+Added: Preferred Equity — 9,525 — 8 9,533 — — 358 —
+Added: Common Equity — 17,539 — ( 262 ) 17,277 — — — —
STATinMED, LLC
First Lien Term Loan 10,358 1,032 — ( 6,798 ) 4,592 — 894 — —
−Removed: Delayed Draw First Lien Term Loan 156 6 ( 159 ) ( 3 ) — — 10 — —
+Added: Senior Term Loan — 1,004 — ( 62 ) 942 — 257 — 2,894
+Added: Senior Superpriority Term Loan — 224 — 19 243 — — — 704
STATinMed Parent, LLC
1 unchanged sentence
Class B Preferred Units — — — — — — — — —
+Added: TG Parent NewCo LLC
+Added: Common Equity — — — — — — — — —
+Added: Trademark Global, LLC
+Added: First Lien Term Loan — 13,341 — 1,490 14,831 — 683 — —
Totals $ 206,301 $ 114,357 $ ( 56,512 ) $ 5,059 $ 269,205 $ ( 3,946 ) $ 18,118 $ 411 $ 3,648
+Added: (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.
+Added: (2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
+Added: (3) Includes PIK interest income.
See accompanying notes to consolidated financial statements.
3 unchanged sentences
(in thousands)
−Removed: (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.
−Removed: (2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.
−Removed: (3) Includes PIK interest income.
Investment determined to be a controlled investment as defined in the 1940 Act as the Company is deemed to exercise a controlling influence over the management or policies of the portfolio company due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of such portfolio company.
−Removed: 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:
+Added: Fair value as of December 31, 2023 and 2024, along with transactions during the year ended December 31, 2024 in these controlled investments, were as follows:
Year Ended December 31, 2024 Year Ended December 31, 2024
3 unchanged sentences
(Cost)(2) Net
−Removed: Gain (Loss) Fair Value at December 31, 2023
+Added: Gain (Loss) Fair Value at
+Added: December 31, 2024 Net Realized
Gain (Loss) Interest
−Removed: Income(3) Dividend Income Fee Income
+Added: Income(3) Fee Income
CION/EagleTree Partners, LLC
17 unchanged sentences
(in thousands)
−Removed: 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: As of December 31, 2024, 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.
For certain investments, the borrower may toggle between cash and PIK interest payments.
4 unchanged sentences
Senior Secured First Lien Debt 2.75 % 11.34 % 14.09 %
−Removed: Celerity Acquisition Holdings, LLC Senior Secured First Lien Debt 10.00 % 4.05 % 14.05 %
+Added: Avison Young (Canada) Inc./Avison Young (USA) Inc.
Senior Secured First Lien Debt 6.06 % 6.50 % 12.56 %
+Added: Celerity Acquisition Holdings, LLC Senior Secured First Lien Debt 10.00 % 3.24 % 13.24 %
CION/EagleTree Partners, LLC Senior Secured Note — 14.00 % 14.00 %
Community Tree Service, LLC Senior Secured First Lien Debt 13.24 % 1.25 % 14.49 %
−Removed: Deluxe Entertainment Services, Inc.
−Removed: Senior Secured First Lien Debt 12.50 % 1.50 % 14.00 %
FuseFX, LLC Senior Secured First Lien Debt 5.78 % 5.00 % 10.78 %
−Removed: GSC Technologies Inc.
−Removed: Senior Secured First Lien Debt — 10.51 % 10.51 %
+Added: Heritage Power, LLC Senior Secured First Lien Debt 5.86 % 5.50 % 11.36 %
Hilliard, Martinez & Gonzales, LLP Senior Secured First Lien Debt — 16.67 % 16.67 %
+Added: Hollander Intermediate LLC Senior Secured First Lien Debt — 13.22 % 13.22 %
Homer City Generation, L.P.
2 unchanged sentences
Senior Secured First Lien Debt — 17.00 % 17.00 %
+Added: HW Acquisition, LLC Senior Secured First Lien Debt — 10.59 % 10.59 %
+Added: HW Acquisition, LLC Senior Secured First Lien Debt — 12.50 % 12.50 %
Senior Secured First Lien Debt 11.32 % 0.25 % 11.57 %
3 unchanged sentences
Senior Secured First Lien Debt 7.68 % 5.00 % 12.68 %
−Removed: Klein Hersh, LLC Senior Secured First Lien Debt 6.74 % 12.00 % 18.74 %
+Added: LAV Gear Holdings, Inc.
+Added: Senior Secured First Lien Debt — 10.86 % 10.86 %
Lift Brands, Inc.
4 unchanged sentences
Senior Secured First Lien Debt 5.76 % 5.25 % 11.01 %
+Added: RA Outdoors, LLC Senior Secured Second Lien Debt — 13.74 % 13.74 %
Hilliard, L.L.P.
6 unchanged sentences
Senior Secured Second Lien Debt — 13.64 % 13.64 %
−Removed: Service Compression, LLC Senior Secured First Lien Debt 13.46 % 2.00 % 15.46 %
Spinal USA, Inc.
2 unchanged sentences
STATinMED, LLC Senior Secured First Lien Debt — 14.14 % 14.14 %
+Added: TMK Hawk Parent, Corp.
+Added: Senior Secured First Lien Debt — 9.59 % 9.59 %
+Added: TMK Hawk Parent, Corp.
+Added: Unsecured Debt — 11.00 % 11.00 %
Trademark Global, LLC Senior Secured First Lien Debt — 13.09 % 13.09 %
3 unchanged sentences
Senior Secured First Lien Debt 10.00 % 6.18 % 16.18 %
−Removed: WPLM Acquisition Corp.
−Removed: Unsecured Note — 15.00 % 15.00 %
The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2024 was 4.45%.
12 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 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 PIK interest provision.
−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.
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.
Fair value as of December 31, 2022 and 2023, along with transactions during the year ended December 31, 2023 in these affiliated investments, were as follows:
−Removed: Year Ended December 31, 2022 Year Ended December 31, 2022
+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.
8 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 5.16%.
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.
32 unchanged sentences
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.
+Added: On October 9, 2024, the Company’s 7.50 % Notes due 2029 listed and commenced trading on the NYSE under the ticker symbol “CICB”.
CĪON Investment Corporation
10 unchanged sentences
All intercompany balances and transactions have been eliminated in consolidation.
−Removed: 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.
−Removed: See Note 7 for a description of the Company’s investments in CION SOF and CION/EagleTree.
+Added: The Company does not consolidate its equity interest in CION/EagleTree Partners, LLC, or CION/EagleTree.
+Added: See Note 7 for a description of the Company’s investment in CION/EagleTree.
The Company evaluates subsequent events through the date that the consolidated financial statements are issued.
+Added: Segment Reporting
+Added: The Company operates through a single operating and reporting segment with an investment objective to generate current income and, to a lesser extent, capital appreciation for investors.
+Added: The chief operating decision makers, or CODMs, are comprised of the Company’s co-chief executive officers, chief investment officer and chief financial officer.
+Added: The CODMs assess the performance and make operating decisions for the Company on a consolidated basis primarily based on the Company’s net increase in shareholders’ equity resulting from operations, or net income.
+Added: In addition to numerous other factors and metrics, the CODMs utilize net income as a key metric in making investment policy decisions, managing the Company’s portfolio and evaluating the Company’s distribution policy.
+Added: As the Company’s operations comprise a single operating and reporting segment, the Company's segment assets are reflected on the accompanying consolidated balance sheets as “total assets” and the significant segment expenses are listed on the accompanying consolidated statements of operations.
Recent Accounting Pronouncements
2 unchanged sentences
ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2023.
−Removed: The Company is evaluating the potential impact that the adoption of this guidance will have on the Company’s consolidated financial statements.
−Removed: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848):
−Removed: Facilitation of the Effects of Reference Rate Reform on Financial Reporting , or ASU 2020-04, which provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform.
−Removed: ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022.
−Removed: The expedients and exceptions provided by this guidance do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022.
−Removed: In December 2022, the FASB issued ASU No.
−Removed: 2022-06, Reference Rate Reform (Topic 848):
−Removed: Deferral of the Sunset Date of Topic 848 , which deferred the sunset date of this guidance to December 31, 2024.
+Added: Effective December 31, 2024, the Company has adopted ASU 2022-03 and concluded that this guidance did not have a material impact on the Company's consolidated financial statements.
+Added: In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):
+Added: Improvements to Reportable Segment Disclosures , or ASU 2023-07, which requires specific disclosures related to the title and position of the individual (or the name of the group or committee) identified as the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources.
+Added: ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025.
+Added: Early adoption is permitted and retrospective adoption is required for all prior periods presented.
+Added: Effective December 31, 2024, the Company has adopted ASU 2023-07 and concluded that this guidance did not have a material impact on the Company's consolidated financial statements.
+Added: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):
+Added: Improvements to Income Tax Disclosures , or ASU 2023-09, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements.
+Added: Under this new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation and must also further disaggregate income taxes paid.
+Added: ASU 2023-09 is effective for annual periods beginning after December 15, 2024.
The Company is evaluating the potential impact that the adoption of this guidance will have on the Company’s consolidated financial statements.
10 unchanged sentences
All assets and liabilities denominated in foreign currencies are translated into U.S.
−Removed: dollars based on the foreign exchange rate on the date of valuation.
+Added: dollars based on the foreign exchange rate on the date of valuation, unless otherwise noted.
The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held.
11 unchanged sentences
The Company will also be subject to nondeductible federal excise taxes if the Company does not distribute at least 98.0% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no federal income taxes.
−Removed: Two of the Company’s wholly-owned consolidated subsidiaries, View ITC, LLC and View Rise, LLC, or collectively the Taxable Subsidiaries, have elected to be treated as taxable entities for U.S.
+Added: One of the Company’s wholly-owned consolidated subsidiaries, CIC Holdco, LLC, or CIC Holdco, has elected to be treated as a taxable entity for U.S.
federal income tax purposes.
−Removed: As a result, the Taxable Subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense or benefit, and the related tax assets and liabilities, as a result of their ownership of certain portfolio investments.
+Added: As a result, CIC Holdco is not consolidated with the Company for income tax purposes and may generate income tax expense or benefit, and the related tax assets and liabilities, as a result of its ownership of certain portfolio investments.
The income tax expense or benefit, if any, and the related tax assets and liabilities, where material, are reflected in the Company’s consolidated financial statements.
82 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 investment in CION/EagleTree.
−Removed: 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.
+Added: As a practical expedient, the Company uses net asset value, or NAV, as the fair value for its equity investment in CION/EagleTree.
+Added: CION/EagleTree records its underlying investments at fair value on a quarterly basis in accordance with ASC 820.
Revenue Recognition
15 unchanged sentences
Loans or securities are restored to accrual status only when interest and principal payments are brought current and future payments are reasonably assured.
+Added: For full PIK loans, accrual status is restored if future interest and principal payments are reasonably assured.
Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected.
22 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 in Net Assets per Share
−Removed: 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.
+Added: Net Increase (Decrease) in Net Assets per Share
+Added: Net increase (decrease) in net assets per share is calculated based upon the daily weighted average number of shares of common stock outstanding during the reporting period.
