3 unchanged sentences
(in thousands, except share and per share amounts)
−Removed: September 30,
2026 December 31,
22 unchanged sentences
Accrued administrative services expense 1,372 2,182
−Removed: Shareholder distribution payable — 2,663
Share repurchases payable — 27
15 unchanged sentences
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30, Year Ended
+Added: March 31, Year Ended
2026 2025 2025
−Removed: (unaudited) (unaudited) (unaudited) (unaudited)
+Added: (unaudited) (unaudited)
Investment income
22 unchanged sentences
Net investment income before taxes 12,953 19,252 92,955
−Removed: Income tax (benefit) expense, including excise tax ( 95 ) ( 21 ) ( 85 ) ( 12 ) 107
+Added: Income tax expense (benefit), including excise tax 89 — ( 85 )
Net investment income after taxes 12,864 19,252 93,040
−Removed: Realized and unrealized (losses) gains
−Removed: Net realized (losses) gains on:
+Added: Realized and unrealized gains (losses)
+Added: Net realized gains (losses) on:
Non-controlled, non-affiliated investments 78 2,294 ( 39,569 )
Non-controlled, affiliated investments 159 — —
−Removed: Net realized (losses) gains ( 9,605 ) 3,938 ( 39,687 ) ( 26,075 ) ( 28,313 )
−Removed: Net change in unrealized appreciation (depreciation) on:
+Added: Net realized gains (losses) 237 2,294 ( 39,569 )
+Added: Net change in unrealized (depreciation) appreciation on:
Non-controlled, non-affiliated investments ( 25,511 ) ( 30,662 ) ( 42,242 )
1 unchanged sentence
Controlled investments ( 15,361 ) ( 25,160 ) ( 42,617 )
−Removed: Net change in unrealized appreciation (depreciation) 6,916 ( 25,935 ) ( 14,565 ) ( 22,655 ) ( 33,645 )
+Added: Net change in unrealized depreciation ( 36,132 ) ( 64,251 ) ( 74,102 )
Net realized and unrealized losses ( 35,895 ) ( 61,957 ) ( 113,671 )
−Removed: Net increase (decrease) in net assets resulting from operations $ 35,878 $ ( 379 ) $ 20,489 $ 28,444 $ 33,902
+Added: Net decrease in net assets resulting from operations $ ( 23,031 ) $ ( 42,705 ) $ ( 20,631 )
Per share information—basic and diluted
−Removed: Net increase (decrease) in net assets per share resulting from operations $ 0.69 $ ( 0.01 ) $ 0.39 $ 0.53 $ 0.63
+Added: Net decrease in net assets per share resulting from operations $ ( 0.45 ) $ ( 0.80 ) $ ( 0.39 )
Net investment income per share $ 0.25 $ 0.36 $ 1.78
9 unchanged sentences
Net investment income — — — 19,252 19,252
−Removed: Net realized losses on investments — — — ( 9,736 ) ( 9,736 )
+Added: Net realized gains on investments — — — 2,294 2,294
Net unrealized losses on investments — — — ( 64,251 ) ( 64,251 )
11 unchanged sentences
Net investment income — — — 38,567 38,567
−Removed: Net realized gains on investments — — — 3,938 3,938
−Removed: Net unrealized losses on investments — — — ( 25,935 ) ( 25,935 )
+Added: Net realized losses on investments — — — ( 9,605 ) ( 9,605 )
+Added: Net unrealized gains on investments — — — 6,916 6,916
Distributions declared and payable ($ 0.36 per share)
3 unchanged sentences
Net investment income — — — 18,299 18,299
−Removed: Net realized losses on investments — — — ( 2,238 ) ( 2,238 )
+Added: Net realized gains on investments — — — 118 118
Net unrealized losses on investments — — — ( 59,537 ) ( 59,537 )
9 unchanged sentences
Balance at March 31, 2026 (unaudited) 50,301,813 $ 50 $ 994,778 $ ( 335,192 ) $ 659,636
−Removed: Repurchases of common stock ( 699,565 ) ( 1 ) ( 6,555 ) — ( 6,556 )
−Removed: Net investment income — — — 16,922 16,922
−Removed: Net realized losses on investments — — — ( 32,376 ) ( 32,376 )
−Removed: Net unrealized gains on investments — — — 42,770 42,770
−Removed: Distributions declared and payable ($ 0.36 per share)
−Removed: — — — ( 18,934 ) ( 18,934 )
−Removed: Balance at June 30, 2025 (unaudited) 52,303,842 52 1,012,957 ( 254,399 ) 758,610
−Removed: Repurchases of common stock ( 330,324 ) — ( 3,256 ) — ( 3,256 )
−Removed: Net investment income — — — 38,567 38,567
−Removed: Net realized losses on investments — — — ( 9,605 ) ( 9,605 )
−Removed: Net unrealized gains on investments — — — 6,916 6,916
−Removed: Distributions declared and payable ($ 0.36 per share)
−Removed: — — — ( 18,726 ) ( 18,726 )
−Removed: Balance at September 30, 2025 (unaudited) 51,973,518 $ 52 $ 1,009,701 $ ( 237,247 ) $ 772,506
See accompanying notes to consolidated financial statements.
3 unchanged sentences
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30, Year Ended
+Added: March 31, Year Ended
2026 2025 2025
−Removed: (unaudited) (unaudited) (unaudited) (unaudited)
+Added: (unaudited) (unaudited)
Operating activities:
−Removed: Net increase (decrease) in net assets resulting from operations $ 35,878 $ ( 379 ) $ 20,489 $ 28,444 $ 33,902
−Removed: Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
+Added: Net decrease in net assets resulting from operations $ ( 23,031 ) $ ( 42,705 ) $ ( 20,631 )
+Added: Adjustments to reconcile net decrease in net assets resulting from operations to net cash (used in) provided by operating activities:
Net accretion of discount on investments ( 1,660 ) ( 1,796 ) ( 25,652 )
2 unchanged sentences
Paid-in-kind interest and dividends capitalized ( 11,494 ) ( 12,053 ) ( 52,178 )
−Removed: (Increase) decrease in short term investments, net ( 43,727 ) 29,659 ( 33,582 ) 59,943 44,628
+Added: Decrease (increase) in short term investments, net 18,956 14,842 ( 47,192 )
Proceeds from sale of investments — 13,385 18,517
−Removed: Net realized loss (gain) on investments 9,605 ( 3,938 ) 39,687 26,075 28,313
−Removed: Net change in unrealized (appreciation) depreciation on investments ( 6,916 ) 25,935 14,565 22,655 33,645
+Added: Net realized (gain) loss on investments ( 237 ) ( 2,294 ) 39,569
+Added: Net change in unrealized depreciation on investments 36,132 64,251 74,102
Amortization of debt issuance costs 2,000 1,799 7,523
(Increase) decrease in interest receivable on investments ( 5,121 ) ( 180 ) 481
−Removed: (Increase) decrease in dividends receivable on investments — 53 — ( 76 ) —
(Increase) decrease in receivable due on investments sold and repaid 3,472 1,918 ( 734 )
7 unchanged sentences
Increase (decrease) in share repurchase payable ( 27 ) ( 40 ) ( 13 )
−Removed: Net cash provided by operating activities 44,380 51,996 93,927 131,620 88,191
+Added: Net cash (used in) provided by operating activities ( 4,553 ) 6,095 76,833
Financing activities:
4 unchanged sentences
Debt issuance costs paid ( 4,397 ) ( 1,210 ) ( 3,630 )
−Removed: Net cash used in financing activities ( 46,982 ) ( 32,029 ) ( 97,666 ) ( 110,270 ) ( 88,936 )
−Removed: Net (decrease) increase in cash and restricted cash ( 2,602 ) 19,967 ( 3,739 ) 21,350 ( 745 )
+Added: Net cash provided by (used in) financing activities 5,642 ( 6,045 ) ( 76,344 )
+Added: Net increase in cash 1,089 50 489
Cash, beginning of period 8,159 7,670 7,670
4 unchanged sentences
Restructuring of portfolio investment $ 39,164 $ 16,880 $ 135,757
−Removed: Equity investments received in settlement of fee income $ 14,323 $ — $ 14,323 $ — $ —
+Added: Investments received in settlement of fee income $ 2,346 $ — $ 21,156
Cash interest receivable exchanged for additional securities $ — $ 4,266 $ 16,676
2 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands)
2 unchanged sentences
Senior Secured First Lien Debt - 208.5 %
−Removed: Adapt Laser Acquisition, Inc.(t)(v) S+ 1200 , 1.00 % SOFR Floor
+Added: Adapt Laser Acquisition, Inc.(s)(v)
+Added: S+ 725 , 1.00 % SOFR Floor
Capital Equipment $ 10,148 $ 10,148 $ 10,148
−Removed: Adapt Laser Acquisition, Inc.(t)(v) S+ 1200 , 1.00 % SOFR Floor
+Added: Adapt Laser Acquisition, Inc.(s)(v)
+Added: S+ 725 , 1.00 % SOFR Floor
Capital Equipment 2,000 2,000 2,000
7 unchanged sentences
American Health Staffing Group, Inc.(m) Prime+ 500
−Removed: 11/19/2026 Services:
Business 13,439 13,427 13,439
1 unchanged sentence
0.50 % Unfunded
−Removed: 11/19/2026 Services:
Business 2,500 ( 3 ) —
+Added: Anchor QEA, Inc.(m)(v)
+Added: S+ 525 , 1.00 % SOFR Floor
+Added: Environmental Industries 10,016 9,916 9,916
+Added: Anchor QEA, Inc.(v)
+Added: S+ 525 , 1.00 % SOFR Floor
+Added: 3/25/2032 Environmental Industries 1,029 1,011 1,019
+Added: Anchor QEA, Inc.
+Added: 1.00 % Unfunded
+Added: Environmental Industries 5,463 ( 27 ) ( 55 )
+Added: Anchor QEA, Inc.
+Added: 0.50 % Unfunded
+Added: 3/25/2032 Environmental Industries 792 — ( 8 )
Ancile Solutions, Inc.(m)(v) S+ 1000 , 1.00 % SOFR Floor
7 unchanged sentences
Diversified & Production 26,393 3,663 —
−Removed: Appalachian Resource Company, LLC(t)(u)
+Added: Appalachian Resource Company, LLC(r)(t)(u)(x)
S+ 500 , 1.00 % SOFR Floor
12/31/2025 Metals & Mining 15,383 15,389 10,403
−Removed: Appalachian Resource Company, LLC(t)(u)
+Added: Appalachian Resource Company, LLC(r)(t)(u)(x)
S+ 1000 , 1.00 % SOFR Floor
4 unchanged sentences
7/11/2026 Construction & Building 2,210 — —
−Removed: APS Acquisition Holdings, LLC(v) S+ 550 , 1.00 % SOFR Floor
+Added: APS Acquisition Holdings, LLC(m)(v)
+Added: S+ 550 , 1.00 % SOFR Floor
Construction & Building 2,975 2,958 2,975
1 unchanged sentence
7/11/2029 Construction & Building 2,600 — —
−Removed: Atlas Supply LLC(x) 13.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 2,709
−Removed: Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(v) S+ 800 , 2.00 % SOFR Floor
+Added: Atlas Supply LLC(x)(z)
+Added: 13.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 3,727
+Added: Avison Young (Canada) Inc./Avison Young (USA) Inc.(v)
+Added: S+ 750 , 2.00 % SOFR Floor
3/12/2029 Banking, Finance, Insurance & Real Estate 12,479 10,987 11,013
−Removed: Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(v) S+ 800 , 2.00 % SOFR Floor
+Added: Avison Young (Canada) Inc./Avison Young (USA) Inc.(v)
+Added: S+ 800 , 2.00 % SOFR Floor
3/12/2029 Banking, Finance, Insurance & Real Estate 691 587 597
3 unchanged sentences
12/12/2027 Banking, Finance, Insurance & Real Estate 4,046 3,907 4,016
−Removed: BDS Solutions Intermediateco, LLC(m)(v) S+ 675 , 2.00 % SOFR Floor
+Added: Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(v)
+Added: S+ 850 , 2.00 % SOFR Floor
+Added: 12/12/2027 Banking, Finance, Insurance & Real Estate 1,092 1,092 1,077
+Added: Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(v)
+Added: S+ 735 , 2.00 % SOFR Floor
+Added: 12/12/2027 Banking, Finance, Insurance & Real Estate 3,044 3,044 2,945
+Added: Avison Young (Canada) Inc./Avison Young (USA) Inc.(t)(v)
+Added: S+ 850 , 2.00 % SOFR Floor
+Added: 12/12/2027 Banking, Finance, Insurance & Real Estate 449 449 443
+Added: BDS Solutions Intermediateco, LLC(m)(n)(v)
+Added: S+ 675 , 2.00 % SOFR Floor
2/7/2027 Services:
7 unchanged sentences
Berlitz Holdings, Inc.(t)(u) S+ 900 , 1.00 % SOFR Floor
−Removed: 5/31/2026 Services:
Business 17,500 17,499 15,174
Berlitz Holdings, Inc.(t)(u) S+ 900 , 1.00 % SOFR Floor
−Removed: 5/31/2026 Services:
Business 4,665 4,528 4,327
−Removed: Berlitz Holdings, Inc.
−Removed: 0.50 % Unfunded
−Removed: 5/31/2026 Services:
−Removed: Business 2,977 — 4
Berlitz Holdings, Inc.(t)(u) S+ 900 , 1.00 % SOFR Floor
−Removed: 5/31/2026 Services:
Business 478 478 443
2 unchanged sentences
Durable 12,597 12,495 12,518
−Removed: Bradshaw International Parent Corp.(u)
−Removed: S+ 575 , 1.00 % SOFR Floor
−Removed: Consumer Goods:
−Removed: Durable 154 144 152
Bradshaw International Parent Corp.
5 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands)
1 unchanged sentence
Units(e) Cost(d) Fair
−Removed: Cabi, LLC(u) S+ 600 , 1.00 % SOFR Floor
+Added: Cabi, LLC(m)(u)
+Added: S+ 600 , 1.00 % SOFR Floor
Retail 12,866 12,831 12,802
−Removed: Carestream Health, Inc.(r)(v) S+ 750 , 1.00 % SOFR Floor
+Added: Carestream Health, Inc.(r)(t)(v)
+Added: S+ 450 , 1.00 % SOFR Floor
9/30/2027 Healthcare & Pharmaceuticals 8,564 8,500 8,564
8 unchanged sentences
0.00 % Unfunded
−Removed: 5/4/2029 Services:
Business 30 — ( 1 )
6 unchanged sentences
Business 1,970 1,970 1,899
−Removed: CION/EagleTree Partners, LLC(h)(s)(t) 14.00 % 12/21/2026 Diversified Financials 36,037 36,037 36,037
+Added: CION/EagleTree Partners, LLC(h)(s)(t) 14.00 % 12/21/2027
+Added: Diversified Financials 36,037 36,037 36,037
Community Tree Service, LLC(m)(n)(v)
1 unchanged sentence
6/17/2027 Construction & Building 24,770 24,852 24,894
−Removed: Core Health & Fitness, LLC(m)(u) S+ 800 , 3.00 % SOFR Floor
+Added: Core Health & Fitness, LLC(m)(n)(u)
+Added: S+ 800 , 3.00 % SOFR Floor
6/17/2029 Consumer Goods:
2 unchanged sentences
6/30/2028 High Tech Industries 14,775 14,655 14,775
−Removed: CrossLink Professional Tax Solutions, LLC(u)
−Removed: S+ 525 , 1.00 % SOFR Floor
−Removed: High Tech Industries 368 347 368
CrossLink Professional Tax Solutions, LLC 0.50 % Unfunded
6/30/2028 High Tech Industries 2,209 ( 17 ) —
+Added: CSC ServiceWorks East, LLC(n)(v)
+Added: S+ 543 , 0.50 % SOFR Floor
+Added: Business 1,869 1,869 1,869
+Added: CSC ServiceWorks East, LLC(n)(v)
+Added: S+ 400 , 0.50 % SOFR Floor
+Added: Business 19,865 16,994 16,637
David's Bridal, Inc.(s)(v) S+ 600 , 0.00 % SOFR Floor
12/21/2027 Retail 16,747 16,747 16,684
−Removed: David's Bridal, Inc.(m)(s)(t)(v)
+Added: David's Bridal, Inc.(s)(v)
S+ 650 , 0.00 % SOFR Floor
12/21/2027 Retail 92,881 92,881 82,084
−Removed: David's Bridal, Inc.(s)(v)(y) S+ 650 , 0.00 % SOFR Floor
+Added: David's Bridal, Inc.(s)(v) S+ 600 , 0.00 % SOFR Floor
12/21/2027 Retail 12,000 12,000 10,530
−Removed: David's Bridal, Inc.(s)(z)
+Added: David's Bridal, Inc.(g)(s)(v)
+Added: S+ 650 , 0.00 % SOFR Floor
12/21/2027 Retail 10,000 9,651 9,805
−Removed: David's Bridal, Inc.(s)(z)
+Added: David's Bridal, Inc.(s)
Retail 3,000 — ( 368 )
+Added: David's Bridal, Inc.(s)(y)
+Added: Retail 3,820 3,771 3,376
+Added: Dependable Acquisition Inc.(m)(n)(v)
+Added: S+ 650 , 2.50 % SOFR Floor
+Added: Construction & Building 18,250 18,250 18,250
+Added: Dependable Acquisition Inc.
+Added: 0.50 % Unfunded
+Added: Construction & Building 5,000 — —
Dermcare Management, LLC(m)(u) S+ 600 , 1.00 % SOFR Floor
2 unchanged sentences
4/22/2028 Healthcare & Pharmaceuticals 4,122 4,086 4,122
−Removed: Dermcare Management, LLC (u) S+ 600 , 1.00 % SOFR Floor
+Added: Dermcare Management, LLC(u)
+Added: S+ 600 , 1.00 % SOFR Floor
4/22/2028 Healthcare & Pharmaceuticals 1,343 1,343 1,343
3 unchanged sentences
Entertainment Studios P&A LLC(u) S+ 900 , 1.00 % SOFR Floor
−Removed: 9/28/2027 Media:
Diversified & Production 34,335 34,335 34,335
−Removed: Entertainment Studios P&A LLC(j) 5.00 % 5/18/2037 Media:
+Added: Entertainment Studios P&A LLC(j)(aa)
+Added: 5.00 % 5/18/2037 Media:
Diversified & Production — — 252
10 unchanged sentences
Healthcare & Pharmaceuticals 23,375 23,375 23,433
−Removed: Gold Medal Holdings, Inc.(m)(v) S+ 575 , 1.00 % SOFR Floor
+Added: Gold Medal Holdings, Inc.(m)(n)(v)
+Added: S+ 575 , 1.00 % SOFR Floor
3/17/2027 Environmental Industries 26,995 26,914 26,956
4 unchanged sentences
3/17/2027 Environmental Industries 1,632 — ( 3 )
−Removed: Heritage Power, LLC(u) S+ 550 , 1.00 % SOFR Floor
+Added: Heritage Power, LLC(t)(u)
+Added: S+ 550 , 1.00 % SOFR Floor
7/20/2028 Energy:
−Removed: Oil & Gas 1,192 1,192 1,186
+Added: 1,209 1,209 1,197
Hilliard, Martinez & Gonzales, LLP(t)(u)(x) S+ 1200 , 2.00 % SOFR Floor
1 unchanged sentence
Consumer 28,323 28,317 27,898
−Removed: Hollander Intermediate LLC(r)(u) S+ 300 , 3.00 % SOFR Floor
−Removed: 9/19/2027 Consumer Goods:
−Removed: Durable 18,800 18,559 16,638
Homer City Generation, L.P.(t) 15.00 % 4/16/2028 Energy:
−Removed: Oil & Gas 17,663 17,775 16,780
+Added: 19,009 19,076 18,249
Homer City Generation, L.P.(t) 17.00 % 4/16/2028 Energy:
−Removed: Oil & Gas 14,848 14,846 14,959
+Added: 16,170 16,169 16,332
See accompanying notes to consolidated financial statements.
1 unchanged sentence
Consolidated Schedule of Investments (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands)
1 unchanged sentence
Units(e) Cost(d) Fair
−Removed: HW Acquisition, LLC(r)(t)(v) S+ 600 , 1.00 % SOFR Floor
+Added: HW Acquisition, LLC(q)(r)(t)(v)
+Added: S+ 600 , 1.00 % SOFR Floor
9/28/2026 Capital Equipment 5,841 5,685 —
1 unchanged sentence
9/28/2026 Capital Equipment 6,106 6,005 7,983
−Removed: HW Acquisition, LLC(r) 0.50 % Unfunded
+Added: HW Acquisition, LLC(p)(r)
+Added: 0.00 % Unfunded
Capital Equipment 441 — 136
−Removed: ICA Foam Holdings, LLC(m)(v) S+ 600 , 1.00 % SOFR Floor
+Added: ICA Foam Holdings, LLC(m)(n)(v)
+Added: S+ 600 , 1.00 % SOFR Floor
12/5/2026 Containers, Packaging & Glass 18,626 18,626 18,602
5 unchanged sentences
Instant Web, LLC(r)(t)(u) S+ 650 , 1.00 % SOFR Floor
−Removed: 2/25/2027 Media:
Advertising, Printing & Publishing 2,736 2,736 2,633
−Removed: Instant Web, LLC(r)(t) Prime+ 375 , 4.00 % Prime Floor
−Removed: 2/25/2027 Media:
+Added: Instant Web, LLC(r)
+Added: Prime+ 375 , 4.00 % Prime Floor
Advertising, Printing & Publishing 611 611 620
Instant Web, LLC(r)(t)(u) S+ 650 , 1.00 % SOFR Floor
−Removed: 2/25/2027 Media:
Advertising, Printing & Publishing 1,746 1,746 1,680
Instant Web, LLC(r) 0.50 % Unfunded
−Removed: 2/25/2027 Media:
Advertising, Printing & Publishing 1,731 — ( 65 )
Instant Web, LLC(r) 0.50 % Unfunded
−Removed: 2/25/2027 Media:
Advertising, Printing & Publishing 865 — ( 32 )
6 unchanged sentences
Durable 1,197 1,197 977
−Removed: Invincible Boat Company LLC 0.50 % Unfunded
−Removed: 12/31/2026 Consumer Goods:
−Removed: Durable 399 — ( 34 )
−Removed: INW Manufacturing, LLC(m)(n)(v)
+Added: Ironhorse Purchaser, LLC(m)(n)(u)
S+ 525 , 1.00 % SOFR Floor
4 unchanged sentences
Business 1,775 1,769 1,775
−Removed: Ironhorse Purchaser, LLC(n)(u) S+ 525 , 1.00 % SOFR Floor
−Removed: 9/30/2027 Services:
−Removed: Business 1,951 1,942 1,951
Ironhorse Purchaser, LLC 0.50 % Unfunded
9 unchanged sentences
Beverage, Food & Tobacco 6,872 6,872 6,872
+Added: JP Intermediate B, LLC(s)(v)
+Added: S+ 550 , 1.00 % SOFR Floor
+Added: 3/31/2031 Beverage, Food & Tobacco 2,563 175 2,166
K&N Parent, Inc.(t)(u) S+ 825 , 1.00 % SOFR Floor
1 unchanged sentence
Durable 6,095 6,095 5,608
−Removed: K&N Parent, Inc.(u) S+ 800 , 1.00 % SOFR Floor
+Added: K&N Parent, Inc.(m)(u)
+Added: S+ 800 , 1.00 % SOFR Floor
2/16/2027 Consumer Goods:
10 unchanged sentences
LAV Gear Holdings, Inc.(r)(t)
−Removed: 0.50 % 7/31/2029
+Added: S+ 594 , 1.00 % SOFR Floor
Business 146 73 143
−Removed: Lift Brands, Inc.(m)(n)(r)(u) S+ 750 , 1.00 % SOFR Floor
+Added: LAV Gear Holdings, Inc.(r)
+Added: 0.50 % Unfunded
+Added: Business 580 — ( 12 )
+Added: Lift Brands, Inc.(m)(n)(r)
+Added: S+ 750 , 1.00 % SOFR Floor
9/30/2026 Services:
Consumer 21,141 21,141 21,537
−Removed: Lift Brands, Inc.(n)(r)(t) 9.50 % 9/30/2026 Services:
+Added: Lift Brands, Inc.(n)(r)
+Added: 9.50 % 9/30/2026 Services:
Consumer 7,432 7,402 7,423
1 unchanged sentence
Consumer 8,447 8,375 8,352
−Removed: Lux Credit Consultants LLC(m)(v) S+ 725 , 1.50 % SOFR Floor
−Removed: 4/29/2028 Automotive 17,475 17,475 17,475
−Removed: Lux Credit Consultants LLC(v) S+ 725 , 1.50 % SOFR Floor
+Added: Live Comfortably Borrower LLC(u)
+Added: S+ 1000 , 3.00 % SOFR Floor
+Added: 9/19/2027 Consumer Goods:
+Added: Durable 21,815 21,549 19,033
+Added: Lux Credit Consultants LLC(m)(q)(t)(v)
+Added: S+ 725 , 1.50 % SOFR Floor
4/29/2028 Automotive 19,013 18,508 3,446
−Removed: Lux Credit Consultants LLC(v) S+ 725 , 1.50 % SOFR Floor
+Added: Lux Credit Consultants LLC(q)(t)(v)
+Added: S+ 725 , 1.50 % SOFR Floor
4/29/2028 Automotive 2,045 1,991 371
−Removed: Lux Credit Consultants LLC 1.00 % Unfunded
+Added: Lux Credit Consultants LLC(q)(t)(v)
+Added: S+ 725 , 1.50 % SOFR Floor
4/29/2028 Automotive 919 895 167
2 unchanged sentences
Consumer 16,120 16,145 16,120
−Removed: MacNeill Pride Group Corp.(v) S+ 625 , 1.00 % SOFR Floor
+Added: MacNeill Pride Group Corp.(n)(v)
+Added: S+ 600 , 1.00 % SOFR Floor
4/22/2026 Services:
3 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands)
3 unchanged sentences
S+ 550 , 1.00 % SOFR Floor
−Removed: Business 13,500 13,230 13,230
+Added: High Tech Industries 13,433 13,183 13,433
0.50 % Unfunded
−Removed: Business 2,250 ( 45 ) ( 45 )
+Added: High Tech Industries 2,250 ( 41 ) —
0.50 % Unfunded
−Removed: Business 2,250 ( 45 ) ( 45 )
−Removed: Moss Holding Company(m)(n)(v) S+ 550 , 1.00 % SOFR Floor
−Removed: 10/17/2026 Services:
−Removed: Business 21,698 21,551 21,698
−Removed: Moss Holding Company(m)(v) S+ 550 , 1.00 % SOFR Floor
−Removed: 10/17/2026 Services:
−Removed: Business 3,705 3,680 3,705
−Removed: Moss Holding Company 5.50 % Unfunded
−Removed: 10/17/2026 Services:
−Removed: Business 106 — —
−Removed: Moss Holding Company 0.50 % Unfunded
−Removed: 10/17/2026 Services:
−Removed: Business 2,126 — —
+Added: High Tech Industries 2,250 ( 45 ) —
Newbury Franklin Industrials LLC(m)(v) S+ 700 , 2.00 % SOFR Floor
8 unchanged sentences
Advertising, Printing & Publishing 14,084 11,417 6,479
−Removed: NTM Acquisition Corp.(m)(v) S+ 675 , 1.00 % SOFR Floor
−Removed: 6/18/2026 Hotel, Gaming & Leisure 22,823 22,823 22,823
OpCo Borrower, LLC(m)(n)(v) S+ 600 , 1.00 % SOFR Floor
15 unchanged sentences
5/12/2028 Hotel, Gaming & Leisure 17,461 17,461 17,461
−Removed: RA Outdoors, LLC(v) S+ 675 , 1.00 % SOFR Floor
+Added: RA Outdoors, LLC(r)(t)(v)
+Added: S+ 675 , 1.00 % SOFR Floor
Diversified & Production 12,312 12,312 9,788
−Removed: RA Outdoors, LLC(v) S+ 675 , 1.00 % SOFR Floor
+Added: RA Outdoors, LLC(r)(t)(v)
+Added: S+ 675 , 1.00 % SOFR Floor
Diversified & Production 1,177 1,143 936
−Removed: RA Outdoors, LLC(p)
+Added: RA Outdoors, LLC(r)(v)
+Added: S+ 675 , 1.00 % SOFR Floor
+Added: Diversified & Production
+Added: RA Outdoors, LLC(r)(p)
0.00 % Unfunded
4 unchanged sentences
Durable 15,024 14,841 14,911
−Removed: Riddell, Inc.
