What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-05-08 compared with 2024-11-07 · 1035 added, 1057 removed, 2251 unchanged (48% of the section changed)

3 unchanged sentences

(in thousands, except share and per share amounts)

September 30,

2025 December 31,

10 unchanged sentences

Interest and fees receivable on investments 40,863 45,140

Dividends receivable 76 —

Receivable due on investments sold and repaid 1,047 2,965

28 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended

March 31, Year Ended

2025 2024 2024

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

(unaudited) (unaudited)

Investment income

11 unchanged sentences

Interest income 3,792 3,232 12,970

Paid-in-kind interest income — 1,048 — 1,048 1,050

Fee income 200 — 4,382

Dividend income — — — 4,250 4,250

Total investment income 56,074 73,554 252,432

7 unchanged sentences

Net investment income before taxes 19,252 32,598 95,967

Income tax benefit, including excise tax ( 21 ) ( 237 ) ( 12 ) ( 114 ) ( 54 )

Income tax expense, including excise tax — 5 107

Net investment income after taxes 19,252 32,593 95,860

3 unchanged sentences

Non-controlled, affiliated investments — — ( 3,946 )

Controlled investments — — — — —

Net realized gains (losses) 2,294 ( 9,736 ) ( 28,313 )

3 unchanged sentences

Controlled investments ( 25,160 ) ( 3,649 ) ( 30,486 )

Net change in unrealized (depreciation) appreciation ( 25,935 ) 25,606 ( 22,655 ) ( 7,366 ) 22,219

Net realized and unrealized (losses) gains ( 21,997 ) 17,483 ( 48,730 ) ( 38,942 ) ( 9,708 )

Net change in unrealized depreciation ( 64,251 ) ( 16,412 ) ( 33,645 )

Net realized and unrealized losses ( 61,957 ) ( 26,148 ) ( 61,958 )

Net (decrease) increase in net assets resulting from operations $ ( 42,705 ) $ 6,445 $ 33,902

14 unchanged sentences

Net unrealized losses on investments — — — ( 16,412 ) ( 16,412 )

Dividends declared and payable ($ 0.34 per share)

Distributions declared and payable ($ 0.34 per share)

— — — ( 18,279 ) ( 18,279 )

4 unchanged sentences

Net unrealized gains on investments — — — 19,692 19,692

Dividends declared and payable ($ 0.34 per share)

Distributions declared and payable ($ 0.41 per share)

— — — ( 21,960 ) ( 21,960 )

2 unchanged sentences

Net investment income — — — 21,618 21,618

Net realized losses on investments — — — ( 8,123 ) ( 8,123 )

Net unrealized gains on investments — — — 25,606 25,606

Dividends declared and payable ($ 0.39 per share)

Net realized gains on investments — — — 3,938 3,938

Net unrealized losses on investments — — — ( 25,935 ) ( 25,935 )

Distributions declared and payable ($ 0.36 per share)

— — — ( 19,234 ) ( 19,234 )

3 unchanged sentences

Net realized losses on investments — — — ( 2,238 ) ( 2,238 )

Net unrealized gains on investments — — — 29,585 29,585

Dividends declared and payable ($ 0.54 per share)

— — — ( 29,290 ) ( 29,290 )

Balance at December 31, 2023 (audited) 54,184,636 54 1,033,030 ( 153,521 ) 879,563

Repurchases of common stock ( 424,031 ) — ( 4,670 ) — ( 4,670 )

Net investment income — — — 32,593 32,593

Net realized losses on investments — — — ( 9,736 ) ( 9,736 )

Net unrealized losses on investments — — — ( 10,990 ) ( 10,990 )

Dividends declared and payable ($ 0.34 per share)

— — — ( 18,279 ) ( 18,279 )

Balance at March 31, 2024 (unaudited) 53,760,605 54 1,028,360 ( 165,355 ) 863,059

Repurchases of common stock ( 234,982 ) — ( 2,671 ) — ( 2,671 )

Net investment income — — — 22,963 22,963

Net realized losses on investments — — — ( 20,277 ) ( 20,277 )

Net unrealized gains on investments — — — 19,692 19,692

Dividends declared and payable ($ 0.41 per share)

Distributions declared and payable ($ 0.41 per share)

— — — ( 21,835 ) ( 21,835 )

Balance at June 30, 2024 (unaudited) 53,525,623 54 1,025,689 ( 164,937 ) 860,806

Balance at December 31, 2024 (audited) 53,189,269 53 1,021,684 ( 200,927 ) 820,810

Repurchases of common stock ( 185,862 ) — ( 2,172 ) — ( 2,172 )

2 unchanged sentences

Net unrealized losses on investments — — — ( 64,251 ) ( 64,251 )

Dividends declared and payable ($ 0.36 per share)

Distributions declared and payable ($ 0.36 per share)

— — — ( 19,149 ) ( 19,149 )

Balance at September 30, 2024 (unaudited) 53,359,886 $ 53 $ 1,023,687 $ ( 184,550 ) $ 839,190

Balance at March 31, 2025 (unaudited) 53,003,407 $ 53 $ 1,019,512 $ ( 262,781 ) $ 756,784

See accompanying notes to consolidated financial statements.

3 unchanged sentences

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended

March 31, Year Ended

2025 2024 2024

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

(unaudited) (unaudited)

Operating activities:

Net (decrease) increase in net assets resulting from operations $ ( 42,705 ) $ 6,445 $ 33,902

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

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

Net accretion of discount on investments ( 1,796 ) ( 11,665 ) ( 16,773 )

5 unchanged sentences

Net realized (gain) loss on investments ( 2,294 ) 9,736 28,313

Net change in unrealized depreciation (appreciation) on investments 25,935 ( 25,606 ) 22,655 7,366 ( 22,219 )

Net change in unrealized depreciation on investments 64,251 16,412 33,645

Amortization of debt issuance costs 1,799 1,254 5,593

(Increase) decrease in interest receivable on investments ( 180 ) ( 455 ) ( 10,516 )

(Increase) decrease in dividends receivable on investments 53 ( 82 ) ( 76 ) 1,193 1,275

(Increase) decrease in receivable due on investments sold and repaid 1,918 ( 10,485 ) ( 1,998 )

7 unchanged sentences

Increase (decrease) in share repurchase payable ( 40 ) — 40

Net cash provided by (used in) operating activities 51,996 ( 6,857 ) 131,620 ( 42,549 ) ( 97,151 )

Net cash provided by operating activities 6,095 96,353 88,191

Financing activities:

4 unchanged sentences

Debt issuance costs paid ( 1,210 ) — ( 13,107 )

Net cash (used in) provided by financing activities ( 32,029 ) 2,147 ( 110,270 ) ( 33,385 ) 22,827

Net increase (decrease) in cash 19,967 ( 4,710 ) 21,350 ( 75,934 ) ( 74,324 )

Cash, beginning of period 9,798 11,515 8,415 82,739 82,739

Cash, end of period $ 29,765 $ 6,805 $ 29,765 $ 6,805 $ 8,415

Net cash used in financing activities ( 6,045 ) ( 56,286 ) ( 88,936 )

Net increase (decrease) in cash and restricted cash 50 40,067 ( 745 )

Cash and restricted cash, beginning of period 7,670 8,415 8,415

Cash and restricted cash, end of period $ 7,720 $ 48,482 $ 7,670

Supplemental disclosure of cash flow information:

6 unchanged sentences

Consolidated Schedule of Investments (unaudited)

September 30, 2024

March 31, 2025

(in thousands)

2 unchanged sentences

Senior Secured First Lien Debt - 205.6 %

Adapt Laser Acquisition, Inc.(x) S+ 1000 , 1.00 % SOFR Floor

Adapt Laser Acquisition, Inc.(t)(x) S+ 1200 , 1.00 % SOFR Floor

12/31/2025 Capital Equipment $ 10,429 $ 10,429 $ 10,715

Adapt Laser Acquisition, Inc.(x) S+ 1000 , 1.00 % SOFR Floor

Adapt Laser Acquisition, Inc.(t)(x) S+ 1200 , 1.00 % SOFR Floor

12/31/2025 Capital Equipment 3,635 3,635 3,607

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

2/1/2028 Construction & Building 7,486 7,408 7,467

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

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

2/10/2027 Media:

18 unchanged sentences

2/28/2029 Healthcare & Pharmaceuticals 13,297 13,297 13,297

American Family Care, LLC(x) S+ 600 , 1.00 % SOFR Floor

2/28/2029 Healthcare & Pharmaceuticals 453 453 453

American Family Care, LLC 1.00 % Unfunded

9 unchanged sentences

Business 3,333 ( 11 ) —

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

4/7/2023 Telecommunications 3,116 — —

American Teleconferencing Services, Ltd.(p) 0.00 % Unfunded

4/7/2023 Telecommunications 235 — —

Ancile Solutions, Inc.(m)(x) S+ 1000 , 1.00 % SOFR Floor

6/11/2026 High Tech Industries 10,659 10,564 11,551

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

Anthem Sports & Entertainment Inc.(t)(x) S+ 950 , 1.00 % SOFR Floor

11/15/2026 Media:

3 unchanged sentences

Diversified & Production 3,708 3,709 3,708

Anthem Sports & Entertainment Inc.(x)(z) S+ 700 , 1.00 % SOFR Floor

3/30/2025 Media:

Diversified & Production 3,177 3,177 3,257

Anthem Sports & Entertainment Inc.

25 unchanged sentences

Business 2,857 2,776 2,836

BDS Solutions Intermediateco, LLC 0.50 % Unfunded

2/7/2027 Services:

Business 524 ( 10 ) ( 10 )

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

4 unchanged sentences

Consolidated Schedule of Investments (unaudited)

September 30, 2024

March 31, 2025

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

Bradshaw International Parent Corp.(m)(w) S+ 575 , 1.00 % SOFR Floor

10/21/2027 Consumer Goods:

Durable 12,794 12,602 12,794

Bradshaw International Parent Corp.(w) S+ 575 , 1.00 % SOFR Floor

Berlitz Holdings, Inc.(p) 0.00 % Unfunded

5/31/2025 Services:

Business 462 — 6

Bradshaw International Parent Corp.(n)(w) S+ 575 , 1.00 % SOFR Floor

10/21/2027 Consumer Goods:

4 unchanged sentences

Durable 1,844 ( 15 ) ( 14 )

Cabi, LLC(j)(m)(w) S+ 600 , 2.00 % SOFR Floor

Cabi, LLC(w) S+ 600 , 2.00 % SOFR Floor

2/28/2027 Retail 14,366 14,273 14,061

4 unchanged sentences

Business 16,870 16,858 16,870

Cennox, Inc.(m)(n)(x) S+ 550 , 1.00 % SOFR Floor

Cennox, Inc.(m)(n)(y) S+ 550 , 1.00 % SOFR Floor

5/4/2029 Services:

3 unchanged sentences

Business 840 — —

Cennox, Inc.(y) S+ 5.50 %, 1.00 % SOFR Floor

5/4/2029 Services:

Business 2,147 2,147 2,147

CION/EagleTree Partners, LLC(h)(s)(t) 14.00 % 12/21/2026 Diversified Financials 36,037 36,037 36,037

4 unchanged sentences

Durable 19,850 19,595 19,850

Country Fresh Holdings, LLC(q) Prime+ 600

4/30/2024 Beverage, Food & Tobacco 844 — —

Country Fresh Holdings, LLC(q) Prime+ 600

4/30/2024 Beverage, Food & Tobacco 342 — —

Critical Nurse Staffing, LLC(m)(x) S+ 650 , 1.00 % SOFR Floor

11/1/2026 Healthcare & Pharmaceuticals 12,699 12,699 12,699

Critical Nurse Staffing, LLC 0.50 % Unfunded

11/1/2026 Healthcare & Pharmaceuticals 1,000 — —

David's Bridal, LLC(s)(x) S+ 600 , 0.00 % SOFR Floor

CrossLink Professional Tax Solutions, LLC(m)(w) S+ 550 , 1.00 % SOFR Floor

6/30/2028 High Tech Industries 17,702 17,505 17,503

CrossLink Professional Tax Solutions, LLC 0.50 % Unfunded

6/30/2028 High Tech Industries 2,209 ( 25 ) ( 25 )

David's Bridal, Inc.(s)(x) S+ 600 , 0.00 % SOFR Floor

12/21/2027 Retail 8,973 8,947 8,813

David's Bridal, LLC(m)(s)(x) S+ 650 , 0.00 % SOFR Floor

David's Bridal, Inc.(m)(s)(x) S+ 650 , 0.00 % SOFR Floor

12/21/2027 Retail 79,050 79,050 68,598

Deluxe Entertainment Services, Inc.(q)(r)(t) Prime+ 550

3/25/2024 Media:

Diversified & Production 2,621 — —

David's Bridal, Inc.(s)(x) S+ 650 , 0.00 % SOFR Floor

12/21/2027 Retail 4,000 3,709 3,720

David's Bridal, Inc.(p)(s) 0.00 % Unfunded

12/21/2027 Retail 6,000 — ( 420 )

Dermcare Management, LLC(m)(w) S+ 575 , 1.00 % SOFR Floor

4 unchanged sentences

4/22/2028 Healthcare & Pharmaceuticals 1,343 1,343 1,343

Dermcare Management, LLC 0.50 % Unfunded

4/22/2028 Healthcare & Pharmaceuticals 627 — —

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

16 unchanged sentences

Consolidated Schedule of Investments (unaudited)

September 30, 2024

March 31, 2025

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

Flatworld Intermediate Corp.(n)(x) S+ 700 , 1.00 % SOFR Floor

10/3/2027 Services:

Business 23,020 23,020 23,020

Flatworld Intermediate Corp.

0.50 % Unfunded

10/3/2027 Services:

Business 5,865 — —

FuseFX, LLC(m)(t)(x) S+ 600 , 1.00 % SOFR Floor

1 unchanged sentence

Diversified & Production 20,812 20,812 20,300

Future Pak, LLC(m)(w) S+ 900 , 4.00 % SOFR Floor

Future Pak, LLC(m)(n)(x) S+ 600 , 2.00 % SOFR Floor

9/22/2026 Healthcare & Pharmaceuticals 24,875 24,875 24,875

4 unchanged sentences

3/17/2027 Environmental Industries 2,498 ( 18 ) —

GSC Technologies Inc.(r)(w) S+ 500 , 1.00 % SOFR Floor

9/30/2025 Chemicals, Plastics & Rubber 2,080 2,052 2,080

GSC Technologies Inc.(r)(t)(w) S+ 500 , 1.00 % SOFR Floor

9/30/2025 Chemicals, Plastics & Rubber 1,090 1,076 1,089

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

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

7/2/2027 Construction & Building 16,227 15,943 16,227

3 unchanged sentences

7/2/2027 Construction & Building 2,510 2,461 2,510

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

7/2/2027 Construction & Building 2,000 1,950 2,000

HEC Purchaser Corp.(n)(x) S+ 550 , 1.00 % SOFR Floor

6/17/2029 Healthcare & Pharmaceuticals 11,170 11,009 11,114

HEC Purchaser Corp.(w) S+ 550 , 1.00 % SOFR Floor

HEC Purchaser Corp.(x) S+ 550 , 1.00 % SOFR Floor

6/17/2029 Healthcare & Pharmaceuticals 11,114 10,972 11,114

2 unchanged sentences

6/17/2029 Healthcare & Pharmaceuticals 1,302 ( 16 ) —

Heritage Power, LLC(t)(x) S+ 700 , 1.00 % SOFR Floor

Heritage Power, LLC(w) S+ 550 , 1.00 % SOFR Floor

7/20/2028 Energy:

3 unchanged sentences

Consumer 29,019 28,894 28,293

Hollander Intermediate LLC(m)(w) S+ 875 , 3.00 % SOFR Floor

Hollander Intermediate LLC(r)(w) S+ 875 , 3.00 % SOFR Floor

9/19/2027 Consumer Goods:

Durable 18,800 18,440 17,860

Homer City Generation, L.P.(q)(t) 15.00 % 4/16/2025 Energy:

Homer City Generation, L.P.(t) 15.00 % 4/16/2025 Energy:

Oil & Gas 16,406 16,411 15,176

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

4/16/2025 Energy:

Homer City Generation, L.P.(t) 17.00 % 4/16/2025 Energy:

Oil & Gas 13,623 13,623 13,657

3 unchanged sentences

11/4/2023 Healthcare & Pharmaceuticals 4,939 4,939 4,544

HW Acquisition, LLC(m)(r)(t)(x) S+ 600 , 1.00 % SOFR Floor

HW Acquisition, LLC(r)(t)(x) S+ 600 , 1.00 % SOFR Floor

9/28/2026 Capital Equipment 5,271 5,257 4,659

HW Acquisition, LLC(r) Prime+ 500

HW Acquisition, LLC(r)(t) Prime+ 500

9/28/2026 Capital Equipment 4,066 4,060 3,593

HW Acquisition, LLC(r) 0.50 % Unfunded

9/28/2026 Capital Equipment 294 — ( 34 )

ICA Foam Holdings, LLC(m)(x) S+ 600 , 1.00 % SOFR Floor

12/5/2026 Containers, Packaging & Glass 18,826 18,751 18,637

IJKG Opco LLC(w)(z) S+ 800 , 3.00 % SOFR Floor

11/4/2023 Healthcare & Pharmaceuticals 1,457 1,443 1,399

Inotiv, Inc.(m)(t)(x) S+ 675 , 1.00 % SOFR Floor

Inotiv, Inc.(t)(x) S+ 675 , 1.00 % SOFR Floor

11/5/2026 Healthcare & Pharmaceuticals 20,844 20,077 17,947

5 unchanged sentences

Consolidated Schedule of Investments (unaudited)

September 30, 2024

March 31, 2025

(in thousands)

7 unchanged sentences

Advertising, Printing & Publishing 578 578 589

Instant Web, LLC(r)(w) S+ 650 , 1.00 % SOFR Floor

2/25/2027 Media:

Advertising, Printing & Publishing 1,515 1,515 1,490

Instant Web, LLC(r) 0.50 % Unfunded

Instant Web, LLC(r)(t)(w) S+ 650 , 1.00 % SOFR Floor

2/25/2027 Media:

3 unchanged sentences

Advertising, Printing & Publishing 1,731 — ( 26 )

Invincible Boat Company LLC(m)(x) S+ 650 , 1.50 % SOFR Floor

Invincible Boat Company LLC(m)(w) S+ 750 , 1.50 % SOFR Floor

12/31/2026 Consumer Goods:

Durable 13,351 13,305 12,950

Invincible Boat Company LLC(x) S+ 650 , 1.50 % SOFR Floor

Invincible Boat Company LLC(w) S+ 750 , 1.50 % SOFR Floor

12/31/2026 Consumer Goods:

6 unchanged sentences

Business 6,965 6,924 6,965

Ironhorse Purchaser, LLC(w) S+ 525 , 1.00 % SOFR Floor

Ironhorse Purchaser, LLC(n)(w) S+ 525 , 1.00 % SOFR Floor

9/30/2027 Services:

8 unchanged sentences

4/14/2028 Beverage, Food & Tobacco 9,603 9,603 8,967

Jenny C Acquisition, Inc.(q)(x) S+ 900 , 1.75 % SOFR Floor

10/1/2024 Services:

Consumer 534 534 131

JP Intermediate B, LLC(m)(x) S+ 650 , 1.00 % SOFR Floor

11/20/2027 Beverage, Food & Tobacco 53,716 21,935 38,138

K&N Parent, Inc.(m)(t)(w) S+ 825 , 1.00 % SOFR Floor

K&N Parent, Inc.(t)(w) S+ 825 , 1.00 % SOFR Floor

8/16/2027 Consumer Goods:

Durable 5,796 5,796 5,441

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

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

2/16/2027 Consumer Goods:

2 unchanged sentences

1/31/2029 Beverage, Food & Tobacco 17,763 17,763 17,919

Klein Hersh, LLC(i)(w) S+ 850 , 0.50 % SOFR Floor

Klein Hersh, LLC(i)(t)(w) S+ 850 , 0.50 % SOFR Floor

4/27/2028 Services:

Business 23,251 20,760 20,838

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

4/26/2024 Consumer Goods:

Durable 7,634 — —

LAV Gear Holdings, Inc.(m)(n)(x) S+ 628 , 1.00 % SOFR Floor

4 unchanged sentences

Business 4,671 4,670 4,414

LAV Gear Holdings, Inc.(x) 10.00 % 10/31/2025 Services:

Business 2,115 2,115 2,115

LGC US Finco, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor

17 unchanged sentences

4/29/2028 Automotive 457 — —

Lux Credit Consultants LLC 1.00 % Unfunded

4/29/2028 Automotive 560 — —

MacNeill Pride Group Corp.(m)(x) S+ 675 , 1.00 % SOFR Floor

1 unchanged sentence

Consumer 16,561 16,546 16,561

MacNeill Pride Group Corp.(m)(x) S+ 700 , 1.00 % SOFR Floor

MacNeill Pride Group Corp.(x) S+ 675 , 1.00 % SOFR Floor

4/22/2026 Services:

2 unchanged sentences

15.00 % 8/20/2026 Healthcare & Pharmaceuticals 6,706 6,690 7,435

Medplast Holdings, Inc.(m)(u) L+ 375 , 0.00 % LIBOR Floor

7/2/2025 Healthcare & Pharmaceuticals 4,921 4,838 4,934

Mimeo.com, Inc.(m)(x) S+ 640 , 1.00 % SOFR Floor

14 unchanged sentences

Consolidated Schedule of Investments (unaudited)

September 30, 2024

March 31, 2025

(in thousands)

1 unchanged sentence

Units(e) Cost(d) Fair

Moss Holding Company(m)(x) S+ 575 , 1.00 % SOFR Floor

10/17/2026 Services:

Business 3,705 3,671 3,705

Moss Holding Company 5.75 % Unfunded

4 unchanged sentences

Business 2,126 — —

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

Newbury Franklin Industrials LLC(m)(x) S+ 700 , 2.00 % SOFR Floor

12/11/2029 Capital Equipment 8,006 7,891 7,896

Newbury Franklin Industrials LLC 1.00 % Unfunded

12/11/2029 Capital Equipment 1,974 ( 14 ) ( 27 )

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

2/27/2024 Media:

Advertising, Printing & Publishing 12,286 12,282 9,460

Nova Compression, LLC(m)(t)(w) S+ 1050 , 2.00 % SOFR Floor

Nova Compression, LLC(m)(t)(x) S+ 1050 , 2.00 % SOFR Floor

10/13/2027 Energy:

Oil & Gas 28,616 28,616 28,616

Nova Compression, LLC(t)(w) S+ 1050 , 2.00 % SOFR Floor

Nova Compression, LLC(t)(x) S+ 1050 , 2.00 % SOFR Floor

10/13/2027 Energy:

5 unchanged sentences

6/18/2026 Hotel, Gaming & Leisure 22,823 22,823 22,823

OpCo Borrower, LLC(m)(x) S+ 600 , 1.00 % SOFR Floor

4/26/2029 Healthcare & Pharmaceuticals 29,625 29,503 29,625

Optio Rx, LLC(n)(v)(z) L+ 1200 , 0.00 % LIBOR Floor

OpCo Borrower, LLC(m)(n)(x) S+ 575 , 1.00 % SOFR Floor

4/26/2029 Healthcare & Pharmaceuticals 28,125 28,024 28,125

Optio Rx, LLC(v)(z) L+ 900 , 0.00 % LIBOR Floor

Optio Rx, LLC(r) 0.50 % Unfunded

3/21/2030 Healthcare & Pharmaceuticals 988 — —

Optio Rx, LLC(m)(n)(v)(z) L+ 900 , 0.00 % LIBOR Floor

Optio Rx, LLC(r)(x) S+ 800 , 2.50 % SOFR Floor

3/21/2030 Healthcare & Pharmaceuticals 329 329 329

Optio Rx, LLC(w) S+ 525 , 5.00 % SOFR Floor

Optio Rx, LLC(r)(x) S+ 800 , 2.50 % SOFR Floor

3/21/2030 Healthcare & Pharmaceuticals 13,795 13,795 13,795

Playboy Enterprises, Inc.(h)(t)(w) S+ 425 , 0.50 % SOFR Floor

Playboy Enterprises, Inc.(h)(t)(x) S+ 625 , 0.50 % SOFR Floor

5/25/2027 Consumer Goods:

Non-Durable 14,412 14,272 14,412

PRA Acquisition, LLC(n)(x) S+ 650 , 1.00 % SOFR Floor

PRA Acquisition, LLC(x) S+ 650 , 1.00 % SOFR Floor

5/12/2028 Hotel, Gaming & Leisure 18,752 18,752 18,658

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

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

4/8/2026 Media:

3 unchanged sentences

Diversified & Production 1,115 1,081 1,026

RA Outdoors, LLC 0.50 % Unfunded

4/8/2026 Media:

Diversified & Production 720 — ( 58 )

Riddell, Inc.