Distributions
11 unchanged sentences
Reinvestment of distributions — — — — — —
−Removed: Total shares/proceeds — — — — 970,223 15,489
+Added: Total gross shares/proceeds — — — — — —
Share repurchase program ( 995,367 ) ( 11,347 ) ( 1,114,848 ) ( 11,518 ) ( 1,658,956 ) ( 15,444 )
−Removed: Net shares/proceeds (for) from share transactions ( 1,114,848 ) $ ( 11,518 ) ( 1,658,956 ) $ ( 15,444 ) 311,573 $ 5,022
+Added: Net shares/amounts for share transactions ( 995,367 ) $ ( 11,347 ) ( 1,114,848 ) $ ( 11,518 ) ( 1,658,956 ) $ ( 15,444 )
CĪON Investment Corporation
5 unchanged sentences
As of December 31, 2024, 17,076,559 shares of common stock repurchased had been retired.
−Removed: On September 15, 2023, the Company's shareholders approved a proposal that authorizes the Company to issue shares of its common stock at prices below the then current NAV per share of the Company’s common stock in one or more offerings for a 12 -month period following such shareholder approval.
+Added: On August 27, 2024, the Company's shareholders approved a proposal that authorizes the Company to issue shares of its common stock at prices below the then current NAV per share of the Company’s common stock in one or more offerings for a 12 -month period following such shareholder approval.
As of December 31, 2024, the Company has not issued any such shares.
1 unchanged sentence
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.
+Added: The final distribution reinvestment under the Old DRP was made as part of the monthly base distribution paid on September 14, 2021.
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.
−Removed: Reverse Stock Split
−Removed: Effective on September 21, 2021, every two shares of the Company's common stock then issued and outstanding were automatically combined into one share of the Company's common stock, with the number of then issued and outstanding shares reduced from 113,916,869 to 56,958,440 .
−Removed: The reverse stock split amendment also provided that there was no change in the par value of $ 0.001 per share as a result of the reverse stock split.
−Removed: In addition, the reverse stock split did not modify the rights or preferences of the Company’s common stock.
Listing and Fractional Shares
27 unchanged sentences
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)
−Removed: January 1 to January 31, 2022 — N/A — —
−Removed: February 1 to February 28, 2022 — N/A — —
−Removed: March 1 to March 31, 2022 — N/A — —
−Removed: April 1 to April 30, 2022 — N/A — —
−Removed: May 1 to May 31, 2022 — N/A — —
−Removed: June 1 to June 30, 2022 — N/A — —
−Removed: July 1 to July 31, 2022 — N/A — —
+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 10.31 114,698 37,784
+Added: July 1 to July 31, 2023 54,048 10.74 54,048 37,205
August 1 to August 31, 2023 18,518 10.96 18,518 37,002
2 unchanged sentences
November 1 to November 30, 2023 45,556 10.26 45,556 34,056
−Removed: December 1 to December 31, 2022 — N/A — 44,589
+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
26 unchanged sentences
CIM Administrative services provider Administrative services expense(1) 4,783 3,971 3,348
−Removed: Apollo Investment Administration, L.P.
−Removed: Administrative services provider Transaction costs(1) — — 105
$ 52,438 $ 53,104 $ 49,419
32 unchanged sentences
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.
−Removed: On January 30, 2013, the Company entered into the expense support and conditional reimbursement agreement with CIG, whereby CIG agreed to provide expense support to the Company in an amount that was sufficient to:
−Removed: (1) ensure that no portion of the Company’s distributions to shareholders was paid from its offering proceeds or borrowings, and/or (2) reduce the Company’s operating expenses until it achieved economies of scale sufficient to ensure that the Company bore a reasonable level of expense in relation to its investment income.
−Removed: On December 16, 2015, the Company further amended and restated the expense support and conditional reimbursement agreement for purposes of including AIM as a party to the agreement.
−Removed: On January 2, 2018, the Company entered into an expense support and conditional reimbursement agreement with CIM for purposes of, among other things, replacing CIG and AIM with CIM as the expense support provider pursuant to the terms of the expense support and conditional reimbursement agreement.
−Removed: Pursuant to the expense support and conditional reimbursement agreement, the Company had a conditional obligation to reimburse CIM for any amounts funded by CIM under such agreement (i) if expense support amounts funded by CIM exceeded operating expenses incurred during any fiscal quarter, (ii) if the sum of the Company’s net investment income for tax purposes, net capital gains and the amount of any dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent not included in net investment income or net capital gains for tax purposes) exceeded the distributions paid by the Company to shareholders, and (iii) during any fiscal quarter that occurred within three years of the date on which CIM funded such amount.
−Removed: The obligation to reimburse CIM for any expense support provided by CIM under such agreement was further conditioned by the following:
−Removed: (i) in the period in which reimbursement was sought, the ratio of operating expenses to average net assets, when considering the reimbursement, could not have exceeded the ratio of operating expenses to average net assets, as defined, for the period when the expense support was provided;
−Removed: (ii) in the period when reimbursement was sought, the annualized distribution rate could not have fallen below the annualized distribution rate for the period when the expense support was provided;
−Removed: and (iii) the expense support could have only been reimbursed within three years from the date the expense support was provided.
−Removed: Expense support, if any, was determined as appropriate to meet the objectives of the expense support and conditional reimbursement agreement.
−Removed: On December 31, 2021, the Company and CIM allowed the expense support and conditional reimbursement agreement to expire in accordance with its terms.
−Removed: There was no unreimbursed expense support funded by CIM upon such expiration.
−Removed: The specific amount of expense support provided by CIM, if any, was determined at the end of each quarter.
−Removed: For the years ended December 31, 2023, 2022 and 2021, the Company did not receive any expense support from CIM.
−Removed: See Note 5 for additional information on the sources of the Company’s distributions.
−Removed: The Company did not record any obligation to repay expense support from CIM and the Company did not repay any expense support to CIM during the years ended December 31, 2023, 2022 and 2021.
As of December 31, 2024 and 2023, the total liability payable to CIM and its affiliates was $ 12,731 and $ 13,664 , respectively, which primarily related to fees earned by CIM during the three months ended December 31, 2024 and 2023, respectively.
1 unchanged sentence
However, it is currently possible that some investment opportunities will be provided to other clients of CIM rather than to the Company.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2023
−Removed: (in thousands, except share and per share amounts)
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.
+Added: The investment advisory agreement and the administration agreement each provide certain indemnifications from the Company to the other relevant parties to such agreements.
The Company’s maximum exposure under these agreements is unknown.
3 unchanged sentences
On July 18, 2017, the Company's board of directors authorized and declared on a quarterly basis a weekly distribution amount per share of common stock.
−Removed: Effective September 28, 2017, the Company's board of directors delegated to management the authority to determine the amount, record dates, payment dates and other terms of distributions to shareholders, which will be ratified by the board of directors, each on a quarterly basis.
+Added: Effective September 28, 2017, the Company's board of directors delegated to management the authority to determine the amount, record dates, payment dates and other terms of distributions to shareholders, which will be ratified by the board of directors on a quarterly basis.
Beginning on March 19, 2020, management changed the timing of declaring distributions from quarterly to monthly and temporarily suspended the payment of distributions to shareholders commencing with the month ended April 30, 2020, whether in cash or pursuant to the Old DRP.
On July 15, 2020, the board of directors determined to recommence the payment of distributions to shareholders in August 2020.
−Removed: 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 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.
−Removed: Declared regular distributions are paid quarterly.
+Added: On September 15, 2021, management changed the timing of declaring and paying base distributions to shareholders from monthly to quarterly commencing with the fourth quarter of 2021.
+Added: Base 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.
The Company’s management declared and the Company's board of directors ratified distributions for 6, 7 and 5 record dates during the years ended December 31, 2024, 2023 and 2022, respectively.
The following table presents distributions per share that were declared during the years ended December 31, 2024, 2023 and 2022:
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2024
+Added: (in thousands, except share and per share amounts)
Distributions
Three Months Ended Per Share Amount
−Removed: March 31, 2021 (three record dates) $ 0.2648 $ 15,029
−Removed: June 30, 2021 (three record dates) 0.2648 15,000
−Removed: September 30, 2021 (three record dates) 0.2648 15,027
−Removed: December 31, 2021 (two record dates) 0.4648 26,474
−Removed: Total distributions for the year ended December 31, 2021 $ 1.2592 $ 71,530
March 31, 2022 (one record date) $ 0.28 $ 15,948
8 unchanged sentences
Total distributions for the year ended December 31, 2023 $ 1.61 $ 87,867
−Removed: (1) The per share distribution amount for 2021 has been retroactively adjusted to reflect the reverse stock split as discussed in Note 3.
−Removed: 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: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2023
−Removed: (in thousands, except share and per share amounts)
+Added: March 31, 2024 (one record date) $ 0.34 $ 18,279
+Added: June 30, 2024 (two record dates) 0.41 21,960
+Added: September 30, 2024 (one record date) 0.36 19,234
+Added: December 31, 2024 (two record dates) 0.41 21,835
+Added: Total distributions for the year ended December 31, 2024 $ 1.52 $ 81,308
+Added: On March 10, 2025, the Company’s co-chief executive officers declared a quarterly base distribution of $ 0.36 per share for the first quarter of 2025 payable on April 11, 2025 to shareholders of record as of March 28, 2025.
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.
+Added: The final distribution reinvestment under the Old DRP was made as part of the monthly base distribution paid on September 14, 2021.
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.
11 unchanged sentences
Any stock received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the shareholder’s account.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2024
+Added: (in thousands, except share and per share amounts)
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, 2023 and 2024 pursuant to the New DRP in order to satisfy the reinvestment portion of the Company’s distributions:
13 unchanged sentences
Total for the year ended December 31, 2023 851,675 $ 10.79 851,675 ( 1 )
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2023
−Removed: (in thousands, except share and per share amounts)
−Removed: 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
January 1 to January 31, 2024 92,108 $ 11.05 92,108 ( 1 )
15 unchanged sentences
There can be no assurances that the Company will maintain such performance in order to sustain these distributions or be able to pay distributions at all.
−Removed: On December 31, 2021, the Company and CIM allowed the expense support and conditional reimbursement agreement to expire in accordance with its terms.
−Removed: As a result, CIM has no obligation to provide expense support to the Company in future periods.
−Removed: For the years ended December 31, 2023, 2022 and 2021, none of the Company's distributions resulted from expense support from CIM.
The Company has not established limits on the amount of funds it may use from available sources to make distributions.