−Removed: / All American Sports Corp.(p) 0.00 % Unfunded
−Removed: 9/29/2026 Consumer Goods:
−Removed: Durable 1,636 — ( 25 )
Hilliard, L.L.P.(t)(u)(x) S+ 1200 , 2.00 % SOFR Floor
7 unchanged sentences
Automotive 7,968 7,782 7,968
−Removed: Sequoia Healthcare Management, LLC(q) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 — —
−Removed: SHF Holdings, Inc.(n)(v) S+ 550 , 1.00 % SOFR Floor
−Removed: 1/22/2030 Beverage, Food & Tobacco 18,124 18,124 18,124
−Removed: SHF Holdings, Inc.(v) S+ 550 , 1.00 % SOFR Floor
+Added: SHF Holdings, Inc.(m)(n)(v)
+Added: S+ 550 , 1.00 % SOFR Floor
1/22/2030 Beverage, Food & Tobacco 18,033 18,033 18,033
4 unchanged sentences
Retail 17,895 17,895 17,895
−Removed: Sleep Opco, LLC(m)(v) S+ 700 , 1.00 % SOFR Floor
−Removed: 10/12/2026 Retail 386 385 386
−Removed: Sleep Opco, LLC(m)(v) S+ 650 , 1.00 % SOFR Floor
−Removed: 10/12/2026 Retail 1,382 1,357 1,382
Sleep Opco, LLC 0.50 % Unfunded
Retail 2,060 — —
−Removed: Spin Holdco Inc.(n)(v) S+ 400 , 0.75 % SOFR Floor
−Removed: 3/31/2028 Services:
−Removed: Business 9,896 8,806 8,334
Spinal USA, Inc.
−Removed: / Precision Medical Inc.
+Added: / Precision Medical Inc.(aa)
5/29/2026 Healthcare & Pharmaceuticals 19,965 19,957 7,412
2 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands)
2 unchanged sentences
Spinal USA, Inc.
−Removed: / Precision Medical Inc.
+Added: / Precision Medical Inc.(aa)
5/29/2026 Healthcare & Pharmaceuticals 1,774 1,774 659
Spinal USA, Inc.
−Removed: / Precision Medical Inc.
+Added: / Precision Medical Inc.(aa)
5/29/2026 Healthcare & Pharmaceuticals 1,141 1,064 423
Spinal USA, Inc.
−Removed: / Precision Medical Inc.
+Added: / Precision Medical Inc.(aa)
5/29/2026 Healthcare & Pharmaceuticals 1,083 1,083 402
Spinal USA, Inc.
−Removed: / Precision Medical Inc.
+Added: / Precision Medical Inc.(aa)
5/29/2026 Healthcare & Pharmaceuticals 825 825 827
Spinal USA, Inc.
−Removed: / Precision Medical Inc.
+Added: / Precision Medical Inc.(aa)
5/29/2026 Healthcare & Pharmaceuticals 904 837 335
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(v)
+Added: / Precision Medical Inc.(aa)
5/29/2026 Healthcare & Pharmaceuticals 125 125 126
5 unchanged sentences
7/1/2027 Healthcare & Pharmaceuticals 21,316 11,709 —
−Removed: STATinMED, LLC(r) 0.00 % 7/1/2027 Healthcare & Pharmaceuticals 1,004 1,004 768
−Removed: STATinMED, LLC(r) 0.00 % 7/1/2027 Healthcare & Pharmaceuticals 224 224 199
−Removed: Stengel Hill Architecture, LLC(u) S+ 650 , 1.00 % SOFR Floor
+Added: STATinMED, LLC(r)(aa)
+Added: 0.00 % 7/1/2027 Healthcare & Pharmaceuticals 1,004 1,004 507
+Added: STATinMED, LLC(r)(aa)
+Added: 0.00 % 7/1/2027
+Added: Healthcare & Pharmaceuticals 498 498 1,806
+Added: STATinMED, LLC(r)(aa)
+Added: 0.00 % 7/1/2027 Healthcare & Pharmaceuticals 224 224 188
+Added: STATinMED, LLC(r)(aa)
+Added: 0.00 % 7/1/2027 Healthcare & Pharmaceuticals 218 218 1,102
+Added: Stengel Hill Architecture, LLC(m)(u)
+Added: S+ 675 , 1.00 % SOFR Floor
8/16/2028 Construction & Building 12,492 12,492 12,492
−Removed: Stengel Hill Architecture, LLC(u) S+ 650 , 1.00 % SOFR Floor
+Added: Stengel Hill Architecture, LLC(n)(u)
+Added: S+ 675 , 1.00 % SOFR Floor
Construction & Building 3,000 3,000 3,000
+Added: Stengel Hill Architecture, LLC(m)(u)
+Added: S+ 675 , 1.00 % SOFR Floor
+Added: 8/16/2028 Construction & Building 1,507 1,507 1,507
Stengel Hill Architecture, LLC(u) S+ 675 , 1.00 % SOFR Floor
2 unchanged sentences
8/16/2028 Construction & Building 1,425 — —
+Added: Straine Dental Management, LLC(m)(u)
+Added: S+ 742 , 2.00 % SOFR Floor
+Added: Healthcare & Pharmaceuticals 11,759 11,653 11,641
+Added: Straine Dental Management, LLC 0.25 % Unfunded
+Added: Healthcare & Pharmaceuticals 3,618 — ( 36 )
+Added: Straine Dental Management, LLC(u)
+Added: S+ 724 , 2.00 % SOFR Floor
+Added: Healthcare & Pharmaceuticals 123 105 122
Tactical Air Support, Inc.(m)(u) S+ 750 , 1.00 % SOFR Floor
3 unchanged sentences
12/22/2028 Aerospace & Defense 1,925 1,925 1,925
−Removed: Tactical Air Support, Inc.(u) S+ 850 , 1.00 % SOFR Floor
+Added: Tactical Air Support, Inc.(m)(u) S+ 750 , 1.00 % SOFR Floor
12/22/2028 Aerospace & Defense 1,850 1,818 1,850
2 unchanged sentences
12/22/2028 Aerospace & Defense 2,000 — —
−Removed: The Men's Wearhouse, LLC(n)(v) S+ 575 , 0.00 % SOFR Floor
−Removed: 2/26/2029 Retail 1,276 1,271 1,283
−Removed: Thrill Holdings LLC(m)(v) S+ 600 , 1.00 % SOFR Floor
+Added: Thrill Holdings LLC(v)
+Added: S+ 600 , 1.00 % SOFR Floor
5/27/2027 Media:
3 unchanged sentences
Diversified & Production 1,739 — ( 404 )
−Removed: TMK Hawk Parent, Corp.(t)(u) S+ 525 , 1.00 % SOFR Floor
+Added: TMK Hawk Parent, Corp.(u)
+Added: S+ 400 , 1.00 % SOFR Floor
6/30/2029 Services:
17 unchanged sentences
Beverage, Food & Tobacco 24,257 23,731 23,105
−Removed: WorkGenius, Inc.(m)(v) S+ 700 , 0.50 % SOFR Floor
+Added: WorkGenius, Inc.(m)(n)(v)
+Added: S+ 700 , 0.50 % SOFR Floor
6/7/2027 Services:
16 unchanged sentences
Collateralized Securities and Structured Products - Equity - 0.8 %
−Removed: Galaxy XV CLO Ltd.
−Removed: Class A Subordinated Notes(g)(h) 0.00 % Estimated Yield
−Removed: 10/15/2030 Diversified Financials 4,000 — —
Ivy Hill Middle Market Credit Fund VIII, Ltd.
−Removed: Subordinated Loan(g)(h) 11.84 % Estimated Yield
+Added: Subordinated Loan(h)(aa)
+Added: 5.98 % Estimated Yield
4/28/2039 Diversified Financials 5,000 4,969 5,033
11 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands)
3 unchanged sentences
ACS Holdings LLC, Class A-1 Membership Units(o)(p)(s) Healthcare & Pharmaceuticals 40,415,901 Units
+Added: ALA Holdco LLC, Class A Units(p)(s)
+Added: Capital Equipment 9,000 Units
ARC Financial Partners, LLC, Membership Interests ( 25 % ownership)(o)(p)(r)
Metals & Mining NA — —
−Removed: Ascent Resources - Marcellus, LLC, Membership Units(p) Energy:
+Added: Ascent Resources - Marcellus, LLC, Membership Units(aa)
Oil & Gas 511,255 Units
8 unchanged sentences
CION/EagleTree Partners, LLC, Participating Preferred Shares(h)(p)(s) Diversified Financials 22,072,841 Units
−Removed: 22,073 18,101
CION/EagleTree Partners, LLC, Membership Units ( 85 % ownership)(h)(p)(s)
2 unchanged sentences
David's Bridal Holdings, LLC, Preferred Units(p)(s) Retail 1,000 Units
−Removed: 10,820 14,776
David's Bridal Holdings, LLC, Class A Common Units(p)(s) Retail 876,920 Units
−Removed: 23,130 12,378
David's Bridal Holdings, LLC, Class B Common Units(p)(s) Retail 441,441 Units
4 unchanged sentences
Business 35,242 Units
−Removed: GSC Technologies Inc., Common Shares(p)(r) Chemicals, Plastics & Rubber 807,268 Units
Heritage Litigation Trust, Restricted Stock(p) Energy:
−Removed: Oil & Gas 238,375 Units
+Added: 238,375 Units
Instant Web Holdings, LLC, Class A Common Units(p)(r) Media:
3 unchanged sentences
Isagenix Worldwide, Inc., Common Shares(p)(r) Beverage, Food & Tobacco 787,149 Units
−Removed: JuicePlus Topco, LLC(p)(s)
+Added: JuicePlus Topco, LLC, Membership Units(p)(s)
Beverage, Food & Tobacco
8 unchanged sentences
LB NewHoldco LLC, Voting Units(p) Hotel, Gaming & Leisure 123,568 Units
−Removed: Live Comfortably Inc., Common Stock(p)(r) Consumer Goods:
−Removed: Durable 8,654 Units
−Removed: Longview Intermediate Holdings C, LLC, Membership Units(r)
−Removed: Oil & Gas 1,491,731 Units
+Added: Longview Intermediate Holdings C, LLC, Membership Units(r)(aa)
+Added: 1,495,714 Units
12,917 106,525
−Removed: Mount Logan Capital Inc., Common Stock(f)(h) Banking, Finance, Insurance & Real Estate 254,756 Units
−Removed: New Giving Acquisition, Inc., Common Stock Healthcare & Pharmaceuticals 4,630 Units
+Added: Mount Logan Capital Inc., Common Stock(f)(h)(aa)
+Added: Banking, Finance, Insurance & Real Estate 254,756 Units
+Added: New Giving Acquisition, Inc., Common Stock(aa)
+Added: 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
−Removed: NS NWN Acquisition, LLC, Class A Preferred Units High Tech Industries 111 Units
−Removed: NS NWN Acquisition, LLC, Common Equity(p) High Tech Industries 346 Units
−Removed: NS NWN Holdco LLC, Non-Voting Units High Tech Industries 522 Units
+Added: NS NWN Acquisition, LLC, Class A Preferred Units(aa)
+Added: High Tech Industries 111 Units
+Added: NS NWN Holdco LLC, Non-Voting Units(aa)
+Added: High Tech Industries 522 Units
NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(p) Consumer Goods:
10 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands)
−Removed: Portfolio Company(a) Interest(b) Industry Principal/
+Added: Portfolio Company(a) Interest Industry Principal/
Units(e) Cost(d) Fair
7 unchanged sentences
Consumer 3,996 Units
+Added: Sopris Topco, LLC, Common Units(p)(r)
+Added: Diversified & Production
SRA Parent, LLC, Preferred Units ( 12 % Return)(r)
14 unchanged sentences
White Tiger NewCo, LLC, Class A Units(p)(r)
−Removed: 12,664 12,662
WorkGenius, LLC, Class A Units(p) Services:
2 unchanged sentences
Business 7,567 Units
−Removed: Yak Holding II, LLC, Series A Common Units Construction & Building 127,419 Units
+Added: Yak Holding II, LLC, Series A Common Units(aa)
+Added: Construction & Building 127,419 Units
Total Equity 303,082 315,114
12 unchanged sentences
below, investments do not contain a paid-in-kind, or PIK, interest provision.
−Removed: The actual Secured Overnight Financing Rate, or SOFR, for each loan listed may not be the applicable SOFR rate as of September 30, 2025, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to September 30, 2025.
−Removed: 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.
+Added: The actual Secured Overnight Financing Rate, or SOFR, for each loan listed may not be the applicable SOFR rate as of March 31, 2026, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to March 31, 2026.
+Added: Fair value determined in good faith by CION Investment Management, LLC, or CIM, as the Company’s valuation designee, subject to oversight of the Company's board of directors (see Note 9 and Note 2), using significant unobservable inputs unless otherwise noted.
Represents amortized cost for debt securities and cost for equity investments.
2 unchanged sentences
Fair value determined using level 1 inputs.
−Removed: The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated.
−Removed: Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses.
−Removed: The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination.
−Removed: Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
+Added: The Company has entered into an agreement with the other lenders to purchase another $ 20,000 of the funded term loan on January 31, 2027 if certain conditions are satisfied.
The investment or a portion thereof is not a qualifying asset under the 1940 Act.
A business development company may not acquire any asset other than qualifying assets, unless, at the time the acquisition is made, qualifying assets represent at least 70% of the company’s total assets as defined under Section 55 of the 1940 Act.
−Removed: As of September 30, 2025, 95.7 % of the Company’s total assets represented qualifying assets.
+Added: As of March 31, 2026, 96.2 % of the Company’s total assets represented qualifying assets.
See accompanying notes to consolidated financial statements.
1 unchanged sentence
Consolidated Schedule of Investments (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands)
−Removed: Due to an annual cap in interest in the loan agreement, the all-in-rate on this loan as of September 30, 2025 was 4.26 %.
+Added: Due to an annual cap in interest in the loan agreement, the all-in-rate on this loan as of March 31, 2026 was 4.26 %.
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.
−Removed: 7-day effective yield as of September 30, 2025.
−Removed: Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street Funding, LLC, or 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPMorgan Chase Bank, National Association, or JPM, as of September 30, 2025 (see Note 8).
−Removed: Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, LLC, or Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the credit facility with UBS AG, or UBS, as of September 30, 2025 (see Note 8).
+Added: 7-day effective yield as of March 31, 2026.
+Added: Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street Funding, LLC, or 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPMorgan Chase Bank, National Association, or JPM, as of March 31, 2026 (see Note 8).
+Added: Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, Murray Hill Funding II, LLC, or Murray Hill Funding II, and was pledged as collateral supporting the amounts outstanding under the credit facility with UBS AG, or UBS, as of March 31, 2026 (see Note 8).
Investment is held through CIC Holdco, LLC, a wholly-owned taxable subsidiary of the Company.
Non-income producing security.
−Removed: Investment or a portion thereof was on non-accrual status as of September 30, 2025.
+Added: Investment or a portion thereof was on non-accrual status as of March 31, 2026.
Investment determined to be an affiliated investment as defined in the 1940 Act as the Company owns between 5% and 25% of the portfolio company’s outstanding voting securities but does not control the portfolio company.
−Removed: Fair value as of December 31, 2024 and September 30, 2025, along with transactions during the nine months ended September 30, 2025 in these affiliated investments, were as follows:
−Removed: Nine Months Ended September 30, 2025
−Removed: Nine Months Ended September 30, 2025
+Added: Fair value as of December 31, 2025 and March 31, 2026, along with transactions during the three months ended March 31, 2026 in these affiliated investments, were as follows:
+Added: Three Months Ended March 31, 2026
+Added: Three Months Ended March 31, 2026
Non-Controlled, Affiliated Investments Fair Value at
1 unchanged sentence
(Cost)(1) Gross
−Removed: (Cost)(2) Net Unrealized Gain (Loss) Fair Value at September 30, 2025
+Added: (Cost)(2) Net Unrealized Gain (Loss) Fair Value at March 31, 2026
Net Realized Gain (Loss) Interest
Income(3) Dividend Income Fee Income
−Removed: American Clinical Solutions LLC
+Added: Appalachian Resource Company, LLC
First Lien Term Loan $ — $ 10,681 $ — $ ( 278 ) $ 10,403 $ — $ 339 $ — $ —
−Removed: Class A-1 Membership Interests — — — — — — — — —
+Added: First Lien Delayed Draw Term Loan — 6,315 — 68 6,383 — 227 — —
ARC Financial, LLC
2 unchanged sentences
First Lien Term Loan 12,913 127 ( 11,535 ) ( 1,505 ) — ( 1,079 ) 414 — —
+Added: First Lien Term Loan — 8,500 — 64 8,564 — 51 — —
Carestream Health Holdings Inc.
Common Shares 18,081 3,076 — 16,445 37,602 — — — —
−Removed: GSC Technologies Inc.
−Removed: Common Shares 32 — — 41 73 — — — —
Hollander Intermediate LLC
16 unchanged sentences
Common Shares — — — — — — — — —
+Added: LAV Gear Holdings, Inc.
+Added: First Lien Term Loan 13,894 140 ( 40 ) ( 588 ) 13,406 — 393 — —
+Added: First Lien Term Loan 5,135 50 ( 13 ) ( 57 ) 5,115 — 130 — —
+Added: Revolving Loan ( 7 ) 146 — ( 8 ) 131 — 1 — —
See accompanying notes to consolidated financial statements
1 unchanged sentence
Consolidated Schedule of Investments (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands)
−Removed: Nine Months Ended September 30, 2025
−Removed: Nine Months Ended September 30, 2025
+Added: Three Months Ended March 31, 2026
+Added: Three Months Ended March 31, 2026
Non-Controlled, Affiliated Investments Fair Value at
1 unchanged sentence
(Cost)(1) Gross
−Removed: (Cost)(2) Net Unrealized Gain (Loss) Fair Value at September 30, 2025
+Added: (Cost)(2) Net Unrealized Gain (Loss) Fair Value at March 31, 2026
Net Realized Gain (Loss) Interest
Income(3) Dividend Income Fee Income
−Removed: LAV Gear Holdings, Inc.
−Removed: First Lien Term Loan — 16,171 — ( 1,556 ) 14,615 — 285 — —
−Removed: First Lien Term Loan — 4,944 — 198 5,142 — 157 — —
−Removed: Revolving Loan — ( 72 ) 70 ( 2 ) — — — —
Lift Brands, Inc.
15 unchanged sentences
Revolving Loan 709 26 — ( 21 ) 714 — 25 — —
+Added: RA Outdoors, LLC
+Added: Revolving Loan 1,041 32 ( 25 ) ( 112 ) 936 — 6 — —
+Added: First Lien Term Loan 10,885 333 — ( 1,430 ) 9,788 — 335 — —
+Added: Delayed Draw Term Loan ( 99 ) 753 — ( 123 ) 531 — — — —
+Added: Second Lien Term Loan — — — — — — — — —
Snap Fitness Holdings, Inc.
1 unchanged sentence
Warrants 2,046 — — ( 263 ) 1,783 — — — —
−Removed: SRA Holdings, LLC
−Removed: Unsecured Debt 4,103 — ( 4,103 ) — — — 97 — —
+Added: Sopris Topco, LLC
+Added: Common Units — — — — — — — — —
SRA Parent, LLC
5 unchanged sentences
Senior Superpriority Term Loan 199 — — ( 11 ) 188 — 35 — —
+Added: Senior Superpriority Term Note 2,090 — — ( 284 ) 1,806 — 351 — —
+Added: Senior Superpriority Term Note — 218 — 884 1,102 — — — —
STATinMed Parent, LLC
14 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(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.
−Removed: Fair value as of December 31, 2024 and September 30, 2025, along with transactions during the nine months ended September 30, 2025 in these controlled investments, were as follows:
−Removed: Nine Months Ended September 30, 2025
−Removed: Nine Months Ended September 30, 2025
+Added: Fair value as of December 31, 2025 and March 31, 2026, along with transactions during the three months ended March 31, 2026 in these controlled investments, were as follows:
+Added: Three Months Ended March 31, 2026
+Added: Three Months Ended March 31, 2026
Controlled Investments Fair Value at
3 unchanged sentences
Gain (Loss) Fair Value at
−Removed: September 30, 2025
+Added: March 31, 2026
Gain (Loss) Interest
Income(3) Dividend Income Fee Income
+Added: Adapt Laser Acquisition, Inc.
+Added: Revolving Loan $ 1,440 $ 560 $ — $ — $ 2,000 $ — $ 42 $ — $ —
+Added: First Lien Term Loan 10,148 — — — 10,148 — 277 — —
+Added: ALA Holdco LLC
+Added: Class A Units 5,348 — — 89 5,437 — — — —
American Clinical Solutions LLC
8 unchanged sentences
Secured Loan Receivable 2,765 2,250 ( 1,550 ) ( 89 ) 3,376 — 25 — —
−Removed: Secured Loan Receivable — 2,346 — ( 218 ) 2,128 — 26 — —
Exit First Lien Term Loan 82,548 — — ( 464 ) 82,084 — 2,389 — —
1 unchanged sentence
Fourteenth Amendment Term Loan 9,792 47 — ( 34 ) 9,805 — 308 — —
+Added: Incremental First Lien Term Loan 9,219 1,000 — ( 57 ) 10,162 — 286 — —
David's Bridal Holdings, LLC
3 unchanged sentences
JP Intermediate B, LLC
−Removed: First Lien Term Loan — — — — — — 15,366 — —
First Out New Money Term Loan 6,889 — ( 17 ) — 6,872 — 183 — —
Second Out Term Loan 23,561 — — ( 136 ) 23,425 — 623 — —
+Added: Third Out Term Loan 1,410 44 — 712 2,166 — 49 — —
Common Shares 23,282 — — ( 4,447 ) 18,835 — — — —
6 unchanged sentences
Consolidated Schedule of Investments (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands)
−Removed: As of September 30, 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.
+Added: As of March 31, 2026, 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
−Removed: Adapt Laser Acquisition, Inc.
−Removed: Senior Secured First Lien Debt 14.43 % 2.00 % 16.43 %
American Clinical Solutions LLC Senior Secured First Lien Debt 7.00 % 3.85 % 10.85 %
9 unchanged sentences
Senior Secured First Lien Debt 5.29 % 5.85 % 11.14 %
+Added: Avison Young (Canada) Inc./Avison Young (USA) Inc.
+Added: Senior Secured First Lien Debt — 12.17 % 12.17 %
Berlitz Holdings, Inc.
Senior Secured First Lien Debt — 12.79 % 12.79 %
+Added: Carestream Health, Inc.
+Added: Senior Secured First Lien Debt — 8.17 % 8.17 %
Celerity Acquisition Holdings, LLC Senior Secured First Lien Debt 7.00 % 5.31 % 12.31 %
CION/EagleTree Partners, LLC Senior Secured Note — 14.00 % 14.00 %
−Removed: David's Bridal Holdings, LLC Senior Secured First Lien Debt — 10.64 % 10.64 %
FuseFX, LLC Senior Secured First Lien Debt 4.93 % 5.00 % 9.93 %
+Added: Heritage Power, LLC Senior Secured First Lien Debt 3.70 % 5.50 % 9.20 %
Hilliard, Martinez & Gonzales, LLP Senior Secured First Lien Debt — 15.78 % 15.78 %
5 unchanged sentences
HW Acquisition, LLC Senior Secured First Lien Debt — 11.75 % 11.75 %
−Removed: Senior Secured First Lien Debt 10.89 % 0.25 % 11.14 %
Instant Web, LLC Senior Secured First Lien Debt — 10.79 % 10.79 %
7 unchanged sentences
Senior Secured First Lien Debt — 9.50 % 9.50 %
+Added: Lux Credit Consultants LLC Senior Secured First Lien Debt — 10.95 % 10.95 %
Lucky Bucks Holdings LLC Unsecured Note — 12.50 % 12.50 %
1 unchanged sentence
RA Outdoors, LLC Senior Secured Second Lien Debt — 12.81 % 12.81 %
+Added: RA Outdoors, LLC Senior Secured First Lien Debt — 10.89 % 10.89 %
Hilliard, L.L.P.
4 unchanged sentences
TMK Hawk Parent, Corp.
−Removed: Senior Secured First Lien Debt 6.28 % 3.25 % 9.53 %
−Removed: TMK Hawk Parent, Corp.
Unsecured Debt — 11.00 % 11.00 %
4 unchanged sentences
Senior Secured First Lien Debt 10.00 % 6.18 % 16.18 %
−Removed: The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2025 was 4.13%.
−Removed: The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2025 was 3.98% .
−Removed: The interest rate on these loans is subject to 6 month SOFR, which as of September 30, 2025 was 3.85%.
+Added: The interest rate on these loans is subject to 1 month SOFR, which as of March 31, 2026 was 3.66%.
+Added: The interest rate on these loans is subject to 3 month SOFR, which as of March 31, 2026 was 3.68%.
+Added: The interest rate on these loans is subject to 6 month SOFR, which as of March 31, 2026 was 3.70%.
While the maturity date of this loan has passed, the Company expects all interest and principal to be collected.
−Removed: The Company has entered into an agreement with the other lenders to purchase another $ 12,000 of the funded term loan and commit to another $ 8,000 of the unfunded term loan on March 20, 2026 if certain conditions are satisfied.
Investment is accounted for as senior secured debt collateralized by certain accounts receivable of the portfolio company.
+Added: No interest is being recognized on this security after the maturity date.
+Added: Other income producing investment.
+Added: Other income producing investments include equity securities that have paid dividends within the trailing twelve months, securities with returns based on contractual waterfall structures, and investments structured to generate returns primarily through exit-based MOICs.
See accompanying notes to consolidated financial statements.
6 unchanged sentences
Senior Secured First Lien Debt - 193.7 %
−Removed: A-AG US Protein Bidco, Inc.(n)(w) S+ 500 , 1.00 % SOFR Floor
+Added: Adapt Laser Acquisition, Inc.(s)(v)
+Added: S+ 725 , 1.00 % SOFR Floor
Capital Equipment $ 10,148 $ 10,148 $ 10,148
−Removed: Adapt Laser Acquisition, Inc.(x) S+ 1000 , 1.00 % SOFR Floor
+Added: Adapt Laser Acquisition, Inc.(s)(v)
+Added: S+ 725 , 1.00 % SOFR Floor
Capital Equipment 1,440 1,440 1,440
−Removed: Adapt Laser Acquisition, Inc.(x) S+ 1000 , 1.00 % SOFR Floor
+Added: Adapt Laser Acquisition, Inc.(s)
+Added: 0.50 % Unfunded
12/31/2029 Capital Equipment
−Removed: AHF Parent Holding, Inc.(n)(x) S+ 625 , 0.75 % SOFR Floor
−Removed: 2/1/2028 Construction & Building 7,379 7,306 7,379
−Removed: Allen Media, LLC(x) S+ 550 , 0.00 % SOFR Floor
+Added: Allen Media, LLC(v)
+Added: S+ 550 , 0.00 % SOFR Floor
2/10/2027 Media:
Diversified & Production 8,590 8,570 7,699
−Removed: ALM Global, LLC(m)(n)(x) S+ 550 , 1.00 % SOFR Floor
−Removed: 2/21/2029 Media:
−Removed: Advertising, Printing & Publishing 29,502 29,502 29,502
−Removed: ALM Global, LLC(x) S+ 550 , 1.00 % SOFR Floor
−Removed: 2/21/2029 Media:
−Removed: Advertising, Printing & Publishing 900 900 900
−Removed: ALM Global, LLC 5.50 % Unfunded
−Removed: 2/21/2029 Media:
−Removed: Advertising, Printing & Publishing 230 — —
−Removed: ALM Global, LLC 0.50 % Unfunded
−Removed: 2/21/2029 Media:
−Removed: Advertising, Printing & Publishing 1,570 — —
−Removed: American Clinical Solutions LLC(r)(t)(x) S+ 700 , 1.00 % SOFR Floor
−Removed: 6/30/2025 Healthcare & Pharmaceuticals 13,733 13,733 11,742
−Removed: American Clinical Solutions LLC(p)(r) 0.00 % Unfunded
−Removed: 6/30/2025 Healthcare & Pharmaceuticals 4,600 — ( 667 )
−Removed: American Family Care, LLC(m)(x) S+ 600 , 1.00 % SOFR Floor
−Removed: 2/28/2029 Healthcare & Pharmaceuticals 13,331 13,331 13,331
−Removed: American Family Care, LLC(x) S+ 600 , 1.00 % SOFR Floor
−Removed: 2/28/2029 Healthcare & Pharmaceuticals 455 455 455
−Removed: American Family Care, LLC 1.00 % Unfunded
−Removed: 2/28/2026 Healthcare & Pharmaceuticals 4,091 — —
−Removed: American Family Care, LLC 0.50 % Unfunded
+Added: American Clinical Solutions LLC(s)(t)(v)
+Added: S+ 700 , 1.00 % SOFR Floor
Healthcare & Pharmaceuticals 27,871 28,066 23,133
6 unchanged sentences
Business 2,500 ( 4 ) —
−Removed: Ancile Solutions, Inc.(m)(x) S+ 1000 , 1.00 % SOFR Floor
+Added: Ancile Solutions, Inc.(m)(v)
+Added: S+ 1000 , 1.00 % SOFR Floor
6/11/2026 High Tech Industries 10,249 10,212 12,107
−Removed: Anthem Sports & Entertainment Inc.(t)(x) S+ 950 , 1.00 % SOFR Floor
−Removed: 11/15/2026 Media:
−Removed: Diversified & Production 45,166 45,071 34,778
−Removed: Anthem Sports & Entertainment Inc.(t)(x) S+ 950 , 1.00 % SOFR Floor
−Removed: 11/15/2026 Media:
−Removed: Diversified & Production 3,641 3,641 3,641
−Removed: Anthem Sports & Entertainment Inc.
