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Investments (Tables)
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments
The composition of the Company’s investment portfolio as of September 30, 2022 and December 31, 2021 at amortized cost and fair value was as follows:
September 30, 2022December 31, 2021
Cost(1)Fair
Value		Percentage of
Investment
Portfolio		Cost(1)Fair
Value		Percentage of
Investment
Portfolio
Senior secured first lien debt$1,690,919 $1,616,352 89.8 %$1,564,891 $1,526,989 91.6 %
Senior secured second lien debt40,988 38,716 2.2 %55,455 38,583 2.3 %
Collateralized securities and structured products - equity2,733 1,366 0.1 %3,885 2,998 0.2 %
Unsecured debt28,738 28,319 1.6 %26,777 26,616 1.6 %
Equity78,795 112,491 6.3 %53,379 70,936 4.3 %
Subtotal/total percentage1,842,173 1,797,244 100.0 %1,704,387 1,666,122 100.0 %
Short term investments(2)9,804 9,804 87,917 87,917 
Total investments$1,851,977 $1,807,048 $1,792,304 $1,754,039 
(1)Cost represents the original cost adjusted for the amortization of premiums and/or accretion of discounts, as applicable, for debt investments and cost for equity investments.
(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.
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, 2022 and December 31, 2021:
September 30, 2022December 31, 2021
Industry ClassificationInvestments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
Services: Business$354,725 19.7 %$240,316 14.4 %
Healthcare & Pharmaceuticals279,102 15.5 %250,049 15.0 %
Media: Diversified & Production159,236 8.9 %139,399 8.4 %
Services: Consumer117,340 6.5 %119,365 7.2 %
Diversified Financials106,426 5.9 %101,032 6.1 %
High Tech Industries81,364 4.5 %65,544 3.9 %
Media: Advertising, Printing & Publishing78,855 4.4 %94,610 5.7 %
Chemicals, Plastics & Rubber66,927 3.7 %109,860 6.6 %
Retail64,919 3.6 %56,726 3.4 %
Energy: Oil & Gas62,688 3.5 %32,164 1.9 %
Consumer Goods: Durable61,165 3.4 %58,124 3.5 %
Hotel, Gaming & Leisure53,065 3.0 %50,855 3.0 %
Beverage, Food & Tobacco49,641 2.8 %49,054 2.9 %
Construction & Building42,060 2.3 %27,585 1.7 %
Capital Equipment41,183 2.3 %82,795 5.0 %
Banking, Finance, Insurance & Real Estate39,631 2.2 %40,634 2.4 %
Aerospace & Defense38,683 2.2 %38,279 2.3 %
Consumer Goods: Non-Durable35,647 2.0 %45,682 2.7 %
Telecommunications18,842 1.0 %24,649 1.5 %
Automotive17,259 1.0 %14,367 0.9 %
Metals & Mining16,202 0.9 %10,927 0.7 %
Transportation: Cargo12,284 0.7 %14,106 0.8 %
Subtotal/total percentage1,797,244 100.0 %1,666,122 100.0 %
Short term investments9,804 87,917 
Total investments$1,807,048 $1,754,039 
September 30, 2022December 31, 2021
Geographic Dispersion(1)Investments at
Fair Value		Percentage of
Investment Portfolio		Investments at
Fair Value		Percentage of
Investment Portfolio
United States$1,787,828 99.5 %$1,653,615 99.3 %
Canada7,414 0.4 %8,739 0.5 %
Cayman Islands1,366 0.1 %2,998 0.2 %
Bermuda636 — 770 — 
Subtotal/total percentage1,797,244 100.0 %1,666,122 100.0 %
Short term investments9,804 87,917 
Total investments$1,807,048 $1,754,039 
(1)The geographic dispersion is determined by the portfolio company's country of domicile.