5 unchanged sentences
Total distributions $ 1.52 $ 81,308 100.0 % $ 1.61 $ 87,867 100.0 % $ 1.45 $ 81,575 100.0 %
−Removed: (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
30 unchanged sentences
Healthcare & Pharmaceuticals 199,733 11.0 % 238,624 13.0 %
−Removed: Diversified & Production 135,037 7.3 % 134,927 7.7 %
Retail 160,093 8.8 % 135,000 7.3 %
−Removed: Advertising, Printing & Publishing 116,100 6.3 % 105,375 6.0 %
−Removed: Consumer 107,195 5.8 % 115,849 6.6 %
+Added: Diversified & Production 129,210 7.1 % 135,037 7.3 %
Oil & Gas 116,393 6.4 % 104,893 5.7 %
−Removed: Construction & Building 104,727 5.7 % 46,007 2.6 %
−Removed: Diversified Financials 85,733 4.7 % 99,819 5.7 %
−Removed: Chemicals, Plastics & Rubber 82,597 4.5 % 66,753 3.8 %
+Added: Consumer 111,832 6.2 % 107,195 5.8 %
+Added: Advertising, Printing & Publishing 104,622 5.7 % 116,100 6.3 %
Beverage, Food & Tobacco 100,612 5.5 % 68,780 3.7 %
+Added: Construction & Building 99,383 5.5 % 104,727 5.7 %
Consumer Goods:
1 unchanged sentence
Banking, Finance, Insurance & Real Estate 64,422 3.5 % 52,272 2.8 %
−Removed: Hotel, Gaming & Leisure 50,906 2.8 % 46,739 2.7 %
+Added: Diversified Financials 56,822 3.1 % 85,733 4.7 %
Capital Equipment 52,349 2.9 % 49,571 2.7 %
+Added: Hotel, Gaming & Leisure 49,823 2.7 % 50,906 2.8 %
+Added: High Tech Industries 37,665 2.1 % 22,671 1.2 %
Consumer Goods:
Non-Durable 35,210 1.9 % 42,381 2.3 %
−Removed: High Tech Industries 22,671 1.2 % 56,501 3.2 %
−Removed: Containers, Packaging & Glass 18,480 1.0 % 19,551 1.1 %
−Removed: Telecommunications 17,768 1.0 % 18,302 1.1 %
+Added: Automotive 31,104 1.7 % 12,403 0.7 %
Environmental Industries 27,344 1.5 % 15,336 0.8 %
+Added: Containers, Packaging & Glass 18,687 1.0 % 18,480 1.0 %
+Added: Aerospace & Defense 13,825 0.8 % 12,000 0.6 %
Metals & Mining 13,094 0.7 % 13,957 0.8 %
−Removed: Automotive 12,403 0.7 % 16,255 0.9 %
Transportation:
Cargo 10,465 0.6 % 12,201 0.7 %
−Removed: Aerospace & Defense 12,000 0.6 % 38,842 2.2 %
+Added: Telecommunications 5,222 0.3 % 17,768 1.0 %
+Added: Chemicals, Plastics & Rubber 32 — 82,597 4.5 %
Subtotal/total percentage 1,819,870 100.0 % 1,840,824 100.0 %
18 unchanged sentences
As of December 31, 2024 and 2023, the Company’s unfunded commitments amounted to $ 70,681 and $ 47,349 , respectively.
−Removed: As of March 6, 2024, the Company’s unfunded commitments amounted to $ 53,048 .
+Added: As of March 5, 2025, the Company’s unfunded commitments amounted to $ 69,235 (unaudited).
Since these commitments may expire without being drawn upon, unfunded commitments do not necessarily represent future cash requirements or future earning assets for the Company.
4 unchanged sentences
(in thousands, except share and per share amounts)
−Removed: Joint Ventures
+Added: Joint Venture
CION/EagleTree Partners, LLC
22 unchanged sentences
The following table sets forth the individual investments in CION/EagleTree's portfolio as of December 31, 2024:
−Removed: Portfolio Company Interest(a) Maturity Industry Principal/
−Removed: Units Cost(b) Fair
−Removed: Senior Secured First Lien Debt
−Removed: Berlitz Holdings, Inc.(f) S+ 900 , 1.00 % SOFR Floor
−Removed: 2/14/2025 Services:
−Removed: Business $ 1,200 $ 1,157 $ 1,194
−Removed: Community Tree Service, LLC(g) S+ 850 , 1.00 % SOFR Floor
−Removed: 6/17/2027 Construction & Building 463 463 464
−Removed: Total Senior Secured First Lien Debt 1,620 1,658
−Removed: Senior Secured Second Lien Debt
−Removed: Access CIG, LLC(g) S+ 775 , 0.00 % SOFR Floor
−Removed: 2/27/2026 Services:
−Removed: Business 7,250 7,229 7,244
−Removed: MedPlast Holdings, Inc.(e) L+ 775 , 0.00 % LIBOR Floor
−Removed: 7/2/2026 Healthcare & Pharmaceuticals 6,750 6,276 6,535
−Removed: Total Senior Secured Second Lien Debt 13,505 13,779
+Added: Portfolio Company Interest Maturity Industry Principal/
+Added: Units Cost(a) Fair
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd.
−Removed: Subordinated Loan(c) 11.84 % Estimated Yield
+Added: Subordinated Loan(b) 11.84 % Estimated Yield
2/2/2026 Diversified Financials $ 8,000 $ 7,462 $ 7,911
Total Collateralized Securities and Structured Products - Equity 7,462 7,911
−Removed: American Clinical Solutions LLC, Class A Membership Interests(d) Healthcare & Pharmaceuticals 6,030,384 Units
−Removed: Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(d) Media:
+Added: American Clinical Solutions LLC, Class A Membership Interests(c) Healthcare & Pharmaceuticals 6,030,384 Units
+Added: Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(c) Media:
Diversified & Production 1,469 Units
−Removed: Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(d) Media:
+Added: Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(c) Media:
Diversified & Production 255 Units
−Removed: Anthem Sports and Entertainment Inc., Common Stock Warrants(d) Media:
+Added: Anthem Sports and Entertainment Inc., Common Stock Warrants(c) Media:
Diversified & Production 4,746 Units
1 unchanged sentence
Diversified Financials N/A 11,401 11,382
−Removed: Carestream Health Holdings, Inc., Common Stock(d) Healthcare & Pharmaceuticals 614,367 Units
+Added: Carestream Health Holdings, Inc., Common Stock(c) Healthcare & Pharmaceuticals 614,367 Units
21,759 20,108
1 unchanged sentence
Healthcare & Pharmaceuticals 2,727,273 Units
−Removed: CTS Ultimate Holdings LLC, Class A Preferred Units(d) Construction & Building 3,578,701 Units
−Removed: Dayton HoldCo, LLC, Membership Units(d) Construction & Building 37,264 Units
−Removed: HDNet Holdco LLC, Preferred Unit Call Option(d) Media:
+Added: CHC Medical Partners, Inc., Additional Series C Preferred Stock, 8 % Dividend
+Added: Healthcare & Pharmaceuticals 183,723 Units
+Added: CTS Ultimate Holdings LLC, Class A Preferred Units(c) Construction & Building 3,578,701 Units
+Added: Dayton HoldCo, LLC, Membership Units(c) Construction & Building 37,264 Units
+Added: HDNet Holdco LLC, Preferred Unit Call Option(c) Media:
Diversified & Production 1 Unit
−Removed: Language Education Holdings GP LLC, Common Units(d) Services:
+Added: Language Education Holdings GP LLC, Common Units(c) Services:
Business 133,333 Units
−Removed: Language Education Holdings LP, Ordinary Common Units(d) Services:
+Added: Language Education Holdings LP, Ordinary Common Units(c) Services:
Business 133,333 Units
−Removed: Skillsoft Corp., Class A Common Stock(d) High Tech Industries 12,171 Units
+Added: Skillsoft Corp., Class A Common Stock(c) High Tech Industries 12,171 Units
Spinal USA, Inc.
−Removed: / Precision Medical Inc., Warrants(d) Healthcare & Pharmaceuticals 20,667,324 Units
+Added: / Precision Medical Inc., Warrants(c) Healthcare & Pharmaceuticals 20,667,324 Units
Total Equity 51,651 50,312
−Removed: Short Term Investments(h)
−Removed: First American Treasury Obligations Fund, Class Z Shares 5.24 %(i)
+Added: Short Term Investments(d)
+Added: First American Treasury Obligations Fund, Class Z Shares 4.36%(e) 1,643 1,643
Total Short Term Investments 1,643 1,643
TOTAL INVESTMENTS $ 60,756 $ 59,866
−Removed: 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.
−Removed: 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.
4 unchanged sentences
Non-income producing security.
−Removed: 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 1 month SOFR, which as of December 31, 2023 was 5.35%.
−Removed: The interest rate on these loans is subject to 3 month SOFR, which as of December 31, 2023 was 5.33%.
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.
8 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) L+ 775 , 0.00 % LIBOR 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
21 unchanged sentences
Diversified & Production 1 Unit
−Removed: HW Ultimate Holdings, LP, Class A Membership Units, 4 % Dividend
−Removed: 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
17 unchanged sentences
Total liabilities and members' capital $ 60,402 $ 94,065
−Removed: 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:
+Added: The following table includes selected statement of operations information for CION/EagleTree for the years ended December 31, 2024 and 2023:
Selected Statement of Operations Information:
Year Ended December 31, 2024 Year Ended December 31, 2023
−Removed: Total revenues $ 6,230 $ 9,653
+Added: Total revenue $ 4,746 $ 6,230
Total expenses 7,974 10,213
−Removed: Net realized (loss) gain on investments ( 2,083 ) 9,947
−Removed: Net change in unrealized appreciation (depreciation) on investments 4,338 ( 5,839 )
−Removed: Net (decrease) increase in net assets from operations $ ( 1,728 ) $ 2,641
−Removed: CION SOF Funding, LLC
−Removed: CION SOF was organized on May 21, 2019 as a Delaware limited liability company and commenced operations on October 2, 2019 when the Company and BCP Special Opportunities Fund I, LP, or BCP, entered into the limited liability company agreement of CION SOF for purposes of establishing the manner in which the parties would invest in and co-manage CION SOF.
−Removed: CION SOF invested primarily in senior secured loans of U.S.
−Removed: middle-market companies.
−Removed: 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.
−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: In December 2020, the Company and BCP elected to wind-down the operations of CION SOF.
−Removed: On December 14, 2020, CION SOF repaid to MS all amounts outstanding under the SOF Credit Facility.
−Removed: 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 a final distribution, which was a return of capital, and on March 19, 2021, distributed all remaining assets to the Company and BCP.
−Removed: The Company and BCP were not required to make any additional capital contributions to CION SOF.
−Removed: The Company’s equity investment in CION SOF was not redeemable.
−Removed: All portfolio and other material decisions regarding CION SOF required approval of its board of managers, which was comprised of four members, two of whom were selected by the Company and the other two were selected by BCP.
−Removed: Further, all portfolio and other material decisions required the affirmative vote of at least one board member from the Company and one board member from BCP.
−Removed: The Company also served as administrative agent to CION SOF to provide loan servicing functions and other administrative services.
−Removed: In certain cases, these loan servicing functions and other administrative services were performed by CIM.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2023
−Removed: (in thousands, except share and per share amounts)
−Removed: In accordance with ASU 2015-02, Consolidation , the Company determined that CION SOF was a VIE.
−Removed: However, the Company was not the primary beneficiary and therefore did not consolidate CION SOF.
−Removed: The Company's maximum exposure to losses from CION SOF was limited to its equity contribution to CION SOF.
−Removed: 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.
+Added: Net realized gain (loss) on investments 3,641 ( 2,083 )
+Added: Net change in unrealized (depreciation) appreciation on investments ( 8,585 ) 4,338
+Added: Net decrease in net assets from operations $ ( 8,172 ) $ ( 1,728 )
Financing Arrangements
2 unchanged sentences
JPM Credit Facility Term Loan Credit Facility SOFR + 2.55 %(1)
−Removed: $ 550,000 $ 125,000 May 15, 2025
+Added: $ 325,000 $ 81,250 June 15, 2027
+Added: 2029 Notes(2) U.S.