−Removed: 0.50 % Unfunded
−Removed: 11/15/2026 Media:
+Added: Anthem Sports & Entertainment Inc.(t)
+Added: 10.00 % Fixed
Diversified & Production 27,810 25,213 20,441
−Removed: Anthem Sports & Entertainment Inc.(p) 0.00 % Unfunded
−Removed: 3/1/2025 Media:
+Added: Anthem Sports & Entertainment Inc.(t)(v)
+Added: S+ 550 , 1.00 % SOFR Floor
Diversified & Production 12,955 12,955 12,505
−Removed: Anthem Sports & Entertainment Inc.(x) S+ 700 , 1.00 % SOFR Floor
−Removed: 3/30/2025 Media:
+Added: Anthem Sports & Entertainment Inc.(q)(t)
Diversified & Production 26,327 3,663 —
−Removed: Appalachian Resource Company, LLC(w)(z) S+ 1000 , 1.00 % SOFR Floor
+Added: Appalachian Resource Company, LLC(t)(u)(x)
+Added: S+ 500 , 1.00 % SOFR Floor
Metals & Mining 15,168 15,174 10,466
−Removed: Appalachian Resource Company, LLC(w)(z) S+ 500 , 1.00 % SOFR Floor
+Added: Appalachian Resource Company, LLC(t)(u)(x)
+Added: S+ 1000 , 1.00 % SOFR Floor
Metals & Mining 6,462 6,462 6,171
−Removed: APS Acquisition Holdings, LLC(m)(x) S+ 575 , 1.00 % SOFR Floor
+Added: APS Acquisition Holdings, LLC(m)(v)
+Added: S+ 550 , 1.00 % SOFR Floor
7/11/2029 Construction & Building 14,517 14,517 14,517
+Added: APS Acquisition Holdings, LLC(m)(v)
+Added: S+ 550 , 1.00 % SOFR Floor
+Added: Construction & Building
+Added: 1,812 1,810 1,812
APS Acquisition Holdings, LLC 1.00 % Unfunded
2 unchanged sentences
7/11/2029 Construction & Building 2,600 — —
−Removed: Atlas Supply LLC 13.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 4,800
−Removed: Avison Young (USA) Inc.(n)(x) S+ 625 , 2.00 % SOFR Floor
+Added: Atlas Supply LLC(x)(z)
+Added: 13.00 % 4/29/2025 Healthcare & Pharmaceuticals 5,000 5,000 2,709
+Added: Avison Young (USA) Inc.(t)(v)
+Added: S+ 800 , 2.00 % SOFR Floor
3/12/2029 Banking, Finance, Insurance & Real Estate 12,509 10,972 10,804
−Removed: Avison Young (USA) Inc.(t)(x) S+ 800 , 2.00 % SOFR Floor
+Added: Avison Young (USA) Inc.(n)(v)
+Added: S+ 625 , 2.00 % SOFR Floor
3/12/2028 Banking, Finance, Insurance & Real Estate 7,983 7,884 7,553
−Removed: Avison Young (USA) Inc.(t)(x) S+ 800 , 2.00 % SOFR Floor
+Added: Avison Young (USA) Inc.(m)(v)
+Added: S+ 850 , 2.00 % SOFR Floor
Banking, Finance, Insurance & Real Estate
−Removed: BDS Solutions Intermediateco, LLC(m)(x) S+ 700 , 2.00 % SOFR Floor
+Added: 4,056 3,897 4,016
+Added: Avison Young (USA) Inc.(t)(v)
+Added: S+ 850 , 2.00 % SOFR Floor
+Added: Banking, Finance, Insurance & Real Estate
+Added: 1,056 1,056 1,038
+Added: Avison Young (USA) Inc.(t)(v)
+Added: S+ 800 , 2.00 % SOFR Floor
+Added: 3/12/2029 Banking, Finance, Insurance & Real Estate 693 587 587
+Added: Avison Young (USA) Inc.(t)(v)
+Added: S+ 735 , 2.00 % SOFR Floor
+Added: Banking, Finance, Insurance & Real Estate
+Added: 2,993 2,993 2,881
+Added: Avison Young (USA) Inc.(p)
+Added: 0.00 % Unfunded
+Added: Banking, Finance, Insurance & Real Estate
+Added: BDS Solutions Intermediateco, LLC(m)(n)(v)
+Added: S+ 675 , 2.00 % SOFR Floor
2/7/2027 Services:
Business 19,486 19,391 19,486
−Removed: BDS Solutions Intermediateco, LLC(x) S+ 700 , 2.00 % SOFR Floor
+Added: BDS Solutions Intermediateco, LLC(v)
+Added: S+ 675 , 2.00 % SOFR Floor
2/7/2027 Services:
3 unchanged sentences
Business 476 ( 25 ) —
−Removed: Berlitz Holdings, Inc.(w) S+ 900 , 1.00 % SOFR Floor
−Removed: 5/31/2025 Services:
+Added: Berlitz Holdings, Inc.(t)(u)
+Added: S+ 900 , 1.00 % SOFR Floor
Business 17,277 17,275 16,472
−Removed: Bradshaw International Parent Corp.(n)(w) S+ 575 , 1.00 % SOFR Floor
+Added: Berlitz Holdings, Inc.(t)(u)
+Added: S+ 900 , 1.00 % SOFR Floor
+Added: 1,666 1,643 1,669
+Added: Berlitz Holdings, Inc.(t)(u)
+Added: S+ 900 , 1.00 % SOFR Floor
+Added: Berlitz Holdings, Inc.(t)(u)
+Added: 0.50 % Unfunded
+Added: Bradshaw International Parent Corp.(n)(u)
+Added: S+ 575 , 1.00 % SOFR Floor
10/21/2027 Consumer Goods:
4 unchanged sentences
Durable 1,844 ( 7 ) ( 18 )
+Added: Cabi, LLC(m)(u)
+Added: S+ 600 , 2.00 % SOFR Floor
+Added: 2/28/2027 Retail 12,866 12,813 12,770
+Added: Carestream Health, Inc.(r)(v)
+Added: S+ 750 , 1.00 % SOFR Floor
+Added: 9/30/2027 Healthcare & Pharmaceuticals 12,913 11,408 12,913
See accompanying notes to consolidated financial statements.
5 unchanged sentences
Units(e) Cost(d) Fair
−Removed: Cabi, LLC(w) S+ 600 , 2.00 % SOFR Floor
−Removed: 2/28/2027 Retail 14,366 14,256 14,007
−Removed: Carestream Health, Inc.(n)(r)(x) S+ 750 , 1.00 % SOFR Floor
−Removed: 9/30/2027 Healthcare & Pharmaceuticals 11,172 10,367 11,172
−Removed: Celerity Acquisition Holdings, LLC(m)(t)(x) S+ 850 , 1.00 % SOFR Floor
+Added: Celerity Acquisition Holdings, LLC(m)(t)(v)
+Added: S+ 850 , 1.00 % SOFR Floor
5/28/2026 Services:
Business 15,950 15,944 15,950
−Removed: Cennox, Inc.(m)(n)(y) S+ 550 , 1.00 % SOFR Floor
+Added: Cennox, Inc.(m)(n)(t)(w)
+Added: S+ 675 , 1.00 % SOFR Floor
5/4/2029 Services:
Business 38,332 38,086 37,852
−Removed: Cennox, Inc.(y) S+ 550 , 1.00 % SOFR Floor
+Added: Cennox, Inc.(t)(w)
+Added: S+ 675 , 1.00 % SOFR Floor
+Added: 2,989 2,989 2,951
+Added: Cennox, Inc.(p)
+Added: 0.00 % Unfunded
5/4/2029 Services:
Business 30 — —
−Removed: 0.50 % Unfunded
+Added: Cennox, Inc.(t)(w)
+Added: S+ 675 , 1.00 % SOFR Floor
5/4/2029 Services:
1 unchanged sentence
CION/EagleTree Partners, LLC(h)(s)(t) 14.00 % 12/21/2026 Diversified Financials 36,037 36,037 36,037
−Removed: Community Tree Service, LLC(m)(t)(x) S+ 975 , 1.00 % SOFR Floor
+Added: Community Tree Service, LLC(m)(n)(v)
+Added: S+ 800 , 1.00 % SOFR Floor
6/17/2027 Construction & Building 24,835 24,840 24,959
−Removed: Core Health & Fitness, LLC(m)(w) S+ 800 , 3.00 % SOFR Floor
+Added: Core Health & Fitness, LLC(m)(u)
+Added: S+ 800 , 3.00 % SOFR Floor
6/17/2029 Consumer Goods:
Durable 19,700 19,474 20,094
−Removed: CrossLink Professional Tax Solutions, LLC(m)(w) S+ 550 , 1.00 % SOFR Floor
−Removed: 6/30/2028 High Tech Industries 17,747 17,529 17,525
−Removed: CrossLink Professional Tax Solutions, LLC(w) S+ 550 , 1.00 % SOFR Floor
+Added: CrossLink Professional Tax Solutions, LLC (m)(v)
+Added: S+ 525 , 1.00 % SOFR Floor
6/30/2028 High Tech Industries 14,775 14,639 14,775
1 unchanged sentence
6/30/2028 High Tech Industries 982 ( 22 ) —
−Removed: David's Bridal, LLC(m)(s)(x) S+ 650 , 0.00 % SOFR Floor
+Added: CrossLink Professional Tax Solutions, LLC(v)
+Added: S+ 525 , 1.00 % SOFR Floor
+Added: 6/30/2028 High Tech Industries 1,227 1,230 1,227
+Added: David's Bridal, LLC(s)(u)
+Added: S+ 650 , 0.00 % SOFR Floor
12/21/2027 Retail 92,881 92,881 82,548
−Removed: David's Bridal, LLC(s)(x) S+ 600 , 0.00 % SOFR Floor
+Added: David's Bridal, LLC(s)(v)
+Added: S+ 600 , 0.00 % SOFR Floor
12/21/2027 Retail 16,747 16,747 16,622
−Removed: Dermcare Management, LLC(m)(w) S+ 575 , 1.00 % SOFR Floor
−Removed: 4/22/2028 Healthcare & Pharmaceuticals 9,168 9,047 9,168
−Removed: Dermcare Management, LLC(m)(w) S+ 575 , 1.00 % SOFR Floor
+Added: David's Bridal, LLC(g)(s)(v)
+Added: S+ 650 , 0.00 % SOFR Floor
+Added: 10,000 9,604 9,792
+Added: David's Bridal, LLC(s)(u)
+Added: S+ 600 , 0.00 % SOFR Floor
+Added: 11,000 11,000 9,694
+Added: David's Bridal, LLC(s)(y)
+Added: 0.00 % 12/21/2027
+Added: 1,795 1,773 1,596
+Added: David's Bridal, LLC(s)(y)
+Added: 0.00 % 12/21/2027
+Added: 1,315 1,298 1,169
+Added: David's Bridal, LLC(p)(s)
+Added: 0.00 % Unfunded
+Added: 4,000 — ( 475 )
+Added: Dermcare Management, LLC(m)(u)
+Added: S+ 600 , 1.00 % SOFR Floor
4/22/2028 Healthcare & Pharmaceuticals 9,074 8,986 9,074
−Removed: Dermcare Management, LLC(w) S+ 575 , 1.00 % SOFR Floor
+Added: Dermcare Management, LLC(m)(u)
+Added: S+ 600 , 1.00 % SOFR Floor
4/22/2028 Healthcare & Pharmaceuticals 4,131 4,090 4,131
−Removed: Dermcare Management, LLC 0.50 % Unfunded
+Added: Dermcare Management, LLC (u)
+Added: S+ 600 , 1.00 % SOFR Floor
4/22/2028 Healthcare & Pharmaceuticals 1,343 1,343 1,343
−Removed: Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(w) S+ 625 , 1.00 % SOFR Floor
+Added: Emerald Technologies (U.S.) Acquisitionco, Inc.(n)(v)
+Added: S+ 625 , 1.00 % SOFR Floor
12/29/2027 Services:
Business 2,719 2,697 2,246
−Removed: Entertainment Studios P&A LLC(x) S+ 800 , 1.00 % SOFR Floor
−Removed: 9/28/2027 Media:
+Added: Entertainment Studios P&A LLC(v)
+Added: S+ 900 , 1.00 % SOFR Floor
Diversified & Production 34,472 34,473 34,472
−Removed: Entertainment Studios P&A LLC(j) 5.00 % 5/18/2037 Media:
+Added: Entertainment Studios P&A LLC(j)(aa)
+Added: 5.00 % 5/18/2037 Media:
Diversified & Production — — 198
−Removed: See accompanying notes to consolidated financial statements.
−Removed: CĪON Investment Corporation
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2024
−Removed: (in thousands)
−Removed: Portfolio Company(a) Interest(b) Maturity Industry Principal/
−Removed: Units(e) Cost(d) Fair
−Removed: ESP Associates, Inc.(m)(w) S+ 650 , 1.50 % SOFR Floor
+Added: ESP Associates, Inc.(m)(u)
+Added: S+ 650 , 1.50 % SOFR Floor
7/24/2028 Construction & Building 8,511 8,414 8,510
−Removed: ESP Associates, Inc.(w) S+ 650 , 1.50 % SOFR Floor
+Added: ESP Associates, Inc.(u)
+Added: S+ 650 , 1.50 % SOFR Floor
7/24/2028 Construction & Building 197 171 197
2 unchanged sentences
7/24/2028 Construction & Building 1,118 — —
−Removed: Flatworld Intermediate Corp.(x) S+ 675 , 1.00 % SOFR Floor
−Removed: 10/3/2027 Services:
−Removed: Business 22,957 22,957 22,957
−Removed: Flatworld Intermediate Corp.
−Removed: 0.50 % Unfunded
−Removed: 10/3/2027 Services:
−Removed: Business 5,865 — —
−Removed: FuseFX, LLC(m)(t)(x) S+ 600 , 1.00 % SOFR Floor
−Removed: 9/30/2026 Media:
+Added: FuseFX, LLC(m)(t)(v)
+Added: S+ 600 , 1.00 % SOFR Floor
Diversified & Production 21,451 21,451 20,954
−Removed: Future Pak, LLC(m)(n)(x) S+ 900 , 4.00 % SOFR Floor
+Added: Future Pak, LLC(m)(n)(u)
+Added: S+ 650 , 2.00 % SOFR Floor
Healthcare & Pharmaceuticals 23,750 23,750 23,750
−Removed: Gold Medal Holdings, Inc.(m)(x) S+ 575 , 1.00 % SOFR Floor
+Added: Gold Medal Holdings, Inc.(m)(n)(v)
+Added: S+ 575 , 1.00 % SOFR Floor
3/17/2027 Environmental Industries 27,065 26,957 27,065
+Added: Gold Medal Holdings, Inc.(v)
+Added: S+ 575 , 1.00 % SOFR Floor
+Added: 3/17/2027 Environmental Industries 863 863 863
Gold Medal Holdings, Inc.
1 unchanged sentence
Environmental Industries
−Removed: Lochner, Inc.(m)(x) S+ 625 , 1.00 % SOFR Floor
−Removed: 7/2/2027 Construction & Building 8,671 8,630 8,671
−Removed: Lochner, Inc.(m)(x) S+ 625 , 1.00 % SOFR Floor
−Removed: 7/2/2027 Construction & Building 10,216 10,024 10,216
−Removed: Lochner, Inc.(m)(x) S+ 625 , 1.00 % SOFR Floor
−Removed: 7/2/2027 Construction & Building 2,516 2,461 2,516
−Removed: HEC Purchaser Corp.(x) S+ 550 , 1.00 % SOFR Floor
−Removed: 6/17/2029 Healthcare & Pharmaceuticals 11,142 10,989 11,142
−Removed: HEC Purchaser Corp.
−Removed: 0.50 % Unfunded
−Removed: 6/17/2029 Healthcare & Pharmaceuticals 1,302 ( 17 ) —
−Removed: Heritage Power, LLC(t)(w) S+ 700 , 1.00 % SOFR Floor
+Added: 1,632 ( 11 ) —
+Added: Heritage Power, LLC(v)
+Added: S+ 550 , 1.00 % SOFR Floor
7/20/2028 Energy:
−Removed: Oil & Gas 1,192 1,192 1,175
−Removed: Hilliard, Martinez & Gonzales, LLP(t)(x) S+ 1200 , 2.00 % SOFR Floor
−Removed: 2/14/2025 Services:
+Added: 1,192 1,192 1,180
+Added: Hilliard, Martinez & Gonzales, LLP(t)(u)(x)
+Added: S+ 1200 , 2.00 % SOFR Floor
Consumer 27,219 27,214 26,811
−Removed: Hollander Intermediate LLC(t)(w) S+ 875 , 3.00 % SOFR Floor
+Added: Hollander Intermediate LLC(r)(u)
+Added: S+ 300 , 3.00 % SOFR Floor
Consumer Goods:
Durable 18,800 18,490 14,651
−Removed: Homer City Generation, L.P.(t) 15.00 % 4/16/2025 Energy:
−Removed: Oil & Gas 15,822 15,853 14,319
Homer City Generation, L.P.(t) 15.00 % 4/16/2028
−Removed: 4/16/2025 Energy:
−Removed: Oil & Gas 13,059 13,060 13,059
−Removed: Hudson Hospital Opco, LLC(w)(z) S+ 800 , 3.00 % SOFR Floor
−Removed: 11/4/2023 Healthcare & Pharmaceuticals 1,165 1,160 1,095
−Removed: HUMC Holdco, LLC(w)(z) S+ 800 , 3.00 % SOFR Floor
−Removed: 11/4/2023 Healthcare & Pharmaceuticals 4,939 4,939 4,593
−Removed: HW Acquisition, LLC(r) 0.50 % Unfunded
−Removed: 9/28/2026 Capital Equipment 147 — ( 10 )
−Removed: HW Acquisition, LLC(r)(t)(x) S+ 600 , 0.00 % SOFR Floor
−Removed: 9/28/2026 Capital Equipment 5,134 5,115 4,794
−Removed: HW Acquisition, LLC(r)(t) Prime+ 500
−Removed: 9/28/2026 Capital Equipment 3,373 3,363 3,150
−Removed: ICA Foam Holdings, LLC(m)(x) S+ 600 , 1.00 % SOFR Floor
−Removed: 12/5/2026 Containers, Packaging & Glass 18,876 18,760 18,687
+Added: 18,331 18,415 17,598
See accompanying notes to consolidated financial statements.
5 unchanged sentences
Units(e) Cost(d) Fair
−Removed: Inotiv, Inc.(t)(x) S+ 675 , 1.00 % SOFR Floor
+Added: Homer City Generation, L.P.(t) 17.00 %
+Added: 15,502 15,501 15,657
+Added: HW Acquisition, LLC(q)(r)(t)(v)
+Added: S+ 600 , 1.00 % SOFR Floor
+Added: 9/28/2026 Capital Equipment 5,696 5,688 3,033
+Added: HW Acquisition, LLC(r)(t)
+Added: 9/28/2026 Capital Equipment 5,402 5,400 2,877
+Added: ICA Foam Holdings, LLC(m)(v)
+Added: S+ 600 , 1.00 % SOFR Floor
+Added: 12/5/2026 Containers, Packaging & Glass 18,676 18,676 18,652
+Added: Inotiv, Inc.(t)(v)
+Added: S+ 675 , 1.00 % SOFR Floor
11/5/2026 Healthcare & Pharmaceuticals 20,466 20,075 17,652
−Removed: Instant Web, LLC(r)(t)(w) S+ 700 , 1.00 % SOFR Floor
+Added: Instant Web, LLC(r)(t)(u)
+Added: S+ 700 , 1.00 % SOFR Floor
2/25/2027 Media:
Advertising, Printing & Publishing 57,142 57,142 35,642
−Removed: Instant Web, LLC(r)(t) Prime+ 375
+Added: Instant Web, LLC(r)(t)(u)
+Added: S+ 650 , 1.00 % SOFR Floor
2/25/2027 Media:
Advertising, Printing & Publishing 2,559 2,559 2,460
−Removed: Instant Web, LLC(r)(t)(w) S+ 650 , 1.00 % SOFR Floor
+Added: Instant Web, LLC(r)(t)(u)
+Added: S+ 650 , 1.00 % SOFR Floor
2/25/2027 Media:
Advertising, Printing & Publishing 1,699 1,699 1,634
−Removed: Instant Web, LLC(r)(t)(w) S+ 650 , 1.00 % SOFR Floor
+Added: Instant Web, LLC(r)(u)
+Added: Prime+ 375 , 4.00 % Prime Floor
2/25/2027 Media:
6 unchanged sentences
Advertising, Printing & Publishing 1,731 — ( 67 )
−Removed: Invincible Boat Company LLC(m)(w) S+ 750 , 1.50 % SOFR Floor
+Added: Invincible Boat Company LLC(m)(t)(u)
+Added: S+ 800 , 1.50 % SOFR Floor
Consumer Goods:
Durable 13,473 13,443 12,160
−Removed: Invincible Boat Company LLC(w) S+ 750 , 1.50 % SOFR Floor
+Added: Invincible Boat Company LLC(t)(u)
+Added: S+ 750 , 1.50 % SOFR Floor
Consumer Goods:
Durable 1,117 1,117 1,008
−Removed: INW Manufacturing, LLC(n)(x) S+ 575 , 0.75 % SOFR Floor
+Added: Invincible Boat Company LLC
+Added: 0.50 % Unfunded
+Added: Consumer Goods:
+Added: INW Manufacturing, LLC(m)(n)(v)
+Added: S+ 575 , 0.75 % SOFR Floor
3/25/2027 Services:
Business 17,640 17,398 17,464
−Removed: Ironhorse Purchaser, LLC(n)(w) S+ 525 , 1.00 % SOFR Floor
+Added: Ironhorse Purchaser, LLC(n)(u)
+Added: S+ 525 , 1.00 % SOFR Floor
9/30/2027 Services:
Business 6,810 6,779 6,810
−Removed: Ironhorse Purchaser, LLC(n)(w) S+ 525 , 1.00 % SOFR Floor
+Added: Ironhorse Purchaser, LLC(n)(u)
+Added: S+ 525 , 1.00 % SOFR Floor
9/30/2027 Services:
3 unchanged sentences
Business 816 ( 3 ) —
−Removed: Ironhorse Purchaser, LLC(w) S+ 525 , 1.00 % SOFR Floor
−Removed: 9/30/2027 Services:
−Removed: Business 265 261 265
−Removed: Isagenix International, LLC(r)(x) S+ 650 , 1.00 % SOFR Floor
+Added: Isagenix International, LLC(r)(t)(v)
+Added: S+ 750 , 1.00 % SOFR Floor
4/14/2028 Beverage, Food & Tobacco 10,279 10,279 4,857
−Removed: JP Intermediate B, LLC(m)(x) S+ 650 , 1.00 % SOFR Floor
+Added: JP Intermediate B, LLC(m)(s)(v)
+Added: S+ 550 , 1.00 % SOFR Floor
Beverage, Food & Tobacco 27,159 27,159 23,561
−Removed: K&N Parent, Inc.(t)(w) S+ 825 , 1.00 % SOFR Floor
+Added: JP Intermediate B, LLC(m)(s)(v)
+Added: S+ 700 , 1.00 % SOFR Floor
+Added: Beverage, Food & Tobacco
+Added: 6,889 6,889 6,889
+Added: JP Intermediate B, LLC(s)(v)
+Added: S+ 550 , 1.00 % SOFR Floor
+Added: Beverage, Food & Tobacco
+Added: 1,649 130 1,410
+Added: K&N Parent, Inc.(t)(u)
+Added: S+ 825 , 1.00 % SOFR Floor
8/16/2027 Consumer Goods:
Durable 6,020 6,020 5,524
−Removed: K&N Parent, Inc.(w) S+ 800 , 1.00 % SOFR Floor
+Added: K&N Parent, Inc.(m)(u)
+Added: S+ 800 , 1.00 % SOFR Floor
2/16/2027 Consumer Goods:
Durable 4,146 4,074 4,218
−Removed: KeyImpact Holdings, Inc.(m)(x) S+ 650 , 1.00 % SOFR Floor
−Removed: 1/31/2029 Beverage, Food & Tobacco 18,421 18,421 18,582
−Removed: Klein Hersh, LLC(i)(w) S+ 850 , 0.50 % SOFR Floor
+Added: Klein Hersh, LLC(i)(u)
+Added: S+ 850 , 0.50 % SOFR Floor
4/27/2028 Services:
Business 23,048 21,121 20,887
−Removed: LAV Gear Holdings, Inc.(m)(n)(t)(x) S+ 628 , 1.00 % SOFR Floor
−Removed: 10/31/2025 Services:
+Added: LAV Gear Holdings, Inc.(m)(r)(t)(u)
+Added: S+ 594 , 1.00 % SOFR Floor
Business 16,274 16,274 13,894
−Removed: LAV Gear Holdings, Inc.(m)(n)(t)(x) S+ 628 , 1.00 % SOFR Floor
−Removed: 10/31/2025 Services:
+Added: LAV Gear Holdings, Inc.(n)(r)(t)(u)
+Added: S+ 594 , 1.00 % SOFR Floor
Business 5,187 4,984 5,135
−Removed: LGC US Finco, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor
−Removed: 12/20/2025 Capital Equipment 10,981 10,891 10,981
−Removed: LGC US Finco, LLC(m)(w) S+ 650 , 1.00 % SOFR Floor
−Removed: 12/20/2025 Capital Equipment 1,980 1,956 1,980
−Removed: Lift Brands, Inc.(m)(n)(r)(w) S+ 750 , 1.00 % SOFR Floor
−Removed: 6/29/2025 Services:
+Added: LAV Gear Holdings, Inc.(r)
+Added: 0.50 % Unfunded
+Added: 726 ( 73 ) ( 7 )
+Added: Lift Brands, Inc.(m)(n)(r)(u)
+Added: S+ 750 , 1.00 % SOFR Floor
Consumer 21,388 21,388 21,682
−Removed: Lift Brands, Inc.(n)(r)(t) 9.50 % 6/29/2025 Services:
+Added: Lift Brands, Inc.(n)(r)(t) 9.50 % 9/30/2026
Consumer 7,321 7,292 7,212
−Removed: Lift Brands, Inc.(n)(r)(t) 9.50 % 6/29/2025 Services:
+Added: Lift Brands, Inc.(n)(r)(t) 9.50 % 9/30/2026
Consumer 8,245 8,135 8,006
−Removed: Lux Credit Consultants LLC(m)(x) S+ 725 , 1.50 % SOFR Floor
−Removed: 4/29/2028 Automotive 17,541 17,541 17,541
−Removed: Lux Credit Consultants LLC(x) S+ 725 , 1.50 % SOFR Floor
−Removed: 4/29/2028 Automotive 1,887 1,887 1,887
−Removed: Lux Credit Consultants LLC(x) S+ 725 , 1.50 % SOFR Floor
+Added: Lux Credit Consultants LLC(t)(v)
+Added: S+ 725 , 1.50 % SOFR Floor
4/29/2028 Automotive 18,508 18,508 14,436
−Removed: Lux Credit Consultants LLC 2.25 % Unfunded
+Added: Lux Credit Consultants LLC(t)(v)
+Added: S+ 725 , 1.50 % SOFR Floor
4/29/2028 Automotive 1,936 1,936 1,510
−Removed: Lux Credit Consultants LLC 1.00 % Unfunded
+Added: Lux Credit Consultants LLC(t)(v)
+Added: S+ 725 , 1.50 % SOFR Floor
4/29/2028 Automotive 883 883 689
−Removed: MacNeill Pride Group Corp.(m)(x) S+ 675 , 1.00 % SOFR Floor
−Removed: 4/22/2026 Services:
−Removed: Consumer 16,604 16,574 16,521
−Removed: MacNeill Pride Group Corp.(x) S+ 675 , 1.00 % SOFR Floor
−Removed: 4/22/2026 Services:
−Removed: Consumer 6,126 6,106 6,096
−Removed: Manus Bio Inc.
−Removed: 13.00 % 8/20/2026 Healthcare & Pharmaceuticals 7,044 7,022 7,044
See accompanying notes to consolidated financial statements.
5 unchanged sentences
Units(e) Cost(d) Fair
−Removed: Mimeo.com, Inc.(m)(x) S+ 750 , 1.00 % SOFR Floor
−Removed: 1/31/2026 Media:
−Removed: Advertising, Printing & Publishing 20,925 20,925 20,925
−Removed: Mimeo.com, Inc.(x) S+ 750 , 1.00 % SOFR Floor
−Removed: 1/31/2026 Media:
−Removed: Advertising, Printing & Publishing 2,756 2,756 2,756
−Removed: Mimeo.com, Inc.