/ All American Sports Corp.(m)(w) S+ 600 , 1.00 % SOFR Floor

/ All American Sports Corp.(m)(n)(w) S+ 600 , 1.00 % SOFR Floor

3/29/2029 Consumer Goods:

1 unchanged sentence

Riddell, Inc.

/ All American Sports Corp.

1.00 % Unfunded

/ All American Sports Corp.(p) 0.00 % Unfunded

9/29/2026 Consumer Goods:

Durable 1,636 — ( 23 )

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

Hilliard, L.L.P.(t)(w) S+ 1200 , 2.00 % SOFR Floor

4/30/2025 Services:

Consumer 2,418 2,424 2,358

Rogers Mechanical Contractors, LLC(m)(y) S+ 625 , 1.00 % SOFR Floor

Rogers Mechanical Contractors, LLC(m)(x) S+ 575 , 1.00 % SOFR Floor

9/28/2028 Construction & Building 15,043 15,018 15,081

Rogers Mechanical Contractors, LLC(y) S+ 625 , 1.00 % SOFR Floor

Rogers Mechanical Contractors, LLC(x) S+ 575 , 1.00 % SOFR Floor

9/28/2028 Construction & Building 1,613 1,587 1,617

9 unchanged sentences

7/31/2025 Telecommunications 4,137 4,081 3,889

Securus Technologies Holdings, Inc.(t)(x) S+ 750 , 1.00 % SOFR Floor

7/31/2025 Telecommunications 79 79 77

Securus Technologies Holdings, Inc.(x) S+ 1000 , 1.00 % SOFR Floor

12/24/2025 Telecommunications 180 176 180

Sequoia Healthcare Management, LLC(z) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 8,525 4,476

Sequoia Healthcare Management, LLC(q) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 8,525 128

SHF Holdings, Inc.(n)(x) S+ 550 , 1.00 % SOFR Floor

1/22/2030 Beverage, Food & Tobacco 18,215 18,215 18,215

SHF Holdings, Inc.

0.50 % Unfunded

1/22/2030 Beverage, Food & Tobacco 1,739 — —

Sleep Opco, LLC(m)(n)(x) S+ 650 , 1.00 % SOFR Floor

10/12/2026 Retail 13,408 13,318 13,425

Sleep Opco, LLC(m)(x) S+ 700 , 1.00 % SOFR Floor

4 unchanged sentences

10/12/2026 Retail 1,750 ( 11 ) —

Spin Holdco Inc.(n)(x) S+ 400 , 0.75 % SOFR Floor

3/4/2028 Services:

Business 9,948 8,670 8,450

Spinal USA, Inc.

/ Precision Medical Inc.(t)(v) L+ 950

/ Precision Medical Inc.(t)(x) S+ 950

5/29/2025 Healthcare & Pharmaceuticals 18,624 18,620 9,778

2 unchanged sentences

Consolidated Schedule of Investments (unaudited)

September 30, 2024

March 31, 2025

(in thousands)

2 unchanged sentences

Spinal USA, Inc.

/ Precision Medical Inc.(t)(v) L+ 950

/ Precision Medical Inc.(t)(x) S+ 950

5/29/2025 Healthcare & Pharmaceuticals 1,655 1,655 827

Spinal USA, Inc.

/ Precision Medical Inc.(t)(v) L+ 950

/ Precision Medical Inc.(t)(x) S+ 950

5/29/2025 Healthcare & Pharmaceuticals 1,064 1,031 532

Spinal USA, Inc.

/ Precision Medical Inc.(t)(v) L+ 950

/ Precision Medical Inc.(t)(x) S+ 950

5/29/2025 Healthcare & Pharmaceuticals 1,010 1,010 505

Spinal USA, Inc.

/ Precision Medical Inc.(t)(v) L+ 950

/ Precision Medical Inc.(t)(x) S+ 950

5/29/2025 Healthcare & Pharmaceuticals 843 817 443

Spinal USA, Inc.

/ Precision Medical Inc.(t)(v) L+ 950

/ Precision Medical Inc.(t)(x) S+ 950

5/29/2025 Healthcare & Pharmaceuticals 770 770 778

3 unchanged sentences

STATinMED, LLC(r) 0.00 % 7/1/2027 Healthcare & Pharmaceuticals 224 224 243

Stengel Hill Architecture, LLC(n)(x) S+ 650 , 1.00 % SOFR Floor

Stengel Hill Architecture, LLC(w) S+ 650 , 1.00 % SOFR Floor

8/16/2028 Construction & Building 14,813 14,813 14,813

1 unchanged sentence

8/16/2028 Construction & Building 1,522 1,522 1,522

Stengel Hill Architecture, LLC(n)(x) S+ 650 , 1.00 % SOFR Floor

Stengel Hill Architecture, LLC(w) S+ 650 , 1.00 % SOFR Floor

8/16/2028 Construction & Building 525 525 525

1 unchanged sentence

8/16/2028 Construction & Building 1,725 — —

Tactical Air Support, Inc.(m)(x) S+ 850 , 1.00 % SOFR Floor

Tactical Air Support, Inc.(m)(w) S+ 850 , 1.00 % SOFR Floor

12/22/2028 Aerospace & Defense 11,700 11,700 11,700

1 unchanged sentence

12/22/2028 Aerospace & Defense 1,950 1,907 1,950

The Men's Wearhouse, LLC(x) S+ 650 , 0.00 % SOFR Floor

The Men's Wearhouse, LLC(n)(x) S+ 650 , 0.00 % SOFR Floor

2/26/2029 Retail 1,905 1,897 1,909

8 unchanged sentences

Business 7,421 7,421 7,207

Trademark Global, LLC(m)(r)(t)(w) S+ 850 , 1.00 % SOFR Floor

TMK Hawk Parent, Corp.(p) 0.00 % Unfunded

12/31/2028 Services:

Business 780 — —

Trademark Global, LLC(r)(t)(x) S+ 850 , 1.00 % SOFR Floor

6/30/2027 Consumer Goods:

9 unchanged sentences

Business 325 304 137

Wok Holdings Inc.(m)(x) S+ 625 , 0.00 % SOFR Floor

Wok Holdings Inc.(m)(w) S+ 625 , 0.00 % SOFR Floor

3/1/2026 Beverage, Food & Tobacco 24,518 23,851 23,795

8 unchanged sentences

Business 7,456 7,456 7,456

WorkGenius, Inc.(n)(x) S+ 700 , 0.50 % SOFR Floor

6/7/2027 Services:

Business 2,361 2,361 2,361

Xenon Arc, Inc.(m)(x) S+ 525 , 0.75 % SOFR Floor

2 unchanged sentences

Senior Secured Second Lien Debt - 0.3 %

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

RA Outdoors, LLC(t)(x) S+ 900 , 1.00 % SOFR Floor

10/8/2026 Media:

Diversified & Production 2,073 2,073 1,394

Securus Technologies Holdings, Inc.(t)(v) S+ 931 , 1.00 % SOFR Floor

Securus Technologies Holdings, Inc.(q)(t)(x) S+ 931 , 1.00 % SOFR Floor

11/1/2025 Telecommunications 3,414 3,188 1,199

1 unchanged sentence

Collateralized Securities and Structured Products - Equity - 0.5 %

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

1/19/2025 Diversified Financials 9,000 — —

Galaxy XV CLO Ltd.

1 unchanged sentence

10/15/2030 Diversified Financials 4,000 978 654

Ivy Hill Middle Market Credit Fund VIII, Ltd.

Subordinated Loan(g)(h) 11.84 % Estimated Yield

4/28/2039 Diversified Financials 3,000 2,981 2,958

Total Collateralized Securities and Structured Products - Equity 3,959 3,612

3 unchanged sentences

Lucky Bucks Holdings LLC(q)(t) 12.50 % 5/29/2028 Hotel, Gaming & Leisure 25,308 22,860 5,315

SRA Holdings, LLC(m)(r)(x) S+ 600 , 1.00 % SOFR Floor

SRA Holdings, LLC(r)(x) S+ 600 , 0.00 % SOFR Floor

3/24/2025 Banking, Finance, Insurance & Real Estate 4,103 4,103 4,103

6 unchanged sentences

Consolidated Schedule of Investments (unaudited)

September 30, 2024

March 31, 2025

(in thousands)

2 unchanged sentences

Equity - 28.7 %

ACS Holdings LLC, Class A-1 Membership Units(r) Healthcare & Pharmaceuticals 23,265,901 Units

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

ACS Holdings LLC, Class A-1 Membership Units(o)(p)(r) Healthcare & Pharmaceuticals 27,115,901 Units

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

Metals & Mining NA — —

6 unchanged sentences

21,759 19,982

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

CF Arch Holdings LLC, Class A Units Services:

Business 380,952 Units

3 unchanged sentences

Diversified Financials NA — —

CTS Ultimate Holdings, LLC, Class A Preferred Units Construction & Building 849,201 Units

CTS Ultimate Holdings, LLC, Class A Preferred Units(p) Construction & Building 849,201 Units

David's Bridal Holdings, LLC, Preferred Units(p)(s) Retail 1,000 Units

10,820 10,362

David's Bridal Holdings, LLC, Common Units(p)(s) Retail 900,000 Units

23,130 28,710

David's Bridal Holdings, LLC, Class A Common Units(p)(s) Retail 876,920 Units

David's Bridal Holdings, LLC, Class B Common Units(p)(s) Retail 44,218 Units

EBSC Holdings LLC, Preferred Units ( 10 % Return)

18 unchanged sentences

LB NewHoldco LLC, Voting Units(p) Hotel, Gaming & Leisure 123,568 Units

Live Comfortably Inc., Common Stock(p)(r) Consumer Goods:

Durable 8,654 Units

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

10 unchanged sentences

Durable 1,575 Units

Online Pharmacy Holdings, LLC, Series A Preferred Equity ( 5 % Return)(r)

Healthcare & Pharmaceuticals 3,762,159 Units

Online Pharmacy Holdings, LLC, Series D-1 Common Equity(p)(r) Healthcare & Pharmaceuticals 1,235 Units

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

PLBY Group, Inc., Series B Preferred Stock(h)(p) Consumer Goods:

Non-Durable 2,868 Units

PLBY Group, Inc., Common Stock(f)(h)(p) Consumer Goods:

Non-Durable 516,953 Units

RumbleOn, Inc., Warrants(p) 8/14/2028 Automotive 60,606 Units

2 unchanged sentences

Consolidated Schedule of Investments (unaudited)

September 30, 2024

March 31, 2025

(in thousands)

Portfolio Company(a) Interest Industry Principal/

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

Units(e) Cost(d) Fair

13 unchanged sentences

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

TG Parent NewCo LLC, Common Units(p)(r) Consumer Goods:

TG Parent NewCo LLC, Common Units(o)(p)(r) Consumer Goods:

Non-Durable 9 Units

7 unchanged sentences

Business 500 Units

Yak Holding II, LLC, Series A Common Units(p) Construction & Building 127,419 Units

WorkGenius, LLC, Class A-1 Units(p) Services:

Business 1,864 Units

Yak Holding II, LLC, Series A Common Units Construction & Building 127,419 Units

Total Equity 232,905 217,134

6 unchanged sentences

LIABILITIES IN EXCESS OF OTHER ASSETS - ( 143.9 )%

( 1,088,876 )

NET ASSETS - 100.0 %

3 unchanged sentences

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

The actual Secured Overnight Financing Rate, or SOFR, rate for each loan listed may not be the applicable SOFR rate as of September 30, 2024, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to September 30, 2024.

The actual London Interbank Offered Rate, or LIBOR, rate for each loan listed may not be the applicable LIBOR rate as of September 30, 2024, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to September 30, 2024.

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.

The actual Secured Overnight Financing Rate, or SOFR, rate for each loan listed may not be the applicable SOFR rate as of March 31, 2025, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to March 31, 2025.

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

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

8 unchanged sentences

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

As of September 30, 2024, 95.8 % of the Company’s total assets represented qualifying assets.

As of March 31, 2025, 95.7 % of the Company’s total assets represented qualifying assets.

See accompanying notes to consolidated financial statements.

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

September 30, 2024

March 31, 2025

(in thousands)

Due to an annual cap in interest in the loan agreement, the applicable rate on this loan as of September 30, 2024 was 3.79 %.

Due to an annual cap in interest in the loan agreement, the all-in-rate on this loan as of March 31, 2025 was 4.16 %.

In addition to the interest earned based on the stated interest rate of this loan, which is the amount reflected in this schedule, the Company may be entitled to receive additional residual amounts.

Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.

7-day effective yield as of September 30, 2024.

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street Funding, LLC, or 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPMorgan Chase Bank, National Association, or JPM, as of September 30, 2024 (see Note 8).

Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, LLC, or Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the repurchase agreement with UBS AG, or UBS, as of September 30, 2024 (see Note 8).

7-day effective yield as of March 31, 2025.

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 credit facility with UBS AG, or UBS, as of March 31, 2025 (see Note 8).

Investment is held through CIC Holdco, LLC, a wholly-owned taxable subsidiary of the Company.

Non-income producing security.

Investment or a portion thereof was on non-accrual status as of September 30, 2024.

Investment or a portion thereof was on non-accrual status as of March 31, 2025.

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, 2023 and September 30, 2024, along with transactions during the nine months ended September 30, 2024 in these affiliated investments, were as follows:

Nine Months Ended September 30, 2024

Fair value as of December 31, 2024 and March 31, 2025, along with transactions during the three months ended March 31, 2025 in these affiliated investments, were as follows:

Three Months Ended March 31, 2025

Non-Controlled, Affiliated Investments Fair Value at

1 unchanged sentence

(Cost)(1) Gross

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at September 30, 2024

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at March 31, 2025

Net Realized Gain (Loss) Interest

Income(3) Dividend Income Fee Income

Afore Insurance Services, LLC

First Lien Term Loan $ 4,583 $ — $ ( 4,583 ) $ — $ — $ — $ 363 $ — $ —

American Clinical Solutions LLC

7 unchanged sentences

Common Shares 20,108 — — ( 126 ) 19,982 — — — —

DESG Holdings, Inc.

First Lien Term Loan 85 — ( 2,542 ) 2,457 — ( 2,542 ) 93 — —

GSC Technologies Inc.

First Lien Term Loan A 1,983 19 ( 18 ) 96 2,080 — 186 — —

First Lien Term Loan B 942 91 — 56 1,089 — 93 — —

Common Shares 32 — — 41 73 — — — —

Hollander Intermediate LLC

First Lien Term Loan — 17,069 — 791 17,860 — 148 — —

HW Acquisition, LLC

14 unchanged sentences

Common Shares 6,322 — — ( 4,334 ) 1,988 — — — —

Lift Brands, Inc.

Term Loan A 22,814 — ( 59 ) 228 22,983 — 680 — —

Term Loan B 6,577 166 — ( 79 ) 6,664 — 166 — —

Term Loan C 7,386 225 — ( 284 ) 7,327 — 226 — —

See accompanying notes to consolidated financial statements

1 unchanged sentence

Consolidated Schedule of Investments (unaudited)

September 30, 2024

March 31, 2025

(in thousands)

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Non-Controlled, Affiliated Investments Fair Value at

1 unchanged sentence

(Cost)(1) Gross

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at September 30, 2024

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at March 31, 2025

Net Realized Gain (Loss) Interest

Income(3) Dividend Income Fee Income

Lift Brands, Inc.

Term Loan A 23,050 — ( 177 ) — 22,873 — 2,261 — —

Term Loan B 5,814 468 — 92 6,374 — 465 — —

Term Loan C 6,259 631 — 202 7,092 — 628 — —

Live Comfortably Inc.

Common Stock — — — — — — — — —

Longview Intermediate Holdings C, LLC

Membership Units 52,166 — — ( 2,335 ) 49,831 — — — —

Mount Logan Capital Inc.

Common Stock 1,624 — — ( 113 ) 1,511 — — 53 —

New HW Holdings Corp.

1 unchanged sentence

Common Stock — — — — — — — — —

Online Pharmacy Holdings, LLC

Series A Preferred Equity — 3,085 — — 3,085 — — — —

Series D Preferred Equity — — — — — — — — —

Optio Rx, LLC

First Lien Term Loan — 13,795 — — 13,795 — 52 — —

Revolving Loan — 329 — — 329 — — — —

Snap Fitness Holdings, Inc.

2 unchanged sentences

SRA Holdings, LLC

First Lien Term Loan — 4,158 — 1 4,159 — 33 — —

Membership Units 25,515 — ( 23,611 ) ( 1,904 ) — — — — —

Unsecured Debt 4,103 — — — 4,103 — 97 — —

SRA Parent, LLC

16 unchanged sentences

(3) Includes PIK interest income.

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2024

March 31, 2025

(in thousands)

Investment determined to be a controlled investment as defined in the 1940 Act as the Company is deemed to exercise a controlling influence over the management or policies of the portfolio company due to beneficially owning, either directly or through one or more controlled companies, more than 25% of the outstanding voting securities of such portfolio company.

Fair value as of December 31, 2023 and September 30, 2024, along with transactions during the nine months ended September 30, 2024 in these controlled investments, were as follows:

Nine Months Ended September 30, 2024

Fair value as of December 31, 2024 and March 31, 2025, along with transactions during the three months ended March 31, 2025 in these controlled investments, were as follows:

Three Months Ended March 31, 2025

Controlled Investments Fair Value at

3 unchanged sentences

Gain (Loss) Fair Value at

September 30, 2024

March 31, 2025

Gain (Loss) Interest

7 unchanged sentences

Incremental First Lien Term Loan 9,910 — ( 1,217 ) 120 8,813 — 321 — —

Fourteenth Amendment Term Loan — 3,709 — ( 409 ) 3,300 — — — 200

David's Bridal Holdings, LLC

Preferred Units 9,575 — — ( 2,931 ) 6,644 — — — —

Common Units 41,418 — — ( 12,708 ) 28,710 — — — —

Class A Common Units 24,570 — — ( 15,915 ) 8,655 — — — —

Class B Common Units — 291 — 145 436 — — — —

Totals $ 171,376 $ 6,000 $ ( 1,217 ) $ ( 25,160 ) $ 150,999 $ — $ 3,792 $ — $ 200

2 unchanged sentences

(3) Includes PIK interest income .

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments (unaudited)

September 30, 2024

March 31, 2025

(in thousands)

As of September 30, 2024, 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.

As of March 31, 2025, the below investments contain a PIK interest provision whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities.

For certain investments, the borrower may toggle between cash and PIK interest payments.