+Added: Public Bond Offering 7.50 %
+Added: 172,500 — December 30, 2029
2026 Notes(3) Note Purchase Agreement 4.50 %
1 unchanged sentence
UBS Facility(4) Repurchase Agreement SOFR + 3.20 %
−Removed: 122,500 27,500 November 19, 2024
+Added: 100,000 50,000 January 15, 2025
Series A Notes(5) Israel Public Bond Offering SOFR + 3.82 %
114,844 — August 31, 2026
−Removed: 2027 Notes Note Purchase Agreement SOFR+ 4.75 %
+Added: 2027 Notes (Tranche A) Note Purchase Agreement SOFR + 4.75 %
100,000 — November 8, 2027
−Removed: 2022 More Term Loan Term Loan Facility Agreement SOFR+ 3.50 %
+Added: 2027 Notes (Tranche B) Amended and Restated Note Purchase Agreement SOFR + 3.90 %
+Added: 100,000 — November 8, 2027
+Added: 2022 Term Loan Term Loan Facility Agreement SOFR + 3.50 %
50,000 — April 27, 2027
−Removed: 2021 More Term Loan(3) Term Loan Facility Agreement 5.20 %
+Added: 2024 Term Loan Term Loan Facility Agreement SOFR + 3.80 %
30,000 — September 30, 2027
$ 1,117,344 $ 131,250
+Added: (1) 34th Street will pay an annual administration fee of 0.20 % on JPM's total financing commitment.
+Added: The administration fee is included in interest expense in the consolidated statements of operations.
+Added: (2) As of December 31, 2024, the fair value of the 2029 Notes was $ 174,087 , 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, 2024.
(3) As of December 31, 2024, the fair value of the 2026 Notes was $ 125,000 , which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2024.
+Added: (4) As described in Note 16, on February 13, 2025, Murray Hill Funding II and UBS terminated the UBS facility and simultaneously entered into the 2025 UBS Credit Facility.
(5) As of December 31, 2024, the fair value of the Series A Notes was $ 116,497 , which was based on readily observable, transparent prices.
The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of December 31, 2024.
−Removed: (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.
−Removed: The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of December 31, 2023.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2024
+Added: (in thousands, except share and per share amounts)
JPM Credit Facility
7 unchanged sentences
On May 15, 2020, 34th Street amended and restated the Amended JPM Credit Facility, or the Second Amended JPM Credit Facility, with JPM in order to fully repay all amounts outstanding under the Company's prior Citibank Credit Facility and MS Credit Facility and repay $ 100,000 of advances outstanding under the UBS Facility (as described below).
−Removed: Under the Second Amended JPM Credit Facility, the aggregate principal amount available for borrowings was increased from $ 275,000 to $ 700,000 , of which $ 75,000 may be funded as a revolving credit facility, subject to conditions described in the Second Amended JPM Credit Facility, during the reinvestment period.
+Added: Under the Second Amended JPM Credit Facility, the aggregate principal amount available for borrowings was increased from $ 275,000 to $ 700,000 , of which $ 75,000 could have been funded as a revolving credit facility, subject to conditions described in the Second Amended JPM Credit Facility, during the reinvestment period.
Under the Second Amended JPM Credit Facility, the reinvestment period was extended until May 15, 2022 and the maturity date was extended to May 15, 2023.
Advances under the Second Amended JPM Credit Facility bore interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.25 % per year.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2023
−Removed: (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.
3 unchanged sentences
34th Street incurred certain customary costs and expenses in connection with the Third Amended JPM Credit Facility.
−Removed: No other material terms of the Second JPM Credit Facility were revised in connection with the Third Amended JPM Credit Facility.
On March 28, 2022, 34th Street entered into a First Amendment to the Third Amended JPM Credit Facility with JPM, or the JPM First Amendment.
2 unchanged sentences
34 th Street incurred certain customary costs and expenses in connection with the JPM First Amendment.
−Removed: No other material terms of the Third Amended JPM Credit Facility were revised in connection with the JPM First Amendment.
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.
−Removed: 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: Under the JPM Second Amendment, the aggregate principal amount available for borrowings remained unchanged of up to $ 675,000 but all such advances bore 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 %.
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.
1 unchanged sentence
34th Street incurred certain customary costs and expenses in connection with the JPM Second Amendment.
−Removed: No other material terms of the Third Amended JPM Credit Facility were revised in connection with the JPM Second Amendment.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2024
+Added: (in thousands, except share and per share amounts)
+Added: On May 14, 2024 and June 17, 2024, 34th Street entered into a Third Amendment and a Fourth Amendment, respectively, to the Third Amended JPM Credit Agreement with JPM.
+Added: Under these amendments, the reinvestment period was extended from May 15, 2024 to June 17, 2024 and from June 17, 2024 to July 15, 2024, respectively, as a bridge to the parties entering into a broader amendment to the Third Amended JPM Credit Facility.
+Added: On July 15, 2024, 34th Street entered into a Fifth Amendment to the Third Amended JPM Credit Agreement with JPM, or the JPM Fifth Amendment.
+Added: Under the JPM Fifth Amendment, advances to 34th Street remain unchanged of up to $ 675,000 , but the credit spread on the floating interest rate payable by 34th Street on all such advances was reduced from the three-month SOFR plus a credit spread of 3.20 % per year to SOFR plus a credit spread of 2.55 % per year.
+Added: Also under the JPM Fifth Amendment, the reinvestment period was extended from July 15, 2024 to June 15, 2026 and the maturity date was extended from May 15, 2025 to June 15, 2027.
+Added: 34th Street incurred certain customary costs and expenses in connection with the JPM Fifth Amendment and will pay an annual administrative fee of 0.20 % on JPM's total financing commitment.
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 Second Amendment, subject to a 1.0 % 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 Second Amendment that has not been borrowed through May 14, 2024.
+Added: 34th Street may prepay advances pursuant to the terms and conditions of the Third Amended JPM Credit Facility, subject to a 1.0 % premium in certain circumstances.
+Added: In addition, 34th Street will be subject to a non-usage fee of 0.8 % per year on the amount, if any, of the aggregate principal amount available under the Third Amended JPM Credit Facility that has not been borrowed through June 14, 2026.
+Added: This non-usage fee of 0.8 % was reduced from 1.0 % in the JPM Fifth Amendment.
The non-usage fees, if any, are payable quarterly in arrears.
−Removed: 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.
−Removed: The carrying amount outstanding under the Third Amended JPM Credit Facility and the JPM Second Amendment approximates its fair value.
+Added: As of December 31, 2023, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $ 550,000 .
+Added: On September 25, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 675,000 to $ 600,000 and repaid $ 70,000 of outstanding borrowings.
+Added: On September 30, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 600,000 to $ 562,500 and repaid $ 30,000 of outstanding borrowings.
+Added: On November 15, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 562,500 to $ 468,750 and repaid $ 75,000 of outstanding borrowings.
+Added: On December 31, 2024, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 468,750 to $ 406,250 and repaid $ 50,000 of outstanding borrowings.
+Added: As of December 31, 2024, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $ 325,000 and the aggregate unfunded principal amount was $ 81,250 .
+Added: The carrying amount outstanding under the Third Amended JPM Credit Facility 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 Second 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 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.
−Removed: 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.
+Added: 34th Street’s obligations to JPM under the Third Amended JPM Credit Facility are secured by a first priority security interest in all of the assets of 34th Street.
+Added: The obligations of 34th Street under the Third Amended JPM Credit Facility are non-recourse to the Company, and the Company’s exposure under the Third Amended JPM Credit Facility is limited to the value of the Company’s investment in 34th Street.
+Added: In connection with the Third Amended JPM Credit Facility, 34th Street made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar facilities.
As of and for the year ended December 31, 2024, 34th Street was in compliance with all covenants and reporting requirements.
−Removed: 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.
+Added: Through December 31, 2024, the Company incurred debt issuance costs of $ 18,070 in connection with obtaining and amending the JPM Credit Facility, which were recorded as a direct reduction to the outstanding balance of the Third Amended JPM Credit Facility, which is included in the Company’s consolidated balance sheet as of December 31, 2024 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility.
At December 31, 2024, the unamortized portion of the debt issuance costs was $ 4,993 .
+Added: For the years ended December 31, 2024 and 2023, the components of interest expense, average borrowings, and weighted average interest rate for the Third Amended JPM Credit Facility were as follows:
+Added: Years Ended December 31,
+Added: Stated interest expense $ 42,934 $ 50,223
+Added: Amortization of deferred financing costs 2,013 2,097
+Added: Non-usage fee 1,211 808
+Added: Total interest expense $ 46,158 $ 53,128
+Added: Weighted average interest rate(1) 8.47 % 8.45 %
+Added: Average borrowings $ 513,866 $ 595,342
+Added: (1) Includes the stated interest expense and non-usage fee on the unused portion of the Third Amended JPM Credit Facility and is annualized for periods covering less than one year.
CĪON Investment Corporation
2 unchanged sentences
(in thousands, except share and per share amounts)
−Removed: 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:
−Removed: Years Ended December 31,
+Added: On October 3, 2024, the Company issued and sold $ 172,500 in aggregate principal amount of its unsecured 7.50 % Notes due 2029, or the 2029 Notes, which includes $ 22,500 in aggregate principal amount of the 2029 Notes issued and sold pursuant to the exercise in full of the underwriters’ option to purchase additional 2029 Notes to cover overallotments.
+Added: The 2029 Notes were issued pursuant to an Indenture, or the Base Indenture, and a First Supplemental Indenture, or the First Supplemental Indenture, and, together with the Base Indenture, the Indenture, between the Company and U.S.
+Added: Bank Trust Company, National Association, as trustee, or the Trustee.
+Added: The Company used the net proceeds of the offering of the 2029 Notes to pay down borrowings under the Company's senior secured credit facility with JPM.
+Added: The 2029 Notes began trading on the NYSE under the ticker symbol “CICB” on October 9, 2024.
+Added: The 2029 Notes will mature on December 30, 2029, unless previously redeemed or repurchased in accordance with their terms.
+Added: The interest rate of the 2029 Notes is 7.50 % per year and will be paid quarterly in arrears on March 30, June 30, September 30 and December 30 of each year, which commenced on December 30, 2024.
+Added: The 2029 Notes are the Company's direct unsecured obligations and rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness;
+Added: senior to any series of preferred stock that the Company may issue in the future;
+Added: senior to any of the Company's future indebtedness that expressly provides it is subordinated to the 2029 Notes;
+Added: effectively subordinated to all of the Company's existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness;
+Added: and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company's existing or future subsidiaries.
+Added: The 2029 Notes may be redeemed in whole or in part at any time or from time to time at the Company's option on or after December 30, 2026, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price of $ 25 per 2029 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption.
+Added: The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage ratio requirements set forth in the 1940 Act, but giving effect to any exemptive relief granted to the Company by the SEC, and certain other exceptions, and to provide financial information to the holders of the 2029 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act.
+Added: For the period from October 3, 2024 through December 31, 2024, the Company was in compliance with all covenants and reporting requirements.
+Added: The 2029 Notes were offered and sold in an offering registered under the Securities Act pursuant to the Company's shelf registration statement on Form N-2 (Registration No.
+Added: 333-278658) previously filed with the SEC, as supplemented by a preliminary prospectus supplement dated September 26, 2024 and a final prospectus supplement dated September 26, 2024.