−Removed: 1.00 % Unfunded
−Removed: 1/31/2026 Media:
−Removed: Advertising, Printing & Publishing 2,500 — —
−Removed: Moss Holding Company(m)(n)(x) S+ 575 , 1.00 % SOFR Floor
−Removed: 10/17/2026 Services:
−Removed: Business 21,895 21,586 21,895
−Removed: Moss Holding Company(m)(x) S+ 575 , 1.00 % SOFR Floor
−Removed: 10/17/2026 Services:
−Removed: Business 2,654 2,628 2,654
−Removed: Moss Holding Company 5.75 % Unfunded
+Added: MacNeill Pride Group Corp.(m)(v)
+Added: S+ 625 , 1.00 % SOFR Floor
4/22/2026 Services:
−Removed: Business 106 — —
−Removed: Moss Holding Company 0.50 % Unfunded
+Added: Consumer 16,162 16,174 16,162
+Added: MacNeill Pride Group Corp.(n)(v)
+Added: S+ 625 , 1.00 % SOFR Floor
4/22/2026 Services:
−Removed: Business 2,126 — —
−Removed: Newbury Franklin Industrials LLC(m)(x) S+ 700 , 2.00 % SOFR Floor
+Added: Consumer 5,961 5,956 5,961
+Added: Metrc Inc.(m)(v) S+ 550 , 1.00 % SOFR Floor
+Added: High Tech Industries
+Added: 13,466 13,203 13,466
+Added: 0.50 % Unfunded
+Added: High Tech Industries
+Added: 2,250 ( 43 ) —
+Added: 0.50 % Unfunded
+Added: High Tech Industries
+Added: 2,250 ( 45 ) —
+Added: Newbury Franklin Industrials LLC(m)(w)
+Added: S+ 700 , 2.00 % SOFR Floor
12/11/2029 Capital Equipment 7,946 7,846 7,867
+Added: Newbury Franklin Industrials LLC(w) S+ 700 , 1.00 % SOFR Floor
+Added: Capital Equipment
Newbury Franklin Industrials LLC 1.00 % Unfunded
12/11/2029 Capital Equipment 1,066 ( 11 ) ( 11 )
−Removed: NewsCycle Solutions, Inc.(q)(x) S+ 700 , 1.00 % SOFR Floor
−Removed: 2/27/2024 Media:
+Added: NewsCycle Solutions, Inc.(q)(v)
+Added: S+ 100 , 1.00 % SOFR Floor
Advertising, Printing & Publishing 14,161 11,663 7,381
−Removed: Nova Compression, LLC(m)(t)(x) S+ 1050 , 2.00 % SOFR Floor
−Removed: 10/13/2027 Energy:
−Removed: Oil & Gas 28,297 28,297 28,297
−Removed: Nova Compression, LLC(t)(x) S+ 1050 , 2.00 % SOFR Floor
−Removed: 10/13/2027 Energy:
−Removed: Oil & Gas 3,300 3,300 3,300
−Removed: NTM Acquisition Corp.(m)(x) S+ 675 , 1.00 % SOFR Floor
−Removed: 6/18/2026 Hotel, Gaming & Leisure 24,750 24,750 24,750
−Removed: OpCo Borrower, LLC(m)(n)(x) S+ 600 , 1.00 % SOFR Floor
−Removed: 4/26/2029 Healthcare & Pharmaceuticals 28,875 28,759 28,875
−Removed: Optio Rx, LLC(u)(z) L+ 900 , 0.00 % LIBOR Floor
+Added: OpCo Borrower, LLC(m)(n)(v)
+Added: S+ 625 , 1.00 % SOFR Floor
4/26/2029 Healthcare & Pharmaceuticals 27,091 27,001 27,091
−Removed: Optio Rx, LLC(n)(u)(z) L+ 1200 , 0.00 % LIBOR Floor
+Added: Optio Rx, LLC(r)(t)(u)
+Added: S+ 1000 , 2.50 % SOFR Floor
Healthcare & Pharmaceuticals
−Removed: Optio Rx, LLC(x)(z) S+ 525 , 5.00 % SOFR Floor
+Added: 14,880 14,880 14,880
+Added: Optio Rx, LLC(r)(t)(u)
+Added: S+ 1000 , 2.50 % SOFR Floor
Healthcare & Pharmaceuticals
−Removed: Optio Rx, LLC(n)(u)(z) L+ 900 , 0.00 % LIBOR Floor
+Added: Optio Rx, LLC(r)
+Added: 0.50 % Unfunded
Healthcare & Pharmaceuticals
−Removed: Playboy Enterprises, Inc.(h)(t)(x) S+ 625 , 0.50 % SOFR Floor
+Added: Playboy Enterprises, Inc.(h)(u)
+Added: S+ 625 , 0.50 % SOFR Floor
5/25/2027 Consumer Goods:
Non-Durable 14,862 14,763 14,862
−Removed: PRA Acquisition, LLC(x) S+ 650 , 1.00 % SOFR Floor
+Added: PRA Acquisition, LLC(m)(v)
+Added: S+ 650 , 1.00 % SOFR Floor
5/12/2028 Hotel, Gaming & Leisure 17,461 17,461 17,461
−Removed: RA Outdoors, LLC(x) S+ 675 , 1.00 % SOFR Floor
−Removed: 4/8/2026 Media:
+Added: RA Outdoors, LLC(r)(t)(v)
+Added: S+ 675 , 1.00 % SOFR Floor
Diversified & Production 11,978 11,978 10,885
−Removed: RA Outdoors, LLC(x) S+ 675 , 1.00 % SOFR Floor
−Removed: 4/8/2026 Media:
+Added: RA Outdoors, LLC(r)(t)(v)
+Added: S+ 675 , 1.00 % SOFR Floor
Diversified & Production 1,145 1,136 1,041
−Removed: RA Outdoors, LLC(p) 0.50 % Unfunded
−Removed: 4/8/2026 Media:
+Added: RA Outdoors, LLC(p)(r)
+Added: 0.00 % Unfunded
Diversified & Production 1,083 — ( 99 )
Riddell, Inc.
−Removed: / All American Sports Corp.(m)(w) S+ 600 , 1.00 % SOFR Floor
−Removed: 3/29/2029 Consumer Goods:
−Removed: Durable 16,057 15,781 15,936
−Removed: Riddell, Inc.
−Removed: / All American Sports Corp.(p) 0.00 % Unfunded
+Added: / All American Sports Corp.(m)(n)(u)
+Added: S+ 600 , 1.00 % SOFR Floor
3/29/2029 Consumer Goods:
Durable 15,229 15,026 15,114
−Removed: Hilliard, L.L.P.(t)(x) S+ 1200 , 2.00 % SOFR Floor
−Removed: 2/14/2025 Services:
+Added: Hilliard, L.L.P.(t)(u)(x)
+Added: S+ 1200 , 2.00 % SOFR Floor
Consumer 2,548 2,553 2,509
−Removed: Rogers Mechanical Contractors, LLC(x) S+ 625 , 1.00 % SOFR Floor
−Removed: 9/28/2028 Construction & Building 1,655 1,627 1,670
−Removed: Rogers Mechanical Contractors, LLC(m)(x) S+ 625 , 1.00 % SOFR Floor
−Removed: 9/28/2028 Construction & Building 15,763 15,735 15,901
−Removed: Rogers Mechanical Contractors, LLC 1.00 % Unfunded
−Removed: 3/28/2026 Construction & Building 2,541 — 22
−Removed: Rogers Mechanical Contractors, LLC 0.50 % Unfunded
−Removed: 9/28/2028 Construction & Building 2,885 ( 5 ) —
−Removed: RumbleOn, Inc.(m)(t)(x) S+ 875 , 1.00 % SOFR Floor
+Added: RumbleOn, Inc.(m)(t)(v)
+Added: S+ 775 , 1.00 % SOFR Floor
Automotive 7,948 7,850 7,899
−Removed: RumbleOn, Inc.(m)(t)(x) S+ 875 , 1.00 % SOFR Floor
+Added: RumbleOn, Inc.(m)(t)(v)
+Added: S+ 775 , 1.00 % SOFR Floor
Automotive 2,399 2,396 2,384
−Removed: Securus Technologies Holdings, Inc.(m)(t)(x) S+ 509 , 1.00 % SOFR Floor
−Removed: 7/31/2025 Telecommunications 4,049 3,950 3,760
−Removed: Securus Technologies Holdings, Inc.(x) S+ 750 , 1.00 % SOFR Floor
−Removed: 7/31/2025 Telecommunications 77 77 75
−Removed: Sequoia Healthcare Management, LLC(q) 12.75 % 11/4/2023 Healthcare & Pharmaceuticals 8,525 8,525 4,135
−Removed: See accompanying notes to consolidated financial statements.
−Removed: CĪON Investment Corporation
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2024
−Removed: (in thousands)
−Removed: Portfolio Company(a) Interest(b) Maturity Industry Principal/
−Removed: Units(e) Cost(d) Fair
−Removed: Sleep Opco, LLC(m)(n)(x) S+ 650 , 1.00 % SOFR Floor
−Removed: 10/12/2026 Retail 13,495 13,383 13,495
−Removed: Sleep Opco, LLC(m)(x) S+ 700 , 1.00 % SOFR Floor
−Removed: 10/12/2026 Retail 393 393 397
−Removed: Sleep Opco, LLC(m)(x) S+ 650 , 1.00 % SOFR Floor
+Added: SHF Holdings, Inc.(m)(n)(v) S+ 550 , 1.00 % SOFR Floor
+Added: Beverage, Food & Tobacco
+Added: 18,078 18,078 18,078
+Added: SHF Holdings, Inc.
+Added: 0.50 % Unfunded
+Added: Beverage, Food & Tobacco
+Added: Sleep Opco, LLC(m)(n)(v)
+Added: S+ 650 , 1.00 % SOFR Floor
Retail 17,940 17,940 17,940
1 unchanged sentence
Retail 2,060 — —
+Added: Spin Holdco Inc.(n)(v)
+Added: S+ 400 , 0.75 % SOFR Floor
+Added: 3/4/2028 Services:
+Added: Business 11,870 10,512 9,778
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(t)(v) L+ 950
+Added: / Precision Medical Inc.(aa)
Healthcare & Pharmaceuticals 19,965 19,944 8,136
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(t)(v) L+ 950
+Added: / Precision Medical Inc.(aa)
Healthcare & Pharmaceuticals 1,774 1,774 723
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(t)(v) L+ 950
+Added: / Precision Medical Inc.(aa)
Healthcare & Pharmaceuticals 1,141 1,058 465
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(t)(v) L+ 950
+Added: / Precision Medical Inc.(aa)
Healthcare & Pharmaceuticals 1,083 1,083 441
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(t)(v) L+ 950
+Added: / Precision Medical Inc.(aa)
Healthcare & Pharmaceuticals 904 838 368
Spinal USA, Inc.
−Removed: / Precision Medical Inc.(t)(v) L+ 950
+Added: / Precision Medical Inc.(aa)
Healthcare & Pharmaceuticals 825 826 825
−Removed: Spin Holdco Inc.(n)(x) S+ 400 , 0.75 % SOFR Floor
−Removed: 3/4/2028 Services:
−Removed: Business 9,974 8,603 8,445
−Removed: STATinMED, LLC(q)(r)(t)(w) S+ 950 , 2.00 % SOFR Floor
+Added: Spinal USA, Inc.
+Added: / Precision Medical Inc.(aa)
+Added: 0.00 % 5/29/2026
Healthcare & Pharmaceuticals
−Removed: STATinMED, LLC(r) 0.00 %
+Added: Spinal USA, Inc.
+Added: / Precision Medical Inc.(p)
+Added: 0.00 % Unfunded
Healthcare & Pharmaceuticals
−Removed: STATinMED, LLC(r) 0.00 %
+Added: See accompanying notes to consolidated financial statements.
+Added: CĪON Investment Corporation
+Added: Consolidated Schedule of Investments
+Added: December 31, 2025
+Added: (in thousands)
+Added: Portfolio Company(a) Interest(b) Maturity Industry Principal/
+Added: Units(e) Cost(d) Fair
+Added: STATinMED, LLC(q)(r)(t)(u)
+Added: S+ 950 , 2.00 % SOFR Floor
7/1/2027 Healthcare & Pharmaceuticals 20,612 11,709 4,200
−Removed: Stengel Hill Architecture, LLC(w) S+ 650 , 1.00 % SOFR Floor
+Added: STATinMED, LLC(r)(aa)
+Added: 7/1/2027 Healthcare & Pharmaceuticals 1,004 1,004 733
+Added: STATinMED, LLC(r)(aa)
+Added: 0.00 % 7/1/2027
+Added: Healthcare & Pharmaceuticals
+Added: 498 498 2,090
+Added: STATinMED, LLC(r)(aa)
+Added: 0.00 % 7/1/2027 Healthcare & Pharmaceuticals 224 224 199
+Added: Stengel Hill Architecture, LLC(m)(v)
+Added: S+ 675 , 1.00 % SOFR Floor
8/16/2028 Construction & Building 12,529 12,530 12,529
−Removed: Stengel Hill Architecture, LLC(w) S+ 650 , 1.00 % SOFR Floor
+Added: Stengel Hill Architecture, LLC(m)(v)
+Added: S+ 675 , 1.00 % SOFR Floor
8/16/2028 Construction & Building 1,511 1,511 1,511
−Removed: Stengel Hill Architecture, LLC(w) S+ 650 , 1.00 % SOFR Floor
+Added: Stengel Hill Architecture, LLC(u)
+Added: S+ 675 , 1.00 % SOFR Floor
8/16/2028 Construction & Building 825 825 825
1 unchanged sentence
8/16/2028 Construction & Building 1,425 — —
−Removed: Tactical Air Support, Inc.(m)(w) S+ 850 , 1.00 % SOFR Floor
+Added: Straine Dental Management, LLC(m)(u)
+Added: S+ 742 , 2.00 % SOFR Floor
+Added: Healthcare & Pharmaceuticals
+Added: 11,759 11,643 11,641
+Added: Straine Dental Management, LLC
+Added: 0.25 % Unfunded
+Added: Healthcare & Pharmaceuticals
+Added: 3,741 ( 18 ) ( 37 )
+Added: Tactical Air Support, Inc.(m)(v)
+Added: S+ 750 , 1.00 % SOFR Floor
12/22/2028 Aerospace & Defense 11,250 11,250 11,250
−Removed: Tactical Air Support, Inc.(w) S+ 850 , 1.00 % SOFR Floor
+Added: Tactical Air Support, Inc.(m)(v)
+Added: S+ 750 , 1.00 % SOFR Floor
12/22/2028 Aerospace & Defense 1,950 1,950 1,950
−Removed: The Men's Wearhouse, LLC(n)(x) S+ 650 , 0.00 % SOFR Floor
+Added: Tactical Air Support, Inc.(m)(v)
+Added: S+ 750 , 1.00 % SOFR Floor
+Added: Aerospace & Defense
+Added: 1,875 1,840 1,875
+Added: Tactical Air Support, Inc.
+Added: 0.75 % Unfunded
+Added: Aerospace & Defense
+Added: The Men's Wearhouse, LLC(n)(v)
+Added: S+ 575 , 0.00 % SOFR Floor
2/26/2029 Retail 1,276 1,271 1,282
−Removed: Thrill Holdings LLC 0.50 % Unfunded
+Added: Thrill Holdings LLC(m)(v)
+Added: S+ 600 , 1.00 % SOFR Floor
5/27/2027 Media:
Diversified & Production 18,217 18,217 14,995
−Removed: Thrill Holdings LLC(m)(x) S+ 600 , 1.00 % SOFR Floor
+Added: Thrill Holdings LLC 0.50 % Unfunded
5/27/2027 Media:
Diversified & Production 1,739 — ( 285 )
−Removed: TMK Hawk Parent, Corp.(t)(w) S+ 525 , 1.00 % SOFR Floor
+Added: TMK Hawk Parent, Corp.(t)(u)
+Added: S+ 525 , 1.00 % SOFR Floor
6/30/2029 Services:
Business 7,505 7,505 7,401
−Removed: TMK Hawk Parent, Corp.(p)(t) 0.00 % Unfunded
−Removed: 12/31/2028 Services:
+Added: TMK Hawk Parent, Corp.(p)
+Added: 0.00 % Unfunded
Business 780 — —
−Removed: Trademark Global, LLC(r)(t)(x) S+ 850 , 1.00 % SOFR Floor
+Added: Trademark Global, LLC(q)(r)(t)(v)
+Added: S+ 850 , 1.00 % SOFR Floor
6/30/2027 Consumer Goods:
Non-Durable 20,625 19,393 9,848
−Removed: Trammell, P.C.(t)(w) S+ 1550 , 2.00 % SOFR Floor
+Added: Trammell, P.C.(t)(u)
+Added: S+ 1550 , 2.00 % SOFR Floor
4/28/2026 Services:
Consumer 17,714 17,714 17,714
−Removed: Williams Industrial Services Group, Inc.(q)(t)(x) S+ 1100 , 1.00 % SOFR Floor
+Added: Williams Industrial Services Group, Inc.(q)(t)(v)
+Added: S+ 1100 , 1.00 % SOFR Floor
12/16/2025 Services:
Business 1,525 1,426 702
−Removed: Williams Industrial Services Group, Inc.(q)(t)(x) S+ 1100 , 1.00 % SOFR Floor
+Added: Williams Industrial Services Group, Inc.(q)(t)(v)
+Added: S+ 1100 , 1.00 % SOFR Floor
12/16/2025 Services:
Business 325 304 149
−Removed: Wok Holdings Inc.(n)(w) S+ 625 , 0.00 % SOFR Floor
+Added: Wok Holdings Inc.(m)(n)(v)
+Added: S+ 625 , 0.00 % SOFR Floor
Beverage, Food & Tobacco 24,322 23,758 23,076
−Removed: WorkGenius, Inc.(m)(x) S+ 700 , 0.50 % SOFR Floor
+Added: WorkGenius, Inc.(m)(n)(v)
+Added: S+ 700 , 0.50 % SOFR Floor
6/7/2027 Services:
Business 20,805 20,805 20,805
−Removed: WorkGenius, Inc.(m)(x) S+ 700 , 0.50 % SOFR Floor
+Added: WorkGenius, Inc.(v)
+Added: S+ 700 , 0.50 % SOFR Floor
6/7/2027 Services:
Business 750 745 750
−Removed: WorkGenius, Inc.
+Added: WorkGenius, Inc.(m)(v)
S+ 700 , 0.50 % SOFR Floor
1 unchanged sentence
Business 7,430 7,430 7,430
−Removed: Xenon Arc, Inc.(m)(x) S+ 525 , 0.75 % SOFR Floor
+Added: Xenon Arc, Inc.(m)(v)
+Added: S+ 575 , 0.75 % SOFR Floor
12/20/2028 High Tech Industries 3,796 3,778 3,796
1 unchanged sentence
Senior Secured Second Lien Debt - 0.0 %
−Removed: RA Outdoors, LLC(m)(t)(x) S+ 900 , 1.00 % SOFR Floor
−Removed: 10/8/2026 Media:
+Added: RA Outdoors, LLC(q)(r)(t)(v)
+Added: S+ 900 , 1.00 % SOFR Floor
Diversified & Production 2,295 2,218 —
−Removed: Securus Technologies Holdings, Inc.(q)(t)(x) S+ 931 , 1.00 % SOFR Floor
−Removed: 11/1/2025 Telecommunications 3,302 3,183 1,387
Total Senior Secured Second Lien Debt 2,218 —
−Removed: See accompanying notes to consolidated financial statements.
−Removed: CĪON Investment Corporation
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2024
−Removed: (in thousands)
−Removed: Portfolio Company(a) Interest(b) Maturity Industry Principal/
−Removed: Units(e) Cost(d) Fair
Collateralized Securities and Structured Products - Equity - 0.7 %
−Removed: Galaxy XV CLO Ltd.
−Removed: Class A Subordinated Notes(g)(h) 19.30 % Estimated Yield
−Removed: 10/15/2030 Diversified Financials 4,000 978 693
Ivy Hill Middle Market Credit Fund VIII, Ltd.
−Removed: Subordinated Loan(g)(h) 11.84 % Estimated Yield
+Added: Subordinated Loan(h)(aa) 5.98 % Estimated Yield
4/28/2039 Diversified Financials 5,000 4,969 5,028
3 unchanged sentences
Business 4,368 988 153
−Removed: Lucky Bucks Holdings LLC(q)(t) 12.50 % 5/29/2028 Hotel, Gaming & Leisure 25,308 22,860 5,315
−Removed: SRA Holdings, LLC(r)(x) S+ 600 , 0.00 % SOFR Floor
−Removed: 3/24/2025 Banking, Finance, Insurance & Real Estate 4,103 4,103 4,103
−Removed: TMK Hawk Parent, Corp.
+Added: Lucky Bucks Holdings LLC(q)(t) 12.50 % 5/26/2028
+Added: Hotel, Gaming & Leisure 25,308 22,860 4,840
+Added: TMK Hawk Parent, Corp.(t)
11.00 % 12/15/2031 Services:
1 unchanged sentence
Total Unsecured Debt 25,563 6,639
+Added: See accompanying notes to consolidated financial statements.
+Added: CĪON Investment Corporation
+Added: Consolidated Schedule of Investments
+Added: December 31, 2025
+Added: (in thousands)
+Added: Portfolio Company(a) Maturity Industry Principal/
+Added: Units(e) Cost(d) Fair
Equity - 44.5 %
−Removed: ACS Holdings LLC, Class A-1 Membership Units(p)(r) Healthcare & Pharmaceuticals 25,115,901 Units
+Added: ACS Holdings LLC, Class A-1 Membership Units(p)(s) Healthcare & Pharmaceuticals 38,415,901 Units
+Added: ALA Holdco LLC, Class A Units(p)(s) Capital Equipment
ARC Financial Partners, LLC, Membership Interests ( 25 % ownership)(o)(p)(r)
Metals & Mining NA — —
−Removed: Ascent Resources - Marcellus, LLC, Membership Units(p) Energy:
+Added: Ascent Resources - Marcellus, LLC, Membership Units(aa)
Oil & Gas 511,255 Units
2 unchanged sentences
Avison Young (Canada) Inc., Class F Common Shares(p) Banking, Finance, Insurance & Real Estate 6,575 Units
−Removed: Carestream Health Holdings, Inc., Common Stock(p) Healthcare & Pharmaceuticals 614,368 Units
+Added: Carestream Health Holdings, Inc., Common Stock(p)(r)
+Added: Healthcare & Pharmaceuticals 617,927 Units
21,762 18,081
3 unchanged sentences
22,073 13,679
−Removed: CION/EagleTree Partners, LLC, Membership Units ( 85 % ownership)(h)(p)(s)
+Added: CION/EagleTree Partners, LLC, Membership Units ( 85 % ownership)(h)(o)(p)(s)
Diversified Financials NA — —
CTS Ultimate Holdings, LLC, Class A Preferred Units(p) Construction & Building 849,201 Units
−Removed: David's Bridal Holdings, LLC, Common Units(p)(s) Retail 900,000 Units
−Removed: 23,130 24,570
David's Bridal Holdings, LLC, Preferred Units(p)(s) Retail 1,000 Units
+Added: David's Bridal Holdings, LLC, Class A Common Units(p)(s)
+Added: Retail 876,920 Units
+Added: David's Bridal Holdings, LLC, Class B Common Units(p)(s)
+Added: 441,441 Units
EBSC Holdings LLC, Preferred Units ( 10 % Return)
1 unchanged sentence
Durable 2,000 Units
−Removed: FWS Parent Holdings, LLC.
−Removed: Class A Membership Interests(p) Services:
+Added: FWS Parent Holdings, LLC, Class A Membership Interests(p)
Business 35,242 Units
−Removed: GSC Technologies Inc., Common Shares(p)(r) Chemicals, Plastics & Rubber 807,268 Units
Heritage Litigation Trust, Restricted Stock(p) Energy:
−Removed: Oil & Gas 238,375 Units
+Added: 238,375 Units
Instant Web Holdings, LLC, Class A Common Units(p)(r) Media:
3 unchanged sentences
Isagenix Worldwide, Inc., Common Shares(p)(r) Beverage, Food & Tobacco 787,149 Units
+Added: JuicePlus Topco, LLC, Membership Units(p)(s)
+Added: Beverage, Food & Tobacco
+Added: 271,637 Units
+Added: 31,238 23,282
K&N Holdco, LLC, Membership Units(p) Consumer Goods:
5 unchanged sentences
LB NewHoldco LLC, Voting Units(p) Hotel, Gaming & Leisure 123,568 Units
−Removed: Longview Intermediate Holdings C, LLC, Membership Units(p)(r) Energy:
−Removed: Oil & Gas 1,491,731 Units
+Added: Live Comfortably Inc., Common Stock(p)(r)
+Added: Consumer Goods:
+Added: Longview Intermediate Holdings C, LLC, Membership Units(r)(aa)
+Added: 1,495,714 Units
12,917 105,657
−Removed: Mount Logan Capital Inc., Common Stock(f)(h)(r) Banking, Finance, Insurance & Real Estate 1,075,557 Units
−Removed: New Giving Acquisition, Inc., Common Stock Healthcare & Pharmaceuticals 4,630 Units
+Added: Mount Logan Capital Inc., Common Stock(f)(h)(aa)
+Added: Banking, Finance, Insurance & Real Estate 254,756 Units
+Added: New Giving Acquisition, Inc., Warrants(aa)
+Added: 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
−Removed: See accompanying notes to consolidated financial statements.
−Removed: CĪON Investment Corporation
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2024
−Removed: (in thousands)
−Removed: Portfolio Company(a) Interest Industry Principal/
−Removed: Units(e) Cost(d) Fair
−Removed: NS NWN Acquisition, LLC, Class A Preferred Units High Tech Industries 111 Units
−Removed: NS NWN Acquisition, LLC, Common Equity High Tech Industries 346 Units
−Removed: NS NWN Holdco LLC, Non-Voting Units High Tech Industries 522 Units
+Added: NS NWN Acquisition, LLC, Class A Preferred Units(aa)
+Added: High Tech Industries 111 Units
+Added: NS NWN Holdco LLC, Non-Voting Units(aa)
+Added: High Tech Industries 522 Units
NSG Co-Invest (Bermuda) LP, Partnership Interests(h)(p) Consumer Goods:
Durable 1,575 Units
+Added: Online Pharmacy Holdings, LLC, Series A Preferred Equity ( 5 % Return)(r)
+Added: Healthcare & Pharmaceuticals
+Added: 3,762,159 Units
+Added: Online Pharmacy Holdings, LLC, Series D-1 Common Equity(p)(r)
+Added: Healthcare & Pharmaceuticals
Palmetto Clean Technology, Inc., Warrants(p) High Tech Industries 724,112 Units
−Removed: PLBY Group, Inc., Series B Preferred Stock(h)(p) Consumer Goods:
+Added: PLBY Group, Inc., Common Stock(f)(h)(p)
+Added: Consumer Goods:
Non-Durable 2,216,105 Units
2 unchanged sentences
Oil & Gas 389,001 Units
−Removed: Service Compression, LLC, Warrants(p) Energy:
+Added: Service Compression Holdings, LLC, Warrants(p)
Oil & Gas 730,586 Units
3 unchanged sentences
Consumer 3,996 Units
+Added: Sopris Topco, LLC, Common Units(p)(r)
+Added: Diversified & Production
SRA Parent, LLC, Preferred Units ( 12 % Return)(r)
Banking, Finance, Insurance & Real Estate 10,414,785 Units
+Added: 11,973 11,971
SRA Parent, LLC, Common Units(p)(r) Banking, Finance, Insurance & Real Estate 167,952 Units
2 unchanged sentences
STATinMed Parent, LLC, Class B Preferred Units(p)(r) Healthcare & Pharmaceuticals 51,221 Units
+Added: See accompanying notes to consolidated financial statements.
+Added: CĪON Investment Corporation
+Added: Consolidated Schedule of Investments
+Added: December 31, 2025
+Added: (in thousands)
+Added: Portfolio Company(a) Interest Industry Principal/
+Added: Units(e) Cost(d) Fair
TG Parent NewCo LLC, Common Units(o)(p)(r) Consumer Goods:
6 unchanged sentences
Cargo 430,540 Units
+Added: White Tiger NewCo, LLC, Class A Units(p)(r)
+Added: WorkGenius, LLC, Class A-1 Units(p)
WorkGenius, LLC, Class A Units(p) Services:
Business 500 Units
−Removed: Yak Holding II, LLC, Series A Common Units Construction & Building 127,419 Units
+Added: Yak Holding II, LLC, Series A Common Units(aa)
+Added: Construction & Building 127,419 Units
Total Equity 299,181 314,788
13 unchanged sentences
The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of December 31, 2025, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to December 31, 2025.