1 unchanged sentence

Portfolio Company Investment Type Cash PIK All-in-Rate

Adapt Laser Acquisition, Inc.

Senior Secured First Lien Debt 14.57 % 2.00 % 16.57 %

American Clinical Solutions LLC Senior Secured First Lien Debt 7.00 % 4.45 % 11.45 %

6 unchanged sentences

Community Tree Service, LLC Senior Secured First Lien Debt 12.96 % 1.25 % 14.21 %

Deluxe Entertainment Services, Inc.

Senior Secured First Lien Debt 12.50 % 1.50 % 14.00 %

FuseFX, LLC Senior Secured First Lien Debt 5.57 % 5.00 % 10.57 %

GSC Technologies Inc.

Senior Secured First Lien Debt — 10.35 % 10.35 %

Heritage Power, LLC Senior Secured First Lien Debt 6.10 % 5.50 % 11.60 %

Hilliard, Martinez & Gonzales, LLP Senior Secured First Lien Debt — 16.44 % 16.44 %

1 unchanged sentence

Senior Secured First Lien Debt — 15.00 % 15.00 %

Homer City Generation, L.P.

Senior Secured First Lien Debt — 17.00 % 17.00 %

HW Acquisition, LLC Senior Secured First Lien Debt — 10.31 % 10.31 %

HW Acquisition, LLC Senior Secured First Lien Debt — 12.50 % 12.50 %

Senior Secured First Lien Debt 10.93 % 0.25 % 11.18 %

9 unchanged sentences

Senior Secured First Lien Debt 5.40 % 5.25 % 10.65 %

RA Outdoors, LLC Senior Secured First Lien Debt — 11.49 % 11.49 %

RA Outdoors, LLC Senior Secured Second Lien Debt — 13.50 % 13.50 %

6 unchanged sentences

Securus Technologies Holdings, Inc.

Senior Secured First Lien Debt — 9.65 % 9.65 %

Securus Technologies Holdings, Inc.

Senior Secured Second Lien Debt — 13.64 % 13.64 %

12 unchanged sentences

Senior Secured First Lien Debt 10.00 % 6.18 % 16.18 %

The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2024 was 4.96%.

The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2024 was 4.85%.

The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2024 was 4.85%.

The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2024 was 4.59%.

The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2024 was 4.25%.

The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2025 was 4.32%.

The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2025 was 4.29%.

The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2025 was 4.19%.

While the maturity date of this loan has passed, the Company expects all interest and principal to be collected.

7 unchanged sentences

Senior Secured First Lien Debt - 190.5 %

Adapt Laser Acquisition, Inc.(w) S+ 1000 , 1.00 % SOFR Floor

A-AG US Protein Bidco, Inc.(n)(w) S+ 500 , 1.00 % SOFR Floor

11/1/2031 Capital Equipment $ 6,000 $ 5,941 $ 6,060

Adapt Laser Acquisition, Inc.(w) S+ 1000 , 1.00 % SOFR Floor

Adapt Laser Acquisition, Inc.(x) S+ 1000 , 1.00 % SOFR Floor

12/31/2025 Capital Equipment 10,495 10,494 10,796

Afore Insurance Services, LLC(m)(q)(w) S+ 600 , 1.00 % SOFR Floor

3/24/2025 Banking, Finance, Insurance & Real Estate 4,583 4,583 4,583

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

Adapt Laser Acquisition, Inc.(x) S+ 1000 , 1.00 % SOFR Floor

12/31/2025 Capital Equipment 3,604 3,600 3,581

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

2/1/2028 Construction & Building 7,379 7,306 7,379

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

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

2/10/2027 Media:

Diversified & Production 8,681 8,643 7,683

ALM Media, LLC(m)(n)(w) S+ 600 , 1.00 % SOFR Floor

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

AMCP Clean Acquisition Company, LLC(w) S+ 425 , 0.00 % SOFR Floor

6/15/2025 Services:

Business 12,117 11,403 11,439

AMCP Clean Acquisition Company, LLC(w) S+ 425 , 0.00 % SOFR Floor

6/15/2025 Services:

Business 2,843 2,676 2,684

American Clinical Solutions LLC(m)(s)(w) S+ 700 , 1.00 % SOFR Floor

ALM Global, LLC(x) S+ 550 , 1.00 % SOFR Floor

2/21/2029 Media:

Advertising, Printing & Publishing 900 900 900

ALM Global, LLC 5.50 % Unfunded

2/21/2029 Media:

Advertising, Printing & Publishing 230 — —

ALM Global, LLC 0.50 % Unfunded

2/21/2029 Media:

Advertising, Printing & Publishing 1,570 — —

American Clinical Solutions LLC(r)(t)(x) S+ 700 , 1.00 % SOFR Floor

6/30/2025 Healthcare & Pharmaceuticals 13,733 13,733 11,742

American Clinical Solutions LLC(o) 0.00 % Unfunded

American Clinical Solutions LLC(p)(r) 0.00 % Unfunded

6/30/2025 Healthcare & Pharmaceuticals 4,600 — ( 667 )

American Family Care, LLC(m)(x) S+ 600 , 1.00 % SOFR Floor

2/28/2029 Healthcare & Pharmaceuticals 13,331 13,331 13,331

American Family Care, LLC(x) S+ 600 , 1.00 % SOFR Floor

2/28/2029 Healthcare & Pharmaceuticals 455 455 455

American Family Care, LLC 1.00 % Unfunded

2/28/2026 Healthcare & Pharmaceuticals 4,091 — —

American Family Care, LLC 0.50 % Unfunded

2/28/2029 Healthcare & Pharmaceuticals 1,818 — —

American Health Staffing Group, Inc.(m) Prime+ 500

5 unchanged sentences

Business 3,333 ( 12 ) —

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

4/7/2023 Telecommunications 3,116 3,116 140

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

4/7/2023 Telecommunications 235 — —

Ancile Solutions, Inc.(m)(w) S+ 1000 , 1.00 % SOFR Floor

Ancile Solutions, Inc.(m)(x) S+ 1000 , 1.00 % SOFR Floor

6/11/2026 High Tech Industries 10,775 10,656 11,368

Anthem Sports & Entertainment Inc.(m)(s)(w) S+ 950 , 1.00 % SOFR Floor

Anthem Sports & Entertainment Inc.(t)(x) S+ 950 , 1.00 % SOFR Floor

11/15/2026 Media:

Diversified & Production 45,166 45,071 34,778

Anthem Sports & Entertainment Inc.(s)(w) S+ 950 , 1.00 % SOFR Floor

Anthem Sports & Entertainment Inc.(t)(x) S+ 950 , 1.00 % SOFR Floor

11/15/2026 Media:

4 unchanged sentences

Diversified & Production 167 — —

Appalachian Resource Company, LLC(v) S+ 500 , 1.00 % SOFR Floor

Anthem Sports & Entertainment Inc.(p) 0.00 % Unfunded

3/1/2025 Media:

Diversified & Production 1,059 — 26

Anthem Sports & Entertainment Inc.(x) S+ 700 , 1.00 % SOFR Floor

3/30/2025 Media:

Diversified & Production 2,119 2,119 2,171

Appalachian Resource Company, LLC(w)(z) S+ 1000 , 1.00 % SOFR Floor

9/15/2024 Metals & Mining 5,000 5,000 4,863

Appalachian Resource Company, LLC(v) S+ 500 , 1.00 % SOFR Floor

Appalachian Resource Company, LLC(w)(z) S+ 500 , 1.00 % SOFR Floor

9/30/2024 Metals & Mining 11,137 11,137 8,231

APS Acquisition Holdings, LLC(m)(x) S+ 575 , 1.00 % SOFR Floor

7/11/2029 Construction & Building 14,664 14,664 14,664

APS Acquisition Holdings, LLC 1.00 % Unfunded

7/11/2029 Construction & Building 5,199 — —

APS Acquisition Holdings, LLC 0.50 % Unfunded

7/11/2029 Construction & Building 2,600 — —

Atlas Supply LLC 13.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 4,800

Avalign Holdings, Inc.(v) S+ 450 , 0.00 % SOFR Floor

12/22/2025 Healthcare & Pharmaceuticals 6,710 6,318 6,268

Avison Young (USA) Inc.(m)(w) S+ 650 , 0.00 % SOFR Floor

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

Avison Young (USA) Inc.(w) S+ 700 , 0.00 % SOFR Floor

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

BDS Solutions Intermediateco, LLC(m)(w) S+ 700 , 2.00 % SOFR Floor

Avison Young (USA) Inc.(t)(x) S+ 800 , 2.00 % SOFR Floor

3/12/2029 Banking, Finance, Insurance & Real Estate 2,936 2,936 2,774

BDS Solutions Intermediateco, LLC(m)(x) S+ 700 , 2.00 % SOFR Floor

2/7/2027 Services:

Business 19,689 19,506 19,516

BDS Solutions Intermediateco, LLC(w) S+ 700 , 2.00 % SOFR Floor

BDS Solutions Intermediateco, LLC(x) S+ 700 , 2.00 % SOFR Floor

2/7/2027 Services:

3 unchanged sentences

Business 524 — ( 5 )

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

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

5/31/2025 Services:

Business 15,000 14,839 14,669

Bradshaw International Parent Corp.(n)(w) S+ 575 , 1.00 % SOFR Floor

10/21/2027 Consumer Goods:

Durable 12,761 12,583 12,761

Bradshaw International Parent Corp.

1.00 % Unfunded

10/21/2026 Consumer Goods:

Durable 1,844 ( 17 ) —

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Units(e) Cost(d) Fair

Bradshaw International Parent Corp.(m)(v) S+ 575 , 1.00 % SOFR Floor

10/21/2027 Consumer Goods:

Durable 12,893 12,662 12,877

Bradshaw International Parent Corp.

0.50 % Unfunded

10/21/2026 Consumer Goods:

Durable 1,844 ( 26 ) ( 2 )

Cabi, LLC(j)(m)(v) S+ 450 , 1.00 % SOFR Floor

Cabi, LLC(w) S+ 600 , 2.00 % SOFR Floor

2/28/2027 Retail 14,366 14,256 14,007

Carestream Health, Inc.(n)(q)(w) S+ 750 , 1.00 % SOFR Floor

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

9/30/2027 Healthcare & Pharmaceuticals 11,172 10,367 11,172

Celerity Acquisition Holdings, LLC(m)(s)(w) S+ 1000 , 1.00 % SOFR Floor

Celerity Acquisition Holdings, LLC(m)(t)(x) S+ 850 , 1.00 % SOFR Floor

5/28/2026 Services:

Business 16,746 16,732 16,746

Cennox, Inc.(m)(s)(w) S+ 625 , 1.00 % SOFR Floor

Cennox, Inc.(m)(n)(y) S+ 550 , 1.00 % SOFR Floor

5/4/2029 Services:

Business 38,388 38,090 38,388

Cennox, Inc.(m)(n)(s)(w) S+ 625 , 1.00 % SOFR Floor

Cennox, Inc.(y) S+ 550 , 1.00 % SOFR Floor

5/4/2029 Services:

Business 653 653 653

Cennox, Inc.(s)(w) S+ 625 , 1.00 % SOFR Floor

0.50 % Unfunded

5/4/2029 Services:

Business 2,334 — —

CION/EagleTree Partners, LLC(h)(r)(s) 14.00 % 12/21/2026 Diversified Financials 59,598 59,598 59,598

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

CION/EagleTree Partners, LLC(h)(s)(t) 14.00 % 12/21/2026 Diversified Financials 36,037 36,037 36,037

Community Tree Service, LLC(m)(t)(x) S+ 975 , 1.00 % SOFR Floor

6/17/2027 Construction & Building 12,082 12,083 12,082

Country Fresh Holdings, LLC(p) Prime+ 600

4/30/2024 Beverage, Food & Tobacco 844 645 21

Country Fresh Holdings, LLC(p) Prime+ 600

4/30/2024 Beverage, Food & Tobacco 342 268 9

Coyote Buyer, LLC(m)(n)(w) S+ 600 , 1.00 % SOFR Floor

2/6/2026 Chemicals, Plastics & Rubber 33,688 33,569 33,688

Coyote Buyer, LLC(n)(w) S+ 800 , 1.00 % SOFR Floor

8/6/2026 Chemicals, Plastics & Rubber 6,063 5,997 6,063

Coyote Buyer, LLC 0.50 % Unfunded

2/6/2025 Chemicals, Plastics & Rubber 2,500 — —

Critical Nurse Staffing, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor

11/1/2026 Healthcare & Pharmaceuticals 12,797 12,797 12,797

Critical Nurse Staffing, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor

11/1/2026 Healthcare & Pharmaceuticals 989 989 989

Critical Nurse Staffing, LLC 0.50 % Unfunded

11/1/2026 Healthcare & Pharmaceuticals 1,000 — —

David's Bridal, LLC(r)(v) S+ 600 , 0.00 % SOFR Floor

Core Health & Fitness, LLC(m)(w) S+ 800 , 3.00 % SOFR Floor

6/17/2029 Consumer Goods:

Durable 19,900 19,624 19,801

CrossLink Professional Tax Solutions, LLC(m)(w) S+ 550 , 1.00 % SOFR Floor

6/30/2028 High Tech Industries 17,747 17,529 17,525

CrossLink Professional Tax Solutions, LLC(w) S+ 550 , 1.00 % SOFR Floor

6/30/2028 High Tech Industries 368 341 363

CrossLink Professional Tax Solutions, LLC 0.50 % Unfunded

6/30/2028 High Tech Industries 1,840 — ( 23 )

David's Bridal, LLC(m)(s)(x) S+ 650 , 0.00 % SOFR Floor

12/21/2027 Retail 77,050 77,050 73,181

David's Bridal, LLC(m)(r)(w) S+ 650 , 0.00 % SOFR Floor

David's Bridal, LLC(s)(x) S+ 600 , 0.00 % SOFR Floor

12/21/2027 Retail 10,164 10,164 9,910

Deluxe Entertainment Services, Inc.(m)(p)(q)(s) Prime+ 550

3/25/2024 Media:

Diversified & Production 2,623 2,542 85

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

Dermcare Management, LLC(m)(w) S+ 575 , 1.00 % SOFR Floor

4/22/2028 Healthcare & Pharmaceuticals 9,168 9,047 9,168

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

Dermcare Management, LLC(m)(w) S+ 575 , 1.00 % SOFR Floor

4/22/2028 Healthcare & Pharmaceuticals 4,167 4,110 4,167

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

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

Entertainment Studios P&A LLC(m)(w) S+ 900 , 1.00 % SOFR Floor

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

ESP Associates, Inc.(w) S+ 650 , 1.50 % SOFR Floor

7/24/2028 Construction & Building 197 171 197

ESP Associates, Inc.

1 unchanged sentence

7/24/2028 Construction & Building 1,118 — —

Flatworld Intermediate Corp.(n)(w) S+ 700 , 1.00 % SOFR Floor

Flatworld Intermediate Corp.(x) S+ 675 , 1.00 % SOFR Floor

10/3/2027 Services:

4 unchanged sentences

Business 5,865 — —

Fluid Control II Inc.(m)(w) S+ 650 , 1.00 % SOFR Floor

8/3/2029 Chemicals, Plastics & Rubber 13,235 13,235 13,235

Fluid Control II Inc.

0.50 % Unfunded

8/3/2029 Chemicals, Plastics & Rubber 1,765 — —

FuseFX, LLC(m)(n)(s)(v) S+ 600 , 1.00 % SOFR Floor

FuseFX, LLC(m)(t)(x) S+ 600 , 1.00 % SOFR Floor

9/30/2026 Media:

Diversified & Production 20,597 20,587 20,140

Future Pak, LLC(m)(v) S+ 900 , 4.00 % SOFR Floor

Future Pak, LLC(m)(n)(x) S+ 900 , 4.00 % SOFR Floor

9/22/2026 Healthcare & Pharmaceuticals 12,649 12,649 12,649

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

Gold Medal Holdings, Inc.(m)(x) S+ 575 , 1.00 % SOFR Floor

3/17/2027 Environmental Industries 27,344 27,157 27,344

GSC Technologies Inc.(q)(v) S+ 500 , 1.00 % SOFR Floor

9/30/2025 Chemicals, Plastics & Rubber 2,099 2,051 1,983

GSC Technologies Inc.(q)(s)(v) S+ 500 , 1.00 % SOFR Floor

9/30/2025 Chemicals, Plastics & Rubber 1,007 985 942

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

Gold Medal Holdings, Inc.

1.00 % Unfunded

3/17/2027 Environmental Industries 2,498 ( 20 ) —

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

7/2/2027 Construction & Building 8,671 8,630 8,671

Lochner, Inc.(m)(w) S+ 625 , 1.00 % SOFR Floor

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

7/2/2027 Construction & Building 10,216 10,024 10,216

Lochner, Inc.(w) S+ 625 , 1.00 % SOFR Floor

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

7/2/2027 Construction & Building 2,516 2,461 2,516

Lochner, Inc.

HEC Purchaser Corp.(x) S+ 550 , 1.00 % SOFR Floor

6/17/2029 Healthcare & Pharmaceuticals 11,142 10,989 11,142

HEC Purchaser Corp.

0.50 % Unfunded

7/2/2027 Construction & Building 1,036 — —

Harland Clarke Holdings Corp.(m)(w) S+ 775 , 1.00 % SOFR Floor

6/16/2026 Media:

Advertising, Printing & Publishing 9,244 9,239 8,886

Heritage Power, LLC(w) S+ 550 , 1.00 % SOFR Floor

6/17/2029 Healthcare & Pharmaceuticals 1,302 ( 17 ) —

Heritage Power, LLC(t)(w) S+ 700 , 1.00 % SOFR Floor

7/20/2028 Energy:

Oil & Gas 1,192 1,192 1,175

Hilliard, Martinez & Gonzales, LLP(m)(s)(v) S+ 1200 , 2.00 % SOFR Floor

Hilliard, Martinez & Gonzales, LLP(t)(x) S+ 1200 , 2.00 % SOFR Floor

2/14/2025 Services:

Consumer 27,849 27,849 27,327

Hollander Intermediate LLC(m)(v) S+ 875 , 3.00 % SOFR Floor

Hollander Intermediate LLC(t)(w) S+ 875 , 3.00 % SOFR Floor

9/19/2026 Consumer Goods:

Durable 19,246 17,804 17,611

Homer City Generation, L.P.(m)(p)(s) 15.00 % 4/16/2024 Energy:

Oil & Gas 13,169 12,024 8,889

Homer City Generation, L.P.(s) 17.00 % 4/16/2024 Energy:

Homer City Generation, L.P.(t) 15.00 % 4/16/2025 Energy:

Oil & Gas 15,822 15,853 14,319

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

Homer City Generation, L.P.(t) 17.00 %

4/16/2025 Energy:

Oil & Gas 13,059 13,060 13,059

Hudson Hospital Opco, LLC(v)(y) S+ 800 , 3.00 % SOFR Floor

Hudson Hospital Opco, LLC(w)(z) S+ 800 , 3.00 % SOFR Floor

11/4/2023 Healthcare & Pharmaceuticals 1,165 1,160 1,095

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

HUMC Holdco, LLC(w)(z) S+ 800 , 3.00 % SOFR Floor

11/4/2023 Healthcare & Pharmaceuticals 4,939 4,939 4,593

HW Acquisition, LLC(m) Prime+ 500

HW Acquisition, LLC(r) 0.50 % Unfunded

9/28/2026 Capital Equipment 147 — ( 10 )

HW Acquisition, LLC Prime+ 500

HW Acquisition, LLC(r)(t)(x) S+ 600 , 0.00 % SOFR Floor

9/28/2026 Capital Equipment 5,134 5,115 4,794

HW Acquisition, LLC 0.50 % Unfunded

HW Acquisition, LLC(r)(t) Prime+ 500

9/28/2026 Capital Equipment 3,373 3,363 3,150

ICA Foam Holdings, LLC(m)(w) S+ 725 , 1.00 % SOFR Floor

ICA Foam Holdings, LLC(m)(x) S+ 600 , 1.00 % SOFR Floor

12/5/2026 Containers, Packaging & Glass 18,876 18,760 18,687

IJKG Opco LLC(v)(y) S+ 800 , 3.00 % SOFR Floor

11/4/2023 Healthcare & Pharmaceuticals 1,457 1,443 1,424

Inotiv, Inc.(m)(s)(x) S+ 675 , 1.00 % SOFR Floor

11/5/2026 Healthcare & Pharmaceuticals 16,345 16,149 15,773

Instant Web, LLC(q)(s)(v) S+ 700 , 1.00 % SOFR Floor

2/25/2027 Media:

Advertising, Printing & Publishing 44,968 44,968 28,555

See accompanying notes to consolidated financial statements.