+Added: Through December 31, 2024, the Company incurred debt issuance costs of $ 4,305 in connection with issuing the 2029 Notes, which were recorded as a direct reduction to the outstanding balance of the 2029 Notes, which is included in the Company’s consolidated balance sheet as of December 31, 2024 and will amortize to interest expense over the term of the 2029 Notes.
+Added: At December 31, 2024, the unamortized portion of the debt issuance costs was $ 4,095 .
+Added: For the period from October 3, 2024 through December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the 2029 Notes were as follows:
+Added: For the Period From October 3, 2024 Through December 31, 2024
Stated interest expense $ 3,163
Amortization of deferred financing costs 210
−Removed: Non-usage fee 808 617
Total interest expense $ 3,373
1 unchanged sentence
Average borrowings $ 172,500
−Removed: (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.
+Added: (1) Includes the stated interest expense on the 2029 Notes and is annualized for periods covering less than one year.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2024
+Added: (in thousands, except share and per share amounts)
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.
2 unchanged sentences
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) 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.
+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, 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 (ii) 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.
3 unchanged sentences
In addition, the Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy.
−Removed: As of December 31, 2023, the aggregate principal amount of 2026 Notes outstanding was $ 125,000 .
Through December 31, 2024, the Company incurred debt issuance costs of $ 2,669 in connection with issuing the 2026 Notes, which were recorded as a direct reduction to the outstanding balance of the 2026 Notes, which is included in the Company’s consolidated balance sheet as of December 31, 2024 and will amortize to interest expense over the term of the 2026 Notes.
At December 31, 2024, the unamortized portion of the debt issuance costs was $ 595 .
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2023
−Removed: (in thousands, except share and per share amounts)
For the years ended December 31, 2024 and 2023, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:
6 unchanged sentences
(1) Includes the stated interest expense on the 2026 Notes and is annualized for periods covering less than one year.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2024
+Added: (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.
−Removed: Pursuant to the financing arrangement, assets in the Company's portfolio may be contributed from time to time to Murray Hill Funding II through Murray Hill Funding, LLC, or Murray Hill Funding, each a newly-formed, wholly-owned, special-purpose financing subsidiary of the Company.
+Added: Pursuant to the financing arrangement, assets in the Company's portfolio may be contributed from time to time to Murray Hill Funding II.
On May 19, 2017, the Company contributed assets to Murray Hill Funding II.
−Removed: The assets held by Murray Hill Funding II secure the obligations of Murray Hill Funding II under Class A-1 Notes, or the Notes, issued by Murray Hill Funding II.
+Added: The assets held by Murray Hill Funding II secured the obligations of Murray Hill Funding II under Class A-1 Notes, or the Notes, issued by Murray Hill Funding II.
Pursuant to an Indenture, dated May 19, 2017, between Murray Hill Funding II and U.S.
Bank National Association, or U.S.
−Removed: Bank, as trustee, or the Indenture, the aggregate principal amount of Notes that may be issued by Murray Hill Funding II from time to time was $ 192,308 .
−Removed: Murray Hill Funding purchased the Notes issued by Murray Hill Funding II at a purchase price equal to their par value.
−Removed: Murray Hill Funding makes capital contributions to Murray Hill Funding II to, among other things, maintain the value of the portfolio of assets held by Murray Hill Funding II.
−Removed: Principal on the Notes will be due and payable on the stated maturity date of May 19, 2027.
−Removed: Pursuant to the Indenture, Murray Hill Funding II made certain representations and warranties and is required to comply with various covenants, reporting requirements and other customary requirements for similar transactions.
−Removed: The Indenture contains events of default customary for similar transactions, including, without limitation:
+Added: Bank, as trustee, or the Indenture, the aggregate principal amount of Notes that could have been issued by Murray Hill Funding II from time to time was $ 192,308 .
+Added: Murray Hill Funding, LLC, or Murray Hill Funding, purchased the Notes issued by Murray Hill Funding II at a purchase price equal to their par value.
+Added: The Company makes capital contributions to Murray Hill Funding II to, among other things, maintain the value of the portfolio of assets held by Murray Hill Funding II.
+Added: Principal on the Notes was due and payable on the stated maturity date of May 19, 2027.
+Added: Pursuant to the Indenture, Murray Hill Funding II made certain representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar transactions.
+Added: The Indenture contained events of default customary for similar transactions, including, without limitation:
(a) the failure to make principal payments on the Notes at their stated maturity or any earlier redemption date or to make interest payments on the Notes and such failure is not cured within three business days;
4 unchanged sentences
Pursuant to the UBS Facility, on May 19, 2017 and June 19, 2017, UBS purchased Notes held by Murray Hill Funding for an aggregate purchase price equal to 65 % of the principal amount of Notes purchased.
−Removed: Subject to certain conditions, the maximum principal amount of Notes that may be purchased under the UBS Facility was $ 192,308 .
−Removed: Accordingly, the aggregate maximum amount payable to Murray Hill Funding under the UBS Facility would not exceed $ 125,000 .
+Added: Subject to certain conditions, the maximum principal amount of Notes that could have been purchased under the UBS Facility was $ 192,308 .
+Added: Accordingly, the aggregate maximum amount payable to Murray Hill Funding under the UBS Facility would not have exceeded $ 125,000 .
Murray Hill Funding was required to repurchase the Notes sold to UBS under the UBS Facility by no later than May 19, 2020.
−Removed: The repurchase price paid by Murray Hill Funding to UBS will be equal to the purchase price paid by UBS for the repurchased Notes (giving effect to any reductions resulting from voluntary partial prepayment(s)).
+Added: The repurchase price paid by Murray Hill Funding to UBS was equal to the purchase price paid by UBS for the repurchased Notes (giving effect to any reductions resulting from voluntary partial prepayment(s)).
The financing fee under the UBS Facility was equal to the three-month LIBOR plus a spread of up to 3.50 % per year for the relevant period.
−Removed: On December 1, 2017, Murray Hill Funding II amended and restated the Indenture, or the Amended Indenture, pursuant to which the aggregate principal amount of Notes that may be issued by Murray Hill Funding II was increased from $ 192,308 to $ 266,667 .
−Removed: On December 1, 2017, Murray Hill Funding entered into a First Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Amended Master Confirmation, which sets forth the terms of the repurchase transaction between Murray Hill Funding and UBS under the UBS Facility.
+Added: On December 1, 2017, Murray Hill Funding II amended and restated the Indenture, or the Amended Indenture, pursuant to which the aggregate principal amount of Notes that could have been issued by Murray Hill Funding II was increased from $ 192,308 to $ 266,667 .
+Added: On December 1, 2017, Murray Hill Funding entered into a First Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Amended Master Confirmation, which set forth the terms of the repurchase transaction between Murray Hill Funding and UBS under the UBS Facility.
As part of the Amended Master Confirmation, on December 15, 2017 and April 2, 2018, UBS purchased the increased aggregate principal amount of Notes held by Murray Hill Funding for an aggregate purchase price equal to 75 % of the principal amount of Notes issued.
As a result of the Amended Master Confirmation, the aggregate maximum amount payable to Murray Hill Funding and made available to the Company under the UBS Facility was increased from $ 125,000 to $ 200,000 .
−Removed: No other material terms of the UBS Facility were revised in connection with the amended UBS Facility, or the Amended UBS Facility.
+Added: 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 was 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.
+Added: On May 19, 2020, Murray Hill Funding also repurchased Notes in the aggregate principal amount of $ 133,333 from UBS for an aggregate repurchase price of $ 100,000 , which was then repaid by Murray Hill Funding II.
+Added: The repurchase of the Notes on May 19, 2020 resulted in a repayment of one-half of the outstanding amount of borrowings under the Amended UBS Facility as of May 19, 2020.
+Added: As of December 31, 2020, Notes remained outstanding in the aggregate principal amount of $ 133,333 , which was purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Facility for aggregate proceeds of $ 100,000 .
+Added: 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 was required to repurchase the Notes to December 18, 2020.
+Added: 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 was 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.
CĪON Investment Corporation
2 unchanged sentences
(in thousands, except share and per share amounts)
−Removed: 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.
−Removed: On May 19, 2020, Murray Hill Funding also repurchased Notes in the aggregate principal amount of $ 133,333 from UBS for an aggregate repurchase price of $ 100,000 , which was then repaid by Murray Hill Funding II.
−Removed: The repurchase of the Notes on May 19, 2020 resulted in a repayment of one-half of the outstanding amount of borrowings under the Amended UBS Facility as of May 19, 2020.
−Removed: As of December 31, 2020, Notes remained outstanding in the aggregate principal amount of $ 133,333 , which was purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Facility for aggregate proceeds of $ 100,000 .
−Removed: 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: 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.
−Removed: No other material terms of the Amended UBS Facility were revised in connection with the Fourth Amended Master Confirmation.
On December 17, 2020, Murray Hill Funding also entered into a Revolving Credit Note Agreement, or the Revolving Note Agreement, with Murray Hill Funding II, UBS and U.S.
−Removed: Bank, as note agent and trustee, which provides for a revolving credit facility in an aggregate principal amount of $ 50,000 , subject to compliance with a borrowing base.
−Removed: Murray Hill Funding II will issue Class A-R Notes, or the Class A-R Notes, in exchange for advances under the Revolving Note Agreement.
−Removed: Principal on the Class A-R Notes will be due and payable on the stated maturity date of May 19, 2027, which is the same stated maturity date as the Notes.
−Removed: The Class A-R Notes will be issued pursuant to a Second Amended and Restated Indenture, dated December 17, 2020, between Murray Hill Funding II and U.S.
+Added: Bank, as note agent and trustee, which provided for a revolving credit facility in an aggregate principal amount of $ 50,000 , subject to compliance with a borrowing base.
+Added: Murray Hill Funding II issued Class A-R Notes, or the Class A-R Notes, in exchange for advances under the Revolving Note Agreement.
+Added: Principal on the Class A-R Notes was due and payable on the stated maturity date of May 19, 2027, which was the same stated maturity date as the Notes.
+Added: The Class A-R Notes were issued pursuant to a Second Amended and Restated Indenture, dated December 17, 2020, between Murray Hill Funding II and U.S.
Bank, as trustee, or the Second Amended Indenture.
−Removed: Under the Second Amended Indenture, the aggregate principal amount of Notes and Class A-R Notes that may be issued by Murray Hill Funding II from time to time is $ 150,000 .
+Added: Under the Second Amended Indenture, the aggregate principal amount of Notes and Class A-R Notes that could have been issued by Murray Hill Funding II from time to time was $ 150,000 .
Murray Hill Funding, in turn, entered into a repurchase transaction with UBS pursuant to the terms of the related Annex and Master Confirmation, dated December 17, 2020, to the Global Master Repurchase Agreement, dated May 19, 2017, related to the Class A-R Notes.
−Removed: 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.
−Removed: 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: Murray Hill Funding was required to repurchase the Class A-R Notes that was 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 was equal to 0.75 % per year.
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.
−Removed: 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: Under both Confirmations, the date that Murray Hill Funding was 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.
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.
The effective date of both Confirmations was June 15, 2023.
−Removed: No other material terms of the Amended UBS Facility were revised in connection with the Fifth Amended Master Confirmation or the Amended Master Confirmation.
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.