The following table sets forth the individual investments in CION/EagleTree's portfolio as of September 30, 2022:
Portfolio CompanyInterest(a)MaturityIndustryPrincipal/
Par Amount/
Units		Cost(b)Fair
Value
Senior Secured First Lien Debt
Berlitz Holdings, Inc.(g)
S+900, 1.00% SOFR Floor
2/14/2025Services: Business$1,200 $1,118 $1,143 
Community Tree Service, LLC(h)
S+850, 1.00% SOFR Floor
6/17/2027Construction & Building500500 498 
Future Pak, LLC(e)
L+800, 2.00% LIBOR Floor
7/2/2024Healthcare & Pharmaceuticals1,5591,543 1,524 
Total Senior Secured First Lien Debt3,161 3,165 
Senior Secured Second Lien Debt
Access CIG, LLC(f)
L+775, 0.00% LIBOR Floor
2/27/2026Services: Business7,250 7,219 6,915 
Dayton Superior Corp.(e)
L+700, 2.00% LIBOR Floor
12/4/2024Construction & Building1,0141,015 1,008 
MedPlast Holdings, Inc.(e)
L+775, 0.00% LIBOR Floor
7/2/2026Healthcare & Pharmaceuticals6,7506,103 6,218 
Zest Acquisition Corp.(e)
L+750, 1.00% LIBOR Floor
3/14/2026Healthcare & Pharmaceuticals15,00014,810 13,875 
Total Senior Secured Second Lien Debt29,147 28,016 
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(c)
11.84% Estimated Yield
2/2/2026Diversified Financials10,0009,874 9,579 
Total Collateralized Securities and Structured Products - Equity9,874 9,579 
Equity
American Clinical Solutions LLC, Class A Membership Interests(d)Healthcare & Pharmaceuticals
6,030,384 Units
5,200 4,583 
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(d)Media: Diversified & Production
1,469 Units
486 1,836 
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(d)Media: Diversified & Production
255 Units
— 320 
Anthem Sports and Entertainment Inc., Common Stock Warrants(d)Media: Diversified & Production
4,746 Units
— 999 
BCP Great Lakes Fund LP, Partnership Interests (5.6% ownership)Diversified FinancialsN/A11,628 11,177 
Carestream Health Holdings, Inc., Common Stock(d)Healthcare & Pharmaceuticals
613,262 Units
21,759 21,759 
CHC Medical Partners, Inc., Series C Preferred Stock, 12% DividendHealthcare & Pharmaceuticals
2,727,273 Units
7,809 8,495 
CTS Ultimate Holdings LLC, Class A Preferred Units(d)Construction & Building
3,578,701 Units
1,000 930 
Dayton HoldCo, LLC, Membership Units(d)Construction & Building
37,264 Units
8,400 15,345 
HDNet Holdco LLC, Preferred Unit Call Option(d)Media: Diversified & Production
1 Unit
— 206 
HW Ultimate Holdings, LP, Class A Membership Units, 4% DividendCapital Equipment
2,000,000 Units
2,062 1,600 
Language Education Holdings GP LLC, Common Units(d)Services: Business
133,333 Units
— — 
Language Education Holdings LP, Ordinary Common Units(d)Services: Business
133,333 Units
300 364 
Skillsoft Corp., Class A Common Stock(d)High Tech Industries
243,425 Units
2,000 446 
Spinal USA, Inc. / Precision Medical Inc., Warrants(d)Healthcare & Pharmaceuticals
20,667,324 Units
— — 
Total Equity60,644 68,060 
TOTAL INVESTMENTS$102,826 $108,820 
a.The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of September 30, 2022, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to September 30, 2022. The actual SOFR rate for each loan listed may not be the applicable SOFR rate as of September 30, 2022, as the loan may have been priced or repriced based on a SOFR rate prior to or subsequent to September 30, 2022.
b.Represents amortized cost for debt securities and cost for equity investments.
c.The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated. 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. 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. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
d.Non-income producing security.
e.The interest rate on these loans is subject to 1 month LIBOR, which as of September 30, 2022 was 3.14%.
f.The interest rate on these loans is subject to 3 month LIBOR, which as of September 30, 2022 was 3.75%.
g.The interest rate on these loans is subject to 1 month SOFR, which as of September 30, 2022 was 3.04%.
h.The interest rate on these loans is subject to 3 month SOFR, which as of September 30, 2022 was 3.59%.