−Removed: The actual London Interbank Offered Rate, or LIBOR, 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.
−Removed: 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.
+Added: Fair value determined in good faith by CIM, as the Company's valuation designee, subject to the oversight of the Company's board of directors (see Note 9 and Note 2), using significant unobservable inputs unless otherwise noted.
Represents amortized cost for debt securities and cost for equity investments.
2 unchanged sentences
Fair value determined using level 1 inputs.
−Removed: See accompanying notes to consolidated financial statements.
−Removed: CĪON Investment Corporation
−Removed: Consolidated Schedule of Investments
−Removed: December 31, 2024
−Removed: (in thousands)
−Removed: The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated.
−Removed: Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses.
−Removed: The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination.
−Removed: Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
+Added: The Company has entered into an agreement with the other lenders to purchase another $ 20,000 of the funded term loan on January 31, 2027 if certain conditions are satisfied.
The investment or a portion thereof is not a qualifying asset under the 1940 Act.
1 unchanged sentence
As of December 31, 2025, 95.9 % of the Company’s total assets represented qualifying assets.
−Removed: 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 %.
+Added: Due to an annual cap in interest in the loan agreement, the all-in rate on this loan as of December 31, 2025 was 4.61 %.
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.
2 unchanged sentences
Investment or a portion thereof held within the Company’s wholly-owned consolidated subsidiary, 34th Street, and was pledged as collateral supporting the amounts outstanding under the credit facility with JPM as of December 31, 2025 (see Note 8).
−Removed: 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).
+Added: 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 credit facility with UBS as of December 31, 2025 (see Note 8).
Investment is held through CIC Holdco, LLC, a wholly-owned taxable subsidiary of the Company.
15 unchanged sentences
Income(3) Dividend Income Fee Income
−Removed: Afore Insurance Services, LLC
−Removed: First Lien Term Loan $ 4,583 $ — $ ( 4,583 ) $ — $ — $ — $ 363 $ — $ —
American Clinical Solutions LLC
7 unchanged sentences
Common Shares 20,108 — — ( 2,027 ) 18,081 — — — —
−Removed: DESG Holdings, Inc.
−Removed: First Lien Term Loan 85 — ( 2,542 ) 2,457 — ( 2,542 ) — — —
GSC Technologies Inc.
−Removed: First Lien Term Loan A 1,983 25 ( 2,076 ) 68 — — 213 — —
−Removed: First Lien Term Loan B 942 123 ( 1,108 ) 43 — — 131 — —
Common Shares 32 — — ( 32 ) — — — — —
+Added: Hollander Intermediate LLC
+Added: First Lien Term Loan — 17,119 — ( 2,468 ) 14,651 — 1,389 — —
HW Acquisition, LLC
14 unchanged sentences
Common Shares 6,322 — — ( 6,322 ) — — — — —
+Added: LAV Gear Holdings, Inc.
+Added: First Lien Term Loan — 16,314 ( 40 ) ( 2,380 ) 13,894 — 697 — —
+Added: First Lien Term Loan — 4,971 ( 8 ) 172 5,135 — 213 — 88
+Added: Revolving Loan — ( 72 ) — 65 ( 7 ) — 2 — —
+Added: Lift Brands, Inc.
+Added: Term Loan A 22,814 — ( 1,426 ) 294 21,682 — 2,649 — 629
+Added: Term Loan B 6,577 648 — ( 13 ) 7,212 — 648 — 138
+Added: Term Loan C 7,386 755 ( 142 ) 7 8,006 — 758 — 120
+Added: Live Comfortably Inc.
+Added: Common Stock — — — — — — — — —
+Added: Longview Intermediate Holdings C, LLC
+Added: Membership Units 52,166 — — 53,491 105,657 — — 4,298 —
+Added: New HW Holdings Corp.
+Added: Preferred Stock 3,141 — — ( 3,141 ) — — — — —
+Added: Common Stock — — — — — — — — —
+Added: Online Pharmacy Holdings, LLC
+Added: Series A Preferred Equity — 3,231 — 682 3,913 — — 146 —
+Added: Series D Preferred Equity — — — — — — — — —
See accompanying notes to consolidated financial statements.
10 unchanged sentences
Income(3) Dividend Income Fee Income
−Removed: Lift Brands, Inc.
−Removed: Term Loan A 23,050 — ( 236 ) — 22,814 — 2,980 — —
−Removed: Term Loan B 5,814 631 — 132 6,577 — 628 — —
−Removed: Term Loan C 6,259 851 — 276 7,386 — 847 — —
−Removed: Longview Intermediate Holdings C, LLC
−Removed: Membership Units 21,726 10,132 — 20,308 52,166 — — — —
−Removed: Mount Logan Capital Inc.
−Removed: Common Stock 1,624 — ( 1,511 ) ( 113 ) — — — 53 —
−Removed: New HW Holdings Corp.
−Removed: Preferred Stock — 9,899 — ( 6,758 ) 3,141 — — — —
−Removed: Common Stock — — — — — — — — —
+Added: Optio Rx, LLC
+Added: First Lien Term Loan — 14,880 — — 14,880 — 1,623 — —
+Added: Revolving Loan — 709 — — 709 — 77 — —
+Added: RA Outdoors, LLC
+Added: Revolving Loan — 1,084 — ( 43 ) 1,041 — 40 — —
+Added: First Lien Term Loan — 11,251 — ( 366 ) 10,885 — 332 — —
+Added: Delayed Draw Term Loan — ( 68 ) — ( 31 ) ( 99 ) — — — —
+Added: Second Lien Term Loan — — — — — — — — —
Snap Fitness Holdings, Inc.
1 unchanged sentence
Warrants 2,038 — — 8 2,046 — — — —
+Added: Sopris Topco, LLC
+Added: Common Units — — — — — — — — —
SRA Holdings, LLC
−Removed: First Lien Term Loan — 4,158 ( 56 ) 1 4,103 — 146 — —
−Removed: Membership Units 25,515 — ( 23,611 ) ( 1,904 ) — 3,145 — — —
+Added: Unsecured Debt 4,103 — ( 4,103 ) — — — 97 — —
SRA Parent, LLC
5 unchanged sentences
Senior Superpriority Term Loan 243 — — ( 44 ) 199 — 54 — —
+Added: Senior Superpriority Term Note — 498 — 1,592 2,090 — 359 — —
STATinMed Parent, LLC
5 unchanged sentences
First Lien Term Loan 14,831 1,298 — ( 6,281 ) 9,848 — 1,293 — —
+Added: White Tiger NewCo, LLC
+Added: Common Equity — 12,664 — ( 5,090 ) 7,574 — — — —
Totals $ 269,205 $ 115,470 $ ( 31,097 ) $ 10,757 $ 364,335 $ — $ 22,177 $ 5,645 $ 975
17 unchanged sentences
Gain (Loss) Interest
−Removed: Income(3) Fee Income
+Added: Income(3) Dividend Income Fee Income
+Added: Adapt Laser Acquisition, Inc.
+Added: Revolving Loan $ — $ 1,440 $ — $ — $ 1,440 $ — $ 14 $ — $ —
+Added: First Lien Term Loan — 10,148 — — 10,148 — 151 — 290
+Added: ALA Holdco LLC
+Added: Class A Units — 5,432 — ( 84 ) 5,348 — — — —
+Added: American Clinical Solutions LLC
+Added: First Lien Term Loan — 25,408 — ( 2,275 ) 23,133 — 2,019 — 50
+Added: Class A-1 Membership Interests — — — — — — — — —
CION/EagleTree Partners, LLC
3 unchanged sentences
David's Bridal, Inc.
+Added: Secured Loan Receivable — 3,180 ( 1,407 ) ( 177 ) 1,596 — 46 — —
+Added: Secured Loan Receivable — 2,346 ( 1,047 ) ( 130 ) 1,169 — 19 — —
+Added: Incremental First Lien Term Loan 9,910 8,000 ( 1,417 ) 129 16,622 — 1,441 — 273
+Added: Fourteenth Amendment Term Loan — 9,603 — 189 9,792 — 705 — 377
Exit First Lien Term Loan 73,181 15,831 — ( 6,464 ) 82,548 — 11,097 — —
2 unchanged sentences
Preferred Units 9,575 — — ( 75 ) 9,500 — — — —
−Removed: Common Units 41,418 — — ( 16,848 ) 24,570 — — —
+Added: Class A Common Units 24,570 — — ( 15,060 ) 9,510 — — — —
+Added: Class B Common Units — 6,978 — ( 2,191 ) 4,787 — — — —
+Added: JP Intermediate B, LLC
+Added: First Lien Term Loan — — — — — — 15,280 — —
+Added: First Out New Money Term Loan — 6,906 ( 17 ) — 6,889 — 160 — —
+Added: Second Out Term Loan — 27,159 — ( 3,598 ) 23,561 — 666 — —
+Added: Third Out Term Loan — 130 — 1,280 1,410 — 23 — —
+Added: Common Shares — 31,238 — ( 7,956 ) 23,282 — — — 8,660
Totals $ 171,376 $ 164,799 $ ( 3,888 ) $ ( 42,617 ) $ 289,670 $ — $ 36,717 $ — $ 9,650
7 unchanged sentences
(in thousands)
−Removed: 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.
+Added: As of December 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.
4 unchanged sentences
Senior Secured First Lien Debt — 9.43 % 9.43 %
+Added: Anthem Sports & Entertainment Inc.
+Added: Senior Secured First Lien Debt — 10.00 % 10.00 %
+Added: Anthem Sports & Entertainment Inc.
+Added: Senior Secured First Lien Debt — 1.00 % 1.00 %
+Added: Appalachian Resource Company, LLC Senior Secured First Lien Debt — 13.82 % 13.82 %
Avison Young (Canada) Inc./Avison Young (USA) Inc.
Senior Secured First Lien Debt 7.35 % 3.85 % 11.20 %
+Added: Avison Young (Canada) Inc./Avison Young (USA) Inc.
+Added: Senior Secured First Lien Debt — 12.35 % 12.35 %
+Added: Avison Young (Canada) Inc./Avison Young (USA) Inc.
+Added: Senior Secured First Lien Debt 5.49 % 6.50 % 11.99 %
+Added: Berlitz Holdings, Inc.
+Added: Senior Secured First Lien Debt 7.99 % 5.00 % 12.99 %
Celerity Acquisition Holdings, LLC Senior Secured First Lien Debt 10.00 % 2.64 % 12.64 %
+Added: Senior Secured First Lien Debt 10.27 % 0.25 % 10.52 %
CION/EagleTree Partners, LLC Senior Secured Note — 14.00 % 14.00 %
−Removed: Community Tree Service, LLC Senior Secured First Lien Debt 13.24 % 1.25 % 14.49 %
FuseFX, LLC Senior Secured First Lien Debt 5.10 % 5.00 % 10.10 %
−Removed: Heritage Power, LLC Senior Secured First Lien Debt 5.86 % 5.50 % 11.36 %
Hilliard, Martinez & Gonzales, LLP Senior Secured First Lien Debt — 15.99 % 15.99 %
−Removed: Hollander Intermediate LLC Senior Secured First Lien Debt — 13.22 % 13.22 %
Homer City Generation, L.P.
6 unchanged sentences
Instant Web, LLC Senior Secured First Lien Debt — 10.83 % 10.83 %
+Added: Invincible Boat Company LLC Senior Secured First Lien Debt 8.00 % 3.37 % 11.37 %
Isagenix International, LLC Senior Secured First Lien Debt 2.50 % 8.99 % 11.49 %
6 unchanged sentences
Lucky Bucks Holdings LLC Unsecured Note — 12.50 % 12.50 %
−Removed: Nova Compression, LLC Senior Secured First Lien Debt 11.61 % 3.25 % 14.86 %
−Removed: Playboy Enterprises, Inc.
−Removed: Senior Secured First Lien Debt 5.76 % 5.25 % 11.01 %
+Added: Lux Credit Consultants LLC Senior Secured First Lien Debt — 10.92 % 10.92 %
+Added: Optio Rx, LLC Senior Secured First Lien Debt — 13.73 % 13.73 %
+Added: RA Outdoors, LLC Senior Secured First Lien Debt — 10.89 % 10.89 %
RA Outdoors, LLC Senior Secured Second Lien Debt — 13.14 % 13.14 %
3 unchanged sentences
Senior Secured First Lien Debt 10.85 % 1.00 % 11.85 %
−Removed: Securus Technologies Holdings, Inc.
−Removed: Senior Secured First Lien Debt 5.87 % 4.09 % 9.96 %
−Removed: Securus Technologies Holdings, Inc.
−Removed: Senior Secured Second Lien Debt — 13.64 % 13.64 %
−Removed: Spinal USA, Inc.
−Removed: / Precision Medical Inc.
−Removed: Senior Secured First Lien Debt — 14.35 % 14.35 %
STATinMED, LLC Senior Secured First Lien Debt — 13.46 % 13.46 %
8 unchanged sentences
Senior Secured First Lien Debt 10.00 % 6.18 % 16.18 %
−Removed: The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2024 was 4.45%.
−Removed: The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2024 was 4.57%.
The interest rate on these loans is subject to 1 month SOFR, which as of December 31, 2025 was 3.69%.
2 unchanged sentences
While the maturity date of this loan has passed, the Company expects all interest and principal to be collected.
+Added: Investment is accounted for as senior secured debt collateralized by certain accounts receivable of the portfolio company.
+Added: No interest is being recognized on this security after the maturity date.
+Added: Other income producing investment.
+Added: Other income producing investments include equity securities that have paid dividends within the trailing twelve months, securities with returns based on contractual waterfall structures, and investments structured to generate returns primarily through exit-based MOICs.
See accompanying notes to consolidated financial statements.
1 unchanged sentence
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
28 unchanged sentences
On February 26, 2023, the Company’s shares of common stock and the Company's Series A Notes listed and commenced trading in Israel on the Tel Aviv Stock Exchange Ltd., or the TASE, under the ticker symbol “CION” and “CION B1”, respectively.
−Removed: On October 9, 2024, the Company’s 7.50 % Notes due 2029 listed and commenced trading on the NYSE under the ticker symbol “CICB”.
+Added: On October 9, 2024, the Company’s 7.50 % Notes due 2029, or the 7.50% 2029 Notes, listed and commenced trading on the NYSE under the ticker symbol “CICB” and on February 12, 2026, the Company’s 7.50 % Notes due 2031, or the 7.50% 2031 Notes, listed and commenced trading on the NYSE under the ticker symbol “CICC”.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
16 unchanged sentences
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.
−Removed: Recent Accounting Pronouncements
−Removed: In December 2023, the Financial Accounting Standards Board, or FASB, issued ASU 2023-09, Income Taxes (Topic 740):
−Removed: 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.
−Removed: Under this new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation and must also further disaggregate income taxes paid.
−Removed: ASU 2023-09 is effective for annual periods beginning after December 15, 2024.
−Removed: The Company does not expect this update to have a material effect on the Company's consolidated financial statements.
−Removed: In November 2024, FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures , or ASU 2024-03.
+Added: Recent Accounting Pronouncement
+Added: In November 2024, the Financial Accounting Standards Board, or FASB, issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures , or ASU 2024-03.
ASU 2024-03 requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions.
1 unchanged sentence
Early adoption is permitted.
−Removed: The Company does not expect this update to have a material effect on the Company's consolidated financial statements.
+Added: The Company does not expect that the application of this guidance will have a material effect on its consolidated financial statements.
Cash and Cash Equivalents
13 unchanged sentences
Treasury securities and repurchase agreements that are collateralized by such securities.
−Removed: The Company had $ 102,400 and $ 68,818 of such investments at September 30, 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.
+Added: The Company had $ 97,054 and $ 116,010 of such investments at March 31, 2026 and December 31, 2025, respectively, which are included in investments, at fair value on the accompanying consolidated balance sheets and on the consolidated schedules of investments.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
8 unchanged sentences
The income tax expense or benefit, if any, and the related tax assets and liabilities, where material, are reflected in the Company’s consolidated financial statements.
−Removed: There were no deferred tax assets or liabilities as of September 30, 2025 or December 31, 2024.
+Added: There were no deferred tax assets or liabilities as of March 31, 2026 or December 31, 2025.
Book/tax differences relating to permanent differences are reclassified among the Company’s capital accounts, as appropriate.
11 unchanged sentences
Valuation of Portfolio Investments
−Removed: The fair value of the Company’s investments is determined quarterly in good faith by CIM as the Company’s "valuation designee" designated by the Company's board of directors pursuant to Rule 2a-5 of the 1940 Act and pursuant to its consistently applied valuation procedures and valuation process in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure , or ASC 820.
+Added: The fair value of the Company’s investments is determined quarterly in good faith by CIM, as the Company’s valuation designee, designated by and subject to the oversight of the Company's board of directors pursuant to Rule 2a-5 of the 1940 Act and pursuant to CIM's consistently applied valuation procedures and valuation process in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure , or ASC 820.
The Company’s board of directors and the audit committee of the board of directors, the latter of which is comprised solely of independent directors, oversees the activities, methodology and processes of the valuation designee.
10 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
34 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
26 unchanged sentences
In order to maintain RIC status, substantially all of this income must be paid out to shareholders in the form of distributions, even if the Company has not collected any cash.
−Removed: For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of September 30, 2025 and December 31, 2024.
+Added: For additional information on investments that contain a PIK interest provision, see the consolidated schedules of investments as of March 31, 2026 and December 31, 2025.
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.
8 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
11 unchanged sentences
Pursuant to the terms of the investment advisory agreement the Company entered into with CIM, the incentive fee on capital gains earned on liquidated investments of the Company’s investment portfolio during operations is determined and payable in arrears as of the end of each calendar year.
−Removed: Prior to October 5, 2021 and under the investment advisory agreement, such fee equaled 20 % of the Company’s incentive fee capital gains (i.e., the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis), less the aggregate amount of any previously paid capital gains incentive fees.
−Removed: Pursuant to the second amended and restated investment advisory agreement, the incentive fee on capital gains was reduced to 17.5 %, which became effective on October 5, 2021.
+Added: Under the investment advisory agreement, such fee equals 17.5 % of the Company’s incentive fee capital gains (i.e., the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis), less the aggregate amount of any previously paid capital gains incentive fees.
On a cumulative basis and to the extent that all realized capital losses and unrealized capital depreciation exceed realized capital gains as well as the aggregate realized net capital gains for which a fee has previously been paid, the Company would not be required to pay CIM a capital gains incentive fee.
2 unchanged sentences
This accrual reflects the incentive fees that would be payable to CIM if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though CIM is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.
−Removed: Net Increase (Decrease) in Net Assets per Share
−Removed: Net increase (decrease) in net assets per share is calculated based upon the daily weighted average number of shares of common stock outstanding during the reporting period.
+Added: Net (Decrease) Increase in Net Assets per Share
+Added: 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
4 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
Share Transactions
−Removed: The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024:
−Removed: Nine Months Ended
−Removed: September 30, Year Ended
+Added: The following table summarizes transactions with respect to shares of the Company’s outstanding common stock during the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025:
+Added: Three Months Ended
+Added: March 31, Year Ended
2026 2025 2025
5 unchanged sentences
Net shares/amounts for share transactions ( 1,116,053 ) $ ( 9,719 ) ( 185,862 ) $ ( 2,172 ) ( 1,771,403 ) $ ( 17,190 )
−Removed: Since commencing its initial continuous public offering on July 2, 2012 and through September 30, 2025, the Company sold 51,973,518 shares of common stock for net proceeds of $ 1,110,014 .
+Added: Since commencing its initial continuous public offering on July 2, 2012 and through March 31, 2026, the Company sold 50,301,813 shares of common stock for net proceeds of $ 1,095,089 .
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 $ 297,648 , for which the Company repurchased 19,967,554 shares of common stock.
−Removed: As of September 30, 2025, 18,293,741 shares of common stock repurchased had been retired.
−Removed: On August 27, 2024, the Company's shareholders approved a proposal that authorized the Company to issue shares of its common stock at prices below the then current NAV per share of the Company’s common stock in one or more offerings for a 12-month period following such shareholder approval.
−Removed: Through the expiration of such shareholder approval on August 27, 2025, the Company had not issued any such shares.
+Added: As of March 31, 2026, 19,967,554 shares of common stock repurchased had been retired.
Distribution Reinvestment Plan
2 unchanged sentences
Share Repurchase Policy
−Removed: On September 15, 2021, the Company’s board of directors, including the independent directors, approved a share repurchase policy authorizing the Company to repurchase up to $ 50 million of its outstanding common stock after the Listing.
−Removed: On June 24, 2022, the Company’s board of directors, including the independent directors, increased the amount of shares of the Company’s common stock that may be repurchased under the share repurchase policy by $ 10 million to up to an aggregate of $ 60 million.
−Removed: On August 5, 2025, the Company’s board of directors, including the independent directors, further increased the amount of shares of the Company’s common stock that may be repurchased under the share repurchase policy by $ 20 million to up to an aggregate of $ 80 million.
+Added: On September 15, 2021, the Company’s board of directors, including the independent directors, approved a share repurchase policy authorizing the Company to repurchase up to $ 50,000 of its outstanding common stock after the Listing.
+Added: On June 24, 2022, the Company’s board of directors, including the independent directors, increased the amount of shares of the Company’s common stock that may be repurchased under the share repurchase policy by $ 10,000 to up to an aggregate of $ 60,000 .
+Added: On August 5, 2025, the Company’s board of directors, including the independent directors, further increased the amount of shares of the Company’s common stock that may be repurchased under the share repurchase policy by $ 20,000 to up to an aggregate of $ 80,000 .
Under the share repurchase policy, the Company may purchase shares of its common stock through various means such as open market transactions, including block purchases, and privately negotiated transactions.
7 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
−Removed: The following table summarizes the share repurchases completed during the year ended December 31, 2024 and the nine months ended September 30, 2025:
+Added: The following table summarizes the share repurchases completed during the year ended December 31, 2025 and the three months ended March 31, 2026:
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, 2026 272,856 7.72 272,856 14,915
−Removed: April 1 to April 30, 2025 315,943 9.36 315,943 16,648
−Removed: May 1 to May 31, 2025 95,782 9.76 95,782 15,714
−Removed: June 1 to June 30, 2025 287,840 9.26 287,840 13,056
−Removed: July 1 to July 31, 2025 230,738 9.86 230,738 10,786
−Removed: August 1 to August 31, 2025(2) 57,331 9.78 57,331 30,226
−Removed: September 1 to September 30, 2025 42,255 9.96 42,255 29,806
−Removed: Total for the nine months ended September 30, 2025 1,215,751 1,215,751
+Added: Total for the three months ended March 31, 2026 1,116,053 1,116,053
(1) Amounts do not include any commissions paid to Wells Fargo on shares repurchased.
−Removed: (2) Includes an additional $ 20 million of shares of the Company’s common stock that may be repurchased under the share repurchase policy approved by the board of directors on August 5, 2025.
−Removed: From October 1, 2025 to October 29, 2025, the Company repurchased 302,571 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $ 2,828 , or an average purchase price of $ 9.35 per share.
−Removed: As of October 29, 2025, 18,293,741 shares of common stock repurchased by the Company had been retired.
+Added: (2) Includes an additional $ 20,000 of shares of the Company’s common stock that may be repurchased under the share repurchase policy approved by the board of directors on August 5, 2025.
+Added: From April 1, 2026 to April 29, 2026, the Company repurchased 512,603 shares of common stock under the 10b5-1 trading plan for an aggregate purchase price of $ 3,790 , or an average purchase price of $ 7.39 per share.
+Added: As of April 29, 2026, 20,086,032 shares of common stock repurchased by the Company had been retired.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
Transactions with Related Parties
−Removed: For the three and nine months ended September 30, 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:
+Added: For the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025, fees and other expenses incurred by the Company related to CIM and its affiliates were as follows:
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30, Year Ended December 31,
+Added: March 31, Year Ended December 31,
Entity Capacity Description 2026 2025 2025
6 unchanged sentences
On August 5, 2025, the board of directors of the Company, including a majority of the board of directors who are not interested persons, approved the renewal of the second amended and restated investment advisory agreement with CIM for a period of twelve months , commencing August 9, 2025.
−Removed: Pursuant to the investment advisory agreement in effect prior to the Listing, CIM was paid an annual base management fee equal to 2.0 % of the average value of the Company’s gross assets, less cash and cash equivalents, and an incentive fee based on the Company’s performance, as described below.
−Removed: Pursuant to the second amended and restated investment advisory agreement, which was effective upon the Listing on October 5, 2021, the annual base management fee was reduced to 1.5 % of the average value of the Company’s gross assets (including cash pledged as collateral for the Company’s secured financing arrangements, but excluding other cash and cash equivalents so that investors do not pay the base management fee on such assets), to the extent that the Company’s asset coverage ratio is greater than or equal to 200 % (i.e., $1 of debt outstanding for each $1 of equity);
−Removed: provided that, the annual base management fee will be reduced further to 1.0 % for any such gross assets purchased with leverage resulting in the Company’s asset coverage ratio dropping below 200 %.
+Added: Pursuant to the second amended and restated investment advisory agreement, which became effective upon the Listing on October 5, 2021, CIM is paid an incentive fee based on the Company's performance, as described below, and an annual base management fee equal to 1.5 % of the average value of the Company’s gross assets (including cash pledged as collateral for the Company’s secured financing arrangements, but excluding other cash and cash equivalents so that investors do not pay the base management fee on such assets), to the extent that the Company’s asset coverage ratio is greater than or equal to 200 % (i.e., $1 of debt outstanding for each $1 of equity);
+Added: provided that, the annual base management fee is reduced to 1.0 % for any such gross assets purchased with leverage resulting in the Company’s asset coverage ratio dropping below 200 %.
On December 30, 2021, shareholders approved a proposal to reduce the Company’s asset coverage ratio to 150 %.
2 unchanged sentences
The incentive fee consists of two parts.
−Removed: The first part, which is referred to as the subordinated incentive fee on income, is calculated and payable quarterly in arrears based on “pre-incentive fee net investment income” for the immediately preceding quarter and was subject to a hurdle rate, measured quarterly and expressed as a rate of return on adjusted capital, as defined in the investment advisory agreement in effect prior to the Listing, equal to 1.875 % per quarter, or an annualized rate of 7.5 %.
+Added: The first part, which is referred to as the subordinated incentive fee on income, is calculated and payable quarterly in arrears based on “pre-incentive fee net investment income” for the immediately preceding quarter and is subject to a hurdle rate, measured quarterly and expressed as a rate of return on the Company's net assets, equal to 1.625 % per quarter, or an annualized rate of 6.5 %.
“Pre-incentive fee net investment income” means interest income, dividend income and any other income (including any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies but excluding fees for providing managerial assistance) accrued during the period, minus operating expenses for the calendar quarter (including the base management fee, taxes, any expenses payable under the investment advisory agreement and the administration agreement with CIM, and any other operating expenses but excluding the applicable incentive fees).
1 unchanged sentence
CIM is not under any obligation to reimburse the Company for any part of the subordinated incentive fee on income CIM received that was based on accrued income that the Company never actually received.
−Removed: Under the investment advisory agreement in effect prior to the Listing, the Company paid to CIM 100 % of pre-incentive fee net investment income once the hurdle rate was exceeded until the annualized rate of 9.375 % was exceeded, at which point the Company paid to CIM 20 % of all pre-incentive fee net investment income that exceeded the annualized rate of 9.375 %.
−Removed: Under the amended and restated investment advisory agreement also in effect prior to the Listing, the change to the calculation of the subordinated incentive fee payable to CIM that expresses the hurdle rate required for CIM to earn, and be paid, the incentive fee as a percentage of the Company's net assets rather than adjusted capital was implemented.
−Removed: Under the second amended and restated investment advisory agreement, the hurdle rate was reduced to 1.625 % per quarter, or an annualized rate of 6.5 %, and the Company pays to CIM 100 % of pre-incentive fee net investment income once the hurdle rate is exceeded until the annualized rate of 7.879 % is exceeded, at which point the Company pays to CIM 17.5 % of all pre-incentive fee net investment income.
−Removed: These changes to the subordinated incentive fee on income were effective upon the Listing, except for the change to the calculation of the subordinated incentive fee payable to CIM that replaced adjusted capital with the Company's net assets, which was effective on August 10, 2021.
−Removed: For the three months ended September 30, 2025 and 2024, the Company recorded subordinated incentive fees on income of $ 8,181 and $ 4,586 , respectively.
−Removed: For the nine months ended September 30, 2025 and 2024, the Company recorded subordinated incentive fees on income of $ 15,854 and $ 16,371 , respectively.
−Removed: As of September 30, 2025 and December 31, 2024, the liabilities recorded for subordinated incentive fees were $ 8,181 and $ 3,964 , respectively.
+Added: Under the second amended and restated investment advisory agreement, the Company pays to CIM 100 % of pre-incentive fee net investment income once the hurdle rate is exceeded until the annualized rate of 7.879 % is exceeded, at which point the Company pays to CIM 17.5 % of all pre-incentive fee net investment income that exceeds the annualized rate of 7.879 %.