−Removed: 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: On August 20, 2021, March 7, 2023, April 14, 2023 and March 27, 2024, Murray Hill Funding repurchased Class A-R Notes from UBS in the aggregate principal amount of $ 21,000 , $ 17,500 , $ 25,000 and $ 22,500 , respectively, for an aggregate repurchase price of $ 21,000 , $ 17,500 , $ 25,000 and $ 22,500 , respectively, which was then repaid by Murray Hill Funding II.
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 , $ 25,000 and $ 22,500 , respectively, of the outstanding amount of borrowings under the Amended UBS Facility.
−Removed: 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;
−Removed: 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: On November 13, 2024, Murray Hill Funding entered into (i) a Sixth Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement with UBS and (ii) a Second Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement with UBS, or the November 2024 Confirmations.
+Added: Under the November 2024 Confirmations, the date that Murray Hill Funding was required to repurchase the Class A-1 Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Facility was extended from November 19, 2024 to January 15, 2025 as a bridge to the parties entering into a broader amendment to the Amended UBS Facility.
+Added: On January 13, 2025, Murray Hill Funding entered into (i) a Seventh Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement with UBS and (ii) a Third Second Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement with UBS, or the January 2025 Confirmations.
+Added: Under the January 2025 Confirmations, the date that Murray Hill Funding was required to repurchase the Class A-1 Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Facility was extended from January 15, 2025 to February 15, 2025 as a further bridge to the parties entering into a broader amendment to the Amended UBS Facility.
+Added: On February 13, 2025, Murray Hill Funding II and UBS terminated the Amended UBS Facility and simultaneously entered into the 2025 UBS Credit Facility.
+Added: See Note 16 for a detailed discussion on the termination of the Amended UBS Facility and the new 2025 UBS Credit Facility.
+Added: UBS could have required 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, was less than the required margin amount under the Amended UBS Facility;
+Added: provided, however, that Murray Hill Funding would not have been required to post cash collateral with UBS until such market value declined at least 10 % from the initial market value of the portfolio assets.
CĪON Investment Corporation
2 unchanged sentences
(in thousands, except share and per share amounts)
−Removed: 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.
−Removed: The Company may, but is not obligated to, increase its investment in Murray Hill Funding for the purpose of funding any cash collateral or payment obligations for which Murray Hill Funding becomes obligated in connection with the Amended UBS Facility.
−Removed: The Company’s exposure under the Amended UBS Facility is limited to the value of the Company’s investment in Murray Hill Funding.
−Removed: Pursuant to the Amended UBS Facility, Murray Hill Funding made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar transactions.
−Removed: The Amended UBS Facility contains events of default customary for similar financing transactions, including, without limitation:
+Added: The Company had no contractual obligation to post any such cash collateral or to make any payments to UBS on behalf of Murray Hill Funding.
+Added: The Company could have, but was not obligated to, increase its investment in Murray Hill Funding for the purpose of funding any cash collateral or payment obligations for which Murray Hill Funding became obligated in connection with the Amended UBS Facility.
+Added: The Company’s exposure under the Amended UBS Facility was limited to the value of the Company’s investment in Murray Hill Funding.
+Added: Pursuant to the Amended UBS Facility, Murray Hill Funding made certain representations and warranties and was required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar transactions.
+Added: The Amended UBS Facility contained events of default customary for similar financing transactions, including, without limitation:
(a) failure to transfer the Notes to UBS on the applicable purchase date or repurchase the Notes from UBS on the applicable repurchase date;
4 unchanged sentences
As of and for the year ended December 31, 2024, Murray Hill Funding was in compliance with all covenants and reporting requirements.
−Removed: Murray Hill Funding paid an upfront fee and incurred certain other customary costs and expenses totaling $ 2,637 in connection with obtaining the Amended UBS Facility, which were recorded as a direct reduction to the outstanding balance of the Amended UBS Facility, which is included in the Company’s consolidated balance sheets and amortized to interest expense over the term of the Amended UBS Facility.
+Added: Murray Hill Funding paid an upfront fee and incurred certain other customary costs and expenses totaling $ 2,637 in connection with obtaining and amending the Amended UBS Facility, which were recorded as a direct reduction to the outstanding balance of the Amended UBS Facility, which is included in the Company’s consolidated balance sheets and amortized to interest expense over the term of the Amended UBS Facility.
At December 31, 2024, all upfront fees and other expenses were fully amortized.
As of December 31, 2024, Notes in the aggregate principal amount of $ 100,000 had been purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Facility for aggregate proceeds of $ 100,000 .
−Removed: The carrying amount outstanding under the Amended UBS Facility approximates its fair value.
+Added: The carrying amount outstanding under the Amended UBS Facility approximated its fair value.
The Company funded each purchase of Notes by Murray Hill Funding through a capital contribution to Murray Hill Funding.
As of December 31, 2024, the amount due at maturity under the Amended UBS Facility was $ 100,000 .
−Removed: The Notes issued by Murray Hill Funding II and purchased by Murray Hill Funding eliminate in consolidation on the Company’s consolidated financial statements.
+Added: The Notes issued by Murray Hill Funding II and purchased by Murray Hill Funding eliminated in consolidation on the Company’s consolidated financial statements.
As of December 31, 2024, the fair value of assets held by Murray Hill Funding II was $ 190,924 .
10 unchanged sentences
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: The Series A Notes are denominated in New Israeli Shekels, or NIS, but payment is linked to the US dollar based on an NIS conversion rate from February 20, 2023.
+Added: As a result, the Series A Notes do not result in any foreign currency translation.
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.
18 unchanged sentences
At December 31, 2024, the unamortized portion of the debt issuance costs was $ 2,655 .
−Removed: 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:
−Removed: For the Period From February 28, 2023 Through December 31, 2023
+Added: For the year ended December 31, 2024 and 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: December 31, 2024 For the Period From February 28, 2023 Through December 31, 2023
Stated interest expense $ 10,378 $ 6,886
4 unchanged sentences
(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.
−Removed: 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.
−Removed: 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: 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, tranche A, 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 used 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.
The 2027 Notes are rated BBB (low) by DBRS, Inc.
13 unchanged sentences
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.
−Removed: 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.
−Removed: 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: As of and for the year ended December 31, 2024, the Company was in compliance with all covenants and reporting requirements.
+Added: On September 18, 2024, the Company entered into an Amended and Restated Note Purchase Agreement with certain institutional investors, or the AR Note Purchase Agreement, in connection with the Company’s issuance of $ 100,000 aggregate principal amount of its floating rate senior unsecured notes, tranche B, due 2027, or the Tranche B 2027 Notes, at a purchase price equal to par.
+Added: The Tranche B 2027 Notes represent an add-on, second tranche of, and except as described herein have the same terms and conditions as, the 2027 Notes that were issued by the Company in November 2023.
+Added: The net proceeds to the Company were approximately $ 96,200 , after the deduction of a commitment fee of $ 2,875 , placement agent fees and other financing expenses.
+Added: The Tranche B 2027 Notes are rated investment grade.
+Added: The Tranche B 2027 Notes also mature on November 8, 2027.
+Added: The Tranche B 2027 Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 3.90 % 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, which commenced on November 15, 2024.
+Added: Through December 31, 2024, the Company incurred debt issuance costs of $ 5,462 in connection with issuing the 2027 Notes and the Tranche B 2027 Notes, which were recorded as a direct reduction to the outstanding balance of the 2027 Notes and the Tranche B 2027 Notes, which is included in the Company’s consolidated balance sheet as of December 31, 2024 and will amortize to interest expense over the term of the 2027 Notes and the Tranche B 2027 Notes.
At December 31, 2024, the unamortized portion of the debt issuance costs was $ 4,626 .
−Removed: 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:
−Removed: For the Period From November 8, 2023 Through December 31, 2023
+Added: For the year ended December 31, 2024 and 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 and the Tranche B 2027 Notes were as follows:
+Added: December 31, 2024 For the Period From November 8, 2023 Through December 31, 2023
Stated interest expense $ 12,453 $ 1,495
3 unchanged sentences
Average borrowings $ 128,689 $ 100,000
−Removed: (1) Includes the stated interest expense on the 2027 Notes and is annualized for periods covering less than one year.
−Removed: 2022 More Term Loan
−Removed: On April 27, 2022, the Company entered into an Unsecured Term Loan Facility Agreement, or the More Term Loan Agreement, with More Provident Funds and Pension Ltd., or More Provident, as lender, which provided for an unsecured term loan to the Company in an aggregate principal amount of $ 50,000 , or the 2022 More Term Loan.
−Removed: On April 27, 2022, the Company drew down $ 50,000 of borrowings under the 2022 More Term Loan.
+Added: (1) Includes the stated interest expense on the 2027 Notes and the Tranche B 2027 Notes and is annualized for periods covering less than one year.
+Added: 2022 Term Loan
+Added: On April 27, 2022, the Company entered into an Unsecured Term Loan Facility Agreement, or the 2022 Term Loan Agreement, with an Israeli institutional investor, as lender, which provided for an unsecured term loan to the Company in an aggregate principal amount of $ 50,000 , or the 2022 Term Loan.
+Added: On April 27, 2022, the Company drew down $ 50,000 of borrowings under the 2022 Term Loan.
After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $ 49,000 , which it used for working capital and other general corporate purposes.
−Removed: The carrying amount outstanding under the 2022 More Term Loan approximates its fair value.
−Removed: 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.
−Removed: Advances under the 2022 More Term Loan mature on April 27, 2027.
−Removed: The Company has the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that is to be prepaid or becomes due and payable pursuant to the More Term Loan Agreement.
−Removed: 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: The carrying amount outstanding under the 2022 Term Loan approximates its fair value.
CĪON Investment Corporation
2 unchanged sentences
(in thousands, except share and per share amounts)
−Removed: 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.
−Removed: The More Term Loan Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of 60 % of the Company’s net asset value as of the year ended December 31, 2021 plus 50 % of the net cash proceeds of the sale of certain equity interests by the Company after April 27, 2022, if any, (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.
−Removed: 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.
+Added: Advances under the 2022 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.
+Added: Advances under the 2022 Term Loan mature on April 27, 2027.
+Added: The Company has the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that is to be prepaid or becomes due and payable pursuant to the 2022 Term Loan Agreement.
+Added: 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: Advances under the 2022 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.
+Added: The 2022 Term Loan Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of 60 % of the Company’s net asset value as of the year ended December 31, 2021 plus 50 % of the net cash proceeds of the sale of certain equity interests by the Company after April 27, 2022, if any, (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.
+Added: In addition, the 2022 Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy.
As of and for the year ended December 31, 2024, the Company was in compliance with all covenants and reporting requirements.
−Removed: 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.
+Added: Through December 31, 2024, the C ompany incurred debt issuance costs of $ 1,025 in connection with obtaining the 2022 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2022 Term Loan, which is included in the Company’s consolidated balance sheet as of December 31, 2024 and will amortize to interest expense over the term of the 2022 Term Loan.
At December 31, 2024, the unamortized portion of the debt issuance costs was $ 475 .
−Removed: 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:
−Removed: Year Ended December 31, 2023 For the Period From April 27, 2022 Through December 31, 2022
+Added: For the years ended December 31, 2024 and 2023 , the components of interest expense, average borrowings, and weighted average interest rate for the 2022 Term Loan were as follows:
+Added: Year Ended December 31,
Stated interest expense $ 4,391 $ 4,328
3 unchanged sentences
Average borrowings $ 50,000 $ 50,000
−Removed: (1) Includes the stated interest expense on the 2022 More Term Loan and is annualized for periods covering less than one year.