The following table sets forth the individual investments in CION/EagleTree's portfolio as of December 31, 2021:
Portfolio CompanyInterest(a)MaturityIndustryPrincipal/
Par Amount/
Units		Cost(b)Fair
Value
Senior Secured Second Lien Debt   
Access CIG, LLC(e)
L+775, 0.00% LIBOR Floor
2/27/2026Services: Business$7,250 $7,214 $7,256 
Carestream Health, Inc.(f)
L+1250, 1.00% LIBOR Floor
8/8/2023Healthcare & Pharmaceuticals12,46012,057 12,242 
Dayton Superior Corp.(f)
L+700, 2.00% LIBOR Floor
12/4/2024Construction & Building1,4771,479 1,478 
MedPlast Holdings, Inc.(e)
L+775, 0.00% LIBOR Floor
7/2/2026Healthcare & Pharmaceuticals6,7506,004 6,446 
Ministry Brands, LLC(e)
L+925, 1.00% LIBOR Floor
6/2/2023Services: Business7,0006,983 7,000 
Zest Acquisition Corp.(e)
L+750, 1.00% LIBOR Floor
3/14/2026Healthcare & Pharmaceuticals15,00014,776 14,925 
Total Senior Secured Second Lien Debt48,513 49,347 
Collateralized Securities and Structured Products - Equity
Ivy Hill Middle Market Credit Fund VIII, Ltd. Subordinated Loan(c)
11.84% Estimated Yield
2/2/2026Diversified Financials10,0009,997 9,856 
Total Collateralized Securities and Structured Products - Equity9,997 9,856 
Equity
American Clinical Solutions LLC, Class A Membership Interests(d)Healthcare & Pharmaceuticals
6,030,384 Units
5,200 5,729 
Anthem Sports and Entertainment Inc., Class A Preferred Stock Warrants(d)Media: Diversified & Production
1,469 Units
486 1,704 
Anthem Sports and Entertainment Inc., Class B Preferred Stock Warrants(d)Media: Diversified & Production
255 Units
— 297 
Anthem Sports and Entertainment Inc., Common Stock Warrants(d)Media: Diversified & Production
4,746 Units
— 2,572 
BCP Great Lakes Fund LP, Partnership Interests (5.6% ownership)
Diversified FinancialsN/A11,118 11,224 
Carestream Health Holdings, Inc., Warrants(d)Healthcare & Pharmaceuticals
388 Units
500 801 
CHC Medical Partners, Inc., Series C Preferred Stock, 12% Dividend
Healthcare & Pharmaceuticals
2,727,273 Units
7,564 7,964 
Dayton HoldCo, LLC, Membership Units(d)Construction & Building
37,264 Units
8,400 11,166 
HDNet Holdco LLC, Preferred Unit Call Option(d)Media: Diversified & Production
1 Unit
— — 
HW Ultimate Holdings, LP, Class A Membership Units, 4% Dividend
Capital Equipment
2,000,000 Units
2,002 2,021 
Skillsoft Corp., Class A Common Stock(d)High Tech Industries
243,425 Units
2,000 2,227 
Spinal USA, Inc. / Precision Medical Inc., Warrants(d)Healthcare & Pharmaceuticals
20,667,324 Units
— — 
Tenere Inc., Warrants(d)Capital EquipmentN/A1,166 1,235 
Total Equity38,436 46,940 
TOTAL INVESTMENTS$96,946 $106,143 
a.The actual LIBOR rate for each loan listed may not be the applicable LIBOR rate as of December 31, 2021, as the loan may have been priced or repriced based on a LIBOR rate prior to or subsequent to December 31, 2021.
b.Represents amortized cost for debt securities and cost for equity investments.
c.The CLO subordinated notes are considered equity positions in the CLO vehicles and are not rated. 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. 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. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
d.Non-income producing security.
e.The interest rate on these loans is subject to 1 month LIBOR, which as of December 31, 2021 was 0.10%.
f.The interest rate on these loans is subject to 3 month LIBOR, which as of December 31, 2021 was 0.21%.
The following table includes selected balance sheet information for CION/EagleTree as of September 30, 2022 and December 31, 2021:
Selected Balance Sheet Information:September 30, 2022December 31, 2021
Investments, at fair value (amortized cost of $102,826 and $96,946, respectively)
$108,820 $106,143 
Cash and other assets5,684 1,776 
Dividend receivable on investments310 265 
Interest receivable on investments301 109 
   Total assets$115,115 $108,293 
Senior secured notes (net of unamortized debt issuance costs of $100 and $0, respectively)
$73,164 $72,504 
Other liabilities369 735 
   Total liabilities73,533 73,239 
Members' capital41,582 35,054 
   Total liabilities and members' capital$115,115 $108,293 
The following table includes selected statement of operations information for CION/EagleTree for the three and nine months ended September 30, 2022 and for the period from December 21, 2021 (commencement of operations) through December 31, 2021:
Selected Statement of Operations Information:Three Months Ended September 30, 2022Nine Months Ended September 30, 2022Period From December 21, 2021 (Commencement of Operations) Through December 31, 2021
Total revenues$4,237 $7,960 $688 
Total expenses2,860 8,382 800 
Net realized gain on investments10,153 10,153 — 
Net change in unrealized (depreciation) appreciation on investments(3,050)(3,203)9,197 
Net increase in net assets$8,480 $6,528 $9,085 
The following table includes selected statement of operations information for CION SOF for the nine months ended September 30, 2022 and 2021 and the year ended December 31, 2021:
Nine Months Ended
September 30,		Year Ended December 31,
Selected Statement of Operations Information:202220212021
Total revenues$— $29 $29 
Total expenses— 29 29 
Net increase in net assets$— $— $—