+Added: For the three months ended March 31, 2026 and 2025, the Company recorded subordinated incentive fees on income of $ 2,728 and $ 4,084 , respectively.
+Added: As of March 31, 2026 and December 31, 2025, the liabilities recorded for subordinated incentive fees were $ 2,728 and $ 3,882 , 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
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
1 unchanged sentence
however, under the terms of the investment advisory agreement, the fee payable to CIM is based on net realized gains and unrealized depreciation and no such fee is payable with respect to unrealized appreciation unless and until such appreciation is actually realized.
−Removed: For the three and nine months ended September 30, 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.
+Added: For the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025, the Company had no liability for and did not record any capital gains incentive fees.
On April 1, 2018, the Company entered into an administration agreement with CIM pursuant to which CIM furnishes the Company with administrative services including accounting, investor relations and other administrative services necessary to conduct its day-to-day operations.
6 unchanged sentences
The servicing agreement may be terminated at any time, without the payment of any penalty, by either party, upon 60 days' written notice to the other party.
−Removed: As of September 30, 2025 and December 31, 2024, the total liability payable to CIM and its affiliates was $ 16,251 and $ 12,731 , respectively, which primarily related to fees earned by CIM during the three months ended September 30, 2025 and December 31, 2024, respectively.
+Added: As of March 31, 2026 and December 31, 2025, the total liability payable to CIM and its affiliates was $ 10,204 and $ 12,487 , respectively, which primarily related to fees earned by CIM during the three months ended March 31, 2026 and December 31, 2025, 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.
10 unchanged sentences
Base distributions in respect of future months and any supplemental or special distributions will be evaluated by management and the board of directors based on circumstances and expectations existing at the time of consideration.
−Removed: The Company’s management declared and the Company's board of directors ratified distributions for 6 and 3 record dates during the year ended December 31, 2024 and the nine months ended September 30, 2025, respectively.
+Added: The Company’s management declared and the Company's board of directors ratified distributions for 4 and 3 record dates during the year ended December 31, 2025 and the three months ended March 31, 2026, respectively.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
−Removed: The following table presents distributions per share that were declared during the year ended December 31, 2024 and the nine months ended September 30, 2025:
+Added: The following table presents distributions per share that were declared during the year ended December 31, 2025 and the three months ended March 31, 2026:
Distributions
1 unchanged sentence
March 31, 2025 (one record date)
−Removed: June 30, 2024 (two record dates) 0.41 21,960
−Removed: September 30, 2024 (one record date) 0.36 19,234
−Removed: December 31, 2024 (two record dates) 0.41 21,835
−Removed: Total distributions for the year ended December 31, 2024 $ 1.52 $ 81,308
−Removed: March 31, 2025 (one record date) $ 0.36 $ 19,149
+Added: $ 0.36 $ 19,149
June 30, 2025 (one record date)
September 30, 2025 (one record date)
−Removed: Total distributions for the nine months ended September 30, 2025 $ 1.08 $ 56,809
−Removed: On November 3, 2025, the Company’s co-chief executive officers declared a quarterly base distribution of $ 0.36 per share for the fourth quarter of 2025 payable on December 15, 2025 to shareholders of record as of December 1, 2025.
−Removed: On November 3, 2025, the Company’s co-chief executive officers changed the timing of paying base distributions to shareholders from quarterly to monthly commencing in January 2026.
−Removed: Monthly base distributions will be declared quarterly in advance.
+Added: December 31, 2025 (one record date)
+Added: Total distributions for the year ended December 31, 2025 $ 1.44 $ 75,361
+Added: March 31, 2026 (three record dates)
+Added: $ 0.30 $ 15,242
+Added: Total distributions for the three months ended March 31, 2026 $ 0.30 $ 15,242
+Added: On March 9, 2026, the Company’s co-chief executive officers declared base distributions of $ 0.10 per share for each of April, May and June 2026, which were paid or will be payable to shareholders as follows:
+Added: Declaration Date Record Date Payment Date Amount Per Share
+Added: March 9, 2026 April 10, 2026 April 24, 2026 $ 0.10
+Added: March 9, 2026 May 15, 2026 May 29, 2026 0.10
+Added: March 9, 2026 June 12, 2026 June 26, 2026 0.10
+Added: On May 4, 2026, the Company’s co-chief executive officers declared base distributions of $ 0.10 per share for each of July, August and September 2026, which will be payable to shareholders as follows:
+Added: Declaration Date Record Date Payment Date Amount Per Share
+Added: May 4, 2026 July 17, 2026 July 31, 2026 $ 0.10
+Added: May 4, 2026 August 14, 2026 August 28, 2026 0.10
+Added: May 4, 2026 September 11, 2026 September 25, 2026 0.10
On September 15, 2021, the Company adopted the DRP, which became effective as of the Listing.
5 unchanged sentences
provided, however, that shares purchased in open market transactions by the plan administrator will be allocated to a participating shareholder based on the weighted average purchase price, excluding any brokerage charges or other charges, of all shares purchased in the open market with respect to such distribution.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements (unaudited)
+Added: March 31, 2026
+Added: (in thousands, except share and per share amounts)
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.
3 unchanged sentences
Any stock received in a distribution will have a holding period for tax purposes commencing on the day following the day on which the shares of common stock are credited to the shareholder’s account.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
−Removed: (in thousands, except share and per share amounts)
−Removed: 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 nine months ended September 30, 2025 pursuant to the DRP in order to satisfy the reinvestment portion of the Company’s distributions:
−Removed: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans of Programs
+Added: 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, 2025 and the three months ended March 31, 2026 pursuant to the DRP in order to satisfy the reinvestment portion of the Company’s distributions:
+Added: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under Publicly Announced Plans or Programs
January 1 to January 31, 2025 19,368 $ 11.49 19,368 (1)
14 unchanged sentences
March 1 to March 31, 2026 58,144 6.83 58,144 (1)
−Removed: April 1 to April 30, 2025 159,518 9.13 159,518 ( 1 )
−Removed: May 1 to May 31, 2025 — — — —
−Removed: June 1 to June 30, 2025 151,264 9.29 151,264 ( 1 )
−Removed: July 1 to July 31, 2025 — — — —
−Removed: August 1 to August 31, 2025 — — — —
−Removed: September 1 to September 30, 2025 136,868 10.07 136,868 ( 1 )
−Removed: Total for the nine months ended September 30, 2025 467,018 $ 9.56 467,018 ( 1 )
+Added: Total for the three months ended March 31, 2026 147,177 $ 7.91 147,177 (1)
(1) See the description of the DRP above.
3 unchanged sentences
The Company has not established limits on the amount of funds it may use from available sources to make distributions.
−Removed: The following table reflects the sources of distributions on a GAAP basis that the Company has declared on its shares of common stock during the nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024:
−Removed: Nine Months Ended
−Removed: September 30, Year Ended
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements (unaudited)
+Added: March 31, 2026
+Added: (in thousands, except share and per share amounts)
+Added: The following table reflects the sources of distributions on a GAAP basis that the Company has declared on its shares of common stock during the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025:
+Added: Three Months Ended
+Added: March 31, Year Ended
2026 2025 2025
2 unchanged sentences
Total distributions $ 0.30 $ 15,242 100.0 % $ 0.36 $ 19,149 100.0 % $ 1.44 $ 75,361 100.0 %
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
−Removed: (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.
16 unchanged sentences
(1) Includes short term capital loss carryforwards of $ 0 and long term capital loss carryforwards of $ 66,847 .
−Removed: As of September 30, 2025, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 114,450 ;
+Added: As of March 31, 2026, the aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost was $ 123,878 ;
the aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value was $ 387,848 ;
7 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
−Removed: The composition of the Company’s investment portfolio as of September 30, 2025 and December 31, 2024 at amortized cost and fair value was as follows:
−Removed: September 30, 2025 December 31, 2024
+Added: The composition of the Company’s investment portfolio as of March 31, 2026 and December 31, 2025 at amortized cost and fair value was as follows:
+Added: March 31, 2026 December 31, 2025
Value Percentage of
11 unchanged sentences
(2) Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.
−Removed: 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, 2025 and December 31, 2024:
−Removed: September 30, 2025 December 31, 2024
+Added: The following tables show the composition of the Company’s investment portfolio by industry classification and geographic dispersion, and the percentage, by fair value, of the total investment portfolio assets in such industries and geographies as of March 31, 2026 and December 31, 2025:
+Added: March 31, 2026 December 31, 2025
Industry Classification Investments at
4 unchanged sentences
Business $ 237,836 14.0 % $ 250,178 14.7 %
−Removed: Retail 179,162 10.3 % 160,093 8.8 %
Healthcare & Pharmaceuticals 201,516 11.8 % 191,483 11.3 %
−Removed: Oil & Gas 141,373 8.1 % 116,393 6.4 %
+Added: Retail 182,147 10.7 % 187,490 11.0 %
+Added: Electricity 142,442 8.4 % 140,223 8.2 %
Diversified & Production 115,842 6.8 % 122,806 7.2 %
3 unchanged sentences
Durable 94,477 5.5 % 90,696 5.3 %
−Removed: Banking, Finance, Insurance & Real Estate 70,425 4.1 % 64,422 3.5 %
Construction & Building 87,677 5.2 % 65,493 3.9 %
+Added: Banking, Finance, Insurance & Real Estate 71,888 4.2 % 69,066 4.1 %
+Added: High Tech Industries 54,864 3.2 % 55,956 3.3 %
Diversified Financials 51,062 3.0 % 54,744 3.2 %
Advertising, Printing & Publishing 46,534 2.7 % 47,644 2.8 %
−Removed: Hotel, Gaming & Leisure 45,838 2.6 % 49,823 2.7 %
−Removed: High Tech Industries 40,190 2.3 % 37,665 2.1 %
+Added: Environmental Industries 38,684 2.3 % 27,928 1.6 %
Capital Equipment 34,434 2.0 % 31,599 1.9 %
−Removed: Automotive 30,063 1.7 % 31,104 1.7 %
Consumer Goods:
Non-Durable 26,965 1.6 % 28,876 1.7 %
−Removed: Environmental Industries 28,000 1.6 % 27,344 1.5 %
+Added: Hotel, Gaming & Leisure 22,633 1.3 % 22,733 1.3 %
Containers, Packaging & Glass 18,602 1.1 % 18,652 1.1 %
1 unchanged sentence
Aerospace & Defense 14,875 0.9 % 15,075 0.9 %
+Added: Automotive 14,648 0.9 % 27,145 1.6 %
Transportation:
Cargo 12,059 0.7 % 11,986 0.7 %
−Removed: Chemicals, Plastics & Rubber 73 — 32 —
−Removed: Telecommunications — — 5,222 0.3 %
+Added: Oil & Gas 4,997 0.3 % 6,267 0.4 %
Subtotal/total percentage 1,702,420 100.0 % 1,696,980 100.0 %
3 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
Geographic Dispersion(1) Investments at
11 unchanged sentences
(1) The geographic dispersion is determined by the portfolio company's country of domicile.
−Removed: As of September 30, 2025 and December 31, 2024, investments on non-accrual status represented 1.8 % and 1.4 %, respectively, of the Company's investment portfolio on a fair value basis.
+Added: As of March 31, 2026 and December 31, 2025, investments on non-accrual status represented 1.5 % and 1.8 %, respectively, of the Company's investment portfolio on a fair value basis.
The Company’s investment portfolio may contain senior secured investments that are in the form of lines of credit, delayed draw term loans, revolving credit facilities, or unfunded commitments, which may require the Company to provide funding when requested in accordance with the terms of the underlying agreements.
−Removed: As of September 30, 2025 and December 31, 2024, the Company’s unfunded commitments amounted to $ 48,689 and $ 70,681 , respectively.
−Removed: As of October 29, 2025, the Company’s unfunded commitments amounted to $ 47,816 .
+Added: As of March 31, 2026 and December 31, 2025, the Company’s unfunded commitments amounted to $ 57,488 and $ 47,779 , respectively.
+Added: As of April 29, 2026, the Company’s unfunded commitments amounted to $ 53,655 .
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.
−Removed: As a result, as of September 30, 2025, the Company held $ 36,037 and ET-BC held $ 2,965 of the CION/Eagletree Notes.
+Added: As a result, as of March 31, 2026, the Company held $ 36,037 and ET-BC held $ 2,965 of the CION/Eagletree Notes.
+Added: On March 4, 2026, CION/EagleTree extended the maturity date of the senior secured notes from December 21, 2026 to December 21, 2027.
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)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
−Removed: The following table sets forth the individual investments in CION/EagleTree's portfolio as of September 30, 2025:
−Removed: Portfolio Company Interest Maturity Industry Principal/
+Added: The following table sets forth the individual investments in CION/EagleTree's portfolio as of March 31, 2026:
+Added: Portfolio Company Interest Industry Principal/
Units Cost Fair
−Removed: Collateralized Securities and Structured Products - Equity
−Removed: Ivy Hill Middle Market Credit Fund VIII, Ltd.
−Removed: Subordinated Loan(a) 11.84 % Estimated Yield
−Removed: 4/28/2039 Diversified Financials $ 6,000 $ 5,462 $ 5,888
−Removed: Total Collateralized Securities and Structured Products - Equity 5,462 5,888
−Removed: American Clinical Solutions LLC, Class A Membership Interests(b) Healthcare & Pharmaceuticals 6,030,384 Units
−Removed: Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(b) Media:
+Added: American Clinical Solutions LLC, Class A Membership Interests(a) Healthcare & Pharmaceuticals 6,030,384 Units
+Added: $ 5,200 $ 1,568
+Added: Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(a) Media:
Diversified & Production 1,469 Units
−Removed: Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(b) Media:
+Added: Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(a) Media:
Diversified & Production 255 Units
−Removed: Anthem Sports and Entertainment Inc., Common Stock Warrants(b) Media:
+Added: Anthem Sports and Entertainment Inc., Common Stock Warrants(a) Media:
Diversified & Production 4,746 Units
1 unchanged sentence
Diversified Financials N/A 9,993 8,727
−Removed: Carestream Health Holdings, Inc., Common Stock(b) Healthcare & Pharmaceuticals 614,367 Units
+Added: Carestream Health Holdings, Inc., Common Stock(a) Healthcare & Pharmaceuticals 614,367 Units
21,759 15,433
3 unchanged sentences
Healthcare & Pharmaceuticals 183,723 Units
−Removed: CTS Ultimate Holdings LLC, Class A Preferred Units(b) Construction & Building 3,578,701 Units
−Removed: HDNet Holdco LLC, Preferred Unit Call Option(b) Media:
+Added: CTS Ultimate Holdings LLC, Class A Preferred Units(a) Construction & Building 3,578,701 Units
+Added: HDNet Holdco LLC, Preferred Unit Call Option(a) Media:
Diversified & Production 1 Unit
−Removed: Language Education Holdings GP LLC, Common Units(b) Services:
+Added: Language Education Holdings GP LLC, Common Units(a) Services:
Business 133,333 Units
−Removed: Language Education Holdings LP, Ordinary Common Units(b) Services:
+Added: Language Education Holdings LP, Ordinary Common Units(a) Services:
Business 133,333 Units
−Removed: Skillsoft Corp., Class A Common Stock(b)(c) High Tech Industries 12,171 Units
+Added: Skillsoft Corp., Class A Common Stock(a)(b) High Tech Industries 12,171 Units
Spinal USA, Inc.
−Removed: / Precision Medical Inc., Warrants(b) Healthcare & Pharmaceuticals 20,667,324 Units
+Added: / Precision Medical Inc., Warrants(a) Healthcare & Pharmaceuticals 20,667,324 Units
Total Equity 50,943 45,404
−Removed: Short Term Investments(d)
−Removed: First American Treasury Obligations Fund, Class Z Shares 3.98 %(e)
+Added: Short Term Investments(c)
+Added: First American Treasury Obligations Fund, Class Z Shares 3.55 %(d)
Total Short Term Investments 5,278 5,278
TOTAL INVESTMENTS $ 56,221 $ 50,682
−Removed: The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated.
−Removed: Equity investments are entitled to recurring distributions, which are generally equal to the remaining cash flow of the payments made by the underlying vehicle's securities less contractual payments to debt holders and expenses.
−Removed: The estimated yield indicated is based upon a current projection of the amount and timing of these recurring distributions and the estimated amount of repayment of principal upon termination.
−Removed: Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
Non-income producing security.
1 unchanged sentence
Short term investments represent an investment in a fund that invests in highly liquid investments with average original maturity dates of three months or less.
−Removed: 7-day effective yield as of September 30, 2025.
+Added: 7-day effective yield as of March 31, 2026.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
23 unchanged sentences
CTS Ultimate Holdings LLC, Class A Preferred Units(b) Construction & Building 3,578,701 Units
−Removed: Dayton HoldCo, LLC, Membership Units(b) Construction & Building 37,264 Units
HDNet Holdco LLC, Preferred Unit Call Option(b) Media:
22 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
−Removed: The following table includes selected balance sheet information for CION/EagleTree as of September 30, 2025 and December 31, 2024:
+Added: The following table includes selected balance sheet information for CION/EagleTree as of March 31, 2026 and December 31, 2025:
Selected Balance Sheet Information:
−Removed: September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025
Investments, at fair value (amortized cost of $ 56,221 and $ 56,772 , respectively)
$ 50,682 $ 54,956
−Removed: Cash and other assets 29 —
Dividend receivable on investments 171 186
7 unchanged sentences
Total liabilities and members' capital $ 50,901 $ 55,209
−Removed: The following table includes selected statement of operations information for CION/EagleTree for the three and nine months ended September 30, 2025 and 2024 and for the year ended December 31, 2024:
+Added: The following table includes selected statement of operations information for CION/EagleTree for the three months ended March 31, 2026 and 2025 and for the year ended December 31, 2025:
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30, Year Ended
+Added: March 31, Year Ended
Selected Statement of Operations Information:
2 unchanged sentences
Total expenses 1,553 1,578 6,332
−Removed: Net realized (loss) gain on investments ( 429 ) — ( 373 ) 3,325 3,641
+Added: Net realized gain (loss) on investments 480 56 ( 273 )
Net change in unrealized (depreciation) appreciation on investments ( 3,723 ) 1,290 ( 925 )
2 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
Financing Arrangements
−Removed: The following table presents summary information with respect to the Company’s outstanding financing arrangements as of September 30, 2025:
+Added: The following table presents summary information with respect to the Company’s outstanding financing arrangements as of March 31, 2026:
Financing Arrangement Type of Financing Arrangement Rate Amount Outstanding Amount Available Maturity Date
−Removed: JPM Credit Facility Term Loan Credit Facility SOFR + 2.55 %(1)
+Added: JPM Credit Facility Secured Term Loan Credit Facility SOFR + 2.55 %(1)
$ 200,000 $ 75,000 June 15, 2027
−Removed: 2029 Notes(2) U.S.
−Removed: Public Bond Offering 7.50 %
+Added: 7.50 % 2029 Notes(2)
+Added: Unsecured Public Bonds 7.50 %
172,500 — December 30, 2029
−Removed: 2026 Notes(3) Note Purchase Agreement 4.50 %
−Removed: 125,000 — February 11, 2026
−Removed: 2025 UBS Credit Facility Term Loan Credit Facility SOFR + 2.75 %
+Added: 7.70 % 2029 Notes(3)
+Added: Unsecured Notes 7.70 %
+Added: 125,000 — December 15, 2029
+Added: 7.41 % 2027 Notes(4)
+Added: Unsecured Notes 7.41 %
+Added: 47,500 — December 15, 2027
+Added: UBS Credit Facility Secured Term Loan Credit Facility SOFR+ 2.75 %
100,000 25,000 February 13, 2028
−Removed: Series A Notes(4) Israel Public Bond Offering SOFR + 3.82 %
+Added: 7.50 % 2031 Notes(2)
+Added: Unsecured Public Bonds 7.50 %
+Added: 135,000 — March 31, 2031
+Added: Series A Notes(5) Israel Unsecured Public Bonds SOFR + 3.82 %
114,844 — August 31, 2026
−Removed: Tranche A 2027 Notes(5) Note Purchase Agreement SOFR + 4.75 %
+Added: Tranche A Floating Rate 2027 Notes(6) Unsecured Notes SOFR + 4.75 %
100,000 — November 8, 2027
−Removed: Tranche B 2027 Notes(5) Amended and Restated Note Purchase Agreement SOFR + 3.90 %
+Added: Tranche B Floating Rate 2027 Notes(6) Unsecured Notes SOFR + 3.90 %
100,000 — November 8, 2027
−Removed: 2022 Term Loan(5) Term Loan Facility Agreement SOFR + 3.50 %
+Added: 2022 Term Loan(6) Unsecured Term Loan Facility SOFR + 3.50 %
50,000 — April 27, 2027
−Removed: 2024 Term Loan(5) Term Loan Facility Agreement SOFR + 3.80 %
+Added: 2024 Term Loan(6) Unsecured Term Loan Facility SOFR + 3.80 %
30,000 — September 30, 2027
2 unchanged sentences
The administration fee is included in interest expense in the consolidated statements of operations.
−Removed: (2) As of September 30, 2025, the fair value of the 2029 Notes was $ 174,363 , which was based on readily observable, transparent prices.
−Removed: The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of September 30, 2025.
−Removed: (3) As of September 30, 2025, the fair value of the 2026 Notes was $ 125,000 , which was estimated based on discounted cash flows using current market interest rates for similar debt with comparable terms and remaining maturities.
−Removed: The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2025.
−Removed: (4) As of September 30, 2025, the fair value of the Series A Notes was $ 106,150 , which was based on readily observable, transparent prices.
−Removed: The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of September 30, 2025.
−Removed: (5) As of September 30, 2025, the outstanding amount of these debt obligations approximates their fair value.
+Added: (2) As of March 31, 2026, the fair value of the 7.50 % 2029 Notes was $ 170,982 and the fair value of the 7.50 % 2031 Notes was $ 131,760 , which were based on readily observable, transparent prices.
+Added: The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of March 31, 2026.
+Added: (3) As of March 31, 2026, the fair value of the 7.70 % 2029 Notes was $ 125,000 , which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
+Added: The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2026.
+Added: (4) As of March 31, 2026, the fair value of the 7.41 % 2027 Notes was $ 47,500 , which was based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.
+Added: The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2026.
+Added: (5) As of March 31, 2026, the fair value of the Series A Notes was $ 101,810 , which was based on readily observable, transparent prices.
+Added: The fair value of these debt obligations would be categorized as Level 1 under ASC 820 as of March 31, 2026.
+Added: (6) As of March 31, 2026, the outstanding amount of these debt obligations approximates their 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.
−Removed: The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of September 30, 2025.
+Added: The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of March 31, 2026.
JPM Credit Facility
6 unchanged sentences
Under the Amended JPM Credit Facility entered into on May 23, 2018, (i) the aggregate principal amount available for borrowings was increased from $ 225,000 to $ 275,000 , of which $ 25,000 could have been funded as a revolving credit facility, subject to conditions described in the Amended JPM Credit Facility, (ii) the reinvestment period was extended until August 24, 2020 and (iii) the maturity date was extended to August 24, 2021.
−Removed: On May 15, 2020, 34th Street amended and restated the Amended JPM Credit Facility, or the Second Amended JPM Credit Facility, with JPM in order to fully repay all amounts outstanding under the Company's prior Citibank Credit Facility and MS Credit Facility and repay $ 100,000 of advances outstanding under the UBS Facility (as described below).
−Removed: Under the Second Amended JPM Credit Facility, the aggregate principal amount available for borrowings was increased from $ 275,000 to $ 700,000 , of which $ 75,000 could have been funded as a revolving credit facility, subject to conditions described in the Second Amended JPM Credit Facility, during the reinvestment period.
−Removed: Under the Second Amended JPM Credit Facility, the reinvestment period was extended until May 15, 2022 and the maturity date was extended to May 15, 2023.
−Removed: 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)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
+Added: On May 15, 2020, 34th Street amended and restated the Amended JPM Credit Facility, or the Second Amended JPM Credit Facility, with JPM in order to fully repay all amounts outstanding under the Company's prior Citibank Credit Facility and MS Credit Facility and repay $ 100,000 of advances outstanding under the UBS Repurchase Facility (as described below).
+Added: Under the Second Amended JPM Credit Facility, the aggregate principal amount available for borrowings was increased from $ 275,000 to $ 700,000 , of which $ 75,000 could have been funded as a revolving credit facility, subject to conditions described in the Second Amended JPM Credit Facility, during the reinvestment period.
+Added: Under the Second Amended JPM Credit Facility, the reinvestment period was extended until May 15, 2022 and the maturity date was extended to May 15, 2023.
+Added: 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.
On February 26, 2021, 34th Street amended and restated the Second Amended JPM Credit Facility, or the Third Amended JPM Credit Facility, with JPM.
25 unchanged sentences
On September 30, 2025, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 406,250 to $ 375,000 and repaid $ 25,000 of outstanding borrowings.
−Removed: As of September 30, 2025, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $ 300,000 and the aggregate unfunded principal amount was $ 75,000 .
+Added: On March 30, 2026, 34th Street reduced the aggregate principal borrowings available under the Third Amended JPM Credit Facility from $ 375,000 to $ 275,000 and repaid $ 100,000 of outstanding borrowings.
+Added: As of March 31, 2026, the aggregate principal amount outstanding on the Third Amended JPM Credit Facility was $ 200,000 and the aggregate unfunded principal amount was $ 75,000 .
The carrying amount outstanding under the Third Amended JPM Credit Facility approximates its fair value.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements (unaudited)
+Added: March 31, 2026
+Added: (in thousands, except share and per share amounts)
The Company contributed loans and other corporate debt securities to 34th Street in exchange for 100 % of the membership interests of 34th Street, and may contribute additional loans and other corporate debt securities to 34th Street in the future.
2 unchanged sentences
In connection with the Third Amended JPM Credit Facility, 34th Street made certain representations and warranties and is required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar facilities.
−Removed: As of and for the three months ended September 30, 2025, 34th Street was in compliance with all covenants and reporting requirements.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
−Removed: (in thousands, except share and per share amounts)
−Removed: Through September 30, 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 September 30, 2025 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility.
−Removed: At September 30, 2025, the unamortized portion of the debt issuance costs was $ 3,471 .
−Removed: For the three and nine months ended September 30, 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:
+Added: As of and for the three months ended March 31, 2026, 34th Street was in compliance with all covenants and reporting requirements.
+Added: Through March 31, 2026, 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, 2026 and will amortize to interest expense over the term of the Third Amended JPM Credit Facility.
+Added: At March 31, 2026, the unamortized portion of the debt issuance costs was $ 2,457 .
+Added: For the three months ended March 31, 2026 and 2025 and for the year ended December 31, 2025, 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
−Removed: September 30, Nine Months Ended
−Removed: September 30, Year Ended December 31,
+Added: March 31, Year Ended December 31,
2026 2025 2025
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.
−Removed: On October 3, 2024, the Company issued and sold $ 172,500 in aggregate principal amount of its unsecured 7.50 % Notes due 2029, or the 2029 Notes, which includes $ 22,500 in aggregate principal amount of the 2029 Notes issued and sold pursuant to the exercise in full of the underwriters’ option to purchase additional 2029 Notes to cover overallotments.
+Added: 7.50 % 2029 Notes
+Added: On October 3, 2024, the Company issued and sold $ 172,500 in aggregate principal amount of its unsecured 7.50 % notes due 2029, or the 7.50 % 2029 Notes, which included $ 22,500 in aggregate principal amount of the 7.50 % 2029 Notes issued and sold pursuant to the exercise in full of the underwriters’ option to purchase additional 7.50 % 2029 Notes to cover overallotments.
The 7.50 % 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.
10 unchanged sentences
The 7.50 % 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 7.50 % 2029 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption.
−Removed: 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.
−Removed: As of and for the three months ended September 30, 2025, the Company was in compliance with all covenants and reporting requirements.
−Removed: 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.
−Removed: 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)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
−Removed: Through September 30, 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 September 30, 2025 and will amortize to interest expense over the term of the 2029 Notes.
−Removed: At September 30, 2025, the unamortized portion of the debt issuance costs was $ 3,491 .
−Removed: For the three and nine months ended September 30, 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:
−Removed: Three Months Ended September 30, 2025 Nine Months Ended September 30, 2025 For the Period From October 3, 2024 Through December 31, 2024
+Added: The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage ratio requirements set forth in the 1940 Act, but giving effect to any exemptive relief granted to the Company by the SEC, and certain other exceptions, and to provide financial information to the holders of the 7.50 % 2029 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act.
+Added: As of and for the three months ended March 31, 2026, the Company was in compliance with all covenants and reporting requirements.
+Added: Through March 31, 2026, the Company incurred debt issuance costs of $ 4,305 in connection with issuing the 7.50 % 2029 Notes, which were recorded as a direct reduction to the outstanding balance of the 7.50 % 2029 Notes, which is included in the Company’s consolidated balance sheet as of March 31, 2026 and will amortize to interest expense over the term of the 7.50 % 2029 Notes.