−Removed: 2021 More Term Loan
−Removed: On April 14, 2021, the Company entered into an Unsecured Term Loan Facility Agreement, or the Term Loan Agreement, with More Provident Funds Ltd., or More, as lender.
−Removed: The Term Loan Agreement with More, or the 2021 More Term Loan, provided for an unsecured term loan to the Company in an aggregate principal amount of $ 30,000 .
−Removed: On April 20, 2021, the Company drew down $ 30,000 of borrowings under the 2021 More Term Loan.
+Added: (1) Includes the stated interest expense on the 2022 Term Loan and is annualized for periods covering less than one year.
+Added: 2021 Term Loan
+Added: On April 14, 2021, the Company entered into an Unsecured Term Loan Facility Agreement, or the Term Loan Agreement, with an Israeli institutional investor, as lender.
+Added: The Term Loan Agreement with such lender, or the 2021 Term Loan, provided for an unsecured term loan to the Company in an aggregate principal amount of $ 30,000 .
+Added: On April 20, 2021, the Company drew down $ 30,000 of borrowings under the 2021 Term Loan.
After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $ 29,000 , which the Company used for working capital and other general corporate purposes.
−Removed: Advances under the 2021 More Term Loan mature on September 30, 2024, and bear interest at a rate of 5.20 % per year payable quarterly in arrears.
−Removed: The Company has the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that is to be prepaid or becomes due and payable pursuant to the Term Loan Agreement.
−Removed: The discounted present value portion of the prepayment fee is calculated by applying a discount rate on the same periodic basis as that on which interest on advances is payable equal to the sum of 2.00 % plus the yield to maturity of the most recently issued U.S.
−Removed: Treasury securities having a maturity equal to the remaining average life of the 2021 More Term Loan, or if there are no such U.S.
+Added: Advances under the 2021 Term Loan were scheduled to mature on September 30, 2024, and bore interest at a rate of 5.20 % per year payable quarterly in arrears.
+Added: The Company had the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that was to be prepaid or became due and payable pursuant to the Term Loan Agreement.
+Added: The discounted present value portion of the prepayment fee was calculated by applying a discount rate on the same periodic basis as that on which interest on advances was payable equal to the sum of 2.00 % 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 2021 Term Loan, or if there were no such U.S.
Treasury securities, using such implied yield to maturity determined in accordance with the terms of the Term Loan Agreement.
3 unchanged sentences
(in thousands, except share and per share amounts)
−Removed: 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.
−Removed: The Term Loan Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of 60 % of the Company’s net asset value as of the year ended December 31, 2020 plus 50 % of the net cash proceeds of the sale of certain equity interests by the Company after April 14, 2021, if any, (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.
+Added: Advances under the 2021 Term Loan were general unsecured obligations of the Company that ranked pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, ranked 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 ranked 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 Term Loan Agreement contained other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of 60 % of the Company’s net asset value as of the year ended December 31, 2020 plus 50 % of the net cash proceeds of the sale of certain equity interests by the Company after April 14, 2021, if any, (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represented 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 represented less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.
+Added: In addition, the Term Loan Agreement contained customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of ba nkruptcy.
+Added: As of the Company's repayment in full of the 2021 Term Loan on September 24, 2024, the Company was in compliance with all covenants and reporting requirements.
+Added: On September 24, 2024, the Company fully repaid all outstanding principal and interest on and otherwise satisfied all its obligations under the 2021 Term Loan.
+Added: Through December 31, 2024 , the Company incurred debt issuance costs of $ 992 in connection with obtaining the 2021 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2021 Term Loan, which is included in the Company’s consolidated balance sheet as of December 31, 2024 and was to amortize to interest expense over the term of the 2021 Term Loan.
+Added: At December 31, 2024 , all upfront fees and other expenses were fully amortized.
+Added: For the years ended December 31, 2024 and 2023, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 Term Loan were as follows:
+Added: Years Ended December 31,
+Added: Stated interest expense $ 1,157 $ 1,582
+Added: Amortization of deferred financing costs 209 288
+Added: Total interest expense $ 1,366 $ 1,870
+Added: Weighted average interest rate(1) 5.20 % 5.20 %
+Added: Average borrowings $ 21,885 $ 30,000
+Added: (1) Includes the stated interest expense on the 2021 Term Loan and is annualized for periods covering less than one year.
+Added: 2024 Term Loan
+Added: On September 30, 2024, the Company entered into an Unsecured Term Loan Facility Agreement, or the 2024 Term Loan Agreement, with an Israeli institutional investor, as lender, which provides for an unsecured term loan to the Company in an aggregate principal amount of $ 30,000 , or the 2024 Term Loan.
+Added: After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $ 29,400 less customary legal fees and other expenses, which the Company used for working capital and other general corporate purposes.
+Added: Advances under the 2024 Term Loan bear interest at a floating rate equal to the three-month SOFR , plus a credit spread of 3.80 % per year and subject to a 4.0 % SOFR floor, payable quarterly in arrears.
+Added: Advances under the 2024 Term Loan mature on September 30, 2027.
+Added: The Company has the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that is to be prepaid or becomes due and payable pursuant to the 2024 Term Loan Agreement.
+Added: 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, 2024
+Added: (in thousands, except share and per share amounts)
+Added: Advances under the 2024 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.
+Added: The 2024 Term Loan Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a 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) an interest coverage ratio of not less than 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.
In addition, the 2024 Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy.
−Removed: As of and for the year ended December 31, 2023, the Company was in compliance with all covenants and reporting requirements.
−Removed: Through December 31, 2023 , the Company incurred debt issuance costs of $ 992 in connection with obtaining the 2021 More Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2021 More Term Loan, which is included in the Company’s consolidated balance sheet as of December 31, 2023 and will amortize to i nterest expense over the term of the 2021 More Term Loan.
+Added: As of and for the three months ended December 31, 2024 , the Company was in compliance with all covenants and reporting requirements.
+Added: Through December 31, 2024 , the Company incurred debt is suance costs of $ 767 in connection with obtaining the 2024 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2024 Term Loan, which is included in the Company’s consolidated balance sheet as of December 31, 2024 and will amortize to interest expense over the term of the 2024 Term Loan.
At December 31, 2024, the unamortized portion of the debt issuance costs was $ 717 .
−Removed: 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:
−Removed: Years Ended December 31,
+Added: For the period from September 30, 2024 through December 31, 2024 , the components of interest expense, average borrowings, and weighted average interest rate for the 2024 Term Loan were as follows:
+Added: For the Period from September 30, 2024 Through December 31, 2024
Stated interest expense $ 651
3 unchanged sentences
Average borrowings $ 30,000
−Removed: (1) Includes the stated interest expense on the 2021 More Term Loan and is annualized for periods covering less than one year.
+Added: (1) Includes the stated interest expense on the 2024 Term Loan and is annualized for periods covering less than one year.
Fair Value of Financial Instruments
20 unchanged sentences
Investments purchased(2)(3) 520,073 393 2,002 6,682 61,470 590,620
−Removed: Net realized loss ( 24,261 ) — — — ( 7,666 ) ( 31,927 )
−Removed: Net change in unrealized appreciation (depreciation) 20,543 ( 9,901 ) 242 ( 11,035 ) 28,815 28,664
+Added: Net realized (loss) gain ( 25,105 ) ( 11,809 ) ( 1,210 ) — 9,811 ( 28,313 )
+Added: Net change in unrealized (depreciation) appreciation ( 8,344 ) 9,662 968 1,146 ( 30,558 ) ( 27,126 )
Accretion of discount 15,925 809 — 39 — 16,773
1 unchanged sentence
Ending balance, December 31, 2024 $ 1,563,256 $ 2,680 $ 2,682 $ 11,814 $ 219,294 $ 1,799,726
−Removed: 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
−Removed: (1) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
+Added: Change in net unrealized (depreciation) appreciation on investments still held as of December 31, 2024(1) $ ( 11,576 ) $ ( 2,120 ) $ ( 229 ) $ 1,052 $ ( 23,153 ) $ ( 36,026 )
+Added: (1) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.
(2) Investments purchased includes PIK interest.
4 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(2) $ ( 39,831 ) $ 801 $ ( 621 ) $ ( 7,623 ) $ 1,604 $ ( 45,670 )
+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 (depreciation) appreciation on investments in the consolidated statements of operations.
+Added: (2) Investments purchased includes PIK interest.
(3) Includes non-cash restructured securities.
−Removed: (2) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
CĪON Investment Corporation
9 unchanged sentences
Senior secured first lien debt $ 1,305,445 Discounted Cash Flow Discount Rates 9.4 % — 30.0 % 13.4 %
−Removed: 108,992 Broker Quotes Broker Quotes N/A N/A
117,665 Market Comparable Approach Revenue Multiple 0.70 x
41,891 EBITDA Multiple 5.50 x
−Removed: 1,695 Other(2) Other(2) N/A N/A
−Removed: Senior secured second lien debt 27,638 Discounted Cash Flow Discount Rates 13.4 % — 25.0 % 16.1 %
−Removed: 1,473 Market Comparable Approach EBITDA Multiple 9.00 x
+Added: 67,950 Broker Quotes Broker Quotes N/A N/A
+Added: 15,209 Other(2) Insurance Claim Recovery Rate 28 % — 55 % 35 %
+Added: 15,096 Other(2) N/A N/A
+Added: Senior secured second lien debt 2,680 Market Comparable Approach EBITDA Multiple 5.75 x
Collateralized securities and structured products - equity 2,682 Discounted Cash Flow Discount Rates 14.3 % — 21.0 % 16.0 %
−Removed: Unsecured debt 8,739 Discounted Cash Flow Discount Rates 16.0 % N/A
+Added: Unsecured debt 5,418 Discounted Cash Flow Discount Rates 11.3 % — 14.0 % 11.9 %
5,315 Other(2) Other(2) N/A N/A
+Added: 1,081 Options Pricing Model Expected Volatility 35 % N/A
Equity 79,142 Market Comparable Approach EBITDA Multiple 4.75 x
62,171 Revenue Multiple 0.36 x
−Removed: 29,463 $ per kW $ 161.16 — $ 400.00 $ 337.28
+Added: 52,166 $ per kW $ 450.00 N/A
+Added: 16,061 Options Pricing Model Expected Volatility 47.5 % — 95.0 % 67.0 %
+Added: 7,965 Discounted Cash Flow Discount Rates 19.0 % N/A
+Added: 930 Other(2) Other(2) N/A N/A
859 Broker Quotes Broker Quotes N/A N/A
−Removed: 376 Options Pricing Model Expected Volatility 115.0 % N/A
Total $ 1,799,726
(1) Weighted average amounts are based on the estimated fair values.
−Removed: (2) Fair value is based on the expected outcome of proposed corporate transactions and/or other factors.
+Added: (2) Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims or other factors.