5 unchanged sentences

Units(e) Cost(d) Fair

Instant Web, LLC(q)(s)(v) S+ 650 , 1.00 % SOFR Floor

Inotiv, Inc.(t)(x) S+ 675 , 1.00 % SOFR Floor

11/5/2026 Healthcare & Pharmaceuticals 20,880 20,040 19,210

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

Instant Web, LLC(q)(s) Prime+ 375 , 4.00 % Prime Floor

Instant Web, LLC(r)(t) Prime+ 375

2/25/2027 Media:

Advertising, Printing & Publishing 562 562 573

Instant Web, LLC(q)(s) S+ 650 , 1.00 % SOFR Floor

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

Instant Web, LLC(q) 0.50 % Unfunded

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

Instant Web, LLC(r) 0.50 % Unfunded

2/25/2027 Media:

Advertising, Printing & Publishing 1,731 — ( 30 )

Instant Web, LLC(r) 0.50 % Unfunded

2/25/2027 Media:

Advertising, Printing & Publishing 757 — ( 15 )

Invincible Boat Company LLC(m)(w) S+ 750 , 1.50 % SOFR Floor

4 unchanged sentences

Durable 798 798 776

Invincible Boat Company LLC 0.50 % Unfunded

8/28/2025 Consumer Goods:

Durable 399 — —

INW Manufacturing, LLC(n)(w) S+ 575 , 0.75 % SOFR Floor

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

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

Ironhorse Purchaser, LLC(n)(w) S+ 525 , 1.00 % SOFR Floor

9/30/2027 Services:

Business 2,000 1,988 2,000

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

Ironhorse Purchaser, LLC 0.50 % Unfunded

9/30/2027 Services:

Business 551 — —

Ironhorse Purchaser, LLC 0.50 % Unfunded

Ironhorse Purchaser, LLC(w) S+ 525 , 1.00 % SOFR Floor

9/30/2027 Services:

Business 265 261 265

Isagenix International, LLC(q)(s)(w) S+ 550 , 1.00 % SOFR Floor

Isagenix International, LLC(r)(x) S+ 650 , 1.00 % SOFR Floor

4/14/2028 Beverage, Food & Tobacco 9,393 9,393 9,229

Jenny C Acquisition, Inc.(p)(v) S+ 900 , 1.75 % SOFR Floor

10/1/2024 Services:

Consumer 534 534 131

JP Intermediate B, LLC(m)(w) S+ 550 , 1.00 % SOFR Floor

JP Intermediate B, LLC(m)(x) S+ 650 , 1.00 % SOFR Floor

11/20/2027 Beverage, Food & Tobacco 53,716 21,298 42,704

K&N Parent, Inc.(m)(s)(v) S+ 825 , 1.00 % SOFR Floor

K&N Parent, Inc.(t)(w) S+ 825 , 1.00 % SOFR Floor

8/16/2027 Consumer Goods:

Durable 5,724 5,724 5,410

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

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

2/16/2027 Consumer Goods:

Durable 4,188 4,077 4,314

Klein Hersh, LLC(m)(s)(v) S+ 1313 , 0.50 % SOFR Floor

KeyImpact Holdings, Inc.(m)(x) S+ 650 , 1.00 % SOFR Floor

1/31/2029 Beverage, Food & Tobacco 18,421 18,421 18,582

Klein Hersh, LLC(i)(w) S+ 850 , 0.50 % SOFR Floor

4/27/2028 Services:

Business 23,292 20,615 20,380

KNB Holdings Corp.(m)(p)(u) L+ 550 , 1.00 % LIBOR Floor

4/26/2024 Consumer Goods:

Durable 7,634 7,387 229

LAV Gear Holdings, Inc.(m)(n)(w) S+ 628 , 1.00 % SOFR Floor

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

LAV Gear Holdings, Inc.(m)(n)(w) S+ 628 , 1.00 % SOFR Floor

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

LGC US Finco, LLC(m)(v) S+ 650 , 1.00 % SOFR Floor

LGC US Finco, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor

12/20/2025 Capital Equipment 10,981 10,891 10,981

Lift Brands, Inc.(m)(n)(q)(v) S+ 750 , 1.00 % SOFR Floor

LGC US Finco, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor

12/20/2025 Capital Equipment 1,980 1,956 1,980

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

6/29/2025 Services:

Consumer 22,814 22,814 22,814

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

Consumer 6,056 6,013 5,814

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

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

Consumer 6,660 6,644 6,577

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

4/22/2026 Services:

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

Consumer 7,612 7,522 7,386

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

Lux Credit Consultants LLC(m)(x) S+ 725 , 1.50 % SOFR Floor

4/29/2028 Automotive 17,541 17,541 17,541

Lux Credit Consultants LLC(x) S+ 725 , 1.50 % SOFR Floor

4/29/2028 Automotive 1,887 1,887 1,887

Lux Credit Consultants LLC(x) S+ 725 , 1.50 % SOFR Floor

4/29/2028 Automotive 405 405 405

Lux Credit Consultants LLC 2.25 % Unfunded

4/29/2025 Automotive 4,612 — —

Lux Credit Consultants LLC 1.00 % Unfunded

4/29/2028 Automotive 457 — —

MacNeill Pride Group Corp.(m)(x) S+ 675 , 1.00 % SOFR Floor

4/22/2026 Services:

Consumer 16,604 16,574 16,521

MacNeill Pride Group Corp.

1.00 % Unfunded

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

Medplast Holdings, Inc.(m)(t) L+ 375 , 0.00 % LIBOR Floor

7/2/2025 Healthcare & Pharmaceuticals 4,961 4,801 4,914

Mimeo.com, Inc.(m)(w) L+ 640 , 1.00 % LIBOR Floor

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

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

Units(e) Cost(d) Fair

Mimeo.com, Inc.(m)(x) S+ 750 , 1.00 % SOFR Floor

1/31/2026 Media:

Advertising, Printing & Publishing 20,925 20,925 20,925

Mimeo.com, Inc.(w) L+ 640 , 1.00 % LIBOR Floor

Mimeo.com, Inc.(x) S+ 750 , 1.00 % SOFR Floor

1/31/2026 Media:

4 unchanged sentences

Advertising, Printing & Publishing 2,500 — —

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

Moss Holding Company(m)(n)(x) S+ 575 , 1.00 % SOFR Floor

10/17/2026 Services:

Business 21,895 21,586 21,895

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2023

(in thousands)

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

Units(e) Cost(d) Fair

Moss Holding Company(m)(x) S+ 575 , 1.00 % SOFR Floor

10/17/2026 Services:

Business 2,654 2,628 2,654

Moss Holding Company 5.75 % Unfunded

4 unchanged sentences

Business 2,126 — —

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

Newbury Franklin Industrials LLC(m)(x) S+ 700 , 2.00 % SOFR Floor

12/11/2029 Capital Equipment 8,026 7,904 7,906

Newbury Franklin Industrials LLC 1.00 % Unfunded

12/11/2029 Capital Equipment 1,974 ( 15 ) ( 30 )

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

2/27/2024 Media:

Advertising, Printing & Publishing 12,286 12,282 9,521

Nova Compression, LLC(m)(s)(v) S+ 1050 , 2.00 % SOFR Floor

10/13/2027 Energy:

Oil & Gas 27,004 27,004 27,004

Nova Compression, LLC 1.00 % Unfunded

Nova Compression, LLC(m)(t)(x) S+ 1050 , 2.00 % SOFR Floor

10/13/2027 Energy:

Oil & Gas 28,297 28,297 28,297

Nova Compression, LLC(s)(v) S+ 1050 , 2.00 % SOFR Floor

Nova Compression, LLC(t)(x) S+ 1050 , 2.00 % SOFR Floor

10/13/2027 Energy:

Oil & Gas 3,300 3,300 3,300

NTM Acquisition Corp.(m)(w) S+ 675 , 1.00 % SOFR Floor

NTM Acquisition Corp.(m)(x) S+ 675 , 1.00 % SOFR Floor

6/18/2026 Hotel, Gaming & Leisure 24,750 24,750 24,750

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

OpCo Borrower, LLC(m)(n)(x) S+ 600 , 1.00 % SOFR Floor

4/26/2029 Healthcare & Pharmaceuticals 28,875 28,759 28,875

OpCo Borrower, LLC 0.50 % Unfunded

Optio Rx, LLC(u)(z) L+ 900 , 0.00 % LIBOR Floor

6/28/2024 Healthcare & Pharmaceuticals 1,508 1,508 1,508

Optio Rx, LLC(m)(n)(u) L+ 900 , 0.00 % LIBOR Floor

Optio Rx, LLC(n)(u)(z) L+ 1200 , 0.00 % LIBOR Floor

6/28/2024 Healthcare & Pharmaceuticals 2,480 2,480 2,480

Optio Rx, LLC(n)(u) L+ 1200 , 0.00 % LIBOR Floor

Optio Rx, LLC(x)(z) S+ 525 , 5.00 % SOFR Floor

10/10/2024 Healthcare & Pharmaceuticals 1,505 1,505 1,505

Pentec Acquisition Corp.(m)(v) S+ 600 , 1.00 % SOFR Floor

Optio Rx, LLC(n)(u)(z) L+ 900 , 0.00 % LIBOR Floor

6/28/2024 Healthcare & Pharmaceuticals 9,267 9,250 9,267

PH Beauty Holdings III.

Inc.(m)(w) S+ 500 , 0.00 % SOFR Floor

9/28/2025 Consumer Goods:

Non-Durable 9,475 9,227 9,108

Playboy Enterprises, Inc.(h)(n)(s)(x) S+ 425 , 0.50 % SOFR Floor

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

PRA Acquisition, LLC(n)(w) S+ 650 , 1.00 % SOFR Floor

PRA Acquisition, LLC(x) S+ 650 , 1.00 % SOFR Floor

5/12/2028 Hotel, Gaming & Leisure 18,752 18,752 18,611

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

6/1/2029 Capital Equipment 7,890 7,186 7,042

Donnelley & Sons Company(n)(v) S+ 725 , 0.75 % SOFR Floor

3/22/2028 Media:

Advertising, Printing & Publishing 12,821 12,791 12,851

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

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

4/8/2026 Media:

Diversified & Production 11,317 11,317 10,468

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

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

4/8/2026 Media:

Diversified & Production 1,115 1,072 1,032

RA Outdoors, LLC 0.50 % Unfunded

RA Outdoors, LLC(p) 0.50 % Unfunded

4/8/2026 Media:

Diversified & Production 348 — ( 26 )

Retail Services WIS Corp.(m)(w) S+ 835 , 1.00 % SOFR Floor

5/20/2025 Services:

Business 9,046 8,926 8,956

Hilliard, L.L.P.(m)(s)(v) S+ 1200 , 2.00 % SOFR Floor

Riddell, Inc.

/ All American Sports Corp.(m)(w) S+ 600 , 1.00 % SOFR Floor

3/29/2029 Consumer Goods:

Durable 16,057 15,781 15,936

Riddell, Inc.

/ All American Sports Corp.(p) 0.00 % Unfunded

3/29/29 Consumer Goods:

Durable 1,636 — ( 12 )

Hilliard, L.L.P.(t)(x) S+ 1200 , 2.00 % SOFR Floor

2/14/2025 Services:

Consumer 2,311 2,311 2,268

Rogers Mechanical Contractors, LLC(m)(x) S+ 700 , 1.00 % SOFR Floor

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

RumbleOn, Inc.(m)(s)(w) S+ 875 , 1.00 % SOFR Floor

Rogers Mechanical Contractors, LLC 0.50 % Unfunded

9/28/2028 Construction & Building 2,885 ( 5 ) —

RumbleOn, Inc.(m)(t)(x) S+ 875 , 1.00 % SOFR Floor

8/31/2026 Automotive 8,696 8,432 8,479

RumbleOn, Inc.(m)(s)(w) S+ 875 , 1.00 % SOFR Floor

RumbleOn, Inc.(m)(t)(x) S+ 875 , 1.00 % SOFR Floor

8/31/2026 Automotive 2,624 2,615 2,559

Securus Technologies Holdings, Inc.(m)(s)(w) S+ 489 , 1.00 % SOFR Floor

Securus Technologies Holdings, Inc.(m)(t)(x) S+ 509 , 1.00 % SOFR Floor

7/31/2025 Telecommunications 4,049 3,950 3,760

Sequoia Healthcare Management, LLC(y) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 8,540 7,289

Service Compression, LLC(m)(s)(v) S+ 1000 , 1.00 % SOFR Floor

5/6/2027 Energy:

Oil & Gas 23,443 23,152 25,553

Service Compression, LLC(m)(s)(v) S+ 1000 , 1.00 % SOFR Floor

5/6/2027 Energy:

Oil & Gas 7,036 6,948 7,669

Service Compression, LLC 0.50 % Unfunded

5/6/2025 Energy:

Oil & Gas 419 — 38

Sleep Opco, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor

10/12/2026 Retail 13,635 13,469 13,635

Sleep Opco, LLC(m)(w) S+ 700 , 1.00 % SOFR Floor

10/12/2026 Retail 397 392 405

Sleep Opco, LLC 0.50 % Unfunded

10/12/2026 Retail 1,750 ( 20 ) —

Spinal USA, Inc.

/ Precision Medical Inc.(s)(u) L+ 950

11/29/2024 Healthcare & Pharmaceuticals 15,453 15,398 8,576

Securus Technologies Holdings, Inc.(x) S+ 750 , 1.00 % SOFR Floor

7/31/2025 Telecommunications 77 77 75

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

Sleep Opco, LLC(m)(n)(x) S+ 650 , 1.00 % SOFR Floor

10/12/2026 Retail 13,495 13,383 13,495

Sleep Opco, LLC(m)(x) S+ 700 , 1.00 % SOFR Floor

10/12/2026 Retail 393 393 397

Sleep Opco, LLC(m)(x) S+ 650 , 1.00 % SOFR Floor

10/12/2026 Retail 1,408 1,380 1,408

Sleep Opco, LLC 0.50 % Unfunded

10/12/2026 Retail 1,750 ( 13 ) —

Spinal USA, Inc.

/ Precision Medical Inc.(s)(u) L+ 950

/ Precision Medical Inc.(t)(v) L+ 950

5/29/2025 Healthcare & Pharmaceuticals 17,965 17,948 9,791

Spinal USA, Inc.

/ Precision Medical Inc.(s)(u) L+ 950

/ Precision Medical Inc.(t)(v) L+ 950

5/29/2025 Healthcare & Pharmaceuticals 1,596 1,596 822

Spinal USA, Inc.

/ Precision Medical Inc.(s)(u) L+ 950

/ Precision Medical Inc.(t)(v) L+ 950

5/29/2025 Healthcare & Pharmaceuticals 1,026 972 529

Spinal USA, Inc.

/ Precision Medical Inc.(s)(u) L+ 950

/ Precision Medical Inc.(t)(v) L+ 950

5/29/2025 Healthcare & Pharmaceuticals 975 975 502

Spinal USA, Inc.

/ Precision Medical Inc.(s)(u) L+ 950

/ Precision Medical Inc.(t)(v) L+ 950

5/29/2025 Healthcare & Pharmaceuticals 813 770 443

STATinMED, LLC(q)(s)(v) S+ 950 , 2.00 % SOFR Floor

Spinal USA, Inc.

/ Precision Medical Inc.(t)(v) L+ 950

5/29/2025 Healthcare & Pharmaceuticals 743 743 750

Stengel Hill Architecture, LLC(n)(w) S+ 650 , 1.00 % SOFR Floor

Spin Holdco Inc.(n)(x) S+ 400 , 0.75 % SOFR Floor

3/4/2028 Services:

Business 9,974 8,603 8,445

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

7/1/2027 Healthcare & Pharmaceuticals 12,410 11,710 4,592

STATinMED, LLC(r) 0.00 %

7/1/2027 Healthcare & Pharmaceuticals 1,004 1,004 942

STATinMED, LLC(r) 0.00 %

7/1/2027 Healthcare & Pharmaceuticals 224 224 243

Stengel Hill Architecture, LLC(w) S+ 650 , 1.00 % SOFR Floor

8/16/2028 Construction & Building 14,888 14,888 14,887

Tactical Air Support, Inc.(n)(v) S+ 850 , 1.00 % SOFR Floor

Stengel Hill Architecture, LLC(w) S+ 650 , 1.00 % SOFR Floor

8/16/2028 Construction & Building 1,526 1,530 1,526

Stengel Hill Architecture, LLC(w) S+ 650 , 1.00 % SOFR Floor

8/16/2028 Construction & Building 525 525 525

Stengel Hill Architecture, LLC 0.38 % Unfunded

8/16/2028 Construction & Building 1,725 — —

Tactical Air Support, Inc.(m)(w) S+ 850 , 1.00 % SOFR Floor

12/22/2028 Aerospace & Defense 11,850 11,850 11,850

Tactical Air Support, Inc.

0.75 % Unfunded

Tactical Air Support, Inc.(w) S+ 850 , 1.00 % SOFR Floor

12/22/2028 Aerospace & Defense 1,975 1,928 1,975

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

5/27/2027 Media:

Diversified & Production 20,033 20,033 20,004

The Men's Wearhouse, LLC(n)(x) S+ 650 , 0.00 % SOFR Floor

2/26/2029 Retail 1,905 1,896 1,906

Thrill Holdings LLC 0.50 % Unfunded

1 unchanged sentence

Diversified & Production 1,739 — 28

Thrill Holdings LLC 1.00 % Unfunded

Thrill Holdings LLC(m)(x) S+ 600 , 1.00 % SOFR Floor

5/27/2027 Media:

Diversified & Production 19,081 19,081 19,112

TMK Hawk Parent, Corp.(w) S+ 350 , 1.00 % SOFR Floor

TMK Hawk Parent, Corp.(t)(w) S+ 525 , 1.00 % SOFR Floor

6/30/2029 Services:

Business 7,280 7,280 7,043

TMK Hawk Parent, Corp.(w) S+ 350 , 1.00 % SOFR Floor

TMK Hawk Parent, Corp.(p)(t) 0.00 % Unfunded

12/31/2028 Services:

Business 780 — —

Trademark Global, LLC(m)(s)(v) S+ 750 , 1.00 % SOFR Floor

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

Trammell, P.C.(s)(v) S+ 1550 , 2.00 % SOFR Floor

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

4/28/2026 Services:

Consumer 15,777 15,777 15,777

USALCO, LLC(m)(v) S+ 600 , 1.00 % SOFR Floor

10/19/2027 Chemicals, Plastics & Rubber 25,435 25,243 25,435

Williams Industrial Services Group, Inc.(p)(s)(w) S+ 1100 , 1.00 % SOFR Floor

Williams Industrial Services Group, Inc.(q)(t)(x) S+ 1100 , 1.00 % SOFR Floor

12/16/2025 Services:

Business 1,525 1,426 641

Williams Industrial Services Group, Inc.(p)(s)(w) S+ 1100 , 1.00 % SOFR Floor

Williams Industrial Services Group, Inc.(q)(t)(x) S+ 1100 , 1.00 % SOFR Floor

12/16/2025 Services:

Business 325 304 137

Wok Holdings Inc.(m)(v) S+ 625 , 0.00 % SOFR Floor

Wok Holdings Inc.(n)(w) S+ 625 , 0.00 % SOFR Floor

3/1/2026 Beverage, Food & Tobacco 24,583 24,283 23,775

WorkGenius, Inc.(m)(w) S+ 750 , 1.00 % SOFR Floor

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

6/7/2027 Services:

Business 14,651 14,651 14,651

WorkGenius, Inc.(w) S+ 750 , 1.00 % SOFR Floor

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

6/7/2027 Services:

Business 7,465 7,465 7,465

WorkGenius, Inc.(m)(w) S+ 750 , 1.00 % SOFR Floor

WorkGenius, Inc.

S+ 700 , 0.50 % SOFR Floor

6/7/2027 Services:

Business 750 742 750

Xenon Arc, Inc.(m)(w) S+ 575 , 0.75 % SOFR Floor

Xenon Arc, Inc.(m)(x) S+ 525 , 0.75 % SOFR Floor

12/20/2028 High Tech Industries 3,836 3,810 3,836

Yak Access, LLC(m)(n)(w) S+ 640 , 1.00 % SOFR Floor

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 %

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

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

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

10/8/2026 Media:

Diversified & Production 2,004 2,004 1,293

Securus Technologies Holdings, Inc.(s)(w) S+ 891 , 1.00 % SOFR Floor

Securus Technologies Holdings, Inc.(q)(t)(x) S+ 931 , 1.00 % SOFR Floor

11/1/2025 Telecommunications 3,302 3,183 1,387

TMK Hawk Parent, Corp.(p)(w) S+ 800 , 1.00 % SOFR Floor

8/26/2025 Services:

Business 13,393 13,285 1,473

Total Senior Secured Second Lien Debt 5,187 2,680

Collateralized Securities and Structured Products - Equity - 0.1 %

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

1/19/2025 Diversified Financials 9,000 1,217 20

Galaxy XV CLO Ltd.

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

4/15/2025 Diversified Financials 4,000 1,145 1,076

Total Collateralized Securities and Structured Products - Equity 2,362 1,096

Unsecured Debt - 1.5 %

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

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

Advertising, Printing & Publishing 8,872 8,833 8,739

Collateralized Securities and Structured Products - Equity - 0.3 %

Galaxy XV CLO Ltd.

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

10/15/2030 Diversified Financials 4,000 978 693

Ivy Hill Middle Market Credit Fund VIII, Ltd.

Subordinated Loan(g)(h) 11.84 % Estimated Yield

4/28/2039 Diversified Financials 2,000 2,002 1,989

Total Collateralized Securities and Structured Products - Equity 2,980 2,682

Unsecured Debt - 1.4 %

Klein Hersh, LLC(m)(p) 0.00 % 4/27/2032 Services:

Business 4,368 988 1,081

Lucky Bucks Holdings LLC(q)(t) 12.50 % 5/29/2028 Hotel, Gaming & Leisure 25,308 22,860 5,315

SRA Holdings, LLC(r)(x) S+ 600 , 0.00 % SOFR Floor

3/24/2025 Banking, Finance, Insurance & Real Estate 4,103 4,103 4,103

TMK Hawk Parent, Corp.