+Added: At March 31, 2026, the unamortized portion of the debt issuance costs was $ 3,082 .
+Added: For the three months ended March 31, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 7.50 % 2029 Notes were as follows:
+Added: Three Months Ended March 31, Year Ended December 31,
+Added: 2026 2025 2025
Stated interest expense $ 3,234 $ 3,234 $ 12,937
4 unchanged sentences
(1) Includes the stated interest expense on the 7.50 % 2029 Notes and is annualized for periods covering less than one year.
−Removed: 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.
+Added: 7.41 % 2027 Notes and 7.70 % 2029 Notes
+Added: On December 16, 2025, the Company entered into a Note Purchase Agreement with certain institutional investors, or the December 2025 Note Purchase Agreement, in connection with the Company's issuance of $ 172,500 aggregate principal amount of its senior unsecured notes, consisting of (i) $ 125,000 in aggregate principal amount of its senior unsecured notes due 2029, or the 7.70 % 2029 Notes, and (ii) $ 47,500 in aggregate principal amount of its senior unsecured notes due 2027, or the 7.41 % 2027 Notes.
+Added: The 7.70 % 2029 Notes were issued at a purchase price equal to 99.75 % of the principal amount of the 7.70 % 2029 Notes and the 7.41 % 2027 Notes were issued at par.
+Added: The Company used a portion of the net proceeds to repay debt under its $ 125,000 senior unsecured notes due February 2026 (see 2026 Notes below) and intends to use the remaining net proceeds to make investments in portfolio companies in accordance with its investment objectives, and for working capital and general corporate purposes.
+Added: The 7.41 % 2027 Notes and the 7.70 % 2029 Notes are rated investment grade by DBRS, Inc.
+Added: The 7.70 % 2029 Notes and the 7.41 % 2027 Notes will bear interest at a fixed rate equal to 7.70 % and 7.41 % per year, respectively, which will be paid semiannually commencing on June 15, 2026.
+Added: The 7.70 % 2029 Notes and the 7.41 % 2027 Notes will mature on December 15, 2029 and December 15, 2027, respectively.
+Added: The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the 7.70 % 2029 Notes and the 7.41 % 2027 Notes (i) on or before September 14, 2029 and September 14, 2027, respectively, at a redemption price equal to 100 % of the principal amount of such 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 Note that is to be prepaid or becomes due and payable pursuant to the December 2025 Note Purchase Agreement over (y) the amount of such called principal, plus accrued and unpaid interest, if any, and (ii) after September 14, 2029 and September 14, 2027, respectively, at a redemption price equal to 100 % of the principal amount of such Notes to be redeemed, plus accrued and unpaid interest, if any.
+Added: For any redemptions of the 7.70 % 2029 Notes and the 7.41 % 2027 Notes occurring on or before September 14, 2029 and September 14, 2027, respectively, 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 such Notes is payable equal to the sum of 0.50 % plus the yield to maturity of the most recently issued U.S.
+Added: Treasury securities having a maturity equal to the remaining average life of such Notes, or if there are no such U.S.
+Added: Treasury securities, using such implied yield to maturity determined in accordance with the terms of the December 2025 Note Purchase Agreement.
+Added: The 7.70 % 2029 Notes and the 7.41 % 2027 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements (unaudited)
+Added: March 31, 2026
+Added: (in thousands, except share and per share amounts)
+Added: The December 2025 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 $ 493,100 , (iv) a minimum asset coverage ratio of not less than 150 %, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.
+Added: As of and for the three months ended March 31, 2026, the Company was in compliance with all covenants and reporting requirements.
+Added: The December 2025 Note Purchase Agreement also contains a “most favored lender” provision in favor of the purchasers in respect of any new unsecured 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 December 2025 Note Purchase Agreement.
+Added: In addition, the December 2025 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.
+Added: Through March 31, 2026, the Company incurred debt issuance costs of $ 3,360 in connection with issuing the 7.70 % 2029 Notes and the 7.41 % 2027 Notes, which were recorded as a direct reduction to the outstanding balance of the 7.70 % 2029 Notes and the 7.41 % 2027 Notes, which is included in the Company’s consolidated balance sheet as of March 31, 2026 and will amortize to interest expense over the term of the 7.70 % 2029 Notes and the 7.41 % 2027 Notes.
+Added: At March 31, 2026, the unamortized portion of the debt issuance costs was $ 3,118 .
+Added: For the three months ended March 31, 2026 and for the period from December 16, 2025 through December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 7.41 % 2027 Notes and the 7.70 % 2029 Notes were as follows:
+Added: Three Months Ended March 31, For the Period From December 16, 2025 Through December 31, 2025
+Added: Stated interest expense $ 3,286 $ 548
+Added: Amortization of deferred financing costs 205 36
+Added: Total interest expense $ 3,491 $ 584
+Added: Weighted average interest rate(1) 7.62 % 7.14 %
+Added: Average borrowings $ 172,500 $ 172,500
+Added: (1) Includes the stated interest expense on the 7.70 % 2029 Notes and the 7.41 % 2027 Notes and is annualized for periods covering less than one year.
+Added: On February 11, 2021, the Company entered into a Note Purchase Agreement with certain purchasers, or the February 2021 Note Purchase Agreement, in connection with the Company’s issuance of $ 125,000 aggregate principal amount of its 4.50 % senior unsecured notes due in 2026, or the 2026 Notes.
The net proceeds to the Company were approximately $ 122,300 , after the deduction of placement agent fees and other financing expenses, which the Company used to repay debt under its secured financing arrangements.
−Removed: The 2026 Notes mature on February 11, 2026.
−Removed: The 2026 Notes bear interest at a rate of 4.50 % per year payable semi-annually on February 11th and August 11th of each year, which commenced on August 11, 2021.
−Removed: The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the 2026 Notes after August 11, 2025, at a redemption price equal to 100 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any.
−Removed: The 2026 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.
−Removed: The Note Purchase Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC, (iii) minimum shareholders’ equity of $ 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.
−Removed: As of and for the three months ended September 30, 2025, the Company was in compliance with all covenants and reporting requirements.
−Removed: 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.
−Removed: In addition, the Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy.
−Removed: Through September 30, 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 September 30, 2025 and will amortize to interest expense over the term of the 2026 Notes.
−Removed: At September 30, 2025, the unamortized portion of the debt issuance costs was $ 196 .
+Added: The 2026 Notes were scheduled to mature on February 11, 2026.
+Added: The 2026 Notes bore interest at a rate of 4.50 % per year paid semi-annually on February 11th and August 11th of each year, which commenced on August 11, 2021.
+Added: The Company had the right to, at its option, redeem all or a part that is not less than 10 % of the 2026 Notes after August 11, 2025, at a redemption price equal to 100 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any.
+Added: The 2026 Notes were general unsecured obligations of the Company that ranked pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, ranked effectively junior to 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 ranked structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
−Removed: For the three and nine months ended September 30, 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 2026 Notes were as follows:
+Added: The February 2021 Note Purchase Agreement contained other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC, (iii) minimum shareholders’ equity of $ 543,600 , (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 represented more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represented less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.
+Added: As of and through the repayment of the 2026 Notes in full by the Company on December 29, 2025 (see below), the Company was in compliance with all covenants and reporting requirements.
+Added: The February 2021 Note Purchase Agreement also contained 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 contained a financial covenant not contained in, or more restrictive against the Company than those contained, in the February 2021 Note Purchase Agreement.
+Added: In addition, the February 2021 Note Purchase 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 bankruptcy.
+Added: On December 29, 2025, the Company fully repaid all outstanding principal and interest on and otherwise satisfied all its obligations under the 2026 Notes.
+Added: 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 sheets and amortized to interest expense over the term of the 2026 Notes.
+Added: At March 31, 2026, all upfront fees and other expenses were fully amortized.
+Added: For the three months ended March 31, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 2026 Notes were as follows:
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30, Year Ended December 31,
−Removed: 2025 2024 2025 2024
+Added: March 31, Year Ended December 31,
Stated interest expense $ — $ 1,406 $ 5,594
4 unchanged sentences
(1) Includes the stated interest expense on the 2026 Notes and is annualized for periods covering less than one year.
−Removed: 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.
+Added: UBS Repurchase Facility
+Added: 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, or as amended, the UBS Repurchase Facility.
Pursuant to the financing arrangement, assets in the Company's portfolio were contributed from time to time to Murray Hill Funding II.
2 unchanged sentences
Bank National Association, or U.S.
−Removed: Bank, as trustee, or the Indenture, the aggregate principal amount of Notes that could have been issued by Murray Hill Funding II from time to time was $ 192,308 .
+Added: Bank, as trustee, or the UBS 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.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements (unaudited)
+Added: March 31, 2026
+Added: (in thousands, except share and per share amounts)
Principal on the Notes was due and payable on the stated maturity date of May 19, 2027.
−Removed: Pursuant to the Indenture, Murray Hill Funding II made certain representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar transactions.
−Removed: The Indenture contained events of default customary for similar transactions, including, without limitation:
−Removed: (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;
−Removed: (b) the failure to disburse amounts in accordance with the priority of payments and such failure is not cured within three business days;
+Added: Pursuant to the UBS Indenture, Murray Hill Funding II made certain representations and warranties and was required to comply with various covenants, reporting requirements and other customary requirements for similar transactions.
+Added: The UBS Indenture contained events of default customary for similar transactions, including, without limitation:
+Added: (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 was not cured within three business days;
+Added: (b) the failure to disburse amounts in accordance with the priority of payments and such failure was not cured within three business days;
and (c) the occurrence of certain bankruptcy and insolvency events with respect to Murray Hill Funding II or Murray Hill Funding.
−Removed: As of and 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.
−Removed: 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.
−Removed: Pursuant to the UBS Facility, on May 19, 2017 and June 19, 2017, UBS purchased Notes held by Murray Hill Funding for an aggregate purchase price equal to 65 % of the principal amount of Notes purchased.
−Removed: Subject to certain conditions, the maximum principal amount of Notes that could have been purchased under the UBS Facility was $ 192,308 .
−Removed: Accordingly, the aggregate maximum amount payable to Murray Hill Funding under the UBS Facility would not have exceeded $ 125,000 .
−Removed: Murray Hill Funding was required to repurchase the Notes sold to UBS under the UBS Facility by no later than May 19, 2020.
+Added: As of and through the termination of the UBS Indenture on February 13, 2025 (as described below), Murray Hill Funding II was in compliance with all covenants and reporting requirements.
+Added: 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 Repurchase Facility.
+Added: Pursuant to the UBS Repurchase 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.
+Added: Subject to certain conditions, the maximum principal amount of Notes that could have been purchased under the UBS Repurchase Facility was $ 192,308 .
+Added: Accordingly, the aggregate maximum amount payable to Murray Hill Funding under the UBS Repurchase Facility would not have exceeded $ 125,000 .
+Added: Murray Hill Funding was required to repurchase the Notes sold to UBS under the UBS Repurchase Facility by no later than May 19, 2020.
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)).
−Removed: The financing fee under the UBS Facility was equal to the three-month LIBOR plus a spread of up to 3.50 % per year for the relevant period.
−Removed: On December 1, 2017, Murray Hill Funding II amended and restated the Indenture, or the Amended Indenture, pursuant to which the aggregate principal amount of Notes that could have been issued by Murray Hill Funding II was increased from $ 192,308 to $ 266,667 .
−Removed: On December 1, 2017, Murray Hill Funding entered into a First Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Amended Master Confirmation, which set forth the terms of the repurchase transaction between Murray Hill Funding and UBS under the UBS Facility.
+Added: The financing fee under the UBS Repurchase Facility was equal to the three-month LIBOR plus a spread of up to 3.50 % per year for the relevant period.
+Added: On December 1, 2017, Murray Hill Funding II amended and restated the UBS Indenture, or the Amended UBS Indenture, pursuant to which the aggregate principal amount of Notes that could have been issued by Murray Hill Funding II was increased from $ 192,308 to $ 266,667 .
+Added: On December 1, 2017, Murray Hill Funding entered into a First Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Amended Master Confirmation, which set forth the terms of the repurchase transaction between Murray Hill Funding and UBS under the UBS Repurchase 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.
−Removed: As a result of the Amended Master Confirmation, the aggregate maximum amount payable to Murray Hill Funding and made available to the Company under the UBS Facility was increased from $ 125,000 to $ 200,000 .
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
−Removed: (in thousands, except share and per share amounts)
−Removed: On May 19, 2020, Murray Hill Funding entered into a Second Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Second Amended Master Confirmation, which extended the date that Murray Hill Funding was required to repurchase the Notes sold to UBS under the Amended UBS Facility from May 19, 2020 to November 19, 2020, and increased the spread on the financing fee from 3.50 % to 3.90 % per year.
+Added: As a result of the Amended Master Confirmation, the aggregate maximum amount payable to Murray Hill Funding and made available to the Company under the UBS Repurchase Facility was increased from $ 125,000 to $ 200,000 .
+Added: On May 19, 2020, Murray Hill Funding entered into a Second Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Second Amended Master Confirmation, which extended the date that Murray Hill Funding was required to repurchase the Notes sold to UBS under the Amended UBS Repurchase Facility from May 19, 2020 to November 19, 2020, and increased the spread on the financing fee from 3.50 % to 3.90 % per year.
On May 19, 2020, Murray Hill Funding also repurchased Notes in the aggregate principal amount of $ 133,333 from UBS for an aggregate repurchase price of $ 100,000 , which was then repaid by Murray Hill Funding II.
−Removed: The repurchase of the Notes on May 19, 2020 resulted in a repayment of one-half of the outstanding amount of borrowings under the Amended UBS Facility as of May 19, 2020.
−Removed: As of December 31, 2020, Notes remained outstanding in the aggregate principal amount of $ 133,333 , which was purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Facility for aggregate proceeds of $ 100,000 .
+Added: The repurchase of the Notes on May 19, 2020 resulted in a repayment of one-half of the outstanding amount of borrowings under the Amended UBS Repurchase Facility as of May 19, 2020.
+Added: As of December 31, 2020, Notes remained outstanding in the aggregate principal amount of $ 133,333 , which was purchased by Murray Hill Funding from Murray Hill Funding II and subsequently sold to UBS under the Amended UBS Repurchase Facility for aggregate proceeds of $ 100,000 .
On November 12, 2020, Murray Hill Funding entered into a Third Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Third Amended Master Confirmation, to further extend the date that Murray Hill Funding was required to repurchase the Notes to December 18, 2020.
−Removed: On December 17, 2020, Murray Hill Funding entered into a Fourth Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Fourth Amended Master Confirmation, which further extended the date that Murray Hill Funding was required to repurchase the Notes sold to UBS under the Amended UBS Facility from December 18, 2020 to November 19, 2023, and decreased the spread on the financing fee from 3.90 % to 3.375 % per year.
+Added: On December 17, 2020, Murray Hill Funding entered into a Fourth Amended and Restated Master Confirmation to the Global Master Repurchase Agreement, or the Fourth Amended Master Confirmation, which further extended the date that Murray Hill Funding was required to repurchase the Notes sold to UBS under the Amended UBS Repurchase Facility from December 18, 2020 to November 19, 2023, and decreased the spread on the financing fee from 3.90 % to 3.375 % per year.
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.
2 unchanged sentences
Principal on the Class A-R Notes was due and payable on the stated maturity date of May 19, 2027, which was the same stated maturity date as the Notes.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements (unaudited)
+Added: March 31, 2026
+Added: (in thousands, except share and per share amounts)
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.
−Removed: Bank, as trustee, or the Second Amended Indenture.
−Removed: Under the Second Amended Indenture, the aggregate principal amount of Notes and Class A-R Notes that could have been issued by Murray Hill Funding II from time to time was $ 150,000 .
+Added: Bank, as trustee, or the Second Amended UBS Indenture.
+Added: Under the Second Amended UBS 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.
2 unchanged sentences
On June 14, 2023, Murray Hill Funding entered into with UBS (i) a Fifth Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement, or the Fifth Amended Master Confirmation, and (ii) an Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement, or the Amended Master Confirmation.
−Removed: Under both Confirmations, the date that Murray Hill Funding 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.
+Added: Under both Confirmations, the date that Murray Hill Funding was required to repurchase the Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Repurchase 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.
2 unchanged sentences
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.
−Removed: The repurchase of the Class A-R Notes on August 20, 2021, March 7, 2023, April 14, 2023 and March 27, 2024 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.
+Added: The repurchase of the Class A-R Notes on August 20, 2021, March 7, 2023, April 14, 2023 and March 27, 2024 resulted in repayments of $ 21,000 , $ 17,500 , $ 25,000 and $ 22,500 , respectively, of the outstanding amount of borrowings under the Amended UBS Repurchase Facility.
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.
−Removed: Under the November 2024 Confirmations, the date that Murray Hill Funding was required to repurchase the Class A-1 Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Facility was extended from November 19, 2024 to January 15, 2025 as a bridge to the parties entering into a broader amendment to the Amended UBS Facility.
+Added: 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 Repurchase 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 Repurchase Facility.
+Added: On January 13, 2025, Murray Hill Funding entered into (i) a Seventh Amended and Restated Master Confirmation (Class A-1 Notes) to the Global Master Repurchase Agreement with UBS and (ii) a Third Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement with UBS, or the January 2025 Confirmations.
+Added: Under the January 2025 Confirmations, the date that Murray Hill Funding was required to repurchase the Class A-1 Notes and the Class A-R Notes previously sold to UBS under the Amended UBS Repurchase 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 Repurchase Facility.
+Added: On February 13, 2025, Murray Hill Funding II entered into a Termination Agreement, or the Termination Agreement, with UBS, as lender, Murray Hill Funding, CIM, as collateral manager, and US Bank, as trustee, collateral administrator, revolving note agent and account bank, under which the parties agreed to terminate the Amended UBS Repurchase 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 UBS Indenture dated as of December 17, 2020, and the Class A-1 Notes and the Class A-R Notes previously purchased by UBS from Murray Hill Funding II under such agreements.
+Added: Simultaneously with terminating the Amended UBS Repurchase Facility, Murray Hill Funding II entered into the UBS Credit Facility with UBS (as described below).
+Added: 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 Repurchase Facility;
+Added: provided, however, that Murray Hill Funding would not have been required to post cash collateral with UBS until such market value declined at least 10 % from the initial market value of the portfolio assets.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
−Removed: 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 Amended and Restated Master Confirmation (Class A-R Notes) to the Global Master Repurchase Agreement with UBS, or the January 2025 Confirmations.
−Removed: 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.
−Removed: 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.
−Removed: Simultaneously with terminating the Amended UBS Facility, Murray Hill Funding II entered into the 2025 UBS Credit Facility with UBS (as described below).
−Removed: 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;
−Removed: 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.
−Removed: 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.
−Removed: The Company’s exposure under the Amended UBS Facility was limited to the value of the Company’s investment in Murray Hill Funding.
−Removed: Pursuant to the Amended UBS Facility, Murray Hill Funding made certain representations and warranties and was required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar transactions.
−Removed: The Amended UBS Facility contained events of default customary for similar financing transactions, including, without limitation:
+Added: The Company could have, but was not obligated to, increase its investment in Murray Hill Funding for the purpose of funding any cash collateral or payment obligations for which Murray Hill Funding became obligated in connection with the Amended UBS Repurchase Facility.
+Added: The Company’s exposure under the Amended UBS Repurchase Facility was limited to the value of the Company’s investment in Murray Hill Funding.
+Added: Pursuant to the Amended UBS Repurchase Facility, Murray Hill Funding made certain representations and warranties and was required to comply with a borrowing base requirement, various covenants, reporting requirements and other customary requirements for similar transactions.
+Added: The Amended UBS Repurchase 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;
2 unchanged sentences
(d) the occurrence of insolvency events with respect to Murray Hill Funding;
−Removed: and (e) the admission by Murray Hill Funding of its inability to, or its intention not to, perform any of its obligations under the Amended UBS Facility.
−Removed: As of and through the termination of the Amended UBS Facility on February 13, 2025, Murray Hill Funding was in compliance with all covenants and reporting requirements.
−Removed: Murray Hill Funding paid an upfront fee and incurred certain other customary costs and expenses totaling $ 2,637 in connection with obtaining 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.
−Removed: At September 30, 2025, all upfront fees and other expenses were fully amortized.
−Removed: For the three and nine months ended September 30, 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 Amended UBS Facility were as follows:
+Added: 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 Repurchase Facility.
+Added: As of and through the termination of the Amended UBS Repurchase Facility on February 13, 2025, Murray Hill Funding was in compliance with all covenants and reporting requirements.
+Added: Murray Hill Funding paid an upfront fee and incurred certain other customary costs and expenses totaling $ 2,637 in connection with obtaining and amending the Amended UBS Repurchase Facility, which were recorded as a direct reduction to the outstanding balance of the Amended UBS Repurchase Facility, which is included in the Company’s consolidated balance sheets and amortized to interest expense over the term of the Amended UBS Repurchase Facility.
+Added: At March 31, 2026, all upfront fees and other expenses were fully amortized.
+Added: For the three months ended March 31, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the Amended UBS Repurchase Facility were as follows:
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30, Year Ended December 31,
+Added: March 31, Year Ended December 31,
2026 2025 2025
4 unchanged sentences
Average borrowings $ — $ 47,778 $ 11,781
−Removed: (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.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
−Removed: (in thousands, except share and per share amounts)
+Added: (1) Includes the stated interest expense and non-usage fee on the unused portion of the Amended UBS Repurchase Facility and is annualized for periods covering less than one year.
UBS Credit Facility
−Removed: 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.
+Added: Simultaneously with terminating the Amended UBS Repurchase Facility on February 13, 2025 (as described above), Murray Hill Funding II, as borrower, entered into a Loan and Security Agreement, or the 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 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.
6 unchanged sentences
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.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements (unaudited)
+Added: March 31, 2026
+Added: (in thousands, except share and per share amounts)
The Company has no contractual obligation to post any such cash collateral or to make any payments to UBS on behalf of Murray Hill Funding.
2 unchanged sentences
Pursuant to the 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.
−Removed: As of and for the three months ended September 30, 2025, Murray Hill Funding II was in compliance with all covenants and reporting requirements.
+Added: As of and for the three months ended March 31, 2026, 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 UBS Credit Facility, which were recorded as a direct reduction to the outstanding balance of the UBS Credit Facility, which is included in the Company’s consolidated balance sheets and amortized to interest expense over the term of the UBS Credit Facility.
−Removed: At September 30, 2025, the unamortized portion of the debt issuance costs was $ 957 .
−Removed: For the three months ended September 30, 2025 and for the period from February 13, 2025 through September 30, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 2025 UBS Credit Facility were as follows:
+Added: At March 31, 2026, the unamortized portion of the debt issuance costs was $ 756 .
+Added: For the three months ended March 31, 2026, for the period from February 13, 2025 through March 31, 2025 and for the period from February 13, 2025 through December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the UBS Credit Facility were as follows:
Three Months Ended
−Removed: September 30, 2025 For the Period from February 13, 2025 Through September 30, 2025
+Added: March 31, 2026 For the Period from February 13, 2025 Through March 31, 2025 For the Period from February 13, 2025 Through December 31, 2025
Stated interest expense $ 1,603 $ 923 $ 6,192
5 unchanged sentences
(1) Includes the stated interest expense and non-usage fee on the unused portion of the UBS Credit Facility and is annualized for periods covering less than one year.
+Added: 7.50 % 2031 Notes
+Added: On February 9, 2026, the Company issued and sold $ 135,000 in aggregate principal amount of its 7.50 % 2031 Notes, which included $ 10,000 in aggregate principal amount of the Company’s 7.50 % 2031 Notes issued and sold pursuant to the exercise in full of the underwriters’ option to purchase additional 7.50 % 2031 Notes to cover overallotments.
+Added: The 7.50 % 2031 Notes were issued pursuant to an Indenture, or the Base Indenture, and a Second Supplemental Indenture, or the Second Supplemental Indenture, and, together with the Base Indenture, the Indenture, between the Company and U.S.
+Added: Bank Trust Company, National Association, as trustee, or the Trustee.
+Added: The Company used the net proceeds of the offering of the 7.50 % 2031 Notes to pay down borrowings under the Company's senior secured credit facility with JPM.
+Added: The 7.50 % 2031 Notes began trading on the NYSE under the ticker symbol “CICC” on February 12, 2026.
+Added: The 7.50 % 2031 Notes will mature on March 31, 2031, unless previously redeemed or repurchased in accordance with their terms.
+Added: The interest rate of the 7.50 % 2031 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 March 30, 2026.
+Added: The 7.50 % 2031 Notes are the Company’s direct unsecured obligations and rank pari passu with the Company's existing and future unsecured, unsubordinated indebtedness;
+Added: senior to any series of preferred stock that the Company may issue in the future;
+Added: senior to any of the Company’s future indebtedness that expressly provides it is subordinated to the 7.50 % 2031 Notes;
+Added: effectively subordinated to all of the Company’s existing and future secured indebtedness (including indebtedness that is initially unsecured to which the Company subsequently grants security), to the extent of the value of the assets securing such indebtedness;
+Added: and structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s existing or future subsidiaries.
+Added: The 7.50 % 2031 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 March 31, 2028, 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 7.50 % 2031 Note plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to the date fixed for redemption.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements (unaudited)
+Added: March 31, 2026
+Added: (in thousands, except share and per share amounts)
+Added: The Indenture contains certain covenants, including covenants requiring the Company to comply with the asset coverage ratio requirement 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 7.50 % 2031 Notes and the Trustee if the Company should no longer be subject to the reporting requirements under the Exchange Act.
+Added: As of and for the period from February 9, 2026 through March 31, 2026, the Company was in compliance with all covenants and reporting requirements.
+Added: Through March 31, 2026 , the Company incurred debt issuance costs of $ 3,789 in connection with issuing the 7.50 % 2031 Notes, which were recorded as a direct reduction to the outstanding balance of the 7.50 % 2031 Notes, which is included in the Company’s consolidated balance sheet as of March 31, 2026 and will amortize to interest expense over the term of the 7.50 % 2031 Notes.
+Added: At March 31, 2026, the unamortized portion of the debt issuance costs was $ 3,376 .
+Added: For the period from February 9, 2026 through March 31, 2026, the components of interest expense, average borrowings, and weighted average interest rate for the 7.50 % 2031 Notes were as follows:
+Added: For the Period from February 9, 2026 through March 31, 2026
+Added: Stated interest expense $ 1,462
+Added: Amortization of deferred financing costs 84
+Added: Total interest expense $ 1,546
+Added: Weighted average interest rate(1) 7.50 %
+Added: Average borrowings $ 76,500
+Added: (1) Includes the stated interest expense on the 7.50 % 2031 Notes 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.
−Removed: 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".
+Added: The Series A Notes offering in Israel closed on February 28, 2023 and the Series A Notes listed and commenced trading on the TASE on February 28, 2023.
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.
3 unchanged sentences
The carrying amount outstanding under the Series A Notes approximates its fair value.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
−Removed: (in thousands, except share and per share amounts)
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.
1 unchanged sentence
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.
−Removed: The Deed of Trust contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 525 million, (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00.
+Added: 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 $ 525,000 , (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.
−Removed: As of and for the three months ended September 30, 2025, the Company was in compliance with all covenants and reporting requirements.
+Added: As of and for the three months ended March 31, 2026, the Company was in compliance with all covenants and reporting requirements.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements (unaudited)
+Added: March 31, 2026
+Added: (in thousands, except share and per share amounts)
On October 10, 2023, the Company issued $ 34,132 in aggregate principal amount of its additional Series A Unsecured Notes due 2026, or the Additional Series A Notes, to institutional investors in Israel.
2 unchanged sentences
The Additional Series A Notes are rated investment grade, and commenced trading on the TASE on October 10, 2023 under the ticker symbol “CION B1”.
−Removed: Through September 30, 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 September 30, 2025 and will amortize to interest expense over the term of the Series A Notes and the Additional Series A Notes.
−Removed: At September 30, 2025, the unamortized portion of the debt issuance costs was $ 1,462 .
−Removed: For the three and nine months ended September 30, 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 Series A Notes were as follows:
+Added: Through March 31, 2026 , 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, 2026 and will amortize to interest expense over the term of the Series A Notes and the Additional Series A Notes.
+Added: At March 31, 2026, the unamortized portion of the debt issuance costs was $ 668 .
+Added: For the three months ended March 31, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the Series A Notes were as follows:
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30, Year Ended December 31,
+Added: March 31, Year Ended December 31,
2026 2025 2025
5 unchanged sentences
(1) Includes the stated interest expense on the Series A Notes and the Additional Series A Notes and is annualized for periods covering less than one year.
−Removed: On November 8, 2023, the Company entered into a Note Purchase Agreement with certain institutional investors, or the 2027 Note Purchase Agreement, in connection with the Company’s issuance of $ 100,000 aggregate principal amount of its senior unsecured notes, 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.