CĪON Investment Corporation
9 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
9 unchanged sentences
Professional fees $ 2,348 $ 2,178 $ 1,778
−Removed: Transfer agent expense 911 1,124 1,290
−Removed: Valuation expense 853 821 904
Dues and subscriptions 1,001 800 791
−Removed: Director fees and expenses 696 632 516
+Added: Valuation expense 751 853 821
Insurance expense 721 675 833
+Added: Director fees and expenses 696 696 632
Accounting and administrative costs 639 637 524
+Added: Transfer agent expense 488 911 1,124
Printing and marketing expense 308 351 708
11 unchanged sentences
Unfunded Commitments December 31, 2024(1) December 31, 2023(1)
+Added: APS Acquisition Holdings, LLC $ 7,799 $ —
+Added: American Family Care, LLC 5,909 —
Flatworld Intermediate Corp.
−Removed: $ 5,865 $ 5,865
−Removed: Thrill Holdings LLC 5,000 3,261
+Added: Rogers Mechanical Contractors, LLC 5,426 2,404
+Added: Lux Credit Consultants LLC 5,069 —
+Added: American Clinical Solutions LLC 4,600 250
American Health Staffing Group, Inc.
−Removed: Nova Compression, LLC 2,609 —
Mimeo.com, Inc.
−Removed: Coyote Buyer, LLC 2,500 2,500
−Removed: Rogers Mechanical Contractors, LLC 2,404 3,365
−Removed: Moss Holding Company 2,232 2,232
+Added: Gold Medal Holdings, Inc.
Instant Web, LLC 2,488 2,164
−Removed: MacNeill Pride Group Corp.
−Removed: Tactical Air Support, Inc.
−Removed: BDS Solutions Intermediateco, LLC 1,905 1,998
+Added: Moss Holding Company 2,232 2,232
+Added: Newbury Franklin Industrials, LLC 1,974 —
Bradshaw International Parent Corp.
−Removed: Fluid Control II Inc.
+Added: CrossLink Professional Tax Solutions, LLC 1,840 —
+Added: ALM Global, LLC 1,800 —
Sleep Opco, LLC 1,750 1,750
+Added: Thrill Holdings LLC 1,739 5,000
+Added: Stengel Hill Architecture, LLC 1,725 —
+Added: Riddell, Inc.
+Added: / All American Sports Corp.
+Added: HEC Purchaser Corp.
+Added: Anthem Sports & Entertainment Inc.
ESP Associates, Inc.
+Added: TMK Hawk Parent, Corp.
+Added: Ironhorse Purchaser, LLC 551 347
+Added: BDS Solutions Intermediateco, LLC 524 1,905
+Added: RA Outdoors, LLC 348 372
+Added: Dermcare Management, LLC 326 671
+Added: HW Acquisition, LLC 147 12
+Added: Nova Compression, LLC — 2,609
+Added: Coyote Buyer, LLC — 2,500
+Added: MacNeill Pride Group Corp.
+Added: Tactical Air Support, Inc.
+Added: Fluid Control II Inc.
OpCo Borrower, LLC — 1,042
1 unchanged sentence
Critical Nurse Staffing, LLC — 1,000
−Removed: Dermcare Management, LLC 671 1,862
Service Compression, LLC — 419
Invincible Boat Company LLC — 399
−Removed: RA Outdoors, LLC 372 1,049
−Removed: Ironhorse Purchaser, LLC 347 2,469
−Removed: American Clinical Solutions LLC 250 —
American Teleconferencing Services, Ltd.
Homer City Holdings LLC — 196
−Removed: Anthem Sports & Entertainment Inc.
−Removed: HW Acquisition, LLC 12 2,200
−Removed: Archer Systems, LLC — 1,905
−Removed: RumbleOn, Inc.
−Removed: WorkGenius, Inc.
−Removed: STATinMED, LLC — 156
−Removed: NWN Parent Holdings LLC — 90
Total $ 70,681 $ 47,349
8 unchanged sentences
For information on the companies to which the Company is committed to fund additional amounts as of December 31, 2024 and 2023, refer to the table above and the consolidated schedules of investments.
−Removed: As of March 6, 2024, the Company was committed, upon the satisfaction of certain conditions, to fund an additi onal $ 53,048 .
+Added: As of March 5, 2025, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $ 69,235 (unaudited).
The Company will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (i.e., advances from its financing arrangements and/or cash flows from operations).
7 unchanged sentences
2024 2023 2022
−Removed: Amendment fees $ 6,415 $ 2,633 $ 869
Capital structuring and other fees $ 10,253 $ 4,309 $ 4,446
−Removed: Conversion fees 477 2,365 —
+Added: Amendment fees 5,679 6,415 2,633
Commitment fees 1,760 308 —
Administrative agent fees 125 185 100
+Added: Conversion fees 78 477 2,365
Total(1) $ 17,895 $ 11,694 $ 9,544
+Added: (1) A portion of our fee income is derived from non-controlled, affiliated investments and controlled investments.
+Added: Refer to notes r.
+Added: to the consolidated schedule of investments as of December 31, 2024 for further details on the sources of our fee income.
Administrative agent fees are recurring income as long as the Company remains the administrative agent for the related investment.
18 unchanged sentences
Capital share transactions:
−Removed: Issuance of common stock above net asset value(3) — — — — —
Repurchases of common stock below net asset value(3) 0.09 0.12 0.20 — —
9 unchanged sentences
Ratio of net investment income to average net assets 11.13 % 12.14 % 9.61 % 8.09 % 8.99 %
−Removed: Ratio of gross operating expenses to average net assets(7) 16.88 % 11.63 % 9.04 % 9.72 % 11.76 %
Ratio of net operating expenses to average net assets 18.18 % 16.88 % 11.63 % 9.04 % 9.72 %
3 unchanged sentences
(1) The per share data for the years ended December 31, 2024, 2023, 2022, 2021 and 2020 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 for 2021, 2020 and 2019 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 and 2020 in this table has been retroactively adjusted to reflect the reverse stock split effective on September 21, 2021, under which every two shares of our common stock then issued and outstanding were automatically combined into one share.
CĪON Investment Corporation
5 unchanged sentences
As a result, net increase (decrease) in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.
−Removed: (3) The continuous issuance of shares of common stock may have caused an incremental increase in net asset value per share due to the sale of shares at the then prevailing public offering price and the receipt of net proceeds per share by the Company in excess of net asset value per share on each subscription closing date.
−Removed: The per share impact of the continuous issuance of shares of common stock was an increase to net asset value of less than $ 0.01 per share during the years ended December 31, 2023, 2022, 2021, 2020 and 2019.
−Removed: The Company's follow-on continuous public offering ended on January 25, 2019.
(3) Repurchases of common stock may have caused an incremental decrease or increase in net asset value per share due to the repurchase of shares at a price in excess of or below net asset value per share, respectively, on each repurchase date.
10 unchanged sentences
As a result of these factors, results for any previous period should not be relied upon as being indicative of performance in future periods.
−Removed: (7) Ratio of gross operating expenses to average net assets does not include expense support provided by CIM, if any.
(6) Portfolio turnover rate is calculated using the lesser of year-to-date sales or purchases over the average of the invested assets at fair value, excluding short term investments, and is not annualized.
12 unchanged sentences
As of December 31, 2024 and 2023, the Company made the following reclassifications of permanent book and tax basis differences:
−Removed: Capital Accounts December 31, 2023 December 31, 2022
+Added: Capital Accounts December 31, 2024
+Added: December 31, 2023
Paid-in-capital in excess of par value $ ( 671 ) $ ( 341 )
5 unchanged sentences
Years Ended December 31,
−Removed: 2023 2022 2021
Amount Percentage Amount Percentage Amount Percentage
4 unchanged sentences
As of December 31, 2024 and 2023, the components of accumulated earnings on a tax basis were as follows:
−Removed: December 31, 2023 December 31, 2022
+Added: December 31, 2024
+Added: December 31, 2023
Undistributed ordinary income 2,607 6,562
4 unchanged sentences
Includes short term capital loss carryforwards of $ 0 and long term capital loss carryforwards of $ 82,541 as of December 31, 2023.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements
−Removed: December 31, 2023
−Removed: (in thousands, except share and per share amounts)
As of December 31, 2024, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 76,109 ;
6 unchanged sentences
and the aggregate cost of securities for Federal income tax purposes was $ 2,028,711 .
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements
+Added: December 31, 2024
+Added: (in thousands, except share and per share amounts)
Selected Quarterly Financial Data (unaudited)
6 unchanged sentences
Net investment income 32,593 22,963 21,618 18,686
−Removed: Net realized and unrealized (loss) gain on investments and foreign currency ( 60,903 ) 4,478 17,483 29,234
−Removed: Net (decrease) increase in net assets resulting from operations ( 31,045 ) 27,894 47,473 50,992
−Removed: Net (decrease) increase in net assets resulting from operations per share of common stock(1) ( 0.56 ) 0.51 0.87 0.94
+Added: Net realized and unrealized loss on investments and foreign currency ( 26,148 ) ( 585 ) ( 21,997 ) ( 13,228 )
+Added: Net increase (decrease) in net assets resulting from operations 6,445 22,378 ( 379 ) 5,458
+Added: Net increase (decrease) in net assets resulting from operations per share of common stock(1) 0.12 0.42 ( 0.01 ) 0.10
Net asset value per share of common stock at end of quarter 16.05 16.08 15.73 15.43
5 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
2 unchanged sentences
This is due to changes in the number of weighted-average shares outstanding and the effects of rounding for each period.
+Added: Subsequent Event
+Added: On February 13, 2025, Murray Hill Funding II entered into a Termination Agreement, or the Termination Agreement, with UBS, as lender, Murray Hill Funding, CIM, as collateral manager, and US Bank, as trustee, collateral administrator, revolving note agent and account bank, under which the parties agreed to terminate the UBS Facility, including, without limitation, the Global Master Repurchase Agreement (2000 version) dated as of May 15, 2017, as well as the annexes thereto and each confirmation and transaction supplement thereunder, the Second Amended and Restated Indenture dated as of December 17, 2020, and the Class A-1 Notes and the Class A-R Notes previously purchased by UBS from Murray Hill Funding II under such agreements.
+Added: Simultaneously with terminating the Amended UBS Facility, Murray Hill Funding II, as borrower, entered into a Loan and Security Agreement, or the 2025 UBS Credit Facility, with UBS, as administrative agent, Murray Hill Funding, as equity holder, CIM, as collateral manager, each of the lenders from time-to-time party thereto, and US Bank, as collateral agent and document custodian.
+Added: Under the 2025 UBS Credit Facility, the floating interest rate payable by Murray Hill Funding II on all advances of up to $ 125,000 was reduced by 0.45 % per year, from the three-month SOFR plus a credit spread of 3.20 % per year to SOFR plus a credit spread of 2.75 % per year.
+Added: All outstanding advances must be repaid by Murray Hill Funding II on or prior to the maturity date of February 13, 2028.
+Added: Murray Hill Funding II may prepay advances pursuant to the terms and conditions of the 2025 UBS Credit Facility, subject to a 2.0 % premium in certain circumstances.
+Added: In addition, Murray Hill Funding II will be subject to a non-usage fee of 0.75 % per year on the amount, if any, of the aggregate principal amount available under the 2025 UBS Credit Facility that has not been borrowed up to the minimum utilization amount of $ 100,000 .
+Added: In connection with the 2025 UBS Credit Facility, Murray Hill Funding II 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: Murray Hill Funding II incurred certain customary costs and expenses in connection with the Termination Agreement and the 2025 UBS Credit Facility.
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.