11.00 % 12/15/2031 Services:

Business 1,536 1,536 1,315

Total Unsecured Debt 29,487 11,814

Equity - 29.2 %

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

ACS Holdings LLC, Class A-1 Membership Units(p)(r) Healthcare & Pharmaceuticals 25,115,901 Units

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

Metals & Mining NA — —

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

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

Oil & Gas 511,255 Units

Carestream Health Holdings, Inc., Common Stock(o)(q) Healthcare & Pharmaceuticals 614,368 Units

Avison Young (Canada) Inc., Class A Preferred Shares ( 12.5 % Return)

Banking, Finance, Insurance & Real Estate 8,800,606 Units

Avison Young (Canada) Inc., Class F Common Shares(p) Banking, Finance, Insurance & Real Estate 6,575 Units

Carestream Health Holdings, Inc., Common Stock(p) Healthcare & Pharmaceuticals 614,368 Units

21,759 20,108

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

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

Business 380,952 Units

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

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

22,073 18,103

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

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

Diversified Financials NA — —

David's Bridal Holdings, LLC, Preferred Units(o)(r) Retail 1,000 Units

10,820 12,494

David's Bridal Holdings, LLC, Common Units(o)(r) Retail 900,000 Units

CTS Ultimate Holdings, LLC, Class A Preferred Units(p) Construction & Building 849,201 Units

David's Bridal Holdings, LLC, Common Units(p)(s) Retail 900,000 Units

23,130 24,570

FWS Parent Holdings, LLC, Class A Membership Interests(o) Services:

David's Bridal Holdings, LLC, Preferred Units(p)(s) Retail 1,000 Units

EBSC Holdings LLC, Preferred Units ( 10 % Return)

Consumer Goods:

Durable 2,000 Units

FWS Parent Holdings, LLC.

Class A Membership Interests(p) Services:

Business 35,242 Units

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

Heritage Litigation Trust, Restricted Stock(o) Energy:

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

Heritage Litigation Trust, Restricted Stock(p) Energy:

Oil & Gas 238,375 Units

IPP Buyer Holdings, LLC, Class A Units(o)(q) Retail 8,888,354 Units

10,740 11,910

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

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

Advertising, Printing & Publishing 10,819 Units

Isagenix Worldwide, Inc., Common Shares(o)(q) Beverage, Food & Tobacco 601,941 Units

K&N Holdco, LLC, Membership Units(o) Consumer Goods:

IPP Buyer Holdings, LLC, Class A Units(p)(r) Retail 8,888,354 Units

10,740 11,644

Isagenix Worldwide, Inc., Common Shares(p)(r) Beverage, Food & Tobacco 720,420 Units

K&N Holdco, LLC, Membership Units(p) Consumer Goods:

Durable 743,846 Units

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

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

Business 366,667 Units

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

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

Business 366,667 Units

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

Oil & Gas 653,989 Units

Macquarie Capital Funding LLC(i)(o)

Hotel, Gaming & Leisure 123,568 Units

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

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

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

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

Durable 1,575 Units

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

Reorganized Heritage TopCo, LLC, Common Stock(o) Energy:

LB NewHoldco LLC, Voting Units(p) Hotel, Gaming & Leisure 123,568 Units

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

Oil & Gas 1,491,731 Units

RumbleOn, Inc., Warrants(o) 8/14/2028 Automotive 60,606 Units

Service Compression, LLC, Warrants(o) Energy:

Oil & Gas N/A 509 1,426

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

Consumer 9,858 Units

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

Consumer 3,996 Units

SRA Holdings, LLC, Membership Units(m)(o)(q) Banking, Finance, Insurance & Real Estate 224,865 Units

12,835 52,166

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

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

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

New Giving Acquisition, Inc., Common Stock Healthcare & Pharmaceuticals 4,630 Units

New HW Holdings Corp., Preferred Stock(p)(r) Capital Equipment 14 Units

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

URS Topco, LLC, Common Equity(o) Transportation:

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

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

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

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

Durable 1,575 Units

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

PLBY Group, Inc., Series B Preferred Stock(h)(p) Consumer Goods:

Non-Durable 3,825 Units

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

Service Compression Holdings, LLC, Junior Preferred Units(p) Energy:

Oil & Gas 389,001 Units

Service Compression, LLC, Warrants(p) Energy:

Oil & Gas 730,586 Units

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

Consumer 9,858 Units

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

Consumer 3,996 Units

SRA Parent, LLC, Preferred Units ( 12 % Return)(r)

Banking, Finance, Insurance & Real Estate 9,166,827 Units

SRA Parent, LLC, Common Units(p)(r) Banking, Finance, Insurance & Real Estate 147,827 Units

17,590 17,277

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

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

TG Parent NewCo LLC, Common Units(o)(p)(r) Consumer Goods:

Non-Durable 9 Units

TMK Hawk Parent, Corp., Common Shares(p) Services:

Business 643,588 Units

TMK Hawk Parent, Corp., Warrants(p) Services:

Business 36,734 Units

URS Topco, LLC, Common Equity(p) Transportation:

Cargo 430,540 Units

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

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

Business 500 Units

Yak Holding II, LLC, Series A Preferred Units(o) Construction & Building 4,000,000 Units

Yak Holding II, LLC, Series B-1 Preferred Units(o) Construction & Building 1,966,018 Units

Yak Holding II, LLC, Series A Common Units(o) Construction & Building 127,419 Units

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 1940 Act, except for investments specifically identified as non-qualifying per note h.

Unless specifically identified in note s.

Unless specifically identified in note t.

below, investments do not contain a PIK interest provision.

The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2024, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2024.

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.

The actual London Interbank Offered Rate, or LIBOR, rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2024, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2024.

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

2 unchanged sentences

Fair value determined using level 1 inputs.

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

(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.

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.

The underlying first lien term loan was subsequently exchanged for common shares of the underlying portfolio company.

Macquarie's obligations under the proceeds agreement are not secured by any collateral.

The industry and other investment characteristics reflect the terms of the underlying equity security.

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, and was pledged as collateral supporting the amounts outstanding under the repurchase agreement with UBS as of December 31, 2024 (see Note 8).

Investment is held through CIC Holdco, LLC, a wholly-owned taxable subsidiary of the Company.

Non-income producing security.

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)

Investment or a portion thereof was on non-accrual status as of December 31, 2023.

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:

Year Ended December 31, 2023

Year Ended December 31, 2024 Year Ended December 31, 2024

Non-Controlled, Affiliated Investments Fair Value at

1 unchanged sentence

(Cost)(1) Gross

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at December 31, 2023

Net Realized Gain (Loss) Interest

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at

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 $ — $ —

American Clinical Solutions LLC

First Lien Term Loan — 13,300 — ( 2,225 ) 11,075 — 503 — 50

Class A-1 Membership Interests — — — — — — — — —

ARC Financial, LLC

7 unchanged sentences

GSC Technologies Inc.

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 — — — —

HW Acquisition, LLC

Revolving Loan — 2,890 — 250 3,140 — 215 — —

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 — — — —

See accompanying notes to consolidated financial statements.

CĪON Investment Corporation

Consolidated Schedule of Investments

December 31, 2024

(in thousands)

Year Ended December 31, 2024 Year Ended December 31, 2024

Non-Controlled, Affiliated Investments Fair Value at

December 31, 2023 Gross

(Cost)(1) Gross

(Cost)(2) Net Unrealized Gain (Loss) Fair Value at

December 31, 2024 Net Realized Gain (Loss) Interest

Income(3) Dividend Income Fee Income

Lift Brands, Inc.

4 unchanged sentences

Membership Units 21,726 10,132 — 20,308 52,166 — — — —

Longview Power, LLC

First Lien Term Loan 2,348 6 ( 1,396 ) ( 958 ) — — 1,306 — —

Mount Logan Capital Inc.

Common Stock 1,624 — ( 1,511 ) ( 113 ) — — — 53 —

New HW Holdings Corp.

Preferred Stock — 9,899 — ( 6,758 ) 3,141 — — — —

Common Stock — — — — — — — — —

Snap Fitness Holdings, Inc.

2 unchanged sentences

SRA Holdings, LLC

First Lien Term Loan — 4,158 ( 56 ) 1 4,103 — 146 — —

Membership Units 25,515 — ( 23,611 ) ( 1,904 ) — 3,145 — — —

SRA Parent, LLC

Preferred Equity — 9,525 — 8 9,533 — — 358 —

Common Equity — 17,539 — ( 262 ) 17,277 — — — —

STATinMED, LLC

First Lien Term Loan 10,358 1,032 — ( 6,798 ) 4,592 — 894 — —

Delayed Draw First Lien Term Loan 156 6 ( 159 ) ( 3 ) — — 10 — —

Senior Term Loan — 1,004 — ( 62 ) 942 — 257 — 2,894

Senior Superpriority Term Loan — 224 — 19 243 — — — 704

STATinMed Parent, LLC

1 unchanged sentence

Class B Preferred Units — — — — — — — — —

TG Parent NewCo LLC

Common Equity — — — — — — — — —

Trademark Global, LLC

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

(1) Gross additions include increases in the cost basis of investments resulting from new portfolio investments, PIK interest, the amortization of unearned income, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company into this category from a different category.

(2) Gross reductions include decreases in the cost basis of investments resulting from principal collections related to investment repayments or sales, the exchange of one or more existing securities for one or more new securities and the movement of an existing portfolio company out of this category into a different category.

(3) Includes PIK interest income.

See accompanying notes to consolidated financial statements.

3 unchanged sentences

(in thousands)

(3) Includes PIK interest income.

5 unchanged sentences

(Cost)(2) Net

Gain (Loss) Fair Value at December 31, 2023

Gain (Loss) Fair Value at

December 31, 2024 Net Realized

Gain (Loss) Interest

Income(3) Dividend Income Fee Income

Income(3) Fee Income

CION/EagleTree Partners, LLC

17 unchanged sentences

(in thousands)

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.

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 %

Celerity Acquisition Holdings, LLC Senior Secured First Lien Debt 10.00 % 4.05 % 14.05 %

Avison Young (Canada) Inc./Avison Young (USA) Inc.

Senior Secured First Lien Debt 6.06 % 6.50 % 12.56 %

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 %

Deluxe Entertainment Services, Inc.

Senior Secured First Lien Debt 12.50 % 1.50 % 14.00 %

FuseFX, LLC Senior Secured First Lien Debt 5.78 % 5.00 % 10.78 %

GSC Technologies Inc.

Senior Secured First Lien Debt — 10.51 % 10.51 %

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 %

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 %

HW Acquisition, LLC Senior Secured First Lien Debt — 10.59 % 10.59 %

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 %

Klein Hersh, LLC Senior Secured First Lien Debt 6.74 % 12.00 % 18.74 %

LAV Gear Holdings, Inc.

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 %

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 %

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 %

TMK Hawk Parent, Corp.

Senior Secured First Lien Debt — 9.59 % 9.59 %

TMK Hawk Parent, Corp.

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 %

WPLM Acquisition Corp.

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%.

7 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

31 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

1 unchanged sentence

Basis of Presentation and Consolidation

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S.

generally accepted accounting principles, or GAAP, for interim financial information and pursuant to the instructions for Form 10-Q and Article 10 of Regulation S-X.

Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.

The accompanying consolidated financial statements of the Company have been prepared in accordance with U.S.

generally accepted accounting principles, or GAAP, and include the accounts of the Company and its wholly-owned subsidiaries.

The Company is considered an investment company as defined in Accounting Standards Codification Topic 946, Financial Services – Investment Companies, or ASC 946.

Accordingly, the required disclosures as outlined in ASC 946 are included in the Company’s consolidated financial statements.

In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.

For a more complete discussion of significant accounting policies and certain other information, the Company’s interim unaudited consolidated financial statements should be read in conjunction with its audited consolidated financial statements as of December 31, 2023 and for the year then ended included in the Company’s Annual Report on Form 10-K.

Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024.

The consolidated balance sheet and the consolidated schedule of investments as of December 31, 2023 and the consolidated statements of operations, shareholders' equity, and cash flows for the year ended December 31, 2023 are derived from the 2023 audited consolidated financial statements and include the accounts of the Company’s wholly-owned subsidiaries.

All intercompany balances and transactions have been eliminated in consolidation.

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The Company evaluates subsequent events through the date that the consolidated financial statements are issued.

Segment Reporting

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.

The chief operating decision makers, or CODMs, are comprised of the Company’s co-chief executive officers, chief investment officer and chief financial officer.

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.

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.

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

In June 2022, the Financial Accounting Standards Board, or the FASB, issued ASU 2022-03, Fair Value Measurement (Topic 820):

Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions , or ASU 2022-03, which clarifies the guidance when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security and introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820.

ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2023.

The Company has adopted this guidance and concluded that it did not have a material impact on the Company's consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848):

Facilitation of the Effects of Reference Rate Reform on Financial Reporting , or ASU 2020-04, which provides optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform.

ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022.

The expedients and exceptions provided by this guidance do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022.

In December 2022, the FASB issued ASU No.

2022-06, Reference Rate Reform (Topic 848):

Deferral of the Sunset Date of Topic 848 , which deferred the sunset date of this guidance to December 31, 2024.

The Company is evaluating the potential impact that the adoption of this guidance will have on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

In December 2023, the Financial Accounting Standards Board, or the FASB, issued ASU 2023-09, Income Taxes (Topic 740):

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.

1 unchanged sentence

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.

The Company does not expect this update to have a material effect on the Company's consolidated financial statements.

Cash and Cash Equivalents

4 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

2 unchanged sentences

All assets and liabilities denominated in foreign currencies are translated into U.S.

dollars based on the foreign exchange rate on the date of valuation.

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.

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Treasury securities and repurchase agreements that are collateralized by such securities.

The Company had $ 53,503 and $ 113,446 of such investments at September 30, 2024 and December 31, 2023, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.

The Company had $ 53,976 and $ 68,818 of such investments at March 31, 2025 and December 31, 2024, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.

The Company elected to be treated for federal income tax purposes as a RIC under Subchapter M of the Code.

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The income tax expense or benefit, if any, and the related tax assets and liabilities, where material, are reflected in the Company’s consolidated financial statements.

There were no deferred tax assets or liabilities as of September 30, 2024 or December 31, 2023.

There were no deferred tax assets or liabilities as of March 31, 2025 or December 31, 2024.

Book/tax differences relating to permanent differences are reclassified among the Company’s capital accounts, as appropriate.

9 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

24 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

34 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

12 unchanged sentences

Upon the prepayment of a loan or security, prepayment premiums, any unamortized loan origination fees, OID, or market discounts/premiums are recorded as interest income.

The Company may have investments in its investment portfolio that contain a PIK interest provision.

The Company has investments in its investment portfolio that contain a PIK interest provision.

PIK interest is accrued as interest income if the portfolio company valuation indicates that such PIK interest is collectible and recorded as interest receivable up to the interest payment date.

2 unchanged sentences

In order to maintain RIC status, substantially all of this income must be paid out to shareholders in the form of distributions, even if the Company has not collected any cash.

For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of September 30, 2024 and December 31, 2023.

For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of March 31, 2025 and December 31, 2024.

Loans and debt securities, including those that are individually identified as being impaired under Accounting Standards Codification 310, Receivables , or ASC 310, are generally placed on non-accrual status immediately if, in the opinion of management, principal or interest is not likely to be paid, or when principal or interest is past due 90 days or more.

3 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.

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.

8 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

11 unchanged sentences

This accrual reflects the incentive fees that would be payable to CIM if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though CIM is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

Net Increase (Decrease) in Net Assets per Share

Net increase (decrease) in net assets per share is calculated based upon the daily weighted average number of shares of common stock outstanding during the reporting period.

Net (Decrease) Increase in Net Assets per Share

Net (decrease) increase in net assets per share is calculated based upon the daily weighted average number of shares of common stock outstanding during the reporting period.

Distributions

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The Company’s follow-on continuous public offering commenced on January 25, 2016 and ended on January 25, 2019.

The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023:

Nine Months Ended

September 30, Year Ended

The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024:

Three Months Ended

March 31, Year Ended

2025 2024 2024

Shares Amount Shares Amount Shares Amount

Gross shares/proceeds from the offering — $ — — $ — — $ —

Gross shares/proceeds from offerings — $ — — $ — — $ —

Reinvestment of distributions — — — — — —

4 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

Since commencing its initial continuous public offering on July 2, 2012 and through September 30, 2024, the Company sold 53,359,886 shares of common stock for net proceeds of $ 1,124,001 .

Since commencing its initial continuous public offering on July 2, 2012 and through March 31, 2025, the Company sold 53,003,407 shares of common stock for net proceeds of $ 1,119,826 .

The net proceeds include gross proceeds received from reinvested shareholder distributions of $ 237,451 , for which the Company issued 13,523,489 shares of common stock, and gross proceeds paid for shares of common stock repurchased of $ 272,911 , for which the Company repurchased 17,265,960 shares of common stock.

As of September 30, 2024, 16,906,122 shares of common stock repurchased had been retired.

As of March 31, 2025, 17,265,960 shares of common stock repurchased had been retired.

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 September 30, 2024, the Company had not issued any such shares.

As of March 31, 2025, the Company has not issued any such shares.

Distribution Reinvestment Plan

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.

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.

Reverse Stock Split

Effective on September 21, 2021, every two shares of the Company's common stock then issued and outstanding were automatically combined into one share of the Company's common stock, with the number of then issued and outstanding shares reduced from 113,916,869 to 56,958,440 .

The reverse stock split amendment also provided that there was no change in the par value of $ 0.001 per share as a result of the reverse stock split.

In addition, the reverse stock split did not modify the rights or preferences of the Company’s common stock.

On September 15, 2021, the Company adopted a distribution reinvestment plan, or the DRP, which became effective as of the Listing.

For additional information regarding the terms of the DRP, see Note 5.

Listing and Fractional Shares

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On February 26, 2023, the Company’s shares of common stock also listed and commenced trading in Israel on the TASE under the ticker symbol “CION”.

Pre-Listing Share Repurchase Program

Historically, the Company offered to repurchase shares on a quarterly basis on such terms as determined by the Company’s board of directors in its complete and absolute discretion unless, in the judgment of the independent directors of the Company’s board of directors, such repurchases would not have been in the best interests of the Company’s shareholders or would have violated applicable law.

On July 30, 2021, the Company's board of directors, including the independent directors, determined to suspend the Company's pre-Listing share repurchase program commencing with the third quarter of 2021 in anticipation of the Listing and the concurrent enhanced liquidity the Listing was expected to provide.

The pre-Listing share repurchase program ultimately terminated upon the Listing and the Company does not expect to implement a new quarterly share repurchase program in the future.

Historically, the Company generally limited the number of shares to be repurchased during any calendar year to the number of shares it could have repurchased with the proceeds it received from the issuance of shares pursuant to the Old DRP.

At the discretion of the Company’s board of directors, it could have also used cash on hand, cash available from borrowings and cash from liquidation of investments as of the end of the applicable period to repurchase shares.

The Company offered to repurchase such shares at a price equal to the estimated NAV per share on each date of repurchase.

Any periodic repurchase offers were subject in part to the Company’s available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

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The 10b5-1 trading plan expires on August 19, 2025, and is subject to price, market volume and timing restrictions.

The following table summarizes the share repurchases completed during the year ended December 31, 2023 and the nine months ended September 30, 2024:

The following table summarizes the share repurchases completed during the year ended December 31, 2024 and the three months ended March 31, 2025:

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)

15 unchanged sentences

March 1 to March 31, 2025 33,013 12.13 33,013 19,598

April 1 to April 30, 2024 168,002 11.14 168,002 26,564

May 1 to May 31, 2024 27,449 11.67 27,449 26,244

June 1 to June 30, 2024 39,531 12.14 39,531 25,765

July 1 to July 31, 2024 71,305 12.35 71,305 24,885

August 1 to August 31, 2024 26,874 11.93 26,874 24,565

September 1 to September 30, 2024 67,558 11.86 67,558 23,764

Total for the nine months ended September 30, 2024

824,750 824,750

Total for the three months ended March 31, 2025 185,862 185,862

(1) Amounts do not include any commissions paid to Wells Fargo on shares repurchased.

From April 1, 2025 to April 30, 2025, the Company repurchased 315,943 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $ 2,957 , or an average purchase price of $ 9.36 per share.

As of April 30, 2025, 17,265,960 shares of common stock repurchased by the Company had been retired.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

From October 1, 2024 to October 30, 2024, the Company repurchased 73,943 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $ 881 , or an average purchase price of $ 11.92 per share.

As of October 30, 2024, 16,906,122 shares of common stock repurchased by the Company had been retired.

Transactions with Related Parties

For the three and nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows:

For the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows:

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

March 31, Year Ended December 31,

Entity Capacity Description 2025 2024 2024

18 unchanged sentences

These changes to the subordinated incentive fee on income were effective upon the Listing, except for the change to the calculation of the subordinated incentive fee payable to CIM that replaced adjusted capital with the Company's net assets, which was effective on August 10, 2021.

For the three months ended September 30, 2024 and 2023, the Company recorded subordinated incentive fees on income of $ 4,586 and $ 6,362 , respectively.

For the nine months ended September 30, 2024 and 2023, the Company recorded subordinated incentive fees on income of $ 16,371 and $ 17,662 , respectively.

As of September 30, 2024 and December 31, 2023, the liabilities recorded for subordinated incentive fees were $ 4,586 and $ 4,615 , respectively.

For the three months ended March 31, 2025 and 2024, the Company recorded subordinated incentive fees on income of $ 4,084 and $ 6,914 , respectively.

As of March 31, 2025 and December 31, 2024, the liabilities recorded for subordinated incentive fees were $ 4,084 and $ 3,964 , respectively.

The second part of the incentive fee, which is referred to as the capital gains incentive fee, is described in Note 2.

1 unchanged sentence

however, under the terms of the investment advisory agreement, the fee payable to CIM is based on net realized gains and unrealized depreciation and no such fee is payable with respect to unrealized appreciation unless and until such appreciation is actually realized.

For the three and nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023, the Company had no liability for and did not record any capital gains incentive fees.

For the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024, the Company had no liability for and did not record any capital gains incentive fees.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

7 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.

As of September 30, 2024 and December 31, 2023, the total liability payable to CIM and its affiliates was $ 12,955 and $ 13,664 , respectively, which primarily related to fees earned by CIM during the three months ended September 30, 2024 and December 31, 2023, respectively.