+Added: Floating Rate 2027 Notes
+Added: On November 8, 2023, the Company entered into a Note Purchase Agreement with certain institutional investors, or the 2027 Note Purchase Agreement, in connection with the Company’s issuance of $ 100,000 aggregate principal amount of its senior unsecured notes, tranche A, due 2027, or the Tranche A Floating Rate 2027 Notes, at a purchase price equal to 99.25 % of the principal amount of the Tranche A Floating Rate 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.
−Removed: The Tranche A 2027 Notes are rated investment grade.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
−Removed: (in thousands, except share and per share amounts)
−Removed: The Tranche A 2027 Notes mature on November 8, 2027.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: The Tranche A Floating Rate 2027 Notes are rated investment grade.
+Added: The Tranche A Floating Rate 2027 Notes mature on November 8, 2027.
+Added: The Tranche A Floating Rate 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.
+Added: The Company has the right to, at its option, redeem all or a part that is not less than 10 % of the Tranche A Floating Rate 2027 Notes (i) on or before August 8, 2027, at a redemption price equal to 100 % of the principal amount of Tranche A Floating Rate 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 Floating Rate 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 Floating Rate 2027 Notes to be redeemed, plus accrued and unpaid interest, if any.
+Added: For any redemptions occurring on or before August 8, 2027, the discounted value portion of the “make whole amount” is calculated by applying a discount rate on the same periodic basis as that on which interest on the Tranche A Floating Rate 2027 Notes is payable equal to the sum of 0.50 % plus the yield to maturity of the most recently issued U.S.
+Added: Treasury securities having a maturity equal to the remaining average life of the Tranche A Floating Rate 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.
−Removed: 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.
−Removed: 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.
−Removed: The 2027 Note Purchase Agreement also contains a “most favored lender” provision in favor of the purchasers in respect of any new credit facilities, loans, notes or unsecured indebtedness in excess of $ 25 million incurred by the Company, which indebtedness contains a financial covenant not contained in, or more restrictive against the Company than those contained, in the 2027 Note Purchase Agreement.
−Removed: In addition, the 2027 Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25 million, certain judgments and orders, and certain events of bankruptcy.
−Removed: As of and for the three months ended September 30, 2025, the Company was in compliance with all covenants and reporting requirements.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: The Tranche B 2027 Notes are rated investment grade.
−Removed: The Tranche B 2027 Notes also mature on November 8, 2027.
−Removed: 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.
−Removed: Through September 30, 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 September 30, 2025 and will amortize to interest expense over the term of the Tranche A 2027 Notes and the Tranche B 2027 Notes.
−Removed: At September 30, 2025, the unamortized portion of the debt issuance costs was $ 3,412 .
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
−Removed: For the three and nine months ended September 30, 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 Tranche A 2027 Notes and the Tranche B 2027 Notes were as follows:
+Added: The Tranche A Floating Rate 2027 Notes are general unsecured obligations of the Company that rank pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, rank effectively junior to any of the Company’s secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and rank structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company’s subsidiaries, financing vehicles or similar facilities.
+Added: The 2027 Note Purchase Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company’s status as a business development company within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 543,600 , (iv) a minimum asset coverage ratio of not less than 150 %, (v) a minimum interest coverage ratio of 1.25 to 1.00 and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.
+Added: The 2027 Note Purchase Agreement also contains a “most favored lender” provision in favor of the purchasers in respect of any new unsecured credit facilities, loans, notes 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 2027 Note Purchase Agreement.
+Added: In addition, the 2027 Note Purchase Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy.
+Added: As of and for the three months ended March 31, 2026, the Company was in compliance with all covenants and reporting requirements.
+Added: On September 18, 2024, the Company entered into an Amended and Restated Note Purchase Agreement with certain institutional investors, or the AR Note Purchase Agreement, in connection with the Company’s issuance of $ 100,000 aggregate principal amount of its floating rate senior unsecured notes, tranche B, due 2027, or the Tranche B Floating Rate 2027 Notes, at a purchase price equal to par.
+Added: The Tranche B Floating Rate 2027 Notes represent an add-on, second tranche of, and except as described herein have the same terms and conditions as, the Tranche A Floating Rate 2027 Notes that were issued by the Company in November 2023.
+Added: The net proceeds to the Company were approximately $ 96,200 , after the deduction of a commitment fee of $ 2,875 , placement agent fees and other financing expenses.
+Added: The Tranche B Floating Rate 2027 Notes are rated investment grade.
+Added: The Tranche B Floating Rate 2027 Notes also mature on November 8, 2027.
+Added: The Tranche B Floating Rate 2027 Notes bear interest at a floating rate equal to the three-month SOFR plus a credit spread of 3.90 % per year and subject to a 2.00 % SOFR floor, which will be paid quarterly on February 15, May 15, August 15, and November 15 of each year, which commenced on November 15, 2024.
+Added: Through March 31, 2026, the Company incurred debt issuance costs of $ 5,462 in connection with issuing the Floating Rate 2027 Notes, which were recorded as a direct reduction to the outstanding balance of the Floating Rate 2027 Notes, which is included in the Company’s consolidated balance sheet as of March 31, 2026 and will amortize to interest expense over the term of the Floating Rate 2027 Notes.
+Added: At March 31, 2026, the unamortized portion of the debt issuance costs was $ 2,602 .
+Added: For the three months ended March 31, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the Floating Rate 2027 Notes were as follows:
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30, Year Ended December 31,
+Added: March 31, Year Ended December 31,
2026 2025 2025
4 unchanged sentences
Average borrowings $ 200,000 $ 200,000 $ 200,000
−Removed: (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.
+Added: (1) Includes the stated interest expense on the Floating Rate 2027 Notes and is annualized for periods covering less than one year.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements (unaudited)
+Added: March 31, 2026
+Added: (in thousands, except share and per share amounts)
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.
−Removed: As of and for the three months ended September 30, 2025 , the Company was in compliance with all covenants and reporting requirements.
−Removed: Through September 30, 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 September 30, 2025 and will amortize to interest expense over the term of the 2022 Term Loan.
−Removed: At September 30, 2025, the unamortized portion of the debt issuance costs was $ 322 .
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
−Removed: (in thousands, except share and per share amounts)
−Removed: For the three and nine months ended September 30, 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:
+Added: As of and for the three months ended March 31, 2026 , the Company was in compliance with all covenants and reporting requirements.
+Added: Through March 31, 2026, the Company incurred debt issuance costs of $ 1,025 in connection with obtaining the 2022 Term Loan, which were recorded as a direct reduction to the outstanding balance of the 2022 Term Loan, which is included in the Company’s consolidated balance sheet as of March 31, 2026 and will amortize to interest expense over the term of the 2022 Term Loan.
+Added: At March 31, 2026, the unamortized portion of the debt issuance costs was $ 219 .
+Added: For the three months ended March 31, 2026 and 2025 and for the year ended December 31, 2025, the components of interest expense, average borrowings, and weighted average interest rate for the 2022 Term Loan were as follows:
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30, Year Ended December 31,
+Added: March 31, Year Ended December 31,
2026 2025 2025
5 unchanged sentences
(1) Includes the stated interest expense on the 2022 Term Loan and is annualized for periods covering less than one year.
−Removed: 2021 Term Loan
−Removed: 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.
−Removed: 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 .
−Removed: On April 20, 2021, the Company drew down $ 30,000 of borrowings under the 2021 Term Loan.
−Removed: After the deduction of fees and other financing expenses, the Company received net borrowings of approximately $ 29,000 , which the Company used for working capital and other general corporate purposes.
−Removed: Advances under the 2021 Term Loan were scheduled to mature on September 30, 2024, and bore interest at a rate of 5.20 % per year payable quarterly in arrears.
−Removed: The Company had the right to, at its option, prepay all or any portion of advances then outstanding together with a prepayment fee equal to the higher of (i) zero, or (ii) the discounted present value of all remaining interest payments that would have been paid by the Company through the maturity date with respect to the principal amount of such advance that was to be prepaid or became due and payable pursuant to the Term Loan Agreement.
−Removed: The discounted present value portion of the prepayment fee was calculated by applying a discount rate on the same periodic basis as that on which interest on advances was payable equal to the sum of 2.00 % plus the yield to maturity of the most recently issued U.S.
−Removed: Treasury securities having a maturity equal to the remaining average life of the 2021 Term Loan, or if there were no such U.S.
−Removed: Treasury securities, using such implied yield to maturity determined in accordance with the terms of the Term Loan Agreement.
−Removed: Advances under the 2021 Term Loan were general unsecured obligations of the Company that ranked pari passu with all existing and future unsecured unsubordinated indebtedness issued by the Company, ranked effectively junior to the Company's secured indebtedness (including unsecured indebtedness that the Company later secures) to the extent of the value of the assets securing such indebtedness, and ranked structurally junior to all existing and future indebtedness (including trade payables) incurred by certain of the Company's subsidiaries, financing vehicles or similar facilities.
−Removed: The Term Loan Agreement contained other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a BDC within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of 60 % of the Company’s net asset value as of the year ended December 31, 2020 plus 50 % of the net cash proceeds of the sale of certain equity interests by the Company after April 14, 2021, if any, (iv) a minimum asset coverage ratio of not less than 150 %, and (v) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represented more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represented less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Through September 30, 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 September 30, 2025 and amortized to interest expense over the term of the 2021 Term Loan.
−Removed: At September 30, 2025, all upfront fees and other expenses were fully amortized.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
−Removed: For the three and nine months ended September 30, 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 2021 Term Loan were as follows:
−Removed: Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30, Year Ended December 31,
−Removed: 2025 2024 2025 2024 2024
−Removed: Stated interest expense $ — $ 368 $ — $ 1,157 $ 1,157
−Removed: Amortization of deferred financing costs — 66 — 209 209
−Removed: Total interest expense $ — $ 434 $ — $ 1,366 $ 1,366
−Removed: Weighted average interest rate(1) — 5.20 % — 5.20 % 5.20 %
−Removed: Average borrowings $ — $ 27,717 $ — $ 29,234 $ 21,885
−Removed: (1) Includes the stated interest expense on the 2021 Term Loan and is annualized for periods covering less than one year.
2024 Term Loan
6 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.
−Removed: 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.
+Added: The 2024 Term Loan Agreement contains other terms and conditions, including, without limitation, affirmative and negative covenants such as (i) information reporting, (ii) maintenance of the Company's status as a business development company within the meaning of the 1940 Act, (iii) minimum shareholders’ equity of $ 543,600 , (iv) a minimum asset coverage ratio of not less than 150 %, (v) an interest coverage ratio of not less than 1.25 to 1.00, and (vi) an unencumbered asset coverage ratio of 1.25 to 1.00, provided that (a) first lien senior secured loans and cash represent more than 65 % of the total value of unencumbered assets used by the Company for purposes of the ratio and (b) equity interests or structured products in the aggregate represent less than 15 % of the total value of unencumbered assets used by the Company for purposes of the ratio.
In addition, the 2024 Term Loan Agreement contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment, incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness or derivative securities of the Company in an outstanding aggregate principal amount of at least $ 25,000 , certain judgments and orders, and certain events of bankruptcy.
−Removed: As of and for the three months ended September 30, 2025 , the Company was in compliance with all covenants and reporting requirements.
−Removed: Through September 30, 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 September 30, 2025 and will amortize to interest expense over the term of the 2024 Term Loan.
−Removed: At September 30, 2025, the unamortized portion of the debt issuance costs was $ 511 .
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
−Removed: (in thousands, except share and per share amounts)
−Removed: For the three and nine months ended September 30, 2025, for the three months ended September 30, 2024 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:
−Removed: Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30, 2025 For the Period from September 30, 2024 Through December 31, 2024
+Added: As of and for the three months ended March 31, 2026 , the Company was in compliance with all covenants and reporting requirements.
+Added: Through March 31, 2026 , 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, 2026 and will amortize to interest expense over the term of the 2024 Term Loan.
+Added: At March 31, 2026, the unamortized portion of the debt issuance costs was $ 383 .
+Added: For the three months ended March 31, 2026 and 2025 and for the year ended December 31, 2025 , the components of interest expense, average borrowings, and weighted average interest rate for the 2024 Term Loan were as follows:
+Added: Three Months Ended March 31, Year Ended December 31, 2025
Stated interest expense $ 585 $ 610 $ 2,442
4 unchanged sentences
(1) Includes the stated interest expense on the 2024 Term Loan and is annualized for periods covering less than one year.
+Added: CĪON Investment Corporation
+Added: Notes to Consolidated Financial Statements (unaudited)
+Added: March 31, 2026
+Added: (in thousands, except share and per share amounts)
Fair Value of Financial Instruments
−Removed: The following table presents fair value measurements of the Company’s portfolio investments as of September 30, 2025 and December 31, 2024, according to the fair value hierarchy:
−Removed: September 30, 2025(1) December 31, 2024(2)
+Added: The following table presents fair value measurements of the Company’s portfolio investments as of March 31, 2026 and December 31, 2025, according to the fair value hierarchy:
+Added: March 31, 2026(1) December 31, 2025(2)
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
8 unchanged sentences
(2) Excludes the Company's $ 13,679 investment in CION/EagleTree, which is measured at NAV.
−Removed: 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, 2025 and 2024:
+Added: 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, 2026 and 2025:
Three Months Ended
−Removed: September 30, 2025
−Removed: Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total
−Removed: Beginning balance, June 30, 2025 $ 1,501,896 $ 1,011 $ 3,027 $ 8,091 $ 229,488 $ 1,743,513
−Removed: Investments purchased(2)(3) 128,458 70 985 45 51,308 180,866
−Removed: Net realized loss ( 5,965 ) ( 3,200 ) ( 440 ) — — ( 9,605 )
−Removed: Net change in unrealized (depreciation) appreciation ( 28,647 ) 2,113 462 ( 738 ) 37,376 10,566
−Removed: Accretion of discount 19,404 41 — — — 19,445
−Removed: Sales and principal repayments(3) ( 225,332 ) ( 35 ) ( 25 ) — — ( 225,392 )
−Removed: Net transfers in and/or (out) of Level 3 — — — — ( 4,555 ) ( 4,555 )
−Removed: Ending balance, September 30, 2025 $ 1,389,814 $ — $ 4,009 $ 7,398 $ 313,617 $ 1,714,838
−Removed: Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2025(1) $ ( 14,931 ) $ ( 892 ) $ 462 $ ( 738 ) $ 37,351 $ 21,252
−Removed: (1) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
−Removed: (2) Investments purchased includes PIK interest.
−Removed: (3) Includes non-cash restructured securities and equity investments received in settlement of fee income.
−Removed: CĪON Investment Corporation
−Removed: Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
−Removed: (in thousands, except share and per share amounts)
−Removed: Nine Months Ended
−Removed: September 30, 2025
+Added: March 31, 2026
Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total
1 unchanged sentence
Investments purchased(2)(3) 71,520 — — 48 5,542 77,110
−Removed: Net realized loss ( 35,516 ) ( 3,200 ) ( 440 ) — ( 531 ) ( 39,687 )
−Removed: Net change in unrealized (depreciation) appreciation ( 50,167 ) 289 340 ( 445 ) 37,726 ( 12,257 )
−Removed: Accretion of discount 23,602 52 — — — 23,654
−Removed: Sales and principal repayments(3) ( 405,227 ) ( 35 ) ( 537 ) ( 4,103 ) — ( 409,902 )
−Removed: Net transfers in and/or (out) of Level 3 — — — — ( 5,511 ) ( 5,511 )
−Removed: Ending balance, September 30, 2025 $ 1,389,814 $ — $ 4,009 $ 7,398 $ 313,617 $ 1,714,838
−Removed: Change in net unrealized (depreciation) appreciation on investments still held as of September 30, 2025(1) $ ( 38,917 ) $ ( 1,507 ) $ 340 $ ( 445 ) $ 37,929 $ ( 2,600 )
−Removed: (1) Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.
−Removed: (2) Investments purchased includes PIK interest.
−Removed: (3) Includes non-cash restructured securities and equity investments received in settlement of fee income.
−Removed: Three Months Ended
−Removed: September 30, 2024
−Removed: Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total
−Removed: Beginning balance, June 30, 2024 $ 1,536,753 $ 15,050 $ 770 $ 5,493 $ 245,634 $ 1,803,700
−Removed: Investments purchased(2)(3) 122,203 134 — 5,187 11,326 138,850
Net realized (loss) gain ( 1,121 ) — — — 1,359 238
2 unchanged sentences
Sales and principal repayments(3) ( 34,434 ) — — — ( 3,002 ) ( 37,436 )
−Removed: Ending balance, September 30, 2024 $ 1,494,524 $ 3,873 $ 685 $ 11,761 $ 221,521 $ 1,732,364
−Removed: 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 )
−Removed: (1) Included in net change in appreciation (depreciation) on investments in the consolidated statements of operations.
+Added: Ending balance, March 31, 2026 $ 1,375,487 $ — $ 5,033 $ 6,786 $ 300,841 $ 1,688,147
+Added: Change in net unrealized (depreciation) appreciation on investments still held as of March 31, 2026(1) $ ( 32,578 ) $ — $ 5 $ 99 $ 2,101 $ ( 30,373 )
+Added: (1) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.
(2) Investments purchased includes PIK interest.
−Removed: (3) Includes non-cash restructured securities.
+Added: (3) Includes non-cash restructured securities and equity investments received in settlement of fee income.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
−Removed: Nine Months Ended
−Removed: September 30, 2024
+Added: Three Months Ended
+Added: March 31, 2025
Senior Secured First Lien Debt Senior Secured Second Lien Debt Collateralized Securities and Structured Products - Equity Unsecured Debt Equity Total
1 unchanged sentence
Investments purchased(2)(3) 90,437 69 979 44 6,755 98,284
−Removed: Net realized (loss) gain ( 22,209 ) ( 11,809 ) ( 1,210 ) — 9,153 ( 26,075 )
+Added: 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 )
−Removed: Ending balance, September 30, 2024 $ 1,494,524 $ 3,873 $ 685 $ 11,761 $ 221,521 $ 1,732,364
−Removed: 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 )
−Removed: (1) Included in net change in appreciation (depreciation) on investments in the consolidated statements of operations.
+Added: Net transfers in and/or (out) of Level 3 — — — — ( 956 ) ( 956 )
+Added: Ending balance, March 31, 2025 $ 1,556,067 $ 2,593 $ 3,612 $ 12,278 $ 195,993 $ 1,770,543
+Added: 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 )
+Added: (1) Included in net change in unrealized (depreciation) appreciation on investments in the consolidated statements of operations.
(2) Investments purchased includes PIK interest.
1 unchanged sentence
Significant Unobservable Inputs
−Removed: The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of September 30, 2025 and December 31, 2024 were as follows:
−Removed: September 30, 2025
+Added: The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of investments as of March 31, 2026 and December 31, 2025 were as follows:
+Added: March 31, 2026
Fair Value Valuation Techniques/
11 unchanged sentences
1,695 Discounted Cash Flow Discount Rates 12.3 % N/A
−Removed: 961 Options Pricing Model Expected Volatility 38 % N/A
+Added: 251 Market Comparable Approach EBITDA Multiple 9.75 x
Equity 126,128 Market Comparable Approach EBITDA Multiple 3.00 x
9 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
6 unchanged sentences
43,583 EBITDA Multiple 1.50 x
+Added: 34,919 Other(2) Probability Weighted Recovery Rate
+Added: 15 % — 100 % 97 %
+Added: 23,133 Insurance Claim Recovery Rate 38.3 % N/A
20,114 Broker Quotes Broker Quotes N/A N/A
−Removed: 15,209 Other(2) Insurance Claim Recovery Rate 28 % — 55 % 35 %
−Removed: 15,096 Other(2) N/A N/A
−Removed: Senior secured second lien debt 2,680 Market Comparable Approach EBITDA Multiple 5.75 x
−Removed: Collateralized securities and structured products - equity 2,682 Discounted Cash Flow Discount Rates 14.3 % — 21.0 % 16.0 %
−Removed: Unsecured debt 5,418 Discounted Cash Flow Discount Rates 11.3 % — 14.0 % 11.9 %
−Removed: 5,315 Other(2) Other(2) N/A N/A
−Removed: 1,081 Options Pricing Model Expected Volatility 35 % N/A
+Added: Senior secured second lien debt — Market Comparable Approach Revenue Multiple
+Added: Collateralized securities and structured products - equity 5,028 Discounted Cash Flow Discount Rates 13.5 % N/A
+Added: Unsecured debt 4,840 Other(2) Probability Weighted Recovery Rate
+Added: 1,646 Discounted Cash Flow Discount Rates 12.3 % N/A
+Added: 153 Market Comparable Approach
+Added: EBITDA Multiple
Equity 127,094 Market Comparable Approach EBITDA Multiple 4.00 x
−Removed: 62,171 Revenue Multiple 0.36 x
105,657 $ per kW $ 1,000.00 N/A
+Added: 34,934 Revenue Multiple 0.35 x
16,775 Options Pricing Model Expected Volatility 43.3 % — 112.5 % 57.3 %
−Removed: 7,965 Discounted Cash Flow Discount Rates 19.0 % N/A
−Removed: 930 Other(2) Other(2) N/A N/A
9,571 Broker Quotes Broker Quotes N/A N/A
+Added: 810 Other(2) Other(2) N/A N/A
Total $ 1,677,033
5 unchanged sentences
General and Administrative Expense
−Removed: General and administrative expense consisted of the following items for the three and nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024:
+Added: General and administrative expense consisted of the following items for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025:
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30, Year Ended December 31,
+Added: March 31, Year Ended December 31,
2026 2025 2025
1 unchanged sentence
Dues and subscriptions 251 203 1,021
−Removed: Valuation expense 204 205 643 578 751
Insurance expense 184 184 740
Director fees and expenses 181 172 705
−Removed: Accounting and administrative costs 132 137 413 459 639
+Added: Valuation expense 173 230 792
Transfer agent expense 128 119 501
+Added: Accounting and administrative costs 122 112 555
Printing and marketing expense 50 17 151
3 unchanged sentences
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
3 unchanged sentences
However, the Company has not experienced claims or losses pursuant to these contracts and believes the risk of loss related to such indemnifications to be remote.
−Removed: As of September 30, 2025 and December 31, 2024, the Company’s unfunded commitments were as follows:
−Removed: Unfunded Commitments September 30, 2025(1) December 31, 2024(1)
+Added: As of March 31, 2026 and December 31, 2025, the Company’s unfunded commitments were as follows:
+Added: Unfunded Commitments March 31, 2026(1) December 31, 2025(1)
+Added: Anchor QEA, Inc.
+Added: Dependable Acquisition Inc.
APS Acquisition Holdings, LLC 4,809 5,979
+Added: Straine Dental Management, LLC
+Added: David's Bridal, LLC(2)
American Clinical Solutions LLC 3,000 —
−Removed: Berlitz Holdings, Inc.
Instant Web, LLC 2,596 2,704
American Health Staffing Group, Inc.
−Removed: Moss Holding Company 2,232 2,232
−Removed: Tactical Air Support, Inc.
CrossLink Professional Tax Solutions, LLC 2,209 982
Sleep Opco, LLC 2,060 2,060
−Removed: Thrill Holdings LLC 1,739 1,739
+Added: Tactical Air Support, Inc.
Bradshaw International Parent Corp.
−Removed: Riddell, Inc.
−Removed: / All American Sports Corp.
+Added: Thrill Holdings LLC 1,739 1,739
+Added: SHF Holdings, Inc.
Gold Medal Holdings, Inc.
+Added: BDS Solutions Intermediateco, LLC 1,619 476
Stengel Hill Architecture, LLC 1,425 1,425
ESP Associates, Inc.
−Removed: RA Outdoors, LLC 1,083 348
Newbury Franklin Industrials, LLC 1,066 1,066
1 unchanged sentence
TMK Hawk Parent, Corp.
−Removed: LAV Gear Holdings, Inc.
Optio Rx, LLC 658 658
−Removed: Lux Credit Consultants LLC 456 5,069
−Removed: Invincible Boat Company LLC
−Removed: SHF Holdings, Inc.
−Removed: BDS Solutions Intermediateco, LLC 286 524
+Added: LAV Gear Holdings, Inc.
HW Acquisition, LLC 441 —
+Added: RA Outdoors, LLC 330 1,083
Spinal USA, Inc.
/ Precision Medical Inc.
−Removed: American Family Care, LLC — 5,909
−Removed: Flatworld Intermediate Corp.
−Removed: Rogers Mechanical Contractors, LLC — 5,426
−Removed: Mimeo.com, Inc.
−Removed: ALM Global, LLC — 1,800
−Removed: HEC Purchaser Corp.
−Removed: Anthem Sports & Entertainment Inc.
−Removed: Dermcare Management, LLC — 326
−Removed: David's Bridal, LLC(2) — —
+Added: Berlitz Holdings, Inc.
+Added: Adapt Laser Acquisition, Inc.
+Added: Avison Young (USA) Inc.
+Added: Invincible Boat Company LLC
Total $ 57,488 $ 47,779
1 unchanged sentence
(2) The Company may be required to fund an additional $ 20,000 if certain conditions are satisfied.
−Removed: See footnote y.
−Removed: to the consolidated schedule of investments as of September 30, 2025.
+Added: See footnote g.
+Added: to the consolidated schedule of investments as of March 31, 2026.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
3 unchanged sentences
The Company intends to use cash on hand, short-term investments, proceeds from borrowings, and other liquid assets to fund these commitments should the need arise.
−Removed: For information on the companies to which the Company is committed to fund additional amounts as of September 30, 2025 and December 31, 2024, refer to the table above and the consolidated schedules of investments.
−Removed: As of October 29, 2025, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $ 47,816 .
+Added: For information on the companies to which the Company is committed to fund additional amounts as of March 31, 2026 and December 31, 2025, refer to the table above and the consolidated schedules of investments.
+Added: As of April 29, 2026, the Company was committed, upon the satisfaction of certain conditions, to fund an additional $ 53,655 .
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).
3 unchanged sentences
These analyses are reviewed and discussed on a weekly basis by the Company's executive officers and senior members of CIM (including members of the investment committee) and are updated on a “real time” basis in order to ensure that the Company has adequate liquidity to satisfy its unfunded commitments.
−Removed: Fee income consists of amendment fees, capital structuring and other fees, conversion fees, commitment fees and administrative agent fees.
−Removed: The following table summarizes the Company’s fee income for the three and nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024:
+Added: Fee income consists of amendment fees, capital structuring and other fees, commitment fees and administrative agent fees.
+Added: The following table summarizes the Company’s fee income for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025:
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30, Year Ended
+Added: March 31, Year Ended
2026 2025 2025
Amendment fees $ 2,509 $ 3,483 $ 9,606
−Removed: Commitment fees 5,083 — 5,083 1,760 1,760
Capital structuring and other fees 365 500 5,283
+Added: Commitment fees — — 5,083
Administrative agent fees — — 100
−Removed: Conversion fees — — — 78 78
Total(1) $ 2,874 $ 3,983 $ 20,072
1 unchanged sentence
Refer to notes r.
−Removed: to the consolidated schedules of investments as of September 30, 2025 and December 31, 2024 for further details on the sources of our fee income.
+Added: to the consolidated schedules of investments as of March 31, 2026 and December 31, 2025 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)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
Financial Highlights
−Removed: The following is a schedule of financial highlights as of and for the nine months ended September 30, 2025 and 2024 and the year ended December 31, 2024:
−Removed: Nine Months Ended
−Removed: September 30, Year Ended
+Added: The following is a schedule of financial highlights as of and for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025:
+Added: Three Months Ended
+Added: March 31, Year Ended
2026 2025 2025
4 unchanged sentences
Net realized loss and net change in unrealized depreciation on investments and loss on foreign currency(2) ( 0.71 ) ( 1.16 ) ( 2.18 )
−Removed: Net increase in net assets resulting from operations(2) 0.40 0.53 0.63
+Added: Net decrease in net assets resulting from operations(2) ( 0.46 ) ( 0.80 ) ( 0.40 )
Shareholder distributions:
17 unchanged sentences
Asset coverage ratio(8) 1.56 1.68 1.62
−Removed: (1) The per share data for the nine months ended September 30, 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.
+Added: (1) The per share data for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025 was derived by using the weighted average shares of common stock outstanding during each period.
(2) The amount shown for net realized loss, net change in unrealized depreciation on investments and loss on foreign currency is the balancing figure derived from the other figures in the schedule.
The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales and repurchases of the Company’s shares in relation to fluctuating market values for the portfolio.
−Removed: As a result, net increase in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.
+Added: As a result, net decrease in net assets resulting from operations in this schedule may vary from the consolidated statements of operations.
CĪON Investment Corporation
Notes to Consolidated Financial Statements (unaudited)
−Removed: September 30, 2025
+Added: March 31, 2026
(in thousands, except share and per share amounts)
6 unchanged sentences
Total returns covering less than a full year are not annualized.
−Removed: (5) Total investment return-market value for the nine months ended September 30, 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.
+Added: (5) Total investment return-market value for the three months ended March 31, 2026 and 2025 and the year ended December 31, 2025 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.
6 unchanged sentences
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.