As of March 31, 2025 and December 31, 2024, the total liability payable to CIM and its affiliates was $ 11,253 and $ 12,731 , respectively, which primarily related to fees earned by CIM during the three months ended March 31, 2025 and December 31, 2024, respectively.

In the event that CIM undertakes to provide investment advisory services to other clients in the future, it will strive to allocate investment opportunities in a fair and equitable manner consistent with the Company’s investment objective and strategies so that the Company will not be disadvantaged in relation to any other client of the investment adviser or its senior management team.

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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.

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.

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 7 and 4 record dates during the year ended December 31, 2023 and the nine months ended September 30, 2024, respectively.

The Company’s management declared and the Company's board of directors ratified distributions for 6 and 1 record dates during the year ended December 31, 2024 and the three months ended March 31, 2025, respectively.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

The following table presents distributions per share that were declared during the year ended December 31, 2023 and the nine months ended September 30, 2024:

The following table presents distributions per share that were declared during the year ended December 31, 2024 and the three months ended March 31, 2025:

Distributions

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March 31, 2024 (one record date) $ 0.34 $ 18,279

June 30, 2023 (one record date) 0.34 18,614

September 30, 2023 (two record dates) 0.39 21,276

December 31, 2023 (three record dates) 0.54 29,290

Total distributions for the year ended December 31, 2023 $ 1.61 $ 87,867

March 31, 2024 (one record date) $ 0.34 $ 18,279

June 30, 2024 (two record dates) 0.41 21,960

September 30, 2024 (one record date) 0.36 19,234

Total distributions for the nine months ended September 30, 2024 $ 1.11 $ 59,473

On November 4, 2024, the Company’s co-chief executive officers declared a quarterly base distribution of $ 0.36 per share for the fourth quarter of 2024 payable on December 16, 2024 to shareholders of record as of December 2, 2024.

In connection with the Listing of its shares of common stock on the NYSE, on September 15, 2021, the Company terminated the Old DRP.

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.

Under the Old DRP and prior to the Listing, distributions to participating shareholders who “opted in” to the Old DRP were reinvested in additional shares of the Company's common stock at a purchase price equal to the estimated NAV per share of common stock as of the date of issuance.

Upon the Listing, all shareholders were automatically enrolled in the New DRP and will receive distributions as declared by the Company in additional shares of its common stock unless such shareholder affirmatively elects to receive an entire distribution in cash by notifying (i) such shareholder’s financial adviser;

December 31, 2024 (two record dates) 0.41 21,835

Total distributions for the year ended December 31, 2024 $ 1.52 $ 81,308

March 31, 2025 (one record date) $ 0.36 $ 19,149

Total distributions for the three months ended March 31, 2025 $ 0.36 $ 19,149

On May 5, 2025, the Company’s co-chief executive officers declared a quarterly base distribution of $ 0.36 per share for the second quarter of 2025 payable on June 16, 2025 to shareholders of record as of June 2, 2025.

On September 15, 2021, the Company adopted the DRP, which became effective as of the Listing.

Shareholders enrolled in the DRP receive distributions as declared by the Company in additional shares of its common stock unless such shareholder affirmatively elects to receive an entire distribution in cash by notifying (i) such shareholder’s financial adviser;

or (ii) if such shareholder has a registered account maintained at the Company’s transfer agent, the plan administrator.

With respect to distributions to participating shareholders under the New DRP, the Company reserves the right to either issue new shares or cause the plan administrator to purchase shares in the open market in connection with implementation of the New DRP.

Unless the Company, in its sole discretion, otherwise directs DST Asset Management Solutions, Inc., the plan administrator, (A) if the per share “market price” (as defined in the New DRP) is equal to or greater than the estimated NAV per share on the payment date for the distribution, then the Company will issue shares at the greater of (i) the estimated NAV or (ii) 95 % of the market price, or (B) if the market price is less than the estimated NAV, then, in the Company’s sole discretion, (i) shares will be purchased in open market transactions for the accounts of participating shareholders to the extent practicable, or (ii) the Company will issue shares at the estimated NAV.

Pursuant to the terms of the New DRP, the number of shares to be issued to a participating shareholder will be determined by dividing the total dollar amount of the distribution payable to a participating shareholder by the price per share at which the Company issues such shares;

With respect to distributions to participating shareholders under the DRP, the Company reserves the right to either issue new shares or cause the plan administrator to purchase shares in the open market in connection with implementation of the DRP.

Unless the Company, in its sole discretion, otherwise directs DST Asset Management Solutions, Inc., the plan administrator, (A) if the per share “market price” (as defined in the DRP) is equal to or greater than the estimated NAV per share on the payment date for the distribution, then the Company will issue shares at the greater of (i) the estimated NAV or (ii) 95 % of the market price, or (B) if the market price is less than the estimated NAV, then, in the Company’s sole discretion, (i) shares will be purchased in open market transactions for the accounts of participating shareholders to the extent practicable, or (ii) the Company will issue shares at the estimated NAV.

Pursuant to the terms of the DRP, the number of shares to be issued to a participating shareholder will be determined by dividing the total dollar amount of the distribution payable to a participating shareholder by the price per share at which the Company issues such shares;

provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participating shareholder based on the weighted average purchase price, excluding any brokerage charges or other charges, of all shares purchased in the open market with respect to such distribution.

If a shareholder receives distributions in the form of common stock pursuant to the New DRP, such shareholder generally will be subject to the same federal, state and local tax consequences as if they elected to receive distributions in cash.

If a shareholder receives distributions in the form of common stock pursuant to the DRP, such shareholder generally will be subject to the same federal, state and local tax consequences as if they elected to receive distributions in cash.

If the Company’s common stock is trading at or below NAV, a shareholder receiving distributions in the form of additional common stock will be treated as receiving a distribution in the amount of cash that such shareholder would have received if they had elected to receive the distribution in cash.

4 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(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 year ended December 31, 2023 and the nine months ended September 30, 2024 pursuant to the New DRP in order to satisfy the reinvestment portion of the Company’s distributions:

The following table provides information concerning the Company’s purchases of shares of its common stock in the open market during the year ended December 31, 2024 and the three months ended March 31, 2025 pursuant to the DRP in order to satisfy the reinvestment portion of the Company’s distributions:

Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans of Programs

15 unchanged sentences

March 1 to March 31, 2025 — — — —

April 1 to April 30, 2024 — — — —

May 1 to May 31, 2024 — — — —

June 1 to June 30, 2024 135,440 12.44 135,440 ( 1 )

July 1 to July 31, 2024 18,789 12.51 18,789 ( 1 )

August 1 to August 31, 2024 — — — —

September 1 to September 30, 2024 131,659 12.10 131,659 ( 1 )

Total for the nine months ended September 30, 2024

548,567 $ 11.71 548,567 ( 1 )

(1) See the description of the New DRP above.

Total for the three months ended March 31, 2025 19,368 $ 11.49 19,368 ( 1 )

(1) See the description of the DRP above.

The Company may fund its distributions to shareholders from any sources of funds available to the Company, including borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, and dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies.

1 unchanged sentence

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.

On December 31, 2021, the Company and CIM allowed the expense support and conditional reimbursement agreement to expire in accordance with its terms.

As a result, CIM has no obligation to provide expense support to the Company in future periods.

The Company has not established limits on the amount of funds it may use from available sources to pay distributions.

The following table reflects the sources of distributions on a GAAP basis that the Company has declared on its shares of common stock during the nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023:

Nine Months Ended

September 30, Year Ended

The Company has not established limits on the amount of funds it may use from available sources to make distributions.

The following table reflects the sources of distributions on a GAAP basis that the Company has declared on its shares of common stock during the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024:

Three Months Ended

March 31, Year Ended

2025 2024 2024

2 unchanged sentences

Total distributions $ 0.36 $ 19,149 100.0 % $ 0.34 $ 18,279 100.0 % $ 1.52 $ 81,308 100.0 %

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

It is the Company's policy to comply with all requirements of the Code applicable to RICs and to distribute at least 90% of its taxable income to its shareholders.

2 unchanged sentences

The Company will also be subject to nondeductible federal excise taxes of 4% if the Company does not distribute at least 98.0% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no federal income taxes.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

Income and capital gain distributions are determined in accordance with the Code and federal tax regulations, which may differ from amounts determined in accordance with GAAP.

12 unchanged sentences

(1) Includes short term capital loss carryforwards of $ 0 and long term capital loss carryforwards of $ 82,446 .

As of September 30, 2024, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 60,588 ;

As of March 31, 2025, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 70,503 ;

the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $ 251,730 ;

5 unchanged sentences

and the aggregate cost of securities for Federal income tax purposes was $ 2,004,766 .

The composition of the Company’s investment portfolio as of September 30, 2024 and December 31, 2023 at amortized cost and fair value was as follows:

September 30, 2024 December 31, 2023

The composition of the Company’s investment portfolio as of March 31, 2025 and December 31, 2024 at amortized cost and fair value was as follows:

March 31, 2025 December 31, 2024

Value Percentage of

13 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

The following tables show the composition of the Company’s investment portfolio by industry classification and geographic dispersion, and the percentage, by fair value, of the total investment portfolio assets in such industries and geographies as of September 30, 2024 and December 31, 2023:

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Industry Classification Investments at

7 unchanged sentences

Diversified & Production 127,001 7.1 % 129,210 7.1 %

Oil & Gas 115,872 6.5 % 116,393 6.4 %

Consumer 114,767 6.5 % 111,832 6.2 %

Beverage, Food & Tobacco 109,022 6.1 % 100,612 5.5 %

Advertising, Printing & Publishing 106,095 5.9 % 104,622 5.7 %

2 unchanged sentences

Durable 95,522 5.3 % 95,968 5.3 %

Oil & Gas 94,504 5.4 % 104,893 5.7 %

Beverage, Food & Tobacco 89,320 5.1 % 68,780 3.7 %

Banking, Finance, Insurance & Real Estate 64,317 3.6 % 64,422 3.5 %

2 unchanged sentences

Capital Equipment 43,604 2.4 % 52,349 2.9 %

High Tech Industries 38,212 2.1 % 37,665 2.1 %

Consumer Goods:

3 unchanged sentences

Containers, Packaging & Glass 18,637 1.0 % 18,687 1.0 %

High Tech Industries 18,529 1.1 % 22,671 1.2 %

Metals & Mining 14,815 0.8 % 13,957 0.8 %

Aerospace & Defense 13,650 0.8 % 13,825 0.8 %

Metals & Mining 10,974 0.6 % 13,094 0.7 %

Transportation:

5 unchanged sentences

Total investments $ 1,845,660 $ 1,888,688

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Geographic Dispersion(1) Investments at

5 unchanged sentences

Canada 30,943 1.7 % 33,541 1.8 %

Bermuda 970 0.1 % 962 0.1 %

Cayman Islands 3,612 0.2 % 2,682 0.1 %

Bermuda 1,003 0.1 % 988 0.1 %

Subtotal/total percentage 1,791,684 100.0 % 1,819,870 100.0 %

2 unchanged sentences

(1) The geographic dispersion is determined by the portfolio company's country of domicile.

As of September 30, 2024 and December 31, 2023, investments on non-accrual status represented 1.8 % and 0.9 %, respectively, of the Company's investment portfolio on a fair value basis.

As of March 31, 2025 and December 31, 2024, investments on non-accrual status represented 1.2 % and 1.4 %, respectively, of the Company's investment portfolio on a fair value basis.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

The Company’s investment portfolio may contain senior secured investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or unfunded commitments, which may require the Company to provide funding when requested in accordance with the terms of the underlying agreements.

As of September 30, 2024 and December 31, 2023, the Company’s unfunded commitments amounted to $ 71,113 and $ 47,349 , respectively.

As of October 30, 2024, the Company’s unfunded commitments amounted to $ 69,980 .

As of March 31, 2025 and December 31, 2024, the Company’s unfunded commitments amounted to $ 65,130 and $ 70,681 , respectively.

As of April 30, 2025, the Company’s unfunded commitments amounted to $ 61,793 .

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.

16 unchanged sentences

On November 16, 2023, the Company purchased a portion of the CION/EagleTree Notes held by ET-BC.

As a result, as of December 31, 2023, the Company held $ 59,598 and ET-BC held $ 4,904 of the CION/Eagletree Notes.

As a result, as of March 31, 2025, the Company held $ 36,037 and ET-BC held $ 2,965 of the CION/Eagletree Notes.

The obligations of CION/EagleTree under the CION/EagleTree Notes are non-recourse to the Company.

3 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

The following table sets forth the individual investments in CION/EagleTree's portfolio as of September 30, 2024:

Portfolio Company Interest(a) Maturity Industry Principal/

Units Cost(b) Fair

Senior Secured First Lien Debt

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

5/31/2025 Services:

Business $ 1,200 $ 1,186 $ 1,215

Community Tree Service, LLC(f) S+ 1100 , 1.00 % SOFR Floor

6/17/2027 Construction & Building 465 465 465

Total Senior Secured First Lien Debt 1,651 1,680

The following table sets forth the individual investments in CION/EagleTree's portfolio as of March 31, 2025:

Portfolio Company Interest Maturity Industry Principal/

Units Cost Fair

Collateralized Securities and Structured Products - Equity

Ivy Hill Middle Market Credit Fund VIII, Ltd.

Subordinated Loan(c) 11.84 % Estimated Yield

Subordinated Loan(a) 11.84 % Estimated Yield

4/28/2039 Diversified Financials $ 7,000 $ 6,483 $ 6,886

Total Collateralized Securities and Structured Products - Equity 6,483 6,886

American Clinical Solutions LLC, Class A Membership Interests(d) Healthcare & Pharmaceuticals 6,030,384 Units

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

American Clinical Solutions LLC, Class A Membership Interests(b) Healthcare & Pharmaceuticals 6,030,384 Units

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

Diversified & Production 1,469 Units

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

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

Diversified & Production 255 Units

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

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

Diversified & Production 4,746 Units

1 unchanged sentence

Diversified Financials N/A 11,262 10,696

Carestream Health Holdings, Inc., Common Stock(d) Healthcare & Pharmaceuticals 614,367 Units

Carestream Health Holdings, Inc., Common Stock(b) Healthcare & Pharmaceuticals 614,367 Units

21,759 19,982

3 unchanged sentences

Healthcare & Pharmaceuticals 183,723 Units

CTS Ultimate Holdings LLC, Class A Preferred Units(d) Construction & Building 3,578,701 Units

Dayton HoldCo, LLC, Membership Units(d) Construction & Building 37,264 Units

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

CTS Ultimate Holdings LLC, Class A Preferred Units(b) Construction & Building 3,578,701 Units

Dayton HoldCo, LLC, Membership Units(b) Construction & Building 37,264 Units

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

Diversified & Production 1 Unit

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

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

Business 133,333 Units

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

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

Business 133,333 Units

Skillsoft Corp., Class A Common Stock(d) High Tech Industries 12,171 Units

Skillsoft Corp., Class A Common Stock(b)(c) High Tech Industries 12,171 Units

Spinal USA, Inc.

/ Precision Medical Inc., Warrants(d) Healthcare & Pharmaceuticals 20,667,324 Units

/ Precision Medical Inc., Warrants(b) Healthcare & Pharmaceuticals 20,667,324 Units

Total Equity 51,651 51,648

Short Term Investments(g)

First American Treasury Obligations Fund, Class Z Shares 4.75 %(h)

Short Term Investments(d)

First American Treasury Obligations Fund, Class Z Shares 4.22 %(e)

Total Short Term Investments 1,928 1,928

TOTAL INVESTMENTS $ 60,062 $ 60,462

The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of September 30, 2024, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to September 30, 2024.

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

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

3 unchanged sentences

Non-income producing security.

The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2024 was 4.85%.

The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2024 was 4.59%.

Fair value determined using level 1 inputs.

Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.

7-day effective yield as of September 30, 2024.

7-day effective yield as of March 31, 2025.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

The following table sets forth the individual investments in CION/EagleTree's portfolio as of December 31, 2024:

Portfolio Company Interest(a) Maturity Industry Principal/

Units Cost(b) Fair

Senior Secured First Lien Debt

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

2/14/2025 Services:

Business 1,200 1,157 1,194

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

6/17/2027 Construction & Building 463 463 464

Total Senior Secured First Lien Debt 1,620 1,658

Senior Secured Second Lien Debt

Access CIG, LLC(g) S+ 775 , 0.00 % SOFR Floor

2/27/2026 Services:

Business 7,250 7,229 7,244

MedPlast Holdings, Inc.(e) L+ 775 , 0.00 % LIBOR Floor

7/2/2026 Healthcare & Pharmaceuticals 6,750 6,276 6,535

Total Senior Secured Second Lien Debt 13,505 13,779

Portfolio Company Interest Maturity Industry Principal/

Units Cost Fair

Collateralized Securities and Structured Products - Equity

Ivy Hill Middle Market Credit Fund VIII, Ltd.

Subordinated Loan(c) 11.84 % Estimated Yield

Subordinated Loan(a) 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

American Clinical Solutions LLC, Class A Membership Interests(d) Healthcare & Pharmaceuticals 6,030,384 Units

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

American Clinical Solutions LLC, Class A Membership Interests(b) Healthcare & Pharmaceuticals 6,030,384 Units

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

Diversified & Production 1,469 Units

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

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

Diversified & Production 255 Units

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

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

Diversified & Production 4,746 Units

1 unchanged sentence

Diversified Financials N/A 11,401 11,382

Carestream Health Holdings, Inc., Common Stock(d) Healthcare & Pharmaceuticals 614,367 Units

Carestream Health Holdings, Inc., Common Stock(b) Healthcare & Pharmaceuticals 614,367 Units

21,759 20,108

1 unchanged sentence

Healthcare & Pharmaceuticals 2,727,273 Units

CTS Ultimate Holdings LLC, Class A Preferred Units(d) Construction & Building 3,578,701 Units

Dayton HoldCo, LLC, Membership Units(d) Construction & Building 37,264 Units

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

CHC Medical Partners, Inc., Additional Series C Preferred Stock, 8 % Dividend

Healthcare & Pharmaceuticals 183,723 Units

CTS Ultimate Holdings LLC, Class A Preferred Units(b) Construction & Building 3,578,701 Units

Dayton HoldCo, LLC, Membership Units(b) Construction & Building 37,264 Units

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

Diversified & Production 1 Unit

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

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

Business 133,333 Units

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

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

Business 133,333 Units

Skillsoft Corp., Class A Common Stock(d) High Tech Industries 12,171 Units

Skillsoft Corp., Class A Common Stock(b)(c) High Tech Industries 12,171 Units

Spinal USA, Inc.

/ Precision Medical Inc., Warrants(d) Healthcare & Pharmaceuticals 20,667,324 Units

/ Precision Medical Inc., Warrants(b) Healthcare & Pharmaceuticals 20,667,324 Units

Total Equity 51,651 50,312

Short Term Investments(g)

First American Treasury Obligations Fund, Class Z Shares 5.24 %(i)

Short Term Investments(d)

First American Treasury Obligations Fund, Class Z Shares 4.36 %(e)

Total Short Term Investments 1,643 1,643

TOTAL INVESTMENTS $ 60,756 $ 59,866

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.

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

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

3 unchanged sentences

Non-income producing security.

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 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%.

Fair value determined using level 1 inputs.

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.

2 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

The following table includes selected balance sheet information for CION/EagleTree as of September 30, 2024 and December 31, 2023:

The following table includes selected balance sheet information for CION/EagleTree as of March 31, 2025 and December 31, 2024:

Selected Balance Sheet Information:

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Investments, at fair value (amortized cost of $ 60,062 and $ 60,756 , respectively)

10 unchanged sentences

Total liabilities and members' capital $ 60,999 $ 60,402

The following table includes selected statement of operations information for CION/EagleTree for the three and nine months ended September 30, 2024 and 2023 and for the year ended December 31, 2023:

The following table includes selected statement of operations information for CION/EagleTree for the three months ended March 31, 2025 and 2024 and for the year ended December 31, 2024:

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended

March 31, Year Ended

Selected Statement of Operations Information:

2 unchanged sentences

Total expenses 1,578 2,518 7,974

Net realized (loss) gain on investments — ( 177 ) 3,325 ( 1 ) ( 2,083 )

Net realized gain on investments 56 — 3,641

Net change in unrealized appreciation (depreciation) on investments 1,290 ( 5,583 ) ( 8,585 )

2 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

Financing Arrangements

The following table presents summary information with respect to the Company’s outstanding financing arrangements as of September 30, 2024:

The following table presents summary information with respect to the Company’s outstanding financing arrangements as of March 31, 2025:

Financing Arrangement Type of Financing Arrangement Rate Amount Outstanding Amount Available Maturity Date

1 unchanged sentence

$ 325,000 $ 81,250 June 15, 2027

2029 Notes(2) U.S.

Public Bond Offering 7.50 %

172,500 — December 30, 2029

2026 Notes(3) Note Purchase Agreement 4.50 %

125,000 — February 11, 2026

UBS Facility Repurchase Agreement SOFR + 3.20 %

100,000 50,000 November 19, 2024

2025 UBS Credit Facility Term Loan Credit Facility SOFR + 2.75 %

100,000 25,000 February 13, 2028

Series A Notes(4) Israel Public Bond Offering SOFR + 3.82 %

114,844 — August 31, 2026

2027 Notes (Tranche A) Note Purchase Agreement SOFR + 4.75 %

Tranche A 2027 Notes(3) Note Purchase Agreement SOFR + 4.75 %

100,000 — November 8, 2027

2027 Notes (Tranche B) Amended and Restated Note Purchase Agreement SOFR + 3.90 %

Tranche B 2027 Notes(3) Amended and Restated Note Purchase Agreement SOFR + 3.90 %

100,000 — November 8, 2027

4 unchanged sentences

$ 1,117,344 $ 106,250

(1) 34th Street will pay an annual administration fee of 0.20 % on JPM's total financing commitment.

(1) 34th Street pays an annual administration fee of 0.20 % on JPM's total financing commitment.

The administration fee is included in interest expense in the consolidated statements of operations.

(2) As of September 30, 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 September 30, 2024.

(3) As of September 30, 2024, the fair value of the Series A Notes was $ 120,114 , 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 September 30, 2024.

(2) As of March 31, 2025, the fair value of the 2029 Notes was $ 172,086 , 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 March 31, 2025.

(3) As of March 31, 2025, the outstanding amount of this debt instrument approximates its fair value.

The fair value was estimated based on discounted cash flows using current market interest rates for similar debt with comparable terms and remaining maturities.

The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2025.

(4) As of March 31, 2025, the fair value of the Series A Notes was $ 120,711 , 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 March 31, 2025.

JPM Credit Facility

10 unchanged sentences

Advances under the Second Amended JPM Credit Facility bore interest at a floating rate equal to the three-month LIBOR, plus a spread of 3.25 % per year.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

On March 28, 2022, 34th Street entered into a First Amendment to the Third Amended JPM Credit Facility with JPM, or the JPM First Amendment.

18 unchanged sentences

The non-usage fees, if any, are payable quarterly in arrears.

As of December 31, 2023, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $ 550,000 .

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.

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.

As of September 30, 2024, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $ 450,000 and the aggregate unfunded principal amount was $ 112,500 .

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.

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.

As of March 31, 2025, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $ 325,000 and the aggregate unfunded principal amount was $ 81,250 .

The carrying amount outstanding under the Third Amended JPM Credit Facility approximates its fair value.

3 unchanged sentences

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 three months ended September 30, 2024, 34th Street was in compliance with all covenants and reporting requirements.

Through September 30, 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 September 30, 2024 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility.

At September 30, 2024, the unamortized portion of the debt issuance costs was $ 5,494 .

As of and for the three months ended March 31, 2025, 34th Street was in compliance with all covenants and reporting requirements.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

For the three and nine months ended September 30, 2024 and 2023 and for the year ended December 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the Third Amended JPM Credit Facility were as follows:

Through March 31, 2025, 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 March 31, 2025 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 4,491 .

For the three months ended March 31, 2025 and 2024 and for the year ended December 31, 2024, the components of interest expense, average borrowings, and weighted average interest rate for the Third Amended JPM Credit Facility were as follows:

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

March 31, Year Ended December 31,

2025 2024 2024

6 unchanged sentences

(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.

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.

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.

Bank Trust Company, National Association, as trustee, or the Trustee.

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.

The 2029 Notes began trading on the NYSE under the ticker symbol “CICB” on October 9, 2024.

The 2029 Notes will mature on December 30, 2029, unless previously redeemed or repurchased in accordance with their terms.

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.

The 2029 Notes are the Company's direct unsecured obligations and rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness;

senior to any series of preferred stock that the Company may issue in the future;

senior to any of the Company's future indebtedness that expressly provides it is subordinated to the 2029 Notes;

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;

and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company's existing or future subsidiaries.

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.

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.

As of and for the three months ended March 31, 2025, the Company was in compliance with all covenants and reporting requirements.

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.

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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

Through March 31, 2025, 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 March 31, 2025 and will amortize to interest expense over the term of the 2029 Notes.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 3,903 .

For the three months ended March 31, 2025 and 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:

Three Months Ended March 31, 2025 For the Period From October 3, 2024 Through December 31, 2024

Stated interest expense $ 3,234 $ 3,163

Amortization of deferred financing costs 193 210

Total interest expense $ 3,427 $ 3,373

Weighted average interest rate(1) 7.50 % 7.50 %

Average borrowings $ 172,500 $ 172,500

(1) Includes the stated interest expense on the 2029 Notes and is annualized for periods covering less than one year.

On February 11, 2021, the Company entered into a Note Purchase Agreement with certain purchasers, or the Note Purchase Agreement, in connection with the Company’s issuance of $ 125,000 aggregate principal amount of its 4.50 % senior unsecured notes due in 2026, or the 2026 Notes.

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.

The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the 2026 Notes (i) after February 11, 2024 but on or before February 11, 2025, at a redemption price equal to 102 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, (ii) after February 11, 2025 but on or before August 11, 2025, at a redemption price equal to 101 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, and (iii) after August 11, 2025, at a redemption price equal to 100 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any.

The 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.

The Note Purchase Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC, (iii) minimum shareholders’ equity of $ 543.6 million, (iv) a minimum asset coverage ratio of not less than 150 %, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.

As of and for the three months ended September 30, 2024, the Company was in compliance with all covenants and reporting requirements.

As of and for the three months ended March 31, 2025, the Company was in compliance with all covenants and reporting requirements.

The Note Purchase Agreement also contains a “most favored lender” provision in favor of the purchasers in respect of any new unsecured credit facilities, loans or indebtedness in excess of $ 25,000 incurred by the Company, which indebtedness contains a financial covenant not contained in, or more restrictive against the Company than those contained, in the Note Purchase Agreement.

In addition, the Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy.

As of September 30, 2024, the aggregate principal amount of 2026 Notes outstanding was $ 125,000 .

Through September 30, 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 September 30, 2024 and will amortize to interest expense over the term of the 2026 Notes.

At September 30, 2024, the unamortized portion of the debt issuance costs was $ 729 .

Through March 31, 2025, 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 March 31, 2025 and will amortize to interest expense over the term of the 2026 Notes.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 463 .

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

2024 2023 2024 2023

March 31, Year Ended December 31,

Stated interest expense $ 1,406 $ 1,406 $ 5,625

5 unchanged sentences

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.

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.

Pursuant to the financing arrangement, assets in the Company's portfolio were contributed from time to time to Murray Hill Funding II.

On May 19, 2017, the Company contributed assets to Murray Hill Funding II.

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.

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.

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 .

Murray Hill Funding purchased the Notes issued by Murray Hill Funding II at a purchase price equal to their par value.

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.

Principal on the Notes will be due and payable on the stated maturity date of May 19, 2027.

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.

The Indenture contains events of default customary for similar transactions, including, without limitation:

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 .

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.

The Company made 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.

Principal on the Notes was due and payable on the stated maturity date of May 19, 2027.

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.

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;

1 unchanged sentence

and (c) the occurrence of certain bankruptcy and insolvency events with respect to Murray Hill Funding II or Murray Hill Funding.

As of and for the three months ended September 30, 2024, Murray Hill Funding II was in compliance with all covenants and reporting requirements.

As of and through the termination of the Indenture on February 13, 2025 (as described below), Murray Hill Funding II was in compliance with all covenants and reporting requirements.

Murray Hill Funding, in turn, entered into a repurchase transaction with UBS, pursuant to the terms of a Global Master Repurchase Agreement and the related Annex and Master Confirmation thereto, each dated May 19, 2017, or collectively, the UBS Facility.

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.

Subject to certain conditions, the maximum principal amount of Notes that may be purchased under the UBS Facility was $ 192,308 .

Accordingly, the aggregate maximum amount payable to Murray Hill Funding under the UBS Facility would not exceed $ 125,000 .

Subject to certain conditions, the maximum principal amount of Notes that could have been purchased under the UBS Facility was $ 192,308 .

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.

The repurchase price paid by Murray Hill Funding to UBS will be equal to the purchase price paid by UBS for the repurchased Notes (giving effect to any reductions resulting from voluntary partial prepayment(s)).

The 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.

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 .

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.

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 .

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.

2 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

6 unchanged sentences

On December 17, 2020, Murray Hill Funding also entered into a Revolving Credit Note Agreement, or the Revolving Note Agreement, with Murray Hill Funding II, UBS and U.S.

Bank, as note agent and trustee, which provides for a revolving credit facility in an aggregate principal amount of $ 50,000 , subject to compliance with a borrowing base.

Murray Hill Funding II will issue Class A-R Notes, or the Class A-R Notes, in exchange for advances under the Revolving Note Agreement.

Principal on the Class A-R Notes will be due and payable on the stated maturity date of May 19, 2027, which is the same stated maturity date as the Notes.

The Class A-R Notes will be issued pursuant to a Second Amended and Restated Indenture, dated December 17, 2020, between Murray Hill Funding II and U.S.

Bank, as 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.

Murray Hill Funding II issued Class A-R Notes, or the Class A-R Notes, in exchange for advances under the Revolving Note Agreement.

Principal on the Class A-R Notes was due and payable on the stated maturity date of May 19, 2027, which was the same stated maturity date as the Notes.

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.

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 .

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.

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.

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.

Murray Hill Funding was required to repurchase the Class A-R Notes that was sold to UBS by no later than November 19, 2023.

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.

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.

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.

1 unchanged sentence

On July 1, 2021, December 14, 2021, April 19, 2022 and August 16, 2023, UBS purchased Class A-R Notes held by Murray Hill Funding for an aggregate purchase price equal to 100 % of the principal amount of Class A-R Notes purchased, which was $ 21,000 , $ 25,000 , $ 17,500 and $ 22,500 , respectively.

On August 20, 2021, March 7, 2023 and April 14, 2023, Murray Hill Funding repurchased Class A-R Notes from UBS in the aggregate principal amount of $ 21,000 , $ 17,500 and $ 25,000 , respectively, for an aggregate repurchase price of $ 21,000 , $ 17,500 and $ 25,000 , respectively, which was then repaid by Murray Hill Funding II.

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.

UBS may require Murray Hill Funding to post cash collateral if, without limitation, the sum of the market value of the portfolio of assets and the cash and eligible investments held by Murray Hill Funding II, together with any posted cash collateral, is less than the required margin amount under the Amended UBS Facility;

provided, however, that Murray Hill Funding will not be required to post cash collateral with UBS until such market value has declined at least 10 % from the initial market value of the portfolio assets.

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.

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.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

The Company has no contractual obligation to post any such cash collateral or to make any payments to UBS on behalf of Murray Hill Funding.

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.

The Company’s exposure under the Amended UBS Facility is limited to the value of the Company’s investment in Murray Hill Funding.

Pursuant to the Amended UBS Facility, Murray Hill Funding made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar transactions.

The Amended UBS Facility contains events of default customary for similar financing transactions, including, without limitation:

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.

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.

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 Amended 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.

Simultaneously with terminating the Amended UBS Facility, Murray Hill Funding II entered into the 2025 UBS Credit Facility with UBS (as described below).

Prior to entering into the Termination Agreement, 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;

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.

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.

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.

The Company’s exposure under the Amended UBS Facility was limited to the value of the Company’s investment in Murray Hill Funding.

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.

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;

3 unchanged sentences

and (e) the admission by Murray Hill Funding of its inability to, or its intention not to, perform any of its obligations under the Amended UBS Facility.

As of and for the three months ended September 30, 2024, Murray Hill Funding was in compliance with all covenants and reporting requirements.

Murray Hill Funding paid an upfront fee and incurred certain other customary costs and expenses totaling $ 2,637 in connection with obtaining the Amended UBS Facility, which were recorded as a direct reduction to the outstanding balance of the Amended UBS Facility, which is included in the Company’s consolidated balance sheets and amortized to interest expense over the term of the Amended UBS Facility.

At September 30, 2024, all upfront fees and other expenses were fully amortized.

As of September 30, 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 .

The carrying amount outstanding under the Amended UBS Facility approximates its fair value.

The Company funded each purchase of Notes by Murray Hill Funding through a capital contribution to Murray Hill Funding.

As of September 30, 2024, the amount due at maturity under the Amended UBS Facility was $ 100,000 .

The Notes issued by Murray Hill Funding II and purchased by Murray Hill Funding eliminate in consolidation on the Company’s consolidated financial statements.

As of September 30, 2024, the fair value of assets held by Murray Hill Funding II was $ 234,227 .

As of and through the termination of the Amended UBS Facility on February 13, 2025, Murray Hill Funding was in compliance with all covenants and reporting requirements.

Murray Hill Funding paid an upfront fee and incurred certain other customary costs and expenses totaling $ 2,637 in connection with obtaining 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 March 31, 2025, all upfront fees and other expenses were fully amortized.

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

March 31, Year Ended December 31,

2025 2024 2024

5 unchanged sentences

(1) Includes the stated interest expense and non-usage fee on the unused portion of the Amended UBS Facility and is annualized for periods covering less than one year.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

March 31, 2025

(in thousands, except share and per share amounts)

2025 UBS Credit Facility

Simultaneously with terminating the Amended UBS Facility on February 13, 2025, 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.

Under the 2025 UBS Credit Facility, the floating interest rate payable by Murray Hill Funding II on all advances of up to $ 125,000 is SOFR plus a credit spread of 2.75 % per year.

All outstanding advances must be repaid by Murray Hill Funding II on or prior to the maturity date of February 13, 2028.

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.

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 .

Interest and non-usage fees, if any, are payable monthly in arrears.

Pursuant to the 2025 UBS Credit Facility, assets in the Company's portfolio may be contributed from time to time to Murray Hill Funding II, which secure the obligations of Murray Hill Funding II under the 2025 UBS Credit Facility.

provided, however, that Murray Hill Funding will not be required to post cash collateral with UBS until such market value declined at least 10 % from the initial market value of the portfolio assets.

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.

The Company’s exposure under the 2025 UBS Credit Facility is limited to the value of the Company’s investment in Murray Hill Funding.

Pursuant to 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 transactions.

As of March 31, 2025 and for the period from February 13, 2025 to March 31, 2025, Murray Hill Funding II was in compliance with all covenants and reporting requirements.

Murray Hill Funding II paid an upfront fee and incurred certain other customary costs and expenses totaling $ 1,210 in connection with obtaining the 2025 UBS Credit Facility, which were recorded as a direct reduction to the outstanding balance of the 2025 UBS Credit Facility, which is included in the Company’s consolidated balance sheets and amortized to interest expense over the term of the 2025 UBS Credit Facility.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 1,159 .

For the period from February 13, 2025 through March 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 2025 UBS Credit Facility were as follows:

For the Period from February 13, 2025 Through March 31, 2025

Stated interest expense $ 923

Non-usage fee 24

Amortization of deferred financing costs 51

Total interest expense $ 998

Weighted average interest rate(1) 7.25 %

Average borrowings $ 100,000

(1) Includes the stated interest expense and non-usage fee on the unused portion of the 2025 UBS Credit Facility and is annualized for periods covering less than one year.

Series A Notes

On February 28, 2023, the Company entered into a Deed of Trust, or the Deed of Trust, with Mishmeret Trust Company Ltd., as trustee, under which the Company issued $ 80,712 in aggregate principal amount of its Series A Unsecured Notes due 2026, or the Series A Notes.

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.

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 under the ticker symbol "CION B1".

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.

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.

1 unchanged sentence

The carrying amount outstanding under the Series A Notes approximates its fair value.

The Series A Notes will mature on August 31, 2026 and may be redeemed in whole or in part at the Company's option at par plus a “make-whole” premium, if applicable, as set forth in the Deed of Trust.

The Series A Notes bear interest at a rate equal to SOFR plus a credit spread of 3.82 % per year, which will be paid quarterly on February 28, May 31, August 31, and November 30 of each year, which commenced on May 31, 2023.

The Series A Notes are general unsecured obligations of the Company that rank senior in right of payment to all of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the Series A Notes, rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by the Company's subsidiaries, financing vehicles or similar facilities.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

The Deed of Trust contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 525 million, (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00.

In addition, the Deed of Trust contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under the Company’s other indebtedness in an outstanding aggregate principal amount of at least $ 50,000 , certain judgments and orders, and certain events of bankruptcy.

As of and for the three months ended September 30, 2024, the Company was in compliance with all covenants and reporting requirements.

As of and for the three months ended March 31, 2025, the Company was in compliance with all covenants and reporting requirements.

On February 26, 2023, the Company’s shares of common stock also listed and commenced trading on the TASE under the ticker symbol “CION”.

2 unchanged sentences

After the deduction of fees and other offering expenses, the Company received net proceeds of $ 32,317 , which the Company used to make investments in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes.

The Additional Series A Notes are rated A1.il by Midroog Ltd., an affiliate of Moody’s, and commenced trading on the TASE on October 10, 2023.

Through September 30, 2024 , the Company incurred d ebt issuance costs of $ 5,139 in connection with issuing the Series A Notes and the Additional Series A Notes, which were recorded as a direct reduction to the outstanding balance of the Series A Notes and the Additional Series A Notes, which is included in the Company’s consolidated balance sheet as of September 30, 2024 and will amortize to interest expense over the term of the Series A Notes and the Additional Series A Notes.

At September 30, 2024, the unamortized portion of the debt issuance costs was $ 3,057 .

For the three months ended September 30, 2024 and 2023, for the nine months ended September 30, 2024, for the period from February 28, 2023 through September 30, 2023 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:

The Additional Series A Notes are rated A1.il by Midroog Ltd., an affiliate of Moody’s, and commenced trading on the TASE on October 10, 2023 under the ticker symbol "CION B1".

Through March 31, 2025 , the Company incurred d ebt issuance costs of $ 5,139 in connection with issuing the Series A Notes and the Additional Series A Notes, which were recorded as a direct reduction to the outstanding balance of the Series A Notes and the Additional Series A Notes, which is included in the Company’s consolidated balance sheet as of March 31, 2025 and will amortize to interest expense over the term of the Series A Notes and the Additional Series A Notes.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 2,262 .

Three Months Ended

September 30, Nine Months Ended

September 30, 2024 For the Period From February 28, 2023 Through September 30, 2023 For the Period From February 28, 2023 Through

December 31, 2023

March 31, Year Ended December 31,

2025 2024 2024

Stated interest expense $ 2,301 $ 2,642 $ 10,378

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.

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.

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 Tranche A 2027 Notes, at a purchase price equal to 99.25 % of the principal amount of the Tranche A 2027 Notes.

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.

The Tranche A 2027 Notes are rated BBB (low) by DBRS, Inc.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

The 2027 Notes mature on November 8, 2027.

The 2027 Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 4.75 % per year and subject to a 2.00 % SOFR floor, which will be paid quarterly on February 15, May 15, August 15, and November 15 of each year, commencing on February 15, 2024.

The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the 2027 Notes (i) on or before August 8, 2027, at a redemption price equal to 100 % of the principal amount of 2027 Notes to be redeemed plus an applicable “make-whole” amount equal to (x) the discounted value of the remaining scheduled payments with respect to the principal of such 2027 Note that is to be prepaid or becomes due and payable pursuant to the 2027 Note Purchase Agreement over (y) the amount of such called principal, plus accrued and unpaid interest, if any, and (ii) after August 8, 2027, at a redemption price equal to 100 % of the principal amount of the 2027 Notes to be redeemed, plus accrued and unpaid interest, if any.

For any redemptions occurring on or before August 8, 2027, the discounted value portion of the “make whole amount” is calculated by applying a discount rate on the same periodic basis as that on which interest on the 2027 Notes is payable equal to the sum of 0.50 % plus the yield to maturity of the most recently issued U.S.

Treasury securities having a maturity equal to the remaining average life of the 2027 Notes, or if there are no such U.S.

The Tranche A 2027 Notes mature on November 8, 2027.

The Tranche A 2027 Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 4.75 % per year and subject to a 2.00 % SOFR floor, which will be paid quarterly on February 15, May 15, August 15, and November 15 of each year, which commenced on February 15, 2024.

The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the Tranche A 2027 Notes (i) on or before August 8, 2027, at a redemption price equal to 100 % of the principal amount of Tranche A 2027 Notes to be redeemed plus an applicable “make-whole” amount equal to (x) the discounted value of the remaining scheduled payments with respect to the principal of such Tranche A 2027 Note that is to be prepaid or becomes due and payable pursuant to the 2027 Note Purchase Agreement over (y) the amount of such called principal, plus accrued and unpaid interest, if any, and (ii) after August 8, 2027, at a redemption price equal to 100 % of the principal amount of the Tranche A 2027 Notes to be redeemed, plus accrued and unpaid interest, if any.

For any redemptions occurring on or before August 8, 2027, the discounted value portion of the “make whole amount” is calculated by applying a discount rate on the same periodic basis as that on which interest on the Tranche A 2027 Notes is payable equal to the sum of 0.50 % plus the yield to maturity of the most recently issued U.S.

Treasury securities having a maturity equal to the remaining average life of the Tranche A 2027 Notes, or if there are no such U.S.

Treasury securities, using such implied yield to maturity determined in accordance with the terms of the 2027 Note Purchase Agreement.

The 2027 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.

The Tranche A 2027 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.

The 2027 Note Purchase Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a business development company within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 543.6 million, (iv) a minimum asset coverage ratio of not less than 150 %, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.

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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.

As of and for the three months ended September 30, 2024, the Company was in compliance with all covenants and reporting requirements.

As of and for the three months ended March 31, 2025, the Company was in compliance with all covenants and reporting requirements.

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.

The Tranche B 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.

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 Tranche A 2027 Notes that were issued by the Company in November 2023.

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.

The Tranche B 2027 Notes are rated investment grade.

The Tranche B Notes mature on November 8, 2027.

The Tranche B 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, commencing on November 15, 2024.

Through September 30, 2024, the Company incurred debt issuance costs of $ 5,365 in connection with issuing the 2027 Notes and the Tranche B Notes, which were recorded as a direct reduction to the outstanding balance of the 2027 Notes and the Tranche B Notes, which is included in the Company’s consolidated balance sheet as of September 30, 2024 and will amortize to interest expense over the term of the 2027 Notes and the Tranche B Notes.

At September 30, 2024, the unamortized portion of the debt issuance costs was $ 4,939 .

The Tranche B 2027 Notes also mature on November 8, 2027.

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.

Through March 31, 2025, the Company incurred debt issuance costs of $ 5,462 in connection with issuing the Tranche A 2027 Notes and the Tranche B 2027 Notes, which were recorded as a direct reduction to the outstanding balance of the Tranche A 2027 Notes and the Tranche B 2027 Notes, which is included in the Company’s consolidated balance sheet as of March 31, 2025 and will amortize to interest expense over the term of the Tranche A 2027 Notes and the Tranche B 2027 Notes.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 4,226 .

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

For the three and nine months ended September 30, 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 Notes were as follows:

Three Months Ended

September 30, 2024 Nine Months Ended

September 30, 2024 For the Period From November 8, 2023 Through

December 31, 2023

March 31, Year Ended December 31,

2025 2024 2024

Stated interest expense $ 4,424 $ 2,544 $ 12,453

3 unchanged sentences

Average borrowings $ 200,000 $ 100,000 $ 128,689

(1) Includes the stated interest expense on the 2027 Notes and the Tranche B Notes and is annualized for periods covering less than one year.

(1) Includes the stated interest expense on the Tranche A 2027 Notes and the Tranche B 2027 Notes and is annualized for periods covering less than one year.

2022 Term Loan

10 unchanged sentences

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 three months ended September 30, 2024, the Company was in compliance with all covenants and reporting requirements.

Through September 30, 2024, the Company incurred debt is suance 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 September 30, 2024 and will amortize to interest expense over the term of the 2022 Term Loan.

At September 30, 2024, the unamortized portion of the debt issuance costs was $ 526 .

As of and for the three months ended March 31, 2025 , the Company was in compliance with all covenants and reporting requirements.

Through March 31, 2025, the Company incurred debt is suance 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 March 31, 2025 and will amortize to interest expense over the term of the 2022 Term Loan.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 425 .

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

For the three and nine months ended September 30, 2024 and 2023 and for the year ended December 31, 2023 , the components of interest expense, average borrowings, and weighted average interest rate for the 2022 Term Loan were as follows:

For the three months ended March 31, 2025 and 2024 and for the year ended December 31, 2024 , the components of interest expense, average borrowings, and weighted average interest rate for the 2022 Term Loan were as follows:

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

March 31, Year Ended December 31,

2025 2024 2024

7 unchanged sentences

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.

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 .

The Term Loan Agreement provided for an unsecured term loan, or the 2021 Term Loan, to the Company in an aggregate principal amount of $ 30,000 .

On April 20, 2021, the Company drew down $ 30,000 of borrowings under the 2021 Term Loan.

8 unchanged sentences

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.

As of and for the three months ended September 30, 2024, the Company was in compliance with all covenants and reporting requirements.

As of and through 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.

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.

Through September 30, 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 September 30, 2024 and was to amortize to interest expense over the term of the 2021 Term Loan.

At September 30, 2024, all upfront fees and other expenses were fully amortized.

Through March 31, 2025, 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 March 31, 2025 and amortized to interest expense over the term of the 2021 Term Loan.

At March 31, 2025, all upfront fees and other expenses were fully amortized.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

For the three and nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023, the components of interest expense, average borrowings, and weighted average interest rate for the 2021 Term Loan were as follows:

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

March 31, Year Ended December 31,

2025 2024 2024

13 unchanged sentences

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.

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 Investment Company Act of 1940, as amended, (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.

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.

As of September 30, 2024, the Company was in compliance with all covenants.

On September 30, 2024, the Company incurred debt is suance costs of $ 180 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 September 30, 2024 and will amortize to interest expense over the term of the 2024 Term Loan.

At September 30, 2024, the unamortized portion of the debt issuance costs was $ 180 .

As of and for the three months ended March 31, 2025 , the Company was in compliance with all covenants and reporting requirements.

Through March 31, 2025 , 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 March 31, 2025 and will amortize to interest expense over the term of the 2024 Term Loan.

At March 31, 2025, the unamortized portion of the debt issuance costs was $ 639 .

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

As of September 30, 2024 , the components of interest expense, average borrowings, and weighted average interest rate for the 2024 Term Loan were as follows:

September 30, 2024

For the three months ended March 31, 2025 and 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:

Three Months Ended

March 31, 2025 For the Period from September 30, 2024 Through December 31, 2024

Stated interest expense $ 610 $ 651

5 unchanged sentences

Fair Value of Financial Instruments

The following table presents fair value measurements of the Company’s portfolio investments as of September 30, 2024 and December 31, 2023, according to the fair value hierarchy:

September 30, 2024(1) December 31, 2023(2)

The following table presents fair value measurements of the Company’s portfolio investments as of March 31, 2025 and December 31, 2024, according to the fair value hierarchy:

March 31, 2025(1) December 31, 2024(2)

Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total

8 unchanged sentences

(2) Excludes the Company's $ 18,103 investment in CION/EagleTree, which is measured at NAV.

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three and nine months ended September 30, 2024 and 2023:

The following tables provide a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2025 and 2024:

Three Months Ended

September 30, 2024

March 31, 2025

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total

Beginning balance, June 30, 2024 $ 1,536,753 $ 15,050 $ 770 $ 5,493 $ 245,634 $ 1,803,700

Beginning balance, December 31, 2024 $ 1,563,256 $ 2,680 $ 2,682 $ 11,814 $ 219,294 $ 1,799,726

Investments purchased(2)(3) 90,437 69 979 44 6,755 98,284

Net realized (loss) gain ( 1,792 ) — — — 5,730 3,938

Net realized gain (loss) 2,825 — — — ( 531 ) 2,294

Net change in unrealized (depreciation) appreciation ( 35,933 ) ( 160 ) ( 49 ) 420 ( 28,569 ) ( 64,291 )

1 unchanged sentence

Sales and principal repayments(3) ( 66,310 ) — — — — ( 66,310 )

Ending balance, September 30, 2024 $ 1,494,524 $ 3,873 $ 685 $ 11,761 $ 221,521 $ 1,732,364

Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2024(1) $ ( 6,228 ) $ 174 $ ( 64 ) $ 1,081 $ ( 17,503 ) $ ( 22,540 )

(1) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.

Net transfers in and/or (out) of Level 3 — — — — ( 956 ) ( 956 )

Ending balance, March 31, 2025 $ 1,556,067 $ 2,593 $ 3,612 $ 12,278 $ 195,993 $ 1,770,543

Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2025(1) $ ( 35,731 ) $ ( 160 ) $ ( 49 ) $ 420 $ ( 28,569 ) $ ( 64,089 )

(1) Included in net change in unrealized depreciation on investments in the consolidated statements of operations.

(2) Investments purchased includes PIK interest.

2 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

Nine Months Ended

September 30, 2024

Three Months Ended

March 31, 2024

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total

5 unchanged sentences

Sales and principal repayments(3) ( 223,684 ) ( 1,481 ) ( 64 ) ( 8,872 ) ( 4,563 ) ( 238,664 )

Ending balance, September 30, 2024 $ 1,494,524 $ 3,873 $ 685 $ 11,761 $ 221,521 $ 1,732,364

Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2024(1) $ ( 10,575 ) $ ( 856 ) $ ( 249 ) $ 985 $ ( 14,229 ) $ ( 24,924 )

(1) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.

(2) Investments purchased includes PIK interest.

(3) Includes non-cash restructured securities.

Three Months Ended

September 30, 2023

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total

Beginning balance, June 30, 2023 $ 1,468,630 $ 39,544 $ 1,046 $ 17,301 $ 133,725 $ 1,660,246

Investments purchased(2)(3) 112,470 — — — 34,328 146,798

Net realized loss ( 5,844 ) — — — ( 2,279 ) ( 8,123 )

Net change in unrealized appreciation (depreciation) 30,233 ( 3,473 ) 264 ( 2,675 ) 1,795 26,144

Accretion of discount 3,847 47 — 5 — 3,899

Sales and principal repayments(3) ( 127,838 ) ( 4 ) ( 86 ) — — ( 127,928 )

Ending balance, September 30, 2023 $ 1,481,498 $ 36,114 $ 1,224 $ 14,631 $ 167,569 $ 1,701,036

Change in net unrealized appreciation (depreciation) on investments still held as of September 30, 2023(1) $ 10,453 $ ( 3,473 ) $ 264 $ ( 2,675 ) $ 444 $ 5,013

(1) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.

(2) Investments purchased includes PIK interest.

(3) Includes non-cash restructured securities.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

Nine Months Ended

September 30, 2023

Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total

Beginning balance, December 31, 2022 $ 1,579,512 $ 38,769 $ 1,179 $ 22,643 $ 73,951 $ 1,716,054

Investments purchased(2)(3) 231,183 — — 4,200 99,657 335,040

Net realized loss ( 23,518 ) — — — ( 8,058 ) ( 31,576 )

Net change in unrealized appreciation (depreciation) 11,547 ( 2,814 ) 308 ( 12,225 ) 2,019 ( 1,165 )

Accretion of discount 10,657 172 — 13 — 10,842

Sales and principal repayments(3) ( 327,883 ) ( 13 ) ( 263 ) — — ( 328,159 )

Ending balance, September 30, 2023 $ 1,481,498 $ 36,114 $ 1,224 $ 14,631 $ 167,569 $ 1,701,036

Change in net unrealized appreciation (depreciation) on investments still held as of September 30, 2023(1) $ 1,685 $ ( 2,814 ) $ 308 $ ( 12,225 ) $ ( 461 ) $ ( 13,507 )

(1) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.

Ending balance, March 31, 2024 $ 1,465,051 $ 28,460 $ 1,004 $ 5,506 $ 219,697 $ 1,719,718

Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2024(1) $ ( 3,822 ) $ 714 $ ( 15 ) $ ( 50 ) $ ( 9,456 ) $ ( 12,629 )

(1) Included in net change in depreciation on investments in the consolidated statements of operations.

(2) Investments purchased includes PIK interest.

1 unchanged sentence

Significant Unobservable Inputs

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of September 30, 2024 and December 31, 2023 were as follows:

September 30, 2024

The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of March 31, 2025 and December 31, 2024 were as follows:

March 31, 2025

Fair Value Valuation Techniques/

5 unchanged sentences

53,283 Broker Quotes Broker Quotes N/A N/A

11,933 Other(2) Other(2) N/A N/A

Senior secured second lien debt 3,873 Market Comparable Approach EBITDA Multiple 5.88 x

Collateralized securities and structured products - equity 685 Discounted Cash Flow Discount Rates 21.0 % N/A

16,647 Other(2) Probability Weighted Recovery Rate 15 % — 100 % 94 %

13,495 Insurance Claim Recovery Rate 28 % N/A

Senior secured second lien debt 1,394 Market Comparable Approach Revenue Multiple 1.58 x

1,199 EBITDA Multiple 5.75 x

Collateralized securities and structured products - equity 3,612 Discounted Cash Flow Discount Rates 14.0 % — 21.0 % 15.3 %

Unsecured debt 5,461 Discounted Cash Flow Discount Rates 11.0 % — 14.0 % 11.7 %

5,298 Other(2) Other(2) N/A N/A

5,315 Other(2) Probability Weighted Recovery Rate 19 % N/A

1,502 Options Pricing Model Expected Volatility 35 % N/A

Equity 77,349 Market Comparable Approach EBITDA Multiple 5.00 x

70,186 Revenue Multiple 0.30 x

49,831 $ per kW $ 442.50 N/A

39,948 Revenue Multiple 0.33 x

18,891 Options Pricing Model Expected Volatility 35.0 % — 90.1 % 59.5 %

4 unchanged sentences

(1) Weighted average amounts are based on the estimated fair values.

(2) Fair value is based on the expected outcome of proposed corporate transactions and/or other factors.

(2) Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims and/or other factors.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

4 unchanged sentences

Senior secured first lien debt $ 1,305,445 Discounted Cash Flow Discount Rates 9.4 % — 30.0 % 13.4 %

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

1,695 Other(2) Other(2) N/A N/A

Senior secured second lien debt 27,638 Discounted Cash Flow Discount Rates 13.4 % — 25.0 % 16.1 %

1,473 Market Comparable Approach EBITDA Multiple 9.00 x

67,950 Broker Quotes Broker Quotes N/A N/A

15,209 Other(2) Insurance Claim Recovery Rate 28 % — 55 % 35 %

15,096 Other(2) N/A N/A

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 %

Unsecured debt 8,739 Discounted Cash Flow Discount Rates 16.0 % N/A

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

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

29,463 $ per kW $ 161.16 — $ 400.00 $ 337.28

52,166 $ per kW $ 450.00 N/A

16,061 Options Pricing Model Expected Volatility 47.5 % — 95.0 % 67.0 %

7,965 Discounted Cash Flow Discount Rates 19.0 % N/A

930 Other(2) Other(2) N/A N/A

859 Broker Quotes Broker Quotes N/A N/A

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.

(2) Fair value is based on the expected outcome of proposed corporate transactions and/or other factors.

(2) Fair value is based on the expected outcome of proposed corporate transactions, recovery of insurance claims and/or other factors.

The significant unobservable inputs used in the fair value measurement of the Company’s senior secured first lien debt, senior secured second lien debt, collateralized securities and structured products, unsecured debt and equity are discount rates, EBITDA multiples, revenue multiples, broker quotes and expected volatility.

2 unchanged sentences

General and Administrative Expense

General and administrative expense consisted of the following items for the three and nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023:

General and administrative expense consisted of the following items for the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024:

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended December 31,

March 31, Year Ended December 31,

2025 2024 2024

Professional fees $ 768 $ 521 $ 2,348

Dues and subscriptions 117 162 649 635 800

Valuation expense 230 144 751

Dues and subscriptions 203 435 1,001

Insurance expense 184 169 721

Director fees and expenses 172 171 696

Accounting and administrative costs 137 282 459 606 637

Transfer agent expense 119 123 488

Accounting and administrative costs 112 162 639

Printing and marketing expense 17 3 308

3 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

3 unchanged sentences

However, the Company has not experienced claims or losses pursuant to these contracts and believes the risk of loss related to such indemnifications to be remote.

As of September 30, 2024 and December 31, 2023, the Company’s unfunded commitments were as follows:

Unfunded Commitments September 30, 2024(1) December 31, 2023(1)

As of March 31, 2025 and December 31, 2024, the Company’s unfunded commitments were as follows:

Unfunded Commitments March 31, 2025(1) December 31, 2024(1)

APS Acquisition Holdings, LLC $ 7,799 $ 7,799

American Clinical Solutions LLC 6,450 250

David’s Bridal, LLC 6,000 —

American Family Care, LLC 5,909 5,909

Flatworld Intermediate Corp.

Rogers Mechanical Contractors, LLC 5,426 5,426

Lux Credit Consultants LLC 5,172 —

American Health Staffing Group, Inc.

Homer City Holdings LLC 3,000 196

American Clinical Solutions LLC 2,600 4,600

Mimeo.com, Inc.

Gold Medal Holdings, Inc.

ALM Global, LLC 2,340 1,800

Moss Holding Company 2,232 2,232

ALM Media, LLC 2,160 —

Nova Compression, LLC 1,957 2,609

Instant Web, LLC 1,947 2,164

CrossLink Professional Tax Solutions, LLC 2,209 1,840

Newbury Franklin Industrials, LLC 1,974 1,974

Bradshaw International Parent Corp.

Sleep Opco, LLC 1,750 1,750

Thrill Holdings LLC 1,739 1,739

Riddell, Inc.

SHF Holdings, Inc.

Instant Web, LLC 1,731 2,488

Stengel Hill Architecture, LLC 1,725 1,725

Bradshaw International Parent Corp.

ESP Associates, Inc.

Mimeo.com, Inc.

Critical Nurse Staffing, LLC 1,000 1,000

Dermcare Management, LLC 627 671

BDS Solutions Intermediateco, LLC 524 1,905

Riddell, Inc.

/ All American Sports Corp.

HEC Purchaser Corp.

Ironhorse Purchaser, LLC 490 347

American Teleconferencing Services, Ltd.

Anthem Sports & Entertainment Inc.

Coyote Buyer, LLC — 2,500

MacNeill Pride Group Corp.

Tactical Air Support, Inc.

Fluid Control Intermediate Inc.

OpCo Borrower, LLC — 1,042

Lochner, Inc.

Service Compression, LLC — 419

Invincible Boat Company LLC — 399

ESP Associates, Inc.

Optio Rx, LLC 988 —

TMK Hawk Parent, Corp.

RA Outdoors, LLC 720 348

Ironhorse Purchaser, LLC 694 551

Berlitz Holdings, Inc.

Lux Credit Consultants LLC 456 5,069

Nova Compression, LLC 326 —

HW Acquisition, LLC 294 147

Anthem Sports & Entertainment Inc.

Flatworld Intermediate Corp.

BDS Solutions Intermediateco, LLC — 524

Dermcare Management, LLC — 326

Total $ 65,130 $ 70,681

2 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

2 unchanged sentences

The Company intends to use cash on hand, short-term investments, proceeds from borrowings, and other liquid assets to fund these commitments should the need arise.

For information on the companies to which the Company is committed to fund additional amounts as of September 30, 2024 and December 31, 2023, refer to the table above and the consolidated schedules of investments.

As of October 30, 2024, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $ 69,980 .

For information on the companies to which the Company is committed to fund additional amounts as of March 31, 2025 and December 31, 2024, refer to the table above and the consolidated schedules of investments.

As of April 30, 2025, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $ 61,793 .

The Company will fund its unfunded commitments from the same sources it uses to fund its investment commitments that are funded at the time they are made (i.e., advances from its financing arrangements and/or cash flows from operations).

4 unchanged sentences

Fee income consists of amendment fees, capital structuring and other fees, conversion fees, commitment fees and administrative agent fees.

The following table summarizes the Company’s fee income for the three and nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023:

The following table summarizes the Company’s fee income for the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024:

Three Months Ended

September 30, Nine Months Ended

September 30, Year Ended

March 31, Year Ended

2025 2024 2024

Capital structuring and other fees $ 4,951 $ 1,763 $ 8,180 $ 2,295 $ 4,309

Amendment fees $ 3,483 $ 236 $ 5,679

Capital structuring and other fees 500 1,799 10,253

Commitment fees — 1,760 1,760

4 unchanged sentences

Refer to notes r.

to the consolidated schedule of investments as of September 30, 2024 included in this report for further details on the sources of our fee income.

to the consolidated schedules of investments as of March 31, 2025 and 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.

2 unchanged sentences

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

Financial Highlights

The following is a schedule of financial highlights as of and for the nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023:

Nine Months Ended

September 30, Year Ended

The following is a schedule of financial highlights as of and for the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024:

Three Months Ended

March 31, Year Ended

2025 2024 2024

4 unchanged sentences

Net realized loss and net change in unrealized depreciation on investments and loss on foreign currency(2) ( 1.16 ) ( 0.48 ) ( 1.16 )

Net increase in net assets resulting from operations(2) 0.53 0.81 1.74

Net (decrease) increase in net assets resulting from operations(2) ( 0.80 ) 0.12 0.63

Shareholder distributions:

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Asset coverage ratio(8) 1.68 1.81 1.73

(1) The per share data for the nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023 was derived by using the weighted average shares of common stock outstanding during each period.

(1) The per share data for the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024 was derived by using the weighted average shares of common stock outstanding during each period.

(2) The amount shown for net realized loss, net change in unrealized depreciation on investments and loss on foreign currency is the balancing figure derived from the other figures in the schedule.

The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales and repurchases of the Company’s shares in relation to fluctuating market values for the portfolio.

As a result, net increase in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.

(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.

The per share impact of repurchases of common stock was a decrease to net asset value of less than $ 0.01 per share during the nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023.

As a result, net (decrease) increase in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

March 31, 2025

(in thousands, except share and per share amounts)

(4) Total investment return-net asset value is a measure of the change in total value for shareholders who held the Company’s common stock at the beginning and end of the period, including distributions paid or payable during the period.

4 unchanged sentences

Total returns covering less than a full year are not annualized.

(5) Total investment return-market value for the nine months ended September 30, 2024 and 2023 and the year ended December 31, 2023 was calculated by taking the change in the market price of the Company's common stock since the first day of the period, and including the impact of distributions reinvested in accordance with the Company’s New DRP.

(5) Total investment return-market value for the three months ended March 31, 2025 and 2024 and the year ended December 31, 2024 was calculated by taking the change in the market price of the Company's common stock since the first day of the period, and including the impact of distributions reinvested in accordance with the Company’s DRP.

Total investment return-market value does not consider the effect of any sales commissions or charges that may be incurred in connection with the sale of shares of the Company’s common stock.

4 unchanged sentences

(8) Asset coverage ratio is equal to (i) the sum of (a) net assets at the end of the period and (b) total senior securities outstanding at the end of the period (excluding unfunded commitments), divided by (ii) total senior securities outstanding at the end of the period.

Subsequent Event

Bank Trust Company, National Association, as trustee, or the Trustee.

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.

The 2029 Notes began trading on the NYSE under the ticker symbol “CICB” on October 9, 2024.

The 2029 Notes will mature on December 30, 2029, unless previously redeemed or repurchased in accordance with their terms.

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, commencing December 30, 2024.

The 2029 Notes are the Company's direct unsecured obligations and rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness;

senior to any series of preferred stock that the Company may issue in the future;

senior to any of the Company's future indebtedness that expressly provides it is subordinated to the 2029 Notes;

and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company's existing or future subsidiaries.

CĪON Investment Corporation

Notes to Consolidated Financial Statements (unaudited)

September 30, 2024

(in thousands, except share and per share amounts)

The 2029 Notes were offered and sold in an offering registered under the Securities Act of 1933, as amended, pursuant to the Company's shelf registration statement on Form N-2 (Registration No.

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.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements